UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10027

STATE FARM MUTUAL FUND TRUST

(Exact name of registrant as specified in charter)

One State Farm Plaza Bloomington, IL	61710-0001
(Address of principal executive offices)	(Zip code)

	Alan Goldberg
Paul J. Smith	Stradley Ronon Stevens & Young
One State Farm Plaza	191 North Wacker Dr., Suite 1601
Bloomington, Illinois 61710-0001	Chicago, Illinois 60606
(Names and addresses of agents for service)

Registrant’s telephone number, including area code: 1-800-447-4930

Date of fiscal year end: 12/31/2016

Date of reporting period: 06/30/2016

ITEM 1. REPORTS TO STOCKHOLDERS.

June 30, 2016
State Farm Mutual Fund Trust
SEMI-ANNUAL REPORT
To enroll in electronic delivery of mutual funds documents, log into your account at
statefarm.com®, click on Profile and Preferences, and scroll down to Paperless Preferences. Follow the prompts to update your paperless options.
Class A Shares
Class B Shares
Premier Shares
Legacy Class B Shares
Institutional Shares
Class R-1, R-2 and R-3 Shares
State Farm Equity Fund
State Farm Small/Mid Cap Equity Fund
State Farm International Equity Fund
State Farm S&P 500 Index Fund
State Farm Small Cap Index Fund
State Farm International Index Fund
State Farm Equity and Bond Fund
State Farm Bond Fund
State Farm Tax Advantaged Bond Fund
State Farm Money Market Fund
State Farm LifePath® Retirement Fund
State Farm LifePath 2020 Fund
State Farm LifePath 2030 Fund
State Farm LifePath 2040 Fund
State Farm LifePath 2050 Fund

Table of Contents

Message to Shareholders	1
Portfolio Summary	4
Expense Example	9
Board Approval of Investment Advisory and Sub-Advisory Agreements	19
Board Approval of Investment Sub-Advisory Agreement	22
Schedule of Investments
State Farm Equity Fund	24
State Farm Small/Mid Cap Equity Fund	26
State Farm International Equity Fund	29
State Farm S&P 500 Index Fund	32
State Farm Small Cap Index Fund	38
State Farm International Index Fund	58
State Farm Equity and Bond Fund	69
State Farm Bond Fund	70
State Farm Tax Advantaged Bond Fund	82
State Farm Money Market Fund	96
State Farm LifePath Retirement Fund	97
State Farm LifePath 2020 Fund	98
State Farm LifePath 2030 Fund	99
State Farm LifePath 2040 Fund	100
State Farm LifePath 2050 Fund	101

Financial Statements
Statements of Assets and Liabilities	102
Statements of Operations	106
Statements of Changes in Net Assets	108
Notes to Financial Statements	114
Financial Highlights	142

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. Contact State Farm VP Management Corp. (1-800-447-4930) for a prospectus or summary prospectus containing this and other information. Read it carefully.

Investing involves risk, including potential for loss.

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 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 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.

The Funds may send one copy of each annual report, semi-annual report, prospectus, and proxy statement to an address shared by more than one shareholder, a practice commonly referred to as “householding” delivery of these documents. If the Fund documents you receive are being householded but you would like to receive individual copies of these documents, contact us to request individual delivery by writing to State Farm Investment Management Corp., P.O. Box 219548, Kansas City, Missouri 64121-9548 or by calling us at 1-800-447-4930. We will begin sending individual copies within 30 days after we receive notice that you have revoked your consent.

State Farm LifePath Funds are target-date portfolios that provide a diversified exposure to equities, fixed income, and/or cash for those investors who have a specific date in mind (in this case years 2020, 2030, 2040, or 2050) for retirement or another goal. The target date is the approximate date when investors plan to start withdrawing assets. The investment objectives of each LifePath Fund are adjusted over time to become more conservative as the target date approaches. The principal value of the LifePath Fund(s) is not guaranteed at any time, including at the target date.

Automatic Investment Plan (AIP)¹

State Farm Mutual Funds allow you to make regular investments in a Fund with an Automatic Investment Plan through an electronic transfer of funds from your bank/credit union account. If you wish to begin an Automatic Investment Plan, the minimum amount required for initial investment is $1,000 per Fund and subsequent investments is $50. Please consider signing up today for AIP by contacting the State Farm Mutual Funds Response Center at 1-800-447-4930 for assistance.

Electronic Delivery

As a State Farm Mutual Funds shareholder, we wish to remind you that you can elect to have future Annual Reports, Semi-Annual Reports, Prospectuses, statements, and tax forms delivered electronically rather than receiving large, bulky paper reports through the mail. This is a great way to help reduce internal fund costs related to printing and mailing these materials as well as a way to be environmentally friendly. Please consider signing up for electronic delivery today by going on statefarm.com or contacting the Mutual Funds Response Center at 1-800-447-4930 for assistance.

Service is only a phone call away

Contact your local Registered State Farm Agent or call our Mutual Funds Department toll free, at 1-800-447-4930.

Fund prices are available to you 24 hours a day, 7 days a week.

Mutual Funds Response Center Representatives are available 8 a.m.–6 p.m. Central Time Monday through Friday (except holidays)

1-800-447-4930

Visit our website at statefarm.com

State Farm VP Management Corp.

(Underwriter and Distributor of Securities Products)

One State Farm Plaza

Bloomington, Illinois 61710-0001

1-800-447-4930

1 Automatic investment plans do not assure a profit or protect against loss.

Message to Shareholders of State Farm Mutual Fund Trust

Dear Shareholders,

Thank you for investing with State Farm Mutual Funds^®. Enclosed is the Semi-Annual Report for the 6-month period ended June 30, 2016, for the State Farm Mutual Fund Trust (“the Trust”). We encourage your review and consideration of this entire report.

State Farm Investment Management Corp. has consistently maintained a long-term, disciplined approach to managing investment risk and providing competitive investment products that can help you, our valued shareholder, with your investment goals¹. We believe that remaining focused on your long-term goals and maintaining an appropriate asset allocation mix are important elements in pursuing investment success².

Market Review

During the 6-month period ended June 30, 2016, the U.S. equity and fixed income markets achieved positive total returns while international equity markets generated mixed results.

U.S. equity markets (as represented by the S&P 500^® Index³) began January with the worst 10-day start in the S&P 500 Index’s history, eventually finishing the month with a negative total return of –4.96%. U.S. equity markets declined again in early February, and after reaching a period closing price low of 1,829.08 on February 11, 2016, reversed course, staging an upward, albeit irregular march through the remainder of February and into April that saw the S&P 500 Index gain approximately 15%. This recovery was driven in part by stabilizing global economic conditions and a resurgence in oil prices, which helped U.S. equity markets climb again in late May through early June and realize a period closing price high of 2,119.12 on June 8, 2016. The S&P 500 Index ended the period at 2,098.86, but not before absorbing a volatile late-June swing following the United Kingdom’s “Brexit” referendum vote to leave the European Union (the “EU”).

The advance in the second half of the period offset the negative total returns realized in January and February, lifting the S&P 500 Index to a 3.84% total return, including dividends, for the 6-month period ended June 30, 2016.

As illustrated in the accompanying table, in addition to the 3.84% total return in large-cap stocks (as represented by the S&P 500 Index), mid-cap stocks (as represented by the Russell Midcap Index⁴) and small cap stocks (as represented by the Russell 2000^® Index⁵) posted positive total returns of 5.50% and 2.22%, respectively, for the 6-month period ended June 30, 2016.

Major Market Indices	Year-to-Date Total Return as of 6/30/2016
S&P 500 Index	3.84%
Russell Midcap Index	5.50%
Russell 2000 Index	2.22%
MSCI EAFE Free Index	-4.42%
MSCI All Country World Index ex-U.S. Index	-1.02%
MSCI Emerging Markets Index	6.41%
Barclays U.S. Aggregate Bond Index	5.31%
Barclays Municipal Bond Index	4.33%

For the period, international equity markets, as represented by the MSCI EAFE Free^® Index, MSCI All Country World Index (ACWI) ex-U.S. Index and MSCI Emerging Markets Index, posted total returns of –4.42%, –1.02% and 6.41%, respectively, in U.S. dollar terms. Within the MSCI EAFE Free Index, New Zealand was the strongest performing country, rising 18.12% in U.S. dollar terms. Meanwhile, Italy was the weakest performing country in that Index, declining –20.89% in U.S. dollar terms. After posting a –14.92% total return in calendar year 2015, emerging markets bounced back - benefiting in part from a rebound in commodity prices during the period - with that Index

1 Investing involves risk, including potential for loss.

2 Asset allocation cannot guarantee a profit or protect against a loss in a declining market.

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

4 Source: Bloomberg. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities of the Russell 1000 Index based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 33% of the total market capitalization of the Russell 1000 companies. It is not possible to invest directly in an index. Past performance does not guarantee future results.

5 Source: Bloomberg. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities of the Russell 3000 Index based on a combination of their market cap and current index membership. The stocks of small companies are more volatile than the stocks of larger, more established companies. It is not possible to invest directly in an index. Past performance does not guarantee future results.

1

Message to Shareholders of State Farm Mutual Fund Trust (continued)

posting a total return of 6.41% in U.S. dollar terms⁶. Peru and Brazil led emerging market countries with total returns of 50.13% and 46.34%, respectively, while Greece turned in the weakest emerging market performance with a –24.54% total return.

The U.S. equity market’s early-period declines and higher relative volatility came as investor fears reemerged, with plunging commodity prices and China’s slowing economic growth stoking speculation about a possible global recession. Also during this time period, U.S. corporate profits remained constrained as the relative strength of the U.S. dollar continued to provide a headwind for large-cap multinational companies. Despite this challenging environment, the U.S. economy managed to post a 1.1% increase to gross domestic product (GDP) during the first quarter (January - March) - its first increase during that particular reporting period in three years - as encouraging data from the consumer spending, services and housing sectors helped offset a pullback in manufacturing. Also, by mid-February certain global growth concerns appeared to ease and supply-and-demand fundamentals began to change for crude oil. As a result, oil prices rose from approximately $26/barrel in February to around $48/barrel at period end, eclipsing $50/barrel during June to mark the commodity’s first time above that price level in almost a year.

Central bank stimulus helped push U.S. and international equity markets higher in March, as the European Central Bank (ECB) announced, among other actions, that it would increase its fixed income asset purchases, while the Bank of Japan subsequently followed the ECB’s lead in moving toward a negative deposit rate. As the 6-month period progressed, more signs of stabilization appeared in the U.S. economy, including an unemployment rate that reached 4.7% in April, bettering February’s mark of 4.9%, which itself was the lowest level since 2007. In other encouraging news, as April neared its end, the current bull market rally - which began in March 2009 - entered its seventh year, making it the second longest bull market in history.

While negatively impacted by a disappointing May jobs report and renewed concerns around global growth, in late May and into June the markets were supported by the mostly positive economic data coming out of the U.S. As the 6-month period wound down, though, England’s June 23rd Brexit vote to leave the EU took investors by surprise - the S&P 500 Index dropped over 5% over two days - before the markets recovered and the Index finished the 6-month period in positive territory.

For the period, U.S. bond markets extended their gains recorded during the previous 1-year period ended December 31, 2015. Among major fixed income indices, during the 6-month period the Barclays U.S. Aggregate Bond Index and the Barclays Municipal Bond Index posted total returns of 5.31% and 4.33%, respectively, as price increases added to bond coupon income⁷.

Despite the tightening of monetary policy introduced in December 2015 by the Federal Reserve’s (the “Fed”) first interest rate increase in almost 10 years, U.S. Treasury yields were kept in check throughout the period. As the chart below shows, after beginning January at a period high of 2.27%, 10-year U.S. Treasury yields declined through early February. Through the remainder of the period, 10-year U.S. Treasury yields made a series of up-and-down movements on changing views of inflation expectations and potential Fed actions - hovering just above historic lows after the late-June Brexit vote - before finding a period low of 1.46% (June 27 & 28) and settling at 1.49% to end the period. Yields on 2-year U.S. Treasuries charted a similar course, beginning the calendar year at a period high of 1.06% before closing June at a period low of 0.58%. Meanwhile, following on the heels of the Fed’s 0.25% rate increase in December 2015, 3-month U.S. Treasury yields began January at a period low of 0.16%. Through the remainder of the period, 3-month Treasury yields tracked between that starting-point low and a high of 0.36% (March 2) before finishing the 6-month period at 0.26%⁸.

6 Source: Bloomberg. The MSCI Europe, Australasia and Far East Free (EAFE Free) Index currently measures the performance of stock markets of Europe, Australia, New Zealand, Israel, and the Far East. The MSCI All Country World Index (ex-U.S.) (MSCI ACWI ex-U.S. Index) is a free float adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the United States. As of June 30, 2016, the MSCI ACWI ex- U.S. Index consisted of 45 developed and emerging market country indices. The MSCI Emerging Markets Index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets. Foreign securities involve risks not normally associated with investing in the U.S., including higher trading and custody costs, less stringent accounting, legal and reporting practices, potential for political and economic instability, and the fluctuation and potential regulation of currency exchange and exchange rates, all of which are magnified in emerging markets. It is not possible to invest directly in an index. Past performance does not guarantee future results.

7 Source: Barclays Inc. The Barclays U.S. Aggregate Bond Index represents debt securities in the U.S. investment grade fixed rate taxable bond market, including government and corporate debt securities, mortgage pass-through debt securities and asset-backed debt securities with maturities greater than one year. The Barclays Municipal Bond Index is representative of the tax-exempt bond market and is made up of investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. Bonds have historically been less volatile than stocks, but are sensitive to changes in interest rates. It is not possible to invest directly in an index. Past performance does not guarantee future results.

8 Source: The U.S. Department of the Treasury. A 3-month U.S. Treasury Bill is a debt obligation issued by the U.S. Treasury that has a term of 92 days or less. A 2-year U.S. Treasury Note and a 10-year U.S. Treasury Note are debt obligations issued by the U.S. Treasury with maturities of 2 and 10 years, respectively, and that pay interest every six months. U.S. Treasury securities are backed by the full faith and credit of the U.S. government and are guaranteed only as to the prompt payment of principal and interest, and are subject to market risks if sold prior to maturity. Bonds have historically been less volatile than stocks, but are sensitive to changes in interest rates. Past performance does not guarantee future results.

2

Message to Shareholders of State Farm Mutual Fund Trust (continued)

Source: The U.S. Department of the Treasury (treasury.gov)

Economic uncertainty and equity market volatility drove investors into U.S. Treasuries early in 2016, and additional easy monetary policy measures implemented by foreign central banks - as well as the uncertainty caused by England’s June Brexit vote - continued to make these securities and other U.S. fixed income instruments relatively attractive investments through June 30, 2016.

Look for a detailed discussion of factors that impacted the performance of the Funds during the time frame of January 1, 2016, through December 31, 2016, in the State Farm Mutual Fund Trust Annual Report.

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

Sincerely,

Joe R. Monk Jr.

Senior Vice President

State Farm Investment Management Corp.

3

Portfolio Summary

State Farm Equity Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Small/Mid Cap Equity Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm International Equity Fund

Fund Composition*

(unaudited)

* Illustrated by country and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 7 other countries, each of which represents less than 2% of net assets.

4

Portfolio Summary (continued)

State Farm S&P 500 Index Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Small Cap Index Fund

Fund Composition*

(unaudited)

* Illustrated by sector and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm International Index Fund

Fund Composition*

(unaudited)

* Illustrated by country and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 12 other countries, each of which represents less than 2% of net assets.

5

Portfolio Summary (continued)

State Farm Equity and Bond Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Bond Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm Tax Advantaged Bond Fund

Fund Composition*

(unaudited)

* Illustrated by maturity and based on total investments as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 6.54% allocation to the JPMorgan Tax Free Money Market Fund.

6

Portfolio Summary (continued)

State Farm Money Market Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm LifePath Retirement Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm LifePath 2020 Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

7

Portfolio Summary (continued)

State Farm LifePath 2030 Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm LifePath 2040 Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

State Farm LifePath 2050 Fund

Fund Composition*

(unaudited)

* Illustrated by security type and based on total net assets as of June 30, 2016. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

8

Expense Example (unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and certain redemptions; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; shareholder servicing fees; and other Fund expenses. The Example in the following table for each Fund below 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 mutual funds.

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

Actual Expenses

The Actual information in the table under each Fund name below provides information about actual account values and actual expenses for each Class of shares. 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 Class 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 Actual information line under the heading entitled “Expenses Paid During Period” for the applicable Fund Class to estimate the expenses you paid on your account for that Fund Class during the period. If your account has multiple Fund positions, add up the results calculated for each Fund position by Class within your account to estimate the expenses you paid on your total account value. A potential account fee of $10 per calendar quarter is not included in the expenses shown in the table. This fee will be charged to an account holding Class A, Class B, Premier, Legacy Class B or Institutional shares (other than a SEP IRA, SIMPLE IRA, Archer Medical Savings Account, Tax Sheltered Account under §403(b)(7) of the Internal Revenue Code or an account held under other employer-sponsored qualified retirement plans) if the balance in the account falls below $5,000 at the close of business on the second business day of the last month of the calendar quarter, unless the account has been open for less than a year as of the second business day of the last month of the calendar quarter. You should consider any account fee you incurred when estimating the total ongoing expenses paid over the period and the impact of this fee on your ending account value. This additional fee has the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The Hypothetical information in the table under each Fund name below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio by Class and an assumed rate of return of 5% per year before expenses, which is not the actual return of the Class indicated. 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. A potential account fee of $10 per calendar quarter is not included in the expenses shown in the table. This fee will be charged to an account holding Class A, Class B, Premier, Legacy Class B or Institutional shares (other than a SEP IRA, SIMPLE IRA, Archer Medical Savings Account, Tax Sheltered Account under §403(b)(7) of the Internal Revenue Code or an account held under other employer-sponsored qualified retirement plans) if the balance in the account falls below $5,000 at the close of business on the second business day of the last month of the calendar quarter, unless the account has been open for less than a year as of the second business day of the last month of the calendar quarter. You should consider any account fee that you incurred when estimating the total ongoing expenses paid over the period and the impact of this fee on your ending account value. This additional fee has the effect of increasing the costs of investing.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) applicable to Class A, Class B, Premier, and Legacy Class B shares. Therefore, the Hypothetical information in the table under each Fund name is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9

State Farm Equity Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,009.81		1.15	%	$	5.75
Class B Shares	$	1,000.00	$	1,005.48		1.85	%	$	9.22
Premier Shares3	$	1,000.00	$	1,009.39		1.12	%	$	5.60
Legacy Class B Shares	$	1,000.00	$	1,008.37		1.55	%	$	7.74
Institutional Shares	$	1,000.00	$	1,010.85		0.90	%	$	4.50
Class R-1 Shares	$	1,000.00	$	1,007.63		1.47	%	$	7.34
Class R-2 Shares	$	1,000.00	$	1,008.73		1.27	%	$	6.34
Class R-3 Shares	$	1,000.00	$	1,009.74		0.97	%	$	4.85
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,019.14		1.15	%	$	5.77
Class B Shares	$	1,000.00	$	1,015.66		1.85	%	$	9.27
Premier Shares3	$	1,000.00	$	1,019.29		1.12	%	$	5.62
Legacy Class B Shares	$	1,000.00	$	1,017.16		1.55	%	$	7.77
Institutional Shares	$	1,000.00	$	1,020.39		0.90	%	$	4.52
Class R-1 Shares	$	1,000.00	$	1,017.55		1.47	%	$	7.37
Class R-2 Shares	$	1,000.00	$	1,018.55		1.27	%	$	6.37
Class R-3 Shares	$	1,000.00	$	1,020.04		0.97	%	$	4.87
State Farm Small/Mid Cap Equity Fund
	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,003.71		1.39	%	$	6.92
Class B Shares	$	1,000.00	$	1,001.00		2.09	%	$	10.40
Premier Shares3	$	1,000.00	$	1,003.79		1.36	%	$	6.78
Legacy Class B Shares	$	1,000.00	$	1,002.06		1.79	%	$	8.91
Institutional Shares	$	1,000.00	$	1,006.32		1.14	%	$	5.69
Class R-1 Shares	$	1,000.00	$	1,002.94		1.71	%	$	8.52
Class R-2 Shares	$	1,000.00	$	1,003.81		1.51	%	$	7.52
Class R-3 Shares	$	1,000.00	$	1,005.48		1.21	%	$	6.03
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,017.95		1.39	%	$	6.97
Class B Shares	$	1,000.00	$	1,014.47		2.09	%	$	10.47
Premier Shares3	$	1,000.00	$	1,018.10		1.36	%	$	6.82
Legacy Class B Shares	$	1,000.00	$	1,015.96		1.79	%	$	8.97
Institutional Shares	$	1,000.00	$	1,019.19		1.14	%	$	5.72
Class R-1 Shares	$	1,000.00	$	1,016.36		1.71	%	$	8.57
Class R-2 Shares	$	1,000.00	$	1,017.35		1.51	%	$	7.57
Class R-3 Shares	$	1,000.00	$	1,018.85		1.21	%	$	6.07

10

State Farm International Equity Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	959.24		1.50	%	$	7.31
Class B Shares	$	1,000.00	$	956.52		2.20	%	$	10.70
Premier Shares3	$	1,000.00	$	959.62		1.48	%	$	7.21
Legacy Class B Shares	$	1,000.00	$	958.06		1.90	%	$	9.25
Institutional Shares	$	1,000.00	$	960.53		1.25	%	$	6.09
Class R-1 Shares	$	1,000.00	$	958.02		1.82	%	$	8.86
Class R-2 Shares	$	1,000.00	$	959.20		1.62	%	$	7.89
Class R-3 Shares	$	1,000.00	$	960.53		1.32	%	$	6.43
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,017.40		1.50	%	$	7.52
Class B Shares	$	1,000.00	$	1,013.92		2.20	%	$	11.02
Premier Shares3	$	1,000.00	$	1,017.50		1.48	%	$	7.42
Legacy Class B Shares	$	1,000.00	$	1,015.42		1.90	%	$	9.52
Institutional Shares	$	1,000.00	$	1,018.65		1.25	%	$	6.27
Class R-1 Shares	$	1,000.00	$	1,015.81		1.82	%	$	9.12
Class R-2 Shares	$	1,000.00	$	1,016.81		1.62	%	$	8.12
Class R-3 Shares	$	1,000.00	$	1,018.30		1.32	%	$	6.62
State Farm S&P 500 Index Fund
	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,034.48		0.70	%	$	3.54
Class B Shares	$	1,000.00	$	1,031.01		1.40	%	$	7.07
Premier Shares3	$	1,000.00	$	1,034.93		0.68	%	$	3.44
Legacy Class B Shares	$	1,000.00	$	1,032.67		1.10	%	$	5.56
Institutional Shares	$	1,000.00	$	1,035.46		0.45	%	$	2.28
Class R-1 Shares	$	1,000.00	$	1,033.03		1.02	%	$	5.16
Class R-2 Shares	$	1,000.00	$	1,033.88		0.82	%	$	4.15
Class R-3 Shares	$	1,000.00	$	1,035.53		0.52	%	$	2.63
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,021.38		0.70	%	$	3.52
Class B Shares	$	1,000.00	$	1,017.90		1.40	%	$	7.02
Premier Shares3	$	1,000.00	$	1,021.48		0.68	%	$	3.42
Legacy Class B Shares	$	1,000.00	$	1,019.39		1.10	%	$	5.52
Institutional Shares	$	1,000.00	$	1,022.63		0.45	%	$	2.26
Class R-1 Shares	$	1,000.00	$	1,019.79		1.02	%	$	5.12
Class R-2 Shares	$	1,000.00	$	1,020.79		0.82	%	$	4.12
Class R-3 Shares	$	1,000.00	$	1,022.28		0.52	%	$	2.61

11

State Farm Small Cap Index Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,017.91		0.85	%	$	4.26
Class B Shares	$	1,000.00	$	1,014.83		1.41	%	$	7.06
Premier Shares3	$	1,000.00	$	1,018.08		0.84	%	$	4.21
Legacy Class B Shares	$	1,000.00	$	1,015.66		1.26	%	$	6.31
Institutional Shares	$	1,000.00	$	1,019.15		0.61	%	$	3.06
Class R-1 Shares	$	1,000.00	$	1,015.87		1.18	%	$	5.91
Class R-2 Shares	$	1,000.00	$	1,017.22		0.98	%	$	4.92
Class R-3 Shares	$	1,000.00	$	1,018.46		0.68	%	$	3.41
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,020.64		0.85	%	$	4.27
Class B Shares	$	1,000.00	$	1,017.85		1.41	%	$	7.07
Premier Shares3	$	1,000.00	$	1,020.69		0.84	%	$	4.22
Legacy Class B Shares	$	1,000.00	$	1,018.60		1.26	%	$	6.32
Institutional Shares	$	1,000.00	$	1,021.83		0.61	%	$	3.07
Class R-1 Shares	$	1,000.00	$	1,019.00		1.18	%	$	5.92
Class R-2 Shares	$	1,000.00	$	1,019.99		0.98	%	$	4.92
Class R-3 Shares	$	1,000.00	$	1,021.48		0.68	%	$	3.42

State Farm International Index Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	961.92		1.07	%	$	5.22
Class B Shares	$	1,000.00	$	958.41		1.77	%	$	8.62
Premier Shares3	$	1,000.00	$	961.89		1.04	%	$	5.07
Legacy Class B Shares	$	1,000.00	$	959.42		1.47	%	$	7.16
Institutional Shares	$	1,000.00	$	962.90		0.82	%	$	4.00
Class R-1 Shares	$	1,000.00	$	961.09		1.38	%	$	6.73
Class R-2 Shares	$	1,000.00	$	960.94		1.18	%	$	5.75
Class R-3 Shares	$	1,000.00	$	962.93		0.89	%	$	4.34
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,019.54		1.07	%	$	5.37
Class B Shares	$	1,000.00	$	1,016.06		1.77	%	$	8.87
Premier Shares3	$	1,000.00	$	1,019.69		1.04	%	$	5.22
Legacy Class B Shares	$	1,000.00	$	1,017.55		1.47	%	$	7.37
Institutional Shares	$	1,000.00	$	1,020.79		0.82	%	$	4.12
Class R-1 Shares	$	1,000.00	$	1,018.00		1.38	%	$	6.92
Class R-2 Shares	$	1,000.00	$	1,019.00		1.18	%	$	5.92
Class R-3 Shares	$	1,000.00	$	1,020.44		0.89	%	$	4.47

12

State Farm Equity and Bond Fund²

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,029.18		0.25	%	$	1.26
Class B Shares	$	1,000.00	$	1,024.87		0.95	%	$	4.78
Premier Shares4	$	1,000.00	$	1,028.33		0.22	%	$	1.11
Legacy Class B Shares	$	1,000.00	$	1,026.97		0.65	%	$	3.28
Institutional Shares	$	1,000.00	$	1,030.53		0.00	%	$	0.00
Class R-1 Shares	$	1,000.00	$	1,027.38		0.57	%	$	2.87
Class R-2 Shares	$	1,000.00	$	1,029.13		0.37	%	$	1.87
Class R-3 Shares	$	1,000.00	$	1,030.58		0.07	%	$	0.35
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,023.62		0.25	%	$	1.26
Class B Shares	$	1,000.00	$	1,020.14		0.95	%	$	4.77
Premier Shares4	$	1,000.00	$	1,023.77		0.22	%	$	1.11
Legacy Class B Shares	$	1,000.00	$	1,021.63		0.65	%	$	3.27
Institutional Shares	$	1,000.00	$	1,024.86		0.00	%	$	0.00
Class R-1 Shares	$	1,000.00	$	1,022.03		0.57	%	$	2.87
Class R-2 Shares	$	1,000.00	$	1,023.02		0.37	%	$	1.86
Class R-3 Shares	$	1,000.00	$	1,024.52		0.07	%	$	0.35

State Farm Bond Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,057.03		0.65	%	$	3.32
Class B Shares	$	1,000.00	$	1,054.94		1.05	%	$	5.36
Premier Shares3	$	1,000.00	$	1,057.04		0.60	%	$	3.07
Legacy Class B Shares	$	1,000.00	$	1,053.96		1.05	%	$	5.36
Institutional Shares	$	1,000.00	$	1,057.39		0.40	%	$	2.05
Class R-1 Shares	$	1,000.00	$	1,055.32		0.97	%	$	4.96
Class R-2 Shares	$	1,000.00	$	1,056.41		0.77	%	$	3.94
Class R-3 Shares	$	1,000.00	$	1,056.98		0.47	%	$	2.40
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,021.63		0.65	%	$	3.27
Class B Shares	$	1,000.00	$	1,019.64		1.05	%	$	5.27
Premier Shares3	$	1,000.00	$	1,021.88		0.60	%	$	3.02
Legacy Class B Shares	$	1,000.00	$	1,019.64		1.05	%	$	5.27
Institutional Shares	$	1,000.00	$	1,022.87		0.40	%	$	2.01
Class R-1 Shares	$	1,000.00	$	1,020.04		0.97	%	$	4.87
Class R-2 Shares	$	1,000.00	$	1,021.03		0.77	%	$	3.87
Class R-3 Shares	$	1,000.00	$	1,022.53		0.47	%	$	2.36

13

State Farm Tax Advantaged Bond Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,035.55		0.66	%	$	3.34
Class B Shares	$	1,000.00	$	1,034.04		1.06	%	$	5.36
Premier Shares3	$	1,000.00	$	1,036.30		0.60	%	$	3.04
Legacy Class B Shares	$	1,000.00	$	1,034.78		1.06	%	$	5.36
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,021.58		0.66	%	$	3.32
Class B Shares	$	1,000.00	$	1,019.59		1.06	%	$	5.32
Premier Shares3	$	1,000.00	$	1,021.88		0.60	%	$	3.02
Legacy Class B Shares	$	1,000.00	$	1,019.59		1.06	%	$	5.32

State Farm Money Market Fund

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,000.00		0.33	%	$	1.64
Class B Shares	$	1,000.00	$	1,000.00		0.33	%	$	1.64
Premier Shares5	$	1,000.00	$	1,000.00		0.32	%	$	1.59
Legacy Class B Shares	$	1,000.00	$	1,000.00		0.33	%	$	1.64
Institutional Shares	$	1,000.00	$	1,000.02		0.32	%	$	1.59
Class R-1 Shares	$	1,000.00	$	1,000.00		0.33	%	$	1.64
Class R-2 Shares	$	1,000.00	$	1,000.00		0.33	%	$	1.64
Class R-3 Shares	$	1,000.00	$	1,000.01		0.32	%	$	1.59
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,023.22		0.33	%	$	1.66
Class B Shares	$	1,000.00	$	1,023.22		0.33	%	$	1.66
Premier Shares5	$	1,000.00	$	1,023.27		0.32	%	$	1.61
Legacy Class B Shares	$	1,000.00	$	1,023.22		0.33	%	$	1.66
Institutional Shares	$	1,000.00	$	1,023.27		0.32	%	$	1.61
Class R-1 Shares	$	1,000.00	$	1,023.22		0.33	%	$	1.66
Class R-2 Shares	$	1,000.00	$	1,023.22		0.33	%	$	1.66
Class R-3 Shares	$	1,000.00	$	1,023.27		0.32	%	$	1.61

14

State Farm LifePath Retirement Fund²

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,040.37		0.81	%	$	4.11
Class B Shares	$	1,000.00	$	1,037.45		1.51	%	$	7.65
Premier Shares3	$	1,000.00	$	1,041.71		0.76	%	$	3.86
Legacy Class B Shares	$	1,000.00	$	1,038.63		1.21	%	$	6.13
Institutional Shares	$	1,000.00	$	1,042.39		0.56	%	$	2.84
Class R-1 Shares	$	1,000.00	$	1,038.57		1.13	%	$	5.73
Class R-2 Shares	$	1,000.00	$	1,040.32		0.93	%	$	4.72
Class R-3 Shares	$	1,000.00	$	1,041.25		0.63	%	$	3.20
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,020.84		0.81	%	$	4.07
Class B Shares	$	1,000.00	$	1,017.35		1.51	%	$	7.57
Premier Shares3	$	1,000.00	$	1,021.08		0.76	%	$	3.82
Legacy Class B Shares	$	1,000.00	$	1,018.85		1.21	%	$	6.07
Institutional Shares	$	1,000.00	$	1,022.08		0.56	%	$	2.82
Class R-1 Shares	$	1,000.00	$	1,019.24		1.13	%	$	5.67
Class R-2 Shares	$	1,000.00	$	1,020.24		0.93	%	$	4.67
Class R-3 Shares	$	1,000.00	$	1,021.73		0.63	%	$	3.17

State Farm LifePath 2020 Fund²

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,039.06		0.80	%	$	4.06
Class B Shares	$	1,000.00	$	1,035.56		1.50	%	$	7.59
Premier Shares3	$	1,000.00	$	1,039.17		0.76	%	$	3.85
Legacy Class B Shares	$	1,000.00	$	1,036.68		1.20	%	$	6.08
Institutional Shares	$	1,000.00	$	1,040.41		0.55	%	$	2.79
Class R-1 Shares	$	1,000.00	$	1,037.75		1.12	%	$	5.67
Class R-2 Shares	$	1,000.00	$	1,038.46		0.92	%	$	4.66
Class R-3 Shares	$	1,000.00	$	1,039.74		0.62	%	$	3.14
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,020.89		0.80	%	$	4.02
Class B Shares	$	1,000.00	$	1,017.40		1.50	%	$	7.52
Premier Shares3	$	1,000.00	$	1,021.08		0.76	%	$	3.82
Legacy Class B Shares	$	1,000.00	$	1,018.90		1.20	%	$	6.02
Institutional Shares	$	1,000.00	$	1,022.13		0.55	%	$	2.77
Class R-1 Shares	$	1,000.00	$	1,019.29		1.12	%	$	5.62
Class R-2 Shares	$	1,000.00	$	1,020.29		0.92	%	$	4.62
Class R-3 Shares	$	1,000.00	$	1,021.78		0.62	%	$	3.12

15

State Farm LifePath 2030 Fund²

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,035.21		0.80	%	$	4.05
Class B Shares	$	1,000.00	$	1,034.63		1.00	%	$	5.06
Premier Shares3	$	1,000.00	$	1,035.84		0.76	%	$	3.85
Legacy Class B Shares	$	1,000.00	$	1,033.61		1.20	%	$	6.07
Institutional Shares	$	1,000.00	$	1,036.36		0.55	%	$	2.78
Class R-1 Shares	$	1,000.00	$	1,033.97		1.12	%	$	5.66
Class R-2 Shares	$	1,000.00	$	1,034.56		0.92	%	$	4.65
Class R-3 Shares	$	1,000.00	$	1,037.04		0.62	%	$	3.14
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,020.89		0.80	%	$	4.02
Class B Shares	$	1,000.00	$	1,019.89		1.00	%	$	5.02
Premier Shares3	$	1,000.00	$	1,021.08		0.76	%	$	3.82
Legacy Class B Shares	$	1,000.00	$	1,018.90		1.20	%	$	6.02
Institutional Shares	$	1,000.00	$	1,022.13		0.55	%	$	2.77
Class R-1 Shares	$	1,000.00	$	1,019.29		1.12	%	$	5.62
Class R-2 Shares	$	1,000.00	$	1,020.29		0.92	%	$	4.62
Class R-3 Shares	$	1,000.00	$	1,021.78		0.62	%	$	3.12

State Farm LifePath 2040 Fund²

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,032.02		0.81	%	$	4.09
Class B Shares	$	1,000.00	$	1,030.78		1.01	%	$	5.10
Premier Shares3	$	1,000.00	$	1,031.89		0.78	%	$	3.94
Legacy Class B Shares	$	1,000.00	$	1,030.41		1.21	%	$	6.11
Institutional Shares	$	1,000.00	$	1,033.09		0.56	%	$	2.83
Class R-1 Shares	$	1,000.00	$	1,030.12		1.13	%	$	5.70
Class R-2 Shares	$	1,000.00	$	1,031.34		0.93	%	$	4.70
Class R-3 Shares	$	1,000.00	$	1,032.73		0.63	%	$	3.18
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,020.84		0.81	%	$	4.07
Class B Shares	$	1,000.00	$	1,019.84		1.01	%	$	5.07
Premier Shares3	$	1,000.00	$	1,020.98		0.78	%	$	3.92
Legacy Class B Shares	$	1,000.00	$	1,018.85		1.21	%	$	6.07
Institutional Shares	$	1,000.00	$	1,022.08		0.56	%	$	2.82
Class R-1 Shares	$	1,000.00	$	1,019.24		1.13	%	$	5.67
Class R-2 Shares	$	1,000.00	$	1,020.24		0.93	%	$	4.67
Class R-3 Shares	$	1,000.00	$	1,021.73		0.63	%	$	3.17

16

State Farm LifePath 2050 Fund²

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 20161
Actual
Class A Shares	$	1,000.00	$	1,030.82		0.84	%	$	4.24
Premier Shares6	$	1,000.00	$	1,028.77		0.73	%	$	3.68
Class R-1 Shares	$	1,000.00	$	1,028.74		1.16	%	$	5.85
Class R-2 Shares	$	1,000.00	$	1,029.70		0.96	%	$	4.84
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,020.69		0.84	%	$	4.22
Premier Shares6	$	1,000.00	$	1,021.23		0.73	%	$	3.67
Class R-1 Shares	$	1,000.00	$	1,019.10		1.16	%	$	5.82
Class R-2 Shares	$	1,000.00	$	1,020.09		0.96	%	$	4.82

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

2 The expense examples do not reflect acquired fund fees and expenses.

17

3 Effective May 23, 2016, Legacy Class A Shares were renamed Premier Shares. Effective May 21, 2016, the shareholder servicing fee for the Premier Shares for all Funds, except the State Farm Equity and Bond Fund, State Farm Money Market Fund, and State Farm LifePath 2050 Fund, was reduced by 10 basis points. The restated examples below reflect expenses as if that reduction had been in place during the entire period from January 1, 2016 to June 30, 2016 as follows:

Premier Shares

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 2016*
Actual
State Farm Equity Fund	$	1,000.00	$	1,009.60		1.08	%	$	5.40
State Farm Small/Mid Cap Equity Fund	$	1,000.00	$	1,003.99		1.32	%	$	6.58
State Farm International Equity Fund	$	1,000.00	$	959.82		1.44	%	$	7.02
State Farm S&P 500 Fund	$	1,000.00	$	1,035.13		0.64	%	$	3.24
State Farm Small Cap Index Fund	$	1,000.00	$	1,018.28		0.80	%	$	4.01
State Farm International Index Fund	$	1,000.00	$	962.08		1.00	%	$	4.88
State Farm Bond Fund	$	1,000.00	$	1,057.25		0.56	%	$	2.86
State Farm Tax Advantaged Bond Fund	$	1,000.00	$	1,036.51		0.56	%	$	2.84
State Farm LifePath Retirement Fund**	$	1,000.00	$	1,041.92		0.72	%	$	3.66
State Farm LifePath 2020 Fund**	$	1,000.00	$	1,039.38		0.72	%	$	3.65
State Farm LifePath 2030 Fund**	$	1,000.00	$	1,036.05		0.72	%	$	3.64
State Farm LifePath 2040 Fund**	$	1,000.00	$	1,032.09		0.74	%	$	3.74
Hypothetical (5% return before expenses)
State Farm Equity Fund	$	1,000.00	$	1,019.49		1.08	%	$	5.42
State Farm Small/Mid Cap Equity Fund	$	1,000.00	$	1,018.30		1.32	%	$	6.62
State Farm International Equity Fund	$	1,000.00	$	1,017.70		1.44	%	$	7.22
State Farm S&P 500 Fund	$	1,000.00	$	1,021.68		0.64	%	$	3.22
State Farm Small Cap Index Fund	$	1,000.00	$	1,020.89		0.80	%	$	4.02
State Farm International Index Fund	$	1,000.00	$	1,019.89		1.00	%	$	5.02
State Farm Bond Fund	$	1,000.00	$	1,022.08		0.56	%	$	2.82
State Farm Tax Advantaged Bond Fund	$	1,000.00	$	1,022.08		0.56	%	$	2.82
State Farm LifePath Retirement Fund**	$	1,000.00	$	1,021.28		0.72	%	$	3.62
State Farm LifePath 2020 Fund**	$	1,000.00	$	1,021.28		0.72	%	$	3.62
State Farm LifePath 2030 Fund**	$	1,000.00	$	1,021.28		0.72	%	$	3.62
State Farm LifePath 2040 Fund**	$	1,000.00	$	1,021.18		0.74	%	$	3.72

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

** The expense examples do not reflect acquired fund fees and expenses.

4 Effective May 23, 2016, Legacy Class A Shares were renamed Premier Shares. Effective May 21, 2016, State Farm Investment Management Corp. agreed to waive fees in the amount of 10 basis points of the average daily net assets of the Premier Shares. The restated example reflects expenses as if the waiver had been in place during the entire period from January 1, 2016 to June 30, 2016 as follows:

State Farm Equity and Bond Fund**

	Beginning Account Value January 1, 2016		Ending Account Value June 30, 2016		Annualized Expense Ratio Based on the Period January 1, 2016 to June 30, 2016			Expenses Paid During Period January 1, 2016 to June 30, 2016*
Actual
Premier Shares	$	1,000.00	$	1,028.53		0.18	%	$	0.91
Hypothetical (5% return before expenses)
Premier Shares	$	1,000.00	$	1,023.97		0.18	%	$	0.91

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

** The expense examples do not reflect acquired fund fees and expenses.

5 Effective May 23, 2016, Legacy Class A Shares were renamed Premier Shares.

6 For all data, the period for Premier Shares is from the effective date on May 23, 2016 to June 30, 2016.

18

Board Approval of Investment Advisory and Sub-Advisory Agreements

At a meeting of the Board of Trustees (the “Board”) of State Farm Mutual Fund Trust (“Mutual Fund Trust”) held on June 17, 2016, all of the Trustees present, including those Trustees present who were not interested persons of Mutual Fund Trust as defined by Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered whether (i) to approve continuation of the Investment Advisory and Management Services Agreement between State Farm Investment Management Corp. (“SFIMC”) and Mutual Fund Trust (the “Advisory Agreement”), on behalf of its fifteen separate series (each a “Fund,” and together the “Funds”), (ii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Westwood Management Corp. (“Westwood”) with respect to the State Farm Equity Fund (the “Equity Fund”), (iii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Marsico Capital Management, LLC (“Marsico”) with respect to the State Farm International Equity Fund (the “International Equity Fund”), (iv) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Northern Cross, LLC (“Northern Cross”) with respect to the International Equity Fund, (v) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Bridgeway Capital Management, Inc. (“Bridgeway”) with respect to the State Farm Small/Mid Cap Equity Fund (the “Small/Mid Cap Equity Fund”) and the Equity Fund, (vi) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and Rainier Investment Management, LLC (“Rainier”) with respect to the Small/Mid Cap Equity Fund, and (vii) to approve continuation of the Investment Sub-Advisory Agreement between SFIMC, Mutual Fund Trust and BlackRock Fund Advisors (“BlackRock”) with respect to the State Farm S&P 500 Index Fund (the “S&P 500 Index Fund”), the State Farm Small Cap Index Fund (the “Small Cap Index Fund”), the State Farm International Index Fund (the “International Index Fund”), the State Farm LifePath Retirement Fund (the “LifePath Retirement Fund”), the State Farm LifePath 2020 Fund (the “LifePath 2020 Fund”), the State Farm LifePath 2030 Fund (the “LifePath 2030 Fund”), the State Farm LifePath 2040 Fund (the “LifePath 2040 Fund”) and the State Farm LifePath 2050 Fund (the “LifePath 2050 Fund”). Together, the sub-advisory agreements between SFIMC and Westwood, Marsico, Northern Cross, Bridgeway, Rainier and BlackRock will be referred to as the “Sub-Advisory Agreements.”

Pursuant to the Sub-Advisory Agreements, SFIMC has hired sub-advisers for eleven of Mutual Fund Trust’s Funds. Each sub-adviser is responsible for the day-to-day management of the investments or a portion of the investments of the applicable Fund. The eleven sub-advised Funds and their sub-advisers are listed below:

Fund	Sub-Adviser(s)
Equity Fund	Westwood and Bridgeway
Small/Mid Cap Equity Fund	Bridgeway and Rainier
S&P 500 Index Fund	BlackRock
International Equity Fund	Marsico and Northern Cross
Small Cap Index Fund	BlackRock
International Index Fund	BlackRock
LifePath Retirement Fund	BlackRock
LifePath 2020 Fund	BlackRock
LifePath 2030 Fund	BlackRock
LifePath 2040 Fund	BlackRock
LifePath 2050 Fund	BlackRock

Prior to the June 17, 2016 meeting, independent legal counsel to the Independent Trustees sent Westwood, Marsico, Northern Cross, Bridgeway, Rainier and BlackRock (collectively the “Sub-Advisers”) and SFIMC a request for information to be provided to the Board prior to the Board’s consideration of continuing the Sub-Advisory Agreements and the Advisory Agreement. The Sub-Advisers and SFIMC provided materials to the Board responding to those requests during the first quarter of the year.

At the Board’s request, SFIMC subsequently provided the Board with additional information that the Board believed would be useful in evaluating whether to approve continuation of the Advisory Agreement and the Sub-Advisory Agreements. Prior to the June 17th meeting, the Board also received a report prepared by Strategic Insight, an independent fund tracking organization (the “Strategic Insight Report”), relating to the performance and expenses of the Funds. In addition, the Board received and reviewed a memorandum from legal counsel to Mutual Fund Trust and its Independent Trustees regarding their responsibilities (particularly the Independent Trustees’ responsibilities) in considering the continuation of the Advisory and Sub-Advisory Agreements.

The Independent Trustees of Mutual Fund Trust also reviewed contract review materials at meetings held on March 18, 2016 and May 24, 2016, during which SFIMC management responded to specific questions from the Independent Trustees and provided follow-up information. The Board also considered information received throughout the year. The Independent Trustees discussed all of this material extensively among themselves and with their independent legal counsel, and with the other Board members, after which the

19

Board considered various factors described below, no one of which alone was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the continuation of the agreements are discussed separately below.

Investment Performance

The Board considered each Fund’s investment performance. Among other things, the Board examined the performance of each Fund over various time periods as compared to the performance of one or more benchmark indexes, as well as the returns of one or more appropriate Morningstar Category Average composite(s), which includes all open-end funds within that category as assigned by Morningstar, Inc., without any modifications. The performance of the Funds is discussed below for certain periods (one-, three-, five-and 10-year periods), which periods end March 31, 2016.

The Board considered that the performance of the S&P 500 Index Fund, the Small Cap Index Fund and the International Index Fund closely tracked the performance of their benchmark indexes, excluding Fund expenses, with each Fund having a minimal level of tracking error. The Board concluded that the performance of those three Funds over the periods reviewed was acceptable.

The Board considered the performance of the Equity Fund, including as compared to its applicable Morningstar Category Average composite. SFIMC management explained to the Board that the relative performance of the Equity Fund lagged during the ten-year time period because of a change in the way the Equity Fund was managed during the period and because of the performance of a previous sub-adviser to the Equity Fund. SFIMC management explained to the Board that the Equity Fund ranked in the top quartile of its Morningstar Category Average composite for the three-year period. A lower quartile ranking equates to higher relative performance. The Board considered the performance of the Small/Mid Cap Equity Fund, which lagged during the three-year period. SFIMC management explained that over the three-year period the difference in performance between the Small/Mid Cap Equity Fund and a fund in the third quartile of the Morningstar Category Average composite was only 0.49% on an annual basis. The Board also noted that the Fund had better performance, ranking in the third quartile, for the one-,five-, and 10-year periods. The Board considered the performance of the International Equity Fund, including as compared to applicable Morningstar Category Average composite, and determined that the Fund’s relative performance had improved compared to last year. The Board concluded that the performance of these three Funds over the periods reviewed was acceptable.

The Board reviewed the performance of the Tax Advantaged Bond Fund, the Bond Fund, the Money Market Fund and the Equity and Bond Fund. The Tax Advantaged Bond Fund outperformed its applicable Morningstar Category Average composite over the one-, three-, five- and 10-year time frames. The performance of the Bond Fund surpassed its applicable Morningstar Category Average composite over the one- and three-year time frames, and the performance of the Bond Fund was in the third quartile compared to its applicable Morningstar Category Average composite over the five- and ten-year time frames. The performance of the Money Market Fund was competitive with this Fund’s benchmark and the narrow performance range of its Morningstar Category Average composite. The Board considered that the performance of the Equity and Bond Fund, noting that compared to its Morningstar Category Average composite the Fund ranked in the top quartile for the one-, three- and five-year periods. After extensive discussion of this and other performance information, the Board concluded that the investment performance of these Funds over the periods reviewed was acceptable.

The Board reviewed the performance of the LifePath Retirement, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds (collectively the “LifePath Funds”) for the one-, three-, five- and ten-year periods. The Board considered each LifePath Fund’s performance compared to its Morningstar Category Average composite. SFIMC management explained to the Board that the performance of the LifePath 2030 Fund and the LifePath 2040 Fund lagged over the 10-year period as a result of the Funds’ relative lower allocation to U.S. equity securities. The Board also considered SFIMC’s explanation that the change made to the LifePath Funds’ glide paths in November 2014 to increase the allocation to equities had improved the LifePath Funds’ relative performance as a whole. After extensively reviewing all of this and other performance information, the Board concluded that the LifePath Funds’ performance over the periods reviewed was acceptable.

Fees and Expenses

The Board also examined the fee structure and expense ratio of each Fund, including in comparison to a peer group of funds with comparable investment objectives, investment strategies, asset size and load structures, and evaluated the relative rankings of each Fund’s net total, net management and net operating expenses within those peer groups. SFIMC management explained that to maintain a stable $1.00/share net asset value for the Money Market Fund, SFIMC and State Farm VP Management Corp., distributor of the Fund shares, have continued waiving fees each is entitled to receive from that Fund. The Board also took note that SFIMC does not manage any institutional clients, and that it only manages the Funds, and the assets of other State Farm-sponsored mutual funds. In connection with examining the fee structure and expense ratio of each Fund, the Board also considered the amount of profits earned (or losses incurred) by SFIMC in providing advisory services to each Fund, as well as the methodology by which that profit (or loss) was calculated.

20

The Board considered that the net total expenses of each Fund within Mutual Fund Trust, except the S&P 500 Index Fund and the Small Cap Index Fund, had ranked in one of the top three quartiles of its respective peer groups. The Board then considered that the S&P 500 Index Fund and the Small Cap Index Fund had ranked in the bottom quartile of their respective peer groups. The Board considered that the net total expenses of these two Funds were only 0.10% and 0.12%, respectively, higher than the net total expenses of a peer fund in the third quartile. Furthermore, SFIMC management explained to the Board that effective May 1, 2016, the management fees for the S&P 500 Index Fund and the Small Cap Index Fund decreased by 0.07% and 0.20%, respectively, resulting in a significant decrease in net total expenses of these two Funds. The Board similarly noted the relative improvement of net total expenses for the LifePath Funds that occurred as a result of the de-spoking transaction that took place in November 2015. Considering all this information and other information provided by SFIMC, the Board concluded that the advisory fees, which directly or indirectly are part of each Fund’s fee structure and expense ratio, were reasonable.

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

Nature, Extent and Quality of Services

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

Economies of Scale/Other Benefits

The Board next discussed the extent to which economies of scale will be realized as each Fund grows and whether each Fund’s fee levels reflect economies of scale for the benefit of the Fund. SFIMC explained to the Board that economies of scale occur when a mutual fund’s expenses per unit, such as per dollar invested in the fund, decrease as the fund increases in size. One way a mutual fund achieves economies of scale is to lower the average cost per unit by spreading fixed costs over a larger asset base. As the assets of a Fund grow, the Fund’s fixed costs will be spread over a larger asset base, so the Fund’s expense levels per unit will reflect economies of scale for the benefit of the Fund. The Board also considered that the Advisory Agreement and the Sub-Advisory Agreements include breakpoints for several of the Funds. Breakpoints are reductions in the level of advisory or sub-advisory fees as the level of assets within a Fund grows. The Board considered that these breakpoints can lead to economies of scale for Fund shareholders as Fund assets increase. The Board also noted that, to achieve certain breakpoints, assets of certain Funds would be aggregated with assets of mutual funds from another trust advised by SFIMC.

The Board next discussed whether SFIMC or a Sub-Adviser derives (or would derive) any other direct or indirect benefits from serving as investment adviser or investment sub-adviser to the Funds. The Board noted that BlackRock, as sub-adviser, may select a broker that is an affiliated person of BlackRock to execute securities transactions for the Funds sub-advised by BlackRock. When this occurs, a Fund sub-advised by BlackRock will pay brokerage commissions to an affiliated person of BlackRock. Other than potentially paying brokerage commissions to an affiliated person of BlackRock, SFIMC indicated to the Board that it was not aware of any ancillary or other benefits (other than fees) that SFIMC or a Sub-Adviser (and each organization’s respective affiliates, if any) receive (or would receive) for providing various services to Mutual Fund Trust, particularly because other than noted above these organizations do not execute securities trades on behalf of the Funds through an affiliated broker-dealer. The Board concluded that the lack of any ancillary or so-called “fallout” benefits enables SFIMC and the Sub-Advisers to manage assets of the Funds in a manner that appears to minimize conflicts of interest.

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

• Continuation of the Advisory Agreement for all Funds through June 30, 2017, and

• Continuation of each Existing Sub-Advisory Agreement through June 30, 2017.

21

Board Approval of Investment Sub-Advisory Agreement

Effective December 1, 2006, Rainier Investment Management, LLC (formerly known as Rainier Investment Management, Inc.) was appointed as an investment sub-adviser to a portion of the Small/Mid Cap Equity Fund series of State Farm Mutual Fund Trust (the “Trust”). The other investment sub-adviser to the Small/Mid Cap Equity Fund is Bridgeway Capital Management, Inc. The sub-advisory agreement between the Trust, State Farm Investment Management Corp. (the “Manager”) and Rainier Investment Management, LLC (“Rainier”) (the “Rainier Sub-Advisory Agreement”) was terminated effective April 30, 2016.

Before April 30, 2016, the outstanding voting securities of Rainier were wholly owned by multiple individuals who were employed by Rainier. Effective April 30, 2016, Manning and Napier Group, LLC acquired a majority of the outstanding voting securities of Rainier (the “Manning and Napier Transaction”) and determined not to rename Rainier. The Manning and Napier Transaction resulted in a change of control of Rainier. Under the Investment Company Act of 1940 Act, as amended (the “1940 Act”), a change in control of an investment sub-adviser results in the automatic termination of the investment sub-advisory agreement; consequently, upon the close of the Manning and Napier Transaction on April 30, 2016, the Rainier Sub-Advisory Agreement was automatically terminated. Beginning April 30, 2016, Rainier, as an entity a majority of whose outstanding voting securities are owned by Manning and Napier Group, LLC (“New Rainier”), has served as investment sub-adviser to a portion of the Trust’s Small/Mid Cap Equity Fund because effective as of that date the Trust, the Manager and New Rainier entered into a Sub-Advisory Agreement (referred to as the “New Rainier Sub-Advisory Agreement”) in a form substantially similar to the previously effective version of the Rainier Sub-Advisory Agreement that terminated April 30, 2016.

At a meeting of the Board of Trustees (the “Board”) of the Trust held on March 18, 2016 (the “Meeting”), all of the Trustees present, constituting the entire Board, including all of those Trustees present who were not “interested persons” of the Trust as defined by Section 2(a)(19) of the 1940 Act (the “Independent Trustees”), voted unanimously to, among other things, approve the New Rainier Sub-Advisory Agreement. In connection with that approval, the Manager provided the Board with information that the Manager believed would be useful to the Board in evaluating whether to approve the New Rainier Sub-Advisory Agreement. In addition, the Board received and reviewed a memorandum from the legal counsel to the Trust and their Independent Trustees regarding their responsibilities (particularly the Independent Trustees’ responsibilities) in considering these actions.

The Independent Trustees discussed all of this material extensively among themselves and with their independent legal counsel, and with the other Board members, after which the Board considered various factors described below, no one of which alone was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the New Rainier Sub-Advisory Agreement are discussed separately below.

Investment Performance

The Manager explained to the Board that, after the closing of the Manning and Napier Transaction, the same Rainier portfolio managers employing the same investment strategies would continue to serve as portfolio managers to Rainier’s portion of the Small/Mid Cap Equity Fund. After the closing of the Manning and Napier Transaction, the portfolio managers for the Small/Mid Cap Equity Fund will be employed by New Rainier. Therefore, the Board determined that Rainier’s performance as sub-adviser to the Small/Mid Cap Equity Fund was relevant to the Board’s consideration of the New Rainier Sub-Advisory Agreement because it was reasonable to expect similar performance results by New Rainier. The Board reviewed its previous consideration of the Small/Mid Cap Equity Fund’s investment performance, which consideration occurred at the Board’s regular meeting on June 12, 2015 (the date that the Board last approved the continuation of the original “Rainier Sub-Advisory Agreement”). Among other things, the Board had examined at that time the year-to-date, one-, three-, five-, and ten-year performance of Rainier’s portion of the Small/Mid Cap Equity Fund as compared to the performance of one or more benchmark indexes and a peer group of funds with comparable investment objectives, investment strategies, asset size and load structures. The Board had concluded at that time that the performance of the Small/Mid Cap Equity Fund generally was acceptable in light of all circumstances. After considering this information, the Board concluded that it is likely that New Rainier may be expected to produce similar performance results for New Rainier’s portion of the Small/Mid Cap Equity Fund.

Fees and Expenses

The Board considered the costs of the services proposed to be provided by New Rainier. The Board first noted that there were no changes proposed in the sub-advisory fees and that, at its regular meeting on June 12, 2015, the Board had concluded that the overall fees charged by Rainier for providing services to the Small/Mid Cap Equity Fund were competitive. The Board also considered that the overall costs to the shareholders of the Small/Mid Cap Equity Fund would not change as a result of the New Rainier Sub-Advisory Agreement because the Manager was solely responsible for the payment of the sub-advisory fees. After considering this information, the Board concluded that the proposed sub-advisory fees to be paid to New Rainier pursuant to the New Rainier Sub-Advisory Agreement were reasonable and would be in the best interests of the Fund’s shareholders.

22

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of the sub-advisory services proposed to be provided by New Rainier to the Small/ Mid Cap Equity Fund. The Board had considered the make-up, education and experience of the team that will be responsible for managing the Small/Mid Cap Equity Fund at New Rainier, and noted that the team will remain the same. After considering all of this information, the Board concluded that New Rainier should have more than sufficient resources and expertise to sub-advise the Small/ Mid Cap Equity Fund, and that New Rainier would be able to provide satisfactory services to the Trust. The Board also considered the view of the Trust’s Chief Compliance Officer that the compliance policies and procedures of New Rainier were reasonably designed to prevent and detect violations of the federal securities laws.

Economies of Scale/Other Benefits

Because the Manager’s investment advisory fees charged to the Small/Mid Cap Equity Fund currently do not include breakpoints, economies of scale for the benefit of Fund shareholders was not a significant factor in the Board’s decision to approve the New Rainier Sub-Advisory Agreement.

The Board next discussed whether New Rainier will derive any other direct or indirect benefits from serving as investment sub-adviser to the Small/Mid Cap Equity Fund. The Manager indicated to the Board that it was not aware of any ancillary or other benefits (other than fees) that New Rainier (and its respective affiliates,) receive (or would receive) for providing various services to the Small/Mid Cap Equity Fund. The Board concluded the ancillary or so-called “fallout” benefits New Rainier may receive in managing the assets of the Small/Mid Cap Equity Fund will not prevent New Rainier from appropriately managing the assets of the Small/Mid Cap Equity Fund.

Action Taken

Based on the Board’s deliberations and its evaluation of the recommendations of the Manager and the information provided by the Manager, the Board, including all of the Independent Trustees present at the Meeting, unanimously approved the New Rainier Sub-Advisory Agreement to become effective April 30, 2016, the closing of the Manning and Napier Transaction.

23

STATE FARM MUTUAL FUND TRUST EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (97.26%)
Consumer Discretionary (15.62%)
Amazon.com Inc. (a)		8,300	$	5,939,646
AutoZone Inc. (a)		4,000		3,175,360
CBS Corp. Class B		50,000		2,722,000
Comcast Corp. Class A		156,200		10,182,678
Darden Restaurants Inc.		42,400		2,685,616
Foot Locker Inc.		43,100		2,364,466
Home Depot Inc., The		67,100		8,567,999
L Brands Inc.		28,700		1,926,631
Lear Corp.		23,000		2,340,480
Lowe’s Companies Inc.		35,100		2,778,867
Michael Kors Holdings Ltd. (a)		65,100		3,221,148
Netflix Inc. (a)		27,900		2,552,292
NIKE Inc. Class B		45,000		2,484,000
O’Reilly Automotive Inc. (a)		21,400		5,801,540
Ross Stores Inc.		52,300		2,964,887
Scripps Networks Interactive Class A		44,000		2,739,880
Skechers U.S.A. Inc. Class A (a)		85,600		2,544,032
Time Warner Inc.		70,800		5,206,632
Ulta Salon, Cosmetics & Fragrance Inc. (a)		33,400		8,137,576
Under Armour Inc. Class A (a)		43,200		1,733,616
Under Armour Inc. Class C (a)		43,507		1,583,641
VF Corp.		80,400		4,943,796
				86,596,783
Consumer Staples (13.07%)
Clorox Co., The		21,500		2,975,385
Colgate-Palmolive Co.		83,600		6,119,520
Constellation Brands Inc. Class A		24,800		4,101,920
CVS Health Corp.		83,200		7,965,568
Estee Lauder Companies Inc. Class A, The		15,000		1,365,300
General Mills Inc.		62,900		4,486,028
Hormel Foods Corp.		125,200		4,582,320
JM Smucker Co., The		22,500		3,429,225
Kellogg Co.		36,000		2,939,400
Kimberly-Clark Corp.		25,900		3,560,732
Kroger Co., The		106,600		3,921,814
McCormick & Company Inc.		55,300		5,898,851
Monster Beverage Corp. (a)		19,300		3,101,703
PepsiCo Inc.		83,200		8,814,208
Sysco Corp.		65,100		3,303,174
Tyson Foods Inc. Class A		40,400		2,698,316
Walgreens Boots Alliance Inc.		38,400		3,197,568
				72,461,032
Energy (5.68%)
Antero Resources Corp. (a)		55,500		1,441,890
Chevron Corp.		56,000		5,870,480
EOG Resources Inc.		63,100		5,263,802
EQT Corp.		32,500		2,516,475
Exxon Mobil Corp.		79,200		7,424,208
Schlumberger Ltd.		53,700		4,246,596
Tesoro Corp.		33,700		2,524,804

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Valero Energy Corp.		42,900	$	2,187,900
				31,476,155
Financials (13.06%)
Allstate Corp., The		82,309		5,757,514
Ally Financial Inc. (a)		131,100		2,237,877
American International Group Inc.		119,700		6,330,933
Bank of America Corp.		498,000		6,608,460
Chubb Ltd.		49,100		6,417,861
Discover Financial Services		49,900		2,674,141
Equinix Inc.		8,400		3,256,932
FactSet Research Systems Inc.		15,800		2,550,436
Invesco Ltd.		130,138		3,323,725
JPMorgan Chase & Co.		141,200		8,774,168
Public Storage		9,900		2,530,341
Reinsurance Group of America Inc.		31,700		3,074,583
Santander Consumer USA Holdings Inc. (a)		229,100		2,366,603
Simon Property Group Inc.		32,000		6,940,800
Wells Fargo & Co.		202,200		9,570,126
				72,414,500
Health Care (12.95%)
Abbott Laboratories		182,500		7,174,075
Aetna Inc.		72,000		8,793,360
Becton, Dickinson and Co.		35,700		6,054,363
Cardinal Health Inc.		29,300		2,285,693
Centene Corp. (a)		25,700		1,834,209
Cigna Corp.		43,000		5,503,570
DENTSPLY SIRONA Inc.		43,000		2,667,720
DexCom Inc. (a)		35,000		2,776,550
Edwards Lifesciences Corp. (a)		55,200		5,505,096
Gilead Sciences Inc.		27,700		2,310,734
HCA Holdings Inc. (a)		34,200		2,633,742
Henry Schein Inc. (a)		17,400		3,076,320
IDEXX Laboratories Inc. (a)		30,600		2,841,516
Johnson & Johnson		109,700		13,306,610
United Therapeutics Corp. (a)		18,900		2,001,888
UnitedHealth Group Inc.		21,600		3,049,920
				71,815,366
Industrials (13.32%)
Acuity Brands Inc.		11,000		2,727,560
Alaska Air Group Inc.		40,100		2,337,429
American Airlines Group Inc.		59,600		1,687,276
Boeing Co., The		38,800		5,038,956
Delta Air Lines Inc.		79,100		2,881,613
Equifax Inc.		25,200		3,235,680
FedEx Corp.		25,900		3,931,102
General Dynamics Corp.		38,654		5,382,183
HD Supply Holdings Inc. (a)		83,900		2,921,398
Honeywell International Inc.		77,100		8,968,272
Lockheed Martin Corp.		14,300		3,548,831

24 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST EQUITY FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Northrop Grumman Corp.		13,600	$	3,023,008
Raytheon Co.		22,100		3,004,495
Southwest Airlines Co.		117,200		4,595,412
Spirit AeroSystems Holdings Class A (a)		56,600		2,433,800
Stanley Black & Decker Inc.		27,100		3,014,062
Union Pacific Corp.		71,000		6,194,750
United Continental Holdings Inc. (a)		73,000		2,995,920
United Technologies Corp.		57,600		5,906,880
				73,828,627
Information Technology (18.12%)
Accenture PLC Class A		28,900		3,274,081
Alphabet Inc. Class C (a)		3,700		2,560,770
Amdocs Ltd.		136,000		7,849,920
Apple Inc.		65,325		6,245,070
Autodesk Inc. (a)		47,500		2,571,650
Booz Allen Hamilton Holding Corp.		188,712		5,593,424
Broadcom Ltd.		20,300		3,154,620
Cadence Design Systems Inc. (a)		143,300		3,482,190
CDW Corp. of Delaware		79,600		3,190,368
DST Systems Inc.		46,800		5,448,924
Electronic Arts Inc. (a)		51,900		3,931,944
Facebook Inc. Class A (a)		46,300		5,291,164
Fiserv Inc. (a)		40,300		4,381,819
Global Payments Inc.		67,600		4,825,288
Jack Henry & Associates Inc.		32,300		2,818,821
Juniper Networks Inc.		101,100		2,273,739
Lam Research Corp.		37,300		3,135,438
Micron Technology Inc. (a)		228,200		3,140,032
Microsoft Corp.		112,000		5,731,040
NVIDIA Corp.		71,800		3,375,318
PayPal Holdings Inc. (a)		139,200		5,082,192
Texas Instruments Inc.		95,900		6,008,135
Total System Services Inc.		57,700		3,064,447
VeriSign Inc. (a)		46,400		4,011,744
				100,442,138
Materials (1.96%)
Dow Chemical Co., The		45,900		2,281,689
Sherwin-Williams Co., The		29,300		8,604,531
				10,886,220
Telecommunication Services (1.11%)
Verizon Communications Inc.		110,000		6,142,400
Utilities (2.37%)
NextEra Energy Inc.		48,000		6,259,200
WEC Energy Group Inc.		105,600		6,895,680
				13,154,880
Total Common Stocks
(cost $461,348,376)				539,218,101

	Shares		Value
Short-term Investments (2.82%)
JPMorgan U.S. Government Money Market Fund Agency Shares		15,633,681	$	15,633,681
Total Short-term Investments
(cost $15,633,681)				15,633,681
TOTAL INVESTMENTS (100.08%)
(cost $476,982,057)				554,851,782
LIABILITIES, NET OF OTHER ASSETS (-0.08%)				(420,688	)
NET ASSETS (100.00%)			$	554,431,094

(a) Non-income producing security.

See accompanying notes to financial statements. 25

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (97.99%)
Consumer Discretionary (12.25%)
1-800-FLOWERS.COM Inc. (a)		155,100	$	1,399,001
Bassett Furniture Industries Inc.		45,600		1,091,664
Brunswick Corp.		32,450		1,470,634
Burlington Stores Inc. (a)		14,670		978,636
Coach Inc.		28,570		1,163,942
Cooper-Standard Holding Inc. (a)		18,800		1,485,012
Dollar Tree Inc. (a)		16,100		1,517,264
Helen of Troy Ltd. (a)		9,190		945,100
Isle of Capri Casinos Inc. (a)		125,400		2,297,328
Lennar Corp. Class A		38,560		1,777,616
LGI Homes Inc. (a)		60,800		1,941,952
Live Nation Entertainment Inc. (a)		36,280		852,580
Mohawk Industries Inc. (a)		22,420		4,254,419
Newell Brands Inc.		36,460		1,770,862
Perry Ellis International Inc. (a)		60,600		1,219,272
Polaris Industries Inc.		12,580		1,028,541
Royal Caribbean Cruises Ltd.		21,930		1,472,600
Sportsman’s Warehouse Holdings Inc. (a)		127,700		1,029,262
Stage Stores Inc.		64,300		313,784
Time Inc.		84,000		1,382,640
Tractor Supply Co.		21,070		1,921,163
Ulta Salon, Cosmetics & Fragrance Inc. (a)		4,980		1,213,327
				32,526,599
Consumer Staples (6.75%)
Casey’s General Stores Inc.		18,230		2,397,427
Central Garden & Pet Co. Class A (a)		104,400		2,266,524
Constellation Brands Inc. Class A		4,660		770,764
Lancaster Colony Corp.		5,000		638,050
National Beverage Corp. (a)		30,600		1,921,986
Pinnacle Foods Inc.		31,400		1,453,506
Sanderson Farms Inc.		21,100		1,828,104
Snyder’s-Lance Inc.		49,060		1,662,643
Spectrum Brands Holdings Inc.		11,860		1,415,017
SUPERVALU Inc. (a)		120,000		566,400
TreeHouse Foods Inc. (a)		9,700		995,705
WhiteWave Foods Co. (a)		42,830		2,010,440
				17,926,566
Energy (4.58%)
Alon USA Energy Inc.		87,800		568,944
Cimarex Energy Co.		5,340		637,169
Concho Resources Inc. (a)		29,090		3,469,564
Newfield Exploration Co. (a)		85,810		3,791,086
Renewable Energy Group Inc. (a)		138,100		1,219,423
Scorpio Tankers Inc.		246,500		1,035,300
Ship Finance International Ltd.		97,400		1,435,676
				12,157,162
Financials (29.21%)
American Campus Communities Inc.		29,980		1,585,043
American Equity Investment Life Holding Co.		54,500		776,625

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Argo Group International Holdings Ltd.		24,200	$	1,255,980
Bank of the Ozarks Inc.		30,670		1,150,738
Beneficial Bancorp Inc. (a)		96,700		1,230,024
Brixmor Property Group Inc.		62,780		1,661,159
Capital Bank Financial Corp. Class A		44,800		1,290,240
Capitol Federal Financial Inc.		123,200		1,718,640
Cash America International Inc.		56,300		2,399,506
CBRE Group Inc. Class A (a)		106,810		2,828,329
Clifton Bancorp Inc.		62,400		940,368
CNO Financial Group Inc.		82,900		1,447,434
Colony Starwood Homes		56,300		1,712,646
Customers Bancorp Inc. (a)		56,900		1,429,897
E*TRADE Financial Corp. (a)		42,040		987,520
Equinix Inc.		7,230		2,803,288
Extra Space Storage Inc.		27,970		2,588,344
FBL Financial Group Inc. Class A		26,100		1,583,487
FCB Financial Holdings Inc. Class A (a)		48,300		1,642,200
First BanCorp (a)		218,000		865,460
First Republic Bank		9,050		633,410
Geo Group Inc., The		32,800		1,121,104
Healthcare Realty Trust Inc.		42,000		1,469,580
Healthcare Trust of America Inc. Class A		68,260		2,207,528
Heritage Insurance Holdings Inc.		62,800		751,716
Impac Mortgage Holdings Inc. (a)		72,500		1,136,800
Intercontinental Exchange Inc.		6,050		1,548,558
Invesco Ltd.		27,710		707,713
Investors Bancorp Inc.		133,300		1,476,964
Kearny Financial Corp.		105,300		1,324,674
Ladder Capital Corp.		105,477		1,286,819
Lazard Ltd. Class A		11,520		343,066
National Western Life Group Inc. Class A		6,700		1,308,309
Navigators Group Inc., The		16,400		1,508,308
Nelnet Inc. Class A		42,100		1,462,975
Northwest Bancshares Inc.		134,100		1,988,703
Old Republic International Corp.		37,590		725,111
OneBeacon Insurance Group Ltd. Class A		101,000		1,393,800
PrivateBancorp Inc.		36,100		1,589,483
Progressive Corp., The		32,670		1,094,445
Prologis Inc.		54,860		2,690,334
Provident Financial Services Inc.		67,300		1,321,772
Ramco-Gershenson Properties Trust		88,300		1,731,563
Selective Insurance Group Inc.		49,200		1,879,932
Signature Bank (a)		8,400		1,049,328
State Auto Financial Corp.		28,800		631,008
Summit Hotel Properties Inc.		141,400		1,872,136
Synovus Financial Corp.		50,400		1,461,096
Talmer Bancorp Inc. Class A		99,500		1,907,415
Valley National Bancorp		153,400		1,399,008
Webster Financial Corp.		38,600		1,310,470
Western Alliance Bancorp (a)		48,680		1,589,402

26 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Wilshire Bancorp Inc.		164,600	$	1,715,132
				77,534,590
Health Care (8.58%)
Acadia Healthcare Company Inc. (a)		24,760		1,371,703
Akorn Inc. (a)		48,830		1,390,923
Amedisys Inc. (a)		32,500		1,640,600
AMN Healthcare Services Inc. (a)		53,500		2,138,395
Boston Scientific Corp. (a)		50,130		1,171,538
Envision Healthcare Holdings (a)		46,030		1,167,781
Incyte Corp. (a)		4,740		379,105
LHC Group Inc. (a)		30,900		1,337,352
Medivation Inc. (a)		13,080		788,724
MEDNAX Inc. (a)		34,630		2,508,251
NuVasive Inc. (a)		24,300		1,451,196
Owens & Minor Inc.		41,600		1,555,008
PDL BioPharma Inc.		284,200		892,388
Perrigo Co. PLC		6,660		603,862
Teleflex Inc.		3,880		687,963
Triple-S Management Corp. Class B (a)		56,000		1,368,080
Universal Health Services Inc. Class B		8,050		1,079,505
VCA Inc. (a)		18,350		1,240,644
				22,773,018
Industrials (14.21%)
A.O. Smith Corp.		22,720		2,001,858
ABM Industries Inc.		57,500		2,097,600
Acco Brands Corp. (a)		213,000		2,200,290
Acuity Brands Inc.		7,330		1,817,547
AMETEK Inc.		27,060		1,250,984
Atlas Air Worldwide Holdings Inc. (a)		29,600		1,226,032
Comfort Systems USA Inc.		47,400		1,543,818
Cubic Corp.		36,300		1,457,808
Dycom Industries Inc. (a)		6,980		626,525
General Cable Corp.		78,800		1,001,548
Global Brass & Copper Holdings Inc.		85,500		2,333,295
HD Supply Holdings Inc. (a)		47,250		1,645,245
Ingersoll-Rand PLC		21,720		1,383,130
Insteel Industries Inc.		46,000		1,315,140
JetBlue Airways Corp. (a)		73,740		1,221,134
Kansas City Southern		14,290		1,287,386
Lennox International Inc.		4,630		660,238
Middleby Corp., The (a)		10,290		1,185,922
Mistras Group Inc. (a)		53,300		1,272,271
SkyWest Inc.		106,600		2,820,636
Snap-on Inc.		9,140		1,442,475
Southwest Airlines Co.		63,950		2,507,480
Textainer Group Holdings Ltd.		83,200		926,848
Titan Machinery Inc. (a)		99,400		1,108,310
UniFirst Corp.		12,000		1,388,640
				37,722,160
Information Technology (10.94%)
Amkor Technology Inc. (a)		349,200		2,007,899
Amphenol Corp. Class A		16,730		959,131

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Analog Devices Inc.		12,400	$	702,336
Broadcom Ltd.		9,340		1,451,436
Cadence Design Systems Inc. (a)		20,750		504,225
CoStar Group Inc. (a)		9,110		1,991,993
Euronet Worldwide Inc. (a)		14,670		1,015,017
Extreme Networks Inc. (a)		422,400		1,431,936
Fortinet Inc. (a)		30,450		961,916
Gartner Inc. (a)		7,590		739,342
Lam Research Corp.		15,770		1,325,626
MACOM Technology Solutions Holdings Inc. (a)		42,270		1,394,065
Mentor Graphics Corp.		54,600		1,160,796
NXP Semiconductors NV (a)		13,950		1,092,843
ON Semiconductor Corp. (a)		122,900		1,083,978
Palo Alto Networks Inc. (a)		10,790		1,323,286
Sanmina Corp. (a)		89,400		2,396,814
Silver Spring Networks Inc. (a)		103,000		1,251,450
Tech Data Corp. (a)		17,500		1,257,375
Total System Services Inc.		27,010		1,434,501
TTM Technologies Inc. (a)		196,900		1,482,657
Tyler Technologies Inc. (a)		12,500		2,083,875
				29,052,497
Materials (6.40%)
American Vanguard Corp.		96,300		1,455,094
Axalta Coating Systems Ltd. (a)		21,440		568,803
Eagle Materials Inc.		23,420		1,806,853
Innospec Inc.		36,100		1,660,239
Nucor Corp.		14,260		704,587
Rayonier Advanced Materials Inc.		137,600		1,869,984
Schnitzer Steel Industries Inc. Class A		83,600		1,471,360
Sherwin-Williams Co., The		3,990		1,171,743
Stepan Co.		22,700		1,351,331
Vulcan Materials Co.		41,040		4,939,574
				16,999,568
Telecommunication Services (1.32%)
ATN International Inc.		19,100		1,486,171
Windstream Holdings Inc.		218,600		2,026,422
				3,512,593
Utilities (3.75%)
American Water Works Co. Inc.		17,440		1,473,854
Middlesex Water Co.		37,300		1,618,074
Otter Tail Corp.		46,100		1,543,889
Spire Inc.		29,200		2,068,528
Talen Energy Corp. (a)		136,500		1,849,575
WGL Holdings Inc.		19,900		1,408,721
				9,962,641
Total Common Stocks
(cost $240,341,248)				260,167,394

See accompanying notes to financial statements. 27

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Short-term Investments (2.28%)
JPMorgan U.S. Government Money Market Fund Agency Shares		6,040,284	$	6,040,284
Total Short-term Investments
(cost $6,040,284)				6,040,284
TOTAL INVESTMENTS (100.27%)
(cost $246,381,532)				266,207,678
LIABILITIES, NET OF OTHER ASSETS (-0.27%)				(706,673	)
NET ASSETS (100.00%)			$	265,501,005

(a) Non-income producing security.

28 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (a) (98.36%)
Australia (3.41%)
Domino’s Pizza Enterprises Ltd.		41,898	$	2,155,965
REA Group Ltd.		51,039		2,290,517
				4,446,482
Austria (0.53%)
Erste Group Bank AG		30,321		690,348
Belgium (2.77%)
Anheuser-Busch InBev SA/NV		27,519		3,613,072
Brazil (0.14%)
Ambev SA		15,500		91,920
Ambev SA ADR		15,544		91,865
				183,785
Canada (5.80%)
Barrick Gold Corp.		16,344		348,945
Constellation Software Inc.		5,077		1,964,899
Dollarama Inc.		28,546		1,992,994
Element Financial Corp.		247,391		2,623,365
IMAX Corp. (b)		21,695		639,566
				7,569,769
China (2.74%)
Alibaba Group Holding Ltd. Sponsored ADR (b)		20,473		1,628,218
Ctrip.com International Ltd. ADR (b)		47,180		1,943,819
				3,572,037
Colombia (1.38%)
Bancolombia SA Sponsored ADR		21,422		748,056
Cementos Argos SA		117,143		478,057
Grupo Argos SA		25,749		163,087
Grupo Aval Acciones y Valores SA ADR		15,428		124,195
Grupo de Inversiones Suramericana		22,093		289,695
				1,803,090
Denmark (3.78%)
Novo Nordisk A/S Class B		91,679		4,937,178
France (9.57%)
AXA SA		48,383		956,658
Cie Generale des Etablissements Michelin Class B		12,401		1,168,679
Essilor International SA		13,713		1,802,285
Hermes International		228		84,993
JC Decaux SA		56,236		1,896,099
L’Oreal SA		7,252		1,388,417
LVMH Moet Hennessy Louis Vuitton SE		3,019		455,068
Pernod Ricard SA		12,135		1,343,542
Schneider Electric SE (Paris)		17,205		1,003,751

	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Unibail-Rodamco SE (Amsterdam)		6,569	$	1,699,360
Unibail-Rodamco SE (Paris)		253		65,601
Vivendi		33,295		622,906
				12,487,359
Germany (7.41%)
Allianz SE Reg.		6,952		991,754
Bayer AG Reg.		8,159		819,448
Daimler AG Registered Shares		7,704		460,994
Fresenius Medical Care AG & Co. KGaA		7,364		641,452
Fresenius SE & Co. KGaA		13,434		987,096
Linde AG		8,360		1,164,853
SAP SE		13,448		1,010,014
Scout24 AG (b) (c)		43,642		1,622,200
Wirecard AG		44,785		1,972,595
				9,670,406
Hong Kong (4.08%)
AIA Group Ltd.		355,600		2,133,868
MGM China Holdings Ltd.		18,800		24,498
Tencent Holdings Ltd.		137,800		3,164,676
				5,323,042
India (1.07%)
HDFC Bank Ltd. ADR		21,093		1,399,521
Ireland (6.57%)
Alkermes PLC (b)		17,447		754,060
Allergan PLC (b)		11,212		2,590,981
Medtronic PLC		39,756		3,449,628
Ryanair Holdings PLC SP ADR		25,602		1,780,363
				8,575,032
Italy (0.79%)
Yoox Net-A-Porter Group SpA (b)		44,232		1,026,562
Japan (8.52%)
Dentsu Inc.		15,800		740,638
Fanuc Corp.		14,500		2,358,762
Hoya Corp.		16,400		585,742
Japan Tobacco Inc.		26,136		1,053,339
MISUMI Group Inc.		109,200		1,971,574
NEXT Co. Ltd.		105,500		944,243
SMC Corp.		3,000		738,078
START TODAY Co. Ltd.		27,000		1,427,184
Tokio Marine Holdings Inc.		39,000		1,298,351
				11,117,911
Malaysia (0.20%)
Genting Berhad		118,100		240,557

See accompanying notes to financial statements. 29

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Malaysia (Cont.)
Genting BHD Warrants (b)		59,490	$	22,725
				263,282
Netherlands (4.91%)
ASML Holding NV		36,039		3,547,612
Heineken NV		17,112		1,569,544
Mobileye NV (b)		28,095		1,296,303
				6,413,459
Spain (2.19%)
Aena SA (c)		14,610		1,936,562
Banco Bilbao Vizcaya Argentaria SA		160,494		919,542
				2,856,104
Sweden (1.57%)
Atlas Copco AB Class A		51,143		1,328,293
Investor AB B Shares		21,622		726,408
				2,054,701
Switzerland (6.87%)
Compagnie Financiere Richemont SA Reg.		16,360		957,628
LafargeHolcim Ltd. Reg.		14,449		604,510
Nestle SA Reg.		23,350		1,809,118
Novartis AG Reg.		19,235		1,587,628
Roche Holding AG		8,752		2,309,476
Swatch Group AG, The		2,260		657,664
UBS Group AG		80,607		1,045,923
				8,971,947
United Kingdom (15.96%)
Auto Trader Group PLC (c)		271,515		1,283,527
British Land Company PLC		31,321		254,304
Diageo PLC		49,974		1,396,056
Domino’s Pizza Group PLC		452,656		2,011,102
Great Portland Estates PLC		13,712		114,775
Indivior PLC		75,364		253,586
Land Securities Group PLC		19,605		272,813
Liberty Global PLC Class A (b)		10,872		315,940
Liberty Global PLC LiLAC A (b)		1,033		33,319
Liberty Global PLC LiLAC C (b)		1,222		39,694
Liberty Global PLC Series C (b)		9,792		280,541
Lloyds Banking Group PLC		1,517,475		1,099,090
Nielsen Holdings PLC		49,527		2,573,918
Paysafe Group PLC (b)		373,446		1,947,788
Reckitt Benckiser Group PLC		40,594		4,070,424
Rolls-Royce Holdings PLC		146,076		1,394,290
Rolls-Royce Holdings PLC C Shares - Entitlement Shares (b) (d)		10,371,396		13,807
Shire PLC		31,916		1,972,487
Standard Chartered PLC		156,844		1,189,971
Weir Group PLC, The		15,961		308,262
				20,825,694

	Shares		Value
Common Stocks (Cont.)
United States (8.10%)
Facebook Inc. Class A (b)		16,640	$	1,901,619
Freeport-McMoRan Inc.		38,316		426,840
Las Vegas Sands Corp.		60,211		2,618,576
MasterCard Inc. Class A		20,498		1,805,054
Schlumberger Ltd.		24,432		1,932,083
Wynn Resorts Ltd.		20,893		1,893,742
				10,577,914
Total Common Stocks
(cost $113,138,903)				128,378,695
Preferred Stocks (a) (0.02%)
Colombia (0.02%)
Grupo de Inversiones Suramericana, 0.00%		2,052		26,401
Total Preferred Stocks
(cost $28,685)				26,401
Short-term Investments (3.64%)
State Street Institutional U.S. Government Money Market Fund Premier Class		4,758,287		4,758,287
Total Short-term Investments
(cost $4,758,287)				4,758,287
TOTAL INVESTMENTS (102.02%)
(cost $117,925,875)				133,163,383
LIABILITIES, NET OF CASH AND OTHER ASSETS (-2.02%)				(2,639,194	)
NET ASSETS (100.00%)			$	130,524,189

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

(b) Non-income producing security.

(c) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the value of these securities amounted to $4,842,289 or 3.71% of net assets.

(d) In accordance with the Trust’s valuation procedures, State Farm Investment Management Corp. (“SFIMC”) determined the fair value for the security considering the facts and circumstances related to the particular security. The fair value for this security was not determined using the Trust’s independent statistical fair value service.

ADR - American Depositary Receipt

30 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	35,461,007		26.63
United States Dollar		35,375,133		26.56
British Pound		17,582,282		13.20
Japanese Yen		11,117,911		8.35
Swiss Franc		8,971,947		6.74
Canadian Dollar		6,581,258		4.94
Hong Kong Dollar		5,323,042		4.00
Danish Krone		4,937,178		3.71
Australian Dollar		4,446,482		3.34
Swedish Krona		2,054,701		1.54
Colombian Peso		957,240		0.72
Malaysian Ringgit		263,282		0.20
Brazilian Real		91,920		0.07
Total Investments	$	133,163,383		100.00	%

SECTOR CLASSIFICATIONS

Sector	Value			%
Consumer Discretionary	$	26,946,213			20.65
Information Technology		23,144,505			17.73
Health Care		22,691,047			17.39
Financials		18,669,999			14.30
Consumer Staples		16,427,297			12.59
Industrials		15,407,660			11.80
Materials		3,186,292			2.44
Energy		1,932,083			1.48
Total Stocks		128,405,096			98.38
Short-term Investments		4,758,287			3.64
Liabilities, Net of Cash and Other Assets		(2,639,194	)		(2.02	)
Net Assets	$	130,524,189			100.00	%

See accompanying notes to financial statements. 31

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (96.36%)
Consumer Discretionary (11.82%)
Advance Auto Parts Inc.		4,818	$	778,730
Amazon.com Inc. (a) (b)		25,514		18,258,329
AutoNation Inc. (b)		4,824		226,632
AutoZone Inc. (b)		1,982		1,573,391
Bed Bath & Beyond Inc.		9,961		430,514
Best Buy Co. Inc.		18,839		576,473
BorgWarner Inc.		14,658		432,704
CarMax Inc. (b)		12,600		617,778
Carnival Corp.		28,891		1,276,982
CBS Corp. Class B		27,315		1,487,029
Chipotle Mexican Grill Inc. (b)		1,924		774,910
Coach Inc.		18,349		747,538
Comcast Corp. Class A		159,450		10,394,546
Darden Restaurants Inc.		7,427		470,426
Delphi Automotive PLC		17,888		1,119,789
Discovery Communications Inc. Class A (b)		10,155		256,211
Discovery Communications Inc. Class C (b)		15,605		372,179
Dollar General Corp.		18,716		1,759,304
Dollar Tree Inc. (b)		15,405		1,451,767
DR Horton Inc.		21,743		684,470
Expedia Inc.		7,671		815,427
Foot Locker Inc.		9,183		503,779
Ford Motor Co.		257,600		3,238,032
GAP Inc., The		15,321		325,112
Garmin Ltd.		7,868		333,761
General Motors Co.		92,269		2,611,213
Genuine Parts Co.		9,855		997,819
Goodyear Tire & Rubber Co., The		17,362		445,509
H&R Block Inc.		15,187		349,301
Hanesbrands Inc.		24,898		625,687
Harley-Davidson Inc.		11,829		535,854
Harman International Industries Inc.		4,657		334,466
Hasbro Inc.		7,501		630,009
Home Depot Inc., The		82,042		10,475,943
Interpublic Group of Companies Inc., The		26,257		606,537
Johnson Controls Inc.		42,549		1,883,219
Kohl’s Corp.		12,211		463,041
L Brands Inc.		16,742		1,123,890
Leggett & Platt Inc.		8,828		451,199
Lennar Corp. Class A		12,104		557,994
LKQ Corp. (b)		20,105		637,328
Lowe’s Companies Inc.		58,446		4,627,170
Macy’s Inc.		20,020		672,872
Marriott International Inc. Class A		12,656		841,118
Mattel Inc.		22,466		702,961
McDonald’s Corp.		57,909		6,968,769
Michael Kors Holdings Ltd. (b)		11,626		575,254
Mohawk Industries Inc. (b)		4,172		791,679
Netflix Inc. (b)		28,342		2,592,726
Newell Brands Inc.		29,968		1,455,546
News Corp. Class A		25,331		287,507
News Corp. Class B		6,468		75,482
NIKE Inc. Class B		87,751		4,843,855
Nordstrom Inc.		8,231		313,190

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Omnicom Group Inc.		15,734	$	1,282,164
O’Reilly Automotive Inc. (b)		6,376		1,728,534
Priceline Group Inc., The (b)		3,276		4,089,791
PulteGroup Inc.		21,218		413,539
PVH Corp.		5,429		511,575
Ralph Lauren Corp.		3,831		343,334
Ross Stores Inc.		26,618		1,508,974
Royal Caribbean Cruises Ltd.		11,215		753,087
Scripps Networks Interactive Class A		6,236		388,316
Signet Jewelers Ltd.		5,050		416,170
Staples Inc.		42,038		362,368
Starbucks Corp.		96,613		5,518,535
Starwood Hotels & Resorts Worldwide Inc.		11,171		826,095
Target Corp.		38,875		2,714,252
TEGNA Inc.		14,031		325,098
Tiffany & Co.		7,240		439,034
Time Warner Inc.		51,897		3,816,505
TJX Companies Inc., The		43,552		3,363,521
Tractor Supply Co.		8,876		809,314
TripAdvisor Inc. (b)		7,617		489,773
Twenty-First Century Fox Inc. Class A		72,551		1,962,505
Twenty-First Century Fox Inc. Class B		28,369		773,055
Ulta Salon, Cosmetics & Fragrance Inc. (b)		4,094		997,462
Under Armour Inc. Class A (b)		12,275		492,596
Under Armour Inc. Class C (b)		12,405		451,545
Urban Outfitters Inc. (b)		5,384		148,060
VF Corp.		21,935		1,348,783
Viacom Inc. Class B		22,729		942,572
Walt Disney Co., The		98,386		9,624,119
Whirlpool Corp.		5,014		835,533
Wyndham Worldwide Corp.		7,433		529,453
Wynn Resorts Ltd.		5,329		483,021
Yum! Brands Inc.		26,810		2,223,085
				147,294,719
Consumer Staples (10.16%)
Altria Group Inc.		128,967		8,893,564
Archer-Daniels-Midland Co.		38,559		1,653,796
Brown-Forman Corp. Class B		6,524		650,834
Campbell Soup Co.		11,839		787,649
Church & Dwight Co. Inc.		8,420		866,334
Clorox Co., The		8,488		1,174,654
Coca-Cola Co., The		256,800		11,640,744
Colgate-Palmolive Co.		58,934		4,313,969
ConAgra Foods Inc.		28,920		1,382,665
Constellation Brands Inc. Class A		11,692		1,933,857
Costco Wholesale Corp.		28,896		4,537,828
CVS Health Corp.		70,847		6,782,892
Dr. Pepper Snapple Group Inc.		12,285		1,187,100
Estee Lauder Companies Inc. Class A, The		14,559		1,325,160
General Mills Inc.		39,279		2,801,378
Hershey Co., The		9,281		1,053,301
Hormel Foods Corp.		17,747		649,540

32 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
JM Smucker Co., The		7,845	$	1,195,656
Kellogg Co.		16,540		1,350,491
Kimberly-Clark Corp.		23,693		3,257,314
Kraft Heinz Co., The		39,315		3,478,591
Kroger Co., The		62,978		2,316,961
McCormick & Company Inc.		7,643		815,279
Mead Johnson Nutrition Co. Class A		12,277		1,114,138
Molson Coors Brewing Co. Class B		12,082		1,221,853
Mondelez International Inc. Class A		102,446		4,662,317
Monster Beverage Corp. (b)		9,293		1,493,478
PepsiCo Inc.		95,280		10,093,963
Philip Morris International Inc.		102,287		10,404,634
Procter & Gamble Co., The		175,554		14,864,157
Reynolds American Inc.		54,779		2,954,231
Sysco Corp.		34,445		1,747,739
Tyson Foods Inc. Class A		19,800		1,322,442
Walgreens Boots Alliance Inc.		56,986		4,745,224
Wal-Mart Stores Inc.		100,739		7,355,962
Whole Foods Market Inc.		20,943		670,595
				126,700,290
Energy (7.12%)
Anadarko Petroleum Corp.		33,804		1,800,065
Apache Corp.		24,848		1,383,288
Baker Hughes Inc.		28,804		1,299,925
Cabot Oil & Gas Corp.		30,347		781,132
Chesapeake Energy Corp. (b)		38,694		165,610
Chevron Corp.		124,292		13,029,530
Cimarex Energy Co.		6,285		749,926
Columbia Pipeline Group Inc.		26,113		665,620
Concho Resources Inc. (b)		8,645		1,031,089
ConocoPhillips		81,679		3,561,204
Devon Energy Corp.		34,577		1,253,416
Diamond Offshore Drilling Inc.		3,811		92,722
EOG Resources Inc.		36,369		3,033,902
EQT Corp.		11,458		887,193
Exxon Mobil Corp.		273,452		25,633,390
FMC Technologies Inc. (b)		15,047		401,303
Halliburton Co.		56,906		2,577,273
Helmerich & Payne Inc.		7,029		471,857
Hess Corp.		17,417		1,046,762
Kinder Morgan Inc.		120,231		2,250,724
Marathon Oil Corp.		56,208		843,682
Marathon Petroleum Corp.		34,788		1,320,552
Murphy Oil Corp.		10,837		344,075
National-Oilwell Varco Inc.		24,841		835,900
Newfield Exploration Co. (b)		12,767		564,046
Noble Energy Inc.		28,137		1,009,274
Occidental Petroleum Corp.		50,468		3,813,362
ONEOK Inc.		13,700		650,065
Phillips 66		30,858		2,448,274
Pioneer Natural Resources Co.		10,850		1,640,628
Range Resources Corp.		11,143		480,709
Schlumberger Ltd.		91,655		7,248,077
Southwestern Energy Co. (b)		26,310		330,980
Spectra Energy Corp.		45,219		1,656,372
Tesoro Corp.		7,989		598,536

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Transocean Ltd.		22,669	$	269,534
Valero Energy Corp.		30,924		1,577,124
Williams Companies Inc., The		44,860		970,322
				88,717,443
Financials (15.16%)
Affiliated Managers Group Inc. (b)		3,509		493,962
Aflac Inc.		27,167		1,960,366
Allstate Corp., The		24,828		1,736,719
American Express Co.		53,353		3,241,728
American International Group Inc.		73,832		3,904,974
American Tower Corp.		28,062		3,188,124
Ameriprise Financial Inc.		10,866		976,310
Aon PLC		17,461		1,907,265
Apartment Investment and Management Co.		10,242		452,287
Arthur J. Gallagher & Co.		11,624		553,302
Assurant Inc.		4,135		356,892
AvalonBay Communities Inc.		8,993		1,622,247
Bank of America Corp.		678,177		8,999,409
Bank of New York Mellon Corp.		71,209		2,766,470
BB&T Corp.		53,916		1,919,949
Berkshire Hathaway Inc. Class B (b)		123,520		17,884,461
BlackRock Inc.		8,288		2,838,889
Boston Properties Inc.		10,084		1,330,080
Capital One Financial Corp.		33,773		2,144,923
CBRE Group Inc. Class A (b)		19,416		514,136
Charles Schwab Corp., The		78,896		1,996,858
Chubb Ltd.		30,567		3,995,413
Cincinnati Financial Corp.		9,828		736,019
Citigroup Inc.		193,725		8,212,003
Citizens Financial Group Inc.		34,652		692,347
CME Group Inc.		22,217		2,163,936
Comerica Inc.		11,569		475,833
Crown Castle International Corp.		22,284		2,260,266
Digital Realty Trust Inc.		9,639		1,050,555
Discover Financial Services		27,177		1,456,415
E*TRADE Financial Corp. (b)		18,764		440,766
Equinix Inc.		4,589		1,779,293
Equity Residential		23,975		1,651,398
Essex Property Trust Inc.		4,308		982,612
Extra Space Storage Inc.		8,199		758,735
Federal Realty Investment Trust		4,718		781,065
Fifth Third Bancorp		50,741		892,534
Franklin Resources Inc.		24,138		805,485
General Growth Properties Inc.		38,222		1,139,780
Goldman Sachs Group Inc., The		25,529		3,793,099
Hartford Financial Services Group Inc., The		26,009		1,154,279
HCP Inc.		30,536		1,080,364
Host Hotels & Resorts Inc.		49,437		801,374
Huntington Bancshares Inc.		51,935		464,299
Intercontinental Exchange Inc.		7,806		1,998,024
Invesco Ltd.		27,289		696,961
Iron Mountain Inc.		16,035		638,674
JPMorgan Chase & Co.		241,136		14,984,191
KeyCorp		55,506		613,341

See accompanying notes to financial statements. 33

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Kimco Realty Corp.		27,902	$	875,565
Legg Mason Inc.		6,831		201,446
Leucadia National Corp.		22,150		383,860
Lincoln National Corp.		15,961		618,808
Loews Corp.		17,345		712,706
M&T Bank Corp.		10,454		1,235,976
Macerich Co., The		8,294		708,225
Marsh & McLennan Companies Inc.		34,212		2,342,154
MetLife Inc.		72,467		2,886,361
Moody’s Corp.		11,135		1,043,461
Morgan Stanley		99,460		2,583,971
Nasdaq Inc.		7,668		495,890
Navient Corp.		23,293		278,351
Northern Trust Corp.		14,236		943,277
People’s United Financial Inc.		20,386		298,859
PNC Financial Services Group Inc.		32,914		2,678,870
Principal Financial Group Inc.		18,011		740,432
Progressive Corp., The		38,320		1,283,720
Prologis Inc.		34,457		1,689,771
Prudential Financial Inc.		29,261		2,087,480
Public Storage		9,764		2,495,581
Realty Income Corp.		17,025		1,180,854
Regions Financial Corp.		84,276		717,189
S&P Global Inc.		17,423		1,868,791
Simon Property Group Inc.		20,444		4,434,304
SL Green Realty Corp.		6,593		701,957
State Street Corp.		26,259		1,415,885
SunTrust Banks Inc.		33,171		1,362,665
Synchrony Financial (b)		54,699		1,382,791
T. Rowe Price Group Inc.		16,287		1,188,462
Torchmark Corp.		7,586		468,967
Travelers Companies Inc., The		19,368		2,305,567
U.S. Bancorp		107,292		4,327,086
UDR Inc.		17,327		639,713
Unum Group		15,996		508,513
Ventas Inc.		22,415		1,632,260
Vornado Realty Trust		11,641		1,165,497
Wells Fargo & Co.		304,395		14,407,015
Welltower Inc.		23,671		1,803,020
Weyerhaeuser Co.		49,489		1,473,288
Willis Towers Watson PLC		9,067		1,127,119
XL Group PLC		18,706		623,097
Zions Bancorporation		13,524		339,858
				188,947,074
Health Care (14.14%)
Abbott Laboratories		96,777		3,804,307
AbbVie Inc.		106,640		6,602,082
Aetna Inc.		23,122		2,823,890
Agilent Technologies Inc.		21,629		959,462
Alexion Pharmaceuticals Inc. (b)		14,796		1,727,581
Allergan PLC (b)		26,089		6,028,907
AmerisourceBergen Corp.		12,129		962,072
Amgen Inc.		49,546		7,538,424
Anthem Inc.		17,334		2,276,648
Baxter International Inc.		36,431		1,647,410
Becton, Dickinson and Co.		14,039		2,380,874

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Biogen Inc. (b)		14,453	$	3,495,024
Boston Scientific Corp. (b)		89,501		2,091,638
Bristol-Myers Squibb Co.		110,065		8,095,281
C.R. Bard Inc.		4,837		1,137,469
Cardinal Health Inc.		21,631		1,687,434
Celgene Corp. (b)		51,083		5,038,316
Centene Corp. (b)		11,274		804,625
Cerner Corp. (b)		19,866		1,164,148
Cigna Corp.		16,948		2,169,175
DaVita HealthCare Partners Inc. (b)		10,854		839,231
DENTSPLY SIRONA Inc.		15,496		961,372
Edwards Lifesciences Corp. (b)		13,879		1,384,153
Eli Lilly and Co.		63,949		5,035,984
Endo International PLC (b)		13,268		206,848
Express Scripts Holding Co. (b)		41,838		3,171,320
Gilead Sciences Inc.		87,837		7,327,363
HCA Holdings Inc. (b)		19,783		1,523,489
Henry Schein Inc. (b)		5,417		957,726
Hologic Inc. (b)		15,829		547,683
Humana Inc.		9,846		1,771,098
Illumina Inc. (b)		9,656		1,355,509
Intuitive Surgical Inc. (b)		2,509		1,659,478
Johnson & Johnson		181,454		22,010,370
Laboratory Corp. of America Holdings (b)		6,821		888,572
Mallinckrodt PLC (b)		7,231		439,500
McKesson Corp.		14,850		2,771,752
Medtronic PLC		92,756		8,048,438
Merck & Co. Inc.		182,711		10,525,981
Mylan NV (b)		28,170		1,218,071
Patterson Companies Inc.		5,351		256,259
PerkinElmer Inc.		7,034		368,722
Perrigo Co. PLC		9,419		854,021
Pfizer Inc.		399,925		14,081,359
Quest Diagnostics Inc.		9,475		771,360
Regeneron Pharmaceuticals Inc. (b)		5,128		1,790,851
St. Jude Medical Inc.		18,629		1,453,062
Stryker Corp.		20,765		2,488,270
Thermo Fisher Scientific Inc.		26,028		3,845,897
UnitedHealth Group Inc.		62,664		8,848,157
Universal Health Services Inc. Class B		5,864		786,362
Varian Medical Systems Inc. (b)		6,131		504,152
Vertex Pharmaceuticals Inc. (b)		16,415		1,412,018
Waters Corp. (b)		5,411		761,057
Zimmer Biomet Holdings Inc.		13,139		1,581,673
Zoetis Inc.		30,048		1,426,078
				176,308,003
Industrials (9.81%)
3M Co.		39,981		7,001,474
Acuity Brands Inc.		2,893		717,348
Alaska Air Group Inc.		7,978		465,038
Allegion PLC		6,309		438,034
American Airlines Group Inc.		38,123		1,079,262
AMETEK Inc.		15,439		713,745
Boeing Co., The		39,499		5,129,735
Caterpillar Inc.		38,551		2,922,551

34 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
CH Robinson Worldwide Inc.		9,499	$	705,301
Cintas Corp.		5,758		565,033
CSX Corp.		63,156		1,647,108
Cummins Inc.		10,449		1,174,886
Danaher Corp.		39,523		3,991,823
Deere & Co.		19,649		1,592,355
Delta Air Lines Inc.		51,023		1,858,768
Dover Corp.		10,345		717,115
Dun & Bradstreet Corp.		2,398		292,172
Eaton Corp. PLC		30,130		1,799,665
Emerson Electric Co.		42,214		2,201,882
Equifax Inc.		7,790		1,000,236
Expeditors International of Washington Inc.		12,182		597,405
Fastenal Co.		18,969		842,034
FedEx Corp.		16,434		2,494,353
Flowserve Corp.		8,630		389,817
Fluor Corp.		9,309		458,748
Fortune Brands Home & Security Inc.		10,115		586,367
General Dynamics Corp.		18,944		2,637,763
General Electric Co.		606,656		19,097,531
Honeywell International Inc.		50,257		5,845,894
Illinois Tool Works Inc.		21,279		2,216,421
Ingersoll-Rand PLC		16,831		1,071,798
J.B. Hunt Transport Services Inc.		5,956		482,019
Jacobs Engineering Group Inc. (b)		8,155		406,201
Kansas City Southern		7,107		640,270
L-3 Communications Holdings Inc.		5,126		751,933
Lockheed Martin Corp.		17,255		4,282,173
Masco Corp.		21,700		671,398
Nielsen Holdings PLC		23,757		1,234,651
Norfolk Southern Corp.		19,574		1,666,335
Northrop Grumman Corp.		11,878		2,640,242
PACCAR Inc.		23,060		1,196,122
Parker Hannifin Corp.		8,849		956,134
Pentair PLC		11,981		698,372
Pitney Bowes Inc.		12,443		221,485
Quanta Services Inc. (b)		9,992		231,015
Raytheon Co.		19,632		2,668,970
Republic Services Inc.		15,801		810,749
Robert Half International Inc.		8,872		338,556
Rockwell Automation Inc.		8,518		978,037
Rockwell Collins Inc.		8,631		734,843
Roper Technologies Inc.		6,630		1,130,813
Ryder System Inc.		3,591		219,554
Snap-on Inc.		3,865		609,974
Southwest Airlines Co.		42,286		1,658,034
Stanley Black & Decker Inc.		9,992		1,111,310
Stericycle Inc. (b)		5,660		589,319
Textron Inc.		17,604		643,602
TransDigm Group Inc. (b)		3,530		930,826
Tyco International PLC		27,868		1,187,177
Union Pacific Corp.		55,585		4,849,791
United Continental Holdings Inc. (b)		22,097		906,861
United Parcel Service Inc. Class B		45,463		4,897,274
United Rentals Inc. (b)		5,814		390,119
United Technologies Corp.		51,328		5,263,686

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Verisk Analytics Inc. (b)		10,223	$	828,881
W.W. Grainger Inc.		3,691		838,780
Waste Management Inc.		27,131		1,797,971
Xylem Inc.		11,789		526,379
				122,241,518
Information Technology (19.04%)
Accenture PLC Class A		41,248		4,672,984
Activision Blizzard Inc.		33,287		1,319,164
Adobe Systems Inc. (b)		32,971		3,158,292
Akamai Technologies Inc. (b)		11,468		641,405
Alliance Data Systems Corp. (b)		3,900		764,088
Alphabet Inc. Class A (b)		19,361		13,621,044
Alphabet Inc. Class C (b)		19,484		13,484,876
Amphenol Corp. Class A		20,204		1,158,295
Analog Devices Inc.		20,319		1,150,868
Apple Inc.		361,253		34,535,787
Applied Materials Inc.		71,813		1,721,358
Autodesk Inc. (b)		14,802		801,380
Automatic Data Processing Inc.		30,052		2,760,877
Broadcom Ltd.		24,484		3,804,814
CA Inc.		19,692		646,488
Cisco Systems Inc.		331,646		9,514,924
Citrix Systems Inc. (b)		10,141		812,193
Cognizant Technology Solutions Corp. Class A (b)		40,007		2,290,001
Corning Inc.		71,099		1,456,108
CSRA Inc.		8,525		199,741
eBay Inc. (b)		69,806		1,634,158
Electronic Arts Inc. (b)		19,899		1,507,548
EMC Corp.		128,771		3,498,708
F5 Networks Inc. (b)		4,407		501,693
Facebook Inc. Class A (b)		152,460		17,423,129
Fidelity National Information Services Inc.		18,423		1,357,407
First Solar Inc. (b)		4,981		241,479
Fiserv Inc. (b)		14,640		1,591,807
FLIR Systems Inc.		8,712		269,636
Global Payments Inc.		10,165		725,578
Harris Corp.		8,222		686,044
Hewlett Packard Enterprise Co.		109,690		2,004,036
HP Inc.		113,278		1,421,639
Intel Corp.		311,155		10,205,884
International Business Machines Corp.		58,246		8,840,578
Intuit Inc.		16,864		1,882,191
Juniper Networks Inc.		23,543		529,482
KLA-Tencor Corp.		10,376		760,042
Lam Research Corp.		10,412		875,233
Linear Technology Corp.		15,839		736,989
MasterCard Inc. Class A		64,006		5,636,368
Microchip Technology Inc.		13,950		708,102
Micron Technology Inc. (b)		69,077		950,500
Microsoft Corp.		518,447		26,528,933
Motorola Solutions Inc.		10,583		698,161
NetApp Inc.		19,377		476,480
NVIDIA Corp.		33,543		1,576,856

See accompanying notes to financial statements. 35

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Oracle Corp.		205,373	$	8,405,917
Paychex Inc.		21,086		1,254,617
PayPal Holdings Inc. (b)		73,067		2,667,676
Qorvo Inc. (b)		8,280		457,553
QUALCOMM Inc.		96,902		5,191,040
Red Hat Inc. (b)		11,987		870,256
salesforce.com inc. (b)		42,002		3,335,379
Seagate Technology PLC		19,896		484,667
Skyworks Solutions Inc.		12,574		795,683
Symantec Corp.		40,625		834,438
TE Connectivity Ltd.		23,647		1,350,480
Teradata Corp. (b)		8,349		209,309
Texas Instruments Inc.		66,345		4,156,514
Total System Services Inc.		11,306		600,462
VeriSign Inc. (b)		6,432		556,111
Visa Inc. Class A		125,572		9,313,675
Western Digital Corp.		18,457		872,278
Western Union Co.		32,799		629,085
Xerox Corp.		61,355		582,259
Xilinx Inc.		16,976		783,103
Yahoo! Inc. (b)		57,779		2,170,179
				237,304,029
Materials (2.77%)
Air Products & Chemicals Inc.		12,881		1,829,618
Albemarle Corp.		7,404		587,211
Alcoa Inc.		86,378		800,724
Avery Dennison Corp.		6,014		449,546
Ball Corp.		11,475		829,528
CF Industries Holdings Inc.		15,055		362,826
Dow Chemical Co., The		74,024		3,679,733
E.I. du Pont de Nemours & Co.		57,597		3,732,286
Eastman Chemical Co.		9,827		667,253
Ecolab Inc.		17,480		2,073,128
FMC Corp.		8,823		408,593
Freeport-McMoRan Inc.		82,298		916,800
International Flavors & Fragrances Inc.		5,337		672,836
International Paper Co.		26,973		1,143,116
LyondellBasell Industries NV Class A		22,425		1,668,868
Martin Marietta Materials Inc.		4,138		794,496
Monsanto Co.		28,918		2,990,410
Mosaic Co., The		23,435		613,528
Newmont Mining Corp.		34,725		1,358,442
Nucor Corp.		20,848		1,030,100
Owens-Illinois Inc. (b)		11,032		198,686
PPG Industries Inc.		17,507		1,823,354
Praxair Inc.		18,878		2,121,698
Sealed Air Corp.		12,757		586,439
Sherwin-Williams Co., The		5,217		1,532,076
Vulcan Materials Co.		8,735		1,051,345
WestRock Co.		16,769		651,811
				34,574,451
Telecommunication Services (2.80%)
AT&T Inc.		406,073		17,546,413
CenturyLink Inc.		35,847		1,039,922

	Shares		Value
Common Stocks (Cont.)
Telecommunication Services (Cont.)
Frontier Communications Corp.		76,483	$	377,826
Level 3 Communications Inc. (b)		18,973		976,920
Verizon Communications Inc.		268,909		15,015,879
				34,956,960
Utilities (3.54%)
AES Corp., The		42,077		525,124
AGL Resources Inc.		8,085		533,367
Alliant Energy Corp.		14,983		594,825
Ameren Corp.		15,960		855,137
American Electric Power Company Inc.		32,289		2,263,136
American Water Works Co. Inc.		11,732		991,471
CenterPoint Energy Inc.		28,694		688,656
CMS Energy Corp.		18,213		835,248
Consolidated Edison Inc.		20,153		1,621,107
Dominion Resources Inc.		40,765		3,176,816
DTE Energy Co.		11,809		1,170,508
Duke Energy Corp.		45,572		3,909,622
Edison International		21,428		1,664,313
Entergy Corp.		11,767		957,245
Eversource Energy		20,847		1,248,735
Exelon Corp.		60,446		2,197,817
FirstEnergy Corp.		27,840		971,894
NextEra Energy Inc.		30,502		3,977,461
NiSource Inc.		20,700		548,964
NRG Energy Inc.		20,175		302,423
PG&E Corp.		32,871		2,101,114
Pinnacle West Capital Corp.		7,461		604,789
PPL Corp.		44,902		1,695,050
Public Service Enterprise Group Inc.		33,279		1,551,134
SCANA Corp.		9,482		717,408
Sempra Energy		15,712		1,791,482
Southern Co.		62,065		3,328,546
TECO Energy Inc.		15,269		422,035
WEC Energy Group Inc.		20,720		1,353,016
Xcel Energy Inc.		33,351		1,493,458
				44,091,901
Total Common Stocks
(cost $737,290,204)				1,201,136,388

36 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Short-term Investments (3.75%)
State Street Institutional U.S. Government Money Market Fund Premier Class		46,728,207	$	46,728,207
Total Short-term Investments
(cost $46,728,207)				46,728,207
TOTAL INVESTMENTS (100.11%)
(cost $784,018,411)				1,247,864,595
LIABILITIES, NET OF OTHER ASSETS (-0.11%)				(1,408,855	)
NET ASSETS (100.00%)			$	1,246,455,740

(a) At June 30, 2016, this security has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

(b) Non-income producing security.

OPEN FUTURES CONTRACTS

Description	Contracts Purchased		Expiration	Notional Value		Market Value		Unrealized Gain (Loss)
S&P 500 Mini Index		443	September 2016	$	46,457,874	$	46,297,930	($	159,944	)

See accompanying notes to financial statements. 37

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (97.96%)
Consumer Discretionary (13.33%)
1-800-FLOWERS.COM Inc. (a)		6,934	$	62,549
Aaron’s Inc.		17,134		375,063
Abercrombie & Fitch Co. Class A		17,500		311,675
AMC Entertainment Holdings Inc. Class A		5,717		157,846
American Axle & Manufacturing Holdings Inc. (a)		19,962		289,050
American Eagle Outfitters Inc.		43,213		688,383
American Public Education Inc. (a)		3,946		110,883
America’s Car-Mart Inc. (a)		2,000		56,480
Apollo Education Group Inc. (a)		22,227		202,710
Arctic Cat Inc.		3,269		55,573
Asbury Automotive Group Inc. (a)		5,217		275,145
Ascena Retail Group Inc. (a)		44,720		312,593
Ascent Capital Group LLC Class A (a)		2,627		40,430
Barnes & Noble Education Inc. (a)		10,293		104,474
Barnes & Noble Inc.		16,215		184,040
Bassett Furniture Industries Inc.		2,600		62,244
Beazer Homes USA Inc. (a)		8,543		66,208
Belmond Ltd. Class A (a)		21,925		217,058
Big 5 Sporting Goods Corp.		4,819		44,672
Big Lots Inc.		12,933		648,073
Biglari Holdings Inc. (a)		285		114,952
BJ’s Restaurants Inc. (a)		6,068		265,960
Bloomin’ Brands Inc.		29,583		528,648
Blue Nile Inc.		2,956		80,935
Bob Evans Farms Inc.		5,187		196,847
Bojangles’ Inc. (a)		2,499		42,358
Boot Barn Holdings Inc (a)		2,947		25,403
Boyd Gaming Corp. (a)		21,454		394,754
Bridgepoint Education Inc. (a)		4,363		31,588
Bright Horizons Family Solutions Inc. (a)		11,452		759,382
Buckle Inc., The		7,478		194,353
Buffalo Wild Wings Inc. (a)		4,920		683,634
Build-A-Bear Workshop Inc. (a)		3,700		49,654
Caesars Acquisition Co. Class A (a)		12,082		135,560
Caesars Entertainment Corp. (a)		15,006		115,396
Caleres Inc.		11,005		266,431
Callaway Golf Co.		24,126		246,326
Cambium Learning Group Inc. (a)		3,100		13,981
Capella Education Co.		3,005		158,183
Career Education Corp. (a)		16,995		101,120
Carmike Cinemas Inc. (a)		6,378		192,105
Carriage Services Inc.		4,438		105,092
Carrols Restaurant Group Inc. (a)		8,700		103,530
Cato Corp. Class A		6,644		250,612
Cavco Industries Inc. (a)		2,242		210,075
Central European Media Enterprises Ltd. Class A (a)		19,051		40,198
Century Casinos Inc. (a)		5,226		32,558
Century Communities Inc. (a)		4,485		77,770
Cheesecake Factory Inc., The		11,807		568,389
Chegg Inc. (a)		21,363		106,815
Chico’s FAS Inc.		33,584		359,685
Children’s Place Inc., The		4,901		392,962
Churchill Downs Inc.		3,531		446,177
Chuy’s Holdings Inc. (a)		4,277		148,027

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Citi Trends Inc.		3,800	$	59,014
ClubCorp Holdings Inc.		16,568		215,384
Collectors Universe Inc.		2,144		42,344
Columbia Sportswear Co.		6,991		402,262
Conn’s Inc. (a)		5,889		44,285
Container Store Group Inc., The (a)		3,526		18,864
Cooper Tire & Rubber Co.		14,447		430,810
Cooper-Standard Holding Inc. (a)		3,865		305,296
Core-Mark Holding Company Inc.		11,762		551,167
Cracker Barrel Old Country Store Inc.		4,989		855,464
Crocs Inc. (a)		19,093		215,369
CSS Industries Inc.		2,418		64,827
Culp Inc.		2,899		80,099
Daily Journal Corp. (a)		305		72,282
Dana Holding Corp.		38,510		406,666
Dave & Buster’s Entertainment Inc. (a)		9,840		460,414
Deckers Outdoor Corp. (a)		8,463		486,792
Del Frisco’s Restaurant Group Inc. (a)		5,863		83,958
Del Taco Restaurants Inc. (a)		5,933		53,990
Delta Apparel Inc. (a)		1,816		40,951
Denny’s Corp. (a)		20,125		215,941
Destination XL Group Inc. (a)		10,167		46,463
DeVry Education Group Inc.		16,000		285,440
Diamond Resorts International Inc. (a)		9,699		290,582
DineEquity Inc.		4,656		394,736
Dorman Products Inc. (a)		6,866		392,735
DreamWorks Animation SKG Inc. Class A (a)		20,064		820,016
Drew Industries Inc.		6,150		521,766
DSW Inc. Class A		17,393		368,384
Duluth Holdings Inc. (a)		2,470		60,416
E.W. Scripps Co. Class A, The (a)		15,360		243,302
El Pollo Loco Holdings Inc. (a)		5,328		69,264
Eldorado Resorts Inc. (a)		7,451		113,218
Empire Resorts Inc. (a)		740		11,692
Entercom Communications Corp. Class A		6,669		90,498
Entravision Communications Corp. Class A		16,849		113,225
Eros International PLC (a)		7,540		122,676
Escalade Inc.		2,500		25,600
Ethan Allen Interiors Inc.		6,422		212,183
Etsy Inc. (a)		27,105		259,937
Express Inc. (a)		19,132		277,605
Federal-Mogul Holdings Corp. (a)		8,206		68,192
Fiesta Restaurant Group Inc. (a)		6,800		148,308
Finish Line Inc. Class A, The		10,881		219,687
Five Below Inc. (a)		13,898		645,006
Flexsteel Industries Inc.		1,720		68,146
Fogo De Chao Inc. (a)		1,224		15,985
Fossil Group Inc. (a)		10,829		308,951
Fox Factory Holding Corp. (a)		5,725		99,443
Francesca’s Holdings Corp. (a)		10,660		117,793
Fred’s Inc. Class A		9,340		150,467
FTD Companies Inc. (a)		4,651		116,089
Gaiam Inc. Class A (a)		3,224		24,954
Gannett Co. Inc.		30,398		419,796

38 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Genesco Inc. (a)		5,368	$	345,216
Gentherm Inc. (a)		9,450		323,662
G-III Apparel Group Ltd. (a)		11,135		509,092
Global Eagle Entertainment Inc. (a)		12,014		79,773
GNC Holdings Inc. Class A		17,788		432,071
Golden Entertainment Inc.		2,854		33,363
GoPro Inc. Class A (a)		26,242		283,676
Grand Canyon Education Inc. (a)		11,626		464,110
Gray Television Inc. (a)		16,773		181,987
Green Brick Partners Inc. (a)		6,407		46,579
Group 1 Automotive Inc.		5,424		267,729
Guess? Inc.		15,600		234,780
Habit Restaurants Inc., The Class A (a)		3,467		56,789
Haverty Furniture Companies Inc.		5,035		90,781
Helen of Troy Ltd. (a)		7,289		749,601
Hemisphere Media Group Inc. (a)		1,840		21,712
Hibbett Sports Inc. (a)		5,976		207,905
Hooker Furniture Corp.		2,963		63,675
Horizon Global Corp. (a)		4,462		50,644
Houghton Mifflin Harcourt Co. (a)		32,161		502,676
Hovnanian Enterprises Inc. Class A (a)		29,924		50,272
HSN Inc.		8,200		401,226
Iconix Brand Group Inc. (a)		11,267		76,165
IMAX Corp. (a)		15,153		446,710
Installed Building Products Inc. (a)		5,231		189,833
International Speedway Corp. Class A		6,834		228,597
Interval Leisure Group Inc.		29,233		464,805
Intrawest Resorts Holdings Inc. (a)		3,819		49,571
iRobot Corp. (a)		6,964		244,297
Isle of Capri Casinos Inc. (a)		6,494		118,970
J. Alexander’s Holdings Inc. (a)		3,368		33,444
Jack in the Box Inc.		8,438		724,993
JAKKS Pacific Inc. (a)		4,527		35,809
Jamba Inc. (a)		3,395		34,935
Johnson Outdoors Inc. Class A		1,230		31,611
K12 Inc. (a)		8,473		105,828
KB Home		21,848		332,308
Kirkland’s Inc. (a)		3,634		53,347
Kona Grill Inc. (a)		2,000		21,440
Krispy Kreme Doughnuts Inc. (a)		15,044		315,322
La Quinta Holdings Inc. (a)		22,194		253,012
Lands’ End Inc. (a)		4,100		67,322
La-Z-Boy Inc.		12,591		350,282
LGI Homes Inc. (a)		4,098		130,890
Libbey Inc.		5,817		92,432
Liberty Braves Group Class A (a)		2,235		33,614
Liberty Braves Group Class C (a)		7,999		117,265
Liberty Media Group Class A (a)		6,178		118,247
Liberty Media Group Class C (a)		11,967		227,014
Liberty Tax Inc.		1,400		18,648
Liberty TripAdvisor Holdings Inc. Class A (a)		18,800		411,344
LifeLock Inc. (a)		22,084		349,148
Lifetime Brands Inc.		2,981		43,493
Lindblad Expeditions Holdings Inc. (a)		3,704		35,670
Lithia Motors Inc. Class A		6,155		437,436
Loral Space & Communications Inc. (a)		3,400		119,918

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Luby’s Inc. (a)		5,188	$	26,044
Lumber Liquidators Holdings Inc. (a)		7,074		109,081
M.D.C. Holdings Inc.		10,437		254,037
M/I Homes Inc. (a)		6,337		119,326
Malibu Boats Inc. Class A (a)		4,996		60,352
Marcus Corp., The		4,843		102,187
Marine Products Corp.		2,692		22,774
MarineMax Inc. (a)		6,231		105,740
Marriott Vacations Worldwide Corp.		5,767		394,982
Mattress Firm Holding Corp. (a)		4,395		147,452
MCBC Holdings Inc.		1,695		18,730
MDC Partners Inc. Class A		13,337		243,934
Media General Inc. (a)		28,268		485,927
Meredith Corp.		9,751		506,174
Meritage Homes Corp. (a)		10,101		379,192
Metaldyne Performance Group Inc.		3,865		53,144
Modine Manufacturing Co. (a)		12,520		110,176
Monarch Casino & Resort Inc. (a)		2,666		58,572
Monro Muffler Brake Inc.		8,160		518,650
Motorcar Parts of America Inc. (a)		4,777		129,839
Movado Group Inc.		4,139		89,734
MSG Networks Inc. Class A (a)		15,409		236,374
NACCO Industries Inc. Class A		1,148		64,288
Nathan’s Famous Inc. (a)		743		33,064
National CineMedia Inc.		16,227		251,194
Nautilus Inc. (a)		7,700		137,368
New Home Company Inc., The (a)		3,241		30,919
New Media Investment Group Inc.		10,213		184,549
New York Times Co. Class A, The		32,519		393,480
Nexstar Broadcasting Group Inc. Class A		7,706		366,651
Noodles & Company (a)		3,429		33,536
NutriSystem Inc.		7,307		185,306
Office Depot Inc. (a)		142,884		472,946
Ollie’s Bargain Outlet Holdings Inc. (a)		5,292		131,718
Outerwall Inc.		4,392		184,464
Overstock.com Inc. (a)		3,406		54,871
Oxford Industries Inc.		3,925		222,234
Papa John’s International Inc.		7,069		480,692
Party City Holdco Inc. (a)		6,917		96,215
Penn National Gaming Inc. (a)		19,653		274,159
Performance Sports Group Ltd. (a)		9,040		27,120
Perry Ellis International Inc. (a)		3,140		63,177
PetMed Express Inc.		5,100		95,676
Pier 1 Imports Inc.		20,346		104,578
Pinnacle Entertainment Inc. (a)		15,203		168,449
Planet Fitness Inc. Class A (a)		4,234		79,938
Popeyes Louisiana Kitchen Inc. (a)		5,684		310,574
Potbelly Corp. (a)		6,054		75,917
Radio One Inc. Class D (a)		5,586		17,819
Reading International Inc. Class A (a)		4,300		53,707
Red Lion Hotels Corp. (a)		3,233		23,472
Red Robin Gourmet Burgers Inc. (a)		3,574		169,515
Red Rock Resorts Inc. Class A (a)		7,845		172,433
Regis Corp. (a)		9,892		123,155
Rent-A-Center Inc.		13,528		166,124
Restoration Hardware Holdings Inc. (a)		10,045		288,091

See accompanying notes to financial statements. 39

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
Ruby Tuesday Inc. (a)		16,211	$	58,522
Ruth’s Hospitality Group Inc.		8,238		131,396
Saga Communications Inc. Class A		896		35,428
Salem Media Group Inc.		2,419		17,465
Scholastic Corp.		7,075		280,241
Scientific Games Corp. Class A (a)		13,183		121,152
Sears Holdings Corp. (a)		2,769		37,686
Sears Hometown and Outlet Stores Inc. (a)		2,581		17,396
SeaWorld Entertainment Inc.		17,200		246,476
Select Comfort Corp. (a)		12,006		256,688
Sequential Brands Group Inc. (a)		9,815		78,324
Shake Shack Inc. Class A (a)		4,063		148,015
Shoe Carnival Inc.		3,825		95,854
Shutterfly Inc. (a)		9,044		421,541
Sinclair Broadcast Group Inc. Class A		17,242		514,846
Smith & Wesson Holding Corp. (a)		14,184		385,521
Sonic Automotive Inc.		7,482		128,017
Sonic Corp.		12,329		333,499
Sotheby’s		13,672		374,613
Spartan Motors Inc.		7,729		48,384
Speedway Motorsports Inc.		2,854		50,658
Sportsman’s Warehouse Holdings Inc. (a)		6,846		55,179
Stage Stores Inc.		5,975		29,158
Standard Motor Products Inc.		5,486		218,233
Stein Mart Inc.		8,247		63,667
Steven Madden Ltd. (a)		15,980		546,196
Stoneridge Inc. (a)		7,200		107,568
Strattec Security Corp.		900		36,693
Strayer Education Inc. (a)		2,720		133,634
Sturm, Ruger & Company Inc.		4,838		309,680
Superior Industries International Inc.		6,389		171,097
Superior Uniform Group Inc.		2,236		42,685
Tailored Brands Inc.		12,358		156,452
Taylor Morrison Home Corp. Class A (a)		8,286		122,964
Tenneco Inc. (a)		14,629		681,858
Texas Roadhouse Inc. Class A		17,182		783,499
Tile Shop Holdings Inc., The (a)		8,423		167,449
Tilly’s Inc. Class A (a)		3,717		21,521
Time Inc.		26,672		439,021
TopBuild Corp. (a)		10,080		364,896
Tower International Inc.		5,395		111,029
Townsquare Media Inc. (a)		2,368		18,684
TRI Pointe Group Inc. (a)		39,284		464,337
tronc Inc.		7,012		96,766
Tuesday Morning Corp. (a)		11,941		83,826
Tumi Holdings Inc. (a)		14,610		390,671
UCP Inc. Class A (a)		2,313		18,550
Unifi Inc. (a)		4,115		112,051
Unique Fabricating Inc.		1,586		21,237
Universal Electronics Inc. (a)		3,619		261,581
Vera Bradley Inc. (a)		5,547		78,601
Vince Holding Corp. (a)		5,045		27,647
Vitamin Shoppe Inc. (a)		6,309		192,866
Wayfair Inc. Class A (a)		8,164		318,396

	Shares		Value
Common Stocks (Cont.)
Consumer Discretionary (Cont.)
WCI Communities Inc. (a)		5,845	$	98,780
Weight Watchers International Inc. (a)		7,437		86,492
West Marine Inc. (a)		4,800		40,272
Weyco Group Inc.		1,700		47,226
William Lyon Homes Class A (a)		6,345		102,281
Wingstop Inc. (a)		4,061		110,662
Winmark Corp.		663		66,081
Winnebago Industries Inc.		6,719		153,999
Wolverine World Wide Inc.		25,169		511,434
Workhorse Group Inc. (a)		2,593		17,762
World Wrestling Entertainment Inc.		9,212		169,593
Zagg Inc. (a)		7,200		37,800
Zoe’s Kitchen Inc. (a)		5,000		181,350
Zumiez Inc. (a)		4,699		67,243
				57,474,591
Consumer Staples (3.08%)
Alico Inc.		885		26,774
Alliance One International Inc. (a)		2,052		31,601
Amplify Snack Brands Inc. (a)		7,639		112,675
Andersons Inc., The		6,863		243,911
Avon Products Inc.		113,452		428,849
B&G Foods Inc. Class A		16,159		778,864
Boston Beer Co. Inc. (a)		2,296		392,685
Calavo Growers Inc.		4,005		268,335
Cal-Maine Foods Inc.		8,107		359,302
Central Garden & Pet Co. (a)		2,487		56,778
Central Garden & Pet Co. Class A (a)		8,826		191,612
Chefs’ Warehouse Inc., The (a)		4,800		76,800
Coca-Cola Bottling Co. Consolidated		1,217		179,471
Craft Brew Alliance Inc. (a)		3,416		39,352
Darling Ingredients Inc. (a)		42,650		635,485
Dean Foods Co.		23,803		430,596
Elizabeth Arden Inc. (a)		6,403		88,105
Farmer Brothers Co. (a)		2,031		65,114
Fresh Del Monte Produce Inc.		8,354		454,708
Freshpet Inc. (a)		5,899		55,038
HRG Group Inc. (a)		30,763		422,376
Ingles Markets Inc. Class A		3,588		133,832
Inter Parfums Inc.		4,504		128,679
Inventure Foods Inc. (a)		5,600		43,736
J&J Snack Foods Corp.		3,925		468,135
John B. Sanfilippo & Son Inc.		2,288		97,537
Lancaster Colony Corp.		4,876		622,226
Landec Corp. (a)		6,700		72,092
Lifevantage Corp. (a)		3,381		45,982
Lifeway Foods Inc. (a)		1,100		10,637
Limoneira Co.		2,967		52,279
Medifast Inc.		2,760		91,825
MGP Ingredients Inc.		3,195		122,145
National Beverage Corp. (a)		3,029		190,251
Natural Grocers by Vitamin Cottage Inc. (a)		2,202		28,736
Natural Health Trends Corp.		1,900		53,561
Nature’s Sunshine Products Inc.		2,767		26,370
Nutraceutical International Corp. (a)		2,401		55,583

40 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Consumer Staples (Cont.)
Oil-Dri Corporation of America		1,200	$	41,436
Omega Protein Corp. (a)		5,580		111,544
Orchids Paper Products Co.		2,400		85,368
Performance Food Group Co. (a)		9,776		263,072
PriceSmart Inc.		5,228		489,184
Primo Water Corp. (a)		5,225		61,707
Revlon Inc. Class A (a)		3,000		96,540
Sanderson Farms Inc.		5,235		453,560
Seaboard Corp. (a)		72		206,686
Seneca Foods Corp. Class A (a)		1,805		65,359
Smart & Final Stores Inc. (a)		5,816		86,600
Snyder’s-Lance Inc.		20,886		707,827
SpartanNash Co.		9,666		295,586
SUPERVALU Inc. (a)		68,927		325,335
Synutra International Inc. (a)		5,900		22,479
Tootsie Roll Industries Inc.		4,520		174,156
Turning Point Brands Inc. (a)		1,571		16,134
United Natural Foods Inc. (a)		12,916		604,469
Universal Corp.		5,788		334,199
USANA Health Sciences Inc. (a)		1,373		152,993
Vector Group Ltd.		23,028		516,288
Village Super Market Inc. Class A		1,928		55,700
WD-40 Co.		3,662		430,102
Weis Markets Inc.		2,444		123,544
				13,301,905
Energy (2.98%)
Abraxas Petroleum Corp. (a)		31,032		35,066
Adams Resources & Energy Inc.		500		19,250
Alon USA Energy Inc.		7,600		49,248
Archrock Inc.		18,345		172,810
Ardmore Shipping Corp.		5,858		39,659
Atwood Oceanics Inc.		15,983		200,107
Bill Barrett Corp. (a)		12,674		80,987
Bristow Group Inc.		8,823		100,670
California Resources Corp.		8,126		99,137
Callon Petroleum Co. (a)		31,416		352,802
CARBO Ceramics Inc.		5,000		65,500
Carrizo Oil & Gas Inc. (a)		14,445		517,853
Clayton Williams Energy Inc. (a)		1,449		39,790
Clean Energy Fuels Corp. (a)		22,691		78,738
Cobalt International Energy Inc. (a)		105,175		140,934
Contango Oil & Gas Co. (a)		4,867		59,572
CVR Energy Inc.		4,026		62,403
Dawson Geophysical Co. (a)		4,944		40,294
Delek US Holdings Inc.		15,927		210,396
Denbury Resources Inc.		90,716		325,670
DHT Holdings Inc.		23,400		117,702
Dorian LPG Ltd. (a)		7,309		51,528
Earthstone Energy Inc. (a)		600		6,468
Eclipse Resources Corp. (a)		11,600		38,744
EP Energy Corp. Class A (a)		9,811		50,821
Era Group Inc. (a)		5,000		47,000
Erin Energy Corp. (a)		3,300		7,953
Evolution Petroleum Corp.		6,708		36,693
EXCO Resources Inc. (a)		37,550		48,815

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Exterran Corp. (a)		8,198	$	105,344
Fairmount Santrol Holdings Inc. (a)		16,935		130,569
Forum Energy Technologies Inc. (a)		15,567		269,465
Frontline Ltd.		16,850		132,610
GasLog Ltd.		10,809		140,301
Gener8 Maritime Inc. (a)		10,340		66,176
Geospace Technologies Corp. (a)		3,300		54,021
Golar LNG Ltd.		22,966		355,973
Green Plains Inc.		9,600		189,312
Helix Energy Solutions Group Inc. (a)		26,051		176,105
Hornbeck Offshore Services Inc. (a)		8,529		71,132
Independence Contract Drilling Inc. (a)		7,450		40,454
Isramco Inc. (a)		222		18,260
Jones Energy Inc. Class A (a)		8,909		36,705
Matador Resources Co. (a)		21,522		426,136
Matrix Service Co. (a)		6,700		110,483
McDermott International Inc. (a)		62,861		310,533
Natural Gas Services Group (a)		3,100		70,990
Navios Maritime Acquisition Corp.		20,400		32,028
Newpark Resources Inc. (a)		20,957		121,341
Nordic American Tankers Ltd.		22,354		310,497
Northern Oil and Gas Inc. (a)		12,308		56,863
Oasis Petroleum Inc. (a)		46,294		432,386
Oil States International Inc. (a)		13,314		437,764
Overseas Shipholding Group Inc. Class A		9,402		103,328
Pacific Ethanol Inc. (a)		7,735		42,156
Panhandle Oil & Gas Inc.		4,126		68,780
Par Pacific Holdings Inc. (a)		7,333		112,488
Parker Drilling Co. (a)		29,921		68,519
PDC Energy Inc. (a)		12,030		693,048
PHI Inc. (a)		3,200		57,216
Pioneer Energy Services Corp. (a)		15,464		71,134
Renewable Energy Group Inc. (a)		11,611		102,525
REX American Resources Corp. (a)		1,511		90,403
RigNet Inc. (a)		3,601		48,217
Ring Energy Inc. (a)		9,229		81,400
RSP Permian Inc. (a)		20,435		712,977
Sanchez Energy Corp. (a)		12,950		91,427
Scorpio Tankers Inc.		42,868		180,046
SEACOR Holdings Inc. (a)		4,234		245,360
Seadrill Ltd. (a)		97,948		317,352
SemGroup Corp. Class A		11,527		375,319
Ship Finance International Ltd.		15,661		230,843
Stone Energy Corp. (a)		1		6
Synergy Resources Corp. (a)		48,570		323,476
Teekay Corp.		11,422		81,439
Teekay Tankers Ltd. Class A		30,119		89,755
Tesco Corp.		9,623		64,378
TETRA Technologies Inc. (a)		20,000		127,400
Tidewater Inc.		11,400		50,274
Unit Corp. (a)		12,900		200,724
US Silica Holdings Inc.		16,870		581,509
W&T Offshore Inc. (a)		8,600		19,952
Western Refining Inc.		17,716		365,481
Westmoreland Coal Co. (a)		5,534		52,684

See accompanying notes to financial statements. 41

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Energy (Cont.)
Willbros Group Inc. (a)		10,092	$	25,532
				12,867,206
Financials (25.09%)
1st Source Corp.		4,179		135,358
Acadia Realty Trust		18,659		662,767
Access National Corp.		2,111		41,186
ACNB Corp.		1,429		35,882
AG Mortgage Investment Trust Inc.		8,183		118,163
Agree Realty Corp.		6,095		294,023
Alexander & Baldwin Inc.		12,284		443,944
Alexander’s Inc.		601		245,947
Allegiance Bancshares Inc. (a)		2,812		69,963
Altisource Portfolio Solutions SA (a)		3,013		83,882
Altisource Residential Corp.		13,568		124,690
American Assets Trust Inc.		9,747		413,663
American Capital Mortgage Investment Corp.		12,697		200,486
American Equity Investment Life Holding Co.		20,472		291,726
American Independence Corp. (a)		379		9,297
American National Bankshares Inc.		2,300		57,914
Ameris Bancorp		8,794		261,182
Amerisafe Inc.		5,066		310,141
Ames National Corp.		2,200		59,004
Anworth Mortgage Asset Corp.		26,288		123,554
Apollo Commercial Real Estate Finance Inc.		15,947		256,268
Apollo Residential Mortgage Inc.		8,677		116,272
Ares Commercial Real Estate Corp.		8,036		98,762
Argo Group International Holdings Ltd.		7,844		407,119
Armada Hoffler Properties Inc.		8,745		120,156
ARMOUR Residential REIT Inc.		9,686		193,720
Arrow Financial Corp.		2,927		88,659
Ashford Hospitality Prime Inc.		6,983		98,740
Ashford Hospitality Trust Inc.		21,073		113,162
Associated Capital Group Inc. Class A		1,310		37,571
Astoria Financial Corp.		24,029		368,365
Atlantic Capital Bankshares Inc. (a)		4,401		63,638
Atlas Financial Holdings Inc. (a)		3,603		62,044
AV Homes Inc. (a)		3,652		44,627
Avenue Financial Holdings Inc. (a)		2,132		41,894
B. Riley Financial Inc.		2,170		20,789
Baldwin & Lyons Inc.		2,928		72,204
Banc of California Inc.		12,750		230,775
BancFirst Corp.		2,022		121,967
Banco Latinoamericano de Comercio Exterior SA		8,017		212,450
Bancorp Inc., The (a)		8,172		49,195
BancorpSouth Inc.		22,466		509,754
Bank Mutual Corp.		10,781		82,798
Bank of Marin Bancorp		1,500		72,555
Bank of the Ozarks Inc.		21,759		816,398
BankFinancial Corp.		4,403		52,792
Bankwell Financial Group Inc.		1,510		33,311

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Banner Corp.		7,751	$	329,728
Bar Harbor Bankshares		1,645		57,739
BBCN Bancorp Inc.		20,132		300,369
BBX Capital Corp. Class A (a)		600		9,222
Bear State Financial Inc.		4,489		42,331
Beneficial Bancorp Inc. (a)		18,744		238,424
Berkshire Hills Bancorp Inc.		7,978		214,768
BGC Partners Inc. Class A		56,689		493,761
Blue Capital Reinsurance Holdings Ltd.		1,924		35,613
Blue Hills Bancorp Inc.		6,514		96,147
Bluerock Residential Growth REIT Inc.		5,535		71,955
BNC Bancorp		9,741		221,218
BofI Holding Inc. (a)		15,584		275,993
Boston Private Financial Holdings Inc.		20,951		246,803
Bridge Bancorp Inc.		4,308		122,347
Brookline Bancorp Inc.		17,592		194,040
Bryn Mawr Bank Corp.		4,460		130,232
BSB Bancorp Inc. (a)		2,276		51,551
C&F Financial Corp.		801		35,853
C1 Financial Inc. (a)		1,954		45,587
Calamos Asset Management Inc. Class A		4,179		30,548
California First National Bancorp		616		9,098
Camden National Corp.		2,626		110,292
Capital Bank Financial Corp. Class A		5,335		153,648
Capital City Bank Group Inc.		2,998		41,732
Capitol Federal Financial Inc.		33,660		469,557
Capstead Mortgage Corp.		25,359		245,982
Cardinal Financial Corp.		8,200		179,908
CareTrust REIT Inc.		15,259		210,269
Carolina Financial Corp.		2,531		47,279
Cascade Bancorp (a)		8,842		48,985
Cash America International Inc.		6,159		262,497
CatchMark Timber Trust Inc. Class A		10,808		132,074
Cathay General Bancorp		19,284		543,809
CBL & Associates Properties Inc.		43,749		407,303
Cedar Realty Trust Inc.		22,485		167,064
Centerstate Banks Inc.		12,076		190,197
Central Pacific Financial Corp.		7,740		182,664
Central Valley Community Bancorp		2,044		28,616
Century Bancorp Inc. Class A		809		34,245
Charter Financial Corp.		3,605		47,874
Chatham Lodging Trust		10,089		221,756
Chemical Financial Corp.		9,870		368,052
Chemung Financial Corp.		727		21,337
Chesapeake Lodging Trust		15,783		366,955
Citizens & Northern Corp.		3,100		62,682
Citizens Inc. (a)		12,300		93,480
City Holding Co.		3,868		175,878
City Office REIT Inc.		5,325		69,118
Clifton Bancorp Inc.		5,958		89,787
CNB Financial Corp.		3,800		67,640
CNO Financial Group Inc.		46,634		814,230
CoBiz Financial Inc.		9,274		108,506
Codorus Valley Bancorp Inc.		1,950		39,721

42 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Cohen & Steers Inc.		5,464	$	220,964
Colony Capital Inc. Class A		29,466		452,303
Colony Starwood Homes		17,143		521,490
Columbia Banking System Inc.		14,980		420,339
Community Bank System Inc.		11,129		457,291
Community Healthcare Trust Inc.		3,370		71,242
Community Trust Bancorp Inc.		3,835		132,921
CommunityOne Bancorp (a)		6,971		88,113
ConnectOne Bancorp Inc.		7,782		122,100
Consolidated-Tomoka Land Co.		1,272		60,382
CorEnergy Infrastructure Trust Inc.		3,203		92,407
Coresite Realty Corp.		8,744		775,505
County Bancorp Inc.		1,115		22,991
Cousins Properties Inc.		54,623		568,079
Cowen Group Inc. Class A (a)		26,538		78,552
Crawford & Co. Class B		3,088		26,217
CU Bancorp (a)		4,470		101,603
Customers Bancorp Inc. (a)		6,365		159,952
CVB Financial Corp.		26,172		428,959
CYS Investments Inc.		40,257		336,951
Diamond Hill Investment Group		821		154,693
DiamondRock Hospitality Co.		52,691		475,800
Dime Community Bancshares		7,969		135,553
Donegal Group Inc.		2,961		48,827
DuPont Fabros Technology Inc.		19,451		924,701
Dynex Capital Inc.		13,301		92,309
Eagle Bancorp Inc. (a)		7,946		382,282
Easterly Government Properties Inc.		6,379		125,858
EastGroup Properties Inc.		8,138		560,871
Education Realty Trust Inc.		17,406		803,113
eHealth Inc. (a)		4,584		64,268
EMC Insurance Group Inc.		2,728		75,620
Employers Holdings Inc.		8,000		232,160
Encore Capital Group Inc. (a)		6,248		147,015
Enova International Inc. (a)		7,567		55,693
Enstar Group Ltd. (a)		3,086		499,901
Enterprise Bancorp Inc.		2,125		50,979
Enterprise Financial Services Corp.		5,076		141,570
Equity Bancshares Inc. Class A (a)		1,319		29,203
ESSA Bancorp Inc.		2,248		30,123
Essent Group Ltd. (a)		19,391		422,918
EverBank Financial Corp.		26,920		400,031
Evercore Partners Inc. Class A		10,209		451,136
EZCORP Inc. Class A (a)		12,700		96,012
F.N.B. Corp.		54,349		681,536
Farmers Capital Bank Corp.		1,800		49,230
Farmers National Banc Corp.		5,842		51,410
Farmland Partners Inc.		3,601		40,763
FBL Financial Group Inc. Class A		2,585		156,832
FBR & Co.		1,691		25,247
FCB Financial Holdings Inc. Class A (a)		7,794		264,996
Federal Agricultural Mortgage Corp. Class C		2,347		81,723
Federated National Holding Co.		3,558		67,744
FelCor Lodging Trust Inc.		35,806		223,071
Fidelity & Guaranty Life		3,266		75,706
Fidelity Southern Corp.		5,265		82,503

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Fifth Street Asset Management Inc.		1,502	$	6,068
Financial Engines Inc.		13,879		359,050
Financial Institutions Inc.		3,700		96,459
First BanCorp (a)		30,130		119,616
First Bancorp (North Carolina)		4,903		86,195
First Bancorp Inc.		2,862		61,647
First Busey Corp.		7,967		170,414
First Business Financial Services Inc.		2,000		46,940
First Cash Financial Services Inc.		7,114		365,162
First Citizens BancShares Inc. Class A		1,983		513,419
First Commonwealth Financial Corp.		22,534		207,313
First Community Bancshares Inc.		4,032		90,478
First Community Financial Partners Inc. (a)		3,236		28,477
First Connecticut Bancorp Inc.		4,094		67,797
First Defiance Financial Corp.		2,394		93,007
First Financial Bancorp		15,980		310,811
First Financial Bankshares Inc.		16,466		539,920
First Financial Corp. Indiana		2,566		93,967
First Financial Northwest Inc.		2,146		28,499
First Foundation Inc. (a)		3,527		75,830
First Industrial Realty Trust Inc.		30,297		842,863
First Internet Bancorp		1,311		31,228
First Interstate BancSystem Inc.		5,057		142,102
First Merchants Corp.		10,573		263,585
First Mid-Illinois Bancshares Inc.		1,350		33,750
First Midwest Bancorp Inc.		20,777		364,844
First NBC Bank Holding Co. (a)		4,209		70,669
First Northwest Bancorp (a)		2,932		37,354
First of Long Island Corp., The		3,647		104,559
First Potomac Realty Trust		15,644		143,925
FirstMerit Corp.		42,866		868,894
Flagstar Bancorp Inc. (a)		5,300		129,373
Flushing Financial Corp.		7,492		148,941
FNFV Group (a)		17,525		201,012
Forestar Group Inc. (a)		8,700		103,443
Four Corners Property Trust Inc.		7,672		157,966
Fox Chase Bancorp		2,983		60,674
Franklin Financial Network Inc. (a)		2,387		74,856
Franklin Street Properties Corp.		25,489		312,750
FRP Holdings Inc. (a)		1,800		62,100
Fulton Financial Corp.		44,200		596,700
Gain Capital Holdings Inc.		9,344		59,054
GAMCO Investors Inc.		1,355		44,403
Genworth Financial Inc. Class A (a)		67,822		174,981
Geo Group Inc., The		19,508		666,783
German American Bancorp Inc.		3,755		120,047
Getty Realty Corp.		7,213		154,719
Glacier Bancorp Inc.		19,659		522,536
Gladstone Commercial Corp.		6,421		108,451
Global Indemnity PLC (a)		2,548		70,146
Global Net Lease Inc.		44,172		351,167
Gramercy Property Trust		109,713		1,011,554
Great Ajax Corp.		3,485		48,337
Great Southern Bancorp Inc.		2,713		100,300
Great Western Bancorp Inc.		15,215		479,881
Green Bancorp Inc. (a)		5,117		44,620

See accompanying notes to financial statements. 43

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Green Dot Corp. Class A (a)		11,109	$	255,396
Greene County Bancorp Inc.		553		8,997
Greenhill & Co. Inc.		7,400		119,140
Greenlight Capital Re Ltd. Class A (a)		7,873		158,720
Griffin Industrial Realty Inc.		289		8,858
Guaranty Bancorp		3,860		64,462
Hallmark Financial Services Inc. (a)		4,391		50,892
Hampton Roads Bankshares Inc. (a)		8,300		14,857
Hancock Holding Co.		19,577		511,155
Hanmi Financial Corp.		8,220		193,088
Hannon Armstrong Sustainable Infrastructure Capital Inc.		9,689		209,282
Hatteras Financial Corp.		24,860		407,704
HCI Group Inc.		2,613		71,283
Healthcare Realty Trust Inc.		27,259		953,792
Heartland Financial USA Inc.		5,666		199,953
Hennessy Advisors Inc.		756		25,303
Heritage Commerce Corp.		6,233		65,633
Heritage Financial Corp.		7,557		132,852
Heritage Insurance Holdings Inc.		7,334		87,788
Heritage Oaks Bancorp		6,200		49,228
Hersha Hospitality Trust		10,984		188,376
HFF Inc. Class A		9,231		266,591
Hilltop Holdings Inc. (a)		19,624		411,908
Hingham Institution for Savings		380		46,710
Home Bancorp Inc.		1,446		39,722
Home Bancshares Inc.		31,305		619,526
HomeStreet Inc. (a)		6,655		132,568
HomeTrust Bancshares Inc. (a)		4,660		86,210
Horace Mann Educators Corp.		10,780		364,256
Horizon Bancorp		2,774		69,738
Houlihan Lokey Inc.		3,210		71,808
Hudson Pacific Properties Inc.		20,677		603,355
IBERIABANK Corp.		10,613		633,914
Impac Mortgage Holdings Inc. (a)		2,100		32,928
Independence Holding Co.		1,974		35,473
Independence Realty Trust Inc.		11,510		94,152
Independent Bank Corp.		6,770		309,389
Independent Bank Corp. (Michigan)		5,123		74,335
Independent Bank Group Inc.		2,848		122,208
InfraREIT Inc. (a)		10,526		184,626
International Bancshares Corp.		14,098		367,817
INTL FCStone Inc. (a)		3,927		107,168
Invesco Mortgage Capital		29,844		408,564
Investment Technology Group Inc.		8,661		144,812
Investors Bancorp Inc.		77,639		860,240
Investors Real Estate Trust		31,035		200,796
Investors Title Co.		440		41,910
iStar Inc. (a)		19,107		183,236
James River Group Holdings Ltd.		3,842		130,474
Janus Capital Group Inc.		37,606		523,476
KCG Holdings Inc. Class A (a)		13,853		184,245
Kearny Financial Corp.		24,202		304,461
Kemper Corp.		10,537		326,436
Kennedy-Wilson Holdings Inc.		21,863		414,522
Kite Realty Group Trust		21,889		613,549
Ladder Capital Corp.		10,278		125,392

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Ladenburg Thalmann Financial Services Inc. (a)		25,430	$	60,015
Lake Sunapee Bank Group		2,021		34,579
Lakeland Bancorp Inc.		9,822		111,774
Lakeland Financial Corp.		4,132		194,245
LaSalle Hotel Properties		27,853		656,774
LCNB Corp.		2,051		32,406
LegacyTexas Financial Group Inc.		11,541		310,568
LendingClub Corp. (a)		85,304		366,807
LendingTree Inc. (a)		1,633		144,243
Lexington Realty Trust		59,782		604,396
Live Oak Bancshares Inc.		4,932		69,591
LTC Properties Inc.		10,006		517,610
Macatawa Bank Corp.		6,118		45,396
Mack-Cali Realty Corp.		23,252		627,804
Maiden Holdings Ltd.		15,879		194,359
MainSource Financial Group Inc.		5,946		131,109
Manning & Napier Inc.		3,806		36,157
Marcus & Millichap Inc. (a)		3,821		97,092
Marlin Business Services Corp.		2,159		35,192
MB Financial Inc.		18,219		660,985
MBIA Inc. (a)		34,720		237,138
MBT Financial Corp.		4,156		33,248
Medical Properties Trust Inc.		61,769		939,506
Medley Management Inc. Class A		1,502		8,832
Mercantile Bank Corp.		4,257		101,572
Merchants Bancshares Inc.		1,308		39,868
Meridian Bancorp Inc.		12,957		191,504
Meta Financial Group Inc.		2,170		110,583
MGIC Investment Corp. (a)		88,524		526,718
Middleburg Financial Corp.		1,120		30,464
Midland States Bancorp Inc. (a)		956		20,736
MidWestOne Financial Group Inc.		2,100		59,976
Moelis & Co.		4,855		109,237
Monmouth Real Estate Investment Corp. Class A		17,060		226,216
Monogram Residential Trust Inc.		44,171		450,986
MutualFirst Financial Inc.		1,344		36,758
National Bank Holdings Corp. Class A		6,915		140,789
National Bankshares Inc.		1,700		59,364
National Commerce Corp. (a)		2,205		51,421
National General Holdings Corp.		13,004		278,546
National Health Investors Inc.		9,842		739,036
National Interstate Corp.		2,011		60,833
National Storage Affiliates Trust		6,101		127,023
National Western Life Group Inc. Class A		622		121,458
Nationstar Mortgage Holdings Inc. (a)		9,288		104,583
Navigators Group Inc., The		3,078		283,084
NBT Bancorp Inc.		11,097		317,707
Nelnet Inc. Class A		5,438		188,970
New Residential Investment Corp.		58,935		815,660
New Senior Investment Group Inc.		20,291		216,708
New York Mortgage Trust Inc.		29,986		182,915
New York REIT Inc.		42,974		397,509
NewStar Financial Inc. (a)		6,643		55,934
NexPoint Residential Trust Inc.		5,352		97,406

44 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Nicolet Bankshares Inc. (a)		1,990	$	75,779
NMI Holdings Inc. Class A (a)		13,771		75,465
Northfield Bancorp Inc.		11,334		168,083
Northrim BanCorp Inc.		1,641		43,142
NorthStar Realty Europe Corp.		15,340		141,895
Northwest Bancshares Inc.		25,186		373,508
OceanFirst Financial Corp.		5,191		94,320
Ocwen Financial Corp. (a)		27,500		47,025
OFG Bancorp		10,566		87,698
Old Line Bancshares Inc.		2,037		36,666
Old National Bancorp		34,474		431,959
Old Second Bancorp Inc.		7,100		48,493
OM Asset Management PLC		10,500		140,175
On Deck Capital Inc. (a)		12,136		62,500
One Liberty Properties Inc.		3,687		87,935
OneBeacon Insurance Group Ltd. Class A		6,111		84,332
Oppenheimer Holdings Inc. Class A		2,680		41,433
Opus Bank		4,463		150,849
Orchid Island Capital Inc.		5,600		57,624
Oritani Financial Corp.		10,256		163,993
Orrstown Financial Services Inc.		1,633		29,476
Owens Realty Mortgage Inc.		2,720		45,261
Pacific Continental Corp.		5,100		80,121
Pacific Mercantile Bancorp (a)		3,714		26,369
Pacific Premier Bancorp Inc. (a)		7,236		173,664
Park National Corp.		3,453		316,916
Park Sterling Corp.		13,538		95,984
Parkway Properties Inc.		21,299		356,332
Patriot National Inc. (a)		3,244		26,536
Peapack-Gladstone Financial Corp.		4,109		76,058
Pebblebrook Hotel Trust		18,547		486,859
Penns Woods Bancorp Inc.		1,257		52,781
Pennsylvania Real Estate Investment Trust		17,907		384,105
PennyMac Mortgage Investment Trust		17,565		285,080
Peoples Bancorp Inc.		4,259		92,804
Peoples Financial Services Corp.		1,900		74,366
People’s Utah Bancorp		3,262		54,149
PHH Corp. (a)		13,596		181,099
Physicians Realty Trust		35,344		742,577
PICO Holdings Inc. (a)		5,707		53,988
Pinnacle Financial Partners Inc.		10,385		507,307
Piper Jaffray Companies Inc. (a)		4,055		152,873
PJT Partners Inc. Class A		4,541		104,443
Potlatch Corp.		10,742		366,302
PRA Group Inc. (a)		12,113		292,408
Preferred Apartment Communities Inc. Class A		6,101		89,807
Preferred Bank		3,000		86,625
Premier Financial Bancorp Inc.		1,961		33,043
Primerica Inc.		12,138		694,779
PrivateBancorp Inc.		20,359		896,407
Prosperity Bancshares Inc.		17,380		886,206
Provident Bancorp Inc. (a)		1,045		16,114
Provident Financial Holdings Inc.		1,708		31,256
Provident Financial Services Inc.		16,116		316,518

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
PS Business Parks Inc.		5,221	$	553,844
Pzena Investment Management Inc. Class A		3,586		27,289
QCR Holdings Inc.		3,141		85,404
QTS Realty Trust Inc. Class A		12,275		687,154
Radian Group Inc.		56,064		584,187
RAIT Financial Trust		24,094		75,414
Ramco-Gershenson Properties Trust		21,123		414,222
RE/MAX Holdings Inc. Class A		4,700		189,222
Redwood Trust Inc.		20,173		278,589
Regional Management Corp. (a)		2,600		38,116
Renasant Corp.		10,565		341,566
Republic Bancorp Inc. Class A		2,619		72,363
Republic First Bancorp Inc. (a)		8,302		35,782
Resource America Inc. Class A		2,879		27,984
Resource Capital Corp.		8,574		110,262
Retail Opportunity Investments Corp.		26,290		569,704
Rexford Industrial Realty Inc.		17,445		367,915
RLI Corp.		10,082		693,440
RLJ Lodging Trust		31,806		682,239
RMR Group Inc., The Class A		1,869		57,883
Rouse Properties Inc.		10,055		183,504
Ryman Hospitality Properties Inc.		11,423		578,575
S&T Bancorp Inc.		8,884		217,214
Sabra Health Care REIT Inc.		17,125		353,374
Safeguard Scientifics Inc. (a)		5,216		65,148
Safety Insurance Group Inc.		3,764		231,787
Sandy Spring Bancorp Inc.		6,294		182,904
Saul Centers Inc.		2,827		174,454
Seacoast Banking Corporation of Florida (a)		7,709		125,194
Select Income REIT		16,854		438,035
Selective Insurance Group Inc.		14,311		546,823
Seritage Growth Properties Class A		6,505		324,209
ServisFirst Bancshares Inc.		5,969		294,809
Shore Bancshares Inc.		2,988		35,109
SI Financial Group Inc.		2,871		38,012
Sierra Bancorp		3,000		50,070
Silver Bay Realty Trust Corp.		9,175		156,250
Silvercrest Asset Management Group Inc. Class A		1,782		21,812
Simmons First National Corp.		7,513		346,988
South State Corp.		6,111		415,854
Southern First Bancshares Inc. (a)		1,427		34,391
Southern Missouri Bancorp Inc.		1,446		34,024
Southern National Bancorp of Virginia Inc.		2,686		32,635
Southside Bancshares Inc.		6,525		201,753
Southwest Bancorp Inc.		4,955		83,888
STAG Industrial Inc.		17,941		427,175
State Auto Financial Corp.		4,446		97,412
State Bank Financial Corp.		8,785		178,775
State National Companies Inc.		8,303		87,431
Sterling Bancorp		32,793		514,850
Stewart Information Services Corp.		5,825		241,213
Stifel Financial Corp. (a)		16,738		526,410
Stock Yards Bancorp Inc.		5,651		159,514

See accompanying notes to financial statements. 45

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Stonegate Bank		3,065	$	98,908
Stratus Properties Inc. (a)		1,721		32,234
Suffolk Bancorp		2,923		91,519
Summit Financial Group Inc.		1,932		33,810
Summit Hotel Properties Inc.		22,874		302,852
Sun Bancorp Inc. (a)		2,832		58,509
Sunstone Hotel Investors Inc.		56,414		680,917
Talmer Bancorp Inc. Class A		15,234		292,036
Tejon Ranch Co. (a)		3,636		85,955
Terreno Realty Corp.		11,463		296,548
Territorial Bancorp Inc.		2,085		55,190
Texas Capital Bancshares Inc. (a)		11,971		559,764
Third Point Reinsurance Ltd. (a)		18,121		212,378
Tier REIT Inc.		12,399		190,077
Tiptree Financial Inc. Class A		8,549		46,849
Tompkins Financial Corp.		3,746		243,490
TowneBank		11,949		258,696
Trico Bancshares		5,323		146,915
Trinity Place Holdings Inc. (a)		4,201		32,306
Tristate Capital Holdings Inc. (a)		5,500		75,515
Triumph Bancorp Inc. (a)		4,049		64,784
Trupanion Inc. (a)		3,732		49,449
Trustco Bank Corp. NY		23,377		149,847
Trustmark Corp.		17,458		433,831
UMB Financial Corp.		11,612		617,875
UMH Properties Inc.		7,732		86,985
Umpqua Holdings Corp.		57,202		884,915
Union Bankshares Corp.		11,314		279,569
Union Bankshares Inc.		889		32,324
United Bankshares Inc.		17,056		639,771
United Community Banks Inc.		17,933		327,995
United Community Financial Corp.		12,500		76,000
United Development Funding IV (b)		7,435		11,896
United Financial Bancorp Inc.		13,173		170,985
United Fire Group Inc.		5,778		245,160
United Insurance Holdings Corp.		4,480		73,382
Universal Insurance Holdings Inc.		8,100		150,498
Univest Corp. of Pennsylvania		4,799		100,875
Urban Edge Properties		23,650		706,189
Valley National Bancorp		63,923		582,978
Veritex Holdings Inc. (a)		2,047		32,793
Virtu Financial Inc. Class A		6,783		122,094
Virtus Investment Partners Inc.		1,629		115,952
Walker & Dunlop Inc. (a)		7,294		166,157
Walter Investment Management Corp. (a)		5,265		14,531
Washington Federal Inc.		23,758		576,369
Washington Real Estate Investment Trust		19,372		609,443
Washington Trust Bancorp Inc.		3,756		142,427
WashingtonFirst Bankshares Inc.		2,016		43,566
Waterstone Financial Inc.		6,915		106,007
Webster Financial Corp.		23,795		807,840
WesBanco Inc.		9,288		288,392
West Bancorporation		4,200		78,078
Westamerica Bancorporation		6,392		314,870

	Shares		Value
Common Stocks (Cont.)
Financials (Cont.)
Western Asset Mortgage Capital Corp.		11,366	$	106,727
Westfield Financial Inc.		3,851		29,653
Westwood Holdings Group Inc.		2,134		110,541
Whitestone REIT		7,074		106,676
Wilshire Bancorp Inc.		18,322		190,915
Wintrust Financial Corp.		12,579		641,529
WisdomTree Investments Inc.		28,656		280,542
WMIH Corp. (a)		51,344		113,984
World Acceptance Corp. (a)		1,652		75,331
WP GLIMCHER Inc.		48,240		539,806
WSFS Financial Corp.		7,499		241,393
Xenia Hotels & Resorts Inc.		27,458		460,745
Yadkin Financial Corp.		12,925		324,288
Your Community Bankshares Inc.		1,248		46,376
				108,221,742
Health Care (13.34%)
AAC Holdings Inc. (a)		2,887		65,881
Abaxis Inc.		5,721		270,203
Accelerate Diagnostics Inc. (a)		5,986		86,139
Acceleron Pharma Inc. (a)		7,075		240,408
Accuray Inc. (a)		21,167		109,857
AcelRx Pharmaceuticals Inc. (a)		8,741		23,513
Aceto Corp.		7,364		161,198
Achillion Pharmaceuticals Inc. (a)		30,812		240,334
Aclaris Therapeutics Inc. (a)		2,235		41,281
Acorda Therapeutics Inc. (a)		11,223		286,243
Adamas Pharmaceuticals Inc. (a)		4,276		64,739
Addus HomeCare Corp. (a)		2,195		38,259
Adeptus Health Inc. Class A (a)		3,292		170,065
Aduro Biotech Inc. (a)		9,077		102,661
Advaxis Inc. (a)		8,487		68,660
Adverum Biotechnologies Inc. (a)		4,700		14,852
Aerie Pharmaceuticals Inc. (a)		6,158		108,381
Agenus Inc. (a)		18,600		75,330
Agile Therapeutics Inc. (a)		3,423		26,049
Aimmune Therapeutics Inc. (a)		6,682		72,299
Air Methods Corp. (a)		9,528		341,388
Akebia Therapeutics Inc. (a)		9,144		68,397
Albany Molecular Research Inc. (a)		7,003		94,120
Alder Biopharmaceuticals Inc. (a)		12,052		300,939
Almost Family Inc. (a)		2,352		100,219
AMAG Pharmaceuticals Inc. (a)		9,117		218,079
Amedisys Inc. (a)		7,388		372,946
American Renal Associates Holdings Inc. (a)		2,656		76,944
Amicus Therapeutics Inc. (a)		32,694		178,509
AMN Healthcare Services Inc. (a)		12,303		491,751
Amphastar Pharmaceuticals Inc. (a)		9,135		147,256
Ampio Pharmaceuticals Inc. (a)		10,583		13,652
Analogic Corp.		3,257		258,736
Anavex Life Sciences Corp. (a)		8,376		51,177
Angiodynamics Inc. (a)		7,147		102,702
ANI Pharmaceuticals Inc. (a)		2,055		114,710

46 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Anika Therapeutics Inc. (a)		3,600	$	193,140
Anthera Pharmaceuticals Inc. (a)		8,700		26,883
Applied Genetic Technologies Corp. (a)		3,217		45,456
Aratana Therapeutics Inc. (a)		8,683		54,877
Ardelyx Inc. (a)		5,388		47,037
Arena Pharmaceuticals Inc. (a)		62,462		106,810
Argos Therapeutics Inc. (a)		2,501		15,331
ARIAD Pharmaceuticals Inc. (a)		45,823		338,632
Array Biopharma Inc. (a)		37,474		133,408
Arrowhead Pharmaceuticals Inc. (a)		15,889		84,530
Asterias Biotherapeutics (a)		5,683		13,639
Atara Biotherapeutics Inc. (a)		5,923		133,327
Athersys Inc. (a)		18,485		40,113
AtriCure Inc. (a)		8,148		115,131
Atrion Corp.		371		158,736
AveXis Inc. (a)		1,168		44,407
Avinger Inc. (a)		2,685		32,032
AxoGen Inc. (a)		6,001		41,287
Axovant Sciences Ltd. (a)		6,277		80,597
Axsome Therapeutics Inc. (a)		2,436		18,368
Bellicum Pharmaceutical Inc. (a)		5,301		68,701
BioCryst Pharmaceuticals Inc. (a)		17,300		49,132
Bio-Path Holdings Inc. (a)		20,206		40,210
BioScrip Inc. (a)		20,001		51,003
BioSpecifics Technologies Corp. (a)		1,431		57,154
BioTelemetry Inc. (a)		7,066		115,176
BioTime Inc. (a)		16,378		42,747
Bluebird Bio Inc. (a)		9,575		414,502
Blueprint Medicines Corp. (a)		5,089		103,052
Cambrex Corp. (a)		8,308		429,773
Cantel Medical Corp.		9,324		640,839
Capital Senior Living Corp. (a)		7,762		137,155
Cara Therapeutics Inc. (a)		4,824		23,203
Cardiovascular Systems Inc. (a)		8,119		149,187
Castlight Health Inc. Class B (a)		10,069		39,873
Catalent Inc. (a)		25,902		595,487
Celator Pharmaceuticals Inc. (a)		8,394		253,331
Celldex Therapeutics Inc. (a)		24,891		109,271
Cellular Biomedicine Group Inc. (a)		3,039		36,438
Cempra Inc. (a)		10,641		175,470
Cepheid Inc. (a)		18,907		581,390
Cerus Corp. (a)		26,071		162,683
Chemed Corp.		4,304		586,678
ChemoCentryx Inc. (a)		5,355		24,044
Chimerix Inc. (a)		11,084		43,560
ChromaDex Corp. (a)		7,286		30,164
Cidara Therapeutics Inc. (a)		2,596		26,765
Civitas Solutions Inc. (a)		4,333		90,256
Clovis Oncology Inc. (a)		8,156		111,900
Coherus Biosciences Inc. (a)		7,487		126,455
Collegium Pharmaceutical Inc. (a)		3,439		40,752
Community Health Systems Inc. (a)		29,257		352,547
Computer Programs & Systems Inc.		2,784		111,137
Concert Pharmaceuticals Inc. (a)		4,488		50,400
ConforMis Inc. (a)		8,957		62,878
Conmed Corp.		7,188		343,083
Corcept Therapeutics Inc. (a)		19,157		104,597

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Corindus Vascular Robotics Inc. (a)		13,116	$	18,756
Corvel Corp. (a)		2,550		110,109
Corvus Pharmaceuticals Inc. (a)		757		10,795
Cotiviti Holdings Inc. (a)		3,535		74,695
Cross Country Healthcare Inc. (a)		8,089		112,599
CryoLife Inc.		8,171		96,500
Curis Inc. (a)		27,000		42,120
Cutera Inc. (a)		3,500		39,235
Cynosure Inc. Class A (a)		6,177		300,480
Cytokinetics Inc. (a)		8,504		80,703
CytomX Therapeutics Inc. (a)		5,078		51,872
CytRx Corp. (a)		17,800		39,694
DepoMed Inc. (a)		15,858		311,134
Dermira Inc. (a)		5,391		157,687
Dimension Therapeutics Inc. (a)		2,836		17,016
Diplomat Pharmacy Inc. (a)		11,854		414,890
Durect Corp. (a)		34,343		41,898
Dyax Corp. Contingent Value Rights (a) (b)		35,404		39,298
Dynavax Technologies Corp. (a)		10,002		145,829
Eagle Pharmaceuticals Inc. (a)		2,316		89,838
Edge Therapeutics Inc. (a)		4,010		40,541
Editas Medicine Inc. (a)		1,704		41,578
Egalet Corp. (a)		5,154		25,564
Eiger BioPharmaceuticals Inc. (a)		810		16,054
Emergent Biosolutions Inc. (a)		8,491		238,767
Enanta Pharmaceuticals Inc. (a)		4,155		91,618
Endocyte Inc. (a)		9,534		30,604
Endologix Inc. (a)		20,994		261,585
Ensign Group Inc., The		12,979		272,689
Entellus Medical Inc. (a)		1,928		35,225
Enzo Biochem Inc. (a)		9,922		59,234
Epizyme Inc. (a)		10,547		108,001
Esperion Therapeutics Inc. (a)		3,692		36,477
Evolent Health Inc. Class A (a)		4,102		78,758
Exact Sciences Corp. (a)		25,334		310,342
Exactech Inc. (a)		2,918		78,027
ExamWorks Group Inc. (a)		10,802		376,450
Exelixis Inc. (a)		58,868		459,759
FibroGen Inc. (a)		13,538		222,159
Five Prime Therapeutics Inc. (a)		6,980		288,623
Flex Pharma Inc. (a)		2,519		25,719
Flexion Therapeutics Inc. (a)		4,646		69,527
Fluidigm Corp. (a)		7,714		69,657
Fortress Biotech Inc. (a)		8,043		21,636
Foundation Medicine Inc. (a)		3,428		63,966
Galena Biopharma Inc. (a)		46,608		21,724
Genesis Healthcare Inc. (a)		13,685		24,222
GenMark Diagnostics Inc. (a)		10,282		89,453
Genomic Health Inc. (a)		4,926		127,559
Geron Corp. (a)		39,201		105,059
Glaukos Corp. (a)		4,322		126,030
Global Blood Therapeutics Inc. (a)		3,571		59,243
Globus Medical Inc. Class A (a)		18,264		435,231
GlycoMimetics Inc. (a)		2,342		17,026
Greatbatch Inc. (a)		8,007		247,657
Haemonetics Corp. (a)		13,487		390,988

See accompanying notes to financial statements. 47

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Halozyme Therapeutics Inc. (a)		28,134	$	242,796
Halyard Health Inc. (a)		12,202		396,809
HealthEquity Inc. (a)		11,419		346,966
Healthsouth Corp.		23,393		908,116
HealthStream Inc. (a)		6,817		180,787
Healthways Inc. (a)		8,934		103,188
HeartWare International Inc. (a)		4,402		254,216
Heron Therapeutics Inc. (a)		8,085		145,934
Heska Corp. (a)		1,757		65,308
HMS Holdings Corp. (a)		21,952		386,575
Horizon Pharma PLC (a)		41,754		687,688
ICU Medical Inc. (a)		3,855		434,651
Idera Pharmaceuticals Inc. (a)		21,504		32,901
Ignyta Inc. (a)		7,222		39,143
Immune Design Corp. (a)		2,696		21,999
ImmunoGen Inc. (a)		21,993		67,738
Immunomedics Inc. (a)		24,085		55,877
Impax Laboratories Inc. (a)		19,086		550,059
Imprivata Inc. (a)		4,175		58,450
INC Research Holdings Inc. Class A (a)		10,978		418,591
Infinity Pharmaceuticals Inc. (a)		11,891		15,815
Innoviva Inc.		20,821		219,245
Inogen Inc. (a)		4,232		212,066
Inotek Pharmaceuticals Corp. (a)		4,092		30,444
Inovio Pharmaceuticals Inc. (a)		17,156		158,521
Insmed Inc. (a)		15,580		153,619
Insulet Corp. (a)		15,035		454,658
Insys Therapeutics Inc. (a)		6,200		80,228
Integra LifeSciences Holdings Corp. (a)		7,917		631,618
Intellia Therapeutics Inc. (a)		1,804		38,515
Intersect ENT Inc. (a)		6,500		84,045
Intra-Cellular Therapies Inc. (a)		8,885		344,916
Invacare Corp.		8,104		98,302
Invitae Corp. (a)		5,567		41,140
InVivo Therapeutics Holdings Corp. (a)		8,011		46,304
iRadimed Corp. (a)		1,096		23,849
IRIDEX Corp. (a)		1,859		27,495
Ironwood Pharmaceuticals Inc. (a)		33,550		438,666
K2M Group Holdings Inc. (a)		6,572		101,997
Karyopharm Therapeutics Inc. (a)		5,625		37,744
Keryx Biopharmaceuticals Inc. (a)		20,411		135,121
Kindred Healthcare Inc.		22,241		251,101
Kite Pharma Inc. (a)		10,155		507,750
La Jolla Pharmaceutical Co. (a)		3,344		53,504
Landauer Inc.		2,732		112,449
Lannett Company Inc. (a)		7,366		175,237
LDR Holding Corp. (a)		7,108		262,641
LeMaitre Vascular Inc.		3,485		49,731
Lexicon Pharmaceuticals Inc. (a)		11,096		159,228
LHC Group Inc. (a)		4,156		179,872
Ligand Pharmaceuticals Inc. Class B (a)		4,955		590,983
Lion Biotechnologies Inc. (a)		11,998		97,184
Lipocine Inc. (a)		4,064		12,355
Loxo Oncology Inc. (a)		3,373		78,186
Luminex Corp. (a)		10,483		212,071
MacroGenics Inc. (a)		8,395		226,581

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
MannKind Corp. (a)		82,789	$	96,035
Masimo Corp. (a)		10,678		560,755
Medgenics Inc. (a)		6,200		34,410
Medicines Co., The (a)		17,518		589,130
MediciNova Inc. (a)		7,302		55,130
Medidata Solutions Inc. (a)		14,283		669,444
Meridian Bioscience Inc.		10,951		213,544
Merit Medical Systems Inc. (a)		11,096		220,034
Merrimack Pharmaceuticals Inc. (a)		31,585		170,243
MiMedx Group Inc. (a)		27,400		218,652
Minerva Neurosciences Inc. (a)		3,910		39,921
Mirati Therapeutics Inc. (a)		2,788		15,222
Molina Healthcare Inc. (a)		11,407		569,209
Momenta Pharmaceuticals Inc. (a)		16,722		180,598
MyoKardia Inc. (a)		2,843		35,253
Myriad Genetics Inc. (a)		17,593		538,346
NanoString Technologies Inc. (a)		3,830		48,258
NantKwest Inc. (a)		3,892		24,208
Natera Inc. (a)		6,621		79,882
National Healthcare Corp.		3,190		206,521
National Research Corp. Class A		2,400		32,880
Natus Medical Inc. (a)		8,541		322,850
Nektar Therapeutics (a)		33,526		477,075
Neogen Corp. (a)		9,498		534,262
NeoGenomics Inc. (a)		14,347		115,350
Neos Therapeutics Inc. (a)		3,335		30,949
Nevro Corp. (a)		6,237		460,041
NewLink Genetics Corp. (a)		5,895		66,378
Nobilis Health Corp. (a)		15,578		34,739
Novavax Inc. (a)		69,730		506,937
Novocure Ltd. (a)		12,974		151,407
NuVasive Inc. (a)		12,909		770,925
NxStage Medical Inc. (a)		16,551		358,826
Ocular Therapeutix Inc. (a)		4,780		23,661
Omeros Corp. (a)		9,858		103,706
Omnicell Inc. (a)		9,136		312,725
Omthera Pharmaceuticals Inc. Contingent Value Rights (a) (b)		1,326		0
OncoMed Pharmaceuticals Inc. (a)		4,747		58,436
Ophthotech Corp. (a)		7,901		403,188
OraSure Technologies Inc. (a)		14,563		86,067
Organovo Holdings Inc. (a)		23,400		87,048
Orthofix International NV (a)		4,662		197,669
Osiris Therapeutics Inc.		4,400		22,396
Otonomy Inc. (a)		6,108		96,995
OvaScience Inc. (a)		7,811		40,695
Owens & Minor Inc.		16,179		604,771
Oxford Immunotec Global PLC (a)		5,855		52,695
Pacific Biosciences of California Inc. (a)		19,468		136,957
Pacira Pharmaceuticals Inc. (a)		9,478		319,693
Paratek Pharmaceuticals Inc. (a)		3,596		50,020
Parexel International Corp. (a)		13,741		864,034
PDL BioPharma Inc.		42,059		132,065
Penumbra Inc. (a)		6,611		393,354
Pfenex Inc. (a)		5,060		42,352
PharmAthene Inc. (a)		15,794		38,537

48 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
PharMerica Corp. (a)		8,063	$	198,834
Phibro Animal Health Corp. Class A		4,899		91,415
Portola Pharmaceuticals Inc. (a)		12,616		297,738
PRA Health Sciences Inc. (a)		6,570		274,363
Press Ganey Holdings Inc. (a)		5,828		229,332
Prestige Brands Holdings Inc. (a)		13,857		767,678
Progenics Pharmaceuticals Inc. (a)		18,304		77,243
Proteostasis Therapeutics Inc. (a)		1,547		18,765
Prothena Corp. PLC (a)		8,983		314,046
Providence Service Corp. (a)		3,568		160,132
PTC Therapeutics Inc. (a)		8,513		59,761
Puma Biotechnology Inc. (a)		6,379		190,030
Quality Systems Inc.		13,174		156,902
Quidel Corp. (a)		7,251		129,503
Quorum Health Corp. (a)		8,317		89,075
Radius Health Inc. (a)		8,083		297,050
RadNet Inc. (a)		10,619		56,705
Raptor Pharmaceutical Corp. (a)		22,822		122,554
Reata Pharmaceuticals Inc. Class A (a)		1,439		28,420
REGENXBIO Inc. (a)		5,041		40,328
Regulus Therapeutics Inc. (a)		9,675		27,961
Relypsa Inc. (a)		9,680		179,080
Repligen Corp. (a)		8,749		239,373
Retrophin Inc. (a)		9,435		168,037
Revance Therapeutics Inc. (a)		5,213		70,897
Rigel Pharmaceuticals Inc. (a)		25,114		56,004
Rockwell Medical Inc. (a)		12,544		94,958
RTI Surgical Inc. (a)		15,973		57,343
Sage Therapeutics Inc. (a)		6,830		205,788
Sagent Pharmaceuticals Inc. (a)		7,207		107,961
Sangamo BioSciences Inc. (a)		18,542		107,358
Sarepta Therapeutics Inc. (a)		11,011		209,980
SciClone Pharmaceuticals Inc. (a)		13,232		172,810
Second Sight Medical Products Inc (a)		3,390		12,136
Select Medical Holdings Corp. (a)		28,500		309,795
Senseonics Holdings Inc. (a)		7,074		27,801
Seres Therapeutics Inc. (a)		4,579		133,020
Sorrento Therapeutics Inc. (a)		6,900		38,640
Spark Therapeutics Inc. (a)		4,409		225,432
Spectranetics Corp., The (a)		11,244		210,375
Spectrum Pharmaceuticals Inc. (a)		17,558		115,356
STAAR Surgical Co. (a)		9,524		52,477
Stemline Therapeutics Inc. (a)		3,900		26,403
Sucampo Pharmaceuticals Inc. Class A (a)		6,000		65,820
Supernus Pharmaceuticals Inc. (a)		12,088		246,233
Surgery Partners Inc. (a)		5,289		94,673
Surgical Care Affiliates Inc. (a)		7,205		343,462
SurModics Inc. (a)		3,219		75,582
Symmetry Surgical Inc. (a)		2,412		31,670
Syndax Pharmaceuticals Inc. (a)		1,131		11,140
Synergy Pharmaceuticals Inc. (a)		46,757		177,677
Synthetic Biologics Inc. (a)		18,190		32,742
T2 Biosystems Inc. (a)		3,646		28,767
Tandem Diabetes Care Inc. (a)		4,250		32,045
Team Health Holdings Inc. (a)		17,668		718,558
Teladoc Inc. (a)		5,538		88,719

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Teligent Inc. (a)		10,912	$	77,912
Tesaro Inc. (a)		6,372		535,567
Tetraphase Pharmaceuticals Inc. (a)		8,767		37,698
TG Therapeutics Inc. (a)		9,839		59,624
TherapeuticsMD Inc. (a)		38,741		329,298
Theravance Biopharma Inc. (a)		9,453		214,489
Titan Pharmaceuticals Inc. (a)		4,629		25,321
Tobira Therapeutics Inc. (a)		2,072		26,024
Tokai Pharmaceuticals Inc. (a)		2,381		13,119
TransEnterix Inc. (a)		17,054		20,806
Trevena Inc. (a)		11,445		72,104
Triple-S Management Corp. Class B (a)		6,437		157,256
Trovagene Inc. (a)		7,900		35,787
U.S. Physical Therapy Inc.		3,389		204,052
Ultragenyx Pharmaceutical Inc. (a)		9,346		457,113
Unilife Corp. (a)		1		3
Universal American Corp.		15,715		119,120
USMD Holdings Inc. (a)		693		12,987
Utah Medical Products Inc.		1,000		63,000
Vanda Pharmaceuticals Inc. (a)		9,526		106,596
Vascular Solutions Inc. (a)		4,400		183,304
Veracyte Inc. (a)		3,221		16,202
Versartis Inc. (a)		6,886		76,159
ViewRay Inc. (a)		1,809		7,399
Vitae Pharmaceuticals Inc. (a)		6,617		71,397
Vital Therapies Inc. (a)		6,396		39,655
Vocera Communications Inc. (a)		6,700		86,095
Voyager Therapeutics Inc. (a)		2,931		32,212
vTv Therapeutics Inc. Class A (a)		1,946		11,287
WaVe Life Sciences Ltd. (a)		1,830		37,863
Wright Medical Group NV (a)		26,774		465,064
XBiotech Inc. (a)		4,422		92,508
Xencor Inc. (a)		8,248		156,630
Xenoport Inc. (a)		14,674		103,305
Zafgen Inc. (a)		5,726		34,299
Zeltiq Aesthetics Inc. (a)		9,212		251,764
ZIOPHARM Oncology Inc. (a)		31,232		171,464
Zogenix Inc. (a)		5,987		48,195
				57,548,587
Industrials (13.67%)
Aaon Inc.		10,350		284,728
AAR Corp.		8,633		201,494
ABM Industries Inc.		14,452		527,209
Acco Brands Corp. (a)		27,822		287,401
Actuant Corp. Class A		15,402		348,239
Advanced Drainage Systems Inc.		9,155		250,572
Advisory Board Co., The (a)		10,754		380,584
Aegion Corp. (a)		9,256		180,585
Aerojet Rocketdyne Holdings Inc. (a)		15,826		289,299
Aerovironment Inc. (a)		5,385		149,703
Air Transport Services Group Inc. (a)		13,100		169,776
Aircastle Ltd.		12,568		245,830
Alamo Group Inc.		2,438		160,835
Albany International Corp. Class A		7,400		295,482
Allegiant Travel Co.		3,434		520,251

See accompanying notes to financial statements. 49

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Allied Motion Technologies Inc.		1,500	$	34,890
Altra Industrial Motion Corp.		6,700		180,766
Ameresco Inc. Class A (a)		5,100		22,287
American Railcar Industries Inc.		1,916		75,625
American Science & Engineering Inc.		1,881		70,368
American Superconductor Corp. (a)		2,879		24,299
American Woodmark Corp. (a)		3,651		242,353
Apogee Enterprises Inc.		7,336		340,024
Applied Industrial Technologies Inc.		9,477		427,792
Aqua Metals Inc. (a)		2,529		29,754
ARC Document Solutions Inc. (a)		10,621		41,316
ArcBest Corp.		6,389		103,821
Argan Inc.		3,550		148,106
Armstrong Flooring Inc. (a)		6,077		103,005
Astec Industries Inc.		5,028		282,322
Astronics Corp. (a)		5,081		168,994
Atlas Air Worldwide Holdings Inc. (a)		6,343		262,727
AZZ Inc.		6,775		406,364
Babcock & Wilcox Enterprises Inc. (a)		11,883		174,561
Barnes Group Inc.		13,191		436,886
Barrett Business Services Inc.		1,800		74,376
Beacon Roofing Supply Inc. (a)		15,615		710,014
Blue Bird Corp. (a)		1,200		14,280
BMC Stock Holdings Inc. (a)		14,504		258,461
Brady Corp.		11,840		361,830
Briggs & Stratton Corp.		11,180		236,792
Brink’s Co., The		11,736		334,359
Builders FirstSource Inc. (a)		21,886		246,218
CaesarStone Ltd. (a)		6,165		214,295
CAI International Inc. (a)		4,300		32,250
Casella Waste Systems Inc. Class A (a)		10,314		80,965
CBIZ Inc. (a)		13,491		140,441
CEB Inc.		8,451		521,258
CECO Environmental Corp.		7,055		61,661
Celadon Group Inc.		7,253		59,257
Chart Industries Inc. (a)		7,800		188,214
CIRCOR International Inc.		4,321		246,254
Clarcor Inc.		12,416		755,265
Columbus McKinnon Corp.		5,100		72,165
Comfort Systems USA Inc.		9,707		316,157
Continental Building Products Inc. (a)		9,245		205,516
Costamare Inc.		6,611		50,706
Covenant Transport Group Inc. Class A (a)		3,187		57,589
CRA International Inc. (a)		2,415		60,906
CSW Industrials Inc. (a)		3,718		121,244
Cubic Corp.		6,615		265,658
Curtiss-Wright Corp.		11,538		972,076
Deluxe Corp.		12,740		845,554
DigitalGlobe Inc. (a)		16,573		354,496
Douglas Dynamics Inc.		5,962		153,402
Ducommun Inc. (a)		2,600		51,428
DXP Enterprises Inc. (a)		3,400		50,762
Dycom Industries Inc. (a)		7,964		714,849
Dynamic Materials Corp.		3,782		40,656
Echo Global Logistics Inc. (a)		7,508		168,329
EMCOR Group Inc.		15,893		782,889

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Encore Wire Corp.		5,295	$	197,398
Energous Corp. (a)		3,646		47,216
Energy Recovery Inc. (a)		8,645		76,854
EnerSys		11,397		677,780
Engility Holdings Inc. (a)		4,683		98,905
Ennis Inc.		6,432		123,366
EnPro Industries Inc.		5,595		248,362
ESCO Technologies Inc.		6,510		260,009
Essendant Inc.		9,722		297,104
Esterline Technologies Corp. (a)		7,712		478,452
ExOne Co., The (a)		2,431		25,696
Exponent Inc.		6,775		395,728
Federal Signal Corp.		15,734		202,654
Forward Air Corp.		7,808		347,690
Franklin Covey Co. (a)		2,568		39,367
Franklin Electric Co. Inc.		11,951		394,981
Freightcar America Inc.		3,060		42,993
FTI Consulting Inc. (a)		10,837		440,849
FuelCell Energy Inc. (a)		6,564		40,828
G&K Services Inc. Class A		5,044		386,219
GATX Corp.		10,666		468,984
Gencor Industries Inc. (a)		1,343		20,843
Generac Holdings Inc. (a)		17,123		598,620
General Cable Corp.		12,343		156,880
Gibraltar Industries Inc. (a)		8,569		270,523
Global Brass & Copper Holdings Inc.		6,220		169,744
GMS Inc. (a)		2,019		44,923
Gorman-Rupp Co., The		4,484		122,906
GP Strategies Corp. (a)		3,200		69,408
Graham Corp.		2,600		47,892
Granite Construction Inc.		10,331		470,577
Great Lakes Dredge & Dock Co. (a)		14,800		64,528
Greenbrier Companies Inc., The		7,031		204,813
Griffon Corp.		8,347		140,730
H&E Equipment Services Inc.		8,235		156,712
Hardinge Inc.		2,803		28,198
Harsco Corp.		21,648		143,743
Hawaiian Holdings Inc. (a)		13,597		516,142
HC2 Holdings Inc. (a)		8,868		38,132
Healthcare Services Group Inc.		18,233		754,482
Heartland Express Inc.		11,991		208,523
Heidrick & Struggles International Inc.		4,612		77,851
Heritage-Crystal Clean Inc. (a)		3,467		42,332
Herman Miller Inc.		15,510		463,594
Hill International Inc. (a)		8,500		34,595
Hillenbrand Inc.		15,615		469,075
HNI Corp.		11,743		545,932
Hub Group Inc. (a)		8,794		337,426
Hurco Companies Inc.		1,569		43,665
Huron Consulting Group Inc. (a)		5,770		348,623
Hyster-Yale Materials Handling Inc.		2,534		150,748
ICF International Inc. (a)		4,861		198,815
IDI Inc. (a)		3,642		17,227
IES Holdings Inc. (a)		1,968		24,443
Innerworkings Inc. (a)		9,652		79,822
Insperity Inc.		4,056		313,245

50 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Insteel Industries Inc.		4,500	$	128,655
Interface Inc.		16,567		252,647
John Bean Technologies Corp.		7,622		466,619
Joy Global Inc.		25,463		538,288
Kadant Inc.		2,758		142,065
Kaman Corp.		7,048		299,681
Kelly Services Inc. Class A		7,516		142,579
Kennametal Inc.		20,437		451,862
Keyw Holding Corp., The (a)		9,087		90,325
Kforce Inc.		6,210		104,887
Kimball International Inc. Class B		9,563		108,827
KLX Inc. (a)		13,757		426,467
Knight Transportation Inc.		17,372		461,748
Knoll Inc.		12,592		305,734
Korn/Ferry International		14,893		308,285
Kratos Defense & Security Solutions Inc. (a)		12,424		50,938
Lawson Products Inc. (a)		1,400		27,804
Layne Christensen Co. (a)		4,883		39,552
Lindsay Corp.		2,804		190,279
LSI Industries Inc.		5,747		63,619
Lydall Inc. (a)		4,408		169,972
Manitowoc Company Inc., The		32,987		179,779
Marten Transport Ltd.		6,197		122,701
Masonite International Corp. (a)		7,980		527,797
MasTec Inc. (a)		17,320		386,582
Matson Inc.		11,207		361,874
Matthews International Corp. Class A		8,540		475,166
McGrath Rentcorp		6,097		186,507
Mercury Systems Inc. (a)		10,048		249,793
Meritor Inc. (a)		22,598		162,706
Milacron Holdings Corp. (a)		4,084		59,259
Miller Industries Inc.		2,950		60,740
Mistras Group Inc. (a)		4,362		104,121
Mobile Mini Inc.		11,547		399,988
Moog Inc. Class A (a)		8,384		452,065
MRC Global Inc. (a)		24,475		347,790
MSA Safety Inc.		8,100		425,493
Mueller Industries Inc.		15,149		482,950
Mueller Water Products Inc.		40,303		460,260
Multi-Color Corp.		3,584		227,226
MYR Group Inc. (a)		4,521		108,866
National Presto Industries Inc.		1,218		114,918
Navigant Consulting Inc. (a)		12,949		209,126
Navistar International Corp. (a)		12,860		150,333
NCI Building Systems Inc. (a)		7,054		112,793
Neff Corp. Class A (a)		2,623		28,669
NL Industries Inc. (a)		1,843		4,737
NN Inc.		6,990		97,790
Nortek Inc. (a)		2,656		157,527
NOW Inc. (a)		27,656		501,680
NV5 Global Inc. (a)		1,941		55,202
Omega Flex Inc.		800		30,432
On Assignment Inc. (a)		13,231		488,885
Orion Group Holdings Inc. (a)		6,764		35,917
P.A.M. Transportation Services Inc. (a)		800		12,712
Park-Ohio Holdings Corp.		2,366		66,910

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
Patrick Industries Inc. (a)		3,802	$	229,223
PGT Inc. (a)		12,594		129,718
Plug Power Inc. (a)		45,700		85,002
Ply Gem Holdings Inc. (a)		6,097		88,833
Powell Industries Inc.		2,355		92,646
Power Solutions International Inc. (a)		1,100		19,635
Preformed Line Products Co.		600		24,234
Primoris Services Corp.		10,568		200,052
Proto Labs Inc. (a)		6,424		369,765
Quad Graphics Inc.		7,540		175,607
Quanex Building Products Corp.		9,084		168,872
Radiant Logistics Inc. (a)		8,900		26,700
Raven Industries Inc.		9,349		177,070
RBC Bearings Inc. (a)		5,900		427,750
Resources Connection Inc.		9,464		139,878
Rexnord Corp. (a)		21,739		426,737
Roadrunner Transportation Systems Inc. (a)		8,040		59,978
RPX Corp. (a)		13,666		125,317
Rush Enterprises Inc. (a)		1,298		26,985
Rush Enterprises Inc. Class B (a)		8,119		174,964
Saia Inc. (a)		6,546		164,566
Scorpio Bulkers Inc. (a)		11,224		31,315
Simpson Manufacturing Co. Inc.		10,811		432,116
SiteOne Landscape Supply Inc. (a)		3,041		103,364
SkyWest Inc.		13,021		344,536
Sparton Corp. (a)		2,600		56,602
SPX Corp.		12,128		180,101
SPX FLOW Inc. (a)		8,459		220,526
Standard Plus Corp. (a)		4,567		103,123
Standex International Corp.		3,328		274,993
Steelcase Inc.		22,201		301,268
Sun Hydraulics Corp.		5,997		178,051
Sunrun Inc. (a)		16,349		96,950
Supreme Industries Inc. Class A		3,102		42,497
Swift Transportation Co. (a)		19,483		300,233
TAL International Group Inc.		8,928		119,724
Taser International Inc. (a)		13,492		335,681
Team Inc. (a)		7,533		187,044
Teledyne Technologies Inc. (a)		8,944		885,903
Tennant Co.		4,635		249,687
Tetra Tech Inc.		15,082		463,696
Textainer Group Holdings Ltd.		6,070		67,620
Thermon Group Holdings Inc. (a)		8,455		162,421
Titan International Inc.		12,140		75,268
Titan Machinery Inc. (a)		5,044		56,241
TRC Companies Inc. (a)		4,100		25,912
Trex Co. Inc. (a)		7,756		348,400
TriMas Corp. (a)		11,555		207,990
TriNet Group Inc. (a)		10,963		227,921
Triumph Group Inc.		12,746		452,483
TrueBlue Inc. (a)		11,048		209,028
Tutor Perini Corp. (a)		9,934		233,946
UniFirst Corp.		3,964		458,714
Univar Inc. (a)		11,185		211,508
Universal Forest Products Inc.		5,133		475,778
Universal Logistics Holdings Inc.		2,402		30,986

See accompanying notes to financial statements. 51

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Industrials (Cont.)
US Ecology Inc.		5,776	$	265,407
USA Truck Inc. (a)		2,400		42,024
Vectrus Inc. (a)		2,806		79,943
Veritiv Corp. (a)		2,320		87,186
Viad Corp.		5,435		168,485
Vicor Corp. (a)		4,522		45,537
Virgin American Inc. (a)		4,987		280,319
VSE Corp.		1,221		81,563
Wabash National Corp. (a)		17,145		217,742
WageWorks Inc. (a)		9,457		565,623
Watts Water Technologies Inc.		7,294		424,952
Werner Enterprises Inc.		11,644		267,463
Wesco Aircraft Holdings Inc. (a)		14,370		192,845
West Corp.		11,572		227,506
Willis Lease Finance Corp. (a)		1,221		27,143
Woodward Inc.		13,850		798,314
XPO Logistics Inc. (a)		25,404		667,109
YRC Worldwide Inc. (a)		8,060		70,928
				58,971,341
Information Technology (16.89%)
2U Inc. (a)		9,494		279,219
3D Systems Corp. (a)		27,681		378,953
A10 Networks Inc. (a)		11,296		73,085
Acacia Communications Inc. (a)		1,367		54,598
ACI Worldwide Inc. (a)		30,248		590,138
Actua Corp. (a)		9,184		82,932
Acxiom Corp. (a)		20,208		444,374
Adtran Inc.		12,521		233,517
Advanced Energy Industries Inc. (a)		10,233		388,445
Advanced Micro Devices Inc. (a)		169,686		872,186
Aerohive Networks Inc. (a)		5,692		37,681
Agilysys Inc. (a)		3,514		36,792
Alarm.com Holdings Inc. (a)		2,643		67,740
ALJ Regional Holdings Inc. (a)		7,306		36,530
Alpha & Omega Semiconductor Ltd. (a)		4,464		62,184
Ambarella Inc. (a)		8,286		421,012
Amber Road Inc. (a)		4,282		33,014
American Software Inc. Class A		6,300		66,024
Amkor Technology Inc. (a)		25,264		145,268
Angie’s List Inc. (a)		10,177		66,252
Anixter International Inc. (a)		7,567		403,170
Apigee Corp. (a)		3,843		46,961
AppFolio Inc. Class A (a)		1,953		28,240
Applied Micro Circuits Corp. (a)		19,670		126,281
Applied Optoelectronics Inc. (a)		4,300		47,945
Aspen Technology Inc. (a)		21,529		866,327
Autobytel Inc. (a)		2,109		29,252
AVG Technologies NV (a)		11,010		209,080
Avid Technology Inc. (a)		9,149		53,156
AVX Corp.		11,800		160,244
Axcelis Technologies Inc. (a)		28,826		77,542
Badger Meter Inc.		3,630		265,099
Bankrate Inc. (a)		12,396		92,722
Barracuda Networks Inc. (a)		5,643		85,435
Bazaarvoice Inc. (a)		20,953		84,022

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Bel Fuse Inc.		2,483	$	44,148
Belden Inc.		10,920		659,240
Benchmark Electronics Inc. (a)		12,821		271,164
Benefitfocus Inc. (a)		3,331		126,978
Black Box Corp.		3,709		48,514
Blackbaud Inc.		12,262		832,590
Blackhawk Network Holdings Inc. (a)		14,269		477,869
Blucora Inc. (a)		10,620		110,023
Bottomline Technologies Inc. (a)		10,331		222,426
Box Inc. Class A (a)		12,554		129,808
Brightcove Inc. (a)		8,000		70,400
BroadSoft Inc. (a)		7,646		313,715
Brooks Automation Inc.		17,149		192,412
Cabot Microelectronics Corp.		6,243		264,329
CACI International Inc. Class A (a)		6,376		576,454
CalAmp Corp. (a)		9,100		134,771
Calix Inc. (a)		11,220		77,530
Callidus Software Inc. (a)		14,506		289,830
Carbonite Inc. (a)		4,400		42,812
Cardtronics Inc. (a)		11,861		472,186
Care.com Inc. (a)		4,693		54,814
Cass Information Systems Inc.		2,969		153,497
Cavium Inc. (a)		14,634		564,872
CEVA Inc. (a)		5,106		138,730
ChannelAdvisor Corp. (a)		5,766		83,549
Ciena Corp. (a)		35,666		668,738
Cimpress NV (a)		6,569		607,501
Cirrus Logic Inc. (a)		16,242		630,027
Clearfield Inc. (a)		2,800		50,092
Coherent Inc. (a)		6,286		576,929
Cohu Inc.		6,608		71,697
CommVault Systems Inc. (a)		10,107		436,521
comScore Inc. (a)		12,321		294,225
Comtech Telecommunications Corp.		4,302		55,238
Control4 Corp. (a)		5,042		41,143
Convergys Corp.		23,254		581,350
Cornerstone OnDemand Inc. (a)		13,119		499,309
CPI Card Group Inc.		5,947		29,794
Cray Inc. (a)		10,501		314,190
CSG Systems International Inc.		8,448		340,539
CTS Corp.		8,064		144,507
Cvent Inc. (a)		7,786		278,116
Daktronics Inc.		9,652		60,325
Datalink Corp. (a)		4,900		36,750
Demandware Inc. (a)		9,774		732,073
DHI Group Inc. (a)		12,904		80,392
Diebold Inc.		15,560		386,355
Digi International Inc. (a)		6,802		72,985
Digimarc Corp. (a)		2,150		68,714
Diodes Inc. (a)		9,917		186,340
DSP Group Inc. (a)		5,824		61,793
DTS Inc. (a)		4,674		123,627
EarthLink Holdings Corp.		27,628		176,819
Eastman Kodak Co. (a)		4,727		76,010
Ebix Inc.		6,527		312,643
Electro Rent Corp.		3,906		60,191
Electro Scientific Industries Inc. (a)		6,518		38,065

52 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Electronics for Imaging Inc. (a)		12,207	$	525,389
Ellie Mae Inc. (a)		7,655		701,581
EMCORE Corp. (a)		6,100		36,234
Endurance International Group Holdings Inc. (a)		16,091		144,658
EnerNOC Inc. (a)		6,830		43,166
Entegris Inc. (a)		36,749		531,758
Envestnet Inc. (a)		10,710		356,750
EPAM Systems Inc. (a)		12,495		803,553
EPIQ Systems Inc.		6,260		91,396
ePlus Inc. (a)		1,664		136,099
EVERTEC Inc.		16,568		257,467
Everyday Health Inc. (a)		7,119		56,098
Exa Corp. (a)		3,493		50,474
Exar Corp. (a)		10,828		87,165
Exlservice Holdings Inc. (a)		8,598		450,621
Extreme Networks Inc. (a)		26,571		90,076
Fabrinet (a)		8,928		331,407
Fair Isaac Corp.		8,066		911,539
Fairchild Semiconductor International Inc. (a)		29,793		591,391
FARO Technologies Inc. (a)		4,254		143,913
Finisar Corp. (a)		27,868		487,969
Five9 Inc. (a)		8,432		100,341
Fleetmatics Group Ltd. PLC (a)		10,172		440,753
Formfactor Inc. (a)		17,195		154,585
Forrester Research Inc.		2,857		105,309
Gerber Scientific Inc. Escrow Shares (a) (b)		6,402		0
Gigamon Inc. (a)		8,407		314,338
GigPeak Inc. (a)		11,629		22,793
Global Sources Ltd. (a)		1,940		17,790
Globant SA (a)		6,649		261,638
Glu Mobile Inc. (a)		25,548		56,206
Gogo Inc. (a)		14,431		121,076
GrubHub Inc. (a)		20,933		650,388
GTT Communications Inc. (a)		6,822		126,071
Guidance Software Inc. (a)		5,178		32,052
Hackett Group Inc., The		5,994		83,137
Harmonic Inc. (a)		19,093		54,415
Higher One Holdings Inc. (a)		7,919		40,466
Hortonworks Inc. (a)		10,267		109,754
HubSpot Inc. (a)		7,473		324,478
II-VI Inc. (a)		15,467		290,161
Immersion Corp. (a)		7,200		52,848
Imperva Inc. (a)		7,422		319,220
inContact Inc. (a)		15,107		209,232
Infinera Corp. (a)		36,411		410,716
Infoblox Inc. (a)		14,568		273,296
Information Services Group Inc. (a)		8,219		30,821
Inphi Corp. (a)		10,452		334,778
Insight Enterprises Inc. (a)		9,748		253,448
Instructure Inc. (a)		2,638		50,122
Integrated Device Technology Inc. (a)		34,934		703,221
Interactive Intelligence Group (a)		4,717		193,350
InterDigital Inc.		9,101		506,744
Intersil Corp. Class A		34,603		468,525

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Intralinks Holdings Inc. (a)		10,533	$	68,464
InvenSense Inc. (a)		21,181		129,840
Itron Inc. (a)		8,720		375,832
Ixia (a)		16,579		162,806
IXYS Corp.		6,314		64,718
j2 Global Inc.		12,240		773,201
Jive Software Inc. (a)		14,676		55,182
Kimball Electronics Inc. (a)		7,397		92,093
Knowles Corp. (a)		22,881		313,012
Kopin Corp. (a)		17,200		38,184
KVH Industries Inc. (a)		4,200		32,340
Lattice Semiconductor Corp. (a)		30,996		165,829
Limelight Networks Inc. (a)		19,808		29,514
Lionbridge Technologies Inc. (a)		16,100		63,595
Liquidity Services Inc. (a)		6,312		49,486
Littelfuse Inc.		5,733		677,583
LivePerson Inc. (a)		13,900		88,126
LogMeIn Inc. (a)		6,544		415,086
Lumentum Holdings Inc. (a)		13,061		316,076
MACOM Technology Solutions Holdings Inc. (a)		6,148		202,761
Majesco (a)		1,657		8,799
ManTech International Corp. Class A		6,414		242,577
Marchex Inc. Class B (a)		8,066		25,650
Marketo Inc. (a)		10,719		373,236
MAXIMUS Inc.		16,736		926,672
MaxLinear Inc. Class A (a)		14,435		259,541
Maxwell Technologies Inc. (a)		8,011		42,298
MeetMe Inc. (a)		10,238		54,569
Mentor Graphics Corp.		27,821		591,474
Mesa Laboratories Inc.		784		96,432
Methode Electronics Inc.		9,368		320,667
Microsemi Corp. (a)		29,588		966,936
MicroStrategy Inc. (a)		2,482		434,400
MINDBODY, Inc. Class A (a)		3,627		58,540
Mitek Systems Inc. (a)		7,422		52,770
MKS Instruments Inc.		13,818		595,003
MobileIron Inc. (a)		12,140		37,027
Model N Inc. (a)		5,500		73,425
MoneyGram International Inc. (a)		7,262		49,745
Monolithic Power Systems Inc.		10,080		688,666
Monotype Imaging Holdings Inc.		10,509		258,837
Monster Worldwide Inc. (a)		22,516		53,813
MTS Systems Corp.		3,770		165,277
Multi-Fineline Electronix Inc. (a)		2,495		57,884
Nanometrics Inc. (a)		6,319		131,372
NCI Inc. Class A		1,538		21,609
NeoPhotonics Corp. (a)		7,930		75,573
Netgear Inc. (a)		8,418		400,192
NetScout Systems Inc. (a)		24,921		554,492
New Relic Inc. (a)		5,686		167,055
NIC Inc.		16,506		362,142
Nimble Storage Inc. (a)		16,190		128,872
Novanta Inc. (a)		8,396		127,199
NumereX Corp. Class A (a)		3,260		24,417
NVE Corp.		1,200		70,380

See accompanying notes to financial statements. 53

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Oclaro Inc. (a)		24,700	$	120,536
OSI Systems Inc. (a)		4,579		266,177
Park City Group Inc. (a)		3,278		29,404
Park Electrochemical Corp.		4,835		70,253
Paycom Software Inc. (a)		11,401		492,637
Paylocity Holding Corp. (a)		5,580		241,056
PC Connection Inc.		3,077		73,233
PDF Solutions Inc. (a)		7,160		100,168
Pegasystems Inc.		9,377		252,710
Perficient Inc. (a)		9,000		182,790
PFSweb Inc. (a)		3,874		36,803
Photronics Inc. (a)		16,672		148,548
Planet Payment Inc. (a)		10,851		48,721
Plantronics Inc.		8,626		379,544
Plexus Corp. (a)		8,706		376,099
Polycom Inc. (a)		35,342		397,598
Power Integrations Inc.		7,123		356,649
Progress Software Corp. (a)		13,055		358,490
Proofpoint Inc. (a)		10,618		669,890
PROS Holdings Inc. (a)		6,487		113,068
Pure Storage Inc. Class A (a)		15,680		170,912
Q2 Holdings Inc. (a)		6,604		185,044
QAD Inc. Class A		2,458		47,366
QLIK Technologies Inc. (a)		24,356		720,450
QLogic Corp. (a)		21,725		320,226
Qualys Inc. (a)		7,041		209,892
QuinStreet Inc. (a)		8,298		29,458
Quotient Technology Inc. (a)		16,505		221,332
Radisys Corp. (a)		8,993		40,289
Rambus Inc. (a)		28,258		341,357
Rapid7 Inc. (a)		4,989		62,762
Realnetworks Inc. (a)		5,369		23,140
RealPage Inc. (a)		14,071		314,205
Reis Inc.		2,456		61,154
RetailMeNot Inc. (a)		10,447		80,546
Rightside Group Ltd. (a)		2,913		30,994
RingCentral Inc. Class A (a)		15,207		299,882
Rofin-Sinar Technologies Inc. (a)		6,934		221,472
Rogers Corp. (a)		4,727		288,820
Rosetta Stone Inc. (a)		4,785		37,084
Rovi Corp. (a)		20,758		324,655
Rubicon Project Inc., The (a)		9,656		131,804
Rudolph Technologies Inc. (a)		7,768		120,637
Sanmina Corp. (a)		19,101		512,098
Sapiens International Corp. NV		6,300		73,773
ScanSource Inc. (a)		6,478		240,399
Science Applications International Corp.		11,097		647,510
SciQuest Inc. (a)		7,235		127,770
SecureWorks Corp. Class A (a)		1,458		20,558
Semtech Corp. (a)		16,649		397,245
ServiceSource International Inc. (a)		16,312		65,737
ShoreTel Inc. (a)		17,429		116,600
Shutterstock Inc. (a)		4,910		224,878
Sigma Designs Inc. (a)		8,600		55,298
Silicom Ltd.		1,443		43,146

	Shares		Value
Common Stocks (Cont.)
Information Technology (Cont.)
Silicon Graphics International Corp. (a)		10,019	$	50,396
Silicon Laboratories Inc. (a)		10,700		521,518
Silver Spring Networks Inc. (a)		9,400		114,210
Sonus Networks Inc. (a)		12,121		105,331
SPS Commerce Inc. (a)		4,303		260,762
Stamps.com Inc. (a)		4,199		367,077
Stratasys Ltd. (a)		12,523		286,651
Super Micro Computer Inc. (a)		10,065		250,115
Sykes Enterprises Inc. (a)		10,196		295,276
Synaptics Inc. (a)		9,688		520,730
Synchronoss Technologies Inc. (a)		10,718		341,475
SYNNEX Corp.		7,646		724,994
Syntel Inc. (a)		8,527		385,932
Systemax Inc. (a)		2,500		21,325
Take-Two Interactive Software Inc. (a)		21,687		822,371
Tangoe Inc. (a)		7,362		56,835
Tech Data Corp. (a)		9,135		656,350
TechTarget (a)		4,626		37,471
TeleNav Inc. (a)		8,462		43,156
TeleTech Holdings Inc.		4,515		122,492
Tessera Technologies Inc.		12,718		389,680
TiVo Inc. (a)		24,577		243,312
Travelport Worldwide Ltd.		30,333		390,992
TrueCar Inc. (a)		13,786		108,220
TTM Technologies Inc. (a)		18,798		141,549
TubeMogul Inc. (a)		5,623		66,914
Ubiquiti Networks Inc. (a)		6,748		260,878
Ultra Clean Holdings Inc. (a)		7,523		42,806
Ultratech Inc. (a)		5,692		130,745
Unisys Corp. (a)		12,738		92,733
United Online Inc. (a)		3,600		39,600
Universal Display Corp. (a)		10,741		728,236
USA Technologies Inc. (a)		9,219		39,365
Varonis Systems Inc. (a)		2,753		66,127
VASCO Data Security International Inc. (a)		7,602		124,597
Veeco Instruments Inc. (a)		10,133		167,802
Verint Systems Inc. (a)		16,204		536,839
ViaSat Inc. (a)		11,558		825,241
Viavi Solutions Inc. (a)		60,812		403,184
Virnetx Holding Corp. (a)		13,675		54,700
Virtusa Corp. (a)		7,302		210,882
Vishay Intertechnology Inc.		35,286		437,194
Vishay Precision Group Inc. (a)		3,021		40,542
Web.com Group Inc. (a)		11,057		201,016
WebMD Health Corp. (a)		9,729		565,352
Workiva Inc. (a)		5,618		76,742
Xactly Corp. (a)		5,901		75,592
Xcerra Corp. (a)		13,396		77,027
XO Group Inc. (a)		6,800		118,524
Xura Inc. (a)		6,184		151,075
Zendesk Inc. (a)		21,043		555,114
Zix Corp. (a)		13,900		52,125
				72,865,163

54 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Materials (4.43%)
A. Schulman Inc.		7,347	$	179,414
AEP Industries Inc.		1,102		88,667
AgroFresh Solutions Inc. (a)		5,362		28,472
AK Steel Holding Corp. (a)		62,366		290,626
Allegheny Technologies Inc.		28,621		364,918
American Vanguard Corp.		7,413		112,010
Ampco-Pittsburgh Corp.		2,461		27,834
Axiall Corp.		18,330		597,741
Balchem Corp.		8,193		488,712
Boise Cascade Co. (a)		9,998		229,454
Calgon Carbon Corp.		13,340		175,421
Carpenter Technology Corp.		12,481		410,999
Century Aluminum Co. (a)		14,121		89,386
Chase Corp.		1,887		111,465
Chemours Co., The		47,338		390,065
Chemtura Corp. (a)		16,644		439,069
Clearwater Paper Corp. (a)		4,514		295,080
Cliffs Natural Resources Inc. (a)		46,663		264,579
Codexis Inc. (a)		8,399		33,848
Coeur Mining Inc. (a)		39,659		422,765
Commercial Metals Co.		31,044		524,644
Deltic Timber Corp.		2,797		187,763
Ferro Corp. (a)		21,502		287,697
Ferroglobe PLC		17,997		154,954
Flotek Industries Inc. (a)		13,328		175,930
FutureFuel Corp.		6,273		68,250
GCP Applied Technologies Inc. (a)		18,336		477,469
Gold Resource Corp.		13,014		46,720
Greif Inc. Class A		6,747		251,461
Greif Inc. Class B		1,454		79,606
Handy & Harman Ltd. (a)		648		16,971
Hawkins Inc.		2,466		107,049
Haynes International Inc.		3,691		118,407
HB Fuller Co.		13,077		575,257
Headwaters Inc. (a)		19,081		342,313
Hecla Mining Co.		99,616		508,042
Ingevity Corp. (a)		11,027		375,359
Innophos Holdings Inc.		5,071		214,047
Innospec Inc.		6,228		286,426
Kapstone Paper and Packaging Corp.		22,294		290,045
KMG Chemicals Inc.		2,267		58,919
Koppers Holdings Inc. (a)		5,481		168,431
Kraton Performance Polymers Inc. (a)		7,712		215,396
Kronos Worldwide Inc.		5,200		27,300
Louisiana-Pacific Corp. (a)		37,385		648,630
LSB Industries Inc. (a)		5,393		65,147
Materion Corp.		5,855		144,970
Minerals Technologies Inc.		9,120		518,016
Multi Packaging Solutions International Ltd. (a)		5,630		75,160
Myers Industries Inc.		5,966		85,910
Neenah Paper Inc.		4,310		311,915
Olin Corp.		42,973		1,067,449
Olympic Steel Inc.		2,668		72,863
Omnova Solutions Inc. (a)		11,758		85,246
P. H. Glatfelter Co.		11,310		221,224

	Shares		Value
Common Stocks (Cont.)
Materials (Cont.)
PolyOne Corp.		21,790	$	767,880
Quaker Chemical Corp.		3,395		302,834
Rayonier Advanced Materials Inc.		10,861		147,601
Real Industry Inc. (a)		6,940		53,924
Ryerson Holding Corp. (a)		3,271		57,242
Schnitzer Steel Industries Inc. Class A		6,939		122,126
Schweitzer-Mauduit International Inc.		7,860		277,301
Sensient Technologies Corp.		11,617		825,272
Stepan Co.		5,107		304,020
Stillwater Mining Co. (a)		32,115		380,884
Summit Materials Inc. Class A (a)		16,551		338,633
SunCoke Energy Inc.		16,785		97,689
TerraVia Holdings Inc. (a)		19,562		51,252
TimkenSteel Corp.		10,398		100,029
Trecora Resources (a)		5,000		52,150
Tredegar Corp.		6,499		104,764
Trinseo SA (a)		7,460		320,258
Tronox Ltd. Class A		15,604		68,814
UFP Technologies Inc. (a)		1,613		36,357
United States Lime & Minerals Inc.		786		46,366
US Concrete Inc. (a)		3,848		234,382
Valhi Inc.		4,600		7,222
Worthington Industries Inc.		12,222		516,991
				19,109,502
Telecommunication Services (0.93%)
8x8 Inc. (a)		22,882		334,306
ATN International Inc.		2,674		208,064
Boingo Wireless Inc. (a)		8,910		79,477
Cincinnati Bell Inc. (a)		55,755		254,800
Cogent Communications Holdings Inc.		10,817		433,329
Consolidated Communications Holdings Inc.		12,969		353,276
FairPoint Communications Inc. (a)		6,024		88,432
General Communication Inc. Class A (a)		7,761		122,624
Globalstar Inc. (a)		94,722		114,614
Hawaiian Telcom Holdco Inc. (a)		1,724		36,532
IDT Corp. Class B		4,305		61,088
Inteliquent Inc.		8,400		167,076
Intelsat SA (a)		6,700		17,286
Iridium Communications Inc. (a)		21,910		194,561
Leap Wireless International Inc. Contingent Value Rights (a) (b)		13,674		25,885
Lumos Networks Corp. (a)		5,550		67,155
NII Holdings Inc. (a)		13,946		44,348
Orbcomm Inc. (a)		16,700		166,165
pdvWireless Inc. (a)		2,601		55,635
Shenandoah Telecommunications Co.		11,838		462,392
Spok Holdings Inc.		5,566		106,672
Straight Path Communications Inc. Class B (a)		2,583		71,472
Vonage Holdings Corp. (a)		49,500		301,950

See accompanying notes to financial statements. 55

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecommunication Services (Cont.)
Windstream Holdings Inc.		24,894	$	230,767
				3,997,906
Utilities (4.22%)
ALLETE Inc.		12,904		833,985
American States Water Co.		9,456		414,362
Artesian Resources Corp. Class A		1,986		67,365
Atlantic Power Corp.		33,973		84,253
Atlantica Yield PLC		15,120		280,930
Avista Corp.		16,501		739,245
Black Hills Corp.		13,399		844,673
California Water Service Group		12,475		435,752
Chesapeake Utilities Corp.		3,862		255,587
Connecticut Water Service Inc.		2,824		158,709
Consolidated Water Co. Ltd. Ordinary Shares		3,600		47,016
Delta Natural Gas Company Inc.		1,577		42,484
Dynegy Inc. (a)		30,386		523,855
El Paso Electric Co.		10,522		497,375
Empire District Electric Co., The		11,441		388,651
Genie Energy Ltd. Class B (a)		3,000		20,310
Global Water Resources Inc.		2,059		18,119
Idacorp Inc.		13,123		1,067,556
MGE Energy Inc.		9,042		511,009
Middlesex Water Co.		4,168		180,808
New Jersey Resources Corp.		22,305		859,858
Northwest Natural Gas Co.		7,082		459,055
NorthWestern Corp.		12,672		799,223
NRG Yield Inc. Class A		9,542		145,229
NRG Yield Inc. Class C		15,841		246,961
ONE Gas Inc.		13,560		902,960
Ormat Technologies Inc.		10,093		441,670
Otter Tail Corp.		9,881		330,915
Pattern Energy Group Inc.		14,786		339,634
PNM Resources Inc.		20,755		735,557
Portland General Electric Co.		23,281		1,027,158
SJW Corp.		4,274		168,310
South Jersey Industries Inc.		20,866		659,783
Southwest Gas Corp.		12,365		973,249
Spark Energy Inc. Class A		1,206		39,858
Spire Inc.		11,745		832,016
Talen Energy Corp. (a)		21,830		295,796
TerraForm Global Inc. Class A		23,572		76,845
TerraForm Power Inc. Class A		22,571		246,024
Unitil Corp.		3,637		155,191
Vivint Solar Inc. (a)		5,157		15,832
WGL Holdings Inc.		13,156		931,313
York Water Co., The		3,300		105,732
				18,200,213
Total Common Stocks
(cost $351,693,836)				422,558,156

	Shares		Value
Short-term Investments (1.84%)
JPMorgan U.S. Government Money Market Fund Agency Shares		7,920,536	$	7,920,536
Total Short-term Investments
(cost $7,920,536)				7,920,536
TOTAL INVESTMENTS (99.80%)
(cost $359,614,372)				430,478,692
CASH (c) AND OTHER ASSETS, NET OF LIABILITIES (0.20%)				874,260
NET ASSETS (100.00%)			$	431,352,952

(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 June 30, 2016, cash in the amount of $452,000 has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

56 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

OPEN FUTURES CONTRACTS

Description	Contracts Purchased		Expiration		Notional Value		Market Value		Unrealized Gain (Loss)
Russell 2000 Mini Index		77		September 2016	$	8,916,945	$	8,834,980	($	81,965	)

See accompanying notes to financial statements. 57

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (a) (98.18%)
Australia (7.23%)
AGL Energy Ltd.		14,565	$	211,529
Alumina Ltd.		55,470		54,525
Amcor Ltd.		24,555		276,086
AMP Ltd.		62,421		243,267
APA Group		24,895		173,154
Aristocrat Leisure Ltd.		11,883		123,613
Asciano Ltd.		12,952		85,934
ASX Ltd.		4,061		139,823
Aurizon Holdings Ltd.		42,875		155,563
AusNet Services		46,760		57,590
Australia & New Zealand Banking Group Ltd.		61,174		1,114,593
Bank of Queensland Ltd.		8,455		67,456
Bendigo and Adelaide Bank Ltd.		9,322		67,496
BGP Holdings PLC (b) (c)		183,756		0
BHP Billiton Ltd.		66,606		928,236
Boral Ltd.		15,035		70,587
Brambles Ltd.		33,613		313,824
Caltex Australia Ltd.		5,887		141,935
Challenger Ltd.		11,648		76,099
CIMIC Group Ltd.		2,074		55,993
Coca-Cola Amatil Ltd.		11,437		70,601
Cochlear Ltd.		1,237		112,863
Commonwealth Bank of Australia		35,889		2,014,456
Computershare Ltd.		9,303		64,329
Crown Resorts Ltd.		7,339		69,805
CSL Ltd.		9,734		820,893
Dexus Property Group		20,341		138,027
Domino’s Pizza Enterprises Ltd.		1,181		60,779
DUET Group		47,841		89,731
Flight Centre Travel Group Ltd.		1,064		25,313
Fortescue Metals Group Ltd.		34,994		93,645
Goodman Group		37,022		198,568
GPT Group		37,760		153,557
Harvey Norman Holdings Ltd.		11,319		39,385
Healthscope Ltd.		37,570		80,848
Incitec Pivot Ltd.		34,102		76,604
Insurance Australia Group Ltd.		51,728		213,081
James Hardie Industries PLC		9,643		149,345
LendLease Group		11,207		106,457
Macquarie Group Ltd.		6,536		340,228
Medibank Private Ltd.		59,710		132,410
Mirvac Group		77,776		118,285
National Australia Bank Ltd.		55,220		1,060,191
Newcrest Mining Ltd. (b)		16,587		287,483
Oil Search Ltd.		27,744		140,095
Orica Ltd.		7,280		67,722
Origin Energy Ltd.		38,518		168,290
Platinum Asset Management Ltd.		4,603		19,991
Qantas Airways Ltd.		12,046		25,517
QBE Insurance Group Ltd.		28,216		222,895
Ramsay Health Care Ltd.		3,074		166,136
REA Group Ltd.		1,046		46,942
Rio Tinto Ltd.		8,882		307,233
Santos Ltd.		32,024		113,358
Scentre Group		111,883		414,410
Seek Ltd.		6,996		80,312

	Shares		Value
Common Stocks (Cont.)
Australia (Cont.)
Sonic Healthcare Ltd.		7,802	$	126,526
South32 Ltd. (b)		112,022		131,378
Stockland		50,751		179,938
Suncorp Group Ltd.		26,771		245,488
Sydney Airport		24,031		125,481
Tabcorp Holding Ltd.		16,390		56,460
Tatts Group Ltd.		31,663		91,118
Telstra Corp. Ltd.		90,041		376,347
TPG Telecom Ltd.		7,255		65,055
Transurban Group		41,857		376,996
Treasury Wine Estates Ltd.		14,499		100,752
Vicinity Centres		71,161		177,536
Vocus Communications Ltd. (c)		9,180		59,702
Wesfarmers Ltd.		23,774		716,949
Westfield Corp.		41,485		333,235
Westpac Banking Corp.		69,971		1,551,645
Woodside Petroleum Ltd.		15,923		322,874
Woolworths Ltd.		26,810		421,682
				18,106,250
Austria (0.17%)
Andritz AG		1,650		78,238
Erste Group Bank AG		6,092		138,702
Immoeast AG Interim Shares (b) (c)		8,216		0
Immofinanz AG Interim Shares (b) (c)		7,204		0
OMV AG		3,698		103,953
Raiffeisen Bank International AG (b)		2,187		27,627
VoestAlpine AG		2,369		79,729
				428,249
Belgium (1.48%)
Ageas		4,222		146,754
Anheuser-Busch InBev SA/NV		16,912		2,236,381
Colruyt SA		1,375		76,090
Delhaize Group		2,158		227,959
Groupe Bruxelles Lambert SA		1,687		138,344
KBC Group NV (b)		5,360		263,609
Proximus SA		3,216		102,199
Solvay SA		1,608		150,200
Telenet Group Holding NV (b)		1,033		47,235
UCB SA		2,698		202,586
Umicore SA		2,073		107,079
				3,698,436
Denmark (1.96%)
A P Moller-Maersk A/S Class A		76		95,787
A P Moller-Maersk A/S Class B		138		180,249
Carlsberg A/S Class B		2,230		212,760
Chr. Hansen Holding A/S		2,244		147,375
Coloplast A/S Class B		2,527		189,158
Danske Bank A/S		14,948		393,437
DSV A/S		4,218		177,359
Genmab A/S (b)		1,167		212,799
ISS A/S		3,443		129,492
Novo Nordisk A/S Class B		39,097		2,105,486
Novozymes A/S B Shares		4,994		239,816

58 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Denmark (Cont.)
Pandora A/S		2,436	$	331,782
TDC A/S		16,066		78,731
Tryg A/S		2,594		46,444
Vestas Wind Systems A/S		4,683		318,301
William Demant Holding A/S (b)		2,790		54,310
				4,913,286
Finland (0.97%)
Elisa OYJ		3,002		115,346
Fortum OYJ		9,264		148,839
Kone Corp. OYJ Class B		7,251		334,636
Metso OYJ		2,272		53,414
Neste OYJ		2,616		93,807
Nokia OYJ		122,461		697,469
Nokian Renkaat OYJ		2,334		83,655
Orion OYJ Class B		2,131		82,746
Sampo OYJ A Shares		9,394		384,180
Stora Enso OYJ R Shares		11,110		89,348
UPM-Kymmene OYJ		11,495		211,172
Wartsila OYJ Class B		3,287		134,114
				2,428,726
France (9.43%)
Accor SA		3,674		140,773
Aeroports de Paris (ADP)		626		68,591
Air Liquide SA		7,274		757,817
Airbus Group SE		12,360		708,474
Alstom SA (b)		3,114		71,898
ArcelorMittal (b)		38,317		174,695
Arkema		1,517		115,979
AtoS		1,946		160,446
AXA SA		40,792		806,564
BNP Paribas SA		22,183		972,847
Bollore		17,607		59,274
Bouygues SA		4,154		119,005
Bureau Veritas SA		5,918		124,249
Capgemini SA		3,449		297,624
Carrefour SA		11,468		282,061
Casino Guichard Perrachon SA		1,133		62,891
Christian Dior SE		1,190		190,628
Cie Generale des Etablissements Michelin Class B		3,844		362,261
CNP Assurances		3,501		51,653
Compagnie de Saint-Gobain		10,053		381,065
Credit Agricole SA		22,643		190,358
Danone		12,456		871,704
Dassault Systemes SA		2,712		204,474
Edenred		4,437		90,852
Eiffage SA		1,196		85,024
Electricite de France		5,446		66,034
Engie		30,807		494,657
Essilor International SA		4,301		565,272
Eurazeo SA		847		50,249
Eutelsat Communications		3,828		72,254
Fonciere des Regions		704		62,224
Gecina SA		869		117,704
Groupe Eurotunnel SE		9,570		101,085

	Shares		Value
Common Stocks (Cont.)
France (Cont.)
Hermes International		554	$	206,519
ICADE		783		55,022
Iliad SA		548		110,624
Imerys SA		755		48,173
Ingenico Group		1,121		129,929
JC Decaux SA		1,523		51,351
Kering		1,566		252,098
Klepierre		4,651		205,226
Lagardere SCA		2,491		54,184
Legrand SA		5,738		293,736
L’Oreal SA		5,309		1,016,425
LVMH Moet Hennessy Louis Vuitton SE		5,847		881,345
Natixis SA		19,396		72,988
Numericable - SFR SA		2,233		55,802
Orange		41,451		674,014
Pernod Ricard SA		4,487		496,784
Peugeot SA (b)		9,785		117,284
Publicis Groupe		4,048		270,821
Remy Cointreau SA		463		39,856
Renault SA		4,102		309,691
Rexel SA		6,135		77,132
Safran SA		6,594		444,052
Sanofi		24,694		2,051,644
Schneider Electric SE (Paris)		11,689		681,944
SCOR SE		3,435		101,556
SES		7,015		150,174
Societe BIC SA		657		92,568
Societe Generale		15,952		499,072
Sodexo		1,976		211,688
STMicroelectronics NV		12,500		72,980
Suez		6,960		108,559
Technip SA		2,417		130,820
Thales SA		2,229		185,106
Total SA		46,565		2,233,071
Unibail-Rodamco SE (Amsterdam)		2,080		538,083
Valeo SA		5,142		228,274
Veolia Environnement		9,524		205,667
Vinci SA		10,542		743,915
Vivendi		24,859		465,080
Wendel		630		65,132
Zodiac Aerospace		4,586		106,984
				23,616,059
Germany (8.05%)
Adidas AG		3,947		566,589
Allianz SE Reg.		9,634		1,374,361
Axel Springer SE		977		51,296
BASF SE		19,282		1,478,519
Bayer AG Reg.		17,371		1,744,653
Bayerische Motoren Werke (BMW) AG		7,000		509,425
Beiersdorf AG		2,114		200,142
Brenntag AG		3,186		154,336
Commerzbank AG		21,919		142,744
Continental AG		2,331		441,087
Covestro AG (d)		1,418		63,158
Daimler AG Registered Shares		20,162		1,206,460

See accompanying notes to financial statements. 59

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Germany (Cont.)
Deutsche Bank AG Reg. (b)		29,249	$	404,312
Deutsche Boerse AG		4,127		339,052
Deutsche Lufthansa AG Reg.		5,111		60,093
Deutsche Post AG		20,505		577,677
Deutsche Telekom AG		67,501		1,151,044
Deutsche Wohnen AG		7,088		241,333
E.ON SE		42,463		428,659
Evonik Industries AG		2,856		85,133
Fraport AG		842		45,081
Fresenius Medical Care AG & Co. KGaA		4,686		408,181
Fresenius SE & Co. KGaA		8,577		630,216
GEA Group AG		3,722		175,683
Hannover Rueck SE		1,306		136,839
HeidelbergCement AG		2,989		225,167
Henkel AG & Co. KGaA		2,124		229,749
Hochtief AG		417		53,839
Hugo Boss AG		1,323		75,215
Infineon Technologies AG		24,094		348,794
K+S AG Reg.		4,041		82,728
Lanxess AG		1,841		80,770
Linde AG		3,950		550,379
MAN AG		807		82,362
Merck KGaA		2,748		279,315
Metro AG		3,642		112,014
Muenchener Rueckversicherungs-Gesellschaft AG Reg.		3,538		593,305
Osram Licht AG		1,810		94,042
ProSiebenSat.1 Media SE		4,598		201,126
QIAGEN NV (b)		4,488		97,804
RTL Group SA		894		73,012
RWE AG (b)		10,068		160,335
SAP SE		20,668		1,552,273
Siemens AG Reg.		16,103		1,652,508
Symrise AG		2,550		173,938
Telefonica Deutschland Holding AG		16,733		68,925
ThyssenKrupp AG		7,559		151,938
United Internet AG Reg.		2,618		108,827
Volkswagen AG		640		84,840
Vonovia SE		9,976		364,263
Zalando SE (b) (d)		1,700		44,993
				20,158,534
Hong Kong (3.28%)
AIA Group Ltd.		255,442		1,532,844
ASM Pacific Technology Ltd.		4,692		33,798
Bank of East Asia Ltd., The		25,198		97,282
BOC Hong Kong Holdings Ltd.		77,000		232,028
Cathay Pacific Airways Ltd.		23,494		34,467
Cheung Kong Infrastructure Holdings Ltd.		13,611		117,091
Cheung Kong Property Holdings Ltd.		57,581		363,547
CK Hutchison Holdings Ltd.		56,581		622,417
CLP Holdings Ltd.		36,505		373,377
First Pacific Company Ltd.		44,353		32,028

	Shares		Value
Common Stocks (Cont.)
Hong Kong (Cont.)
Galaxy Entertainment Group Ltd.		47,880	$	143,569
Hang Lung Properties Ltd.		45,000		91,146
Hang Seng Bank Ltd.		15,643		268,524
Henderson Land Development Co. Ltd.		24,029		135,734
HK Electric Investments (d)		54,000		50,319
HKT Trust and HKT Ltd.		53,100		76,729
Hong Kong & China Gas Co. Ltd.		167,330		306,181
Hong Kong Exchanges & Clearing Ltd.		24,187		589,644
Hongkong Land Holdings Ltd.		24,200		148,110
Hysan Development Co. Ltd.		11,916		53,063
Jardine Matheson Holdings Ltd.		5,300		309,858
Kerry Properties Ltd.		12,328		30,650
Li & Fung Ltd.		115,240		56,029
Link REIT		47,262		323,187
Melco Crown Entertainment Ltd. ADR		3,909		49,175
MGM China Holdings Ltd.		17,454		22,744
MTR Corporation Ltd.		30,526		155,261
New World Development Company Ltd.		109,782		111,940
Noble Group Ltd. Rights (b) (c)		95,300		6,367
NWS Holdings Ltd.		31,908		50,671
PCCW Ltd.		83,704		56,353
Power Assets Holdings Ltd.		30,482		280,267
Sands China Ltd.		50,772		171,477
Shangri-La Asia Ltd.		26,974		27,082
Sino Land Co. Ltd.		64,316		105,896
SJM Holdings Ltd.		38,022		23,380
Sun Hung Kai Properties Ltd.		31,099		375,129
Swire Pacific Ltd. Class A		12,321		139,481
Swire Properties Ltd.		23,996		64,091
Techtronic Industries Company Ltd.		27,999		116,924
WH Group Ltd. (d)		120,500		95,435
Wharf Holdings Ltd., The		27,700		168,860
Wheelock and Co. Ltd.		18,104		85,398
Wynn Macau Ltd.		29,936		43,536
Yue Yuen Industrial Holdings Ltd.		14,000		55,849
				8,226,938
Ireland (0.44%)
Bank of Ireland (b)		600,703		123,835
CRH PLC (Dublin)		17,362		505,934
Kerry Group PLC Class A (Dublin)		3,381		299,856
Paddy Power Betfair PLC		1,739		182,762
				1,112,387
Israel (0.76%)
Azrieli Group Ltd.		804		34,190
Bank Hapoalim B.M.		21,941		110,536
Bank Leumi Le-Israel (b)		30,193		106,012
Bezeq The Israeli Telecommunication Corporation Ltd.		43,769		86,703
Check Point Software Technologies Ltd. (b)		2,751		219,200
Israel Chemicals Ltd.		11,028		42,966
Mizrahi Tefahot Bank Ltd.		2,374		27,374

60 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Israel (Cont.)
Mobileye NV (b)		3,663	$	169,011
NICE Ltd.		1,321		84,060
Taro Pharmaceutical Industries Ltd. (b)		319		46,446
Teva Pharmaceutical Industries Ltd.		19,318		977,688
				1,904,186
Italy (1.93%)
Assicurazioni Generali SpA		24,418		287,946
Atlantia SpA		8,677		216,794
CNH Industrial NV		21,734		157,651
Enel SpA		167,287		742,661
Eni SpA		53,384		859,865
EXOR SpA		2,455		90,628
Ferrari NV (Italy)		2,613		107,270
Fiat Chrysler Automobiles NV (Italy)		18,568		114,295
Intesa Sanpaolo		265,395		505,501
Intesa Sanpaolo RSP		19,708		35,281
Luxottica Group SpA		3,728		181,694
Mediobanca SpA		13,432		77,392
Poste Italiane SpA (d)		10,574		70,211
Prysmian SpA		4,634		101,712
Saipem SpA (b)		121,693		48,656
Snam SpA		53,633		320,641
Telecom Italia RNC SpA		120,735		77,678
Telecom Italia SpA (b)		209,690		172,220
Tenaris SA		9,773		141,250
Terna - Rete Elettrica Nationale SpA		37,192		206,977
UBI Banca - Unione di Banche Italiane SpA		18,621		51,423
UniCredit SpA		106,267		233,708
UnipolSai SpA		28,330		42,753
				4,844,207
Japan (23.02%)
ABC-Mart Inc.		700		46,977
ACOM Co. Ltd. (b)		9,100		44,085
Aeon Co. Ltd.		13,900		215,819
Aeon Credit Service Co. Ltd.		2,300		49,802
Aeon Mall Co. Ltd.		2,100		27,476
Air Water Inc.		2,769		40,743
Aisin Seiki Co. Ltd.		3,800		154,786
Ajinomoto Co. Inc.		12,000		282,731
Alfresa Holdings Corp.		3,600		75,212
All Nippon Airways Co. Ltd.		25,000		71,240
Alps Electric Co. Ltd.		4,200		79,793
Amada Holdings Co. Ltd.		7,000		71,065
Aozora Bank Ltd.		25,000		86,725
Asahi Glass Co. Ltd.		21,000		113,965
Asahi Group Holdings Ltd.		8,300		268,379
Asahi Kasei Corp.		26,000		180,935
ASICS Corp.		3,400		57,443
Astellas Pharma Inc.		44,700		701,001
Bandai Namco Holdings Inc.		4,200		108,387
Bank of Kyoto Ltd., The		7,000		42,936
Benesse Holdings Inc.		1,300		30,518
Bridgestone Corp.		13,700		440,276
Brother Industries Ltd.		5,100		54,704

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
CALBEE Inc.		1,600	$	66,937
Canon Inc.		22,600		645,235
Casio Computer Co. Ltd.		5,200		74,881
Central Japan Railway Co.		3,000		533,591
Chiba Bank Ltd., The		14,000		66,161
Chubu Electric Power Co. Inc.		13,500		192,119
Chugai Pharmaceutical Co. Ltd.		4,700		167,500
Chugoku Bank Ltd., The		3,000		30,610
Chugoku Electric Power Company Inc., The		6,900		87,721
Concordia Financial Group Ltd. (b)		23,000		88,824
Credit Saison Co. Ltd.		2,800		47,036
Cyberdyne Inc. (b)		2,000		45,081
Dai Nippon Printing Co. Ltd.		11,000		122,594
Daicel Chemical Industries Ltd.		5,700		59,064
Daihatsu Motor Co. Ltd.		3,700		48,196
Dai-ichi Life Insurance Company Ltd.		22,000		246,277
Daiichi Sankyo Co. Ltd.		12,840		311,949
Daikin Industries Ltd.		5,000		420,224
Daito Trust Construction Co. Ltd.		1,500		243,544
Daiwa House Industry Co. Ltd.		12,000		352,404
Daiwa Securities Group Inc.		34,000		179,125
Denso Corp.		10,300		362,409
Dentsu Inc.		4,416		207,004
Don Quijote Holdings Co. Ltd.		2,400		89,190
East Japan Railway Co.		7,113		659,185
Eisai Co. Ltd.		5,200		290,348
Electric Power Development Co. Ltd.		3,200		74,554
FamilyMart Co. Ltd.		1,100		67,035
Fanuc Corp.		4,100		666,960
Fast Retailing Co. Ltd.		1,100		295,328
Fuji Electric Co. Ltd.		13,000		54,126
Fuji Heavy Industries Ltd.		12,400		426,230
FUJIFILM Holdings Corp.		9,200		356,964
Fujitsu Ltd.		38,000		139,738
Fukuoka Financial Group Inc.		15,000		49,459
GungHo Online Entertainment Inc.		8,300		22,490
Hachijuni Bank Ltd., The		7,549		32,878
Hakuhodo DY Holdings Inc.		5,100		61,128
Hamamatsu Photonics KK		3,100		86,983
Hankyu Hanshin Holdings Inc.		24,000		178,957
Hikari Tsushin Inc.		400		33,509
Hino Motors Ltd.		5,000		49,800
Hirose Electric Co. Ltd.		600		73,780
Hiroshima Bank Ltd., The		11,000		36,755
Hisamitsu Pharmaceutical Co. Inc.		1,100		63,428
Hitachi Chemical Co. Ltd.		1,900		35,485
Hitachi Construction Machinery Co. Ltd.		2,100		30,652
Hitachi High-Technologies Corp.		1,600		43,788
Hitachi Ltd.		102,000		427,365
Hitachi Metals Ltd.		4,000		40,637
Hokuriku Electric Power Co.		4,100		50,804
Honda Motor Co. Ltd.		34,400		862,932
Hoshizaki Electric Co. Ltd.		1,000		97,894
Hoya Corp.		8,600		307,158
Hulic Company Ltd.		6,500		68,494

See accompanying notes to financial statements. 61

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Idemitsu Kosan Co. Ltd.		2,200	$	47,762
IHI Corp.		28,000		75,474
Iida Group Holdings Co. Ltd.		3,300		67,581
INPEX Corp.		19,600		153,284
Isetan Mitsukoshi Holdings Ltd.		6,940		61,772
Isuzu Motors Ltd.		12,000		147,804
Itochu Corp.		32,000		391,463
Iyo Bank Ltd., The		5,000		30,623
J. Front Retailing Co. Ltd.		4,800		49,768
Japan Airlines Co. Ltd.		2,600		83,649
Japan Airport Terminal Co. Ltd.		800		29,025
Japan Exchange Group Inc.		11,400		131,254
Japan Post Bank Co. Ltd.		8,200		96,421
Japan Post Holdings Co. Ltd.		9,100		110,705
Japan Prime Realty Investment Corp.		19		81,532
Japan Real Estate Investment Corp.		29		179,121
Japan Retail Fund Investment Corp.		54		137,887
Japan Tobacco Inc.		23,000		926,950
JFE Holdings Inc.		11,100		144,802
JGC Corp.		4,000		57,262
Joyo Bank Ltd., The		12,000		44,861
JSR Corp.		3,700		49,000
JTEKT Corp.		4,900		55,539
JX Holdings Inc.		45,900		179,162
Kajima Corp.		18,000		125,041
Kakaku.com Inc.		2,900		57,622
Kamigumi Co. Ltd.		5,000		46,214
Kaneka Corp.		6,000		40,034
Kansai Electric Power Company Inc., The (b)		15,500		150,958
Kansai Paint Co. Ltd.		5,000		100,948
Kao Corp.		10,700		623,191
Kawasaki Heavy Industries Ltd.		29,000		81,770
KDDI Corp.		39,600		1,204,225
Keihan Holdings Co. Ltd.		10,000		69,293
Keikyu Corp.		9,000		90,568
Keio Corp.		13,000		122,627
Keisei Electric Railway Co. Ltd.		6,000		77,339
Keyence Corp.		970		661,859
Kikkoman Corp.		3,000		110,700
Kintetsu Group Holdings Co. Ltd.		38,000		162,619
Kirin Holdings Co. Ltd.		17,400		293,471
Kobe Steel Ltd.		61,000		50,134
Koito Manufacturing Company Ltd.		2,424		111,612
Komatsu Ltd.		19,800		343,959
Konami Holdings Corp.		2,000		76,300
Konica Minolta Holdings Inc.		9,000		65,561
KOSE Corp.		600		50,844
Kubota Corp.		22,400		302,967
Kuraray Co. Ltd.		7,500		89,486
Kurita Water Industries Ltd.		2,000		44,583
Kyocera Corp.		6,800		323,563
Kyowa Hakko Kirin Co. Ltd.		5,700		97,218
Kyushu Electric Power Co. Inc.		9,500		95,279
Kyushu Financial Group Inc.		7,000		34,696
Lawson Inc.		1,300		103,785
LIXIL Group Corp.		5,800		95,247

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
M3 Inc.		4,000	$	139,600
Mabuchi Motor Co. Ltd.		1,000		42,355
Makita Corp.		2,400		159,353
Marubeni Corp.		35,400		159,928
Marui Group Co. Ltd.		4,500		60,578
Maruichi Steel Tube Ltd.		1,000		34,950
Mazda Motor Corp.		11,800		156,153
McDonald’s Holdings Company (Japan) Ltd.		1,300		35,312
Medipal Holdings Corp.		3,400		55,899
MEIJI Holdings Company Ltd.		2,400		246,613
Minebea Co. Ltd.		7,600		51,634
Miraca Holdings Inc.		1,090		47,271
Mitsubishi Chemical Holdings Corp.		27,500		126,060
Mitsubishi Corp.		31,600		556,392
Mitsubishi Electric Corp.		41,000		489,472
Mitsubishi Estate Company Ltd.		26,000		476,913
Mitsubishi Gas Chemical Co. Inc.		7,000		36,518
Mitsubishi Heavy Industries Ltd.		65,000		261,379
Mitsubishi Logistics Corp.		2,000		27,981
Mitsubishi Materials Corp.		24,000		57,465
Mitsubishi Motors Corp.		15,500		71,553
Mitsubishi Tanabe Pharma Corp.		5,000		90,341
Mitsubishi UFJ Financial Group Inc.		269,400		1,207,680
Mitsubishi UFJ Lease & Finance Co. Ltd.		9,500		36,504
Mitsui & Co. Ltd.		36,200		432,125
Mitsui Chemicals Inc.		20,000		73,495
Mitsui Fudosan Co. Ltd.		19,000		436,065
Mitsui OSK Lines Ltd.		24,000		51,036
mixi Inc.		1,000		41,345
Mizuho Financial Group Inc.		495,229		712,663
MS&AD Insurance Group Holdings Inc.		10,700		277,238
Murata Manufacturing Co. Ltd.		4,000		448,458
Nabtesco Corp.		2,345		55,952
Nagoya Railroad Co. Ltd.		18,000		101,420
NEC Corp.		52,000		121,153
Nexon Co. Ltd.		3,700		54,760
NGK Insulators Ltd.		5,000		101,086
NGK Spark Plug Co. Ltd.		3,700		55,851
NH Foods Ltd.		4,000		97,976
NHK Spring Co. Ltd.		3,000		24,348
Nidec Corp.		5,000		380,615
Nikon Corp.		7,000		94,779
Nintendo Co. Ltd.		2,400		344,878
Nippon Building Fund Inc.		31		190,961
Nippon Electric Glass Co. Ltd.		7,500		31,309
Nippon Express Co. Ltd.		18,000		82,255
Nippon Paint Co. Ltd.		3,400		84,054
Nippon Prologis REIT Inc.		32		78,175
Nippon Steel Corp.		16,800		325,242
Nippon Telegraph & Telephone Corp.		14,600		684,665
Nippon Yusen KK		33,000		58,055
Nissan Motor Co. Ltd.		52,400		467,634
Nisshin Seifun Group Inc.		4,100		65,907
Nissin Foods Holdings Co. Ltd.		1,400		76,455
Nitori Holdings Co. Ltd.		1,700		206,183

62 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Nitto Denko Corp.		3,400	$	215,676
NOK Corp.		2,000		34,011
Nomura Holdings Inc.		77,700		276,344
Nomura Real Estate Holdings Inc.		2,300		40,190
Nomura Real Estate Master Fund Inc.		72		113,819
Nomura Research Institute Ltd.		2,600		95,356
NSK Ltd.		9,500		69,539
NTT Data Corp.		2,600		122,794
NTT DoCoMo Inc.		30,200		814,450
NTT Urban Development Corp.		2,300		24,726
Obayashi Corp.		14,300		152,251
OBIC Co. Ltd.		1,300		71,560
Odakyu Electric Railway Co. Ltd.		13,000		152,437
Oji Paper Co. Ltd.		16,000		61,424
Olympus Corp.		6,100		227,784
OMRON Corp.		4,000		130,563
Ono Pharmaceutical Co. Ltd.		8,800		383,337
Oracle Corp. Japan		700		37,326
Oriental Land Co. Ltd.		4,600		297,847
Orix Corp.		28,200		364,921
Osaka Gas Co. Ltd.		42,000		161,469
OTSUKA Corp.		1,100		51,437
Otsuka Holdings Co. Ltd.		8,331		383,916
Panasonic Corp.		46,900		403,506
Park24 Co. Ltd.		1,900		65,292
Pola Orbis Holdings Inc.		500		47,055
Rakuten Inc.		20,000		217,067
Recruit Holdings Co Ltd.		5,800		211,898
Resona Holdings Inc.		47,495		173,590
Ricoh Co. Ltd.		14,300		123,959
RINNAI Corp.		700		61,854
Rohm Co. Ltd.		1,900		74,993
Ryohin Keikaku Co. Ltd.		500		121,849
Sankyo Co. Ltd.		1,000		37,493
Santen Pharmaceutical Co. Ltd.		7,800		122,594
SBI Holdings Inc.		4,000		39,832
Secom Co. Ltd.		4,500		332,698
Sega Sammy Holdings Inc.		4,226		45,514
Seibu Holdings Inc.		3,600		60,974
Seiko Epson Corp.		6,200		99,396
Sekisui Chemical Co. Ltd.		9,000		110,887
Sekisui House Ltd.		13,000		227,657
Seven & I Holdings Co. Ltd.		15,980		670,011
Seven Bank Ltd.		13,400		41,592
Shikoku Electric Power Co. Inc.		3,500		41,459
Shimadzu Corp.		5,000		75,166
Shimamura Co. Ltd.		500		74,393
Shimano Inc.		1,600		244,636
Shimizu Corp.		12,000		112,428
Shin-Etsu Chemical Co. Ltd.		8,300		486,284
Shinsei Bank Ltd.		35,000		50,994
Shionogi & Co. Ltd.		6,200		338,929
Shiseido Co. Ltd.		7,900		205,856
Shizuoka Bank Ltd., The		11,000		77,469
Showa Shell Sekiyu KK		4,600		42,935
SMC Corp.		1,200		295,231
Softbank Corp.		20,300		1,148,006

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Sohgo Security Services Co. Ltd.		1,500	$	74,153
Sompo Japan Nipponkoa Holdings Inc.		7,200		191,608
Sony Corp.		26,800		789,581
Sony Financial Holdings Inc.		3,800		42,966
Stanley Electric Co. Ltd.		3,400		72,611
START TODAY Co. Ltd.		1,200		63,430
Sumitomo Chemical Co. Ltd.		33,000		136,160
Sumitomo Corp.		24,000		241,917
Sumitomo Dainippon Pharma Co. Ltd.		3,000		51,998
Sumitomo Electric Industries Ltd.		15,400		203,826
Sumitomo Heavy Industries Ltd.		11,000		48,322
Sumitomo Metal Mining Co. Ltd.		10,000		101,724
Sumitomo Mitsui Financial Group Inc.		28,189		813,959
Sumitomo Mitsui Trust Holdings Inc.		69,000		224,513
Sumitomo Realty & Development Co. Ltd.		8,000		216,939
Sumitomo Rubber Industries Ltd.		3,800		50,874
Sundrug Co. Ltd.		800		75,116
Suntory Beverage & Food Ltd.		3,100		140,278
Suruga Bank Ltd.		3,500		79,097
Suzuken Co. Ltd.		1,700		53,510
Suzuki Motor Corp.		7,798		211,154
Sysmex Corp.		3,300		227,233
T&D Holdings Inc.		11,800		100,206
Taiheiyo Cement Corp.		26,000		61,583
Taisei Corp.		22,000		180,767
Taisho Pharmaceutical Holdings Co. Ltd.		600		63,138
Taiyo Nippon Sanso Corp.		3,000		27,573
Takashimaya Co. Ltd.		6,000		42,975
Takeda Pharmaceutical Company Ltd.		15,100		651,236
TDK Corp.		2,600		145,538
Teijin Ltd.		18,000		59,644
Terumo Corp.		7,100		302,995
THK Co. Ltd.		2,700		46,020
Tobu Railway Co. Ltd.		22,000		120,748
Toho Co. Ltd.		2,200		60,921
Toho Gas Co. Ltd.		10,000		81,827
Tohoku Electric Power Co. Inc.		10,100		127,467
Tokio Marine Holdings Inc.		14,500		482,720
Tokyo Electric Power Company Holdings Inc. (b)		31,600		133,827
Tokyo Electron Ltd.		3,300		278,879
Tokyo Gas Co. Ltd.		46,000		189,923
Tokyo Tatemono Co. Ltd.		4,000		47,969
Tokyu Corp.		22,000		193,153
Tokyu Fudosan Holdings Corp.		11,100		69,248
TonenGeneral Sekiyu KK		6,000		54,657
Toppan Printing Co. Ltd.		11,000		94,586
Toray Industries Inc.		30,000		255,987
Toshiba Corp. (b)		84,000		228,816
Toto Ltd.		3,000		119,878
Toyo Seikan Kaisha Ltd.		3,100		59,235
Toyo Suisan Kaisha Ltd.		1,600		64,901
Toyoda Gosei Co. Ltd.		1,200		21,371
Toyota Industries Corp.		3,400		135,184

See accompanying notes to financial statements. 63

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Japan (Cont.)
Toyota Motor Corp.		56,300	$	2,775,505
Toyota Tsusho Corp.		4,400		94,729
Trend Micro Inc.		2,000		71,528
Tsuruha Holdings Inc.		800		96,871
Unicharm Corp.		8,500		190,974
United Urban Investment Corp.		58		104,479
USS Co. Ltd.		4,200		69,412
West Japan Railway Co.		3,600		228,144
Yahoo Japan Corp.		30,000		133,031
Yakult Honsha Co. Ltd.		1,700		88,354
Yamada Denki Co. Ltd.		13,600		71,792
Yamaguchi Financial Group Inc.		4,000		37,825
Yamaha Corp.		3,600		97,032
Yamaha Motor Co. Ltd.		5,900		90,003
Yamato Holdings Co. Ltd.		7,500		172,207
Yamazaki Baking Co. Ltd.		3,000		83,753
Yaskawa Electric Corp.		4,900		63,976
Yokogawa Electric Corp.		5,100		57,513
Yokohama Rubber Company Ltd., The		2,000		25,084
				57,670,801
Netherlands (3.16%)
ABN AMRO Group NV CVA (d)		4,482		73,687
Aegon NV		39,123		155,018
AerCap Holdings NV (b)		3,551		119,278
Akzo Nobel NV		5,158		320,419
Altice NV Class A (b)		8,371		124,991
Altice NV Class B (b)		1,799		27,104
ASML Holding NV		7,676		755,611
Coca-Cola European Partners PLC (b)		4,563		163,510
Gemalto NV		1,691		102,447
Heineken Holding NV		2,062		167,067
Heineken NV		4,882		447,786
ING Groep NV CVA		81,588		844,101
Koninklijke Ahold NV		17,632		389,360
Koninklijke DSM NV		3,733		215,358
Koninklijke KPN NV		71,506		254,878
Koninklijke Philips NV		19,554		485,648
Koninklijke Vopak NV		1,545		76,909
NN Group NV		6,855		188,707
NXP Semiconductors NV (b)		6,159		482,496
OCI NV (b)		1,581		21,417
Randstad Holding NV		2,637		105,456
Reed Elsevier NV		21,600		373,693
Royal Boskalis Westminster NV		1,922		65,584
TNT Express NV		9,689		100,402
Unilever NV CVA		34,232		1,598,721
Wolters Kluwer - CVA		6,494		262,950
				7,922,598
New Zealand (0.18%)
Auckland International Airport Ltd.		18,582		86,441
Contact Energy Ltd.		14,983		55,624
Fletcher Building Ltd.		13,758		84,627
Meridian Energy Ltd.		31,302		59,075
Mighty River Power Ltd.		16,801		36,260

	Shares		Value
Common Stocks (Cont.)
New Zealand (Cont.)
Ryman Healthcare Ltd.		7,066	$	47,163
Spark New Zealand Ltd.		36,499		92,768
				461,958
Norway (0.64%)
DnB NOR ASA		20,204		241,838
Gjensidige Forsikring ASA		4,030		67,143
Marine Harvest ASA		7,804		131,632
Norsk Hydro ASA		29,469		107,881
Orkla ASA		17,626		156,758
Schibsted ASA Class A		1,523		45,653
Schibsted ASA Class B		1,790		51,212
Statoil ASA		24,191		417,983
Telenor ASA		15,993		264,732
Yara International ASA		3,632		115,377
				1,600,209
Portugal (0.10%)
Banco Espirito Santo SA Reg. (b) (c)		47,542		0
Energias de Portugal SA		48,947		149,855
Jeronimo Martins SGPS SA		7,205		113,635
				263,490
Singapore (1.33%)
Ascendas Real Estate
Investment Trust		56,000		103,640
CapitaLand Commercial Trust Ltd.		43,500		47,845
Capitaland Ltd.		57,300		131,560
CapitaLand Mall Trust		52,300		83,158
City Developments Ltd.		8,000		48,615
Comfortdelgro Corp. Ltd.		48,500		99,601
DBS Group Holdings Ltd.		36,907		435,167
Genting Singapore PLC		123,000		66,722
Global Logistic Properties Ltd.		58,126		78,473
Golden Agri-Resources Ltd.		141,330		36,979
Hutchison Port Holdings Trust		114,000		52,163
Jardine Cycle & Carriage Ltd.		2,514		68,773
Keppel Corp. Ltd.		29,400		121,285
Noble Group Ltd. (b)		95,300		14,431
Oversea-Chinese Banking Corporation Ltd.		64,225		417,593
Sembcorp Industries Ltd.		22,120		46,843
Sembcorp Marine Ltd.		15,800		18,386
Singapore Airlines Ltd.		10,367		82,323
Singapore Exchange Ltd.		16,000		91,141
Singapore Press Holdings Ltd.		4,600		13,555
Singapore Technologies
Engineering Ltd.		33,500		78,855
Singapore Telecommunications Ltd.		170,250		525,837
StarHub Ltd.		12,000		33,860
Suntec Real Estate Investment Trust		72,700		96,064
United Overseas Bank Ltd.		27,718		381,897
UOL Group Ltd.		9,094		37,069
Wilmar International Ltd.		40,900		99,563

64 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Singapore (Cont.)
Yangzijiang Shipbuilding Holdings Ltd.		36,548	$	24,513
				3,335,911
Spain (2.90%)
Abertis Infraestructuras SA		13,419		198,300
ACS Actividades de Construccion y Servicios SA		4,467		122,526
ACS Actividades de Construccion y Servicios SA Rights (b)		4,467		3,138
Aena SA (d)		1,531		202,935
Amadeus IT Holding SA A Shares		9,684		426,665
Banco Bilbao Vizcaya Argentaria SA		140,660		805,904
Banco de Sabadell SA		117,650		155,798
Banco Popular Espanol SA		80,580		104,718
Banco Santander SA		303,322		1,177,094
Bankia SA		106,564		77,575
Bankinter SA		16,702		107,814
CaixaBank SA		61,234		134,958
Distribuidora Internacional de Alimentacion SA		14,845		86,649
Endesa SA		7,530		151,093
Ferrovial SA		11,626		227,613
Gas Natural SDG SA		7,278		144,669
Grifols SA		6,805		154,585
Iberdrola SA		112,268		765,843
Industria de Diseno Textil SA		23,777		798,763
International Consolidated Airlines Group SA		16,395		81,176
Mapfre SA		27,909		61,293
Repsol SA		23,861		305,871
Repsol SA Rights (b)		23,861		7,759
Telefonica SA		96,242		913,703
Zardoya Otis SA		4,817		45,488
				7,261,930
Sweden (2.75%)
Alfa Laval AB		5,972		94,124
Assa Abloy AB Class B		21,237		436,905
Atlas Copco AB Class A		14,111		366,493
Atlas Copco AB Class B		7,737		183,385
Boliden AB		6,135		119,903
Electrolux AB Series B		5,216		142,213
Getinge AB B Shares		3,999		82,563
Hennes & Mauritz AB (H&M) B Shares		20,124		592,064
Hexagon AB B Shares		5,513		201,754
Husqvarna AB B Shares		8,516		63,414
ICA Gruppen AB		1,632		54,697
Industrivarden AB C Shares		3,318		53,982
Investor AB B Shares		9,708		326,148
Kinnevik AB Class B		5,113		122,224
Lundin Petroleum AB (b)		4,164		75,881
Millicom International Cellular SA SDR		1,326		81,336
Nordea Bank AB		63,698		540,391
Sandvik AB		22,935		229,624
Securitas AB Class B		6,793		104,869

	Shares		Value
Common Stocks (Cont.)
Sweden (Cont.)
Skandinaviska Enskilda Banken AB Class A		31,248	$	272,972
Skanska AB Class B		6,871		143,872
SKF AB B Shares		8,309		133,135
Svenska Cellulosa AB Class B		12,705		408,220
Svenska Handelsbanken AB A Shares		31,573		383,312
Swedbank AB - A Shares		19,169		402,608
Swedish Match AB		4,057		141,581
Tele2 AB B Shares		6,813		59,814
Telefonaktiebolaget LM Ericsson B Shares		64,591		496,224
Telia Company AB		55,314		261,938
Volvo AB B Shares		32,532		323,183
				6,898,829
Switzerland (9.15%)
ABB Ltd. Reg.		41,242		816,265
Actelion Ltd. Reg.		2,156		363,065
Adecco Group AG Reg.		3,416		172,296
Aryzta AG		1,832		67,703
Baloise Holding AG Reg.		1,048		116,727
Barry Callebaut AG Reg.		42		51,713
Chocoladefabriken Lindt & Sprungli AG Reg.		2		142,927
Chocoladefabriken Lindt & Sprungli AG		21		125,246
Compagnie Financiere Richemont SA Reg.		11,036		645,988
Credit Suisse Group AG Reg.		38,976		415,188
Dufry AG Reg. (b)		910		108,839
Ems-Chemie Holding AG Reg		183		94,484
Galenica AG		79		106,498
Geberit AG Reg.		816		309,070
Givaudan SA Reg.		196		394,651
Julius Baer Group Ltd.		4,792		192,870
Kuehne & Nagel International AG Reg.		1,118		156,642
LafargeHolcim Ltd. Reg.		9,396		393,105
Lonza Group AG Reg.		1,132		188,039
Nestle SA Reg.		66,984		5,189,807
Novartis AG Reg.		47,896		3,953,264
Pargesa Holding SA		544		35,969
Partners Group Holding AG		385		164,998
Roche Holding AG		14,759		3,894,602
Schindler Holding AG		898		162,581
Schindler Holding AG Reg.		508		92,449
SGS SA Reg		114		261,146
Sika AG		46		192,881
Sonova Holding AG Reg.		1,083		143,741
Swatch Group AG Reg., The		1,012		57,955
Swatch Group AG, The		666		193,807
Swiss Life Holding AG Reg.		692		159,920
Swiss Prime Site AG Reg.		1,425		129,003
Swiss Re AG		7,010		612,256
Swisscom AG		554		275,230
Syngenta AG Reg.		1,969		755,798

See accompanying notes to financial statements. 65

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Switzerland (Cont.)
UBS Group AG		77,407	$	1,004,401
Zurich Insurance Group AG		3,168		783,708
				22,924,832
United Kingdom (19.23%)
3i Group PLC		20,549		150,770
Aberdeen Asset Management PLC		19,006		71,308
Admiral Group PLC		4,505		122,491
Aggreko PLC		5,274		90,201
Anglo American PLC		30,048		294,538
Antofagasta PLC		8,074		50,487
ARM Holdings PLC		29,829		453,094
Ashtead Group PLC		10,286		146,924
Associated British Foods PLC		7,526		274,235
AstraZeneca PLC		26,587		1,589,463
Auto Trader Group PLC (d)		20,690		97,807
Aviva PLC		84,626		446,088
Babcock International Group PLC		4,930		59,605
BAE Systems PLC		67,675		473,763
Barclays PLC		350,794		652,436
Barratt Developments PLC		20,324		110,441
Berkeley Group Holdings PLC, The		2,635		88,978
BHP Billiton PLC		44,383		561,752
BP PLC		388,052		2,271,467
British American Tobacco PLC		39,320		2,549,077
British Land Company PLC		20,637		167,558
BT Group PLC		178,444		980,835
Bunzl PLC		6,914		212,734
Burberry Group PLC		9,048		140,745
Capita PLC		13,583		175,024
Carnival PLC		4,051		179,701
Centrica PLC		114,011		344,768
Cobham PLC		34,885		73,497
Coca-Cola HBC AG CDI		3,987		80,675
Compass Group PLC		34,823		662,521
Croda International PLC		2,709		113,719
DCC PLC		1,856		163,327
Diageo PLC		53,112		1,483,718
Direct Line Insurance Group PLC		28,016		129,522
Dixons Carphone PLC		19,951		85,631
easyJet PLC		3,368		48,942
Experian PLC		20,540		389,686
Fresnillo PLC		4,481		98,678
G4S PLC		31,670		77,603
GKN PLC		39,412		142,492
GlaxoSmithKline PLC		102,522		2,201,658
Glencore PLC		258,598		533,001
Hammerson PLC		16,556		119,246
Hargreaves Lansdown PLC		5,824		97,150
Hikma Pharmaceuticals PLC		2,879		94,808
HSBC Holdings PLC		413,683		2,562,993
ICAP PLC		11,328		63,739
IMI PLC		5,889		76,317
Imperial Brands PLC		20,236		1,097,453
Inmarsat PLC		9,145		98,554
InterContinental Hotels Group PLC		4,290		158,216
Intertek Group PLC		3,274		152,546

	Shares		Value
Common Stocks (Cont.)
United Kingdom (Cont.)
Intu Properties PLC		19,866	$	77,235
Investec PLC		11,483		71,376
ITV PLC		76,253		182,830
J Sainsbury PLC		26,461		82,431
Johnson Matthey PLC		3,977		149,166
Kingfisher PLC		47,900		205,734
Land Securities Group PLC		16,093		223,942
Legal & General Group PLC		124,576		318,926
Lloyds Banking Group PLC		1,349,841		977,675
London Stock Exchange Group PLC		6,716		228,199
Marks & Spencer Group PLC		33,925		145,285
Mediclinic International PLC		8,128		118,993
Meggitt PLC		16,406		89,174
Merlin Entertainments PLC (d)		14,392		84,754
Mondi PLC		7,522		140,830
National Grid PLC		78,712		1,157,485
Next PLC		3,112		205,628
Old Mutual PLC		101,521		274,258
Pearson PLC		17,681		229,996
Persimmon PLC		6,286		121,896
Petrofac Ltd.		5,199		54,042
Provident Financial PLC		2,987		92,101
Prudential PLC		54,229		920,206
Randgold Resources Ltd.		1,954		219,273
Reckitt Benckiser Group PLC		13,431		1,346,747
Reed Elsevier PLC (London)		23,582		434,249
Rio Tinto PLC		26,214		814,378
Rolls-Royce Holdings PLC		39,061		372,836
Royal Bank of Scotland Group PLC (b)		70,137		158,941
Royal Dutch Shell PLC Class A		88,461		2,429,594
Royal Dutch Shell PLC Class B		78,914		2,180,281
Royal Mail PLC		18,265		122,714
RSA Insurance Group PLC		21,898		146,768
SABMiller PLC		20,545		1,198,165
Sage Group PLC, The		23,162		200,202
Schroders PLC		2,565		81,056
SEGRO PLC		15,713		87,095
Severn Trent PLC		4,943		161,286
Shire PLC		18,886		1,167,201
Sky PLC		21,791		247,621
Smith & Nephew PLC		18,821		319,602
Smiths Group PLC		8,198		126,685
SSE PLC		21,627		450,126
St. James’s Place PLC		10,691		112,745
Standard Chartered PLC		69,109		524,328
Standard Life PLC		39,819		157,100
Tate & Lyle PLC		10,057		89,919
Taylor Wimpey PLC		66,722		118,370
Tesco PLC (b)		172,141		404,289
Travis Perkins PLC		5,186		102,319
TUI AG (United Kingdom)		10,021		114,058
Unilever PLC		26,845		1,286,282
United Utilities Group PLC		15,049		208,584
Vodafone Group PLC		558,970		1,704,220
Weir Group PLC, The		4,238		81,850
Whitbread PLC		3,936		184,162
William Hill PLC		17,577		60,545

66 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
United Kingdom (Cont.)
William Morrison Supermarkets PLC		45,044	$	113,079
Wolseley PLC		5,264		272,589
Worldpay Group PLC (b) (d)		28,417		103,429
WPP PLC		27,207		567,031
				48,183,863
United States (0.02%)
Ball Corp.		650		46,256
				46,256
Total Common Stocks
(cost $219,558,183)				246,007,935
Preferred Stocks (a) (0.51%)
Germany (0.51%)
Bayerische Moteren Werke (BMW) AG, 0.00%		1,162		74,074
Fuchs Petrolub SE, 0.00%		1,674		65,857
Henkel AG & Co. KGaA, 0.00%		3,785		462,567
Porsche Automobil Holding SE, 0.00%		3,177		146,847
Schaeffler AG, 0.00%		3,322		43,879
Volkswagen AG, 0.00%		3,941		477,335
				1,270,559
Total Preferred Stocks
(cost $951,499)				1,270,559

	Shares		Value
Short-term Investments (0.15%)
State Street Institutional U.S. Government Money Market Fund Premier Class		383,284	$	383,284
Total Short-term Investments
(cost $383,284)				383,284
TOTAL INVESTMENTS (98.84%)
(cost $220,892,966)				247,661,778
CASH (e) AND OTHER ASSETS, NET OF LIABILITIES (1.16%)				2,897,517
NET ASSETS (100.00%)			$	250,559,295

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

(b) Non-income producing security.

(c) In accordance with the Trust’s valuation procedures, State Farm Investment Management Corp. (“SFIMC”) determined the fair value for the security considering the facts and circumstances related to the particular security. The fair value for this security was not determined using the Trust’s independent statistical fair value service.

(d) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the value of these securities amounted to $886,728 or 0.35% of net assets.

(e) At June 30, 2016, cash in the amount of $247,114 has been pledged to cover, in whole or in part, initial margin requirements for open futures contracts.

SDR - Swedish Depositary Receipt

ADR - American Depositary Receipt

See accompanying notes to financial statements. 67

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

FOREIGN CURRENCY DENOMINATIONS

Currency	Value		%
Euro	$	72,403,401		29.23
Japanese Yen		57,670,801		23.29
British Pound		48,183,863		19.45
Swiss Franc		22,924,832		9.26
Australian Dollar		18,106,250		7.31
Hong Kong Dollar		7,713,428		3.11
Swedish Krona		6,898,829		2.79
Danish Krone		4,913,286		1.98
Singapore Dollar		3,290,115		1.33
United States Dollar		2,025,277		0.82
Norwegian Krone		1,600,209		0.65
Israeli Shekel		1,469,529		0.59
New Zealand Dollar		461,958		0.19
Total Investments	$	247,661,778		100.00	%

SECTOR CLASSIFICATIONS

Sector	Value		%
Financials	$	55,469,183		22.14
Industrials		33,015,861		13.18
Consumer Staples		32,972,244		13.16
Health Care		30,579,491		12.20
Consumer Discretionary		29,954,903		11.95
Materials		16,896,779		6.74
Information Technology		13,253,606		5.29
Energy		12,795,561		5.11
Telecommunication Services		12,726,523		5.08
Utilities		9,614,343		3.84
Total Stocks		247,278,494		98.69
Short-term Investments		383,284		0.15
Cash and Other Assets, Net of Liabilities		2,897,517		1.16
Net Assets	$	250,559,295		100.00	%

OPEN FUTURES CONTRACTS

Description	Contracts Purchased		Expiration		Notional Value		Market Value		Unrealized Gain (Loss)
ASX SPI 200 Index		4		September 2016	$	380,768	$	386,026	$	5,258
Euro Stoxx 50		32		September 2016		997,643		1,013,868		16,225
FTSE 100 Index		10		September 2016		797,512		854,995		57,483
Nikkei 225 Index		9		September 2016		698,495		677,626		(20,869	)
Total									$	58,097

68 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST EQUITY AND BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Registered Investment Companies (99.63%)
State Farm Mutual Fund Trust Bond Fund Institutional Shares (a)		12,558,730	$	145,932,442
State Farm Mutual Fund Trust Equity Fund Institutional Shares (a)		23,380,358		217,904,933
Total Registered Investment Companies
(cost $317,338,885)				363,837,375
TOTAL INVESTMENTS (99.63%)
(cost $317,338,885)				363,837,375
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.37%)				1,347,242
NET ASSETS (100.00%)			$	365,184,617

(a) As of June 30, 2016, investments in issuers considered to be affiliates of the Equity and Bond Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Security	Shares Held at December 31, 2015		Shares Purchased		Shares Sold		Shares Held at June 30, 2016		Value at June 30, 2016		Dividends		Realized Gain (Loss)
State Farm Mutual Fund Trust Bond Fund Institutional Shares		12,083,292		595,974		120,536		12,558,730	$	145,932,442	$	1,779,654	$	2,053
State Farm Mutual Fund Trust Equity Fund Institutional Shares		20,482,939		2,897,419		—		23,380,358		217,904,933		—		—
Total									$	363,837,375	$	1,779,654	$	2,053

See accompanying notes to financial statements. 69

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (69.10%)
Aerospace/Defense (2.27%)
Northrop Grumman Corp. 5.050%, 08/01/2019	$	500,000	$	553,284
Precision Castparts Corp. 2.250%, 06/15/2020		1,000,000		1,033,599
Raytheon Co. 3.125%, 10/15/2020		1,500,000		1,607,906
Northrop Grumman Corp. 3.500%, 03/15/2021		500,000		536,862
Lockheed Martin Corp. 3.350%, 09/15/2021		2,000,000		2,132,232
General Dynamics Corp. 2.250%, 11/15/2022		2,000,000		2,044,484
Raytheon Co. 2.500%, 12/15/2022		2,000,000		2,083,264
Northrop Grumman Corp. 3.250%, 08/01/2023		3,000,000		3,219,252
Rockwell Collins Inc. 3.700%, 12/15/2023		500,000		546,810
Raytheon Co. 3.150%, 12/15/2024		2,000,000		2,167,484
Lockheed Martin Corp. 2.900%, 03/01/2025		3,000,000		3,099,354
Precision Castparts Corp. 3.250%, 06/15/2025		1,000,000		1,066,312
				20,090,843
Agriculture, Foods, & Beverage (4.36%)
Hershey Co. 5.450%, 09/01/2016		500,000		503,880
General Mills Inc. 5.700%, 02/15/2017		1,000,000		1,027,882
PepsiAmericas Inc. 5.000%, 05/15/2017		500,000		517,822
Kraft Foods Group Inc. 6.125%, 08/23/2018		369,000		404,672
PepsiCo Inc. 7.900%, 11/01/2018		500,000		578,302
2.250%, 01/07/2019		2,000,000		2,054,950
Mondelez International Inc. 2.250%, 02/01/2019		1,000,000		1,021,805
Coca-Cola Co., The 3.150%, 11/15/2020		1,000,000		1,075,340
Kellogg Co. 4.000%, 12/15/2020		632,000		692,701
Campbell Soup Co. 4.250%, 04/15/2021		2,000,000		2,194,666
Hormel Foods Corp. 4.125%, 04/15/2021		1,000,000		1,114,519
General Mills Inc. 3.150%, 12/15/2021		2,000,000		2,131,538
PepsiCo Inc. 2.750%, 03/05/2022		1,500,000		1,571,487
JM Smucker Co. 3.000%, 03/15/2022		1,000,000		1,050,040

	Principal amount		Value
Corporate Bonds (Cont.)
Agriculture, Foods, & Beverage (Cont.)
Kraft Foods Group Inc. 3.500%, 06/06/2022	$	1,500,000	$	1,595,277
Sysco Corp. 2.600%, 06/12/2022		2,000,000		2,036,062
Campbell Soup Co. 2.500%, 08/02/2022		1,000,000		1,015,549
PepsiCo Inc. 2.750%, 03/01/2023		2,000,000		2,093,366
Coca-Cola Co., The 2.500%, 04/01/2023		2,000,000		2,081,352
Hershey Co. 2.625%, 05/01/2023		1,100,000		1,115,616
Mondelez International Inc. 4.000%, 02/01/2024		1,000,000		1,093,666
JM Smucker Co. 3.500%, 03/15/2025		1,000,000		1,079,862
Campbell Soup Co. 3.300%, 03/19/2025		1,000,000		1,051,155
PepsiCo Inc. 2.750%, 04/30/2025		1,000,000		1,033,355
HJ Heinz Co. (a) 3.950%, 07/15/2025		2,000,000		2,174,556
PepsiCo Inc. 3.500%, 07/17/2025		1,000,000		1,093,678
2.850%, 02/24/2026		1,000,000		1,047,185
Kellogg Co. 3.250%, 04/01/2026		1,500,000		1,541,884
Coca-Cola Co., The 2.550%, 06/01/2026		1,500,000		1,544,038
Sysco Corp. 3.300%, 07/15/2026		1,000,000		1,037,473
				38,573,678
Automotive (1.42%)
American Honda Finance Corp. 2.125%, 10/10/2018		1,000,000		1,026,732
Daimler Finance NA LLC (a) 2.250%, 03/02/2020		500,000		509,296
Johnson Controls Inc. 4.250%, 03/01/2021		2,000,000		2,156,860
Toyota Motor Credit Corp. 2.750%, 05/17/2021		2,000,000		2,096,496
Daimler Finance NA LLC (a) 2.000%, 07/06/2021		1,000,000		1,000,950
Toyota Motor Credit Corp. 2.625%, 01/10/2023		2,000,000		2,099,806
Johnson Controls Inc. 3.625%, 07/02/2024		2,000,000		2,113,714
Daimler Finance NA LLC (a) 3.300%, 05/19/2025		1,000,000		1,057,444
BMW US Capital LLC (a) 2.800%, 04/11/2026		500,000		512,856
				12,574,154

70 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Banks (3.56%)
Wachovia Corp. 5.750%, 06/15/2017	$	500,000	$	521,510
Bank of New York Mellon Corp. 2.100%, 08/01/2018		1,000,000		1,018,823
Wells Fargo & Co. 2.150%, 01/15/2019		1,000,000		1,020,917
Bank of New York Mellon Corp. 2.200%, 05/15/2019		1,000,000		1,023,070
KFW 4.875%, 06/17/2019		1,000,000		1,113,332
Bank of New York Mellon Corp. 2.300%, 09/11/2019		1,000,000		1,020,391
Wells Fargo & Co. 2.150%, 01/30/2020		1,000,000		1,016,964
State Street Corp. 2.550%, 08/18/2020		1,000,000		1,037,710
Wells Fargo & Co. 3.000%, 01/22/2021		1,000,000		1,044,902
PNC Bank NA 2.150%, 04/29/2021		1,000,000		1,018,712
Bank of New York Mellon Corp. 3.550%, 09/23/2021		2,000,000		2,165,370
Wells Fargo & Co. 3.500%, 03/08/2022		2,000,000		2,145,304
U.S. Bancorp 3.000%, 03/15/2022		2,000,000		2,127,202
3.700%, 01/30/2024		500,000		550,003
Bank of New York Mellon Corp. 3.400%, 05/15/2024		500,000		535,830
Wells Fargo & Co. 3.300%, 09/09/2024		2,000,000		2,097,652
Bank of New York Mellon Corp. 3.250%, 09/11/2024		1,000,000		1,064,381
State Street Corp. 3.300%, 12/16/2024		2,000,000		2,138,560
US Bank NA 2.800%, 01/27/2025		3,000,000		3,124,011
Wells Fargo & Co. 3.000%, 02/19/2025		1,000,000		1,024,226
PNC Bank NA 2.950%, 02/23/2025		1,500,000		1,549,156
Bank of New York Mellon Corp. 3.000%, 02/24/2025		500,000		524,195
PNC Bank NA 3.250%, 06/01/2025		500,000		531,228
State Street Corp. 3.550%, 08/18/2025		500,000		543,733
Bank of New York Mellon Corp. 2.800%, 05/04/2026		500,000		518,625
State Street Corp. 2.650%, 05/19/2026		1,000,000		1,020,386
				31,496,193
Building Materials & Construction (0.91%)
CRH America Inc. 5.750%, 01/15/2021		1,000,000		1,138,718

	Principal amount		Value
Corporate Bonds (Cont.)
Building Materials & Construction (Cont.)
Fluor Corp. 3.375%, 09/15/2021	$	2,000,000	$	2,126,750
Sonoco Products Co. 4.375%, 11/01/2021		1,000,000		1,076,312
Stanley Black & Decker Inc. 2.900%, 11/01/2022		1,500,000		1,583,582
Fluor Corp. 3.500%, 12/15/2024		1,000,000		1,068,413
CRH America Inc. (a) 3.875%, 05/18/2025		1,000,000		1,055,167
				8,048,942
Chemicals (3.77%)
Rohm & Haas Co. 6.000%, 09/15/2017		144,000		151,661
E.I. du Pont de Nemours and Co. 6.000%, 07/15/2018		500,000		547,776
PPG Industries Inc. 3.600%, 11/15/2020		1,000,000		1,051,474
E.I. du Pont de Nemours and Co. 3.625%, 01/15/2021		1,000,000		1,072,579
Praxair Inc. 4.050%, 03/15/2021		1,000,000		1,111,496
Monsanto Co. 2.750%, 07/15/2021		500,000		513,664
Praxair Inc. 3.000%, 09/01/2021		1,000,000		1,067,399
Dow Chemical Co., The 4.125%, 11/15/2021		1,500,000		1,645,623
Valspar Corp. 4.200%, 01/15/2022		2,000,000		2,139,450
Praxair Inc. 2.450%, 02/15/2022		1,000,000		1,039,198
Syngenta Finance NV 3.125%, 03/28/2022		2,000,000		2,096,486
Monsanto Co. 2.200%, 07/15/2022		1,300,000		1,284,150
Dow Chemical Co., The 3.000%, 11/15/2022		2,000,000		2,054,808
E.I. du Pont de Nemours and Co. 2.800%, 02/15/2023		2,000,000		2,052,570
Praxair Inc. 2.700%, 02/21/2023		2,000,000		2,084,302
International Flavors & Fragrances Inc. 3.200%, 05/01/2023		2,000,000		2,055,456
Potash Corporation of Saskatchewan Inc. 3.625%, 03/15/2024		1,500,000		1,581,440
Monsanto Co. 3.375%, 07/15/2024		1,000,000		1,030,158
Dow Chemical Co., The 3.500%, 10/01/2024		3,000,000		3,184,398
Valspar Corp., The 3.300%, 02/01/2025		1,000,000		1,007,743
Praxair Inc. 2.650%, 02/05/2025		1,300,000		1,345,976

See accompanying notes to financial statements. 71

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
Potash Corporation of Saskatchewan Inc. 3.000%, 04/01/2025	$	1,000,000	$	1,013,326
Monsanto Co. 2.850%, 04/15/2025		1,000,000		991,429
Valspar Corp., The 3.950%, 01/15/2026		500,000		526,518
Dow Chemical Co., The 7.375%, 11/01/2029		500,000		670,389
				33,319,469
Colleges (0.08%)
Dartmouth College 4.750%, 06/01/2019		598,000		660,247
Commercial Service/Supply (0.49%)
Pitney Bowes Inc. 5.750%, 09/15/2017		500,000		524,488
Cintas Corp. No. 2 6.125%, 12/01/2017		500,000		535,270
4.300%, 06/01/2021		1,000,000		1,105,399
3.250%, 06/01/2022		2,000,000		2,132,486
				4,297,643
Computer Software & Services (2.96%)
Oracle Corp. 2.375%, 01/15/2019		1,000,000		1,029,573
Texas Instruments Inc. 1.650%, 08/03/2019		1,000,000		1,013,164
Automatic Data Processing Inc. 2.250%, 09/15/2020		500,000		519,486
Microsoft Corp. 3.000%, 10/01/2020		2,000,000		2,136,690
Oracle Corp. 2.800%, 07/08/2021		1,000,000		1,049,623
Intel Corp. 3.300%, 10/01/2021		2,000,000		2,168,252
Texas Instruments Inc. 1.850%, 05/15/2022		1,000,000		1,001,472
QUALCOMM Inc. 3.000%, 05/20/2022		1,000,000		1,055,304
Oracle Corp. 2.500%, 10/15/2022		2,000,000		2,047,092
Intel Corp. 2.700%, 12/15/2022		2,000,000		2,092,404
Microsoft Corp. 2.375%, 05/01/2023		2,000,000		2,051,872
Texas Instruments Inc. 2.250%, 05/01/2023		2,000,000		2,030,920
Oracle Corp. 3.400%, 07/08/2024		1,000,000		1,075,437
Microsoft Corp. 2.700%, 02/12/2025		2,000,000		2,067,626
Oracle Corp. 2.950%, 05/15/2025		1,000,000		1,039,290

	Principal amount		Value
Corporate Bonds (Cont.)
Computer Software & Services (Cont.)
QUALCOMM Inc. 3.450%, 05/20/2025	$	1,000,000	$	1,062,719
Intel Corp. 3.700%, 07/29/2025		1,000,000		1,110,714
Automatic Data Processing Inc. 3.375%, 09/15/2025		1,000,000		1,087,419
Oracle Corp. 2.650%, 07/15/2026		500,000		501,254
				26,140,311
Computers (1.27%)
International Business Machines Corp. 5.700%, 09/14/2017		500,000		528,193
1.875%, 05/15/2019		2,000,000		2,038,122
1.625%, 05/15/2020		1,000,000		1,012,525
Hewlett-Packard Co. 3.750%, 12/01/2020		161,000		170,066
4.300%, 06/01/2021		2,000,000		2,123,962
International Business Machines Corp. 1.875%, 08/01/2022		1,000,000		995,355
Hewlett-Packard Co. 4.050%, 09/15/2022		1,000,000		1,060,118
International Business Machines Corp. 3.375%, 08/01/2023		1,000,000		1,084,522
3.625%, 02/12/2024		1,000,000		1,090,502
3.450%, 02/19/2026		1,000,000		1,087,600
				11,190,965
Consumer & Marketing (3.06%)
Estee Lauder Companies Inc., The 5.550%, 05/15/2017		1,000,000		1,039,385
Kimberly-Clark Corp. 6.125%, 08/01/2017		500,000		528,122
6.250%, 07/15/2018		1,000,000		1,104,024
Unilever Capital Corp. 2.200%, 03/06/2019		1,000,000		1,028,318
Ecolab Inc. 2.250%, 01/12/2020		1,000,000		1,017,972
Colgate-Palmolive Co. 2.950%, 11/01/2020		1,000,000		1,072,158
Unilever Capital Corp. 4.250%, 02/10/2021		3,000,000		3,350,685
Estee Lauder Companies Inc., The 1.700%, 05/10/2021		500,000		506,051
Clorox Co. 3.800%, 11/15/2021		1,000,000		1,086,587
3.050%, 09/15/2022		1,000,000		1,044,990
Colgate-Palmolive Co. 1.950%, 02/01/2023		1,000,000		1,013,970
2.100%, 05/01/2023		1,000,000		1,018,127

72 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Consumer & Marketing (Cont.)
NIKE Inc. 2.250%, 05/01/2023	$	1,500,000	$	1,546,010
Kimberly-Clark Corp. 2.400%, 06/01/2023		3,000,000		3,119,517
Procter & Gamble Co., The 3.100%, 08/15/2023		3,000,000		3,251,811
Clorox Co. 3.500%, 12/15/2024		2,000,000		2,141,446
Unilever Capital Corp. 3.100%, 07/30/2025		1,000,000		1,088,222
Kimberly-Clark Corp. 3.050%, 08/15/2025		1,000,000		1,074,821
2.750%, 02/15/2026		1,000,000		1,049,755
				27,081,971
Electronic/Electrical Manufacturing (1.66%)
Emerson Electric Co. 2.625%, 12/01/2021		1,000,000		1,054,138
Siemens Financieringsmaatschappij NV (a) 2.900%, 05/27/2022		1,500,000		1,589,925
General Electric Co. 2.700%, 10/09/2022		2,000,000		2,099,006
Emerson Electric Co. 2.625%, 02/15/2023		3,500,000		3,628,576
Rockwell Automation Inc. 2.875%, 03/01/2025		2,000,000		2,075,262
Siemens Financieringsmaatschappij NV (a) 3.250%, 05/27/2025		2,000,000		2,163,640
Emerson Electric Co. 3.150%, 06/01/2025		1,000,000		1,069,915
Hubbell Inc. 3.350%, 03/01/2026		1,000,000		1,039,696
				14,720,158
Financial Services (1.75%)
JPMorgan Chase Bank NA 6.000%, 10/01/2017		1,000,000		1,056,211
JPMorgan Chase & Co. 2.350%, 01/28/2019		1,000,000		1,024,656
2.200%, 10/22/2019		500,000		508,230
GE Capital International Funding Co. (a) 2.342%, 11/15/2020		812,000		836,491
General Electric Capital Corp. 4.650%, 10/17/2021		287,000		328,665
JPMorgan Chase & Co. 4.500%, 01/24/2022		1,000,000		1,112,845
General Electric Capital Corp. 3.150%, 09/07/2022		430,000		461,470
JPMorgan Chase & Co. 3.250%, 09/23/2022		2,000,000		2,090,850
Visa Inc. 2.800%, 12/14/2022		1,000,000		1,054,988

	Principal amount		Value
Corporate Bonds (Cont.)
Financial Services (Cont.)
JPMorgan Chase & Co. 3.200%, 01/25/2023	$	1,000,000	$	1,036,526
3.625%, 05/13/2024		500,000		530,927
General Electric Capital Corp. 3.450%, 05/15/2024		287,000		312,487
JPMorgan Chase & Co. 3.125%, 01/23/2025		1,000,000		1,022,330
GE Capital International Funding Co. (a) 3.373%, 11/15/2025		1,878,000		2,038,062
Visa Inc. 3.150%, 12/14/2025		1,000,000		1,069,111
JPMorgan Chase & Co. 3.200%, 06/15/2026		1,000,000		1,027,828
				15,511,677
Forest Products & Paper (0.07%)
Willamette Industries Inc. 9.000%, 10/01/2021		500,000		648,594
Health Care (6.00%)
Wyeth 5.450%, 04/01/2017		500,000		517,206
Amgen Inc. 5.850%, 06/01/2017		500,000		521,145
Johnson & Johnson 5.550%, 08/15/2017		500,000		526,674
AstraZeneca PLC 5.900%, 09/15/2017		500,000		528,326
Becton Dickinson & Co. 5.000%, 05/15/2019		1,000,000		1,091,295
Pfizer Inc. 2.100%, 05/15/2019		1,000,000		1,023,705
Amgen Inc. 2.200%, 05/22/2019		1,000,000		1,025,688
AstraZeneca PLC 1.950%, 09/18/2019		1,500,000		1,524,892
Gilead Sciences Inc. 2.350%, 02/01/2020		500,000		512,906
Merck & Co. Inc. 1.850%, 02/10/2020		1,000,000		1,020,917
Becton Dickinson & Co. 3.250%, 11/12/2020		1,000,000		1,051,130
CR Bard Inc. 4.400%, 01/15/2021		1,000,000		1,103,417
Medtronic Inc. 4.125%, 03/15/2021		1,000,000		1,103,467
Sanofi-Aventis 4.000%, 03/29/2021		1,000,000		1,106,719
Becton Dickinson & Co. 3.125%, 11/08/2021		1,000,000		1,049,233
Amgen Inc. 3.875%, 11/15/2021		1,000,000		1,090,358
Abbott Laboratories 2.550%, 03/15/2022		1,000,000		1,022,810

See accompanying notes to financial statements. 73

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Medtronic Inc. 3.125%, 03/15/2022	$	1,000,000	$	1,060,039
Zimmer Holdings Inc. 3.150%, 04/01/2022		1,000,000		1,025,000
GlaxoSmithKline Capital Inc. 2.850%, 05/08/2022		2,000,000		2,104,514
Bristol-Myers Squibb Co. 2.000%, 08/01/2022		1,500,000		1,522,780
Merck & Co. Inc. 2.400%, 09/15/2022		2,000,000		2,056,774
Novartis Capital Corp. 2.400%, 09/21/2022		2,000,000		2,076,356
GlaxoSmithKline Capital Inc. 2.800%, 03/18/2023		2,000,000		2,098,722
Merck & Co. Inc. 2.800%, 05/18/2023		2,000,000		2,099,622
Pfizer Inc. 3.000%, 06/15/2023		2,000,000		2,133,536
Bristol-Myers Squibb Co. 3.250%, 11/01/2023		1,000,000		1,103,996
Pfizer Inc. 3.400%, 05/15/2024		1,000,000		1,094,207
Amgen Inc. 3.625%, 05/22/2024		1,000,000		1,072,943
Bayer U.S. Finance LLC (a) 3.375%, 10/08/2024		1,000,000		1,039,496
Becton Dickinson & Co. 3.734%, 12/15/2024		2,000,000		2,154,284
Gilead Sciences Inc. 3.500%, 02/01/2025		500,000		533,040
Merck & Co. Inc. 2.750%, 02/10/2025		1,000,000		1,045,619
Abbott Laboratories 2.950%, 03/15/2025		1,000,000		1,020,119
EMD Finance LLC (a) 3.250%, 03/19/2025		1,000,000		1,024,685
Zimmer Holdings Inc. 3.550%, 04/01/2025		2,000,000		2,061,404
Amgen Inc. 3.125%, 05/01/2025		1,000,000		1,043,231
Eli Lilly and Co. 2.750%, 06/01/2025		1,000,000		1,059,069
Gilead Sciences Inc. 3.650%, 03/01/2026		1,000,000		1,088,178
Johnson & Johnson 2.450%, 03/01/2026		500,000		517,428
Stryker Corp. 3.500%, 03/15/2026		1,000,000		1,060,880
CR Bard Inc. 3.000%, 05/15/2026		1,000,000		1,024,948
Roche Holdings Inc. (a) 2.625%, 05/15/2026		1,500,000		1,551,495
Pfizer Inc. 2.750%, 06/03/2026		1,500,000		1,546,809
				53,039,062

	Principal amount		Value
Corporate Bonds (Cont.)
Machinery & Manufacturing (4.17%)
Caterpillar Inc. 5.700%, 08/15/2016	$	500,000	$	502,731
Eaton Corp. 5.300%, 03/15/2017		1,000,000		1,028,293
Honeywell International Inc. 5.300%, 03/15/2017		500,000		515,865
Cooper U.S. Inc. 6.100%, 07/01/2017		500,000		522,871
Caterpillar Financial Services Corp. 5.850%, 09/01/2017		500,000		527,106
John Deere Capital Corp. 2.800%, 09/18/2017		2,000,000		2,044,268
Covidien International 6.000%, 10/15/2017		500,000		531,570
United Technologies Corp. 5.375%, 12/15/2017		500,000		531,468
Danaher Corp. 5.625%, 01/15/2018		500,000		536,348
Thermo Fisher Scientific Inc. 2.400%, 02/01/2019		1,000,000		1,017,391
John Deere Capital Corp. 1.700%, 01/15/2020		1,000,000		1,007,715
Danaher Corp. 2.400%, 09/15/2020		500,000		521,552
Cooper U.S. Inc. 3.875%, 12/15/2020		1,000,000		1,074,021
Dover Corp. 4.300%, 03/01/2021		1,000,000		1,107,463
Honeywell International Inc. 4.250%, 03/01/2021		1,000,000		1,121,906
Caterpillar Inc. 3.900%, 05/27/2021		1,000,000		1,100,386
Illinois Tool Works Inc. 3.375%, 09/15/2021		1,000,000		1,078,435
Bemis Company Inc. 4.500%, 10/15/2021		1,000,000		1,092,702
Thermo Fisher Scientific Inc. 3.300%, 02/15/2022		500,000		518,746
United Technologies Corp. 3.100%, 06/01/2022		2,000,000		2,131,872
Deere & Co. 2.600%, 06/08/2022		1,000,000		1,027,001
Covidien International 3.200%, 06/15/2022		2,000,000		2,134,062
3M Co. 2.000%, 06/26/2022		1,500,000		1,536,610
Parker Hannifin Corp. 3.500%, 09/15/2022		1,000,000		1,097,846
Thermo Fisher Scientific Inc. 3.150%, 01/15/2023		2,000,000		2,043,586
Caterpillar Financial Services Corp. 2.625%, 03/01/2023		2,000,000		2,052,146
John Deere Capital Corp. 2.800%, 03/06/2023		1,000,000		1,051,280

74 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Machinery & Manufacturing (Cont.)
Covidien International 2.950%, 06/15/2023	$	3,000,000	$	3,127,668
Caterpillar Inc. 3.400%, 05/15/2024		1,000,000		1,074,704
Parker Hannifin Corp. 3.300%, 11/21/2024		500,000		540,416
3M Co. 3.000%, 08/07/2025		1,000,000		1,090,048
John Deere Capital Corp. 3.400%, 09/11/2025		1,000,000		1,081,189
2.650%, 06/10/2026		500,000		510,510
				36,879,775
Media & Broadcasting (2.75%)
Walt Disney Co., The 5.625%, 09/15/2016		1,000,000		1,009,508
S&P Global Inc. 5.900%, 11/15/2017		500,000		528,442
Time Warner Inc. 2.100%, 06/01/2019		1,500,000		1,520,169
S&P Global Inc. 3.300%, 08/14/2020		1,000,000		1,046,242
Walt Disney Co., The 2.750%, 08/16/2021		2,000,000		2,118,316
Thomson Reuters Corp. 3.950%, 09/30/2021		1,000,000		1,066,432
Walt Disney Co., The 2.550%, 02/15/2022		1,000,000		1,051,146
Comcast Corp. 3.125%, 07/15/2022		2,000,000		2,138,572
Reed Elsevier Capital 3.125%, 10/15/2022		2,000,000		2,032,646
Comcast Corp. 2.850%, 01/15/2023		1,000,000		1,051,304
Thomson Reuters Corp. 4.300%, 11/23/2023		1,000,000		1,090,862
Time Warner Inc. 3.550%, 06/01/2024		1,500,000		1,593,594
Thomson Reuters Corp. 3.850%, 09/29/2024		1,000,000		1,065,678
Comcast Corp. 3.375%, 02/15/2025		2,000,000		2,156,290
S&P Global Inc. 4.000%, 06/15/2025		1,500,000		1,637,366
Time Warner Inc. 3.600%, 07/15/2025		1,000,000		1,058,145
S&P Global Inc. 4.400%, 02/15/2026		1,000,000		1,122,351
Thomson Reuters Corp. 3.350%, 05/15/2026		1,000,000		1,022,193
				24,309,256
Mining & Metals (1.70%)
Alcoa Inc. 5.550%, 02/01/2017		500,000		510,000

	Principal amount		Value
Corporate Bonds (Cont.)
Mining & Metals (Cont.)
BHP Billiton Finance USA Ltd. 5.400%, 03/29/2017	$	500,000	$	515,277
2.050%, 09/30/2018		500,000		506,550
Rio Tinto Finance USA PLC 2.250%, 12/14/2018		2,000,000		2,042,770
Rio Tinto Finance USA Ltd. 3.500%, 11/02/2020		1,000,000		1,065,950
4.125%, 05/20/2021		2,000,000		2,185,500
Barrick NA Finance LLC 4.400%, 05/30/2021		1,000,000		1,076,710
BHP Billiton Finance USA Ltd. 3.250%, 11/21/2021		1,500,000		1,585,426
Alcoa Inc. 5.870%, 02/23/2022		750,000		783,900
Barrick Gold Corp. 3.850%, 04/01/2022		1,000,000		1,031,505
4.100%, 05/01/2023		2,000,000		2,109,730
BHP Billiton Finance USA Ltd. 3.850%, 09/30/2023		500,000		544,082
Rio Tinto Finance USA Ltd. 3.750%, 06/15/2025		1,000,000		1,046,121
				15,003,521
Oil & Gas (6.36%)
ConocoPhillips Canada 5.625%, 10/15/2016		500,000		506,116
Shell International Finance 5.200%, 03/22/2017		500,000		515,609
Canadian Natural Resources 5.700%, 05/15/2017		500,000		514,376
EOG Resources Inc. 5.875%, 09/15/2017		500,000		526,418
Husky Energy Inc. 6.200%, 09/15/2017		500,000		518,370
Chevron Corp. 1.718%, 06/24/2018		2,000,000		2,023,364
Shell International Finance 1.900%, 08/10/2018		1,500,000		1,525,887
Total Capital SA 2.125%, 08/10/2018		1,000,000		1,020,167
Chevron Corp. 4.950%, 03/03/2019		1,000,000		1,095,618
ConocoPhillips 6.000%, 01/15/2020		500,000		568,677
Marathon Oil Corp. 2.700%, 06/01/2020		1,000,000		941,691
Chevron Corp. 2.427%, 06/24/2020		2,000,000		2,063,780
Trans-Canada Pipelines 3.800%, 10/01/2020		1,000,000		1,062,820
Apache Corp. 3.625%, 02/01/2021		500,000		522,595
Occidental Petroleum Corp. 4.100%, 02/01/2021		1,000,000		1,094,628

See accompanying notes to financial statements. 75

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
Statoil ASA 2.750%, 11/10/2021	$	1,000,000	$	1,045,570
Canadian Natural Resources 3.450%, 11/15/2021		1,000,000		999,693
Apache Corp. 3.250%, 04/15/2022		724,000		741,668
Devon Energy Corp. 3.250%, 05/15/2022		1,500,000		1,454,692
Trans-Canada Pipelines 2.500%, 08/01/2022		2,000,000		1,986,682
Chevron Corp. 2.355%, 12/05/2022		2,000,000		2,030,068
Shell International Finance 2.250%, 01/06/2023		1,500,000		1,506,758
Total Capital International SA 2.700%, 01/25/2023		1,000,000		1,028,502
Occidental Petroleum Corp. 2.700%, 02/15/2023		2,000,000		2,033,434
EOG Resources Inc. 2.625%, 03/15/2023		2,000,000		1,992,254
Total Capital Canada Ltd. 2.750%, 07/15/2023		1,500,000		1,541,667
Shell International Finance 3.400%, 08/12/2023		500,000		531,386
Trans-Canada Pipelines 3.750%, 10/16/2023		1,000,000		1,070,579
Total Capital International SA 3.700%, 01/15/2024		1,000,000		1,093,349
Exxon Mobil Corp. 3.176%, 03/15/2024		1,000,000		1,074,584
Canadian Natural Resources 3.800%, 04/15/2024		1,000,000		986,822
Ensco PLC 4.500%, 10/01/2024		2,000,000		1,340,000
Statoil ASA 3.250%, 11/10/2024		500,000		528,025
ConocoPhillips Co. 3.350%, 11/15/2024		1,500,000		1,545,213
Suncor Energy Inc. 3.600%, 12/01/2024		1,000,000		1,051,676
Canadian Natural Resources 3.900%, 02/01/2025		1,000,000		990,329
Woodside Finance Ltd. (a) 3.650%, 03/05/2025		2,000,000		1,953,628
Ensco PLC 5.200%, 03/15/2025		500,000		347,500
Shell International Finance 3.250%, 05/11/2025		1,500,000		1,573,630
ConocoPhillips Co. 3.350%, 05/15/2025		1,000,000		1,033,709
Marathon Oil Corp. 3.850%, 06/01/2025		1,000,000		918,730
Occidental Petroleum Corp. 3.500%, 06/15/2025		500,000		528,362
Florida Gas Transmission Co. (a) 4.350%, 07/15/2025		1,500,000		1,488,100

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
Devon Energy Corp. 5.850%, 12/15/2025	$	1,000,000	$	1,103,085
Exxon Mobil Corp. 3.043%, 03/01/2026		2,000,000		2,123,026
Occidental Petroleum Corp. 3.400%, 04/15/2026		1,000,000		1,054,692
Shell International Finance 2.875%, 05/10/2026		2,000,000		2,031,962
Chevron Corp. 2.954%, 05/16/2026		1,000,000		1,033,453
				56,262,944
Retailers (4.29%)
Target Corp. 5.875%, 07/15/2016		1,000,000		1,001,274
Lowe’s Companies Inc. 5.400%, 10/15/2016		500,000		506,609
McDonald’s Corp. 5.300%, 03/15/2017		500,000		514,912
Home Depot Inc. 2.250%, 09/10/2018		1,000,000		1,029,745
CVS Caremark Corp. 2.250%, 12/05/2018		1,000,000		1,022,931
McDonald’s Corp. 1.875%, 05/29/2019		500,000		505,932
Costco Wholesale Corp. 1.700%, 12/15/2019		2,000,000		2,048,116
Home Depot Inc. 3.950%, 09/15/2020		1,000,000		1,100,667
Wal-Mart Stores Inc. 3.250%, 10/25/2020		2,000,000		2,163,610
Home Depot Inc. 4.400%, 04/01/2021		1,000,000		1,127,459
TJX Companies Inc., The 2.750%, 06/15/2021		1,500,000		1,584,123
Lowe’s Companies Inc. 3.800%, 11/15/2021		1,000,000		1,098,026
Walgreens Boots Alliance Inc. 3.300%, 11/18/2021		1,000,000		1,048,640
McDonald’s Corp. 2.625%, 01/15/2022		1,000,000		1,029,452
Lowe’s Companies Inc. 3.120%, 04/15/2022		1,000,000		1,069,000
Home Depot Inc. 2.625%, 06/01/2022		500,000		523,270
Walgreen Co. 3.100%, 09/15/2022		2,000,000		2,060,196
CVS Caremark Corp. 2.750%, 12/01/2022		2,000,000		2,063,436
Home Depot Inc. 2.700%, 04/01/2023		3,000,000		3,147,735
Wal-Mart Stores Inc. 2.550%, 04/11/2023		2,000,000		2,087,478
Lowe’s Companies Inc. 3.875%, 09/15/2023		1,000,000		1,119,192

76 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Retailers (Cont.)
CVS Health Corp. 3.375%, 08/12/2024	$	1,500,000	$	1,594,226
Lowe’s Companies Inc. 3.125%, 09/15/2024		1,000,000		1,073,330
Walgreens Boots Alliance Inc. 3.800%, 11/18/2024		500,000		529,741
McDonald’s Corp. 3.375%, 05/26/2025		2,000,000		2,112,952
CVS Health Corp. 3.875%, 07/20/2025		1,000,000		1,099,977
Lowe’s Companies Inc. 3.375%, 09/15/2025		1,000,000		1,093,541
Home Depot Inc. 3.000%, 04/01/2026		1,000,000		1,062,772
CVS Health Corp. 2.875%, 06/01/2026		1,000,000		1,021,923
Walgreens Boots Alliance Inc. 3.450%, 06/01/2026		500,000		513,270
				37,953,535
Telecom & Telecom Equipment (2.70%)
AT&T Inc. 2.375%, 11/27/2018		1,000,000		1,020,537
Vodafone Group PLC 5.450%, 06/10/2019		500,000		553,270
Verizon Communications Inc. 2.625%, 02/21/2020		1,073,000		1,110,410
Cisco Systems Inc. 2.450%, 06/15/2020		1,000,000		1,041,254
Verizon Communications Inc. 4.500%, 09/15/2020		1,000,000		1,109,956
Telefonica Emisiones SAU 5.462%, 02/16/2021		1,000,000		1,140,895
Vodafone Group PLC 4.375%, 03/16/2021		2,000,000		2,191,974
AT&T Inc. 4.450%, 05/15/2021		1,000,000		1,098,181
3.000%, 02/15/2022		1,000,000		1,019,811
Vodafone Group PLC 2.500%, 09/26/2022		1,000,000		986,293
Verizon Communications Inc. 2.450%, 11/01/2022		2,500,000		2,522,275
AT&T Inc. 2.625%, 12/01/2022		1,000,000		1,001,253
Vodafone Group PLC 2.950%, 02/19/2023		1,000,000		1,003,141
Verizon Communications inc. 5.150%, 09/15/2023		1,000,000		1,164,626
AT&T Inc. 3.900%, 03/11/2024		1,000,000		1,058,507
Verizon Communications Inc. 4.150%, 03/15/2024		1,000,000		1,103,164
3.500%, 11/01/2024		1,000,000		1,063,533

	Principal amount		Value
Corporate Bonds (Cont.)
Telecom & Telecom Equipment (Cont.)
AT&T Inc. 3.400%, 05/15/2025	$	2,000,000	$	2,045,814
Cisco Systems Inc. 3.500%, 06/15/2025		1,000,000		1,120,989
2.950%, 02/28/2026		500,000		532,158
				23,888,041
Transportation (3.11%)
JB Hunt Transport Services Inc. 2.400%, 03/15/2019		500,000		505,224
United Parcel Service Inc. 3.125%, 01/15/2021		1,500,000		1,607,986
Burlington Northern Santa Fe 3.050%, 03/15/2022		1,000,000		1,066,107
Norfolk Southern Corp. 3.000%, 04/01/2022		2,000,000		2,087,726
JB Hunt Transport Services Inc. 3.300%, 08/15/2022		1,000,000		1,043,486
Burlington Northern Santa Fe 3.050%, 09/01/2022		500,000		532,345
United Parcel Service Inc. 2.450%, 10/01/2022		2,000,000		2,079,274
Canadian National Railway Co. 2.250%, 11/15/2022		2,000,000		2,031,746
Union Pacific Corp. 2.950%, 01/15/2023		2,000,000		2,117,456
Burlington Northern Santa Fe 3.000%, 03/15/2023		2,000,000		2,103,300
Union Pacific Corp. 2.750%, 04/15/2023		2,000,000		2,093,604
Burlington Northern Santa Fe 3.850%, 09/01/2023		2,000,000		2,225,390
CSX Corp. 3.700%, 11/01/2023		1,000,000		1,081,187
Norfolk Southern Corp. 3.850%, 01/15/2024		1,000,000		1,095,609
JB Hunt Transport Services Inc. 3.850%, 03/15/2024		500,000		531,395
CSX Corp. 3.400%, 08/01/2024		1,000,000		1,074,741
Burlington Northern Santa Fe 3.000%, 04/01/2025		1,000,000		1,058,401
Union Pacific Corp. 3.250%, 08/15/2025		500,000		545,296
Canadian National Railway Co. 2.750%, 03/01/2026		1,000,000		1,044,426
FedEx Corp. 3.250%, 04/01/2026		500,000		523,018
Norfolk Southern Corp. 2.900%, 06/15/2026		1,000,000		1,028,926
				27,476,643

See accompanying notes to financial statements. 77

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (10.39%)
Commonwealth Edison Co. 5.950%, 08/15/2016	$	500,000	$	502,818
Baltimore Gas & Electric Co. 5.900%, 10/01/2016		500,000		506,191
Consolidated Edison Co. of New York 5.300%, 12/01/2016		500,000		508,602
Georgia Power Co. 5.700%, 06/01/2017		500,000		520,178
Jersey Central Power & Light 5.650%, 06/01/2017		1,000,000		1,035,630
Atmos Energy Corp. 6.350%, 06/15/2017		500,000		524,000
Kansas City Power & Light Co. 5.850%, 06/15/2017		1,000,000		1,037,050
Union Electric Co. 6.400%, 06/15/2017		500,000		525,080
Florida Power Corp. 5.800%, 09/15/2017		500,000		528,360
Virginia Electric & Power Co. 5.950%, 09/15/2017		500,000		529,385
NSTAR Electric Co. 5.625%, 11/15/2017		500,000		529,586
Pacific Gas & Electric 5.625%, 11/30/2017		500,000		530,351
Equitable Resources Inc. 5.150%, 03/01/2018		500,000		510,520
Southern California Gas Co. 5.450%, 04/15/2018		500,000		534,996
Pacificorp 5.650%, 07/15/2018		500,000		546,839
Public Service Electric and Gas Co. 2.300%, 09/15/2018		1,000,000		1,022,608
Pacific Gas & Electric 8.250%, 10/15/2018		500,000		575,916
MidAmerican Energy Co. 2.400%, 03/15/2019		1,000,000		1,033,576
Alabama Power Co. 3.375%, 10/01/2020		1,000,000		1,072,983
Pacific Gas & Electric 3.500%, 10/01/2020		1,000,000		1,074,678
Kentucky Utilities Co. 3.250%, 11/01/2020		1,000,000		1,066,015
Public Service Company of Colorado 3.200%, 11/15/2020		1,000,000		1,069,847
Appalachian Power Co. 4.600%, 03/30/2021		500,000		550,528
Commonwealth Edison Co. 3.400%, 09/01/2021		1,000,000		1,078,275
Pacific Gas & Electric 3.250%, 09/15/2021		1,000,000		1,072,035
Southern California Edison Co. 2.400%, 02/01/2022		1,000,000		1,036,685
Carolina Power & Light Co. 2.800%, 05/15/2022		1,000,000		1,047,429
Georgia Power Co. 2.850%, 05/15/2022		2,000,000		2,099,462

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Detroit Edison Co. 2.650%, 06/15/2022	$	500,000	$	521,238
CenterPoint Energy Houston LLC 2.250%, 08/01/2022		2,000,000		2,016,586
Baltimore Gas & Electric Co. 2.800%, 08/15/2022		1,500,000		1,553,964
Pacific Gas & Electric 2.450%, 08/15/2022		1,000,000		1,021,413
Ameren Illinois Co. 2.700%, 09/01/2022		2,000,000		2,075,918
PPL Electric Utilities 2.500%, 09/01/2022		500,000		516,946
Tampa Electric Co. 2.600%, 09/15/2022		500,000		516,084
NSTAR Electric Co. 2.375%, 10/15/2022		1,000,000		1,028,880
Wisconsin Power & Light 2.250%, 11/15/2022		1,600,000		1,610,882
Connecticut Light & Power 2.500%, 01/15/2023		1,000,000		1,015,078
Indiana Michigan Power Co. 3.200%, 03/15/2023		2,500,000		2,607,342
Kansas City Power & Light Co. 3.150%, 03/15/2023		2,000,000		2,053,922
Public Service Company of Colorado 2.500%, 03/15/2023		2,000,000		2,041,364
Virginia Electric & Power Co. 2.750%, 03/15/2023		2,000,000		2,072,952
Northern States Power Co. 2.600%, 05/15/2023		1,000,000		1,034,326
Public Service Electric and Gas Co. 2.375%, 05/15/2023		3,000,000		3,065,694
Florida Power & Light Co. 2.750%, 06/01/2023		2,000,000		2,105,560
Pacificorp 2.950%, 06/01/2023		1,000,000		1,053,643
Pacific Gas & Electric 3.250%, 06/15/2023		2,000,000		2,132,844
Baltimore Gas & Electric Co. 3.350%, 07/01/2023		3,000,000		3,172,386
Consumers Energy Co. 3.375%, 08/15/2023		1,000,000		1,067,112
Laclede Gas Co. 3.400%, 08/15/2023		1,000,000		1,067,037
Duke Energy Ohio Inc. 3.800%, 09/01/2023		1,200,000		1,324,141
San Diego Gas & Electric Co. 3.600%, 09/01/2023		2,000,000		2,210,050
Nabors Industries Inc. 5.100%, 09/15/2023		2,000,000		1,781,336
DTE Electric Co. 3.650%, 03/15/2024		2,000,000		2,203,320
Arizona Public Service Co. 3.350%, 06/15/2024		500,000		538,972
Pacific Gas & Electric 3.400%, 08/15/2024		1,000,000		1,070,587

78 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Southern California Gas Co. 3.150%, 09/15/2024	$	1,000,000	$	1,069,685
Commonwealth Edison Co. 3.100%, 11/01/2024		1,000,000		1,064,329
Consolidated Edison Co. of New York 3.300%, 12/01/2024		500,000		539,246
Interstate Power & Light Co. 3.250%, 12/01/2024		1,000,000		1,069,394
Ameren Illinois Co. 3.250%, 03/01/2025		500,000		538,629
Alabama Power Co. 2.800%, 04/01/2025		1,000,000		1,035,896
Arizona Public Service Co. 3.150%, 05/15/2025		500,000		533,371
Public Service Company of Colorado 2.900%, 05/15/2025		500,000		522,514
Virginia Electric & Power Co. 3.100%, 05/15/2025		1,000,000		1,055,527
Appalachian Power Co. 3.400%, 06/01/2025		1,000,000		1,061,228
Wisconsin Electric Power 3.100%, 06/01/2025		1,000,000		1,064,305
Public Service Company of New Mexico 3.850%, 08/01/2025		1,500,000		1,605,228
Duke Energy Progress LLC 3.250%, 08/15/2025		2,000,000		2,162,162
Interstate Power & Light Co. 3.400%, 08/15/2025		1,000,000		1,080,930
Kansas City Power & Light Co. 3.650%, 08/15/2025		1,000,000		1,058,120
AEP Texas Central Co. (a) 3.850%, 10/01/2025		500,000		544,646
Jersey Central Power & Light (a) 4.300%, 01/15/2026		1,000,000		1,068,538
Virginia Electric & Power Co. 3.150%, 01/15/2026		1,000,000		1,055,771
Georgia Power Co. 3.250%, 04/01/2026		1,000,000		1,062,468
NSTAR Electric Co. 2.700%, 06/01/2026		1,000,000		1,022,129
San Diego Gas & Electric Co. 6.000%, 06/01/2026		500,000		655,268
Commonwealth Edison Co. 2.550%, 06/15/2026		500,000		508,348
Southern California Gas Co. 2.600%, 06/15/2026		1,000,000		1,026,013
Westar Energy Inc. 2.550%, 07/01/2026		1,000,000		1,000,744

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Northern States Power Co. 6.200%, 07/01/2037	$	1,000,000	$	1,377,437
				91,931,126
Total Corporate Bonds
(cost $581,408,802)				611,098,748
Government Agency Securities (b) (13.13%)
Agency Commercial Mortgage-Backed Securities (8.20%)
Federal Home Loan Mortgage Corp. 2.373%, 05/25/2022		10,000,000		10,369,430
2.682%, 10/25/2022		10,000,000		10,574,220
2.673%, 03/25/2026		2,000,000		2,094,356
Federal National Mortgage Association 3.044%, 01/25/2022		10,000,000		10,749,380
2.715%, 02/25/2022		7,000,000		7,406,966
2.482%, 04/25/2022		10,000,000		10,443,530
2.377%, 05/25/2022		10,000,000		10,413,550
2.509%, 11/25/2022		10,000,000		10,462,570
				72,514,002
Agency Mortgage-Backed Securities (4.08%)
Federal Home Loan Mortgage Corp. 5.000%, 07/01/2018		9,732		9,991
5.000%, 09/01/2018		27,179		27,922
5.000%, 09/01/2018		15,388		15,911
4.500%, 11/01/2018		47,269		48,430
5.500%, 11/01/2018		13,983		14,429
5.000%, 01/01/2019		22,711		23,362
5.000%, 04/01/2019		28,511		29,396
4.500%, 05/01/2019		30,606		31,359
4.000%, 05/01/2019		18,106		18,742
5.500%, 06/01/2019		25,468		26,394
5.000%, 01/01/2020		30,063		31,314
5.500%, 04/01/2020		49,803		52,979
5.500%, 07/01/2020		76,971		81,150
5.000%, 05/01/2021		97,562		102,608
6.000%, 07/01/2021		82,615		89,345
4.500%, 05/01/2024		208,611		223,641
4.500%, 05/01/2024		90,640		97,438
4.500%, 09/01/2024		214,171		229,163
4.000%, 10/01/2024		314,775		334,355
4.000%, 01/01/2025		236,840		252,487
4.000%, 07/01/2025		240,393		256,108
4.500%, 08/01/2025		235,973		253,943
3.500%, 04/01/2026		370,837		392,847
2.500%, 02/01/2027		3,310,844		3,432,100
6.000%, 11/01/2028		6,789		7,820
6.500%, 06/01/2029		14,785		17,512
7.500%, 12/01/2030		843		880

See accompanying notes to financial statements. 79

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Government Agency Securities (Cont.)
Agency Mortgage-Backed Securities (Cont.)
7.000%, 07/01/2031	$	1,288	$	1,352
6.500%, 09/01/2031		2,347		2,810
6.000%, 11/01/2032		23,271		26,866
6.000%, 12/01/2032		12,527		14,463
5.500%, 05/01/2033		202,686		228,938
5.500%, 07/01/2033		196,274		219,964
5.000%, 08/01/2033		78,298		87,105
5.500%, 03/01/2034		37,499		42,222
5.000%, 04/01/2034		50,569		56,101
6.000%, 07/01/2034		191,324		218,396
5.500%, 05/01/2035		303,709		342,137
5.000%, 05/01/2035		201,467		224,023
4.500%, 08/01/2035		61,771		67,503
5.000%, 10/01/2035		45,868		50,730
6.500%, 08/01/2036		89,621		107,297
5.500%, 10/01/2037		85,354		95,712
5.500%, 11/01/2037		115,613		129,685
6.000%, 01/01/2038		51,783		59,142
6.000%, 01/01/2038		51,095		57,987
4.500%, 06/01/2039		426,838		467,100
5.000%, 06/01/2039		297,776		328,719
4.500%, 10/01/2039		568,441		623,359
5.000%, 10/01/2039		462,713		510,879
5.000%, 01/01/2040		250,167		276,239
4.500%, 02/01/2040		190,849		208,528
4.000%, 07/01/2041		1,197,957		1,288,081
Federal National Mortgage Association 5.500%, 12/01/2016		310		311
5.500%, 01/01/2017		3,199		3,223
6.500%, 01/01/2017		1,534		1,536
5.500%, 01/01/2017		587		589
5.500%, 02/01/2017		1,654		1,662
5.000%, 03/01/2017		4,926		5,049
6.000%, 04/01/2017		1,018		1,030
5.500%, 01/01/2018		7,007		7,144
5.000%, 02/01/2018		11,381		11,681
5.000%, 05/01/2018		37,555		38,551
4.500%, 05/01/2018		28,485		29,261
5.000%, 05/01/2018		27,646		28,397
4.500%, 05/01/2018		24,162		24,801
5.000%, 05/01/2018		15,107		15,505
4.500%, 03/01/2019		28,504		29,184
5.500%, 10/01/2019		124,039		130,272
5.000%, 11/01/2019		69,348		73,227
4.500%, 12/01/2019		40,737		42,144
5.000%, 06/01/2020		116,054		120,361
4.500%, 09/01/2020		55,910		58,216
5.500%, 05/01/2021		99,283		105,586
4.500%, 04/01/2023		19,534		20,430
5.000%, 01/01/2024		148,978		160,220
4.500%, 04/01/2024		37,098		39,248
4.000%, 06/01/2024		154,413		163,040
5.000%, 10/01/2024		278,476		299,361
4.500%, 11/01/2024		190,706		203,362
3.500%, 12/01/2025		349,208		371,980
3.000%, 12/01/2026		812,434		853,180

	Principal amount		Value
Government Agency Securities (Cont.)
Agency Mortgage-Backed Securities (Cont.)
7.500%, 09/01/2029	$	12,184	$	14,088
8.000%, 03/01/2030		3,137		3,253
6.500%, 05/01/2030		10,622		12,620
6.500%, 08/01/2031		1,245		1,433
6.500%, 10/01/2031		7,787		9,282
6.000%, 11/01/2031		7,934		9,061
7.000%, 01/01/2032		14,207		17,471
3.000%, 02/01/2032		3,758,867		3,962,571
3.000%, 02/01/2032		3,114,090		3,279,003
6.000%, 03/01/2032		10,806		12,353
6.500%, 03/01/2032		3,712		4,272
6.500%, 04/01/2032		23,614		27,175
7.000%, 04/01/2032		13,390		14,846
6.500%, 05/01/2032		82,073		94,448
6.000%, 05/01/2032		6,884		7,932
7.000%, 06/01/2032		22,096		26,987
6.500%, 06/01/2032		2,341		2,694
6.500%, 07/01/2032		8,050		9,264
6.000%, 08/01/2032		68,409		79,916
5.500%, 10/01/2032		86,038		97,738
6.500%, 10/01/2032		48,495		55,808
6.000%, 11/01/2032		42,687		49,369
6.000%, 01/01/2033		30,791		35,161
5.500%, 03/01/2033		33,355		37,812
5.500%, 03/01/2033		23,484		26,560
6.000%, 04/01/2033		36,671		41,883
5.000%, 05/01/2033		116,433		129,640
5.000%, 05/01/2033		27,243		30,406
5.000%, 08/01/2033		154,961		172,964
5.500%, 10/01/2033		86,596		98,148
5.000%, 03/01/2034		189,731		211,804
5.500%, 05/01/2034		182,750		207,449
6.000%, 07/01/2034		100,417		115,670
5.500%, 12/01/2034		247,855		281,342
5.500%, 04/01/2035		129,585		146,623
5.000%, 07/01/2035		135,865		151,066
5.500%, 07/01/2035		125,184		142,103
5.000%, 10/01/2035		114,264		127,292
5.000%, 11/01/2035		38,208		42,468
6.000%, 08/01/2036		57,750		65,965
6.000%, 12/01/2037		33,268		38,065
5.500%, 02/01/2038		102,202		115,132
5.500%, 06/01/2038		252,340		284,552
4.500%, 03/01/2039		433,399		477,946
5.000%, 05/01/2039		414,169		460,313
4.500%, 05/01/2039		256,175		279,441
5.000%, 11/01/2039		700,697		789,804
4.500%, 01/01/2040		356,674		390,418
4.500%, 09/01/2040		679,541		744,841
3.500%, 01/01/2041		1,305,841		1,381,612
4.500%, 04/01/2041		431,223		472,829
5.000%, 05/01/2041		470,608		523,249
4.000%, 11/01/2041		1,286,622		1,383,374
Government National Mortgage Association 6.000%, 05/15/2017		5,560		5,593

80 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Principal amount		Value
Government Agency Securities (Cont.)
Agency Mortgage-Backed Securities (Cont.)
6.500%, 06/15/2028	$	22,526	$	26,728
6.000%, 11/15/2028		15,128		17,505
6.500%, 03/15/2029		27,920		31,945
7.000%, 06/15/2029		16,384		16,622
7.500%, 08/20/2030		6,190		7,826
6.000%, 01/15/2032		10,157		11,921
5.500%, 10/15/2033		114,588		131,755
5.000%, 11/20/2033		189,214		212,787
6.000%, 12/20/2033		58,917		69,667
5.500%, 11/15/2038		154,821		174,456
5.000%, 09/15/2039		399,461		447,464
4.500%, 10/15/2039		673,230		743,453
5.000%, 12/15/2039		163,994		183,701
4.000%, 09/20/2040		1,432,348		1,543,446
4.500%, 03/20/2041		287,819		314,231
5.000%, 05/20/2041		231,460		257,449
				36,069,580
Agency Notes & Bonds (0.85%)
Federal National Mortgage Association 5.500%, 05/10/2027		5,000,000		5,225,755
7.125%, 01/15/2030		500,000		784,443
Tennessee Valley Authority 1.750%, 10/15/2018		1,500,000		1,531,102
				7,541,300
Total Government Agency Securities
(cost $110,575,179)				116,124,882
U.S. Treasury Obligations (12.68%)
7.500%, 11/15/2016		500,000		513,247
8.125%, 08/15/2019		750,000		920,830
6.875%, 08/15/2025		5,000,000		7,335,740
3.250%, 07/31/2016		2,000,000		2,005,038
3.000%, 08/31/2016		1,000,000		1,004,468
2.750%, 05/31/2017		5,000,000		5,100,585
4.250%, 11/15/2017		12,000,000		12,603,744
3.500%, 02/15/2018		9,000,000		9,422,577
3.875%, 05/15/2018		2,000,000		2,124,454
3.750%, 11/15/2018		17,000,000		18,248,446
1.625%, 04/30/2019		5,000,000		5,127,735
1.625%, 06/30/2020		5,000,000		5,141,795
2.625%, 08/15/2020		5,000,000		5,345,310
2.375%, 08/15/2024		10,000,000		10,764,060
2.250%, 11/15/2024		5,000,000		5,333,595
2.000%, 02/15/2025		10,000,000		10,462,500
2.250%, 11/15/2025		10,000,000		10,668,750
Total U.S. Treasury Obligations
(cost $107,031,968)				112,122,874

	Shares		Value
Short-term Investments (4.71%)
JPMorgan U.S. Government Money Market Fund Agency Shares		41,695,122	$	41,695,122
Total Short-term Investments
(cost $ 41,695,122)				41,695,122
TOTAL INVESTMENTS (99.62%)
(cost $ 840,711,071)				881,041,626
OTHER ASSETS, NET OF LIABILITIES (0.38%)				3,375,139
NET ASSETS (100.00%)			$	884,416,765

(a) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the value of these securities amounted to $21,608,975 or 2.44% of net assets.

(b) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 6, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corp. (“Freddie Mac”) into conservatorship. The United States Treasury has put in place a set of financing agreements to help ensure that these entities continue to meet their obligations to holders of bonds they have issued or guaranteed.

See accompanying notes to financial statements. 81

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (94.51%)
Alabama (2.07%)
City of Tuscaloosa, Alabama, General Obligation Warrants, Series 2010-A		4.750	%		07/01/2024		Aa1	$	1,025,000	$	1,155,616
City of Madison (Alabama), General Obligation School Warrants, Series 2009 (Partially Prerefunded) (b)		5.250	%		02/01/2026		Aa2		500,000		555,525
City of Huntsville, Alabama, General Obligation Warrants, Series 2007-A (Prerefunded to 05-01-2017 @ 100) (b)		4.750	%		05/01/2027		Aaa		2,000,000		2,069,240
City of Florence (Alabama), Water and Sewer Revenue Warrants, Series 2011		5.000	%		08/15/2028		A1		940,000		1,075,125
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.000	%		06/01/2029		A+		695,000		770,380
City of Madison (Alabama), General Obligation School Warrants, Series 2009 (Partially Prerefunded) (b)		5.125	%		02/01/2030		Aa2		2,305,000		2,547,440
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.000	%		06/01/2030		A+		720,000		795,370
City of Madison (Alabama), General Obligation School Warrants, Series 2009 (Partially Prerefunded) (b)		5.250	%		02/01/2031		Aa2		1,000,000		1,108,350
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.250	%		06/01/2031		A+		750,000		839,010
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.500	%		06/01/2032		A+		780,000		883,451
											11,799,507
Alaska (1.09%)
Municipality of Anchorage, Alaska, Senior Lien Electric Revenue Bonds, 2009 Series A (Tax-Exempt)		4.000	%		12/01/2020		A+		1,000,000		1,094,830
Municipality of Anchorage, Alaska, Senior Lien Electric Revenue Bonds, 2009 Series A (Tax-Exempt)		5.000	%		12/01/2022		A+		2,220,000		2,507,579
Matanuska-Susitna Borough, Alaska, General Obligation School Bonds, 2009 Series A		5.000	%		07/01/2029		Aa2		1,035,000		1,158,444
Matanuska-Susitna Borough, Alaska, General Obligation Transportation System Bonds, 2014 Series A		5.000	%		08/01/2033		AA+		1,200,000		1,446,744
											6,207,597
Arizona (7.97%)
City of Glendale, Arizona, General Obligation Refunding Bonds, Series 2010		5.000	%		07/01/2018		A2		1,900,000		2,056,142
Maricopa County, Arizona, Tempe Elementary School District No. 3, School Improvement Bonds, Project of 2005, Series B (2007) (Economically Defeased to 07-01-2017 @ 100) (b)		4.500	%		07/01/2021		Aa2		885,000		919,152
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		5.000	%		07/01/2021		Aa2		1,140,000		1,355,141
Tucson Unified School District No. 1 of Pima County, Arizona, School Improvement Bonds, Project of 2004, Series C (2007)		4.500	%		07/01/2021		A+		1,300,000		1,345,448
City of Phoenix, Civic Improvement Corporation, Senior Lien Wastewater System Revenue Refunding Bonds, Series 2008		5.500	%		07/01/2023		Aa2		1,000,000		1,093,470
Scottsdale Unified School District No. 48 of Maricopa County, Arizona, School Improvement Bonds, Project of 2010, Series B (2012)		4.000	%		07/01/2023		AA		1,000,000		1,132,010
Sedona-Oak Creek Joint Unified School District No. 9 of Coconino and Yavapai Counties, Arizona, School Improvement Bonds, Project of 2007, Series B (2009) (Economically Defeased to 07-01-2019 @ 100) (b)		5.000	%		07/01/2023		A+		1,460,000		1,642,894
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		5.000	%		07/01/2023		Aa2		800,000		975,088
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2024		AA		1,140,000		1,396,888
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		4.000	%		07/01/2024		Aa2		300,000		345,756
Peoria Unified School District No. 11 of Maricopa County, Arizona, Refunding Bonds, Series 2012		4.000	%		07/01/2025		A2		1,500,000		1,709,310
Phoenix Union High School District No. 210 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Tax-Exempt Series A (2012)		4.000	%		07/01/2025		Aa2		1,100,000		1,260,270
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2025		AA		2,000,000		2,450,680
Scottsdale Unified School District No. 48 of Maricopa County, Arizona, School Improvement Bonds, Project of 2010, Series B (2012)		4.250	%		07/01/2025		AA		2,000,000		2,273,580
Phoenix Union High School District No. 210 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Tax-Exempt Series A (2012)		4.000	%		07/01/2026		Aa2		500,000		568,850
Pima County, Arizona, General Obligation Bonds, Series 2012A		4.000	%		07/01/2026		AA-		2,015,000		2,298,652
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2026		AA		1,725,000		2,107,001

82 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Arizona (Cont.)
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series B (2009) (Bank Qualified)		5.000	%		07/01/2027		A+	$	2,000,000	$	2,221,017
City of Phoenix, Arizona, Various Purpose General Obligation Bonds, Series 2012A		4.000	%		07/01/2027		Aa1		2,000,000		2,271,740
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2027		AA		1,000,000		1,217,570
Pinal County Community College District of Pinal County, Arizona, General Obligation Bonds, Project of 2008, Series B (2012)		4.500	%		07/01/2027		AA-		2,480,000		2,831,019
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011 Series A (2012)		4.000	%		07/01/2028		Aa2		4,165,000		4,697,912
Pima County, Arizona, General Obligation Bonds, Series 2013A		4.000	%		07/01/2028		AA-		3,000,000		3,422,970
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011 Series A (2012)		4.000	%		07/01/2029		Aa2		2,000,000		2,252,260
Marana Unified School District No. 6 of Pima County, Arizona, School Improvement Bonds, Project of 2014, Series B (2016)		4.000	%		07/01/2030		A+		1,450,000		1,671,604
											45,516,424
Arkansas (3.30%)
Beaver Water District of Benton and Washington Counties, Arkansas, Water Refunding Revenue Bonds, Series 2010		4.000	%		11/15/2021		AA+		1,000,000		1,126,250
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds, (Fayetteville Campus), Refunding Series 2015A		3.000	%		11/01/2023		Aa2		1,000,000		1,102,140
Springdale School District No. 50 of Washington County, Arkansas Refunding and Construction Bonds, Series A		4.250	%		06/01/2027		Aa2		1,500,000		1,547,025
Cabot School District No. 4 of Lonoke County, Arkansas, Refunding Bonds		3.500	%		02/01/2028		NR		655,000		666,037
State of Arkansas, Higher Education General Obligation Bonds, Refunding Series 2015		4.000	%		06/01/2029		AA		5,605,000		6,478,203
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2012B		5.000	%		11/01/2029		Aa2		1,935,000		2,320,568
Rogers School District No. 30 of Benton County, Arkansas Refunding Bonds		4.000	%		02/01/2030		NR		1,000,000		1,078,570
Rogers School District No. 30 of Benton County, Arkansas Refunding Bonds		4.000	%		02/01/2031		NR		1,395,000		1,436,864
City of Little Rock, Arkansas, Sewer Refunding Revenue Bonds, Series 2015		5.000	%		10/01/2033		Aa3		2,500,000		3,053,500
											18,809,157
California (3.58%)
Grossmont Healthcare District, San Diego County, California, General Obligation Bonds, 2006 Election, 2007 Series A (Prerefunded to 07-15-2017 @ 100) (b)		5.000	%		07/15/2020		Aaa		900,000		941,544
City of Napa (Napa County California) Water Revenue Bonds, Series 2007 (Water System Improvement Projects) (Prerefunded to 05-01-2017 @ 100) (b)		4.500	%		05/01/2022		AA-		560,000		578,200
Santa Barbara County, California, Santa Barbara Schools Financing Authority, 2007 General Obligation Revenue Bonds, Series B		4.750	%		08/01/2024		Aa3		1,000,000		1,041,640
Desert Water Agency Financing Corporation (Water System Improvement Project) Series 2007 (Prerefunded to 05-01-2018 @ 100) (b)		4.750	%		05/01/2025		AA		885,000		951,525
State of California, Various Purpose General Obligation Bonds		5.500	%		03/01/2026		Aa3		1,300,000		1,405,040
Desert Water Agency Financing Corporation (Water System Improvement Project) Series 2007 (Prerefunded to 05-01-2018 @ 100) (b)		4.750	%		05/01/2026		AA		930,000		999,908
Marin Community College District, (Marin County, California), Election of 2004 General Obligation Bonds, Series C		4.250	%		08/01/2027		Aa1		1,440,000		1,633,349
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2029		Aa3		1,395,000		1,719,435
Ventura County Community College District (Ventura County, California) Election of 2002 General Obligation Bonds, Series C (Prerefunded to 08-01-2018 @ 100) (b)		5.500	%		08/01/2029		Aa2		1,000,000		1,100,400
Santa Clara Unified School District, (Santa Clara County, California), General Obligation Bonds, Election of 2004, Series 2008 (Prerefunded to 07-01-2016 @ 100) (b)		5.000	%		07/01/2030		AA		1,000,000		1,000,000
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2030		Aa3		1,000,000		1,228,370
Palomar Community College District, (San Diego County, California), 2015 General Obligation Refunding Bonds		5.000	%		05/01/2031		AA-		1,500,000		1,880,055
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2031		Aa3		840,000		1,027,614

See accompanying notes to financial statements. 83

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
California (Cont.)
Santa Monica-Malibu Unified School District, (Los Angeles County, California), Election of 2012 General Obligation Bonds, Series B		5.000	%		07/01/2032		AA	$	1,920,000	$	2,411,347
East Side Union High School District, (Santa Clara County, California), 2015 General Obligation Refunding Bonds		5.000	%		08/01/2032		A+		1,000,000		1,262,830
East Side Union High School District, (Santa Clara County, California), 2015 General Obligation Refunding Bonds		5.000	%		08/01/2033		A+		1,000,000		1,254,290
											20,435,547
Colorado (1.62%)
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2012		4.000	%		12/15/2022		Aa2		1,000,000		1,147,630
Cherry Creek School District No. 5, (Arapahoe County, Colorado), General Obligation Bonds, Series 2012B		3.000	%		12/15/2024		AA		965,000		1,057,910
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2012		4.000	%		12/15/2024		Aa2		1,350,000		1,538,608
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2015		2.500	%		12/15/2024		Aa2		740,000		796,640
Jefferson County School District No. R-1, (in Jefferson and Broomfield Counties, Colorado), General Obligation Refunding Bonds, Series 2012		3.500	%		12/15/2024		AA-		395,000		447,172
Cherry Creek School District No. 5, (Arapahoe County, Colorado), General Obligation Bonds, Series 2009		5.000	%		12/15/2025		AA		1,185,000		1,306,617
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2012		4.000	%		12/15/2025		Aa2		1,385,000		1,576,933
City and County of Denver, Colorado, Master Resolution Water Revenue Bonds, Series 2012A		4.000	%		12/15/2026		Aaa		1,230,000		1,401,142
											9,272,652
Connecticut (2.64%)
Town of New Canaan, Connecticut, General Obligation Refunding Bonds, Series C		4.000	%		04/01/2021		Aaa		1,010,000		1,096,426
Town of New Canaan, Connecticut, General Obligation Refunding Bonds, Issue of 2010, Series A		4.000	%		06/15/2023		Aaa		1,230,000		1,309,864
Town of Bethel, Connecticut, General Obligation Bonds, Issue of 2009, Series A (Prerefunded to 11-15-2016 @ 100) (b)		4.000	%		11/15/2026		AAA		950,000		962,198
Town of Bethel, Connecticut, General Obligation Sewer Bonds, Issue of 2009, Series B (Prerefunded to 11-15-2016 @ 100) (b)		4.000	%		11/15/2026		AAA		620,000		627,961
City of Stamford, Connecticut, General Obligation Bonds, Issue of 2013		3.000	%		02/01/2029		Aa1		750,000		791,332
State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University Issue, Series 2016A (c) (d)		2.000	%		07/01/2042		Aaa		10,000,000		10,265,200
											15,052,981
Delaware (0.64%)
New Castle County, Delaware, General Obligation Bonds, Series 2012B		4.000	%		07/15/2026		Aaa		2,045,000		2,334,654
The City of Wilmington, Delaware, General Obligation Bonds, Series of 2008A (Prerefunded to 12-01-2018 @ 100) (b)		5.000	%		12/01/2028		NR		1,120,000		1,235,114
The City of Wilmington, Delaware, General Obligation Bonds, Series of 2008A		5.000	%		12/01/2028		Aa2		50,000		54,962
											3,624,730
Florida (3.50%)
State of Florida, Department of Transportation, Turnpike Revenue Refunding Bonds, Series 2016A		4.200	%		07/01/2021		AA		800,000		808,000
State of Florida, Department of Transportation, Turnpike Revenue Refunding Bonds, Series 2016A (Economically Defeased to 07-01-2016 @ 101) (b)		4.200	%		07/01/2021		NR		700,000		707,000
City of Fort Lauderdale, Florida, Water and Sewer Revenue Bonds, Series 2010 (Prerefunded to 09-01-2019 @ 100) (b)		4.000	%		03/01/2023		Aa1		765,000		842,066
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 2010B		5.000	%		07/01/2024		Aa2		3,130,000		3,669,643
City of Winter Park, Florida, Water and Sewer Refunding and Improvement Revenue Bonds, Series 2009		4.250	%		12/01/2024		AA-		1,000,000		1,103,150

84 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Florida (Cont.)
Tohopekaliga Water Authority, Utility System Revenue Refunding Bonds, Series 2011A (Prerefunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2026		Aa2	$	400,000	$	478,932
Coral Springs Improvement District, Subordinate Water and Sewer Revenue Bonds, Series 2007		4.500	%		06/01/2027		NR		1,000,000		1,026,240
City of Tallahassee, Florida, Consolidated Utility Systems Revenue Bonds, Series 2007		5.000	%		10/01/2027		Aa1		1,700,000		1,789,573
Palm Beach County, Florida, Water and Sewer Revenue Refunding Bonds, Series 2013		5.000	%		10/01/2029		Aaa		1,750,000		2,172,555
Broward County, Florida Water and Sewer Utility Revenue Refunding Bonds, Series 2015A		5.000	%		10/01/2030		Aa1		1,400,000		1,785,070
Palm Beach County, Florida, Water and Sewer Revenue Refunding Bonds, Series 2013		5.000	%		10/01/2030		Aaa		1,960,000		2,427,186
City of Pembroke Pines, Florida, General Obligation Bonds, Series 2015		5.000	%		09/01/2032		Aa2		2,500,000		3,157,800
											19,967,215
Georgia (0.91%)
Cherokee County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Bonds, Series 2010		4.000	%		08/01/2023		Aa2		320,000		355,616
Fulton County, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 2011		5.000	%		01/01/2025		Aa3		2,000,000		2,338,600
Spalding County Water and Sewerage Facilities Authority (Georgia), Revenue Bonds, Series 2008 (Prerefunded to 09-01-2018 @ 100) (b)		6.125	%		09/01/2028		A1		1,000,000		1,116,390
Fayette County, Georgia, Water Revenue Bonds, Series 2009 (Prerefunded to 10-01-2019 @ 100) (b)		4.750	%		10/01/2029		Aa2		1,205,000		1,357,975
											5,168,581
Hawaii (0.39%)
State of Hawaii, Highway Revenue Bonds, Series 2008		6.000	%		01/01/2029		Aa2		2,000,000		2,251,260
Idaho (0.99%)
School District No. 271 (Coeur d’Alene), Kootenai County, State of Idaho, General Obligation Bonds, Series 2012B		4.000	%		09/15/2022		Aa2		2,280,000		2,662,789
Independent School District of Boise City, Ada and Boise Counties, Idaho, General Obligation Bonds, Series 2007 (Prerefunded to 08-01-2017 @ 100) (b)		4.750	%		08/01/2024		AA		1,430,000		1,493,478
Bonneville County, State of Idaho, School District No. 91 (Idaho Falls), General Obligation Bonds, Series 2012A		5.000	%		09/15/2028		Aa3		1,220,000		1,482,007
											5,638,274
Indiana (1.38%)
City of Fort Wayne, Indiana, Sewage Works Revenue Bonds of 2010		4.500	%		08/01/2025		A1		1,000,000		1,134,510
Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015F		5.000	%		07/15/2031		AA-		1,735,000		2,161,220
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, 2008 Series A		6.250	%		07/01/2033		Aaa		75,000		78,052
Perry Township Multischool Building Corporation of 1996, Indianapolis, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		5.000	%		07/15/2033		A+		1,890,000		2,377,318
Valparaiso Multi-Schools Building Corporation, (Porter County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015		5.000	%		07/15/2034		A+		1,720,000		2,120,158
											7,871,258
Iowa (1.84%)
City of Des Moines, Iowa, General Obligation Refunding Bonds, Series 2010B, (Urban Renewal)		4.000	%		06/01/2021		Aa2		350,000		370,422
Board of Regents, State of Iowa, Academic Building Revenue Bonds, Series S.U.I. 2012 (The State University of Iowa)		3.000	%		07/01/2022		AA		1,510,000		1,665,621
City of Des Moines, Iowa, General Obligation Refunding Bonds, Series 2010B, (Urban Renewal)		4.000	%		06/01/2023		Aa2		1,410,000		1,487,874
Board of Regents, State of Iowa, Academic Building Revenue Bonds, Series S.U.I. 2008 (The State University of Iowa)		4.750	%		07/01/2028		AA		1,785,000		1,917,411
Ankeny Community School District, Polk County, Iowa, General Obligation School Bonds, Series 2009 (Crossover Refunding to 06-01-2017 @ 100) (b)		5.000	%		06/01/2029		Aa3		1,270,000		1,320,584

See accompanying notes to financial statements. 85

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Iowa (Cont.)
Des Moines Metropolitan, Wastewater Reclamation Authority, Sewer Revenue Refunding Bonds, Series 2013B		4.000	%		06/01/2030		Aa3	$	3,400,000	$	3,751,152
											10,513,064
Kansas (2.30%)
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding Bonds, Series 2012-A		2.000	%		10/01/2022		Aaa		2,140,000		2,230,351
Johnson County, Kansas, Internal Improvement Bonds, Series 2008A (Crossover Refunding to 09-01-2018 @ 100) (b)		4.750	%		09/01/2027		Aaa		1,840,000		1,992,334
Johnson County, Kansas, Internal Improvement Bonds, Series 2008A (Crossover Refunding to 09-01-2018 @ 100) (b)		4.750	%		09/01/2028		Aaa		2,460,000		2,663,663
City of Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A		5.000	%		10/01/2030		AA-		1,400,000		1,575,476
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding and Improvement Bonds, Series 2015-A		5.000	%		10/01/2031		Aaa		2,630,000		3,350,830
Unified School District No. 497, Douglas County, Kansas, (Lawrence), General Obligation Refunding and Improvement Bonds, Series 2016-A		5.000	%		09/01/2035		Aa2		1,065,000		1,304,231
											13,116,885
Kentucky (1.40%)
Boone-Florence Water Commission (Kentucky), Water Supply System Refunding Revenue Bonds, Series 2010		3.250	%		12/01/2019		A1		110,000		117,724
Northern Kentucky University, General Receipts Bonds, 2007 Series (Prerefunded to 09-01-2017 @ 100) (b)		4.300	%		09/01/2025		A		2,700,000		2,815,209
Louisville/Jefferson County Metro Government, General Obligation Bonds, Series 2006A (Prerefunded to 11-01-2016 @ 100) (b)		4.250	%		11/01/2025		Aa1		1,000,000		1,012,080
Northern Kentucky University, General Receipts Bonds, 2007 Series A (Prerefunded to 09-01-2017 @ 100) (b)		4.300	%		09/01/2026		A		2,545,000		2,653,595
Northern Kentucky Water District Revenue Bonds, 2013 Series A		4.125	%		02/01/2031		Aa3		1,255,000		1,376,145
											7,974,753
Louisiana (0.05%)
Parish-Wide School District of Ascension Parish, Louisiana, General Obligation School Bonds, Series 2013		3.000	%		03/01/2025		AA		260,000		282,539
Maine (0.16%)
Town of Gorham, Maine, 2012 General Obligation Refunding Bonds		4.000	%		11/01/2022		Aa2		815,000		940,583
Maryland (0.89%)
Howard County, Maryland, Consolidated Public Improvement Bonds, 2012 Series A		4.000	%		02/15/2023		Aaa		1,845,000		2,038,596
Howard County, Maryland, Metropolitan District Bonds, 2012 Series A		4.000	%		02/15/2032		Aaa		2,790,000		3,034,069
											5,072,665
Massachusetts (0.95%)
Town of Carlisle, Massachusetts, General Obligation Municipal Purpose Loan of 2012 Bonds, Unlimited Tax		3.000	%		11/15/2025		Aa1		465,000		493,305
Town of Carlisle, Massachusetts, General Obligation Municipal Purpose Loan of 2012 Bonds, Unlimited Tax		3.000	%		11/15/2026		Aa1		215,000		226,597
Town of Carlisle, Massachusetts, General Obligation Municipal Purpose Loan of 2012 Bonds, Unlimited Tax		3.000	%		11/15/2027		Aa1		190,000		198,862
Town of Georgetown, Massachusetts, General Obligation School Bonds		4.000	%		05/01/2031		Aa2		900,000		995,274
The Commonwealth of Massachusetts, General Obligation Bonds, Consolidated Loan of 2014, Series A		5.000	%		12/01/2034		Aa1		1,000,000		1,190,700
The Commonwealth of Massachusetts, Commonwealth Transportation Fund Revenue Bonds, (Accelerated Bridge Program), 2013 Series A		5.000	%		06/01/2035		Aaa		2,000,000		2,343,080
											5,447,818

86 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Michigan (5.23%)
Traverse City Area Public Schools, Counties of Grand Traverse, Leelanau and Benzie, State of Michigan, 2010 School Building and Site Bonds (General Obligation - Unlimited Tax)		3.500	%		05/01/2020		AA-	$	1,000,000	$	1,089,910
City of Petoskey, County of Emmet, State of Michigan, Water Supply and Sewage Disposal System Revenue and Revenue Refunding Bonds, Series 2011		5.000	%		02/01/2023		AA-		720,000		831,226
City of Petoskey, County of Emmet, State of Michigan, Water Supply and Sewage Disposal System Revenue and Revenue Refunding Bonds, Series 2011		5.000	%		02/01/2024		AA-		225,000		259,650
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2012 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2024		A+		1,625,000		1,762,621
Forest Hills Public Schools County of Kent, State of Michigan, 2007 School Building and Site Bonds (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2017 @ 100) (b)		4.750	%		05/01/2024		Aa2		1,000,000		1,034,200
Howell Public Schools, County of Livingston, State of Michigan, 2012 Refunding Bonds, (General Obligation - Unlimited Tax)		4.250	%		05/01/2025		A+		2,760,000		3,099,480
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2012 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2027		A+		1,600,000		1,699,472
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2027		Aa3		4,240,000		4,620,752
Birmingham Public Schools, County of Oakland, State of Michigan, 2013 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2029		AA+		3,545,000		4,004,432
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A		5.000	%		05/01/2029		A+		1,000,000		1,193,770
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A		5.000	%		05/01/2030		A+		750,000		892,958
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		5.000	%		05/01/2030		AA-		885,000		1,081,842
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A		5.000	%		05/01/2031		A+		1,000,000		1,188,250
Mattawan Consolidated School, Counties of Van Buren and Kalamazoo, State of Michigan, 2015 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		5.000	%		05/01/2031		A+		1,000,000		1,209,940
Zeeland Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2015 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2031		A+		1,535,000		1,843,719
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2013 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2032		A+		2,900,000		3,186,375
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2013 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2033		A+		800,000		876,360
											29,874,957
Minnesota (0.80%)
State of Minnesota, General Obligation State Various Purpose Bonds, Series 2009H		4.500	%		11/01/2024		Aa1		1,000,000		1,117,810
City of Rochester, Minnesota, General Obligation Waste Water Revenue Refunding Bonds, Series 2012A		4.000	%		02/01/2026		Aaa		2,500,000		2,848,500
Independent School District No. 276, Minnetonka, Minnesota, General Obligation Refunding Bonds, Series 2013H		4.000	%		02/01/2026		Aaa		500,000		580,975
											4,547,285
Mississippi (0.69%)
Mississippi Development Bank, Special Obligation Bonds, Series 2010A, (City of Jackson, Mississippi General Obligation Refunding Project)		5.000	%		03/01/2020		A3		1,000,000		1,141,180
Mississippi Development Bank, Special Obligation Bonds, Series 2010A, (City of Jackson, Mississippi General Obligation Refunding Project)		5.000	%		03/01/2021		A3		1,000,000		1,122,800
Madison County School District, Madison County, Mississippi, General Obligation Refunding Bonds, Series 2012		4.000	%		04/15/2023		Aa2		1,480,000		1,690,086
											3,954,066

See accompanying notes to financial statements. 87

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Missouri (2.14%)
Missouri State Improvement and Energy Water Pollution Revenue, Series 2000B		5.625	%		07/01/2016		Aaa	$	500,000	$	500,000
Parkway C-2 School District, St. Louis County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2009 (Prerefunded to 03-01-2019 @ 100) (b)		4.625	%		03/01/2025		AAA		1,000,000		1,103,810
School District of the City of Ladue, St. Louis County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2007		5.000	%		03/01/2025		AAA		440,000		453,244
School District of the City of Ladue, St. Louis County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2007 (Crossover Refunding to 03-01-2017 @ 100) (b)		5.000	%		03/01/2025		NR		560,000		574,980
The School District of Columbia, Boone County, State of Missouri, General Obligation Refunding and Improvement Bonds, Series 2012		4.000	%		03/01/2026		Aa1		2,490,000		2,815,493
Joplin Schools, Joplin, Missouri, General Obligation School Building Bonds, (Missouri Direct Deposit Program), Series 2012		4.000	%		03/01/2028		A+		2,750,000		3,099,938
The School District of Springfield R-XII, Springfield, Missouri, General Obligation School Building Bonds, (Missouri Direct Deposit Program), Series 2013		5.000	%		03/01/2032		AA		1,000,000		1,210,020
Reorganized School District No. 7 of Jackson County, Missouri, (Lee’s Summit R-7), General Obligation School Building Bonds, Series 2016		5.000	%		03/01/2036		AA+		2,000,000		2,444,380
											12,201,865
Montana (0.41%)
State of Montana, General Obligation Bonds, (Drinking Water State Revolving Fund Program), Series 2005F		4.750	%		07/15/2018		AA		315,000		315,983
School District No. 7 (Bozeman), Gallatin County, Montana, General Obligation School Building Bonds, Series 2013		4.000	%		06/01/2023		Aa2		380,000		439,048
City of Billings, Montana, General Obligation Bonds, Series 2012		4.000	%		07/01/2026		Aa2		265,000		297,391
City of Billings, Montana, General Obligation Bonds, Series 2012		4.000	%		07/01/2027		Aa2		525,000		585,952
City of Billings, Montana, General Obligation Bonds, Series 2012		4.000	%		07/01/2028		Aa2		655,000		729,382
											2,367,756
Nebraska (2.26%)
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		4.000	%		12/15/2021		AA-		1,140,000		1,304,422
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		5.000	%		12/15/2027		AA-		1,850,000		2,197,726
Omaha Public Power District (Nebraska) Electric System Revenue Bonds, 2008 Series A (Prerefunded to 02-01-2018 @ 100) (b)		5.500	%		02/01/2028		Aa2		1,500,000		1,614,150
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Bonds, Series 2012B		4.000	%		01/15/2030		AA-		1,930,000		2,137,919
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2031		A+		725,000		898,601
Hall County School District 0002, In the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014		5.000	%		12/15/2032		AA-		2,000,000		2,509,800
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2032		A+		850,000		1,049,452
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2033		A+		970,000		1,192,974
											12,905,044
New Hampshire (0.09%)
New Hampshire Municipal Bond Bank, 2007 Series B Bonds (Prerefunded to 08-15-2017 @ 100) (b)		4.750	%		08/15/2024		Aa3		500,000		522,430
New Jersey (3.97%)
Passaic Valley Sewer Commissioners, State of New Jersey, Sewer System Bonds, Series F		5.000	%		12/01/2018		A3		1,300,000		1,303,770
The Board of Education of the Township of South Brunswick in the County of Middlesex, New Jersey, Refunding School Bonds		3.000	%		12/01/2021		AA+		580,000		635,726
Middlesex County Improvement Authority, (County of Middlesex, State of New Jersey), County-Guaranteed Open Space Trust Fund Revenue Bonds, Series 2009A		4.000	%		12/15/2021		Aa2		1,205,000		1,341,069

88 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
New Jersey (Cont.)
The Board of Education of the Township of South Brunswick in the County of Middlesex, New Jersey, Refunding School Bonds		4.000	%		12/01/2023		AA+	$	175,000	$	202,052
The County of Morris, New Jersey, General Obligation Bonds, Series 2012 B		2.000	%		12/15/2023		Aaa		215,000		226,242
The Board of Education of the Borough of Haddon Heights in the County of Camden, New Jersey, Refunding School Bonds		3.000	%		01/01/2024		AA-		715,000		781,052
The Board of Education of the Warren Hills Regional School District in the County of Warren, New Jersey, Refunding School Bonds, Series 2012		4.000	%		02/15/2024		AA		1,390,000		1,587,241
Township of Parsippany-Troy Hills, In the County of Morris, New Jersey, General Obligation Refunding Bonds, Series 2012		4.000	%		07/15/2024		AA		370,000		426,236
The Board of Education of the Township of North Brunswick in the County of Middlesex, New Jersey, Refunding School Bonds		4.250	%		01/15/2025		AA		2,200,000		2,531,936
Township of Parsippany-Troy Hills, In the County of Morris, New Jersey, General Obligation Refunding Bonds, Series 2012		4.000	%		07/15/2025		AA		1,390,000		1,592,592
The Board of Education of the Warren Hills Regional School District in the County of Warren, New Jersey, Refunding School Bonds, Series 2012		4.000	%		02/15/2026		AA		1,485,000		1,677,679
The Board of Education of the Township of Bernards in the County of Somerset, New Jersey, Refunding School Bonds, Series 2013		4.000	%		07/15/2026		AAA		850,000		997,076
Refunding School Bonds, Series 2012 B, The Board of Education of the Borough of Madison, in the County of Morris, New Jersey		4.000	%		12/15/2026		AA+		1,440,000		1,653,149
The Board of Education of the Somerset Hills School District in the County of Somerset, New Jersey, Refunding School Bonds, Series 2012		4.000	%		03/15/2027		Aa1		1,110,000		1,248,950
The Board of Education of the Township of Wyckoff in the County of Bergen, New Jersey, Refunding School Bonds		4.000	%		04/01/2027		AA+		1,415,000		1,639,377
The Board of Education of the Township of Bernards in the County of Somerset, New Jersey, Refunding School Bonds, Series 2013		4.000	%		07/15/2027		AAA		630,000		718,591
Refunding School Bonds, Series 2012 B, The Board of Education of the Borough of Madison, in the County of Morris, New Jersey		4.000	%		12/15/2027		AA+		1,495,000		1,705,451
The Board of Education of the Somerset Hills School District in the County of Somerset, New Jersey, Refunding School Bonds, Series 2012		4.000	%		03/15/2028		Aa1		920,000		1,032,498
The Board of Education of the Township of Livingston, In the County of Essex, New Jersey, Refunding School Bonds		4.500	%		07/15/2033		AA+		1,160,000		1,367,942
											22,668,629
New Mexico (1.44%)
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series 2012		3.000	%		08/01/2022		AA		1,750,000		1,937,092
Las Cruces School District No. 2, General Obligation School Building Bonds, Series 2011A		4.000	%		08/01/2023		Aa3		1,700,000		1,894,225
City of Albuquerque, New Mexico, General Obligation General Purpose Bonds, Series 2012A		4.000	%		07/01/2024		Aa1		2,500,000		2,770,625
City of Santa Fe, New Mexico, Water Utility System / Capital Outlay Gross Receipts Tax Revenue Bonds, Series 2009A (Tax-Exempt) (Prerefunded to 06-01-2019 @ 100) (b)		5.000	%		06/01/2025		AAA		470,000		528,116
Albuquerque Bernalillo County Water Utility Authority, Joint Water and Sewer System Improvement Revenue Bonds, Series 2008A (Prerefunded to 07-01-2018 @ 100) (b)		5.000	%		07/01/2030		Aa2		1,000,000		1,086,530
											8,216,588
New York (2.24%)
County of Saratoga, New York, Public Improvement (Serial) Bonds, Series 2010B		4.000	%		07/15/2021		AA+		430,000		444,018
County of Suffolk, New York, Public Improvement Serial Bonds - 2009 Series C		4.000	%		10/15/2021		A3		1,000,000		1,094,370
East Hampton Union Free School District, Suffolk County, New York, School District Serial Bonds - 2009		4.000	%		06/15/2022		Aa1		1,285,000		1,401,562
Miller Place Union Free School District in the Town of Brookhaven, Suffolk County, New York, School District Serial Bonds - 2010		4.000	%		02/15/2025		Aa2		685,000		717,250
County of Saratoga, New York, Public Improvement (Serial) Bonds, Series 2010B		4.000	%		07/15/2025		AA+		510,000		525,458
County of Suffolk, New York, Public Improvement Serial Bonds - 2008 Series B		5.000	%		11/01/2027		A3		1,000,000		1,099,970
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Fifty-Third Series		4.750	%		07/15/2030		Aa3		1,000,000		1,072,690

See accompanying notes to financial statements. 89

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
New York (Cont.)
County of Saratoga, New York, General Obligations, Public Improvement (Serial) Bonds, Series 2009A		4.750	%		07/15/2031		Aa2	$	950,000	$	1,021,430
County of Saratoga, New York, General Obligations, Public Improvement (Serial) Bonds, Series 2009A		4.750	%		07/15/2032		Aa2		995,000		1,069,197
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Seventy-Ninth Series		5.000	%		12/01/2032		Aa3		1,000,000		1,233,310
New York City, Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series DD		5.000	%		06/15/2035		Aa1		2,500,000		3,097,875
											12,777,130
North Carolina (2.87%)
City of Fayetteville, North Carolina, Public Works Commission, Revenue Refunding Bonds, Series 2009A		5.000	%		03/01/2024		Aa2		1,355,000		1,501,801
County of Wake, North Carolina, General Obligation Public Improvement Bonds, Series 2011		4.000	%		04/01/2024		Aaa		2,000,000		2,262,960
City of Charlotte, North Carolina, General Obligation Refunding Bonds, Series 2009B		4.000	%		06/01/2024		Aaa		1,265,000		1,372,158
State of North Carolina, General Obligation Public Improvement Bonds, Series 2010A (Prerefunded to 05-01-2020 @ 100) (b)		4.000	%		05/01/2026		Aaa		1,000,000		1,120,930
City of Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2009B		4.250	%		07/01/2026		Aaa		1,500,000		1,678,800
City of Asheville, North Carolina, Water System Revenue Bonds, Series 2007 (Prerefunded to 08-01-2017 @ 100) (b)		4.750	%		08/01/2026		Aa2		195,000		203,656
City of Raleigh, North Carolina, General Obligation Public Improvement Bonds, Series 2012B (Prerefunded to 04-01-2022 @ 100) (b)		4.000	%		04/01/2027		Aaa		4,000,000		4,647,880
City of Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2009B		5.000	%		07/01/2027		Aaa		1,500,000		1,735,800
City of Asheville, North Carolina, Water System Revenue Bonds, Series 2007 (Prerefunded to 08-01-2017 @ 100) (b)		4.750	%		08/01/2027		Aa2		300,000		313,317
City of Durham, North Carolina, General Obligation Bonds, Series 2012A		3.000	%		07/01/2028		Aaa		455,000		491,496
City of Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2008		5.000	%		07/01/2038		Aaa		1,000,000		1,076,200
											16,404,998
North Dakota (0.26%)
West Fargo Public School District No. 6, Cass County, North Dakota, General Obligation School Building Bonds, Series 2011		4.000	%		05/01/2026		Aa3		1,300,000		1,470,586
Ohio (3.26%)
Board of Education Indian Hill Exempted Village School District, County of Hamilton, Ohio, School Improvement Refunding Bonds, Series 2006		4.375	%		12/01/2022		Aaa		750,000		762,570
Board of Education, City School District of the City of Cincinnati, County of Hamilton, Ohio, Classroom Facilities Construction and Improvement Refunding Bonds, Series 2006 (Voted General Obligation Unlimited Tax)		5.250	%		12/01/2022		AA-		1,000,000		1,227,420
Columbus City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2009-B (General Obligation - Unlimited Tax) (Prerefunded to 12-01-2019 @ 100) (b)		5.000	%		12/01/2023		Aa2		1,000,000		1,137,810
South-Western City School District, Franklin and Pickaway Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2012 (General Obligation - Unlimited Tax)		4.000	%		12/01/2025		AA-		1,315,000		1,506,438
Miami University, (A State University of Ohio), General Receipts Revenue and Refunding Bonds, Series 2011		5.000	%		09/01/2026		Aa3		1,000,000		1,176,170
City of Columbus, Ohio, General Obligation Bonds, Various Purpose Unlimited Tax Bonds, Series 2012A		4.000	%		02/15/2027		Aaa		1,500,000		1,709,625
Plain Local School District (Stark County), Ohio, General Obligation (Unlimited Tax), School Improvement Refunding Bonds, Series 2011A		4.500	%		11/01/2027		AA-		2,000,000		2,261,860
City of Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A		4.000	%		12/01/2028		Aaa		2,520,000		2,849,944
City of North Ridgeville, Ohio, General Obligation, Fire Station Bonds, Series 2016, (Unlimited Tax)		4.000	%		12/01/2028		Aa1		700,000		802,410

90 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Ohio (Cont.)
Olentangy Local School District, Delaware and Franklin Counties, Ohio, Refunding Bonds, Series 2013B, (Tax-Exempt), (General Obligation-Unlimited Tax)		4.000	%		12/01/2028		Aa1	$	1,870,000	$	2,112,894
Olentangy Local School District, Delaware and Franklin Counties, Ohio, Refunding Bonds, Series 2013B, (Tax-Exempt), (General Obligation-Unlimited Tax)		4.000	%		12/01/2029		Aa1		1,680,000		1,892,806
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014		5.000	%		11/01/2031		Aa3		960,000		1,170,499
											18,610,446
Oklahoma (1.13%)
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2013		4.000	%		03/01/2023		AA		2,500,000		2,753,350
Oklahoma Turnpike Authority, Oklahoma Turnpike System, Second Senior Revenue Bonds, Series 2011B		5.000	%		01/01/2026		Aa3		1,000,000		1,167,390
City of Oklahoma City, Oklahoma, General Obligation Bonds, Series 2008		5.000	%		03/01/2027		Aaa		400,000		431,004
Oklahoma Turnpike Authority, Oklahoma Turnpike System, Second Senior Revenue Bonds, Series 2011B		5.000	%		01/01/2028		Aa3		770,000		895,225
Grand River Dam Authority, Revenue Bonds, Series 2014A		5.000	%		06/01/2031		A1		1,000,000		1,218,270
											6,465,239
Oregon (3.13%)
City of Portland, Oregon, First Lien Water System Revenue and Refunding Bonds, 2010 Series A (Tax Exempt)		4.000	%		05/01/2021		Aaa		1,070,000		1,194,248
City of Portland, Oregon, Second Lien Sewer System Revenue and Refunding Bonds, 2008 Series B		5.000	%		06/15/2022		Aa3		1,825,000		1,974,230
City of Portland, Oregon, Second Lien Sewer System Revenue and Refunding Bonds, 2008 Series B		5.000	%		06/15/2023		Aa3		1,375,000		1,487,145
City of Portland, Oregon, First Lien Water System Revenue Bonds, 2011 Series A		4.000	%		05/01/2024		Aaa		1,500,000		1,702,110
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2007 Series F (Tax Exempt)		4.625	%		08/01/2024		Aa1		570,000		593,416
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2007 Refunding Series G (Tax Exempt)		4.625	%		08/01/2024		Aa1		330,000		343,556
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2009 Series A (Prerefunded to 08-01-2018 @ 100) (b)		5.750	%		08/01/2024		Aa1		575,000		635,053
North Clackamas School District No. 12, Clackamas County, Oregon, General Obligation Refunding Bonds, Series 2014		5.000	%		06/15/2029		A+		3,585,000		4,478,490
Oregon Trail School District No. 46, Clackamas County, Oregon, General Obligation Bonds, Series 2009		5.000	%		06/15/2029		A+		1,000,000		1,119,070
State of Oregon, State Board of Higher Education, General Obligation Bonds, 2009 Series A (Prerefunded to 08-01-2018 @ 100) (b)		5.750	%		08/01/2029		Aa1		940,000		1,038,174
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		5.000	%		12/01/2033		AA-		400,000		501,216
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		5.000	%		12/01/2034		AA-		400,000		499,276
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		5.000	%		12/01/2035		AA-		415,000		516,795
State of Oregon, General Obligation Bonds, 2012 Series I, (ODOT Project - Tax-Exempt)		5.000	%		05/01/2037		Aa1		1,500,000		1,769,490
											17,852,269
Pennsylvania (3.15%)
County of Berks, Pennsylvania, General Obligation Bonds, Series of 2013		5.000	%		11/15/2025		Aa1		860,000		1,007,137
Township of Cranberry, Butler County, Pennsylvania, General Obligation Bonds, Series of 2011		4.500	%		03/01/2026		Aa1		2,575,000		2,990,064
County of Chester, Commonwealth of Pennsylvania, General Obligation Bonds, Series of 2011		4.000	%		11/15/2026		Aaa		1,465,000		1,674,788
County of Berks, Pennsylvania, General Obligation Bonds, Series of 2013		5.000	%		11/15/2027		Aa1		950,000		1,110,322
County of Berks, Pennsylvania, General Obligation Bonds, Series of 2013		5.000	%		11/15/2028		Aa1		995,000		1,160,608

See accompanying notes to financial statements. 91

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Pennsylvania (Cont.)
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012		5.000	%		05/15/2029		AA	$	1,180,000	$	1,373,107
County of Northampton, Commonwealth of Pennsylvania, General Obligation Bonds, Series B of 2012 (Tax-Exempt)		5.000	%		10/01/2030		AA		1,500,000		1,829,370
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012		5.000	%		05/15/2031		AA		1,055,000		1,225,214
The Municipal Authority of the Borough of West View, (Allegheny County, Pennsylvania), Water Revenue Bonds, Series of 2014		5.000	%		11/15/2031		AA		1,000,000		1,232,430
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012		5.000	%		05/15/2032		AA		1,660,000		1,925,517
North Penn Water Authority, Water Revenue Bonds, Series of 2015		5.000	%		11/01/2033		Aa3		975,000		1,172,282
North Penn Water Authority, Water Revenue Bonds, Series of 2015		5.000	%		11/01/2034		Aa3		1,075,000		1,284,141
											17,984,980
Rhode Island (0.69%)
State of Rhode Island and Providence Plantations, General Obligation Bonds, Consolidated Capital Development Loan of 2007, Series A (Prerefunded to 08-01-2017 @ 100) (b)		4.750	%		08/01/2024		Aa2		1,000,000		1,044,390
Town of Westerly, Rhode Island, General Obligation Refunding Bonds, 2012 Series B		4.000	%		08/15/2024		Aa2		2,050,000		2,371,378
Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund Revenue Bonds, Series 2007 A (Pooled Loan Issue) (Prerefunded to 10-01-2017 @ 100) (b)		4.750	%		10/01/2025		Aaa		500,000		525,960
											3,941,728
South Carolina (4.87%)
Renewable Water Resources, South Carolina, Sewer System Refunding Revenue Bonds, Series 2012		5.000	%		01/01/2024		Aa3		2,500,000		2,986,800
School District of Beaufort County, South Carolina, General Obligation Refunding Bonds, Series 2012B		4.000	%		03/01/2024		AA		1,800,000		2,058,732
City of Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2010		4.500	%		02/01/2025		AA		1,020,000		1,140,299
School District No. 1 of Richland County, South Carolina, General Obligation Bonds, Series 2006B (Prerefunded to 03-01-2017 @ 100) (b)		4.450	%		03/01/2025		Aa2		1,500,000		1,538,160
Fort Mill School District No. 4 of York County, South Carolina, General Obligation Advanced Refunding Bonds, Series 2012A		4.000	%		03/01/2026		Aa2		2,620,000		2,990,311
South Carolina Public Service Authority, Revenue Obligations, Series 2008, Tax-Exempt Series A (Prerefunded to 01-01-2019 @ 100) (b)		5.375	%		01/01/2028		NR		3,380,000		3,768,768
South Carolina Public Service Authority, Revenue Obligations, Series 2008, Tax-Exempt Series A (Prerefunded to 01-01-2019 @ 100) (b)		5.375	%		01/01/2028		A1		120,000		133,802
Fort Mill School District No. 4 of York County, South Carolina, General Obligation Advanced Refunding Bonds, Series 2012A		4.000	%		03/01/2028		Aa2		2,850,000		3,224,234
Fort Mill School District No. 4 of York County, South Carolina, General Obligation Bonds, Series 2013A		4.000	%		03/01/2028		Aa2		1,525,000		1,727,276
City of Columbia, South Carolina, Waterworks and Sewer System Refunding Revenue Bonds, Series 2012		5.000	%		02/01/2030		AA		1,000,000		1,196,970
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Refunding Convertible Bonds, Series 2013B		5.000	%		03/01/2032		A1		3,585,000		4,246,827
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		5.000	%		12/01/2032		AA-		305,000		369,297
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		5.000	%		12/01/2033		AA-		640,000		773,446
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		5.000	%		12/01/2034		AA-		670,000		808,167
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		5.000	%		12/01/2035		AA-		705,000		848,771
											27,811,860

92 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Tennessee (3.04%)
City of Knoxville, Tennessee, Water System Revenue Bonds, Series U-2009		4.000	%		03/01/2022		Aa1	$	175,000	$	189,091
Wilson County, Tennessee, General Obligation Refunding Bonds, Series 2012		5.000	%		04/01/2023		AA		2,000,000		2,413,860
Tennessee State School Bond Authority, Higher Educational Facilities, Second Program Bonds, 2008 Series B (Prerefunded to 05-01-2018 @ 100) (b)		4.750	%		05/01/2023		AA		1,000,000		1,074,220
The Hallsdale-Powell Utility District of Knox County, Tennessee, Waterworks and Sewer Revenue Refunding Bonds, Series 2013		3.000	%		04/01/2025		AA		1,260,000		1,344,874
The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Refunding Bonds, Series 2016 (Prerefunded to 07-01-2022 @ 100) (b)		4.000	%		07/01/2025		NR		190,000		221,118
The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Refunding Bonds, Series 2016		4.000	%		07/01/2025		Aa2		810,000		927,021
State of Tennessee, General Obligation Bonds, 2012 Refunding Series A		4.000	%		08/01/2025		Aaa		5,000,000		5,791,700
City of Chattanooga, Tennessee, General Obligation Refunding Bonds, Series 2007A		4.750	%		03/01/2026		AAA		2,250,000		2,307,578
The Metropolitan Government of Nashville and Davidson County (Tennessee), Electric System Revenue Bonds, 2008 Series A (Prerefunded to 05-15-2018 @ 100) (b)		4.750	%		05/15/2026		AA+		1,175,000		1,264,065
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2031		Aa2		825,000		910,973
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2032		Aa2		850,000		936,547
											17,381,047
Texas (2.59%)
City of Austin, Texas, (Travis and Williamson Counties), Water and Wastewater System Revenue Refunding Bonds, Series 2009A		5.000	%		11/15/2026		Aa2		2,000,000		2,270,640
Trinity River Authority of Texas, (Tarrant County Water Project) Improvement Revenue Bonds, Series 2008 (Prerefunded to 02-01-2018 @ 100) (b)		5.750	%		02/01/2027		Aa3		1,500,000		1,619,985
Carrollton-Farmers Branch Independent School District (Dallas and Denton Counties, Texas), Unlimited Tax School Building and Refunding Bonds, Series 2012		4.000	%		02/15/2028		Aa1		2,000,000		2,201,140
New Braunfels Independent School District, (A political subdivision of the State of Texas located in Comal and Guadalupe Counties, Texas), Unlimited Tax School Building Bonds, Series 2008 (Prerefunded to 02-01-2017 @ 100) (b)		5.000	%		02/01/2029		AA		900,000		922,842
Lake Travis Independent School District, Unlimited Tax School Building Bonds, Series 2012		5.000	%		02/15/2029		AA+		2,365,000		2,752,836
Carrollton-Farmers Branch Independent School District (Dallas and Denton Counties, Texas), Unlimited Tax School Building Bonds, Series 2013A		4.000	%		02/15/2030		Aa1		1,000,000		1,119,920
Lake Travis Independent School District, Unlimited Tax School Building Bonds, Series 2012		5.000	%		02/15/2031		AA+		1,565,000		1,817,090
City of Fort Worth, Texas, (Tarrant, Denton, Parker, Johnson and Wise Counties, Texas), Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2016		5.000	%		02/15/2033		Aa1		1,650,000		2,062,714
											14,767,167
Utah (0.63%)
Board of Education of Canyons School District, Utah, General Obligation Bonds, (Utah School Bond Guaranty Program), Series 2011		4.000	%		06/15/2023		Aaa		1,000,000		1,139,620
Board of Education of Alpine School District, Utah County, Utah, General Obligation School Building and Refunding Bonds, (Utah School Bond Guaranty Program), Series 2012B		3.000	%		03/15/2024		Aa1		500,000		547,345
Jordan Valley Water Conservancy District, Water Revenue and Refunding Bonds, Series 2014A (Prerefunded to 10-01-2019 @ 100) (b)		5.000	%		10/01/2029		AA+		500,000		567,465
Weber Basin Water Conservancy District, Water Revenue Bonds, Series 2013B		4.250	%		04/01/2033		AA+		1,195,000		1,340,408
											3,594,838
Virginia (3.26%)
Fairfax County Water Authority, Water Refunding Revenue Bonds, Series 1997		5.000	%		04/01/2021		Aaa		900,000		1,002,285
City of Salem, Virginia General Obligation Public Improvement Refunding Bonds Series 2007A		4.500	%		01/01/2023		Aa3		520,000		529,672
General Obligation Public Improvement and Refunding Bonds, Series 2007 of the City of Hampton, Virginia (Prerefunded to 01-15-2018 @ 100) (b)		4.375	%		01/15/2023		Aa1		1,550,000		1,638,443
Virginia Public School Authority, Special Obligation School Financing Bonds, Prince William County Series 2012 (Prerefunded to 07-15-2021 @ 100) (b)		4.500	%		07/15/2024		Aaa		3,285,000		3,859,448
Virginia Public School Authority, School Financing Bonds (1997 Resolution), Series 2006 A (Prerefunded to 08-01-2016 @ 100) (b)		4.500	%		08/01/2024		Aa1		1,000,000		1,002,730

See accompanying notes to financial statements. 93

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Virginia (Cont.)
Loudoun County, Virginia, General Obligation Public Improvement Bonds, Series 2011A		4.000	%		12/01/2026		Aaa	$	1,065,000	$	1,195,420
Loudoun County, Virginia, General Obligation Public Improvement Bonds, Series 2011A (Prerefunded to 12-01-2020 @ 100) (b)		4.000	%		12/01/2026		NR		330,000		373,448
City of Norfolk, Virginia, Water Revenue Bonds, Series 2013		5.000	%		11/01/2029		Aa2		1,790,000		2,094,748
City of Norfolk, Virginia, Water Revenue Bonds, Series 2013		5.000	%		11/01/2030		Aa2		1,880,000		2,198,152
City of Norfolk, Virginia, Water Revenue Bonds, Series 2013		5.000	%		11/01/2031		Aa2		1,975,000		2,306,208
City of Norfolk, Virginia, Water Revenue Bonds, Series 2013		5.000	%		11/01/2032		Aa2		2,075,000		2,419,803
											18,620,357
Washington (4.18%)
Bellevue School District No. 405, King County, Washington, Unlimited Tax General Obligation Refunding Bonds, 2012B		3.000	%		12/01/2023		AA+		5,000,000		5,533,500
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Bonds, 2008		5.000	%		12/01/2025		AA+		2,000,000		2,198,480
Bellevue School District No. 405, King County, Washington, Unlimited Tax General Obligation Bonds, 2008 (Prerefunded to 06-01-2018 @ 100) (b)		4.750	%		12/01/2026		AA+		2,500,000		2,695,975
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2008		5.000	%		01/01/2028		Aa2		680,000		734,339
College Place School District No. 250, Walla Walla County, Washington, Unlimited Tax General Obligation Bonds, Series 2012		4.250	%		12/01/2028		A1		2,445,000		2,821,946
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2008		5.125	%		01/01/2029		Aa2		445,000		481,285
City of Tacoma, Washington, Solid Waste Revenue Refunding Bonds, 2016B (c)		5.000	%		12/01/2030		A1		1,600,000		1,960,672
Public Utility District No. 1 of Douglas County, Washington, Electric Distribution System Revenue and Refunding Bonds, Series 2012		5.000	%		12/01/2030		Aa3		1,325,000		1,609,796
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2031		A1		2,205,000		2,649,638
City of Pasco, Washington, Water and Sewer Improvement and Refunding Revenue Bonds, 2015		5.000	%		12/01/2031		AA-		295,000		361,717
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2014		5.000	%		01/01/2032		Aa2		1,100,000		1,320,759
City of Pasco, Washington, Water and Sewer Improvement and Refunding Revenue Bonds, 2015		5.000	%		12/01/2032		AA-		375,000		458,392
City of Pasco, Washington, Water and Sewer Improvement and Refunding Revenue Bonds, 2015		5.000	%		12/01/2033		AA-		865,000		1,053,285
											23,879,784
West Virginia (3.08%)
West Virginia University Board of Governors, University Improvement Revenue Bonds, (West Virginia University Projects), 2011 Series B		5.000	%		10/01/2022		A		2,200,000		2,599,696
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012		4.250	%		05/01/2027		AA-		2,260,000		2,609,147
West Virginia University Board of Governors, University Improvement Revenue Bonds, (West Virginia University Projects), 2011 Series B		4.750	%		10/01/2027		A		2,240,000		2,579,629
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012		4.375	%		05/01/2028		AA-		2,350,000		2,715,190
West Virginia University Board of Governors, University Improvement Revenue Bonds, (West Virginia University Projects), 2011 Series B		4.750	%		10/01/2028		A		2,595,000		2,981,421
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		5.000	%		05/01/2029		AA-		535,000		668,236
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		2.500	%		05/01/2029		AA-		350,000		348,848
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012		5.000	%		05/01/2030		AA-		2,555,000		3,081,560
											17,583,727

94 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

SCHEDULE OF INVESTMENTS (continued)

June 30, 2016

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Wisconsin (1.43%)
Fox Valley Technical College District, Wisconsin, General Obligation School Facilities Bonds, Series 2012C		3.000	%		12/01/2023		Aaa	$	1,925,000	$	2,137,925
School District of Elmbrook, Waukesha County, Wisconsin, General Obligation School Building and Improvement Bonds (Prerefunded to 04-01-2018 @ 100) (b)		5.000	%		04/01/2028		Aaa		850,000		914,795
City of Oshkosh, Wisconsin, Storm Water Utility Revenue Bonds, Series 2013A		4.000	%		05/01/2029		A1		2,495,000		2,669,999
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2032		A+		2,000,000		2,426,940
											8,149,659
Total Long-term Municipal Bonds
(cost $504,767,703)											539,517,925
								Shares		Value
Short-term Investments (6.62%)
JPMorgan Tax Free Money Market Fund Agency Shares									37,778,190	$	37,778,190
Total Short-term Investments
(cost $37,778,190)											37,778,190
TOTAL INVESTMENTS (101.13%)
(cost $542,545,893)											577,296,115
LIABILITIES, NET OF OTHER ASSETS (-1.13%)											(6,428,860	)
NET ASSETS (100.00%)										$	570,867,255

(a) Ratings are not audited and represent the lower of Moody’s or S&P issuer specific ratings.

(b) Advanced Refunded Bonds are backed by an escrow or trust containing U.S. Government, U.S. Government Agency or other securities to support the timely payment of principal and interest.

(c) Security purchased on a “when-issued” basis.

(d) Adjustable rate security. Rate shown is as of report date.

NR - Not Rated

See accompanying notes to financial statements. 95

STATE FARM MUTUAL FUND TRUST MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Principal amount		Value
Short-term Investments (99.64%)
Government Agency Securities (a) (53.83%)
Federal Home Loan Bank
0.345%, 07/08/2016	$	1,452,000	$	1,451,903
0.285%, 07/12/2016		10,805,000		10,804,059
0.335%, 07/19/2016		2,055,000		2,054,656
0.355%, 07/20/2016		4,400,000		4,399,176
0.340%, 07/22/2016		8,220,000		8,218,370
0.350%, 07/25/2016		16,115,000		16,111,240
0.245%, 07/26/2016		11,240,000		11,238,088
0.320%, 08/01/2016		17,845,000		17,840,083
0.340%, 08/01/2016		16,795,000		16,790,083
0.325%, 08/03/2016		10,648,000		10,644,828
0.260%, 08/05/2016		6,244,000		6,242,422
0.410%, 08/08/2016		1,823,000		1,822,211
0.320%, 08/17/2016		4,199,000		4,197,246
0.340%, 08/17/2016		3,873,000		3,871,281
0.415%, 08/23/2016		5,000,000		4,996,945
0.445%, 08/26/2016		12,435,000		12,426,392
0.430%, 08/29/2016		8,500,000		8,494,010
0.330%, 08/31/2016		2,113,000		2,111,818
0.370%, 09/02/2016		15,800,000		15,789,770
0.395%, 09/16/2016		6,860,000		6,854,204
0.400%, 09/28/2016		11,540,000		11,528,588
0.410%, 10/17/2016		1,690,000		1,687,921
Federal National Mortgage Association
0.290%, 07/01/2016		10,400,000		10,400,000
0.280%, 07/06/2016		4,700,000		4,699,817
0.530%, 07/06/2016		2,695,000		2,694,802
0.340%, 07/18/2016		1,500,000		1,499,759
0.310%, 08/22/2016		7,000,000		6,996,866
				205,866,538
	Shares		Value
Registered Investment Companies (0.00%)
JPMorgan U.S. Government Money Market Fund Agency Shares		156	$	156

	Principal amount		Value
U.S. Government Obligations (45.81%)
U.S. Treasury Bill
0.199%, 07/07/2016	$	20,000,000	$	19,999,336
0.223%, 07/07/2016		18,900,000		18,899,296
0.240%, 07/14/2016		13,000,000		12,998,873
0.210%, 07/14/2016		4,000,000		3,999,697
0.181%, 07/14/2016		3,385,000		3,384,779
0.155%, 07/21/2016		31,000,000		30,997,339
0.163%, 07/21/2016		7,700,000		7,699,303
0.228%, 07/28/2016		15,860,000		15,857,288
0.232%, 08/04/2016		19,000,000		18,995,846
0.199%, 08/04/2016		6,000,000		5,998,875
0.210%, 08/11/2016		11,420,000		11,417,269
0.240%, 08/18/2016		18,000,000		17,994,240
0.236%, 08/25/2016		6,938,000		6,935,504
				175,177,645
Total Short-term Investments
(cost $381,044,339)			$	381,044,339
TOTAL INVESTMENTS (99.64%)
(cost $381,044,339)				381,044,339
OTHER ASSETS, NET OF LIABILITIES (0.36%)				1,376,222
NET ASSETS (100.00%)			$	382,420,561

(a) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 6, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association (“Fannie Mae”) 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.

96 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST LIFEPATH RETIREMENT FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Exchange-Traded Funds (a) (99.93%)
Equity Funds (39.94%)
iShares Cohen & Steers REIT ETF		190,033	$	20,561,571
iShares Core MSCI EAFE ETF		1,996,571		103,602,069
iShares Core MSCI Emerging Markets ETF		767,829		32,118,287
iShares MSCI Canada ETF		394,211		9,662,112
iShares Russell 1000 ETF		2,464,415		288,090,113
iShares Russell 2000 ETF		484,828		55,740,675
				509,774,827
Fixed Income Funds (59.99%)
iShares Core U.S. Aggregate Bond ETF		5,786,478		651,383,828
iShares TIPS Bond ETF		980,013		114,338,117
				765,721,945
Total Exchange-Traded Funds
(cost $1,247,382,121)				1,275,496,772
Short-term Investments (0.02%)
State Street Institutional U.S. Government Money Market Fund Premier Class		208,725		208,725
Total Short-term Investments
(cost $208,725)				208,725
TOTAL INVESTMENTS (99.95%)
(cost $1,247,590,846)				1,275,705,497
OTHER ASSETS, NET OF LIABILITIES (0.05%)				639,289
NET ASSETS (100.00%)			$	1,276,344,786

(a) BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

See accompanying notes to financial statements. 97

STATE FARM MUTUAL FUND TRUST LIFEPATH 2020 FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Exchange-Traded Funds (a) (99.96%)
Equity Funds (51.09%)
iShares Cohen & Steers REIT ETF		784,637	$	84,897,724
iShares Core MSCI EAFE ETF		4,422,763		229,497,172
iShares Core MSCI Emerging Markets ETF		1,726,878		72,235,307
iShares MSCI Canada ETF		904,236		22,162,824
iShares Russell 1000 ETF		5,184,345		606,049,931
iShares Russell 2000 ETF		674,121		77,503,691
				1,092,346,649
Fixed Income Funds (48.87%)
iShares Core U.S. Aggregate Bond ETF		7,946,232		894,507,336
iShares TIPS Bond ETF		1,287,677		150,233,276
				1,044,740,612
Total Exchange-Traded Funds
(cost $2,085,350,629)				2,137,087,261
Short-term Investments (0.07%)
State Street Institutional U.S. Government Money Market Fund Premier Class		1,516,367		1,516,367
Total Short-term Investments
(cost $1,516,367)				1,516,367
TOTAL INVESTMENTS (100.03%)
(cost $2,086,866,996)				2,138,603,628
LIABILITIES, NET OF OTHER ASSETS (-0.03%)				(661,093	)
NET ASSETS (100.00%)			$	2,137,942,535

(a) BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

98 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST LIFEPATH 2030 FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Exchange-Traded Funds (a) (99.92%)
Equity Funds (73.15%)
iShares Cohen & Steers REIT ETF		1,624,462	$	175,766,789
iShares Core MSCI EAFE ETF		6,889,820		357,512,760
iShares Core MSCI Emerging Markets ETF		2,680,518		112,126,068
iShares MSCI Canada ETF		1,396,702		34,233,166
iShares Russell 1000 ETF		7,327,359		856,568,267
iShares Russell 2000 ETF		441,791		50,792,711
				1,586,999,761
Fixed Income Funds (26.77%)
iShares Core U.S. Aggregate Bond ETF		4,463,930		502,504,600
iShares TIPS Bond ETF		670,176		78,189,434
				580,694,034
Total Exchange-Traded Funds
(cost $2,121,696,506)				2,167,693,795

	Shares		Value
Short-term Investments (0.22%)
State Street Institutional U.S. Government Money Market Fund Premier Class		4,754,483	$	4,754,483
Total Short-term Investments
(cost $4,754,483)				4,754,483
TOTAL INVESTMENTS (100.14%)
(cost $2,126,450,989)				2,172,448,278
LIABILITIES, NET OF OTHER ASSETS (-0.14%)				(3,094,133	)
NET ASSETS (100.00%)			$	2,169,354,145

(a) BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

As of June 30, 2016, investment in an issuer considered to be an affiliate of the LifePath 2030 Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, was as follows:

Security	Shares Held at December 31, 2015		Shares Purchased		Shares Sold		Shares Held at June 30, 2016		Value at June 30, 2016		Dividends
iShares Russell 1000 ETF		7,194,364		327,233		194,238		7,327,359	$	856,568,267	$	4,150,885

See accompanying notes to financial statements. 99

STATE FARM MUTUAL FUND TRUST LIFEPATH 2040 FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Exchange-Traded Funds (a) (99.79%)
Equity Funds (92.38%)
iShares Cohen & Steers REIT ETF		1,746,049	$	188,922,502
iShares Core MSCI EAFE ETF		6,558,612		340,326,377
iShares Core MSCI Emerging Markets ETF		2,573,865		107,664,773
iShares MSCI Canada ETF		1,309,170		32,087,757
iShares Russell 1000 ETF		6,589,080		770,263,452
iShares Russell 2000 ETF		187,951		21,608,726
				1,460,873,587
Fixed Income Funds (7.41%)
iShares Core U.S. Aggregate Bond ETF		924,551		104,076,706
iShares TIPS Bond ETF		112,726		13,151,742
				117,228,448
Total Exchange-Traded Funds
(cost $1,552,231,084)				1,578,102,035
Short-term Investments (0.23%)
State Street Institutional U.S. Government Money Market Fund Premier Class		3,701,323		3,701,323
Total Short-term Investments
(cost $3,701,323)				3,701,323
TOTAL INVESTMENTS (100.02%)
(cost $1,555,932,407)				1,581,803,358
LIABILITIES, NET OF OTHER ASSETS (-0.02%)				(378,844	)
NET ASSETS (100.00%)			$	1,581,424,514

(a) BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

100 See accompanying notes to financial statements.

STATE FARM MUTUAL FUND TRUST LIFEPATH 2050 FUND

SCHEDULE OF INVESTMENTS

June 30, 2016

(Unaudited)

	Shares		Value
Exchange-Traded Funds (a) (99.84%)
Equity Funds (98.81%)
iShares Cohen & Steers REIT ETF		440,886	$	47,703,865
iShares Core MSCI EAFE ETF		1,652,466		85,746,461
iShares Core MSCI Emerging Markets ETF		650,309		27,202,425
iShares MSCI Canada ETF		329,075		8,065,628
iShares Russell 1000 ETF		1,568,956		183,410,956
iShares Russell 2000 ETF		39,464		4,537,177
				356,666,512
Fixed Income Funds (1.03%)
iShares Core U.S. Aggregate Bond ETF		32,975		3,711,996
Total Exchange-Traded Funds
(cost $357,166,133)				360,378,508
Short-term Investments (0.36%)
State Street Institutional U.S. Government Money Market Fund Premier Class		1,290,500		1,290,500
Total Short-term Investments
(cost $1,290,500)				1,290,500
TOTAL INVESTMENTS (100.20%)
(cost $358,456,633)				361,669,008
LIABILITIES, NET OF OTHER ASSETS (-0.20%)				(704,207	)
NET ASSETS (100.00%)			$	360,964,801

(a) BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

See accompanying notes to financial statements. 101

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2016

(Unaudited)

	Equity Fund		Small/ Mid Cap Equity Fund			International Equity Fund
Assets
Investments in securities at identified cost	$	476,982,057		246,381,532			117,925,875
Investments in securities at market value	$	554,851,782		266,207,678			133,163,383
Cash		—		—			—
Foreign currencies at value (cost $17,646 and $2,186,005, respectively)		—		—			17,572
Receivable for:
Dividends and interest		258,568		212,192			320,722
Shares of the Fund sold		145,408		98,356			26,269
Securities sold		3,146,821		2,212,529			4,354,774
SFIMC		—		—			6,491
Federal tax expense reimbursement		—		—			—
Variation margin on futures contracts		—		—			—
Prepaid expenses		26,745		31,410			37,800
Total assets		558,429,324		268,762,165			137,927,011
Liabilities and Net Assets
Distributions to shareholders		—		—			—
Payable for:
Shares of the Fund redeemed		138,485		166,719			26,300
Securities Purchased		3,374,029		2,765,309			7,090,348
Trustees’ fees and expenses		1,771		1,410			3,445
Due to bank		—		—			—
Due to affiliates		436,270		277,632			144,582
Accrued liabilities		47,675		50,090			138,147
Total liabilities		3,998,230		3,261,160			7,402,822
Net assets applicable to shares outstanding of common stock	$	554,431,094		265,501,005			130,524,189
Analysis of Net Assets
Paid-in-capital	$	455,005,195		250,198,270			125,405,874
Accumulated net realized gain (loss)		19,674,407		(4,658,140	)		(9,570,268	)
Net unrealized appreciation (depreciation)		77,869,725		19,826,146			15,231,596
Accumulated undistributed net investment income (loss)		1,881,767		134,729			(543,013	)
Net assets applicable to shares outstanding	$	554,431,094		265,501,005			130,524,189
Fund shares outstanding:
Class A Shares		14,224,774		8,307,820			3,641,262
Class B Shares		275,514		1,091,488			915,286
Premier Shares		12,472,231		8,842,976			4,642,589
Legacy Class B Shares		600,311		967,235			914,183
Institutional Shares		29,620,696		3,943,215			1,830,326
Class R-1 Shares		270,999		335,842			235,492
Class R-2 Shares		1,498,303		1,088,476			509,389
Class R-3 Shares		136,339		240,509			170,199
Net assets applicable to shares outstanding:
Class A Shares	$	131,732,120		90,009,404			36,852,668
Class B Shares		2,527,031		10,920,914			9,062,532
Premier Shares		120,633,121		93,656,951			47,453,253
Legacy Class B Shares		5,783,815		9,413,580			9,186,897
Institutional Shares		276,134,235		43,944,577			18,715,801
Class R-1 Shares		2,507,807		3,437,776			2,365,543
Class R-2 Shares		13,840,525		11,470,541			5,148,577
Class R-3 Shares		1,272,440		2,647,262			1,738,918
Net asset value:
Class A Shares	$	9.26		10.83			10.12
Class B Shares		9.17		10.01			9.90
Premier Shares		9.67		10.59			10.22
Legacy Class B Shares		9.63		9.73			10.05
Institutional Shares		9.32		11.14			10.23
Class R-1 Shares		9.25		10.24			10.05
Class R-2 Shares		9.24		10.54			10.11
Class R-3 Shares		9.33		11.01			10.22
Maximum offering price:
Class A Shares	$	9.75		11.40			10.65
Premier Shares		10.18		11.15			10.76

(a) Relates to investments in affiliated investment companies.

(b) Includes amounts pledged for open futures contracts for the Small Cap Index and International Index Funds of $452,000 and $247,114, respectively.

102 See accompanying notes to financial statements.

S&P 500 Index Fund		Small Cap Index Fund			International Index Fund			Equity and Bond Fund			Bond Fund		Tax Advantaged Bond Fund		Money Market Fund
	784,018,411		359,614,372			220,892,966			317,338,885	(a)		840,711,071		542,545,893		381,044,339
	1,247,864,595		430,478,692			247,661,778			363,837,375	(a)		881,041,626		577,296,115		381,044,339
	6,143		452,000	(b)		—			976,965			—		—		—
	—		—			2,149,418	(b)		—			—		—		—
	1,366,699		545,103			1,012,337			296,558			5,866,594		5,797,915		30
	1,114,174		187,725			173,991			222,815			1,180,742		996,512		2,984,868
	—		—			162,942			—			—		—		—
	—		—			4,622			59,034			—		—		72,296
	—		1,069			—			—			—		—		—
	519,057		141,008			56,241			—			—		—		—
	38,355		47,636			30,856			2,435			31,815		35,602		25,661
	1,250,909,023		431,853,233			251,252,185			365,395,182			888,120,777		584,126,144		384,127,194
	—		—			—			—			347,668		187,870		564
	570,404		160,531			240,818			80,915			339,076		803,829		1,520,062
	1,328,825		39,370			83,019			—			2,584,964		11,947,756		—
	4,278		1,712			1,078			1,005			3,119		2,405		1,372
	1,862,282		476			—			—			—		—		—
	556,695		214,332			129,356			85,902			364,489		253,774		138,068
	130,799		83,860			238,619			42,743			64,696		63,255		46,567
	4,453,283		500,281			692,890			210,565			3,704,012		13,258,889		1,706,633
	1,246,455,740		431,352,952			250,559,295			365,184,617			884,416,765		570,867,255		382,420,561
	765,411,508		346,001,891			256,166,964			306,497,173			843,702,853		537,886,200		382,420,561
	7,127,229		13,122,946			(34,919,006)			12,050,018			383,357		(1,769,167)		—
	463,686,240		70,782,354			26,753,855			46,498,490			40,330,555		34,750,222		—
	10,230,763		1,445,761			2,557,482			138,936			—		—		—
	1,246,455,740		431,352,952			250,559,295			365,184,617			884,416,765		570,867,255		382,420,561
	31,254,054		10,441,418			7,260,565			12,035,291			19,117,573		9,345,469		125,494,093
	608,178		826,067			901,436			1,262,662			934,066		226,805		277,382
	31,361,376		10,049,284			9,031,935			12,882,569			31,701,848		37,234,527		155,292,161
	1,201,137		1,582,514			1,142,244			1,980,189			251,346		11,611		448,453
	11,303,496		5,410,548			4,030,227			3,108,537			22,527,512				79,157,647
	576,377		239,555			272,472			322,061			335,089				5,956,016
	1,570,870		615,704			794,676			702,790			992,532				14,213,831
	185,788		151,293			180,927			158,605			184,022				1,580,987
	496,928,597		154,280,899			77,016,205			134,820,315			222,324,039		114,046,111		125,494,094
	9,705,019		11,869,735			9,552,368			14,159,536			10,853,537		2,766,910		277,381
	501,799,668		147,113,258			95,723,425			145,764,138			368,921,025		453,912,601		155,292,161
	19,359,844		22,587,364			12,155,626			22,460,444			2,926,418		141,633		448,445
	181,555,815		80,628,271			42,885,084			34,874,040			261,824,490				79,157,645
	9,191,214		3,526,461			2,892,479			3,561,047			3,896,444				5,956,016
	24,937,235		9,092,072			8,407,085			7,784,967			11,530,268				14,213,832
	2,978,348		2,254,892			1,927,023			1,760,130			2,140,544				1,580,987
	15.90		14.78			10.61			11.20			11.63		12.20		1.00
	15.96		14.37			10.60			11.21			11.62		12.20		1.00
	16.00		14.64			10.60			11.31			11.64		12.19		1.00
	16.12		14.27			10.64			11.34			11.64		12.20		1.00
	16.06		14.90			10.64			11.22			11.62				1.00
	15.95		14.72			10.62			11.06			11.63				1.00
	15.87		14.77			10.58			11.08			11.62				1.00
	16.03		14.90			10.65			11.10			11.63				1.00
	16.74		15.56			11.17			11.79			11.99		12.58		1.00
	16.84		15.41			11.16			11.91			12.00		12.57		1.00

See accompanying notes to financial statements. 103

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2016

(Unaudited)

	LifePath Retirement Fund			LifePath 2020 Fund		LifePath 2030 Fund		LifePath 2040 Fund		LifePath 2050 Fund
Assets
Investments in securities at identified cost	$	1,247,590,846			2,086,866,996		2,126,450,989		1,555,932,407		358,456,633
Investments in securities at market value	$	1,275,705,497			2,138,603,628		2,172,448,278		1,581,803,358		361,669,008
Receivable for:
Dividends and interest		336			440		891		629		287
Shares of the Fund sold		769,849			1,755,522		1,350,379		2,081,041		612,258
Securities sold		5,684,969			2,826,785		8,653,076		7,808,829		3,063,822
Prepaid expenses		39,389			45,314		48,675		43,556		20,140
Total assets		1,282,200,040			2,143,231,689		2,182,501,299		1,591,737,413		365,365,515
Liabilities and Net Assets
Distributions to shareholders		38,906			—		—		—		—
Payable for:
Shares of the Fund redeemed		867,050			917,665		685,336		537,114		299,484
Securities purchased		3,971,846			2,866,453		10,936,345		8,543,387		3,662,044
Trustees’ fees and expenses		4,061			1,341		921		6,238		3,788
Due to affiliates		736,695			1,257,159		1,272,753		920,217		223,685
Accrued liabilities		236,696			246,536		251,799		305,943		211,713
Total liabilities		5,855,254			5,289,154		13,147,154		10,312,899		4,400,714
Net assets applicable to shares outstanding of common stock	$	1,276,344,786			2,137,942,535		2,169,354,145		1,581,424,514		360,964,801
Analysis of Net Assets
Paid-in-capital		1,258,404,136			2,024,708,637		2,059,530,468		1,513,281,012		348,928,417
Accumulated net realized gain (loss)		(16,249,083	)		41,354,854		41,442,820		28,883,652		5,519,819
Net unrealized appreciation (depreciation)		28,114,651			51,736,632		45,997,289		25,870,951		3,212,375
Accumulated undistributed net investment income (loss)		6,075,082			20,142,412		22,383,568		13,388,899		3,304,190
Net assets applicable to shares outstanding	$	1,276,344,786			2,137,942,535		2,169,354,145		1,581,424,514		360,964,801
Fund shares outstanding:
Class A Shares		33,654,858			61,176,719		68,850,778		53,264,511		24,648,798
Class B Shares		701,572			1,718,186		2,197,181		2,187,323
Premier Shares		57,168,485			67,269,155		51,683,325		22,556,183		7,792,522
Legacy Class B Shares		375,826			955,105		906,135		871,249
Institutional Shares		8,361,040			14,424,477		16,522,521		19,883,913
Class R-1 Shares		641,436			1,476,068		2,340,135		1,731,263		871,038
Class R-2 Shares		2,158,468			4,503,134		4,539,200		3,277,278		1,492,640
Class R-3 Shares		146,986			254,035		256,201		349,430
Net assets applicable to shares outstanding:
Class A Shares	$	410,072,665			862,673,594		1,012,450,274		806,738,482		255,599,494
Class B Shares		8,601,535			24,025,872		32,172,013		32,968,567
Premier Shares		712,143,403			945,933,417		761,824,417		343,144,023		80,795,505
Legacy Class B Shares		4,710,363			13,499,338		13,372,203		13,282,339
Institutional Shares		104,170,571			204,315,509		244,945,513		304,224,884
Class R-1 Shares		7,840,366			20,694,211		34,181,186		26,062,307		9,044,733
Class R-2 Shares		26,976,951			63,210,795		66,607,539		49,601,857		15,525,069
Class R-3 Shares		1,828,932			3,589,799		3,801,000		5,402,055
Net asset value:
Class A Shares	$	12.18			14.10		14.70		15.15		10.37
Class B Shares		12.26			13.98		14.64		15.07
Premier Shares		12.46			14.06		14.74		15.21		10.37
Legacy Class B Shares		12.53			14.13		14.76		15.25
Institutional Shares		12.46			14.16		14.82		15.30
Class R-1 Shares		12.22			14.02		14.61		15.05		10.38
Class R-2 Shares		12.50			14.04		14.67		15.14		10.40
Class R-3 Shares		12.44			14.13		14.84		15.46
Maximum offering price:
Class A Shares	$	12.82			14.84		15.47		15.95		10.92
Premier Shares		13.12			14.80		15.52		16.01		10.92

104 See accompanying notes to financial statements.

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105

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF OPERATIONS

Six months ended June 30, 2016

(Unaudited)

	Equity Fund			Small/ Mid Cap Equity Fund			International Equity Fund			S&P 500 Index Fund			Small Cap Index Fund
Investment Income:
Dividends (a)	$	4,535,660			1,854,007			1,664,966			12,997,002			3,231,395
Interest		11,769			4,257			5,507			49,189			5,612
Tax-exempt interest		—			—			—			—			—
		4,547,429			1,858,264			1,670,473			13,046,191			3,237,007
Less: foreign withholding taxes		—			(201	)		(148,428	)		—			(1,140	)
Total investment income		4,547,429			1,858,063			1,522,045			13,046,191			3,235,867
Expenses:
Investment advisory and management fees		1,582,755			1,010,324			521,776			895,977			527,931
Shareholder services fees		652,434			311,224			161,001			1,413,202			493,382
Distribution fees Class A		165,388			110,460			51,201			615,904			146,047
Distribution fees Class B		12,203			49,699			42,955			46,513			45,142
Distribution fees Premier		137,452			107,405			54,159			547,926			205,558
Distribution fees Legacy Class B		19,379			29,813			29,800			64,702			70,659
Distribution fees Class R-1		5,982			8,106			5,974			20,746			8,147
Distribution fees Class R-2		20,686			16,268			7,927			34,934			12,740
Regulatory fees		50,649			46,855			43,814			64,317			48,661
Reports to shareholders		25,236			26,991			14,689			70,999			40,202
Professional fees		22,866			21,465			45,473			27,180			22,801
Trustees’ fees and expenses		12,829			6,328			3,210			27,896			10,430
Custodian fees		3,558			3,744			67,660			16,078			21,377
Errors and omissions insurance		1,189			1,135			460			3,891			1,811
ICI dues		2,144			1,372			643			4,441			2,166
Securities valuation fees		1,423			1,434			6,552			3,993			16,727
Fidelity bond expense		145			124			30			483			244
License index fees		—			—			—			59,925			31,079
Total expenses		2,716,318			1,752,747			1,057,324			3,919,107			1,705,104
Less: expense reimbursement from affiliates (c)		—			(75	)		(52,086	)		—			—
Net expenses		2,716,318			1,752,672			1,005,238			3,919,107			1,705,104
Net investment income (loss)		1,831,111			105,391			516,807			9,127,084			1,530,763
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		12,885,806			(4,874,172	)		(1,518,568	)		7,314,534			12,794,214
Net realized gain (loss) on forward foreign currency contracts		—			—			—			—			—
Net realized gain (loss) on foreign currency transactions		—			—			(33,124	)		—			—
Net realized gain (loss) on futures contracts		—			—			—			(260,101	)		(1,304,029	)
Change in net unrealized gain (loss) on open futures contracts		—			—			—			190,753			(84,660	)
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		(8,655,726	)		5,689,624			(4,579,406	)		25,852,422			(5,388,047	)
Net realized and unrealized gain (loss) on investments		4,230,080			815,452			(6,131,098	)		33,097,608			6,017,478
Net change in net assets resulting from operations	$	6,061,191			920,843			(5,614,291	)		42,224,692			7,548,241

(a) For the LifePath Retirement, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds includes dividends from investments in iShares ETFs. BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

(b) Relates to investments in affiliated investment companies.

(c) For the Money Market Fund, this amount includes $394,476 of additional voluntary fee waivers from SFIMC and VP Management Corp. See Note 7 under Expense Reduction Agreements.

106 See accompanying notes to financial statements.

International Index Fund		Equity and Bond Fund			Bond Fund		Tax Advantaged Bond Fund		Money Market Fund		LifePath Retirement Fund		LifePath 2020 Fund		LifePath 2030 Fund		LifePath 2040 Fund		LifePath 2050 Fund
	5,980,952		1,779,654	(b)		—		—		—		10,590,983		18,495,946		19,993,329		15,525,385		3,586,131
	—		—			12,344,479		2,521		590,235		1,794		2,606		(1,186)		4,227		1,621
	—		—			—		8,073,492		—		—		—		—		—		—
	5,980,952		1,779,654			12,344,479		8,076,013		590,235		10,592,777		18,498,552		19,992,143		15,529,612		3,587,752
	(522,217)		—			—		—		—		—		—		—		—		—
	5,458,735		1,779,654			12,344,479		8,076,013		590,235		10,592,777		18,498,552		19,992,143		15,529,612		3,587,752
	450,999		—			416,405		271,308		182,123		1,656,204		2,756,638		2,740,402		1,983,550		439,705
	302,548		4,308			1,008,866		632,575		447,114		1,484,638		2,503,529		2,513,619		1,841,812		410,480
	105,738		186,085			476,937		484,548		139,046		936,440		1,524,018		1,564,328		1,008,063		362,289
	45,514		65,579			35,022		12,430		971		42,962		118,385		73,979		75,394		—
	105,911		141,697			216,144		188,589		60,236		424,444		651,904		524,537		335,099		19,842
	39,646		71,751			10,139		917		1,450		16,357		46,617		45,380		44,546		—
	7,045		8,132			9,005		—		10,980		19,109		50,229		79,492		62,087		19,747
	12,578		11,135			15,650		—		13,987		38,795		88,735		93,654		69,168		22,170
	46,774		69,984			55,083		33,949		66,383		74,107		73,366		82,064		64,350		28,667
	37,624		22,059			32,760		11,551		22,661		42,544		63,866		88,345		99,796		45,942
	67,846		20,768			31,770		30,626		23,329		53,396		64,403		62,858		71,561		45,704
	6,211		8,283			19,093		12,553		8,214		29,100		46,250		45,500		36,150		10,170
	56,677		—			5,951		2,610		1,792		29,640		28,140		25,950		33,140		25,350
	917		1,161			2,302		1,916		1,208		4,004		9,084		3,070		5,355		816
	1,183		—			3,185		2,222		1,474		5,537		9,220		8,715		6,038		1,657
	2,041		—			43,518		58,480		2,554		1,700		2,550		850		850		850
	112		144			280		284		127		275		375		464		339		11
	54,467		—			—		—		—		—		—		—		—		—
	1,343,831		611,086			2,382,110		1,744,558		983,649		4,859,252		8,037,309		7,953,207		5,737,298		1,433,400
	(26,773)		(137,875)			—		—		(394,628)		—		—		—		—		(40,234)
	1,317,058		473,211			2,382,110		1,744,558		589,021		4,859,252		8,037,309		7,953,207		5,737,298		1,393,166
	4,141,677		1,306,443			9,962,369		6,331,455		1,214		5,733,525		10,461,243		12,038,936		9,792,314		2,194,586
	(1,733,560)		2,053	(b)		264,242		87,754		—		(1,853,362)		(1,388,724)		(1,238,870)		(696,606)		(178,611)
	235,128		—			—		—		—		—		—		—		—		—
	98,531		—			—		—		—		—		—		—		—		—
	(706,164)		—			—		—		—		—		—		—		—		—
	(97,028)		—			—		—		—		—		—		—		—		—
	(11,807,768)		8,945,588	(b)		36,198,003		13,124,277		—		46,065,747		71,660,216		63,580,180		40,672,871		9,394,063
	(14,010,861)		8,947,641			36,462,245		13,212,031		—		44,212,385		70,271,492		62,341,310		39,976,265		9,215,452
	(9,869,184)		10,254,084			46,424,614		19,543,486		1,214		49,945,910		80,732,735		74,380,246		49,768,579		11,410,038

See accompanying notes to financial statements. 107

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Fund
Six months ended June 30, 2016 (Unaudited) and the year ended December 31, 2015	2016			2015
From operations:
Net investment income (loss)	$	1,831,111			3,456,119
Net realized gain (loss)		12,885,806			35,370,645
Change in net unrealized appreciation or depreciation		(8,655,726	)		(34,114,944	)
Net change in net assets resulting from operations		6,061,191			4,711,820
Distributions to shareholders from and in excess of:
Net investment income:
Class A Shares		541			(770,535	)
Class B Shares		—			—
Premier Shares		1,718			(547,189	)
Legacy Class B Shares		—			56
Institutional Shares		(412	)		(2,038,598	)
Class R-1 Shares		—			(6,439	)
Class R-2 Shares		—			(63,245	)
Class R-3 Shares		—			(9,066	)
		1,847			(3,435,016	)
Net realized gain:
Class A Shares		—			(8,110,701	)
Class B Shares		—			(171,727	)
Premier Shares		—			(6,444,228	)
Legacy Class B Shares		—			(383,452	)
Institutional Shares		—			(15,332,766	)
Class R-1 Shares		—			(144,779	)
Class R-2 Shares		—			(886,595	)
Class R-3 Shares		—			(86,766	)
		—			(31,561,014	)
Total distributions to shareholders		1,847			(34,996,030	)
From Fund share transactions:
Proceeds from shares sold		211,376,734			82,687,637
Reinvestment of distributions		(1,847	)		21,198,203
		211,374,887			103,885,840
Less payments for shares redeemed		(186,882,005	)		(46,629,289	)
Net increase (decrease) in net assets from Fund share transactions		24,492,882			57,256,551
Total increase (decrease) in net assets		30,555,920			26,972,341
Net assets:
Beginning of period		523,875,174			496,902,833
End of period*	$	554,431,094			523,875,174
*      Including accumulated undistributed net investment income (loss)	$	1,881,767			48,809

108 See accompanying notes to financial statements.

Small/Mid Cap Equity Fund				International Equity Fund				S&P 500 Index Fund				Small Cap Index Fund
2016		2015		2016		2015		2016		2015		2016		2015
	105,391		363,294		516,807		66,759		9,127,084		14,742,108		1,530,763		1,725,582
	(4,874,172)		8,801,683		(1,551,692)		189,200		7,054,433		14,947,517		11,490,185		23,002,495
	5,689,624		(22,893,988)		(4,579,406)		(1,342,330)		26,043,175		(23,260,402)		(5,472,707)		(48,714,273)
	920,843		(13,729,011)		(5,614,291)		(1,086,371)		42,224,692		6,429,223		7,548,241		(23,986,196)
	413		(118,202)		29		(98,169)		548		(6,616,829)		(327)		(487,204)
	—		—		—		—		—		(49,054)		(2)		—
	6		(107,177)		(1)		(81,349)		18		(5,652,153)		(45)		(733,557)
	4		—		—		—		16		(162,932)		4		—
	9,550		(158,732)		290		(88,788)		1,611		(2,560,144)		(338)		(530,262)
	—		—		—		—		—		(79,622)		(1)		(2,444)
	—		(2,583)		—		(4,022)		—		(282,110)		(2)		(27,424)
	—		(8,074)		—		(6,989)		—		(34,221)		—		(13,984)
	9,973		(394,768)		318		(279,317)		2,193		(15,437,065)		(711)		(1,794,875)
	—		(3,673,656)		—		—		—		(1,259,668)		—		(5,903,377)
	—		(489,498)		—		—		—		(27,305)		—		(672,071)
	—		(3,678,162)		—		—		—		(1,126,009)		—		(9,666,883)
	—		(445,786)		—		—		—		(56,459)		—		(1,316,660)
	—		(1,712,619)		—		—		—		(422,533)		—		(4,117,660)
	—		(144,134)		—		—		—		(19,904)		—		(176,694)
	—		(472,987)		—		—		—		(59,141)		—		(470,720)
	—		(107,767)		—		—		—		(5,914)		—		(123,137)
	—		(10,724,609)		—		—		—		(2,976,933)		—		(22,447,202)
	9,973		(11,119,377)		318		(279,317)		2,193		(18,413,998)		(711)		(24,242,077)
	103,050,096		37,145,359		39,355,620		17,020,877		744,748,058		250,577,610		178,205,503		50,738,846
	(9,973)		8,841,258		(320)		201,469		(2,193)		18,283,702		711		19,903,651
	103,040,123		45,986,617		39,355,300		17,222,346		744,745,865		268,861,312		178,206,214		70,642,497
	(106,111,310)		(32,039,915)		(41,674,084)		(15,384,648)		(703,930,268)		(143,121,442)		(178,631,708)		(43,299,427)
	(3,071,187)		13,946,702		(2,318,784)		1,837,698		40,815,597		125,739,870		(425,494)		27,343,070
	(2,140,371)		(10,901,686)		(7,932,757)		472,010		83,042,482		113,755,095		7,122,036		(20,885,203)
	267,641,376		278,543,062		138,456,946		137,984,936		1,163,413,258		1,049,658,163		424,230,916		445,116,119
	265,501,005		267,641,376		130,524,189		138,456,946		1,246,455,740		1,163,413,258		431,352,952		424,230,916
	134,729		19,365		(543,013)		(1,060,138)		10,230,763		1,101,486		1,445,761		(84,291)

See accompanying notes to financial statements. 109

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	International Index Fund
Six months ended June 30, 2016 (Unaudited) and the year ended December 31, 2015	2016			2015
From operations:
Net investment income (loss)	$	4,141,677			4,613,356
Net realized gain (loss)		(2,106,065	)		(2,690,687	)
Change in net unrealized appreciation or depreciation		(11,904,796	)		(7,085,913	)
Net change in net assets resulting from operations		(9,869,184	)		(5,163,244	)
Distributions to shareholders from and in excess of:
Net investment income:
Class A Shares		175			(1,530,537	)
Class B Shares		—			(92,653	)
Premier Shares		(29	)		(1,459,585	)
Legacy Class B Shares		—			(159,342	)
Institutional Shares		133			(854,804	)
Class R-1 Shares		—			(39,050	)
Class R-2 Shares		—			(139,007	)
Class R-3 Shares		—			(38,229	)
		279			(4,313,207	)
Net realized gain:
Class A Shares		—			—
Class B Shares		—			—
Premier Shares		—			—
Legacy Class B Shares		—			—
Institutional Shares		—			—
Class R-1 Shares		—			—
Class R-2 Shares		—			—
Class R-3 Shares		—			—
		—			—
Total distributions to shareholders		279			(4,313,207	)
From Fund share transactions:
Proceeds from shares sold		105,047,927			43,023,125
Reinvestment of distributions		(279	)		3,460,848
		105,047,648			46,483,973
Less payments for shares redeemed		(103,662,902	)		(26,431,190	)
Net increase (decrease) in net assets from Fund share transactions		1,384,746			20,052,783
Total increase (decrease) in net assets		(8,484,159	)		10,576,332
Net assets:
Beginning of period		259,043,454			248,467,122
End of period*	$	250,559,295			259,043,454
*      Including accumulated undistributed net investment income (loss)	$	2,557,482			(1,584,474	)

(a) Relates to investments in affiliated investment companies.

110 See accompanying notes to financial statements.

Equity and Bond Fund						Bond Fund				Tax Advantaged Bond Fund				Money Market Fund
2016			2015			2016		2015		2016		2015		2016		2015
	1,306,443	(a)		4,162,684	(a)		9,962,369		19,295,169		6,331,455		12,828,049		1,214		4,280
	2,053	(a)		12,051,469	(a)		264,242		1,174,284		87,754		24,560		—		—
	8,945,588	(a)		(13,650,892)	(a)		36,198,003		(13,743,529)		13,124,277		1,756,971		—		—
	10,254,084			2,563,261			46,424,614		6,725,924		19,543,486		14,609,580		1,214		4,280
	(454,915)			(1,847,922)			(4,432,246)		(9,315,230)		(4,519,952)		(10,591,174)		—		—
	(2,525)			(81,070)			(103,480)		(231,455)		(36,799)		(135,607)		—		—
	(540,221)			(1,370,287)			(2,029,859)		(3,100,830)		(1,771,988)		(2,087,835)		—		—
	(35,632)			(194,810)			(29,986)		(81,756)		(2,716)		(13,433)		—		—
	(164,152)			(494,039)			(3,191,492)		(6,240,638)		—		—		(1,204)		(4,158)
	(8,025)			(31,418)			(35,990)		(73,211)		—		—		—		—
	(23,823)			(87,841)			(114,717)		(201,193)		—		—		—		—
	(7,919)			(23,316)			(24,599)		(50,856)		—		—		(10)		(122)
	(1,237,212)			(4,130,703)			(9,962,369)		(19,295,169)		(6,331,455)		(12,828,049)		(1,214)		(4,280)
	—			(1,029,739)			—		(281,707)		—		—		—		—
	—			(99,652)			—		(7,575)		—		—		—		—
	—			(752,315)			—		(86,765)		—		—		—		—
	—			(158,597)			—		(2,349)		—		—		—		—
	—			(229,339)			—		(167,797)		—		—		—		—
	—			(22,713)			—		(2,333)		—		—		—		—
	—			(51,729)			—		(6,768)		—		—		—		—
	—			(11,183)			—		(1,352)		—		—		—		—
	—			(2,355,267)			—		(556,646)		—		—		—		—
	(1,237,212)			(6,485,970)			(9,962,369)		(19,851,815)		(6,331,455)		(12,828,049)		(1,214)		(4,280)
	201,946,900			71,259,841			474,078,662		178,664,736		448,023,565		89,421,077		445,636,763		482,718,586
	1,091,201			5,433,167			7,314,194		15,504,495		4,708,432		10,077,244		1,200		4,267
	203,038,101			76,693,008			481,392,856		194,169,231		452,731,997		99,498,321		445,637,963		482,722,853
	(185,603,873)			(38,846,644)			(432,022,183)		(110,657,167)		(423,985,256)		(88,257,046)		(409,935,189)		(438,931,734)
	17,434,228			37,846,364			49,370,673		83,512,064		28,746,741		11,241,275		35,702,774		43,791,119
	26,451,100			33,923,655			85,832,918		70,386,173		41,958,772		13,022,806		35,702,774		43,791,119
	338,733,517			304,809,862			798,583,847		728,197,674		528,908,483		515,885,677		346,717,787		302,926,668
	365,184,617			338,733,517			884,416,765		798,583,847		570,867,255		528,908,483		382,420,561		346,717,787
	138,936			69,705			—		—		—		—		—		—

See accompanying notes to financial statements. 111

STATE FARM MUTUAL FUND TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	LifePath Retirement Fund
Six months ended June 30, 2016 (Unaudited) and the year ended December 31, 2015	2016			2015
From operations:
Net investment income	$	5,733,525			17,220,879
Net realized gain (loss)		(1,853,362	)		(13,486,881	)
Change in net unrealized appreciation or depreciation		46,065,747			(26,496,804	)
Net change in net assets resulting from operations		49,945,910			(22,762,806	)
Distributions to shareholders from and in excess of:
Net investment income:
Class A Shares		(2,192,298	)		(10,048,173	)
Class B Shares		(9,112	)		(46,420	)
Premier Shares		(2,822,387	)		(3,010,255	)
Legacy Class B Shares		(10,310	)		(45,022	)
Institutional Shares		(569,694	)		(1,388,597	)
Class R-1 Shares		(22,461	)		(60,184	)
Class R-2 Shares		(98,807	)		(244,916	)
Class R-3 Shares		(9,587	)		(26,566	)
		(5,734,656	)		(14,870,133	)
Net realized gain:
Class A Shares		—			(3,891,845	)
Class B Shares		—			(45,604	)
Premier Shares		—			(1,135,071	)
Legacy Class B Shares		—			(25,192	)
Institutional Shares		—			(444,705	)
Class R-1 Shares		—			(31,199	)
Class R-2 Shares		—			(111,536	)
Class R-3 Shares		—			(8,172	)
		—			(5,693,324	)
Total distributions to shareholders		(5,734,656	)		(20,563,457	)
From Fund share transactions:
Proceeds from shares sold		808,844,517			275,898,766
Reinvestment of distributions		5,676,089			20,414,307
		814,520,606			296,313,073
Less payments for shares redeemed		(835,518,763	)		(208,590,922	)
Net increase (decrease) in net assets from Fund share transactions		(20,998,157	)		87,722,151
Total increase (decrease) in net assets		23,213,097			44,395,888
Net assets:
Beginning of period		1,253,131,689			1,208,735,801
End of period*	$	1,276,344,786			1,253,131,689
*      Including accumulated undistributed net investment income (loss)	$	6,075,082			6,076,213

112 See accompanying notes to financial statements.

LifePath 2020 Fund				LifePath 2030 Fund				LifePath 2040 Fund				LifePath 2050 Fund
2016		2015		2016		2015		2016		2015		2016		2015
	10,461,243		29,461,486		12,038,936		30,383,353		9,792,314		23,110,824		2,194,586		4,563,453
	(1,388,724)		45,159,319		(1,238,870)		40,803,250		(696,606)		26,024,425		(178,611)		3,569,843
	71,660,216		(114,508,201)		63,580,180		(114,940,278)		40,672,871		(83,872,399)		9,394,063		(16,575,308)
	80,732,735		(39,887,396)		74,380,246		(43,753,675)		49,768,579		(34,737,150)		11,410,038		(8,442,012)
	2,886		(16,262,901)		3,056		(15,356,422)		(124)		(11,494,948)		932		(3,346,440)
	—		(102,550)		(2)		(150,306)		102		(245,372)		—		—
	(5)		(5,115,117)		602		(3,873,757)		(148)		(3,530,956)		—		—
	—		(103,993)		—		(88,600)		—		(124,750)		—		—
	(265)		(2,859,317)		(3,240)		(3,164,242)		1,095		(4,559,346)		—		—
	—		(181,325)		—		(273,045)		—		(275,582)		—		(61,783)
	—		(623,435)		—		(623,319)		—		(588,596)		—		(150,704)
	—		(45,233)		—		(42,229)		—		(76,366)		—		—
	2,616		(25,293,871)		416		(23,571,920)		925		(20,895,916)		932		(3,558,927)
	—		(5,644,898)		—		(6,307,830)		—		(4,399,908)		—		(1,140,130)
	—		(116,567)		—		(172,180)		—		(197,152)		—		—
	—		(1,823,272)		—		(1,657,060)		—		(1,380,182)		—		—
	—		(69,037)		—		(74,114)		—		(81,338)		—		—
	—		(833,688)		—		(1,103,249)		—		(1,491,737)		—		—
	—		(86,573)		—		(150,755)		—		(128,873)		—		(28,022)
	—		(244,546)		—		(282,370)		—		(245,887)		—		(56,127)
	—		(14,205)		—		(15,892)		—		(26,019)		—		—
	—		(8,832,786)		—		(9,763,450)		—		(7,951,096)		—		(1,224,279)
	2,616		(34,126,657)		416		(33,335,370)		925		(28,847,012)		932		(4,783,206)
	1,177,557,939		402,057,595		1,049,521,785		440,762,045		607,560,093		308,918,180		136,228,807		112,071,335
	(2,913)		34,017,474		(777)		33,274,539		(997)		28,815,210		(981)		4,694,470
	1,177,555,026		436,075,069		1,049,521,008		474,036,584		607,559,096		337,733,390		136,227,826		116,765,805
	(1,186,697,642)		(294,605,766)		(1,001,718,940)		(233,982,138)		(559,757,524)		(170,412,474)		(104,959,451)		(41,683,241)
	(9,142,616)		141,469,303		47,802,068		240,054,446		47,801,572		167,320,916		31,268,375		75,082,564
	71,592,735		67,455,250		122,182,730		162,965,401		97,571,076		103,736,754		42,679,345		61,857,346
	2,066,349,800		1,998,894,550		2,047,171,415		1,884,206,014		1,483,853,438		1,380,116,684		318,285,456		256,428,110
	2,137,942,535		2,066,349,800		2,169,354,145		2,047,171,415		1,581,424,514		1,483,853,438		360,964,801		318,285,456
	20,142,412		9,678,553		22,383,568		10,344,216		13,388,899		3,595,660		3,304,190		1,108,672

See accompanying notes to financial statements. 113

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Investment Objective

State Farm Mutual Fund Trust (the “Trust”) has 15 separate investment portfolios (the “Funds”). The Trust is registered under the Investment Company Act of 1940 as an open-end, management investment company. Each Fund has its own investment objective, investment policies, restrictions, and attendant risks and is diversified as defined in the Investment Company Act of 1940. Each Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, “Financial Services-Investment Companies.” State Farm Investment Management Corp. (“SFIMC”) is the Trust’s investment adviser.

The State Farm Equity Fund (the “Equity Fund”) seeks long-term growth of capital. The Equity Fund seeks to achieve this objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of large capitalization companies.

The State Farm Small/Mid Cap Equity Fund (the “Small/Mid Cap Equity Fund”) seeks long-term growth of capital. The Fund primarily invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small and mid-capitalization companies.

The State Farm International Equity Fund (the “International Equity Fund”) seeks long-term growth of capital. The International Equity Fund invests its assets primarily in securities issued by foreign companies.

The State Farm S&P 500 Index Fund (the “S&P 500 Index Fund”) seeks to provide investment results that correspond to the total return of publicly traded common stocks in the aggregate, as represented by the S&P 500^®1 Index. Under normal operating conditions, the S&P 500 Index Fund seeks to invest at least 90% of its total assets in substantially all of the securities that make up the S&P 500 Index in proportions that match, approximately, the weightings of the S&P 500 Index. The S&P 500 Index tracks the common stock performance of 500 large U.S. companies.

The State Farm Small Cap Index Fund (the “Small Cap Index Fund”) seeks to match as closely as practicable, before fees and expenses, the performance of the Russell 2000^® Small Stock Index (the “Russell 2000”)². Under normal operating conditions, the Small Cap Index Fund seeks to invest at least 90% of its net assets in stocks that are represented in the Russell 2000 Index in weights that approximate the relative composition of the securities contained in the index. The Russell 2000 tracks the common stock performance of about 2,000 small U.S. companies.

The State Farm International Index Fund (the “International Index Fund”) seeks to match as closely as practicable, before fees and expenses, the performance of an international portfolio of common stocks represented by the MSCI Europe, Australasia and Far East Free Index (the “EAFE^® Free”)³. Under normal operating conditions, the International Index Fund seeks to invest at least 90% of its net assets in stocks that are represented in the EAFE Free Index in weights that approximate the relative composition of the securities contained in the index. The EAFE Free is a capitalization-weighted index that currently includes stocks of companies in 15 European countries, Australia, New Zealand, Israel, Hong Kong, Japan and Singapore.

The State Farm Equity and Bond Fund (the “Equity and Bond Fund”) seeks long-term growth of principal while providing some current income. The Equity and Bond Fund invests in the Institutional shares of the State Farm Equity Fund and State Farm Bond Fund of the Trust.

The State Farm Bond Fund (the “Bond Fund”) seeks to realize over a period of years the highest yield consistent with investing in investment grade bonds. Under normal circumstances, the Fund typically invests at least 80% of its net assets plus any borrowings in investment grade bonds or bonds determined to be of comparable quality by SFIMC.

The State Farm Tax Advantaged Bond Fund (the “Tax Advantaged Bond Fund”) seeks as high a rate of income exempt from federal income taxes as is consistent with prudent investment management. The Tax Advantaged Bond Fund normally invests so that either (1) 80% or more of the Tax Advantaged Bond Fund’s net investment income is exempt from regular federal income tax or (2) 80% or more of the Tax Advantaged Bond Fund’s net assets are invested in securities that produce income exempt from regular federal income tax.

The State Farm Money Market Fund (the “Money Market Fund”) seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity. Under normal conditions, the Money Market Fund invests its assets primarily (at least 99.5%) in debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities, cash, and repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.

The State Farm LifePath^® Retirement Fund (the “LifePath Retirement Fund”)⁴ seeks to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, the LifePath Retirement Fund will be broadly diversified across global asset classes.

The State Farm LifePath 2020 Fund (the “LifePath 2020 Fund”) seeks to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, the LifePath 2020 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

The State Farm LifePath 2030 Fund (the “LifePath 2030 Fund”) seeks to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, the LifePath 2030 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

114

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The State Farm LifePath 2040 Fund (the “LifePath 2040 Fund”) seeks to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, the LifePath 2040 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

The State Farm LifePath 2050 Fund (the “LifePath 2050 Fund”) seeks to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, the LifePath 2050 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

The LifePath Retirement, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds are collectively defined as the “LifePath Funds.” Effective November 2, 2015, each LifePath Fund invests its assets primarily in a combination of equity (including real estate investment trusts) and bond exchange-traded funds (“ETFs”) and a money market fund (the “LifePath Underlying Funds”) in proportion to each Fund’s own comprehensive investment strategy. The LifePath Funds attempt to manage the investment risk in each strategy for investors whose time horizons correspond to the decade in the LifePath Fund’s name, except for the LifePath Retirement Fund which is designed for investors who are currently withdrawing, or who plan to begin withdrawing, a substantial portion of their investment in the near future.

The performance of a LifePath Fund is directly affected by the performance of its LifePath Underlying Funds. In addition, the LifePath Funds, through their investments in the LifePath Underlying Funds, are subject to the risks of the LifePath Underlying Funds. As of June 30, 2016 the LifePath Funds invested 25% or more of their total assets in the following LifePath Underlying Funds:

Fund	iShares Russell 1000 ETF	iShares Core U.S. Aggregate Bond ETF
LifePath Retirement Fund	—	50.80%
LifePath 2020 Fund	28.28%	41.74%
LifePath 2030 Fund	39.25%	—
LifePath 2040 Fund	48.39%	—
LifePath 2050 Fund	50.20%	—

Financial statements for the LifePath Underlying Funds noted in the preceding table are available, without charge, on the SEC’s website at “http://www.sec.gov.”

Through October 30, 2015, the LifePath Retirement, LifePath 2020, LifePath 2030, LifePath 2040 and LifePath 2050 Funds invested all of their assets in separate series of unaffiliated mutual funds called the LifePath Retirement Master Portfolio, LifePath 2020 Master Portfolio, LifePath 2030 Master Portfolio, LifePath 2040 Master Portfolio and LifePath 2050 Master Portfolio (collectively defined as the “Master Portfolios”), respectively. Each Master Portfolio invested in a combination of equity, fixed income and short-term money market funds (the “Master Portfolio Underlying Funds”). The Master Portfolio Underlying Funds included the Active Stock Master Portfolio, Total International ex U.S. Index Master Portfolio, CoreAlpha Bond Master Portfolio, International Tilts Master Portfolio, Master Small Cap Index Series and Large Cap Index Master Portfolio, collectively defined as the “Underlying Master Portfolios.”

2. Significant Accounting Policies

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

Multi-class Fund Structure

Each Fund, other than the Tax Advantaged Bond Fund and LifePath 2050 Fund, offers eight classes of shares. The Tax Advantaged Bond Fund offers four classes of shares: Class A, Premier, Class B and Legacy Class B. The LifePath 2050 Fund offers four classes of shares: Class A, Premier, Class R-1 and Class R-2. Effective May 1, 2015, Class B shares and Legacy Class B shares are no longer available for purchase by new investors or by existing shareholders. Fund shareholders who own Class B shares or Legacy Class B shares may continue to exchange those shares for Class B or Legacy Class B shares of other Funds but may not purchase new Class B or Legacy Class B shares after May 1, 2015. Except for new investments in the Money Market Fund, Class A and Premier shares are offered to investors subject to an initial sales charge. The maximum offering price for Class A and Premier shares of each Fund, other than the Money Market Fund, the Bond Fund and the Tax Advantaged Bond Fund, is computed by dividing the Net Asset Value (“NAV”) by 0.95. The maximum offering price for Class A and Premier shares of the Bond Fund and the Tax Advantaged Bond Fund is computed by dividing the NAV by 0.97. Class B and Legacy Class B shares are offered without an initial sales charge, but are subject to higher ongoing expenses than Class A and Premier shares and a contingent deferred sales charge payable upon certain redemptions. Class B and Legacy Class B shares automatically convert to Class A or Premier shares depending upon the value of the account and related accounts at the time of conversion eight years after issuance. Institutional shares are offered to institutional investors, including certain insurance companies, defined contribution plans and defined benefit plans, and may be used as a funding vehicle for certain IRAs. Class R-1, R-2 and R-3 shares are available for purchase or exchange only by certain qualified

115

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

purchasers as defined in the prospectus for Class R-1, R-2, and R-3 shares. Institutional, Class R-1, R-2 and R-3 shares are not subject to an initial sales charge or a contingent deferred sales charge.

Effective May 23, 2016, Legacy Class A shares were renamed Premier shares. Premier shares are available to shareholders with account balance(s) equal to or greater than $100,000. Specifically, effective May 23, 2016:

• Legacy Class A shareholders with account balance(s) in Legacy Class A and/or Class A shares with a total value equal to or greater than $100,000 converted to Premier shares.

• Legacy Class A shareholders with account balance(s) in Legacy Class A and/or Class A shares with a total value less than $100,000 converted to Class A shares.

• Class A shareholders with account balance(s) in Class A shares with a total value equal to or greater than $100,000 converted to Premier shares.

Investment income and certain Fund level expenses and expense reductions, if any, are borne pro rata on the basis of fair value of settled shares outstanding for the Bond, Tax Advantaged Bond and Money Market Funds and, indirectly, the Equity and Bond Fund, and relative net assets for all other Funds. Realized and unrealized gains and losses are borne pro rata on the basis of relative net assets for all Funds. However, each class bears certain expenses unique to that class such as distribution services and certain other class specific expenses. Differences in class expenses may result in the payment of different per share dividends by class. All shares of the Funds have equal rights with respect to voting subject to class specific arrangements.

Fund Share Valuation

The offering price of the shares of each Fund, other than Money Market Fund, is its NAV, plus an initial sales charge on the Class A and Premier shares. The offering price of the Money Market Fund and all Funds’ Class B, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3 shares is the NAV. A separate NAV is calculated for each class of each Fund.

The NAV for each class of each Fund is determined as of the time of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually at 3:00 p.m., Central Time) on each day when the NYSE is open for business. Shares of the Funds will not be priced on days when the NYSE is closed.

Securities Valuation

All investments in securities are recorded at their fair value. For more information refer to Note 3 Securities Valuation.

Securities Transactions and Investment Income

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

Expenses

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

Income Taxes and Distributions to Shareholders

Each Fund is a separate taxpayer for federal income tax purposes. 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.

For more information refer to Note 6 Income Taxes and Distributions to Shareholders.

Foreign Currency Translation

Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing foreign exchange rates at June 30, 2016. 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.

Use of Estimates

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

116

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Commitments and Contingencies

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

Securities Purchased on a “When-issued” Basis

The Tax Advantaged Bond Fund may purchase municipal bonds on a “when-issued” basis. Delivery and payment for these securities may be a month or more after the purchase date, during which time such securities are subject to market fluctuations. The Tax Advantaged Bond Fund identifies and holds specific liquid assets with a market value at least equal to the amount of the when-issued purchase commitments in order to ensure that it can meet those commitments. It is possible that the securities will never be issued and the commitment canceled. At June 30, 2016, the Tax Advantaged Bond Fund had commitments of $11,947,756 (representing 2.09% of net assets) for when-issued securities.

Short Sales

The S&P 500 Index Fund, Small Cap Index Fund and the International Index 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 these Funds.

3. Securities Valuation

Investments are valued at fair value pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board”). The valuation procedures assign to SFIMC the responsibility for determining fair value using the processes and factors as outlined in the valuation procedures. If SFIMC cannot determine fair value based on the valuation procedures, the Board or the Executive Committee of the Board will determine fair value.

Fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in three broad levels as follows:

• Level 1 - Unadjusted quoted prices in active markets that are accessible to the Funds for identical assets or liabilities.

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, quoted prices for similar instruments in active markets, interest rates, yield curves and credit spreads. For assets or liabilities with a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

• Level 3 - Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available. These inputs, based on the best information available in the circumstances, would include reasonably available information about the assumptions that a market participant would use in valuing the asset or liability and might include SFIMC’s own data.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure the fair value of an asset or liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Changes in valuation techniques may result in transfers into or out of an assigned level within the fair value hierarchy. The end of the reporting period method is used for determining when transfers between levels of the fair value hierarchy are deemed to have occurred.

Stocks, closed-end registered investment companies and ETFs traded on securities exchanges, or in an over-the-counter (“OTC”) 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 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. Spot and 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 (“subsequent event”). A subsequent event might include company-specific developments, a development that might affect an entire market or region, a potential global development or a significant change in one or more U.S. securities indices. If SFIMC determines that the market

117

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

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, ETFs, index futures or other financial instruments in the U.S. or other markets. All securities valued based on SFIMC’s reasonable judgment are subsequently reported to the Board on a quarterly basis.

SFIMC reviews the pricing methodologies of the Funds’ approved pricing vendors, including understanding a vendor’s key inputs and assumptions in valuing securities. SFIMC also engages in transaction back-testing with respect to portfolio securities sold by the Funds to compare unrealized gains and losses to realized gains and losses.

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 each Fund’s assets and liabilities as of June 30, 2016:

	Investments in Securities								Derivative Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1			Level 2		Level 3		Total
Equity Fund									$	—		$	—	$	—	$	—
Common Stocks (a)	$	539,218,101	$	—	$	—	$	539,218,101
Short-term Investments		15,633,681		—		—		15,633,681
Small/Mid Cap Equity Fund										—			—		—		—
Common Stocks (a)		260,167,394		—		—		260,167,394
Short-term Investments		6,040,284		—		—		6,040,284
International Equity Fund										—			—		—		—
Common Stocks (a)		—		128,378,695		—		128,378,695
Preferred Stocks (a)		—		26,401		—		26,401
Short-term Investments		4,758,287		—		—		4,758,287
S&P 500 Index Fund										(159,944	)		—		—		(159,944	)
Common Stocks (a)		1,201,136,388		—		—		1,201,136,388
Short-term Investments		46,728,207		—		—		46,728,207
Small Cap Index Fund										(81,965	)		—		—		(81,965	)
Common Stocks (a)		422,481,077		39,298		37,781		422,558,156
Short-term Investments		7,920,536		—		—		7,920,536
International Index Fund										58,097			—		—		58,097
Common Stocks (a)		—		246,007,935		0		246,007,935
Preferred Stocks (a)		—		1,270,559		—		1,270,559
Short-term Investments		383,284		—		—		383,284
Equity and Bond Fund										—			—		—		—
Registered Investment Companies		363,837,375		—		—		363,837,375
Bond Fund										—			—		—		—
Corporate Bonds (a)		—		611,098,748		—		611,098,748
Agency Commercial Mortgage-Backed Securities		—		72,514,002		—		72,514,002
Agency Mortgage-Backed Securities		—		36,069,580		—		36,069,580
Agency Notes & Bonds				7,541,300				7,541,300
U.S. Treasury Obligations		—		112,122,874		—		112,122,874
Short-term Investments		41,695,122		—		—		41,695,122
(a)    Industry classification and/or country is disclosed in the Schedules of Investments.

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(Unaudited)

	Investments in Securities								Derivative Instruments
Fund	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Tax Advantaged Bond Fund									$	—	$	—	$	—	$	—
Long-term Municipal Bonds	$	—	$	539,517,925	$	—	$	539,517,925
Short-term Investments		37,778,190		—		—		37,778,190
Money Market Fund										—		—		—		—
Short-term Investments		156		381,044,183		—		381,044,339
LifePath Retirement Fund										—		—		—		—
Exchange-Traded Funds		1,275,496,772		—		—		1,275,496,772
Short-term Investments		208,725		—		—		208,725
LifePath 2020 Fund										—		—		—		—
Exchange-Traded Funds		2,137,087,261		—		—		2,137,087,261
Short-term Investments		1,516,367		—		—		1,516,367
LifePath 2030 Fund										—		—		—		—
Exchange-Traded Funds		2,167,693,795		—		—		2,167,693,795
Short-term Investments		4,754,483		—		—		4,754,483
LifePath 2040 Fund										—		—		—		—
Exchange-Traded Funds		1,578,102,035		—		—		1,578,102,035
Short-term Investments		3,701,323		—		—		3,701,323
LifePath 2050 Fund										—		—		—		—
Exchange-Traded Funds		360,378,508		—		—		360,378,508
Short-term Investments		1,290,500		—		—		1,290,500

There were no transfers of securities between Level 1 and Level 2 as of June 30, 2016 as compared to December 31, 2015.

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

	Small Cap Index Fund Investments in Securities (a)
Balance as of December 31, 2015	$	4,307
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		21,578
Purchases		—
Issuances		—
Sales		—
Transfers in		11,896
Transfers out		—
Balance as of June 30, 2016	$	37,781
(a) Using the end of the reporting period method for determining when transfers between levels are recognized.

For the Small Cap Index Fund, the total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at June 30, 2016 was $(48,311).

The International Index Fund did not hold any Level 3 securities valued at other than zero as of December 31, 2015 or for the six months ended June 30, 2016. The remaining Funds (other than the Small Cap Index Fund, as noted in the preceding table) did not hold any Level 3 securities as of December 31, 2015 or for the six months ended June 30, 2016.

Derivative instruments, such as futures and foreign currency contracts, are valued at the unrealized appreciation (depreciation) of the instrument. For more information, see Note 5 Derivative Instruments.

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(Unaudited)

4. Investments in Master Portfolios

Through October 30, 2015, all assets of each LifePath Fund were invested in a corresponding Master Portfolio. After the close of business on October 30, 2015, each LifePath Fund withdrew all assets, receiving cash and securities in-kind, from its corresponding Master Portfolio in order to invest primarily in ETFs.

After the close of business on October 30, 2015, each LifePath Fund received distributions of cash and securities from its corresponding Master Portfolio with the market values and taxable and non-taxable amounts noted in the table below.

Fund	Market Value of Cash and Securities Received In-Kind after the close of business on October 30, 2015		Non-taxable Distributions of Cash and Securities Received In-Kind after the close of business on October 30, 2015		Taxable Distributions of Cash and Securities Received In-Kind after the close of business on October 30, 2015
LifePath Retirement Fund	$	1,267,730,139	$	1,267,205,107	$	525,032
LifePath 2020 Fund		2,083,001,572		2,083,001,572		—
LifePath 2030 Fund		2,050,340,736		2,050,340,736		—
LifePath 2040 Fund		1,488,025,053		1,488,025,053		—
LifePath 2050 Fund		312,108,486		312,108,486		—

As a result of receiving cash and securities in-kind from the corresponding Master Portfolio, each LifePath Fund’s net unrealized appreciation (depreciation) changed. In addition, for LifePath Retirement Fund, net realized gain (loss) changed. Each LifePath Fund’s change in net unrealized appreciation (depreciation) and net realized gain (loss), and the corresponding offsetting change to Paid-in-Capital, is noted in the table below.

Fund	Change in Net Unrealized Appreciation (Depreciation)			Change in Net Realized Gain (Loss)		Change in Paid-in-Capital
LifePath Retirement Fund	$	(25,416,397	)	$	525,032	$	24,891,365
LifePath 2020 Fund		27,919,201			—		(27,919,201	)
LifePath 2030 Fund		14,154,774			—		(14,154,774	)
LifePath 2040 Fund		515,969			—		(515,969	)
LifePath 2050 Fund		(4,934,772	)		—		4,934,772

5. Derivative Instruments

The S&P 500 Index Fund, Small Cap Index Fund and International Index 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 derivative instrument or the cash value of a securities index at a specified future date at a specified price. Realized and unrealized gains and losses from these contracts are reflected in the Statements of Operations. Unrealized gains and losses on open futures contracts are reflected as a component of net unrealized appreciation (depreciation) in the Statements of Assets and Liabilities, and in other assets in the Schedules of Investments. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared futures contracts. Daily fluctuations 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 a Fund since futures are exchange traded and the exchange’s clearing house, as the ultimate counterparty to all exchange traded futures, guarantees the futures against default.

The International Equity and International Index Funds are subject to foreign currency exchange risk in the normal course of pursuing their investment objectives. In an attempt to decrease exposure to this risk, the International Index Fund engaged in portfolio hedging with the objective to protect against variations in exchange rates. Portfolio hedging involved selling forward foreign currency contracts with respect to the actual or anticipated portfolio security position denominated or quoted in the particular currency. Realized and unrealized gains and losses on forward foreign currency contracts are reflected in the Statements of Operations. Unrealized gains and losses on forward foreign currency contracts are reflected as a component of net unrealized appreciation (depreciation) in the Statements of Assets and Liabilities, and in other assets in the Schedule of Investments. These Funds bore

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(Unaudited)

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.

As of June 30, 2016, the fair values of derivative instruments, which are also disclosed in the Schedules of Investments, were as follows:

		Asset Derivatives				Liability Derivatives
Fund	Derivatives not accounted for as hedging instruments	Statements of Assets and Liabilities Location	Value			Statements of Assets and Liabilities Location	Value
		Variation Margin;				Variation Margin;
S&P 500 Index Fund	Stock Index Futures Contracts	Analysis of Net Assets - Net Unrealized Appreciation	$	—		Analysis of Net Assets - Net Unrealized Depreciation	$	159,944	(a)
Total			$	—			$	159,944
		Variation Margin;				Variation Margin;
Small Cap Index Fund	Stock Index Futures Contracts	Analysis of Net Assets - Net Unrealized Appreciation	$	—		Analysis of Net Assets - Net Unrealized Depreciation	$	81,965	(a)
Total			$	—			$	81,965
		Variation Margin;				Variation Margin;
International Index Fund	Stock Index Futures Contracts	Analysis of Net Assets - Net Unrealized Appreciation	$	58,097	(a)	Analysis of Net Assets - Net Unrealized Depreciation	$	—
Total			$	58,097			$	—
(a)    Represents cumulative unrealized gain or loss on futures contracts. Variation margin disclosed on the Statements of Assets and Liabilities is for the last day of the period.

As of June 30, 2016, the effect of derivative instruments on the Statements of Operations was as follows:

Fund	Derivatives not accounted for as hedging instruments	Amount of Realized Gain (Loss) on Derivatives Recognized in Income					Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
		Futures			Forward Currency Contracts		Futures			Forward Currency Contracts
S&P 500 Index Fund	Stock Index Futures Contracts	$	(260,101	)	$	—	$	190,753		$	—
Small Cap Index Fund	Stock Index Futures Contracts		(1,304,029	)		—		(84,660	)		—
International Index Fund	Forward Foreign Currency Contracts		—			235,128		—			50,398
International Index Fund	Stock Index Futures Contracts		(706,164	)		—		(97,028	)		—

As of June 30, 2016, the average quarterly balance of outstanding derivative instruments was as follows:

	Futures Contracts				Forward Foreign Currency Contracts
Fund	Average Number of Contracts Purchased		Average Notional Value of Contracts Purchased		Average Number of Contracts Purchased		Average U.S. Dollar Amount of Contracts Purchased		Average Number of Contracts Sold		Average U.S. Dollar Amount of Contracts Sold
S&P 500 Index Fund		483	$	49,280,686		—	$	—		—	$	—
Small Cap Index Fund		91		10,240,895		—		—		—		—
International Index Fund		146		8,137,614		—		—		6		3,593,744

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(Unaudited)

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, the International Equity Fund and International Index Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including certain forward foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral and margin requirements differ by type of derivative. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives (foreign currency exchange contracts). For financial reporting purposes, cash and non-cash collateral that has been pledged to cover obligations of a Fund, if any, are noted in the Schedules of Investments. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities is based on contractual netting/set-off provisions in the ISDA Master Agreement; however, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable.

The Funds did not invest in any portfolio securities or enter into any derivative transactions with gross exposure on the Statement of Assets and Liabilities that could be netted subject to netting agreements as of June 30, 2016.

6. Income Taxes and Distributions to Shareholders

As of December 31, 2015, the Trust’s management has completed a review of uncertain 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. In addition, as of December 31, 2015, management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change for the period ending December 31, 2016.

As of June 30, 2016, aggregate securities holdings’ unrealized gains and losses based on cost for federal income tax purposes for the Funds were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Equity Fund	$	477,453,050	$	93,155,359	$	(15,756,627	)	$	77,398,732
Small/Mid Cap Equity Fund		247,187,328		35,294,331		(16,273,981	)		19,020,350
International Equity Fund		120,186,638		20,492,629		(7,515,884	)		12,976,745
S&P 500 Index Fund		784,416,834		485,742,035		(22,294,274	)		463,447,761
Small Cap Index Fund		360,057,665		121,655,399		(51,234,372	)		70,421,027
International Index Fund		226,617,606		66,587,028		(45,542,856	)		21,044,172
Equity and Bond Fund		317,338,885		46,498,490		—			46,498,490
Bond Fund		840,711,071		41,673,437		(1,342,882	)		40,330,555
Tax Advantaged Bond Fund		542,545,893		34,750,222		—			34,750,222
Money Market Fund		381,044,339		—		—			—
LifePath Retirement Fund		1,249,016,377		35,642,958		(8,953,838	)		26,689,120
LifePath 2020 Fund		2,087,535,887		70,882,583		(19,814,842	)		51,067,741
LifePath 2030 Fund		2,127,464,116		75,030,168		(30,046,006	)		44,984,162
LifePath 2040 Fund		1,556,609,360		53,137,569		(27,943,571	)		25,193,998
LifePath 2050 Fund		358,717,686		9,289,813		(6,338,491	)		2,951,322

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

The Equity Fund, Small/Mid Cap Equity Fund, International Equity Fund, S&P 500 Index Fund, Small Cap Index Fund, International Index Fund, Equity and Bond Fund, LifePath 2020 Fund, LifePath 2030 Fund, LifePath 2040 Fund and LifePath 2050 Fund declare and pay dividend and capital gain distributions, if any, at least annually.

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(Unaudited)

The Bond Fund, Tax Advantaged Bond Fund and Money Market Fund 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 LifePath Retirement Fund declares and distributes dividends quarterly and capital gain distributions, if any, at least annually.

After utilizing capital loss carryforwards to offset realized capital gains in 2015, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations. As of December 31, 2015, if not applied, the carryforwards will expire as follows:

			Year of Expiration						Non Expiring
	Utilized in 2015		2016		2017		2018		Short-term		Long-term		Total Capital Loss Carryforwards
International Equity Fund	$	2,108,371	$	—	$	1,253,931	$	2,909,152	$	—	$	—	$	4,163,083
S&P 500 Index Fund		10,639,756		—		—		—		—		—		—
International Index Fund		—		5,140,621		7,747,891		4,077,752		—		10,787,338		27,753,602
Bond Fund		498,523		—		—		—		—		—		—
Tax Advantaged Bond Fund		24,560		—		—		—		1,255,272		601,649		1,856,921
LifePath Retirement Fund		—		—		—		—		13,000,975		1,276,014		14,276,989

Capital losses incurred on or after January 1, 2011 are permitted to carry forward indefinitely. These losses must be utilized prior to losses incurred before January 1, 2011. Therefore, any losses incurred prior to 2011 may be more likely to expire unused.

As of December 31, 2015, in accordance with federal tax regulations, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-term Gain		Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
Equity Fund	$	48,809	$	7,259,594	$	86,054,458		$	—		$	93,362,861
Small/Mid Cap Equity Fund		19,006		1,326,724		13,026,189			—			14,371,919
International Equity Fund		13,577		—		15,765,857			(5,047,146	)		10,732,288
S&P 500 Index Fund		1,100,758		127,838		437,588,751			—			438,817,347
Small Cap Index Fund		213,236		1,607,886		76,008,414			(26,005	)		77,803,531
International Index Fund		110,946		—		33,318,711			(29,168,421	)		4,261,236
Equity and Bond Fund		69,705		12,047,965		37,552,902			—			49,670,572
Bond Fund		404		118,711		4,132,552			—			4,251,667
Tax Advantaged Bond Fund		—		—		21,625,945			(1,856,921	)		19,769,024
Money Market Fund		—		—		—			—			—
LifePath Retirement Fund		6,076,213		—		(18,069,828	)		(14,276,989	)		(26,270,604	)
LifePath 2020 Fund		9,678,553		42,763,002		(19,943,008	)		—			32,498,547
LifePath 2030 Fund		10,344,216		42,690,909		(17,592,110	)		—			35,443,015
LifePath 2040 Fund		3,595,660		29,580,769		(14,802,431	)		—			18,373,998
LifePath 2050 Fund		1,108,672		5,735,803		(6,219,061	)		—			625,414

The difference between these amounts and the undistributed net investment income reported on the Statements of Assets and Liabilities as of December 31, 2015 relates to one or more of the following: short-term capital gains, forward foreign currency contracts, mark-to-market of Passive Foreign Investment Companies (“PFICs”), post-October loss deferrals, return of capital transactions, and nondeductible start-up expenses.

From November 1, 2015 through December 31, 2015, the International Equity Fund incurred $884,063 in realized losses, the Small Cap Index Fund incurred $26,005 in specified losses and the International Index Fund incurred $137,851 in specified losses and $1,276,968 in realized losses. As permitted by the Internal Revenue Code, the Funds intend to elect to defer these losses and treat them as arising on January 1, 2016.

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 timing of the recognition of net realized losses, net operating 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.

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(Unaudited)

As of December 31, 2015, these reclassifications were as follows:

Fund	Paid in Capital			Accumulated Net Realized Gain (Loss)			Net Unrealized Appreciation (Depreciation)		Accumulated Undistributed Net Investment Income (Loss)
Equity Fund	$	—		$	(170	)	$	—	$	170
Small/Mid Cap Equity Fund		—			(46,446	)		—		46,446
International Equity Fund		2			(248,693	)		—		248,691
S&P 500 Index Fund		3			(862,456	)		—		862,453
Small Cap Index Fund		—			(6,898	)		—		6,898
International Index Fund		(75	)		156,907			—		(156,832	)
Equity and Bond Fund		—			(3,504	)		—		3,504
LifePath Retirement Fund		12,058,913			(16,107,120	)		—		4,048,207
LifePath 2020 Fund		34,053,605			(38,256,069	)		—		4,202,464
LifePath 2030 Fund		19,064,702			(20,904,692	)		—		1,839,990
LifePath 2040 Fund		11,521,032			(11,244,239	)		—		(276,793	)
LifePath 2050 Fund		(4,916,743	)		4,800,871			—		115,872

The tax character of distributions was designated as follows for the year ended December 31, 2015.

2015	Tax Exempt Income		Ordinary Income		Long-term Capital Gain		Total
Small/Mid Cap Equity Fund	$	—	$	752,892	$	10,366,485	$	11,119,377
Small Cap Index Fund		—		3,717,144		20,524,933		24,242,077
Bond Fund		—		19,315,864		535,951		19,851,815
Tax Advantaged Bond Fund		12,818,937		9,112		—		12,828,049
LifePath Retirement Fund		—		17,502,761		3,060,696		20,563,457
LifePath 2020 Fund		—		28,699,141		5,427,516		34,126,657
LifePath 2030 Fund		—		26,126,822		7,208,548		33,335,370
LifePath 2040 Fund		—		22,545,113		6,301,899		28,847,012
LifePath 2050 Fund		—		3,695,646		1,087,560		4,783,206

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 Statement of Changes in Net Assets for the year ended December 31, 2015.

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(Unaudited)

7. Fees and Other Transactions with Affiliates

Investment Advisory and Management Services Agreement

The Trust has entered into an investment advisory and management services agreement with SFIMC, which serves as the Trust’s investment adviser and conducts the business and affairs of the Trust. Each Fund pays SFIMC an investment advisory and management services fee based upon that Fund’s average daily net assets. The fee is accrued daily and paid to SFIMC monthly.

Equity Fund	0.60%	Tax Advantaged Bond Fund	0.10%
Small/Mid Cap Equity Fund	0.80%	Money Market Fund	0.10%
International Equity Fund	0.80%	LifePath Retirement Fund (c) (d)	0.28% on the first $5 billion
S&P 500 Index Fund (a) (b)	0.13% on the first $500 million		0.24% on the next $10 billion
	0.12% on the next $250 million		0.21% on amounts exceeding $15 billion
	0.11% on the next $250 million	LifePath 2020 Fund (c) (d)	0.28% on the first $5 billion
	0.085% on the next $2 billion		0.24% on the next $10 billion
	0.06% on amounts exceeding $3 billion		0.21% on amounts exceeding $15 billion
Small Cap Index Fund (a) (b)	0.15% on the first $150 million	LifePath 2030 Fund (c) (d)	0.28% on the first $5 billion
	0.13% on the next $850 million		0.24% on the next $10 billion
	0.105% on the next $2 billion		0.21% on amounts exceeding $15 billion
	0.08% on amounts exceeding $3 billion	LifePath 2040 Fund (c) (d)	0.28% on the first $5 billion
International Index Fund (a) (b)	0.16% on the first $150 million		0.24% on the next $10 billion
	0.14% on the next $850 million		0.21% on amounts exceeding $15 billion
	0.115% on the next $2 billion	LifePath 2050 Fund (c) (d)	0.28% on the first $5 billion
	0.09% on amounts exceeding $3 billion		0.24% on the next $10 billion
Equity and Bond Fund	None		0.21% on amounts exceeding $15 billion
Bond Fund	0.10%
(a)     Through April 30, 2016, the investment advisory and management services fees for the S&P 500 Index Fund, Small Cap Index Fund and International Index Fund were 0.18%, 0.33% and 0.48%, respectively. (b)     For purposes of calculating the breakpoints in the preceding table, the assets of the following funds are combined: Large Cap Equity Index Fund of the State Farm Variable Product Trust and the S&P 500 Index Fund; Small Cap Equity Index Fund of the State Farm Variable Product Trust and the Small Cap Index Fund; International Equity Index Fund of the State Farm Variable Product Trust and the International Index Fund. (c)     Through October 30, 2015, the investment advisory and management services fee was 0.70%. (d)     The assets of all of the LifePath Funds are aggregated for purposes of calculating the investment advisory and management services fee applicable to each LifePath Fund.

SFIMC does not receive an investment advisory and management services fee for performing its services for the Equity and Bond Fund. However, SFIMC receives investment advisory and management services fees from managing the underlying funds into which the Equity and Bond Fund invests. The Equity and Bond Fund pays no sales loads or similar compensation to SFIMC to acquire shares of each Fund in which it invests. Because the underlying funds have varied expenses and fee levels and the Equity and Bond Fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by the Equity and Bond Fund will vary.

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 Equity Fund; Bridgeway and Rainier Investment Management, LLC (“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 LifePath Funds, S&P 500 Index Fund and, effective May 7, 2016, the Small Cap Index Fund and International Index Fund. Effective May 7, 2016, Northern Trust Investments, Inc. (“Northern Trust”) ceased serving as investment sub-adviser to the Small Cap Index Fund and International Index Fund.

In accordance with the investment objective of the Fund or Funds each sub-advises, Bridgeway, Westwood, Rainier, Marsico, Northern Cross and BlackRock 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, BlackRock’s, and Northern Trust’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.

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(Unaudited)

For the six months ended June 30, 2016, the following fees were earned by Bridgeway, Westwood, Rainier, Marsico, Northern Cross, BlackRock and Northern Trust for providing sub-advisory services (although not all amounts indicated were paid during that period):

									Northern				Northern
	Bridgeway		Westwood		Rainier (a)		Marsico		Cross		BlackRock		Trust
Equity Fund	$	532,451	$	446,802	$	—	$	—	$	—	$	—	$	—
Small/Mid Cap Equity Fund		368,749		—		366,898		—		—		—		—
International Equity Fund		—		—		—		163,467		195,340		—		—
S&P 500 Index Fund		—		—		—		—		—		99,596		—
Small Cap Index Fund (b)		—		—		—		—		—		21,963		124,380
International Index Fund (b)		—		—		—		—		—		17,382		82,179
LifePath Retirement Fund		—		—		—		—		—		166,735		—
LifePath 2020 Fund		—		—		—		—		—		277,513		—
LifePath 2030 Fund		—		—		—		—		—		275,898		—
LifePath 2040 Fund		—		—		—		—		—		199,660		—
LifePath 2050 Fund		—		—		—		—		—		44,280		—
Total Sub-Advisory Fees	$	901,200	$	446,802	$	366,898	$	163,467	$	195,340	$	1,103,027	$	206,559
(a)     A majority of the outstanding voting securities of Rainier Investment Management, LLC was acquired by Manning & Napier Group, LLC on April 30, 2016.
(b)     Effective May 7, 2016, Northern Trust ceased serving as investment sub-adviser to the Small Cap Index Fund and International Index Fund. Effective May 7, 2016, BlackRock began sub-advising the Small Cap Index Fund and International Index Fund.

Distribution and Shareholder Services Agreements

The Trust has entered into a distribution and service plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, with State Farm VP Management Corp. (“VP Management Corp.”). Under terms of this plan, each Fund pays VP Management Corp. an annual fee based on a specified percentage of average daily net assets, up to the following amounts (not all Funds offer all classes shown):

	Class A			Class B			Premier			Legacy Class B			Class R-1			Class R-2
Small Cap Index Fund (a)		0.25	%		0.80	%		0.25	%		0.65	%		0.50	%		0.30	%
Bond Fund		0.25	%		0.65	%		0.25	%		0.65	%		0.50	%		0.30	%
Tax Advantaged Bond Fund		0.25	%		0.65	%		0.25	%		0.65	%
Money Market Fund		0.15	%		0.55	%		0.15	%		0.55	%		0.40	%		0.20	%
LifePath 2030 Fund (a)		0.25	%		0.45	%		0.25	%		0.65	%		0.50	%		0.30	%
LifePath 2040 Fund (a)		0.25	%		0.45	%		0.25	%		0.65	%		0.50	%		0.30	%
All Other Funds		0.25	%		0.95	%		0.25	%		0.65	%		0.50	%		0.30	%
(a)     Through September 30, 2015, the distribution and service (12b-1) fees for the Class B shares of the Small Cap Index Fund, LifePath 2030 Fund and LifePath 2040 Fund were 0.95% of average daily net assets.

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(Unaudited)

The annual fee amount is payable to VP Management Corp. by each Fund only to the extent VP Management Corp. has incurred distribution expenses to be reimbursed. Any distribution expenses incurred by VP Management Corp. and not otherwise reimbursed by the Funds under the distribution plan can be carried forward and reimbursed in a later time period in amounts not to exceed the annual fee percentages outlined above. At June 30, 2016, VP Management Corp. had not been reimbursed for the following amounts (the TOTAL below is the cumulative amount of unreimbursed distribution expenses incurred since the commencement of operations of the Trust, although the total amount incurred by Fund depends upon the timing of commencement of the applicable section of the distribution plan for each such Fund and its classes):

Equity Fund	$	11,553,327	Tax Advantaged Bond Fund	$	18,498,470
Small/Mid Cap Equity Fund		11,040,069	Money Market Fund		17,429,763
International Equity Fund		8,331,709	LifePath Retirement Fund		20,285,654
S&P 500 Index Fund		33,178,845	LifePath 2020 Fund		39,188,476
Small Cap Index Fund		17,310,971	LifePath 2030 Fund		30,618,027
International Index Fund		12,411,641	LifePath 2040 Fund		21,625,648
Equity and Bond Fund		13,651,747	LifePath 2050 Fund		2,509,735
Bond Fund		22,437,165	TOTAL	$	280,071,247

The Trust has a separate shareholder services agreement with SFIMC. Each Fund, except the Equity and Bond Fund, pays SFIMC a fee of 0.25% of average daily net assets of Class A, Class B, Legacy Class B and Institutional shares and, for the current year, 0.32% of Class R-1, Class R-2 and Class R-3 shares. Effective May 21, 2016, the Premier shares of each Fund, except the Equity and Bond Fund, pays SFIMC a fee of 0.15% of average daily net assets. Prior to May 21, 2016, the Premier shares of each Fund were the Legacy Class A shares and, except for the Equity and Bond Fund, paid SFIMC a fee of 0.25% of average daily net assets. The Equity and Bond Fund does not directly pay SFIMC any shareholder services fee for Class A, Class B, Premier, Legacy Class B or Institutional shares and, for the current year, directly pays 0.07% of average daily net assets of Class R-1, Class R-2 and Class R-3 shares. However, SFIMC receives a shareholder services fee from managing the Equity Fund and Bond Fund into which the Equity and Bond Fund invests. Additionally, SFIMC receives proceeds from the account fee imposed on certain shareholders of the Trust.

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(Unaudited)

Expense Reduction Agreements

For all Funds, SFIMC has contractually agreed to reimburse each Class if, and to the extent, the Class’s total annual operating expenses exceed the percentage of each Class’s average daily net assets (“expense reimbursement threshold” or “ERT”) indicated in the table below, excluding acquired fund fees and expenses. The ERTs in the table are based on applicable maximum possible fees and expenses. Any increase or decrease in 12b-1 distribution fees for a share class of a Fund will increase or decrease the applicable ERT by a corresponding amount. With respect to the Equity and Bond Fund, SFIMC has contractually agreed to reimburse all expenses directly incurred by each Class other than 12b-1 distribution fees, shareholder services fees directly incurred by the Fund and acquired fund fees and expenses. SFIMC may not discontinue these agreements to reimburse each class before April 30, 2017, without the consent of the Board. Prior-year reimbursements and waivers, if any, are not subject to recapture. Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

	Class A			Class B			Premier			Legacy Class B			Institutional			Class R-1			Class R-2			Class R-3
Equity Fund (a)		1.20	%		1.90	%		1.10	%		1.60	%		0.95	%		1.52	%		1.32	%		1.02	%
Small/Mid Cap Equity Fund (a)		1.40	%		2.10	%		1.30	%		1.80	%		1.15	%		1.72	%		1.52	%		1.22	%
International Equity Fund (a)		1.50	%		2.20	%		1.40	%		1.90	%		1.25	%		1.82	%		1.62	%		1.32	%
S&P 500 Index Fund (b) (c)		0.73	%		1.43	%		0.63	%		1.13	%		0.48	%		1.05	%		0.85	%		0.55	%
Small Cap Index Fund (c) (d) (e)		0.75	%		1.30	%		0.65	%		1.15	%		0.50	%		1.07	%		0.87	%		0.57	%
International Index Fund (c) (f)		0.86	%		1.56	%		0.76	%		1.26	%		0.61	%		1.18	%		0.98	%		0.68	%
Equity and Bond Fund (a)		0.25	%		0.95	%		0.15	%		0.65	%		—			0.57	%		0.37	%		0.07	%
Bond Fund (a)		0.70	%		1.10	%		0.60	%		1.10	%		0.45	%		1.02	%		0.82	%		0.52	%
Tax Advantaged Bond Fund (a)		0.70	%		1.10	%		0.60	%		1.10	%
Money Market Fund (a)		0.60	%		1.00	%		0.50	%		1.00	%		0.45	%		0.92	%		0.72	%		0.52	%
LifePath Retirement Fund (g) (h) (i)		0.88	%		1.58	%		0.78	%		1.28	%		0.63	%		1.20	%		1.00	%		0.70	%
LifePath 2020 Fund (g) (i) (j)		0.88	%		1.58	%		0.78	%		1.28	%		0.63	%		1.20	%		1.00	%		0.70	%
LifePath 2030 Fund (g) (i) (k)		0.88	%		1.08	%		0.78	%		1.28	%		0.63	%		1.20	%		1.00	%		0.70	%
LifePath 2040 Fund (g) (i) (k)		0.88	%		1.08	%		0.78	%		1.28	%		0.63	%		1.20	%		1.00	%		0.70	%
LifePath 2050 Fund (l)		0.88	%					0.78	%								1.20	%		1.00	%
(a)     Through May 20, 2016, the ERT for the Premier shares of the Equity Fund, Small/Mid Cap Equity Fund, International Equity Fund, Equity and Bond Fund, Bond Fund, Tax Advantaged Bond Fund and Money Market Fund was 1.20%, 1.40%, 1.50%, 0.25%, 0.70%, 0.70% and 0.60%, respectively. (b)     Through April 30, 2016, the ERT for the S&P 500 Index Fund Class A, Class B, Legacy Class B, Institutional, Class R-1, Class R-2, and Class R-3 was 0.78%, 1.48%, 1.18%, 0.53%, 1.10%, 0.90% and 0.60%. (c)     Through April 30, 2016, the ERT for the Premier shares of the S&P 500 Index Fund, Small Cap Index Fund and International Index Fund was 0.78%, 0.93%. and 1.18%. From May 1, 2016 to May 20, 2016, the ERT for the Premier shares of the S&P 500 Index Fund, Small Cap Index Fund and International Index Fund was 0.73%, 0.75% and 0.86%. (d)     Through April 30, 2016, the ERT for Small Cap Index Fund Class A, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3 was 0.93%, 1.33%, 0.68%, 1.25%, 1.05%, and 0.75%. (e)     For the period January 1, 2015 through September 30, 2015, the ERT for Small Cap Index Fund Class B was 1.63% of average daily net assets. For the period October 1, 2015 through April 30, 2016, the ERT for Small Cap Index Fund Class B was 1.48%. (f)      Through April 30, 2016, the ERT for International Index Fund Class A, Class B, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3 was 1.18%, 1.88%, 1.58%, 0.93%, 1.50%, 1.30% and 1.00%. (g)     Through October 30, 2015, the ERT for Class A, Legacy Class B, Institutional, Class R-1, Class R-2 and Class R-3, in LifePath Retirement Fund, LifePath 2020 Fund, LifePath 2030 Fund and LifePath 2040 Fund was 1.23%, 1.63%, 0.98%, 1.55%, 1.35% and 1.05%, respectively. (h)     For the period January 1, 2015 through October 30, 2015, the ERT for LifePath Retirement Fund Class B was 1.93% of average daily net assets. (i)      Through October 30, 2015, the ERT for the Premier shares of each of the LifePath Retirement Fund, LifePath 2020 Fund, LifePath 2030 Fund and LifePath 2040 Fund was 1.23%. From November 1, 2015 to May 20, 2016, the ERT for the Premier shares of each of the LifePath Retirement Fund, LifePath 2020 Fund, LifePath 2030 Fund and LifePath 2040 Fund was 0.88%. (j)      Through October 30, 2015, the ERT for LifePath 2020 Fund Class B was 1.93% of average daily net assets. (k)     For the period January 1, 2015 through September 30, 2015, the ERT for the Class B shares of both the LifePath 2030 Fund and LifePath 2040 Fund was 1.93% of average daily net assets. For the period October 1, 2015 through October 30, 2015, the ERT for the Class B shares of both the LifePath 2030 Fund and LifePath 2040 Fund was 1.43% of average daily net assets. (l)      Through October 30, 2015, the ERT for LifePath 2050 Fund Class A, Class R-1 and Class R-2 was 1.23%, 1.55% and 1.35%, respectively.

Effective May 21, 2016, to ensure that the Premier shares of the Equity and Bond Fund are subject to a shareholder services fee of 0.15% of average daily net assets of the Equity and Bond Fund through its investment in the Institutional shares of the Equity Fund and Bond Fund, SFIMC agreed to waive

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(Unaudited)

fees in the amount of 0.10% of the average daily net assets of Equity and Bond Fund Premier shares. This SFIMC waiver may be terminated by SFIMC with 60 days notice to the Trust.

Through October 30, 2015, SFIMC contractually agreed to reimburse an additional 0.07% of each LifePath Fund’s average daily net assets on an annual basis. This reimbursement is reflected in the expense reimbursement thresholds shown in footnotes (g), (h), (i), (j), (k) and (l) in the preceding table.

SFIMC and VP Management Corp. have agreed to waive their fees to the extent necessary to prevent the Money Market Fund’s net investment income from decreasing below zero. This arrangement is voluntary and may be eliminated by SFIMC or VP Management Corp. at any time.

Through October 30, 2015, BlackRock contractually agreed to waive the investment advisory fees charged to the Master Portfolios in an amount equal to the advisory fees and administration fees, if any, received by BlackRock or BlackRock Advisors, LLC (“BAL”), an affiliate of BlackRock and administrator to certain of the Master Portfolio Underlying Funds, from each investment company in which the Master Portfolios and Underlying Master Portfolios invested.

Through October 30, 2015, BlackRock also contractually agreed to provide an offsetting credit against the investment advisory fees BlackRock received from the Master Portfolios in an amount equal to the fees and expenses of the MIP independent trustees, counsel to such trustees, and independent registered public accounting firm (“independent expenses”) that were paid by the Master Portfolios. Through October 30, 2015, BAL contractually agreed to provide an offsetting credit against the administration fees paid by the Active Stock Master Portfolio to BAL in an amount equal to the independent expenses that were paid by this Underlying Master Portfolio. Through October 30, 2015, BAL also contractually agreed to provide an offsetting credit against the investment advisory fees paid by the CoreAlpha Bond Master Portfolio in an amount equal to the independent expenses paid by this Underlying Master Portfolio.

Through October 30, 2015, BAL agreed to voluntarily waive a portion of its administration fees payable by the Active Stock Master Portfolio in an amount sufficient to maintain the investment advisory fees of the Master Portfolios, which were not to exceed 0.35% of the average daily net assets of each Master Portfolio.

Related Party Disclosure

As of June 30, 2016, State Farm Mutual Automobile Insurance Company (“Auto Company”), the parent company of SFIMC, owned more than 10% of the outstanding shares of each Class of the following Funds:

	Class A			Class B			Premier			Legacy Class B			Institutional			Class R-1			Class R-2			Class R-3
Small/Mid Cap Equity Fund		10.61	%		80.72	%		21.44	%		70.06	%		—			33.87	%		10.45	%		47.30	%
International Equity Fund		23.16	%		92.12	%		39.73	%		91.56	%		18.54	%		51.04	%		23.60	%		70.62	%
Small Cap Index Fund		—			80.38	%		20.65	%		75.93	%		—			34.41	%		13.39	%		54.49	%
International Index Fund		10.56	%		85.07	%		20.80	%		85.61	%		—			40.46	%		13.87	%		60.94	%
Equity and Bond Fund		—			79.28	%		10.86	%		76.88	%		—			34.01	%		15.58	%		69.06	%
Bond Fund		—			52.95	%		—			—			—			28.13	%		—			51.22	%
LifePath 2050 Fund		—						—									11.48	%		—

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(Unaudited)

Line of Credit

Auto Company, the parent company of SFIMC, has entered into a Line of Credit Agreement with the Trust. Under that agreement, a Fund may request and Auto Company, in its complete discretion, may lend money to a Fund for up to 30 days on an unsecured basis. The S&P 500 Index Fund, Small Cap Index Fund and International Index Fund may not borrow money from Auto Company under the agreement. Auto Company will not lend more than $50 million at any one time to the Funds and to the other mutual funds advised by SFIMC. Under the agreement, a Fund will pay interest to Auto Company on any outstanding loan at a benchmark interest rate that approximates the rate that creditworthy corporate issuers pay on short-term commercial paper. The Funds did not borrow under the Line of Credit Agreement during the six months ended June 30, 2016.

Officers and Trustees

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.

8. Investment Transactions

For the six months ended June 30, 2016, investment transactions (exclusive of short-term instruments) were as follows:

	Purchases (excluding U.S. Government Obligations)			Sales/Maturities (excluding U.S. Government Obligations)			Purchases of U.S. Government Obligations		Sales/Maturities of U.S. Government Obligations
Equity Fund	$	129,018,241		$	113,418,961		$	—	$	—
Small/Mid Cap Equity Fund		135,120,238			140,729,734			—		—
International Equity Fund		84,543,724			79,899,502			—		—
S&P 500 Index Fund		83,303,928			22,377,615			—		—
Small Cap Index Fund		69,906,028			62,819,003			—		—
International Index Fund		18,392,293			6,261,210			—		—
Equity and Bond Fund		32,900,000			1,350,000			—		—
Bond Fund		45,148,502			14,544,099			15,309,375		11,000,000
Tax Advantaged Bond Fund		24,657,685			7,453,611			—		—
LifePath Retirement Fund		58,717,176	(a)		79,134,703	(a)		—		—
LifePath 2020 Fund		90,486,817	(a)		88,742,592	(a)		—		—
LifePath 2030 Fund		126,928,847	(a)		64,333,211	(a)		—		—
LifePath 2040 Fund		89,591,510	(a)		31,135,003	(a)		—		—
LifePath 2050 Fund		40,921,612	(a)		7,112,182	(a)		—		—
(a)     Purchases and sales relate primarily to investments in iShares ETFs. BlackRock, as subadviser to the LifePath Funds, is an affiliate of the LifePath Funds. BlackRock or its affiliates serve as the investment adviser to each of the iShares ETFs.

Cross trades for the six months ended June 30, 2016 were executed by the S&P 500 Index Fund pursuant to Rule 17a-7 under the Investment Company Act of 1940 with other mutual funds that are affiliated with BlackRock, but are not part of the State Farm family of funds. Cross trading is the buying or selling of portfolio securities between funds. At its regularly scheduled quarterly meetings, the Board of Trustees reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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(Unaudited)

9. Fund Share Transactions

At June 30, 2016, the Funds were authorized to issue an unlimited number of shares (no par value) in an unlimited number of classes. Proceeds and payments on Fund shares as shown in the Statements of Changes in Net Assets are in respect of the following number of shares and dollars by class (effective May 23, 2016, Legacy Class A shares were renamed Premier shares):

Six months ended June 30, 2016 (Since commencement of investment operations on May 16, 2016 for the LifePath 2050 Fund Premier Shares):

	Class A Dollar Amounts										Class A Share Amounts
2016	Sales		Reinvestments			Redemptions		Net			Sales		Reinvestments			Redemptions		Net
Equity Fund	$	91,426,666	$	(541	)	$	97,765,604	$	(6,339,479	)		10,165,262		(58	)		10,863,226		(698,022	)
Small/Mid Cap Equity Fund		49,962,829		(413	)		53,542,919		(3,580,503	)		4,752,922		(37	)		5,086,392		(333,507	)
International Equity Fund		17,419,980		(29	)		23,478,612		(6,058,661	)		1,703,268		(3	)		2,294,793		(591,528	)
S&P 500 Index Fund		362,006,188		(548	)		374,014,459		(12,008,819	)		23,471,734		(35	)		24,204,715		(733,016	)
Small Cap Index Fund		107,086,855		375			69,105,905		37,981,325			7,548,739		26			4,867,582		2,681,183
International Index Fund		47,719,901		(175	)		57,321,732		(9,602,006	)		4,481,197		(15	)		5,375,374		(894,192	)
Equity and Bond Fund		91,464,216		415,007			108,609,339		(16,730,116	)		8,352,492		37,728			9,896,921		(1,506,701	)
Bond Fund		134,151,537		3,856,954			336,674,743		(198,666,252	)		11,753,257		338,029			29,445,230		(17,353,944	)
Tax Advantaged Bond Fund		59,980,916		3,446,895			401,385,940		(337,958,129	)		4,969,921		285,524			33,203,519		(27,948,074	)
Money Market Fund		235,683,793		—			297,630,625		(61,946,832	)		235,683,793		—			297,630,625		(61,946,832	)
LifePath Retirement Fund		198,373,719		2,176,529			664,365,060		(463,814,812	)		16,680,800		180,533			55,754,681		(38,893,348	)
LifePath 2020 Fund		364,625,353		(2,906	)		863,047,594		(498,425,147	)		26,574,004		(213	)		62,728,843		(36,155,052	)
LifePath 2030 Fund		365,582,385		(2,858	)		715,516,924		(349,937,397	)		25,645,123		(196	)		50,004,745		(24,359,818	)
LifePath 2040 Fund		283,326,473		(16	)		318,932,921		(35,606,464	)		19,333,874		(1	)		21,692,693		(2,358,820	)
LifePath 2050 Fund		50,810,222		(981	)		100,121,226		(49,311,985	)		5,145,582		(97	)		9,967,568		(4,822,083	)

	Class B Dollar Amounts										Class B Share Amounts
2016	Sales		Reinvestments			Redemptions		Net			Sales		Reinvestments			Redemptions		Net
Equity Fund	$	210	$	—		$	326,074	$	(325,864	)		23		—			36,997		(36,974	)
Small/Mid Cap Equity Fund		2,768		—			265,166		(262,398	)		312		—			27,937		(27,625	)
International Equity Fund		—		—			137,266		(137,266	)		—		—			14,058		(14,058	)
S&P 500 Index Fund		40,705		—			1,190,444		(1,149,739	)		2,625		—			78,141		(75,516	)
Small Cap Index Fund		1,095		—			306,290		(305,195	)		88		—			22,586		(22,498	)
International Index Fund		1,448		—			266,872		(265,424	)		145		—			25,369		(25,224	)
Equity and Bond Fund		7,564		522			303,538		(295,452	)		719		47			27,834		(27,068	)
Bond Fund		41,365		49,243			522,476		(431,868	)		3,658		4,312			45,921		(37,951	)
Tax Advantaged Bond Fund		16,022		25,305			3,891,693		(3,850,366	)		1,327		2,095			321,678		(318,256	)
Money Market Fund		152,761		—			233,585		(80,824	)		152,761		—			233,585		(80,824	)
LifePath Retirement Fund		36,002		9,098			1,597,011		(1,551,911	)		3,094		742			134,377		(130,541	)
LifePath 2020 Fund		43,326		—			3,753,690		(3,710,364	)		3,201		—			278,148		(274,947	)
LifePath 2030 Fund		20,438		2			4,208,092		(4,187,652	)		1,419		1			298,898		(297,478	)
LifePath 2040 Fund		66,170		(71	)		4,389,737		(4,323,638	)		4,588		(5	)		305,137		(300,554	)

131

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Premier Shares Dollar Amounts										Premier Shares Share Amounts
2016	Sales		Reinvestments			Redemptions		Net			Sales		Reinvestments			Redemptions		Net
Equity Fund	$	87,934,283	$	(1,718	)	$	81,267,060	$	6,665,505			9,345,097		(177	)		8,638,578		706,342
Small/Mid Cap Equity Fund		48,408,555		(6	)		45,887,545		2,521,004			4,692,986		(1	)		4,457,784		235,201
International Equity Fund		20,059,189		—			15,530,243		4,528,946			1,936,867		—			1,501,128		435,739
S&P 500 Index Fund		353,520,183		(18	)		307,722,145		45,798,020			22,682,414		(1	)		19,762,374		2,920,039
Small Cap Index Fund		64,878,692		20			101,371,650		(36,492,938	)		4,600,430		1			7,199,882		(2,599,451	)
International Index Fund		52,767,410		29			41,095,193		11,672,246			4,946,123		3			3,855,519		1,090,607
Equity and Bond Fund		105,130,926		476,078			71,807,632		33,799,372			9,475,704		42,813			6,478,388		3,040,129
Bond Fund		316,761,033		1,833,239			83,078,521		235,515,751			27,656,214		159,614			7,253,146		20,562,682
Tax Advantaged Bond Fund		388,026,627		1,234,759			18,222,099		371,039,287			32,143,480		101,827			1,508,099		30,737,208
Money Market Fund		171,789,109		—			80,024,465		91,764,644			171,789,109		—			80,024,465		91,764,644
LifePath Retirement Fund		594,277,395		2,779,705			155,043,293		442,013,807			48,579,333		223,567			12,684,373		36,118,527
LifePath 2020 Fund		785,427,370		(272	)		293,403,615		492,023,483			57,160,287		(20	)		21,364,560		35,795,707
LifePath 2030 Fund		650,794,055		(1,127	)		258,696,184		392,096,744			45,272,636		(79	)		18,020,049		27,252,508
LifePath 2040 Fund		281,735,534		111			207,577,723		74,157,922			19,036,196		(2,345	)		14,036,733		4,997,118
LifePath 2050 Fund		79,665,402		—			1,042,323		78,623,079			7,894,914		—			102,392		7,792,522

	Legacy Class B Dollar Amounts											Legacy Class B Share Amounts
2016	Sales			Reinvestments			Redemptions		Net			Sales			Reinvestments			Redemptions		Net
Equity Fund	$	8,400		$	—		$	872,858	$	(864,458	)		947			—			94,532		(93,585	)
Small/Mid Cap Equity Fund		(105	)		(4	)		533,638		(533,747	)		(9	)		(1	)		57,926		(57,936	)
International Equity Fund		—			—			132,259		(132,259	)		—			—			13,214		(13,214	)
S&P 500 Index Fund		94,514			(16	)		3,387,175		(3,292,677	)		6,060			(1	)		221,160		(215,101	)
Small Cap Index Fund		(157	)		(8	)		1,136,620		(1,136,785	)		(9	)		(1	)		85,017		(85,027	)
International Index Fund		—			—			372,152		(372,152	)		—			—			35,337		(35,337	)
Equity and Bond Fund		8,646			8,224			834,826		(817,956	)		791			738			75,995		(74,466	)
Bond Fund		12,129			29,894			610,833		(568,810	)		1,075			2,614			53,577		(49,888	)
Tax Advantaged Bond Fund		—			1,473			485,524		(484,051	)		—			122			40,197		(40,075	)
Money Market Fund		223,394			—			418,187		(194,793	)		223,394			—			418,186		(194,792	)
LifePath Retirement Fund		10,195			10,310			1,125,933		(1,105,428	)		843			825			93,046		(91,378	)
LifePath 2020 Fund		22,822			—			3,103,835		(3,081,013	)		1,658			—			228,284		(226,626	)
LifePath 2030 Fund		—			—			2,615,991		(2,615,991	)		—			—			185,511		(185,511	)
LifePath 2040 Fund		17,899			—			2,302,776		(2,284,877	)		1,260			—			158,685		(157,425	)

132

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Institutional Shares Dollar Amounts										Institutional Shares Share Amounts
2016	Sales		Reinvestments			Redemptions		Net			Sales		Reinvestments			Redemptions		Net
Equity Fund	$	29,747,741	$	412		$	3,253,826	$	26,494,327			3,304,497		44			362,740		2,941,801
Small/Mid Cap Equity Fund		3,278,830		(9,550	)		4,223,035		(953,755	)		308,500		(855	)		397,140		(89,495	)
International Equity Fund		1,333,143		(291	)		1,319,859		12,993			130,633		(27	)		128,734		1,872
S&P 500 Index Fund		22,087,193		(1,611	)		13,338,712		8,746,870			1,445,317		(103	)		865,050		580,164
Small Cap Index Fund		4,669,346		324			5,207,817		(538,147	)		333,917		21			369,291		(35,353	)
International Index Fund		3,331,798		(133	)		3,314,150		17,515			313,400		(12	)		309,136		4,252
Equity and Bond Fund		3,698,696		163,541			3,107,127		755,110			340,002		14,841			287,865		66,978
Bond Fund		18,935,686		1,406,887			8,721,798		11,620,775			1,664,071		123,154			768,157		1,019,068
Money Market Fund		30,689,541		1,190			25,383,290		5,307,441			30,689,541		1,190			25,383,290		5,307,441
LifePath Retirement Fund		10,494,580		569,593			9,313,068		1,751,105			868,113		45,991			773,734		140,370
LifePath 2020 Fund		14,135,758		265			14,162,347		(26,324	)		1,030,499		20			1,033,474		(2,955	)
LifePath 2030 Fund		17,185,494		3,206			11,686,771		5,501,929			1,208,769		218			823,403		385,584
LifePath 2040 Fund		28,901,900		(1,021	)		16,847,544		12,053,335			1,977,617		2,259			1,154,035		825,841

	Class R-1 Dollar Amounts									Class R-1 Share Amounts
2016	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	393,134	$	—	$	344,263	$	48,871			43,764		—		38,575		5,189
Small/Mid Cap Equity Fund		322,337		—		318,889		3,448			33,080		—		33,017		63
International Equity Fund		189,333		—		205,956		(16,623	)		19,199		—		20,351		(1,152	)
S&P 500 Index Fund		2,355,647		—		1,341,559		1,014,088			154,526		—		88,143		66,383
Small Cap Index Fund		515,210		—		358,021		157,189			37,282		—		25,736		11,546
International Index Fund		262,833		—		213,455		49,378			24,605		—		20,345		4,260
Equity and Bond Fund		453,867		5,287		179,400		279,754			42,141		487		17,002		25,626
Bond Fund		889,173		24,918		540,653		373,438			78,287		2,180		47,554		32,913
Money Market Fund		2,103,423		—		1,321,641		781,782			2,103,423		—		1,321,641		781,782
LifePath Retirement Fund		1,918,526		22,460		1,229,577		711,409			163,208		1,846		102,919		62,135
LifePath 2020 Fund		3,986,108		—		3,923,408		62,700			294,290		—		288,974		5,316
LifePath 2030 Fund		5,843,244		—		4,202,038		1,641,206			415,821		—		301,430		114,391
LifePath 2040 Fund		5,216,761		—		3,927,614		1,289,147			361,840		—		270,947		90,893
LifePath 2050 Fund		2,684,014		—		1,183,388		1,500,626			272,518		—		121,240		151,278

133

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NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-2 Dollar Amounts									Class R-2 Share Amounts
2016	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	1,697,654	$	—	$	2,681,680	$	(984,026	)		191,553		—		304,895		(113,342	)
Small/Mid Cap Equity Fund		952,740		—		1,124,434		(171,694	)		94,583		—		115,887		(21,304	)
International Equity Fund		300,552		—		745,708		(445,156	)		29,800		—		75,182		(45,382	)
S&P 500 Index Fund		3,957,394		—		2,806,714		1,150,680			259,960		—		185,452		74,508
Small Cap Index Fund		896,010		—		898,899		(2,889	)		64,449		—		66,225		(1,776	)
International Index Fund		864,132		—		927,683		(63,551	)		81,877		—		87,789		(5,912	)
Equity and Bond Fund		1,037,637		20,099		761,229		296,507			96,139		1,847		70,904		27,082
Bond Fund		3,036,911		101,907		1,730,429		1,408,389			265,539		8,921		151,902		122,558
Money Market Fund		4,776,653		—		4,486,167		290,486			4,776,653		—		4,486,167		290,486
LifePath Retirement Fund		3,582,275		98,807		2,623,539		1,057,543			296,286		7,946		216,405		87,827
LifePath 2020 Fund		9,042,683		—		5,146,047		3,896,636			667,564		—		380,255		287,309
LifePath 2030 Fund		9,696,180		—		4,689,713		5,006,467			691,582		—		330,931		360,651
LifePath 2040 Fund		7,555,248		—		5,306,050		2,249,198			520,932		—		368,068		152,864
LifePath 2050 Fund		3,069,169		—		2,612,514		456,655			308,104		—		263,531		44,573

	Class R-3 Dollar Amounts									Class R-3 Share Amounts
2016	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	168,646	$	—	$	370,640	$	(201,994	)		18,435		—		41,214		(22,779	)
Small/Mid Cap Equity Fund		122,142		—		215,684		(93,542	)		11,510		—		20,927		(9,417	)
International Equity Fund		53,423		—		124,181		(70,758	)		5,238		—		12,280		(7,042	)
S&P 500 Index Fund		686,234		—		129,060		557,174			44,268		—		8,779		35,489
Small Cap Index Fund		158,452		—		246,506		(88,054	)		11,190		—		17,876		(6,686	)
International Index Fund		100,405		—		151,665		(51,260	)		9,389		—		14,248		(4,859	)
Equity and Bond Fund		145,348		2,443		782		147,009			13,512		224		72		13,664
Bond Fund		250,828		11,152		142,730		119,250			22,016		975		12,674		10,317
Money Market Fund		218,089		10		437,229		(219,130	)		218,089		10		437,229		(219,130	)
LifePath Retirement Fund		151,825		9,587		221,282		(59,870	)		12,581		775		18,189		(4,833	)
LifePath 2020 Fund		274,519		—		157,106		117,413			20,079		—		11,339		8,740
LifePath 2030 Fund		399,989		—		103,227		296,762			28,088		—		7,300		20,788
LifePath 2040 Fund		740,108		—		473,159		266,949			50,133		—		32,054		18,079

134

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The following reflects the conversion of shares between classes (reflected as Sales and Redemptions) for the six months ended June 30, 2016 (effective May 23, 2016, Legacy Class A shares were renamed Premier shares).

Fund	Class A Dollar Amounts from Class B		Class A Share Amounts from Class B		Class A Dollar Amounts from Premier		Class A Share Amounts from Premier		Class A Dollar Amounts from Legacy Class B		Class A Share Amounts from Legacy Class B		Class A Dollar Amounts from Class R-2		Class A Share Amounts from Class R-2
Equity Fund	$	173,334		19,687	$	75,487,859		8,378,231	$	65,125		7,149	$	41,977		4,573
Small/Mid Cap Equity Fund		171,783		16,828		41,777,693		3,956,221		44,034		4,104		63,934		5,893
International Equity Fund		86,801		8,720		14,165,410		1,380,644		9,829		973		6,828		656
S&P 500 Index Fund		733,727		48,397		283,815,018		18,322,467		295,547		18,837		643,144		40,654
Small Cap Index Fund		196,101		14,207		94,545,616		6,644,105		87,813		5,962		82,440		5,574
International Index Fund		164,228		15,664		37,067,899		3,470,777		33,827		3,243		221,830		20,426
Equity and Bond Fund		155,700		14,200		65,857,366		5,997,939		77,189		6,948		12,251		1,100
Bond Fund		253,545		22,290		71,600,200		6,258,759		43,487		3,755		1,961		170
Tax Advantaged Bond Fund		21,876		1,807		9,740,962		805,705		1,223		101		—		—
Money Market Fund		73,588		73,588		42,721,783		42,721,783		8,803		8,803		11,826		11,826
LifePath Retirement Fund		874,523		73,978		129,557,307		10,850,696		66,795		5,525		25,294		2,085
LifePath 2020 Fund		2,114,463		155,441		253,591,396		18,402,859		275,634		19,773		99,307		7,083
LifePath 2030 Fund		2,404,665		170,166		232,566,618		16,218,035		230,317		15,906		478,594		32,691
LifePath 2040 Fund		2,390,293		165,756		194,901,726		13,222,641		194,113		13,054		277,632		18,386
LifePath 2050 Fund		—		—		—		—		—		—		947,718		91,567

Fund	Premier Dollar Amounts from Class A		Premier Share Amounts from Class A		Premier Dollar Amounts from Legacy Class B		Premier Share Amounts from Legacy Class B
Equity Fund	$	84,270,849		8,951,634	$	555,563		59,944
Small/Mid Cap Equity Fund		46,154,843		4,469,512		285,254		28,823
International Equity Fund		19,289,909		1,861,175		81,904		8,045
S&P 500 Index Fund		335,009,259		21,476,316		2,060,296		136,187
Small Cap Index Fund		60,131,673		4,258,388		708,482		52,234
International Index Fund		50,340,620		4,715,755		240,016		22,872
Equity and Bond Fund		99,956,883		9,009,049		502,525		45,926
Bond Fund		304,346,041		26,575,759		438,598		38,526
Tax Advantaged Bond Fund		376,958,209		31,229,309		16,529		1,370
Money Market Fund		134,011,995		134,011,995		83,748		83,748
LifePath Retirement Fund		580,286,510		47,438,149		619,907		51,363
LifePath 2020 Fund		765,321,966		55,680,642		1,787,405		132,441
LifePath 2030 Fund		630,824,268		43,875,200		1,561,380		111,358
LifePath 2040 Fund		269,540,756		18,198,640		1,494,389		103,788
LifePath 2050 Fund		78,024,205		7,734,221		—		—

135

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Fund	Class R-1 Dollar Amounts from Premier		Class R-1 Share Amounts from Premier		Class R-2 Dollar Amounts from Premier		Class R-2 Share Amounts from Premier		Class R-2 Dollar Amounts from Class R-1		Class R-2 Share Amounts from Class R-1		Class R-3 Dollar Amounts from Institutional		Class R-3 Share Amounts from Institutional
Equity Fund	$	31,600		3,446	$	29,338		3,206	$	102,606		11,650	$	105,097		11,374
Small/Mid Cap Equity Fund		15,623		1,541		13,225		1,267		70,535		7,245		39,730		3,645
International Equity Fund		3,716		357		934		89		23,273		2,331		—		—
S&P 500 Index Fund		109,377		6,936		83,293		5,305		210,147		14,149		—		—
Small Cap Index Fund		1,563		107		17,544		1,202		64,296		4,731		—		—
International Index Fund		480		44		6,532		594		43,236		4,152		—		—
Equity and Bond Fund		3,982		364		125,937		11,470		47,910		4,586		30,906		2,807
Bond Fund		36,078		3,143		77,376		6,752		74,123		6,575		73,934		6,440
Tax Advantaged Bond Fund		—		—		—		—		—		—		—		—
Money Market Fund		22,976		22,976		52,169		52,169		12,951		12,951		4,389		4,389
LifePath Retirement Fund		13,509		1,116		14,543		1,175		506,572		41,291		—		—
LifePath 2020 Fund		30,127		2,172		124,130		8,937		1,856,866		136,200		—		—
LifePath 2030 Fund		75,384		5,202		94,252		6,478		1,635,044		116,288		—		—
LifePath 2040 Fund		34,467		2,304		34,182		2,274		1,480,000		101,586		16,258		1,059
LifePath 2050 Fund		—		—		—		—		331,087		32,456		—		—

Year ended December 31, 2015 (effective May 23, 2016, Legacy Class A shares were renamed Premier shares):

	Class A Dollar Amounts								Class A Share Amounts
2015	Sales		Reinvestments		Redemptions		Net		Sales		Reinvestments		Redemptions		Net
Equity Fund	$	40,320,134	$	8,644,948	$	20,291,751	$	28,673,331		4,069,187		931,576		2,047,726		2,953,037
Small/Mid Cap Equity Fund		22,652,719		3,352,227		14,834,760		11,170,186		1,912,639		307,546		1,260,712		959,473
International Equity Fund		10,666,570		78,350		6,833,016		3,911,904		958,590		7,412		623,932		342,070
S&P 500 Index Fund		169,206,122		7,770,072		62,309,951		114,666,243		10,821,997		500,648		3,995,960		7,326,685
Small Cap Index Fund		27,879,957		5,802,086		13,445,687		20,236,356		1,709,789		391,238		829,727		1,271,300
International Index Fund		25,586,150		1,374,530		10,477,056		16,483,624		2,160,793		123,389		891,537		1,392,645
Equity and Bond Fund		52,267,864		2,608,204		18,621,383		36,254,685		4,669,572		236,372		1,673,558		3,232,386
Bond Fund		114,103,382		9,248,859		67,196,292		56,155,949		10,094,249		818,282		5,943,851		4,968,680
Tax Advantaged Bond Fund		85,030,582		8,992,847		73,275,990		20,747,439		7,177,125		758,520		6,193,400		1,742,245
Money Market Fund		367,160,728		—		333,038,987		34,121,741		367,160,729		—		333,038,988		34,121,741
LifePath Retirement Fund		225,729,967		13,854,746		138,461,075		101,123,638		18,554,125		1,165,609		11,432,092		8,287,642
LifePath 2020 Fund		318,824,902		21,831,544		183,833,579		156,822,867		22,534,368		1,608,797		13,039,594		11,103,571
LifePath 2030 Fund		339,955,745		21,613,310		140,850,688		220,718,367		22,897,626		1,522,057		9,517,483		14,902,200
LifePath 2040 Fund		202,649,409		15,853,342		85,496,406		133,006,345		13,118,592		1,079,821		5,547,907		8,650,506
LifePath 2050 Fund		101,823,226		4,425,218		36,867,395		69,381,049		9,658,046		439,780		3,519,034		6,578,792

136

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class B Dollar Amounts									Class B Share Amounts
2015	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	219,927	$	171,323	$	536,168	$	(144,918	)		22,287		18,561		54,441		(13,593	)
Small/Mid Cap Equity Fund		94,067		100,703		647,919		(453,149	)		8,433		9,971		58,887		(40,483	)
International Equity Fund		51,440		—		199,007		(147,567	)		4,649		—		18,285		(13,636	)
S&P 500 Index Fund		897,410		76,199		2,920,642		(1,947,033	)		57,004		4,875		185,855		(123,976	)
Small Cap Index Fund		199,882		139,791		882,994		(543,321	)		12,354		9,661		55,316		(33,301	)
International Index Fund		153,652		15,866		696,466		(526,948	)		12,817		1,420		58,519		(44,282	)
Equity and Bond Fund		493,105		40,141		660,053		(126,807	)		44,072		3,646		58,865		(11,147	)
Bond Fund		331,588		120,201		1,258,881		(807,092	)		29,089		10,632		111,335		(71,614	)
Tax Advantaged Bond Fund		163,144		59,305		640,628		(418,179	)		13,686		5,003		54,217		(35,528	)
Money Market Fund		333,387		—		502,373		(168,986	)		333,387		—		502,373		(168,986	)
LifePath Retirement Fund		661,111		91,854		3,306,542		(2,553,577	)		53,289		7,702		269,517		(208,526	)
LifePath 2020 Fund		1,618,572		219,012		6,946,511		(5,108,927	)		114,186		16,223		494,870		(364,461	)
LifePath 2030 Fund		2,308,396		322,609		8,912,610		(6,281,605	)		154,693		22,792		604,138		(426,653	)
LifePath 2040 Fund		2,352,554		442,256		9,055,000		(6,260,190	)		151,462		30,250		589,584		(407,872	)

	Premier Shares Dollar Amounts									Premier Shares Share Amounts
2015	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	8,448,214	$	6,975,939	$	11,122,043	$	4,302,110			821,014		719,162		1,082,432		457,744
Small/Mid Cap Equity Fund		4,548,921		2,917,520		6,426,209		1,040,232			393,015		273,689		556,587		110,117
International Equity Fund		1,525,883		45,487		3,354,374		(1,783,004	)		136,839		4,259		304,366		(163,268	)
S&P 500 Index Fund		32,034,519		6,753,975		41,673,431		(2,884,937	)		2,038,379		432,669		2,653,233		(182,185	)
Small Cap Index Fund		8,920,643		8,569,756		14,656,924		2,833,475			552,518		582,984		909,084		226,418
International Index Fund		5,430,565		1,102,249		6,564,641		(31,827	)		461,705		99,033		555,804		4,934
Equity and Bond Fund		7,365,642		1,813,703		10,801,624		(1,622,279	)		653,165		162,696		955,152		(139,291	)
Bond Fund		8,181,575		3,028,999		13,865,916		(2,655,342	)		722,026		267,641		1,226,129		(236,462	)
Tax Advantaged Bond Fund		4,214,744		1,020,615		14,177,664		(8,942,305	)		356,245		86,225		1,197,865		(755,395	)
Money Market Fund		31,894,024		—		33,310,385		(1,416,361	)		31,894,023		—		33,310,384		(1,416,361	)
LifePath Retirement Fund		18,505,970		4,078,266		38,479,585		(15,895,349	)		1,485,899		335,129		3,099,231		(1,278,203	)
LifePath 2020 Fund		28,454,794		6,915,437		48,570,399		(13,200,168	)		2,017,929		511,121		3,454,201		(925,151	)
LifePath 2030 Fund		29,107,316		5,520,018		36,375,014		(1,747,680	)		1,954,803		387,898		2,447,609		(104,908	)
LifePath 2040 Fund		24,471,506		4,910,702		24,037,084		5,345,124			1,577,707		333,151		1,555,909		354,949

137

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Legacy Class B Dollar Amounts									Legacy Class B Share Amounts
2015	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	187,514	$	383,396	$	2,569,523	$	(1,998,613	)		18,243		39,607		249,145		(191,295	)
Small/Mid Cap Equity Fund		158,177		146,752		1,366,182		(1,061,253	)		14,703		14,959		127,187		(97,525	)
International Equity Fund		38,211		—		348,772		(310,561	)		3,412		—		31,726		(28,314	)
S&P 500 Index Fund		638,313		219,319		8,573,653		(7,716,021	)		40,293		13,916		540,409		(486,200	)
Small Cap Index Fund		234,602		353,558		2,994,714		(2,406,554	)		15,128		24,621		188,223		(148,474	)
International Index Fund		138,554		26,755		1,127,632		(962,323	)		11,375		2,389		94,155		(80,391	)
Equity and Bond Fund		168,760		91,581		2,157,128		(1,896,787	)		14,872		8,208		190,246		(167,166	)
Bond Fund		191,334		83,369		1,771,070		(1,496,367	)		16,728		7,354		155,866		(131,784	)
Tax Advantaged Bond Fund		12,607		4,477		162,764		(145,680	)		1,069		378		13,722		(12,275	)
Money Market Fund		848,676		—		1,335,796		(487,120	)		848,676		—		1,335,795		(487,119	)
LifePath Retirement Fund		273,202		70,209		3,551,757		(3,208,346	)		21,605		5,742		282,861		(255,514	)
LifePath 2020 Fund		689,071		172,779		6,899,835		(6,037,985	)		48,280		12,676		485,922		(424,966	)
LifePath 2030 Fund		713,970		162,668		6,353,135		(5,476,497	)		47,426		11,392		425,704		(366,886	)
LifePath 2040 Fund		685,179		206,060		5,516,148		(4,624,909	)		43,491		13,923		353,116		(295,702	)

	Institutional Shares Dollar Amounts								Institutional Shares Share Amounts
2015	Sales		Reinvestments		Redemptions		Net		Sales		Reinvestments		Redemptions		Net
Equity Fund	$	27,367,011	$	3,825,708	$	5,696,426	$	25,496,293		2,777,638		410,037		575,708		2,611,967
Small/Mid Cap Equity Fund		5,866,219		1,743,475		5,725,169		1,884,525		482,833		155,808		474,281		164,360
International Equity Fund		3,056,427		72,240		2,525,193		603,474		271,149		6,771		229,950		47,970
S&P 500 Index Fund		35,267,248		2,983,224		18,856,507		19,393,965		2,240,367		190,500		1,203,354		1,227,513
Small Cap Index Fund		9,972,402		4,434,852		8,295,350		6,111,904		609,638		296,811		507,040		399,409
International Index Fund		7,454,393		783,650		4,885,656		3,352,387		625,667		70,220		418,106		277,781
Equity and Bond Fund		7,891,444		720,485		4,241,552		4,370,377		707,816		65,114		379,114		393,816
Bond Fund		51,349,137		2,766,291		23,712,718		30,402,710		4,549,131		244,811		2,108,142		2,685,800
Money Market Fund		71,033,925		4,145		60,976,365		10,061,705		71,033,924		4,145		60,976,365		10,061,704
LifePath Retirement Fund		18,959,385		1,836,752		15,282,026		5,514,111		1,522,379		150,878		1,232,981		440,276
LifePath 2020 Fund		25,952,559		3,687,086		23,267,823		6,371,822		1,826,233		270,893		1,645,733		451,393
LifePath 2030 Fund		34,389,635		4,268,841		20,791,006		17,867,470		2,292,180		298,461		1,389,218		1,201,423
LifePath 2040 Fund		52,761,392		6,061,528		30,033,681		28,789,239		3,383,726		409,262		1,930,894		1,862,094

138

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-1 Dollar Amounts									Class R-1 Share Amounts
2015	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	1,174,361	$	151,218	$	1,086,633	$	238,946			118,838		16,278		108,711		26,405
Small/Mid Cap Equity Fund		890,520		93,611		573,610		410,521			79,672		9,071		51,484		37,259
International Equity Fund		395,458		—		273,588		121,870			36,012		—		25,176		10,836
S&P 500 Index Fund		3,731,216		99,527		2,842,966		987,777			237,902		6,384		179,885		64,401
Small Cap Index Fund		783,914		111,772		915,018		(19,332	)		48,240		7,552		55,643		149
International Index Fund		708,586		22,844		780,295		(48,865	)		59,781		2,045		65,093		(3,267	)
Equity and Bond Fund		745,613		33,801		475,301		304,113			67,339		3,104		42,740		27,703
Bond Fund		850,861		51,337		961,367		(59,169	)		75,037		4,539		85,168		(5,592	)
Money Market Fund		4,252,023		—		3,267,133		984,890			4,252,022		—		3,267,133		984,889
LifePath Retirement Fund		2,960,568		91,382		2,575,648		476,302			242,330		7,662		211,580		38,412
LifePath 2020 Fund		9,112,278		264,197		6,447,342		2,929,133			648,796		19,556		459,762		208,590
LifePath 2030 Fund		13,036,794		423,284		6,670,313		6,789,765			885,299		29,956		450,023		465,232
LifePath 2040 Fund		10,497,775		404,455		4,349,490		6,552,740			684,902		27,683		283,540		429,045
LifePath 2050 Fund		4,052,277		76,907		2,096,064		2,033,120			384,009		7,622		197,981		193,650

	Class R-2 Dollar Amounts									Class R-2 Share Amounts
2015	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	4,802,271	$	949,839	$	4,314,012	$	1,438,098			483,583		102,464		434,139		151,908
Small/Mid Cap Equity Fund		2,623,690		425,093		2,250,374		798,409			228,208		40,065		193,035		75,238
International Equity Fund		1,161,830		3,150		1,557,451		(392,471	)		104,775		298		138,701		(33,628	)
S&P 500 Index Fund		8,247,228		341,250		5,591,827		2,996,651			529,860		22,016		359,524		192,352
Small Cap Index Fund		2,494,725		428,255		1,967,681		955,299			152,596		28,878		119,479		61,995
International Index Fund		3,432,076		119,584		1,816,456		1,735,204			289,812		10,754		154,965		145,601
Equity and Bond Fund		2,266,036		116,963		1,853,299		529,700			203,520		10,713		167,054		47,179
Bond Fund		3,348,984		182,022		1,664,413		1,866,593			296,918		16,124		147,615		165,427
Money Market Fund		6,989,968		—		6,074,945		915,023			6,989,968		—		6,074,945		915,023
LifePath Retirement Fund		8,406,084		356,360		6,579,003		2,183,441			675,666		29,237		526,919		177,984
LifePath 2020 Fund		16,156,380		867,981		16,315,520		708,841			1,146,710		64,200		1,156,658		54,252
LifePath 2030 Fund		20,280,176		905,689		12,101,174		9,084,691			1,369,855		63,871		813,320		620,406
LifePath 2040 Fund		14,280,527		834,483		11,418,587		3,696,423			926,945		56,845		730,189		253,601
LifePath 2050 Fund		6,195,832		192,345		2,719,782		3,668,395			584,276		19,044		252,960		350,360

139

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

	Class R-3 Dollar Amounts									Class R-3 Share Amounts
2015	Sales		Reinvestments		Redemptions		Net			Sales		Reinvestments		Redemptions		Net
Equity Fund	$	168,205	$	95,832	$	1,012,733	$	(748,696	)		17,153		10,249		100,602		(73,200	)
Small/Mid Cap Equity Fund		311,046		61,877		215,692		157,231			26,187		5,595		18,393		13,389
International Equity Fund		125,058		2,242		293,247		(165,947	)		11,803		210		26,425		(14,412	)
S&P 500 Index Fund		555,554		40,136		352,465		243,225			36,259		2,568		22,750		16,077
Small Cap Index Fund		252,721		63,581		141,059		175,243			15,466		4,253		8,538		11,181
International Index Fund		119,149		15,370		82,988		51,531			10,221		1,376		7,144		4,453
Equity and Bond Fund		61,377		8,289		36,304		33,362			5,566		757		3,236		3,087
Bond Fund		307,875		23,417		226,510		104,782			27,227		2,071		20,108		9,190
Money Market Fund		205,855		122		425,750		(219,773	)		205,855		122		425,750		(219,773	)
LifePath Retirement Fund		402,479		34,738		355,286		81,931			32,010		2,853		28,750		6,113
LifePath 2020 Fund		1,249,039		59,438		2,324,757		(1,016,280	)		87,880		4,374		163,289		(71,035	)
LifePath 2030 Fund		970,013		58,120		1,928,198		(900,065	)		65,433		4,062		128,217		(58,722	)
LifePath 2040 Fund		1,219,838		102,384		506,078		816,144			78,299		6,839		32,161		52,977

The following reflects the conversion of shares between classes (reflected as Sales and Redemptions) for the year ended December 31, 2015 (effective May 23, 2016, Legacy Class A shares were renamed Premier shares).

Fund	Class A Dollar Amounts from Class B		Class A Share Amounts from Class B		Class A Dollar Amounts from Class R-2		Class A Share Amounts from Class R-2		Premier Dollar Amounts from Legacy Class B		Premier Share Amounts from Legacy Class B		Class R-2 Dollar Amounts from Class R-1		Class R-2 Share Amounts from Class R-1
Equity Fund	$	218,252		21,885	$	532,891		52,622	$	1,527,096		147,487	$	802,019		79,480
Small/Mid Cap Equity Fund		286,064		24,016		440,976		35,921		845,373		72,637		223,129		19,421
International Equity Fund		95,708		8,580		228,251		19,606		259,344		23,115		89,191		8,115
S&P 500 Index Fund		1,436,455		91,439		579,669		36,461		5,740,542		363,921		1,215,390		76,948
Small Cap Index Fund		483,888		29,415		179,964		10,600		1,986,812		121,742		401,232		23,830
International Index Fund		417,823		34,788		129,963		10,308		780,892		65,448		329,159		26,831
Equity and Bond Fund		266,286		23,691		158,413		13,898		1,462,637		129,076		241,291		21,501
Bond Fund		419,754		37,001		66,136		5,798		1,255,454		110,355		564,002		50,085
Tax Advantaged Bond Fund		54,657		4,629		—		—		98,233		8,253		—		—
Money Market Fund		98,945		98,945		61,556		61,556		335,263		335,263		694,189		694,189
LifePath Retirement Fund		1,620,462		132,377		579,146		46,627		2,232,171		178,308		1,186,006		93,708
LifePath 2020 Fund		3,588,198		252,321		3,654,980		251,944		4,662,319		329,301		2,489,692		174,411
LifePath 2030 Fund		4,525,962		303,894		1,056,727		68,917		4,307,882		288,529		2,511,079		167,439
LifePath 2040 Fund		4,651,952		299,905		1,152,817		71,856		3,811,863		244,363		1,480,544		95,828
LifePath 2050 Fund		—		—		477,731		43,519		—		—		778,527		73,435

140

STATE FARM MUTUAL FUND TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

(1) The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by State Farm Mutual Fund Trust (“Licensee”). Standard & Poor’s^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

(2) Russell Investment Group (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell 2000^® Index. Russell^® is a trademark of Russell. The State Farm Small Cap Index Fund (the “Fund”) is not sponsored, endorsed, sold or promoted by, nor in any way affiliated with Russell. Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

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

(4) LifePath is a registered trademark of BlackRock Institutional Trust Company, N.A.

141

FINANCIAL HIGHLIGHTS

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

STATE FARM MUTUAL FUND TRUST EQUITY FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income (c)			Net realized gain			Total distributions
Class A Shares
Six months ended 6/30/2016 (h)	$	9.17	$	0.03		$	0.06		$	0.09		$	—		$	—		$	—
Year ended 12/31/2015		9.73		0.05			0.03			0.08			(0.06	)		(0.58	)		(0.64	)
Year ended 12/31/2014		8.62		0.05			1.25			1.30			(0.06	)		(0.13	)		(0.19	)
Year ended 12/31/2013		6.53		0.04			2.09			2.13			(0.04	)		—			(0.04	)
Year ended 12/31/2012		5.69		0.07			0.84			0.91			(0.07	)		—			(0.07	)
Year ended 12/31/2011		5.78		0.04			(0.09	)		(0.05	)		(0.04	)		—			(0.04	)
Class B Shares
Six months ended 6/30/2016 (h)		9.12		(0.01	)		0.06			0.05			—			—			—
Year ended 12/31/2015		9.68		(0.01	)		0.03			0.02			—			(0.58	)		(0.58	)
Year ended 12/31/2014		8.59		(0.02	)		1.24			1.22			—			(0.13	)		(0.13	)
Year ended 12/31/2013		6.53		(0.02	)		2.08			2.06			—			—			—
Year ended 12/31/2012		5.68		0.02			0.85			0.87			(0.02	)		—			(0.02	)
Year ended 12/31/2011		5.77		—			(0.09	)		(0.09	)		—			—			—
Premier Shares (i)
Six months ended 6/30/2016 (h)		9.58		0.03			0.06			0.09			—			—			—
Year ended 12/31/2015		10.12		0.06			0.03			0.09			(0.05	)		(0.58	)		(0.63	)
Year ended 12/31/2014		8.96		0.05			1.29			1.34			(0.05	)		(0.13	)		(0.18	)
Year ended 12/31/2013		6.79		0.04			2.17			2.21			(0.04	)		—			(0.04	)
Year ended 12/31/2012		5.90		0.07			0.88			0.95			(0.06	)		—			(0.06	)
Year ended 12/31/2011		5.99		0.04			(0.09	)		(0.05	)		(0.04	)		—			(0.04	)
Legacy Class B Shares
Six months ended 6/30/2016 (h)		9.56		0.01			0.06			0.07			—			—			—
Year ended 12/31/2015		10.10		0.02			0.02			0.04			—			(0.58	)		(0.58	)
Year ended 12/31/2014		8.93		0.01			1.29			1.30			—			(0.13	)		(0.13	)
Year ended 12/31/2013		6.77		0.01			2.15			2.16			—			—			—
Year ended 12/31/2012		5.88		0.04			0.88			0.92			(0.03	)		—			(0.03	)
Year ended 12/31/2011		5.96		0.02			(0.10	)		(0.08	)		—			—			—
Institutional Shares
Six months ended 6/30/2016 (h)		9.22		0.04			0.06			0.10			—			—			—
Year ended 12/31/2015		9.77		0.08			0.03			0.11			(0.08	)		(0.58	)		(0.66	)
Year ended 12/31/2014		8.65		0.07			1.25			1.32			(0.07	)		(0.13	)		(0.20	)
Year ended 12/31/2013		6.56		0.06			2.09			2.15			(0.06	)		—			(0.06	)
Year ended 12/31/2012		5.71		0.08			0.85			0.93			(0.08	)		—			(0.08	)
Year ended 12/31/2011		5.80		0.06			(0.09	)		(0.03	)		(0.06	)		—			(0.06	)
Class R-1 Shares
Six months ended 6/30/2016 (h)		9.18		0.01			0.06			0.07			—			—			—
Year ended 12/31/2015		9.73		0.02			0.04			0.06			(0.03	)		(0.58	)		(0.61	)
Year ended 12/31/2014		8.63		0.02			1.23			1.25			(0.02	)		(0.13	)		(0.15	)
Year ended 12/31/2013		6.53		0.01			2.09			2.10			—			—			—
Year ended 12/31/2012		5.69		0.05			0.84			0.89			(0.05	)		—			(0.05	)
Year ended 12/31/2011		5.78		0.02			(0.09	)		(0.07	)		(0.02	)		—			(0.02	)
Class R-2 Shares
Six months ended 6/30/2016 (h)		9.16		0.02			0.06			0.08			—			—			—
Year ended 12/31/2015		9.71		0.04			0.03			0.07			(0.04	)		(0.58	)		(0.62	)
Year ended 12/31/2014		8.60		0.04			1.24			1.28			(0.04	)		(0.13	)		(0.17	)
Year ended 12/31/2013		6.52		0.03			2.08			2.11			(0.03	)		—			(0.03	)
Year ended 12/31/2012		5.68		0.06			0.84			0.90			(0.06	)		—			(0.06	)
Year ended 12/31/2011		5.77		0.03			(0.08	)		(0.05	)		(0.04	)		—			(0.04	)
Class R-3 Shares
Six months ended 6/30/2016 (h)		9.24		0.03			0.06			0.09			—			—			—
Year ended 12/31/2015		9.77		0.08			0.03			0.11			(0.06	)		(0.58	)		(0.64	)
Year ended 12/31/2014		8.65		0.06			1.26			1.32			(0.07	)		(0.13	)		(0.20	)
Year ended 12/31/2013		6.56		0.05			2.08			2.13			(0.04	)		—			(0.04	)
Year ended 12/31/2012		5.70		0.08			0.86			0.94			(0.08	)		—			(0.08	)
Year ended 12/31/2011		5.79		0.05			(0.09	)		(0.04	)		(0.05	)		—			(0.05	)

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

(b) Net investment income represents less than $0.01 per share for Class B shares in 2011.

(c) Net investment income distribution represents less than $0.01 per share for Legacy Class B shares in 2014 and Class B and Legacy Class B shares in 2011.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) The expense ratios include the effect of expense reduction changes.

(g) Net investment income represents less than 0.005% per share for Class B shares in 2011.

(h) Unaudited.

142 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (d)			Net assets, end of period (millions)		Expenses (e) (f)			Net investment income (loss) (e) (g)			Expenses (e)			Net investment income (loss) (e) (g)			Portfolio turnover rate (e)
$	9.26		0.98	%	$	131.7		1.15	%		0.58	%		1.15	%		0.58	%		44	%
	9.17		0.74			136.9		1.15			0.54			1.15			0.54			52
	9.73		14.95			116.4		1.16			0.52			1.16			0.52			51
	8.62		32.63			83.3		1.17			0.48			1.17			0.48			69
	6.53		15.93			52.4		1.18			1.06			1.18			1.06			56
	5.69		(0.79	)		38.0		1.18			0.71			1.18			0.71			43
	9.17		0.55			2.5		1.85			(0.12	)		1.85			(0.12	)		44
	9.12		0.17			2.8		1.85			(0.14	)		1.85			(0.14	)		52
	9.68		14.13			3.2		1.86			(0.17	)		1.86			(0.17	)		51
	8.59		31.55			2.8		1.86			(0.21	)		1.86			(0.21	)		69
	6.53		15.35			5.1		1.88			0.34			1.88			0.34			56
	5.68		(1.53	)		4.3		1.88			0.00			1.88			0.00			43
	9.67		0.94			120.6		1.12			0.60			1.12			0.60			44
	9.58		0.84			112.7		1.15			0.56			1.15			0.56			52
	10.12		14.88			114.5		1.16			0.53			1.16			0.53			51
	8.96		32.50			102.1		1.17			0.47			1.17			0.47			69
	6.79		16.14			79.1		1.18			1.03			1.18			1.03			56
	5.90		(0.82	)		69.4		1.18			0.70			1.18			0.70			43
	9.63		0.84			5.8		1.55			0.18			1.55			0.18			44
	9.56		0.36			6.6		1.55			0.18			1.55			0.18			52
	10.10		14.53			8.9		1.56			0.14			1.56			0.14			51
	8.93		31.91			10.0		1.57			0.07			1.57			0.07			69
	6.77		15.62			9.9		1.58			0.60			1.58			0.60			56
	5.88		(1.29	)		11.7		1.58			0.27			1.58			0.27			43
	9.32		1.08			276.1		0.90			0.83			0.90			0.83			44
	9.22		1.06			246.1		0.90			0.80			0.90			0.80			52
	9.77		15.24			235.2		0.91			0.78			0.91			0.78			51
	8.65		32.74			205.4		0.92			0.72			0.92			0.72			69
	6.56		16.28			153.4		0.93			1.29			0.93			1.29			56
	5.71		(0.57	)		130.2		0.93			0.95			0.93			0.95			43
	9.25		0.76			2.5		1.47			0.26			1.47			0.26			44
	9.18		0.54			2.4		1.47			0.23			1.47			0.23			52
	9.73		14.45			2.3		1.48			0.21			1.48			0.21			51
	8.63		32.16			2.1		1.48			0.16			1.48			0.16			69
	6.53		15.61			2.7		1.50			0.73			1.50			0.73			56
	5.69		(1.16	)		2.2		1.50			0.38			1.50			0.38			43
	9.24		0.87			13.8		1.27			0.46			1.27			0.46			44
	9.16		0.70			14.8		1.27			0.43			1.27			0.43			52
	9.71		14.85			14.2		1.28			0.40			1.28			0.40			51
	8.60		32.35			11.2		1.29			0.36			1.29			0.36			69
	6.52		15.82			9.9		1.30			0.95			1.30			0.95			56
	5.68		(0.94	)		7.5		1.30			0.57			1.30			0.57			43
	9.33		0.97			1.3		0.97			0.77			0.97			0.77			44
	9.24		1.10			1.5		0.97			0.75			0.97			0.75			52
	9.77		15.15			2.3		0.98			0.71			0.98			0.71			51
	8.65		32.55			2.2		0.98			0.65			0.98			0.65			69
	6.56		16.42			2.3		1.00			1.22			1.00			1.22			56
	5.70		(0.66	)		1.8		1.00			0.87			1.00			0.87			43

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

See accompanying notes to financial statements. 143

STATE FARM MUTUAL FUND TRUST SMALL/MID CAP EQUITY FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income (c)			Net realized gain			Total distributions
Class A Shares
Six months ended 6/30/2016 (g)	$	10.79	$	—		$	0.04		$	0.04		$	—		$	—		$	—
Year ended 12/31/2015		11.81		0.02			(0.59	)		(0.57	)		(0.01	)		(0.44	)		(0.45	)
Year ended 12/31/2014		12.71		(0.03	)		0.57			0.54			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.49		(0.05	)		3.62			3.57			(0.03	)		(1.32	)		(1.35	)
Year ended 12/31/2012		8.99		0.05			1.45			1.50			—			—			—
Year ended 12/31/2011		9.24		(0.02	)		(0.23	)		(0.25	)		—			—			—
Class B Shares
Six months ended 6/30/2016 (g)		10.00		(0.03	)		0.04			0.01			—			—			—
Year ended 12/31/2015		11.04		(0.06	)		(0.54	)		(0.60	)		—			(0.44	)		(0.44	)
Year ended 12/31/2014		12.04		(0.10	)		0.54			0.44			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.02		(0.11	)		3.45			3.34			—			(1.32	)		(1.32	)
Year ended 12/31/2012		8.65		(0.02	)		1.39			1.37			—			—			—
Year ended 12/31/2011		8.95		(0.08	)		(0.22	)		(0.30	)		—			—			—
Premier Shares (h)
Six months ended 6/30/2016 (g)		10.55		0.01			0.03			0.04			—			—			—
Year ended 12/31/2015		11.55		0.02			(0.57	)		(0.55	)		(0.01	)		(0.44	)		(0.45	)
Year ended 12/31/2014		12.46		(0.03	)		0.56			0.53			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.31		(0.05	)		3.55			3.50			(0.03	)		(1.32	)		(1.35	)
Year ended 12/31/2012		8.83		0.05			1.43			1.48			—			—			—
Year ended 12/31/2011		9.07		(0.02	)		(0.22	)		(0.24	)		—			—			—
Legacy Class B Shares
Six months ended 6/30/2016 (g)		9.71		(0.01	)		0.03			0.02			—			—			—
Year ended 12/31/2015		10.70		(0.03	)		(0.52	)		(0.55	)		—			(0.44	)		(0.44	)
Year ended 12/31/2014		11.69		(0.08	)		0.53			0.45			—			(1.44	)		(1.44	)
Year ended 12/31/2013		9.75		(0.09	)		3.35			3.26			—			(1.32	)		(1.32	)
Year ended 12/31/2012		8.39		0.01			1.35			1.36			—			—			—
Year ended 12/31/2011		8.65		(0.06	)		(0.20	)		(0.26	)		—			—			—
Institutional Shares
Six months ended 6/30/2016 (g)		11.08		0.02			0.04			0.06			—			—			—
Year ended 12/31/2015		12.11		0.05			(0.60	)		(0.55	)		(0.04	)		(0.44	)		(0.48	)
Year ended 12/31/2014		12.96		—			0.59			0.59			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.68		(0.02	)		3.68			3.66			(0.06	)		(1.32	)		(1.38	)
Year ended 12/31/2012		9.13		0.08			1.47			1.55			—			—			—
Year ended 12/31/2011		9.35		—			(0.22	)		(0.22	)		—			—			—
Class R-1 Shares
Six months ended 6/30/2016 (g)		10.21		(0.01	)		0.04			0.03			—			—			—
Year ended 12/31/2015		11.22		(0.02	)		(0.55	)		(0.57	)		—			(0.44	)		(0.44	)
Year ended 12/31/2014		12.18		(0.07	)		0.55			0.48			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.11		(0.09	)		3.48			3.39			—			(1.32	)		(1.32	)
Year ended 12/31/2012		8.69		0.02			1.40			1.42			—			—			—
Year ended 12/31/2011		8.96		(0.05	)		(0.22	)		(0.27	)		—			—			—
Class R-2 Shares
Six months ended 6/30/2016 (g)		10.50		—			0.04			0.04			—			—			—
Year ended 12/31/2015		11.50		—			(0.56	)		(0.56	)		—			(0.44	)		(0.44	)
Year ended 12/31/2014		12.43		(0.05	)		0.56			0.51			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.29		(0.06	)		3.54			3.48			(0.02	)		(1.32	)		(1.34	)
Year ended 12/31/2012		8.83		0.04			1.42			1.46			—			—			—
Year ended 12/31/2011		9.08		(0.03	)		(0.22	)		(0.25	)		—			—			—
Class R-3 Shares
Six months ended 6/30/2016 (g)		10.95		0.01			0.05			0.06			—			—			—
Year ended 12/31/2015		11.97		0.04			(0.59	)		(0.55	)		(0.03	)		(0.44	)		(0.47	)
Year ended 12/31/2014		12.84		(0.01	)		0.58			0.57			—			(1.44	)		(1.44	)
Year ended 12/31/2013		10.59		(0.03	)		3.65			3.62			(0.05	)		(1.32	)		(1.37	)
Year ended 12/31/2012		9.06		0.07			1.46			1.53			—			—			—
Year ended 12/31/2011		9.29		(0.01	)		(0.22	)		(0.23	)		—			—			—

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

(b) Net investment income represents less than $0.01 per share for Class A and Class R-2 shares in 2016, Class R-2 shares in 2015 and Institutional shares in 2014 and 2011.

(c) Net investment income distribution represents less than $0.01 per share for Class R-2 shares in 2015.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) The expense ratios include the effect of expense reduction changes.

(g) Unaudited.

(h) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

144 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (d)			Net assets, end of period (millions)		Expenses (e) (f)			Net investment income (loss) (e)			Expenses (e)			Net investment income (loss) (e)			Portfolio turnover rate (e)
$	10.83		0.37	%	$	90.0		1.39	%		0.08	%		1.39	%		0.08	%		107	%
	10.79		(4.82	)		93.2		1.39			0.14			1.39			0.14			120
	11.81		4.13			90.7		1.40			(0.26	)		1.40			(0.26	)		102
	12.71		34.04			80.2		1.40			(0.41	)		1.40			(0.41	)		116
	10.49		16.69			50.4		1.40			0.55			1.42			0.53			91
	8.99		(2.71	)		39.3		1.40			(0.23	)		1.43			(0.26	)		86
	10.01		0.10			10.9		2.09			(0.61	)		2.09			(0.61	)		107
	10.00		(5.46	)		11.2		2.09			(0.55	)		2.09			(0.55	)		120
	11.04		3.54			12.8		1.98			(0.84	)		1.98			(0.84	)		102
	12.04		33.33			13.6		1.90			(0.91	)		1.90			(0.91	)		116
	10.02		15.84			10.9		2.10			(0.18	)		2.12			(0.20	)		91
	8.65		(3.35	)		9.4		2.10			(0.94	)		2.13			(0.97	)		86
	10.59		0.38			93.7		1.36			0.11			1.36			0.11			107
	10.55		(4.77	)		90.8		1.39			0.14			1.39			0.14			120
	11.55		4.13			98.1		1.39			(0.26	)		1.39			(0.26	)		102
	12.46		33.92			98.1		1.40			(0.42	)		1.40			(0.42	)		116
	10.31		16.76			75.7		1.40			0.52			1.42			0.50			91
	8.83		(2.65	)		65.9		1.40			(0.24	)		1.43			(0.27	)		86
	9.73		0.21			9.4		1.79			(0.31	)		1.79			(0.31	)		107
	9.71		(5.17	)		10.0		1.79			(0.25	)		1.79			(0.25	)		120
	10.70		3.73			12.0		1.79			(0.66	)		1.79			(0.66	)		102
	11.69		33.42			14.2		1.80			(0.82	)		1.80			(0.82	)		116
	9.75		16.21			12.8		1.80			0.07			1.82			0.05			91
	8.39		(3.01	)		13.4		1.80			(0.66	)		1.83			(0.69	)		86
	11.14		0.63			43.9		1.14			0.33			1.14			0.33			107
	11.08		(4.56	)		44.7		1.14			0.39			1.14			0.39			120
	12.11		4.44			46.8		1.14			(0.01	)		1.14			(0.01	)		102
	12.96		34.25			45.1		1.15			(0.16	)		1.15			(0.16	)		116
	10.68		16.98			32.4		1.15			0.79			1.17			0.77			91
	9.13		(2.35	)		26.2		1.15			0.01			1.18			(0.02	)		86
	10.24		0.29			3.4		1.71			(0.24	)		1.71			(0.24	)		107
	10.21		(5.11	)		3.4		1.71			(0.18	)		1.71			(0.18	)		120
	11.22		3.83			3.3		1.71			(0.58	)		1.71			(0.58	)		102
	12.18		33.53			3.7		1.72			(0.74	)		1.72			(0.74	)		116
	10.11		16.34			3.2		1.72			0.17			1.74			0.15			91
	8.69		(3.01	)		3.0		1.72			(0.56	)		1.75			(0.59	)		86
	10.54		0.38			11.5		1.51			(0.04	)		1.51			(0.04	)		107
	10.50		(4.88	)		11.7		1.51			0.03			1.51			0.03			120
	11.50		3.98			11.9		1.52			(0.38	)		1.52			(0.38	)		102
	12.43		33.78			10.5		1.52			(0.52	)		1.52			(0.52	)		116
	10.29		16.53			9.1		1.52			0.45			1.54			0.43			91
	8.83		(2.75	)		6.4		1.52			(0.38	)		1.55			(0.41	)		86
	11.01		0.55			2.6		1.21			0.27			1.21			0.27			107
	10.95		(4.60	)		2.7		1.21			0.32			1.21			0.32			120
	11.97		4.33			2.8		1.21			(0.08	)		1.21			(0.08	)		102
	12.84		34.19			2.8		1.22			(0.23	)		1.22			(0.23	)		116
	10.59		16.89			2.1		1.22			0.72			1.24			0.70			91
	9.06		(2.48	)		1.6		1.22			(0.07	)		1.25			(0.10	)		86

See accompanying notes to financial statements. 145

STATE FARM MUTUAL FUND TRUST INTERNATIONAL EQUITY FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income (c)			Net realized gain		Total distributions
Class A Shares
Six months ended 6/30/2016 (g)	$	10.55	$	0.04		$	(0.47	)	$	(0.43	)	$	—		$	—	$	—
Year ended 12/31/2015		10.63		0.01			(0.07	)		(0.06	)		(0.02	)		—		(0.02	)
Year ended 12/31/2014		11.42		0.03			(0.75	)		(0.72	)		(0.07	)		—		(0.07	)
Year ended 12/31/2013		9.82		0.06			1.66			1.72			(0.12	)		—		(0.12	)
Year ended 12/31/2012		8.28		0.09			1.45			1.54			—			—		—
Year ended 12/31/2011		9.77		0.07			(1.43	)		(1.36	)		(0.13	)		—		(0.13	)
Class B Shares
Six months ended 6/30/2016 (g)		10.35		0.01			(0.46	)		(0.45	)		—			—		—
Year ended 12/31/2015		10.48		(0.06	)		(0.07	)		(0.13	)		—			—		—
Year ended 12/31/2014		11.27		(0.04	)		(0.75	)		(0.79	)		—			—		—
Year ended 12/31/2013		9.69		0.02			1.64			1.66			(0.08	)		—		(0.08	)
Year ended 12/31/2012		8.23		0.03			1.43			1.46			—			—		—
Year ended 12/31/2011		9.70		0.01			(1.41	)		(1.40	)		(0.07	)		—		(0.07	)
Premier Shares (h)
Six months ended 6/30/2016 (g)		10.65		0.04			(0.47	)		(0.43	)		—			—		—
Year ended 12/31/2015		10.72		0.01			(0.06	)		(0.05	)		(0.02	)		—		(0.02	)
Year ended 12/31/2014		11.53		0.03			(0.77	)		(0.74	)		(0.07	)		—		(0.07	)
Year ended 12/31/2013		9.91		0.06			1.68			1.74			(0.12	)		—		(0.12	)
Year ended 12/31/2012		8.35		0.09			1.47			1.56			—			—		—
Year ended 12/31/2011		9.85		0.07			(1.44	)		(1.37	)		(0.13	)		—		(0.13	)
Legacy Class B Shares
Six months ended 6/30/2016 (g)		10.49		0.02			(0.46	)		(0.44	)		—			—		—
Year ended 12/31/2015		10.59		(0.03	)		(0.07	)		(0.10	)		—			—		—
Year ended 12/31/2014		11.38		(0.02	)		(0.75	)		(0.77	)		(0.02	)		—		(0.02	)
Year ended 12/31/2013		9.79		0.02			1.64			1.66			(0.07	)		—		(0.07	)
Year ended 12/31/2012		8.29		0.05			1.45			1.50			—			—		—
Year ended 12/31/2011		9.76		0.04			(1.42	)		(1.38	)		(0.09	)		—		(0.09	)
Institutional Shares
Six months ended 6/30/2016 (g)		10.64		0.06			(0.47	)		(0.41	)		—			—		—
Year ended 12/31/2015		10.72		0.04			(0.07	)		(0.03	)		(0.05	)		—		(0.05	)
Year ended 12/31/2014		11.53		0.06			(0.77	)		(0.71	)		(0.10	)		—		(0.10	)
Year ended 12/31/2013		9.91		0.09			1.67			1.76			(0.14	)		—		(0.14	)
Year ended 12/31/2012		8.33		0.11			1.47			1.58			—			—		—
Year ended 12/31/2011		9.83		0.10			(1.44	)		(1.34	)		(0.16	)		—		(0.16	)
Class R-1 Shares
Six months ended 6/30/2016 (g)		10.48		0.03			(0.46	)		(0.43	)		—			—		—
Year ended 12/31/2015		10.57		(0.03	)		(0.06	)		(0.09	)		—			—		—
Year ended 12/31/2014		11.36		—			(0.76	)		(0.76	)		(0.03	)		—		(0.03	)
Year ended 12/31/2013		9.77		0.03			1.64			1.67			(0.08	)		—		(0.08	)
Year ended 12/31/2012		8.26		0.06			1.45			1.51			—			—		—
Year ended 12/31/2011		9.74		0.04			(1.42	)		(1.38	)		(0.10	)		—		(0.10	)
Class R-2 Shares
Six months ended 6/30/2016 (g)		10.54		0.03			(0.46	)		(0.43	)		—			—		—
Year ended 12/31/2015		10.61		—			(0.06	)		(0.06	)		(0.01	)		—		(0.01	)
Year ended 12/31/2014		11.41		0.01			(0.75	)		(0.74	)		(0.06	)		—		(0.06	)
Year ended 12/31/2013		9.81		0.04			1.67			1.71			(0.11	)		—		(0.11	)
Year ended 12/31/2012		8.29		0.08			1.44			1.52			—			—		—
Year ended 12/31/2011		9.77		0.06			(1.42	)		(1.36	)		(0.12	)		—		(0.12	)
Class R-3 Shares
Six months ended 6/30/2016 (g)		10.64		0.05			(0.47	)		(0.42	)		—			—		—
Year ended 12/31/2015		10.71		0.03			(0.06	)		(0.03	)		(0.04	)		—		(0.04	)
Year ended 12/31/2014		11.52		0.05			(0.77	)		(0.72	)		(0.09	)		—		(0.09	)
Year ended 12/31/2013		9.90		0.08			1.68			1.76			(0.14	)		—		(0.14	)
Year ended 12/31/2012		8.33		0.11			1.46			1.57			—			—		—
Year ended 12/31/2011		9.83		0.09			(1.44	)		(1.35	)		(0.15	)		—		(0.15	)

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

(b) Net investment income represents less than $0.01 per share for Class R-2 shares in 2015 and Class R-1 shares in 2014.

(c) Net investment income distribution represents less than $0.01 per share for Class B shares in 2014.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) The expense ratios include the effect of expense reduction changes.

(g) Unaudited.

(h) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

146 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios						Average Net Asset ratios
							assuming expense reductions						absent expense reductions
Net asset value, end of period		Total return (d)			Net assets, end of period (millions)		Expenses (e) (f)			Net investment income (loss) (e)			Expenses (e)			Net investment income (loss) (e)			Portfolio turnover rate (e)
$	10.12		(4.08	)%	$	36.9		1.50	%		0.85	%		1.58	%		0.77	%		126	%
	10.55		(0.53	)		44.6		1.50			0.08			1.52			0.06			124
	10.63		(6.29	)		41.3		1.50			0.24			1.54			0.20			96
	11.42		17.53			41.0		1.50			0.56			1.53			0.53			77
	9.82		18.60			30.0		1.50			0.99			1.55			0.94			47
	8.28		(13.89	)		23.3		1.50			0.77			1.63			0.64			57
	9.90		(4.35	)		9.1		2.20			0.13			2.28			0.05			126
	10.35		(1.24	)		9.6		2.20			(0.60	)		2.22			(0.62	)		124
	10.48		(6.97	)		9.9		2.11			(0.35	)		2.15			(0.39	)		96
	11.27		17.16			10.8		1.85			0.24			1.88			0.21			77
	9.69		17.74			9.2		2.20			0.30			2.25			0.25			47
	8.23		(14.45	)		7.8		2.20			0.07			2.33			(0.06	)		57
	10.22		(4.04	)		47.5		1.48			0.84			1.56			0.76			126
	10.65		(0.47	)		44.8		1.50			0.11			1.52			0.09			124
	10.72		(6.43	)		46.9		1.50			0.26			1.54			0.22			96
	11.53		17.53			51.2		1.50			0.59			1.53			0.56			77
	9.91		18.68			44.5		1.50			1.00			1.55			0.95			47
	8.35		(13.89	)		38.6		1.50			0.77			1.63			0.64			57
	10.05		(4.19	)		9.2		1.90			0.43			1.98			0.35			126
	10.49		(0.94	)		9.7		1.90			(0.30	)		1.92			(0.32	)		124
	10.59		(6.73	)		10.1		1.90			(0.14	)		1.94			(0.18	)		96
	11.38		16.99			11.5		1.90			0.20			1.93			0.17			77
	9.79		18.09			10.7		1.90			0.61			1.95			0.56			47
	8.29		(14.14	)		10.1		1.90			0.38			2.03			0.25			57
	10.23		(3.95	)		18.7		1.25			1.09			1.33			1.01			126
	10.64		(0.29	)		19.5		1.25			0.35			1.27			0.33			124
	10.72		(6.19	)		19.1		1.25			0.50			1.29			0.46			96
	11.53		17.81			20.3		1.25			0.83			1.28			0.80			77
	9.91		18.97			17.1		1.25			1.25			1.30			1.20			47
	8.33		(13.68	)		13.6		1.25			1.03			1.38			0.90			57
	10.05		(4.20	)		2.4		1.82			0.52			1.90			0.44			126
	10.48		(0.85	)		2.5		1.82			(0.24	)		1.84			(0.26	)		124
	10.57		(6.71	)		2.4		1.82			(0.04	)		1.86			(0.08	)		96
	11.36		17.14			2.9		1.82			0.27			1.85			0.24			77
	9.77		18.28			2.5		1.82			0.69			1.87			0.64			47
	8.26		(14.16	)		2.4		1.82			0.48			1.95			0.35			57
	10.11		(4.08	)		5.1		1.62			0.69			1.70			0.61			126
	10.54		(0.59	)		5.8		1.62			(0.01	)		1.64			(0.03	)		124
	10.61		(6.48	)		6.2		1.62			0.10			1.66			0.06			96
	11.41		17.40			5.8		1.62			0.40			1.65			0.37			77
	9.81		18.34			5.9		1.62			0.87			1.67			0.82			47
	8.29		(13.94	)		4.7		1.62			0.66			1.75			0.53			57
	10.22		(3.95	)		1.7		1.32			1.01			1.40			0.93			126
	10.64		(0.29	)		1.9		1.32			0.29			1.34			0.27			124
	10.71		(6.25	)		2.1		1.32			0.43			1.36			0.39			96
	11.52		17.74			2.2		1.32			0.76			1.35			0.73			77
	9.90		18.85			1.9		1.32			1.20			1.37			1.15			47
	8.33		(13.75	)		1.6		1.32			0.95			1.45			0.82			57

See accompanying notes to financial statements. 147

STATE FARM MUTUAL FUND TRUST S&P 500 INDEX FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized) (c)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 6/30/2016 (h)	$	15.37	$	0.12	$	0.41		$	0.53		$	—		$	—		$	—
Year ended 12/31/2015		15.52		0.21		(0.11	)		0.10			(0.21	)		(0.04	)		(0.25	)
Year ended 12/31/2014		13.91		0.18		1.61			1.79			(0.18	)		—			(0.18	)
Year ended 12/31/2013		10.72		0.16		3.20			3.36			(0.17	)		—			(0.17	)
Year ended 12/31/2012		9.45		0.16		1.27			1.43			(0.16	)		—			(0.16	)
Year ended 12/31/2011		9.45		0.13		—			0.13			(0.13	)		—			(0.13	)
Class B Shares
Six months ended 6/30/2016 (h)		15.48		0.06		0.42			0.48			—			—			—
Year ended 12/31/2015		15.60		0.09		(0.10	)		(0.01	)		(0.07	)		(0.04	)		(0.11	)
Year ended 12/31/2014		13.98		0.08		1.60			1.68			(0.06	)		—			(0.06	)
Year ended 12/31/2013		10.76		0.07		3.20			3.27			(0.05	)		—			(0.05	)
Year ended 12/31/2012		9.48		0.09		1.27			1.36			(0.08	)		—			(0.08	)
Year ended 12/31/2011		9.48		0.06		—			0.06			(0.06	)		—			(0.06	)
Premier Shares (i)
Six months ended 6/30/2016 (h)		15.46		0.12		0.42			0.54			—			—			—
Year ended 12/31/2015		15.60		0.21		(0.11	)		0.10			(0.20	)		(0.04	)		(0.24	)
Year ended 12/31/2014		13.98		0.18		1.61			1.79			(0.17	)		—			(0.17	)
Year ended 12/31/2013		10.76		0.16		3.22			3.38			(0.16	)		—			(0.16	)
Year ended 12/31/2012		9.48		0.16		1.27			1.43			(0.15	)		—			(0.15	)
Year ended 12/31/2011		9.48		0.13		—			0.13			(0.13	)		—			(0.13	)
Legacy Class B Shares
Six months ended 6/30/2016 (h)		15.61		0.09		0.42			0.51			—			—			—
Year ended 12/31/2015		15.73		0.14		(0.10	)		0.04			(0.12	)		(0.04	)		(0.16	)
Year ended 12/31/2014		14.08		0.12		1.62			1.74			(0.09	)		—			(0.09	)
Year ended 12/31/2013		10.82		0.11		3.24			3.35			(0.09	)		—			(0.09	)
Year ended 12/31/2012		9.52		0.11		1.28			1.39			(0.09	)		—			(0.09	)
Year ended 12/31/2011		9.51		0.09		(0.01	)		0.08			(0.07	)		—			(0.07	)
Institutional Shares
Six months ended 6/30/2016 (h)		15.51		0.14		0.41			0.55			—			—			—
Year ended 12/31/2015		15.65		0.25		(0.11	)		0.14			(0.24	)		(0.04	)		(0.28	)
Year ended 12/31/2014		14.02		0.22		1.62			1.84			(0.21	)		—			(0.21	)
Year ended 12/31/2013		10.79		0.20		3.22			3.42			(0.19	)		—			(0.19	)
Year ended 12/31/2012		9.51		0.19		1.27			1.46			(0.18	)		—			(0.18	)
Year ended 12/31/2011		9.51		0.15		—			0.15			(0.15	)		—			(0.15	)
Class R-1 Shares
Six months ended 6/30/2016 (h)		15.44		0.09		0.42			0.51			—			—			—
Year ended 12/31/2015		15.59		0.15		(0.10	)		0.05			(0.16	)		(0.04	)		(0.20	)
Year ended 12/31/2014		13.97		0.13		1.61			1.74			(0.12	)		—			(0.12	)
Year ended 12/31/2013		10.75		0.12		3.21			3.33			(0.11	)		—			(0.11	)
Year ended 12/31/2012		9.47		0.13		1.27			1.40			(0.12	)		—			(0.12	)
Year ended 12/31/2011		9.48		0.10		(0.01	)		0.09			(0.10	)		—			(0.10	)
Class R-2 Shares
Six months ended 6/30/2016 (h)		15.35		0.11		0.41			0.52			—			—			—
Year ended 12/31/2015		15.50		0.19		(0.11	)		0.08			(0.19	)		(0.04	)		(0.23	)
Year ended 12/31/2014		13.89		0.16		1.60			1.76			(0.15	)		—			(0.15	)
Year ended 12/31/2013		10.70		0.15		3.19			3.34			(0.15	)		—			(0.15	)
Year ended 12/31/2012		9.43		0.15		1.26			1.41			(0.14	)		—			(0.14	)
Year ended 12/31/2011		9.44		0.12		—			0.12			(0.13	)		—			(0.13	)
Class R-3 Shares
Six months ended 6/30/2016 (h)		15.48		0.13		0.42			0.55			—			—			—
Year ended 12/31/2015		15.62		0.23		(0.10	)		0.13			(0.23	)		(0.04	)		(0.27	)
Year ended 12/31/2014		14.00		0.20		1.61			1.81			(0.19	)		—			(0.19	)
Year ended 12/31/2013		10.78		0.19		3.22			3.41			(0.19	)		—			(0.19	)
Year ended 12/31/2012		9.50		0.18		1.27			1.45			(0.17	)		—			(0.17	)
Year ended 12/31/2011		9.50		0.15		—			0.15			(0.15	)		—			(0.15	)

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

(b) Net amounts and ratios reflect the Fund’s proportionate share of income and expenses of the Master Portfolio through May 11, 2012.

(c) Net gain (loss) on investments represents less than $0.01 per share for Class A, Class B, Premier, Institutional, Class R-2 and Class R-3 shares in 2011.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) The expense ratios include the effect of expense reduction changes.

(g) The 2012 portfolio turnover rate reflects the period from May 12, 2012 to December 31, 2012 and excludes in-kind contribution of portfolio securities received on May 12, 2012. Prior to May 12, 2012, the S&P 500 Index Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2012 through May 11, 2012 was 5%.

(h) Unaudited.

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

148 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios						Average Net Asset ratios
							assuming expense reductions						absent expense reductions
Net asset value, end of period		Total return (d)			Net assets, end of period (millions)		Expenses (b) (e) (f)			Net investment income (loss) (b) (e)			Expenses (b) (e)			Net investment income (loss) (b) (e)			Portfolio turnover rate (e) (g)
$	15.90		3.45	%	$	496.9		0.70	%		1.54	%		0.70	%		1.54	%		4	%
	15.37		0.64			491.5		0.73			1.31			0.73			1.31			3
	15.52		12.84			382.7		0.74			1.25			0.74			1.25			2
	13.91		31.46			273.3		0.75			1.30			0.75			1.30			3
	10.72		15.02			154.6		0.76			1.54			0.76			1.54			2
	9.45		1.39			115.0		0.80			1.34			0.81			1.33			5
	15.96		3.10			9.7		1.40			0.84			1.40			0.84			4
	15.48		(0.06	)		10.6		1.43			0.60			1.43			0.60			3
	15.60		12.04			12.6		1.44			0.54			1.44			0.54			2
	13.98		30.41			13.0		1.44			0.59			1.44			0.59			3
	10.76		14.37			18.5		1.47			0.83			1.47			0.83			2
	9.48		0.67			15.8		1.50			0.64			1.51			0.63			5
	16.00		3.49			501.8		0.68			1.56			0.68			1.56			4
	15.46		0.64			439.8		0.73			1.31			0.73			1.31			3
	15.60		12.79			446.6		0.74			1.25			0.74			1.25			2
	13.98		31.42			406.0		0.75			1.30			0.75			1.30			3
	10.76		15.13			315.1		0.77			1.53			0.77			1.53			2
	9.48		1.35			277.0		0.80			1.33			0.81			1.32			5
	16.12		3.27			19.4		1.10			1.14			1.10			1.14			4
	15.61		0.22			22.1		1.13			0.90			1.13			0.90			3
	15.73		12.35			29.9		1.14			0.85			1.14			0.85			2
	14.08		30.97			37.0		1.14			0.91			1.14			0.91			3
	10.82		14.63			40.2		1.17			1.10			1.17			1.10			2
	9.52		0.87			52.2		1.20			0.91			1.21			0.90			5
	16.06		3.55			181.6		0.45			1.79			0.45			1.79			4
	15.51		0.90			166.3		0.48			1.56			0.48			1.56			3
	15.65		13.10			148.6		0.49			1.50			0.49			1.50			2
	14.02		31.73			117.4		0.50			1.55			0.50			1.55			3
	10.79		15.37			82.5		0.52			1.78			0.52			1.78			2
	9.51		1.61			68.3		0.55			1.58			0.56			1.57			5
	15.95		3.30			9.2		1.02			1.22			1.02			1.22			4
	15.44		0.31			7.9		1.05			0.99			1.05			0.99			3
	15.59		12.45			6.9		1.06			0.93			1.06			0.93			2
	13.97		31.01			8.1		1.07			0.99			1.07			0.99			3
	10.75		14.77			6.5		1.09			1.20			1.09			1.20			2
	9.47		0.98			6.0		1.12			1.02			1.13			1.01			5
	15.87		3.39			24.9		0.82			1.42			0.82			1.42			4
	15.35		0.51			23.0		0.85			1.19			0.85			1.19			3
	15.50		12.69			20.2		0.86			1.13			0.86			1.13			2
	13.89		31.22			19.4		0.86			1.19			0.86			1.19			3
	10.70		14.98			15.7		0.89			1.42			0.89			1.42			2
	9.43		1.21			13.3		0.92			1.21			0.93			1.20			5
	16.03		3.55			3.0		0.52			1.72			0.52			1.72			4
	15.48		0.83			2.3		0.55			1.49			0.55			1.49			3
	15.62		12.95			2.1		0.56			1.42			0.56			1.42			2
	14.00		31.61			3.5		0.57			1.49			0.57			1.49			3
	10.78		15.32			2.5		0.59			1.72			0.59			1.72			2
	9.50		1.60			1.9		0.62			1.51			0.63			1.50			5

See accompanying notes to financial statements. 149

STATE FARM MUTUAL FUND TRUST SMALL CAP INDEX FUND

(For a share outstanding throughout each period)

			Income from investment operations									Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 6/30/2016 (f)	$	14.52	$	0.05		$	0.21		$	0.26		$	—		$	—		$	—
Year ended 12/31/2015		16.23		0.06			(0.90	)		(0.84	)		(0.07	)		(0.80	)		(0.87	)
Year ended 12/31/2014		16.54		0.05			0.61			0.66			(0.05	)		(0.92	)		(0.97	)
Year ended 12/31/2013		12.65		0.03			4.72			4.75			(0.06	)		(0.80	)		(0.86	)
Year ended 12/31/2012		11.35		0.13			1.59			1.72			(0.11	)		(0.31	)		(0.42	)
Year ended 12/31/2011		12.09		0.03			(0.63	)		(0.60	)		(0.03	)		(0.11	)		(0.14	)
Class B Shares
Six months ended 6/30/2016 (f)		14.16		0.01			0.20			0.21			—			—			—
Year ended 12/31/2015		15.88		(0.04	)		(0.88	)		(0.92	)		—			(0.80	)		(0.80	)
Year ended 12/31/2014		16.25		(0.04	)		0.59			0.55			—			(0.92	)		(0.92	)
Year ended 12/31/2013		12.46		(0.05	)		4.64			4.59			—			(0.80	)		(0.80	)
Year ended 12/31/2012		11.18		0.04			1.57			1.61			(0.02	)		(0.31	)		(0.33	)
Year ended 12/31/2011		11.98		(0.05	)		(0.64	)		(0.69	)		—			(0.11	)		(0.11	)
Premier Shares (g)
Six months ended 6/30/2016 (f)		14.38		0.05			0.21			0.26			—			—			—
Year ended 12/31/2015		16.08		0.06			(0.90	)		(0.84	)		(0.06	)		(0.80	)		(0.86	)
Year ended 12/31/2014		16.39		0.05			0.61			0.66			(0.05	)		(0.92	)		(0.97	)
Year ended 12/31/2013		12.53		0.03			4.68			4.71			(0.05	)		(0.80	)		(0.85	)
Year ended 12/31/2012		11.24		0.13			1.57			1.70			(0.10	)		(0.31	)		(0.41	)
Year ended 12/31/2011		11.98		0.03			(0.64	)		(0.61	)		(0.02	)		(0.11	)		(0.13	)
Legacy Class B Shares
Six months ended 6/30/2016 (f)		14.05		0.02			0.20			0.22			—			—			—
Year ended 12/31/2015		15.73		—			(0.88	)		(0.88	)		—			(0.80	)		(0.80	)
Year ended 12/31/2014		16.08		(0.01	)		0.58			0.57			—			(0.92	)		(0.92	)
Year ended 12/31/2013		12.31		(0.03	)		4.60			4.57			—			(0.80	)		(0.80	)
Year ended 12/31/2012		11.05		0.07			1.55			1.62			(0.05	)		(0.31	)		(0.36	)
Year ended 12/31/2011		11.80		(0.02	)		(0.62	)		(0.64	)		—			(0.11	)		(0.11	)
Institutional Shares
Six months ended 6/30/2016 (f)		14.62		0.07			0.21			0.28			—			—			—
Year ended 12/31/2015		16.34		0.10			(0.92	)		(0.82	)		(0.10	)		(0.80	)		(0.90	)
Year ended 12/31/2014		16.64		0.09			0.62			0.71			(0.09	)		(0.92	)		(1.01	)
Year ended 12/31/2013		12.71		0.07			4.75			4.82			(0.09	)		(0.80	)		(0.89	)
Year ended 12/31/2012		11.39		0.16			1.60			1.76			(0.13	)		(0.31	)		(0.44	)
Year ended 12/31/2011		12.14		0.06			(0.65	)		(0.59	)		(0.05	)		(0.11	)		(0.16	)
Class R-1 Shares
Six months ended 6/30/2016 (f)		14.49		0.03			0.20			0.23			—			—			—
Year ended 12/31/2015		16.19		0.01			(0.90	)		(0.89	)		(0.01	)		(0.80	)		(0.81	)
Year ended 12/31/2014		16.51		—			0.60			0.60			—			(0.92	)		(0.92	)
Year ended 12/31/2013		12.63		(0.01	)		4.70			4.69			(0.01	)		(0.80	)		(0.81	)
Year ended 12/31/2012		11.32		0.09			1.59			1.68			(0.06	)		(0.31	)		(0.37	)
Year ended 12/31/2011		12.08		(0.01	)		(0.64	)		(0.65	)		—			(0.11	)		(0.11	)
Class R-2 Shares
Six months ended 6/30/2016 (f)		14.52		0.04			0.21			0.25			—			—			—
Year ended 12/31/2015		16.22		0.04			(0.89	)		(0.85	)		(0.05	)		(0.80	)		(0.85	)
Year ended 12/31/2014		16.53		0.03			0.61			0.64			(0.03	)		(0.92	)		(0.95	)
Year ended 12/31/2013		12.64		0.01			4.72			4.73			(0.04	)		(0.80	)		(0.84	)
Year ended 12/31/2012		11.34		0.11			1.59			1.70			(0.09	)		(0.31	)		(0.40	)
Year ended 12/31/2011		12.08		0.02			(0.64	)		(0.62	)		(0.01	)		(0.11	)		(0.12	)
Class R-3 Shares
Six months ended 6/30/2016 (f)		14.63		0.07			0.20			0.27			—			—			—
Year ended 12/31/2015		16.34		0.09			(0.91	)		(0.82	)		(0.09	)		(0.80	)		(0.89	)
Year ended 12/31/2014		16.64		0.08			0.62			0.70			(0.08	)		(0.92	)		(1.00	)
Year ended 12/31/2013		12.71		0.06			4.75			4.81			(0.08	)		(0.80	)		(0.88	)
Year ended 12/31/2012		11.40		0.15			1.60			1.75			(0.13	)		(0.31	)		(0.44	)
Year ended 12/31/2011		12.15		0.05			(0.65	)		(0.60	)		(0.04	)		(0.11	)		(0.15	)

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

(b) Net investment income represents less than $0.01 per share for Legacy Class B shares in 2015 and Class R-1 shares in 2014.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

(e) The expense ratios include the effect of expense reduction changes.

(f) Unaudited.

(g) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

150 See accompanying notes to financial statements.

Net asset value, end of period		Total return (c)			Ratios/supplemental data
					Net assets, end of period (millions)		Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
							Expenses (d) (e)			Net investment income (loss) (d)			Expenses (d)			Net investment income (loss) (d)			Portfolio turnover rate (d)
$	14.78		1.79	%	$	154.3		0.85	%		0.72	%		0.85	%		0.72	%		31	%
	14.52		(5.31	)		112.7		0.93			0.38			0.93			0.38			15
	16.23		3.99			105.3		0.93			0.31			0.94			0.30			16
	16.54		37.57			87.0		0.94			0.23			0.96			0.21			14
	12.65		15.22			51.5		0.95			1.05			0.98			1.02			14
	11.35		(4.97	)		41.8		0.95			0.28			0.98			0.25			14
	14.37		1.48			11.9		1.41			0.21			1.41			0.21			31
	14.16		(5.89	)		12.0		1.59			(0.27	)		1.59			(0.27	)		15
	15.88		3.36			14.0		1.50			(0.25	)		1.50			(0.25	)		16
	16.25		36.84			14.4		1.49			(0.33	)		1.51			(0.35	)		14
	12.46		14.48			10.7		1.65			0.33			1.68			0.30			14
	11.18		(5.73	)		9.6		1.65			(0.43	)		1.68			(0.46	)		14
	14.64		1.81			147.1		0.84			0.78			0.84			0.78			31
	14.38		(5.33	)		181.9		0.93			0.39			0.93			0.39			15
	16.08		3.99			199.7		0.93			0.31			0.94			0.30			16
	16.39		37.63			200.6		0.94			0.21			0.96			0.19			14
	12.53		15.26			150.6		0.95			1.02			0.98			0.99			14
	11.24		(5.04	)		134.7		0.95			0.27			0.98			0.24			14
	14.27		1.57			22.6		1.26			0.36			1.26			0.36			31
	14.05		(5.70	)		23.4		1.33			—			1.33			—			15
	15.73		3.52			28.6		1.33			(0.08	)		1.34			(0.09	)		16
	16.08		37.14			32.9		1.34			(0.19	)		1.36			(0.21	)		14
	12.31		14.72			29.3		1.35			0.58			1.38			0.55			14
	11.05		(5.39	)		32.5		1.35			(0.15	)		1.38			(0.18	)		14
	14.90		1.92			80.6		0.61			0.99			0.61			0.99			31
	14.62		(5.12	)		79.6		0.68			0.63			0.68			0.63			15
	16.34		4.24			82.4		0.68			0.56			0.69			0.55			16
	16.64		37.96			78.7		0.69			0.47			0.71			0.45			14
	12.71		15.60			54.1		0.70			1.27			0.73			1.24			14
	11.39		(4.81	)		47.6		0.70			0.51			0.73			0.48			14
	14.72		1.59			3.5		1.18			0.41			1.18			0.41			31
	14.49		(5.59	)		3.3		1.25			0.08			1.25			0.08			15
	16.19		3.61			3.7		1.25			(0.01	)		1.26			(0.02	)		16
	16.51		37.25			4.2		1.26			(0.10	)		1.28			(0.12	)		14
	12.63		14.88			3.2		1.27			0.71			1.30			0.68			14
	11.32		(5.35	)		2.7		1.27			(0.06	)		1.30			(0.09	)		14
	14.77		1.72			9.1		0.98			0.62			0.98			0.62			31
	14.52		(5.42	)		9.0		1.05			0.27			1.05			0.27			15
	16.22		3.89			9.0		1.05			0.18			1.06			0.17			16
	16.53		37.44			8.9		1.06			0.10			1.08			0.08			14
	12.64		15.09			6.8		1.07			0.93			1.10			0.90			14
	11.34		(5.13	)		5.6		1.07			0.13			1.10			0.10			14
	14.90		1.85			2.3		0.68			0.94			0.68			0.94			31
	14.63		(5.12	)		2.3		0.75			0.57			0.75			0.57			15
	16.34		4.15			2.4		0.75			0.49			0.76			0.48			16
	16.64		37.86			2.5		0.76			0.40			0.78			0.38			14
	12.71		15.44			1.9		0.77			1.24			0.80			1.21			14
	11.40		(4.88	)		1.5		0.77			0.44			0.80			0.41			14

See accompanying notes to financial statements. 151

STATE FARM MUTUAL FUND TRUST INTERNATIONAL INDEX FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain		Total distributions
Class A Shares
Six months ended 6/30/2016 (e)	$	11.03	$	0.18	$	(0.60	)	$	(0.42	)	$	—		$	—	$	—
Year ended 12/31/2015		11.40		0.20		(0.38	)		(0.18	)		(0.19	)		—		(0.19	)
Year ended 12/31/2014		12.49		0.30		(1.10	)		(0.80	)		(0.29	)		—		(0.29	)
Year ended 12/31/2013		10.55		0.21		1.95			2.16			(0.22	)		—		(0.22	)
Year ended 12/31/2012		9.19		0.22		1.38			1.60			(0.24	)		—		(0.24	)
Year ended 12/31/2011		10.84		0.22		(1.62	)		(1.40	)		(0.25	)		—		(0.25	)
Class B Shares
Six months ended 6/30/2016 (e)		11.06		0.14		(0.60	)		(0.46	)		—			—		—
Year ended 12/31/2015		11.42		0.13		(0.39	)		(0.26	)		(0.10	)		—		(0.10	)
Year ended 12/31/2014		12.50		0.24		(1.10	)		(0.86	)		(0.22	)		—		(0.22	)
Year ended 12/31/2013		10.57		0.15		1.93			2.08			(0.15	)		—		(0.15	)
Year ended 12/31/2012		9.20		0.15		1.39			1.54			(0.17	)		—		(0.17	)
Year ended 12/31/2011		10.84		0.16		(1.63	)		(1.47	)		(0.17	)		—		(0.17	)
Premier Shares (f)
Six months ended 6/30/2016 (e)		11.02		0.17		(0.59	)		(0.42	)		—			—		—
Year ended 12/31/2015		11.39		0.21		(0.39	)		(0.18	)		(0.19	)		—		(0.19	)
Year ended 12/31/2014		12.47		0.31		(1.10	)		(0.79	)		(0.29	)		—		(0.29	)
Year ended 12/31/2013		10.53		0.21		1.94			2.15			(0.21	)		—		(0.21	)
Year ended 12/31/2012		9.17		0.22		1.38			1.60			(0.24	)		—		(0.24	)
Year ended 12/31/2011		10.81		0.23		(1.63	)		(1.40	)		(0.24	)		—		(0.24	)
Legacy Class B Shares
Six months ended 6/30/2016 (e)		11.09		0.15		(0.60	)		(0.45	)		—			—		—
Year ended 12/31/2015		11.45		0.16		(0.38	)		(0.22	)		(0.14	)		—		(0.14	)
Year ended 12/31/2014		12.53		0.27		(1.12	)		(0.85	)		(0.23	)		—		(0.23	)
Year ended 12/31/2013		10.58		0.17		1.94			2.11			(0.16	)		—		(0.16	)
Year ended 12/31/2012		9.21		0.18		1.38			1.56			(0.19	)		—		(0.19	)
Year ended 12/31/2011		10.84		0.19		(1.63	)		(1.44	)		(0.19	)		—		(0.19	)
Institutional Shares
Six months ended 6/30/2016 (e)		11.05		0.19		(0.60	)		(0.41	)		—			—		—
Year ended 12/31/2015		11.42		0.24		(0.39	)		(0.15	)		(0.22	)		—		(0.22	)
Year ended 12/31/2014		12.51		0.34		(1.11	)		(0.77	)		(0.32	)		—		(0.32	)
Year ended 12/31/2013		10.57		0.24		1.94			2.18			(0.24	)		—		(0.24	)
Year ended 12/31/2012		9.19		0.25		1.39			1.64			(0.26	)		—		(0.26	)
Year ended 12/31/2011		10.84		0.26		(1.64	)		(1.38	)		(0.27	)		—		(0.27	)
Class R-1 Shares
Six months ended 6/30/2016 (e)		11.05		0.16		(0.59	)		(0.43	)		—			—		—
Year ended 12/31/2015		11.42		0.17		(0.39	)		(0.22	)		(0.15	)		—		(0.15	)
Year ended 12/31/2014		12.50		0.28		(1.12	)		(0.84	)		(0.24	)		—		(0.24	)
Year ended 12/31/2013		10.56		0.18		1.93			2.11			(0.17	)		—		(0.17	)
Year ended 12/31/2012		9.19		0.19		1.38			1.57			(0.20	)		—		(0.20	)
Year ended 12/31/2011		10.83		0.20		(1.63	)		(1.43	)		(0.21	)		—		(0.21	)
Class R-2 Shares
Six months ended 6/30/2016 (e)		11.01		0.17		(0.60	)		(0.43	)		—			—		—
Year ended 12/31/2015		11.38		0.19		(0.38	)		(0.19	)		(0.18	)		—		(0.18	)
Year ended 12/31/2014		12.46		0.29		(1.09	)		(0.80	)		(0.28	)		—		(0.28	)
Year ended 12/31/2013		10.53		0.19		1.94			2.13			(0.20	)		—		(0.20	)
Year ended 12/31/2012		9.17		0.21		1.38			1.59			(0.23	)		—		(0.23	)
Year ended 12/31/2011		10.81		0.22		(1.63	)		(1.41	)		(0.23	)		—		(0.23	)
Class R-3 Shares
Six months ended 6/30/2016 (e)		11.06		0.18		(0.59	)		(0.41	)		—			—		—
Year ended 12/31/2015		11.44		0.23		(0.40	)		(0.17	)		(0.21	)		—		(0.21	)
Year ended 12/31/2014		12.52		0.34		(1.11	)		(0.77	)		(0.31	)		—		(0.31	)
Year ended 12/31/2013		10.58		0.23		1.94			2.17			(0.23	)		—		(0.23	)
Year ended 12/31/2012		9.20		0.24		1.40			1.64			(0.26	)		—		(0.26	)
Year ended 12/31/2011		10.85		0.25		(1.64	)		(1.39	)		(0.26	)		—		(0.26	)

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

(b) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(c) Determined on an annualized basis for periods that are less than a full year.

(d) The expense ratios include the effect of expense reduction changes.

(e) Unaudited.

(f) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

152 See accompanying notes to financial statements.

Net asset value, end of period		Total return (b)			Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
					Net assets, end of period (millions)		Expenses (c) (d)			Net investment income (loss) (c)			Expenses (c)			Net investment income (loss) (c)			Portfolio turnover rate (c)
$	10.61		(3.81	)%	$	77.0		1.07	%		3.41	%		1.09	%		3.39	%		5	%
	11.03		(1.67	)		89.9		1.18			1.73			1.20			1.71			2
	11.40		(6.33	)		77.1		1.18			2.44			1.21			2.41			2
	12.49		20.44			68.7		1.19			1.81			1.23			1.77			1
	10.55		17.41			47.8		1.20			2.23			1.26			2.17			4
	9.19		(12.94	)		38.7		1.20			2.17			1.23			2.14			4
	10.60		(4.16	)		9.6		1.77			2.64			1.79			2.62			5
	11.06		(2.28	)		10.2		1.88			1.07			1.90			1.05			2
	11.42		(6.93	)		11.1		1.75			1.95			1.77			1.93			2
	12.50		19.71			12.3		1.71			1.33			1.75			1.29			1
	10.57		16.74			10.3		1.90			1.55			1.96			1.49			4
	9.20		(13.54	)		9.0		1.90			1.48			1.93			1.45			4
	10.60		(3.81	)		95.7		1.04			3.34			1.06			3.32			5
	11.02		(1.63	)		87.5		1.18			1.76			1.20			1.74			2
	11.39		(6.39	)		90.4		1.18			2.51			1.21			2.48			2
	12.47		20.43			98.4		1.19			1.84			1.23			1.80			1
	10.53		17.43			83.4		1.20			2.25			1.26			2.19			4
	9.17		(12.91	)		74.1		1.20			2.19			1.23			2.16			4
	10.64		(4.06	)		12.2		1.47			2.94			1.49			2.92			5
	11.09		(2.06	)		13.1		1.58			1.37			1.60			1.35			2
	11.45		(6.71	)		14.4		1.58			2.16			1.61			2.13			2
	12.53		19.92			17.9		1.59			1.47			1.63			1.43			1
	10.58		16.96			17.9		1.60			1.88			1.66			1.82			4
	9.21		(13.24	)		18.5		1.60			1.80			1.63			1.77			4
	10.64		(3.71	)		42.9		0.82			3.61			0.84			3.59			5
	11.05		(1.45	)		44.5		0.93			2.00			0.95			1.98			2
	11.42		(6.11	)		42.8		0.93			2.76			0.96			2.73			2
	12.51		20.63			44.4		0.94			2.09			0.98			2.05			1
	10.57		17.88			35.0		0.95			2.50			1.01			2.44			4
	9.19		(12.72	)		30.0		0.95			2.45			0.98			2.42			4
	10.62		(3.89	)		2.9		1.38			3.04			1.41			3.01			5
	11.05		(2.05	)		3.0		1.50			1.44			1.52			1.42			2
	11.42		(6.65	)		3.1		1.50			2.28			1.53			2.25			2
	12.50		19.97			3.7		1.51			1.54			1.55			1.50			1
	10.56		17.13			3.4		1.52			1.98			1.58			1.92			4
	9.19		(13.19	)		3.1		1.52			1.86			1.55			1.83			4
	10.58		(3.91	)		8.4		1.18			3.24			1.21			3.21			5
	11.01		(1.72	)		8.8		1.30			1.58			1.32			1.56			2
	11.38		(6.49	)		7.5		1.30			2.31			1.33			2.28			2
	12.46		20.23			7.4		1.31			1.69			1.35			1.65			1
	10.53		17.30			6.8		1.32			2.10			1.38			2.04			4
	9.17		(13.00	)		5.7		1.32			2.08			1.35			2.05			4
	10.65		(3.71	)		1.9		0.89			3.51			0.89			3.51			5
	11.06		(1.53	)		2.1		1.00			1.94			1.02			1.92			2
	11.44		(6.18	)		2.1		1.00			2.69			1.03			2.66			2
	12.52		20.53			2.3		1.01			2.00			1.05			1.96			1
	10.58		17.81			1.9		1.02			2.42			1.08			2.36			4
	9.20		(12.77	)		1.5		1.02			2.37			1.05			2.34			4

See accompanying notes to financial statements. 153

STATE FARM MUTUAL FUND TRUST EQUITY AND BOND FUND

(For a share outstanding throughout each period)

			Income from investment operations							Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations		Net investment income (a)			Net realized gain (c)			Total distributions
Class A Shares
Six months ended 6/30/2016 (h)	$	10.92	$	0.04	$	0.28		$	0.32	$	(0.04	)	$	—		$	(0.04	)
Year ended 12/31/2015		11.04		0.15		(0.05	)		0.10		(0.14	)		(0.08	)		(0.22	)
Year ended 12/31/2014		10.07		0.14		0.99			1.13		(0.14	)		(0.02	)		(0.16	)
Year ended 12/31/2013		8.67		0.12		1.40			1.52		(0.12	)		—			(0.12	)
Year ended 12/31/2012		7.94		0.14		0.73			0.87		(0.14	)		—			(0.14	)
Year ended 12/31/2011		7.86		0.13		0.08			0.21		(0.13	)		—			(0.13	)
Class B Shares
Six months ended 6/30/2016 (h)		10.94		—		0.27			0.27		—			—			—
Year ended 12/31/2015		11.05		0.06		(0.03	)		0.03		(0.06	)		(0.08	)		(0.14	)
Year ended 12/31/2014		10.08		0.07		0.99			1.06		(0.07	)		(0.02	)		(0.09	)
Year ended 12/31/2013		8.69		0.07		1.38			1.45		(0.06	)		—			(0.06	)
Year ended 12/31/2012		7.95		0.08		0.74			0.82		(0.08	)		—			(0.08	)
Year ended 12/31/2011		7.87		0.07		0.08			0.15		(0.07	)		—			(0.07	)
Premier Shares (i)
Six months ended 6/30/2016 (h)		11.04		0.04		0.27			0.31		(0.04	)		—			(0.04	)
Year ended 12/31/2015		11.14		0.14		(0.02	)		0.12		(0.14	)		(0.08	)		(0.22	)
Year ended 12/31/2014		10.16		0.14		1.00			1.14		(0.14	)		(0.02	)		(0.16	)
Year ended 12/31/2013		8.75		0.12		1.40			1.52		(0.11	)		—			(0.11	)
Year ended 12/31/2012		8.01		0.14		0.74			0.88		(0.14	)		—			(0.14	)
Year ended 12/31/2011		7.93		0.13		0.08			0.21		(0.13	)		—			(0.13	)
Legacy Class B Shares
Six months ended 6/30/2016 (h)		11.06		0.02		0.28			0.30		(0.02	)		—			(0.02	)
Year ended 12/31/2015		11.17		0.10		(0.04	)		0.06		(0.09	)		(0.08	)		(0.17	)
Year ended 12/31/2014		10.19		0.09		1.00			1.09		(0.09	)		(0.02	)		(0.11	)
Year ended 12/31/2013		8.77		0.08		1.41			1.49		(0.07	)		—			(0.07	)
Year ended 12/31/2012		8.03		0.10		0.74			0.84		(0.10	)		—			(0.10	)
Year ended 12/31/2011		7.94		0.09		0.09			0.18		(0.09	)		—			(0.09	)
Institutional Shares
Six months ended 6/30/2016 (h)		10.94		0.06		0.27			0.33		(0.05	)		—			(0.05	)
Year ended 12/31/2015		11.05		0.17		(0.03	)		0.14		(0.17	)		(0.08	)		(0.25	)
Year ended 12/31/2014		10.08		0.16		0.99			1.15		(0.16	)		(0.02	)		(0.18	)
Year ended 12/31/2013		8.68		0.14		1.40			1.54		(0.14	)		—			(0.14	)
Year ended 12/31/2012		7.95		0.16		0.73			0.89		(0.16	)		—			(0.16	)
Year ended 12/31/2011		7.86		0.15		0.09			0.24		(0.15	)		—			(0.15	)
Class R-1 Shares
Six months ended 6/30/2016 (h)		10.79		0.02		0.28			0.30		(0.03	)		—			(0.03	)
Year ended 12/31/2015		10.90		0.11		(0.03	)		0.08		(0.11	)		(0.08	)		(0.19	)
Year ended 12/31/2014		9.95		0.10		0.97			1.07		(0.10	)		(0.02	)		(0.12	)
Year ended 12/31/2013		8.57		0.08		1.38			1.46		(0.08	)		—			(0.08	)
Year ended 12/31/2012		7.84		0.11		0.73			0.84		(0.11	)		—			(0.11	)
Year ended 12/31/2011		7.76		0.10		0.08			0.18		(0.10	)		—			(0.10	)
Class R-2 Shares
Six months ended 6/30/2016 (h)		10.80		0.04		0.27			0.31		(0.03	)		—			(0.03	)
Year ended 12/31/2015		10.92		0.13		(0.04	)		0.09		(0.13	)		(0.08	)		(0.21	)
Year ended 12/31/2014		9.96		0.13		0.98			1.11		(0.13	)		(0.02	)		(0.15	)
Year ended 12/31/2013		8.58		0.11		1.37			1.48		(0.10	)		—			(0.10	)
Year ended 12/31/2012		7.86		0.13		0.72			0.85		(0.13	)		—			(0.13	)
Year ended 12/31/2011		7.78		0.12		0.08			0.20		(0.12	)		—			(0.12	)
Class R-3 Shares
Six months ended 6/30/2016 (h)		10.82		0.05		0.28			0.33		(0.05	)		—			(0.05	)
Year ended 12/31/2015		10.94		0.16		(0.04	)		0.12		(0.16	)		(0.08	)		(0.24	)
Year ended 12/31/2014		9.98		0.15		0.98			1.13		(0.15	)		(0.02	)		(0.17	)
Year ended 12/31/2013		8.59		0.13		1.39			1.52		(0.13	)		—			(0.13	)
Year ended 12/31/2012		7.87		0.15		0.72			0.87		(0.15	)		—			(0.15	)
Year ended 12/31/2011		7.79		0.14		0.08			0.22		(0.14	)		—			(0.14	)

(a) Net investment income and distributions represent less than $0.01 per share for Class B shares in 2016.

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

(c) Net realized gain distributions represent less than $0.01 per share for all classes in 2011.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) Expense ratios relate to the Equity and Bond Fund only and do not reflect acquired fund fees and expenses.

(g) The expense ratios include the effect of expense reduction changes.

(h) Unaudited.

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

154 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (d)			Net assets, end of period (millions)		Expenses (e) (f) (g)			Net investment income (loss) (e)			Expenses (e) (f)			Net investment income (loss) (e)			Portfolio turnover rate (e)
$	11.20		2.92	%	$	134.8		0.25	%		0.78	%		0.32	%		0.71	%		1	%
	10.92		0.90			147.9		0.25			1.34			0.31			1.28			1
	11.04		11.20			113.8		0.25			1.35			0.33			1.27			1
	10.07		17.53			82.6		0.25			1.30			0.34			1.21			0
	8.67		10.98			52.2		0.25			1.69			0.35			1.59			1
	7.94		2.73			40.8		0.25			1.62			0.36			1.51			2
	11.21		2.49			14.2		0.95			0.09			1.02			0.02			1
	10.94		0.27			14.1		0.95			0.58			1.02			0.51			1
	11.05		10.53			14.4		0.87			0.67			0.96			0.58			1
	10.08		16.74			12.8		0.79			0.70			0.88			0.61			0
	8.69		10.32			10.4		0.95			0.93			1.05			0.83			1
	7.95		2.01			9.3		0.95			0.90			1.06			0.79			2
	11.31		2.83			145.8		0.22			0.82			0.32			0.72			1
	11.04		1.04			108.6		0.25			1.28			0.32			1.21			1
	11.14		11.19			111.2		0.25			1.29			0.33			1.21			1
	10.16		17.46			101.9		0.25			1.22			0.34			1.13			0
	8.75		11.00			88.3		0.25			1.62			0.35			1.52			1
	8.01		2.68			80.6		0.25			1.60			0.36			1.49			2
	11.34		2.70			22.5		0.65			0.39			0.72			0.32			1
	11.06		0.54			22.7		0.65			0.87			0.72			0.80			1
	11.17		10.71			24.8		0.65			0.87			0.73			0.79			1
	10.19		17.06			24.8		0.65			0.80			0.74			0.71			0
	8.77		10.51			24.0		0.65			1.18			0.75			1.08			1
	8.03		2.35			25.5		0.65			1.13			0.76			1.02			2
	11.22		3.05			34.9		0.00			1.04			0.07			0.97			1
	10.94		1.22			33.3		0.00			1.56			0.07			1.49			1
	11.05		11.44			29.3		0.00			1.54			0.08			1.46			1
	10.08		17.78			24.5		0.00			1.49			0.09			1.40			0
	8.68		11.23			19.7		0.00			1.90			0.10			1.80			1
	7.95		3.10			15.8		0.00			1.86			0.11			1.75			2
	11.06		2.74			3.6		0.57			0.47			0.64			0.40			1
	10.79		0.68			3.2		0.57			0.99			0.64			0.92			1
	10.90		10.79			2.9		0.57			0.97			0.65			0.89			1
	9.95		17.07			2.5		0.57			0.86			0.66			0.77			0
	8.57		10.78			2.6		0.57			1.32			0.67			1.22			1
	7.84		2.42			2.3		0.57			1.29			0.68			1.18			2
	11.08		2.91			7.8		0.37			0.67			0.44			0.60			1
	10.80		0.78			7.3		0.37			1.17			0.44			1.10			1
	10.92		11.11			6.9		0.37			1.21			0.45			1.13			1
	9.96		17.33			5.3		0.37			1.13			0.46			1.04			0
	8.58		10.82			4.5		0.37			1.48			0.47			1.38			1
	7.86		2.63			3.6		0.37			1.46			0.48			1.35			2
	11.10		3.06			1.8		0.07			0.97			0.14			0.90			1
	10.82		1.07			1.6		0.07			1.47			0.14			1.40			1
	10.94		11.39			1.6		0.07			1.47			0.15			1.39			1
	9.98		17.76			1.5		0.07			1.40			0.16			1.31			0
	8.59		11.14			1.3		0.07			1.80			0.17			1.70			1
	7.87		2.92			1.2		0.07			1.75			0.18			1.64			2

See accompanying notes to financial statements. 155

STATE FARM MUTUAL FUND TRUST BOND FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain (a)			Total distributions
Class A Shares
Six months ended 06/30/2016 (e)	$	11.13	$	0.13	$	0.50		$	0.63		$	(0.13	)	$	—		$	(0.13	)
Year ended 12/31/2015		11.32		0.28		(0.18	)		0.10			(0.28	)		(0.01	)		(0.29	)
Year ended 12/31/2014		10.99		0.28		0.33			0.61			(0.28	)		—			(0.28	)
Year ended 12/31/2013		11.78		0.29		(0.71	)		(0.42	)		(0.29	)		(0.08	)		(0.37	)
Year ended 12/31/2012		11.65		0.31		0.13			0.44			(0.31	)		—			(0.31	)
Year ended 12/31/2011		11.12		0.34		0.53			0.87			(0.34	)		—			(0.34	)
Class B Shares
Six months ended 06/30/2016 (e)		11.12		0.11		0.50			0.61			(0.11	)		—			(0.11	)
Year ended 12/31/2015		11.31		0.23		(0.18	)		0.05			(0.23	)		(0.01	)		(0.24	)
Year ended 12/31/2014		10.98		0.24		0.33			0.57			(0.24	)		—			(0.24	)
Year ended 12/31/2013		11.78		0.24		(0.72	)		(0.48	)		(0.24	)		(0.08	)		(0.32	)
Year ended 12/31/2012		11.65		0.26		0.13			0.39			(0.26	)		—			(0.26	)
Year ended 12/31/2011		11.11		0.30		0.54			0.84			(0.30	)		—			(0.30	)
Premier Shares (f)
Six months ended 06/30/2016 (e)		11.14		0.13		0.50			0.63			(0.13	)		—			(0.13	)
Year ended 12/31/2015		11.32		0.28		(0.17	)		0.11			(0.28	)		(0.01	)		(0.29	)
Year ended 12/31/2014		11.00		0.28		0.32			0.60			(0.28	)		—			(0.28	)
Year ended 12/31/2013		11.79		0.29		(0.71	)		(0.42	)		(0.29	)		(0.08	)		(0.37	)
Year ended 12/31/2012		11.66		0.31		0.13			0.44			(0.31	)		—			(0.31	)
Year ended 12/31/2011		11.12		0.34		0.54			0.88			(0.34	)		—			(0.34	)
Legacy Class B Shares
Six months ended 06/30/2016 (e)		11.15		0.11		0.49			0.60			(0.11	)		—			(0.11	)
Year ended 12/31/2015		11.33		0.23		(0.17	)		0.06			(0.23	)		(0.01	)		(0.24	)
Year ended 12/31/2014		11.00		0.24		0.33			0.57			(0.24	)		—			(0.24	)
Year ended 12/31/2013		11.80		0.24		(0.72	)		(0.48	)		(0.24	)		(0.08	)		(0.32	)
Year ended 12/31/2012		11.67		0.26		0.13			0.39			(0.26	)		—			(0.26	)
Year ended 12/31/2011		11.13		0.30		0.54			0.84			(0.30	)		—			(0.30	)
Institutional Shares
Six months ended 06/30/2016 (e)		11.13		0.15		0.49			0.64			(0.15	)		—			(0.15	)
Year ended 12/31/2015		11.31		0.30		(0.17	)		0.13			(0.30	)		(0.01	)		(0.31	)
Year ended 12/31/2014		10.98		0.31		0.33			0.64			(0.31	)		—			(0.31	)
Year ended 12/31/2013		11.78		0.32		(0.72	)		(0.40	)		(0.32	)		(0.08	)		(0.40	)
Year ended 12/31/2012		11.65		0.33		0.13			0.46			(0.33	)		—			(0.33	)
Year ended 12/31/2011		11.11		0.37		0.54			0.91			(0.37	)		—			(0.37	)
Class R-1 Shares
Six months ended 06/30/2016 (e)		11.13		0.11		0.50			0.61			(0.11	)		—			(0.11	)
Year ended 12/31/2015		11.32		0.24		(0.18	)		0.06			(0.24	)		(0.01	)		(0.25	)
Year ended 12/31/2014		10.99		0.25		0.33			0.58			(0.25	)		—			(0.25	)
Year ended 12/31/2013		11.78		0.25		(0.71	)		(0.46	)		(0.25	)		(0.08	)		(0.33	)
Year ended 12/31/2012		11.65		0.27		0.13			0.40			(0.27	)		—			(0.27	)
Year ended 12/31/2011		11.12		0.30		0.53			0.83			(0.30	)		—			(0.30	)
Class R-2 Shares
Six months ended 06/30/2016 (e)		11.12		0.12		0.50			0.62			(0.12	)		—			(0.12	)
Year ended 12/31/2015		11.30		0.26		(0.17	)		0.09			(0.26	)		(0.01	)		(0.27	)
Year ended 12/31/2014		10.98		0.27		0.32			0.59			(0.27	)		—			(0.27	)
Year ended 12/31/2013		11.77		0.27		(0.71	)		(0.44	)		(0.27	)		(0.08	)		(0.35	)
Year ended 12/31/2012		11.64		0.29		0.13			0.42			(0.29	)		—			(0.29	)
Year ended 12/31/2011		11.11		0.33		0.53			0.86			(0.33	)		—			(0.33	)
Class R-3 Shares
Six months ended 06/30/2016 (e)		11.14		0.14		0.49			0.63			(0.14	)		—			(0.14	)
Year ended 12/31/2015		11.32		0.30		(0.17	)		0.13			(0.30	)		(0.01	)		(0.31	)
Year ended 12/31/2014		10.99		0.30		0.33			0.63			(0.30	)		—			(0.30	)
Year ended 12/31/2013		11.79		0.31		(0.72	)		(0.41	)		(0.31	)		(0.08	)		(0.39	)
Year ended 12/31/2012		11.66		0.33		0.13			0.46			(0.33	)		—			(0.33	)
Year ended 12/31/2011		11.12		0.36		0.54			0.90			(0.36	)		—			(0.36	)

(a) Net realized gain distributions represent less than $0.01 per share for all classes in 2014.

(b) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(c) Determined on an annualized basis for periods that are less than a full year.

(d) The expense ratios include the effect of expense reduction changes.

(e) Unaudited.

(f) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

156 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (b)			Net assets, end of period (millions)		Expenses (c) (d)			Net investment income (loss) (c)			Expenses (c)			Net investment income (loss) (c)			Portfolio turnover rate (c)
$	11.63		5.70	%	$	222.3		0.65	%		2.32	%		0.65	%		2.32	%		6	%
	11.13		0.81			406.0		0.65			2.43			0.65			2.43			9
	11.32		5.64			356.5		0.66			2.51			0.66			2.51			10
	10.99		(3.61	)		333.0		0.66			2.52			0.66			2.52			21
	11.78		3.77			368.6		0.66			2.57			0.66			2.57			8
	11.65		7.95			208.9		0.67			2.99			0.67			2.99			8
	11.62		5.49			10.9		1.05			1.92			1.05			1.92			6
	11.12		0.41			10.8		1.05			2.03			1.05			2.03			9
	11.31		5.22			11.8		1.06			2.11			1.06			2.11			10
	10.98		(4.08	)		11.9		1.06			2.13			1.06			2.13			21
	11.78		3.36			12.4		1.06			2.20			1.06			2.20			8
	11.65		7.62			10.9		1.07			2.60			1.07			2.60			8
	11.64		5.70			368.9		0.60			2.35			0.60			2.35			6
	11.14		0.90			124.1		0.65			2.44			0.65			2.44			9
	11.32		5.54			128.8		0.66			2.51			0.66			2.51			10
	11.00		(3.60	)		131.1		0.66			2.52			0.66			2.52			21
	11.79		3.77			153.3		0.66			2.60			0.66			2.60			8
	11.66		8.05			142.4		0.67			3.00			0.67			3.00			8
	11.64		5.40			2.9		1.05			1.92			1.05			1.92			6
	11.15		0.50			3.4		1.05			2.04			1.05			2.04			9
	11.33		5.22			4.9		1.06			2.12			1.06			2.12			10
	11.00		(4.07	)		7.4		1.06			2.10			1.06			2.10			21
	11.80		3.36			22.8		1.06			2.21			1.06			2.21			8
	11.67		7.61			38.1		1.07			2.61			1.07			2.61			8
	11.62		5.74			261.8		0.40			2.57			0.40			2.57			6
	11.13		1.15			239.3		0.40			2.68			0.40			2.68			9
	11.31		5.91			212.9		0.41			2.76			0.41			2.76			10
	10.98		(3.45	)		185.7		0.41			2.78			0.41			2.78			21
	11.78		4.03			175.9		0.41			2.84			0.41			2.84			8
	11.65		8.32			140.1		0.42			3.25			0.42			3.25			8
	11.63		5.53			3.9		0.97			2.00			0.97			2.00			6
	11.13		0.49			3.4		0.97			2.12			0.97			2.12			9
	11.32		5.30			3.5		0.98			2.19			0.98			2.19			10
	10.99		(3.91	)		3.7		0.98			2.20			0.98			2.20			21
	11.78		3.44			4.4		0.98			2.28			0.98			2.28			8
	11.65		7.61			3.9		0.99			2.68			0.99			2.68			8
	11.62		5.64			11.5		0.77			2.20			0.77			2.20			6
	11.12		0.78			9.7		0.77			2.32			0.77			2.32			9
	11.30		5.42			8.0		0.78			2.39			0.78			2.39			10
	10.98		(3.73	)		8.1		0.78			2.41			0.78			2.41			21
	11.77		3.65			8.6		0.78			2.47			0.78			2.47			8
	11.64		7.83			6.7		0.79			2.88			0.79			2.88			8
	11.63		5.70			2.1		0.47			2.50			0.47			2.50			6
	11.14		1.08			1.9		0.47			2.62			0.47			2.62			9
	11.32		5.83			1.9		0.48			2.69			0.48			2.69			10
	10.99		(3.51	)		1.8		0.48			2.70			0.48			2.70			21
	11.79		3.96			2.2		0.48			2.78			0.48			2.78			8
	11.66		8.24			1.9		0.49			3.19			0.49			3.19			8

See accompanying notes to financial statements. 157

STATE FARM MUTUAL FUND TRUST TAX ADVANTAGED BOND FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain (a)		Total distributions
Class A Shares
Six months ended 6/30/2016 (e)	$	11.92	$	0.14	$	0.28		$	0.42		$	(0.14	)	$	—	$	(0.14	)
Year ended 12/31/2015		11.88		0.29		0.04			0.33			(0.29	)		—		(0.29	)
Year ended 12/31/2014		11.23		0.32		0.65			0.97			(0.32	)		—		(0.32	)
Year ended 12/31/2013		11.95		0.31		(0.72	)		(0.41	)		(0.31	)		—		(0.31	)
Year ended 12/31/2012		11.68		0.30		0.27			0.57			(0.30	)		—		(0.30	)
Year ended 12/31/2011		10.90		0.36		0.78			1.14			(0.36	)		—		(0.36	)
Class B Shares
Six months ended 6/30/2016 (e)		11.91		0.11		0.29			0.40			(0.11	)		—		(0.11	)
Year ended 12/31/2015		11.87		0.24		0.04			0.28			(0.24	)		—		(0.24	)
Year ended 12/31/2014		11.22		0.28		0.65			0.93			(0.28	)		—		(0.28	)
Year ended 12/31/2013		11.95		0.26		(0.73	)		(0.47	)		(0.26	)		—		(0.26	)
Year ended 12/31/2012		11.68		0.26		0.27			0.53			(0.26	)		—		(0.26	)
Year ended 12/31/2011		10.89		0.32		0.79			1.11			(0.32	)		—		(0.32	)
Premier Shares (f)
Six months ended 6/30/2016 (e)		11.90		0.14		0.29			0.43			(0.14	)		—		(0.14	)
Year ended 12/31/2015		11.86		0.29		0.04			0.33			(0.29	)		—		(0.29	)
Year ended 12/31/2014		11.21		0.32		0.65			0.97			(0.32	)		—		(0.32	)
Year ended 12/31/2013		11.93		0.31		(0.72	)		(0.41	)		(0.31	)		—		(0.31	)
Year ended 12/31/2012		11.66		0.30		0.27			0.57			(0.30	)		—		(0.30	)
Year ended 12/31/2011		10.88		0.36		0.78			1.14			(0.36	)		—		(0.36	)
Legacy Class B Shares
Six months ended 6/30/2016 (e)		11.90		0.11		0.30			0.41			(0.11	)		—		(0.11	)
Year ended 12/31/2015		11.86		0.24		0.04			0.28			(0.24	)		—		(0.24	)
Year ended 12/31/2014		11.21		0.28		0.65			0.93			(0.28	)		—		(0.28	)
Year ended 12/31/2013		11.93		0.26		(0.72	)		(0.46	)		(0.26	)		—		(0.26	)
Year ended 12/31/2012		11.66		0.26		0.27			0.53			(0.26	)		—		(0.26	)
Year ended 12/31/2011		10.88		0.32		0.78			1.10			(0.32	)		—		(0.32	)

(a) Net realized gain distributions represent less than $0.01 per share for all classes in 2012.

(b) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charges.

(c) Determined on an annualized basis for periods that are less than a full year.

(d) The expense ratios include the effect of expense reduction changes.

(e) Unaudited.

(f) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

158 See accompanying notes to financial statements.

Net asset value, end of period		Total return (b)			Ratios/supplemental data
					Net assets, end of period (millions)		Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions						Portfolio turnover rate (c)
							Expenses (c) (d)			Net investment income (loss) (c)			Expenses (c)			Net investment income (loss) (c)
$	12.20		3.55	%	$	114.0		0.66	%		2.33	%		0.66	%		2.33	%		3	%
	11.92		2.80			444.5		0.66			2.42			0.66			2.42			4
	11.88		8.75			422.2		0.66			2.77			0.66			2.77			6
	11.23		(3.45	)		388.2		0.67			2.68			0.67			2.68			14
	11.95		4.97			453.5		0.66			2.53			0.66			2.53			3
	11.68		10.69			211.1		0.68			3.22			0.68			3.22			10
	12.20		3.40			2.8		1.06			1.91			1.06			1.91			3
	11.91		2.39			6.5		1.06			2.03			1.06			2.03			4
	11.87		8.33			6.9		1.06			2.37			1.06			2.37			6
	11.22		(3.92	)		6.6		1.07			2.29			1.07			2.29			14
	11.95		4.55			7.0		1.06			2.16			1.06			2.16			3
	11.68		10.35			5.3		1.08			2.83			1.08			2.83			10
	12.19		3.63			453.9		0.60			2.35			0.60			2.35			3
	11.90		2.80			77.3		0.66			2.43			0.66			2.43			4
	11.86		8.76			86.0		0.66			2.77			0.66			2.77			6
	11.21		(3.46	)		81.3		0.67			2.69			0.67			2.69			14
	11.93		4.98			91.6		0.66			2.57			0.66			2.57			3
	11.66		10.70			77.7		0.68			3.23			0.68			3.23			10
	12.20		3.48			0.1		1.06			1.90			1.06			1.90			3
	11.90		2.39			0.6		1.06			2.04			1.06			2.04			4
	11.86		8.33			0.8		1.06			2.38			1.06			2.38			6
	11.21		(3.85	)		1.0		1.05			2.12			1.05			2.12			14
	11.93		4.56			16.7		1.06			2.18			1.06			2.18			3
	11.66		10.26			25.9		1.08			2.84			1.08			2.84			10

See accompanying notes to financial statements. 159

STATE FARM MUTUAL FUND TRUST MONEY MARKET FUND

(For a share outstanding throughout each period)

			Income from investment operations						Less distributions
	Net asset value, beginning of period		Net investment income (a)		Net gain (loss) on investments (both realized and unrealized) (b)		Total from investment operations		Net investment income (a)		Total distributions
Class A Shares
Six months ended 6/30/2016 (i)	$	1.00	$	—	$	—	$	—	$	—	$	—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Class B Shares
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Premier Shares (j)
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Legacy Class B Shares
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Institutional Shares
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Class R-1 Shares
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Class R-2 Shares
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—
Class R-3 Shares
Six months ended 6/30/2016 (i)		1.00		—		—		—		—		—
Year ended 12/31/2015		1.00		—		—		—		—		—
Year ended 12/31/2014		1.00		—		—		—		—		—
Year ended 12/31/2013		1.00		—		—		—		—		—
Year ended 12/31/2012		1.00		—		—		—		—		—
Year ended 12/31/2011		1.00		—		—		—		—		—

(a) Net investment income and distributions represent less than $0.01 per share for Institutional and Class R-3 shares in 2016, 2015, 2014, 2013, 2012 and 2011.

(b) Net gain (loss) on investments represents less than $0.01 per share for all classes in 2013.

(c) Total return represents less than 0.005% per share for Institutional and Class R-3 shares in 2016, 2014, 2013, 2012 and 2011.

(d) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class B and Legacy Class B shares. All other classes do not have a sales charge.

(e) Determined on an annualized basis for periods that are less than a full year.

(f) The expense ratios include the effect of expense reduction changes.

(g) The expense ratios include the effect of the voluntary fee waivers by SFIMC and VP Management Corp. described in Note 7 under Expense Reduction Agreements.

(h) Net investment income represents less than 0.005% per share for Institutional and Class R-3 shares in 2016, 2014, 2013, 2012 and 2011.

(i) Unaudited.

(j) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

160 See accompanying notes to financial statements.

Net asset value, end of period		Total return (c) (d)			Ratios/supplemental data
					Net assets, end of period (millions)		Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
							Expenses (e) (f) (g)			Net investment income (e) (h)			Expenses (e)			Net investment income (e)
$	1.00		0.00	%	$	125.5		0.33	%		0.00	%		0.57	%		(0.24	)%
	1.00		0.00			187.4		0.10			0.00			0.62			(0.52	)
	1.00		0.00			153.3		0.07			0.00			0.59			(0.52	)
	1.00		0.00			164.2		0.09			0.00			0.59			(0.50	)
	1.00		0.00			119.8		0.11			0.00			0.59			(0.48	)
	1.00		0.00			106.8		0.11			0.00			0.60			(0.49	)
	1.00		0.00			0.3		0.33			0.00			0.97			(0.64	)
	1.00		0.00			0.4		0.10			0.00			1.03			(0.93	)
	1.00		0.00			0.5		0.07			0.00			0.99			(0.92	)
	1.00		0.00			0.7		0.09			0.00			0.99			(0.90	)
	1.00		0.00			3.1		0.11			0.00			0.99			(0.88	)
	1.00		0.00			3.2		0.11			0.00			1.00			(0.89	)
	1.00		0.00			155.3		0.32			0.00			0.53			(0.21	)
	1.00		0.00			63.5		0.10			0.00			0.63			(0.53	)
	1.00		0.00			64.9		0.07			0.00			0.59			(0.52	)
	1.00		0.00			71.0		0.09			0.00			0.59			(0.50	)
	1.00		0.00			75.4		0.11			0.00			0.59			(0.48	)
	1.00		0.00			80.5		0.11			0.00			0.60			(0.49	)
	1.00		0.00			0.4		0.33			0.00			0.97			(0.64	)
	1.00		0.00			0.6		0.10			0.00			1.02			(0.92	)
	1.00		0.00			1.1		0.07			0.00			0.99			(0.92	)
	1.00		0.00			2.0		0.09			0.00			0.99			(0.90	)
	1.00		0.00			5.2		0.11			0.00			0.99			(0.88	)
	1.00		0.00			7.7		0.12			0.00			1.00			(0.88	)
	1.00		0.00			79.2		0.32			0.00			0.42			(0.10	)
	1.00		0.01			73.9		0.10			0.01			0.48			(0.37	)
	1.00		0.00			63.8		0.07			0.00			0.44			(0.37	)
	1.00		0.00			59.2		0.09			0.00			0.44			(0.35	)
	1.00		0.00			59.5		0.11			0.00			0.44			(0.33	)
	1.00		0.00			52.0		0.11			0.00			0.45			(0.34	)
	1.00		0.00			6.0		0.33			0.00			0.89			(0.56	)
	1.00		0.00			5.2		0.10			0.00			0.94			(0.84	)
	1.00		0.00			4.2		0.07			0.00			0.91			(0.84	)
	1.00		0.00			4.6		0.09			0.00			0.91			(0.82	)
	1.00		0.00			5.6		0.11			0.00			0.91			(0.80	)
	1.00		0.00			5.6		0.12			0.00			0.92			(0.80	)
	1.00		0.00			14.2		0.33			0.00			0.69			(0.36	)
	1.00		0.00			13.9		0.11			0.00			0.75			(0.64	)
	1.00		0.00			13.0		0.07			0.00			0.71			(0.64	)
	1.00		0.00			14.4		0.09			0.00			0.71			(0.62	)
	1.00		0.00			17.4		0.11			0.00			0.71			(0.60	)
	1.00		0.00			15.8		0.11			0.00			0.72			(0.61	)
	1.00		0.00			1.6		0.32			0.00			0.49			(0.17	)
	1.00		0.01			1.8		0.10			0.01			0.55			(0.44	)
	1.00		0.00			2.0		0.07			0.00			0.51			(0.44	)
	1.00		0.00			1.5		0.09			0.00			0.51			(0.42	)
	1.00		0.00			2.2		0.11			0.00			0.51			(0.40	)
	1.00		0.00			2.5		0.11			0.00			0.52			(0.41	)

See accompanying notes to financial statements. 161

STATE FARM MUTUAL FUND TRUST LIFEPATH RETIREMENT FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2016 (h)	$	11.75	$	0.05	$	0.42		$	0.47		$	(0.04	)	$	—		$	(0.04	)
Year ended 12/31/2015		12.15		0.17		(0.38	)		(0.21	)		(0.14	)		(0.05	)		(0.19	)
Year ended 12/31/2014		12.37		0.15		0.40			0.55			(0.15	)		(0.62	)		(0.77	)
Year ended 12/31/2013		12.20		0.13		0.57			0.70			(0.13	)		(0.40	)		(0.53	)
Year ended 12/31/2012		11.69		0.17		0.80			0.97			(0.19	)		(0.27	)		(0.46	)
Year ended 12/31/2011		11.51		0.22		0.18			0.40			(0.22	)		—			(0.22	)
Class B Shares
Six months ended 06/30/2016 (h)		11.83		0.01		0.43			0.44			(0.01	)		—			(0.01	)
Year ended 12/31/2015		12.23		0.08		(0.38	)		(0.30	)		(0.05	)		(0.05	)		(0.10	)
Year ended 12/31/2014		12.45		0.08		0.40			0.48			(0.08	)		(0.62	)		(0.70	)
Year ended 12/31/2013		12.27		0.09		0.58			0.67			(0.09	)		(0.40	)		(0.49	)
Year ended 12/31/2012		11.75		0.10		0.81			0.91			(0.12	)		(0.27	)		(0.39	)
Year ended 12/31/2011		11.57		0.14		0.18			0.32			(0.14	)		—			(0.14	)
Premier Shares (i)
Six months ended 06/30/2016 (h)		12.02		0.07		0.43			0.50			(0.06	)		—			(0.06	)
Year ended 12/31/2015		12.43		0.17		(0.39	)		(0.22	)		(0.14	)		(0.05	)		(0.19	)
Year ended 12/31/2014		12.64		0.16		0.40			0.56			(0.15	)		(0.62	)		(0.77	)
Year ended 12/31/2013		12.44		0.13		0.59			0.72			(0.12	)		(0.40	)		(0.52	)
Year ended 12/31/2012		11.91		0.17		0.81			0.98			(0.18	)		(0.27	)		(0.45	)
Year ended 12/31/2011		11.73		0.22		0.18			0.40			(0.22	)		—			(0.22	)
Legacy Class B Shares
Six months ended 06/30/2016 (h)		12.09		0.03		0.44			0.47			(0.03	)		—			(0.03	)
Year ended 12/31/2015		12.49		0.11		(0.38	)		(0.27	)		(0.08	)		(0.05	)		(0.13	)
Year ended 12/31/2014		12.69		0.10		0.41			0.51			(0.09	)		(0.62	)		(0.71	)
Year ended 12/31/2013		12.49		0.08		0.59			0.67			(0.07	)		(0.40	)		(0.47	)
Year ended 12/31/2012		11.95		0.12		0.81			0.93			(0.12	)		(0.27	)		(0.39	)
Year ended 12/31/2011		11.76		0.18		0.18			0.36			(0.17	)		—			(0.17	)
Institutional Shares
Six months ended 06/30/2016 (h)		12.02		0.07		0.44			0.51			(0.07	)		—			(0.07	)
Year ended 12/31/2015		12.43		0.20		(0.39	)		(0.19	)		(0.17	)		(0.05	)		(0.22	)
Year ended 12/31/2014		12.64		0.19		0.41			0.60			(0.19	)		(0.62	)		(0.81	)
Year ended 12/31/2013		12.44		0.16		0.59			0.75			(0.15	)		(0.40	)		(0.55	)
Year ended 12/31/2012		11.92		0.20		0.80			1.00			(0.21	)		(0.27	)		(0.48	)
Year ended 12/31/2011		11.73		0.25		0.19			0.44			(0.25	)		—			(0.25	)
Class R-1 Shares
Six months ended 06/30/2016 (h)		11.80		0.04		0.42			0.46			(0.04	)		—			(0.04	)
Year ended 12/31/2015		12.20		0.13		(0.38	)		(0.25	)		(0.10	)		(0.05	)		(0.15	)
Year ended 12/31/2014		12.42		0.11		0.40			0.51			(0.11	)		(0.62	)		(0.73	)
Year ended 12/31/2013		12.24		0.09		0.58			0.67			(0.09	)		(0.40	)		(0.49	)
Year ended 12/31/2012		11.72		0.13		0.80			0.93			(0.14	)		(0.27	)		(0.41	)
Year ended 12/31/2011		11.54		0.18		0.18			0.36			(0.18	)		—			(0.18	)
Class R-2 Shares
Six months ended 06/30/2016 (h)		12.06		0.05		0.44			0.49			(0.05	)		—			(0.05	)
Year ended 12/31/2015		12.46		0.16		(0.38	)		(0.22	)		(0.13	)		(0.05	)		(0.18	)
Year ended 12/31/2014		12.67		0.14		0.41			0.55			(0.14	)		(0.62	)		(0.76	)
Year ended 12/31/2013		12.48		0.11		0.59			0.70			(0.11	)		(0.40	)		(0.51	)
Year ended 12/31/2012		11.94		0.15		0.83			0.98			(0.17	)		(0.27	)		(0.44	)
Year ended 12/31/2011		11.75		0.21		0.19			0.40			(0.21	)		—			(0.21	)
Class R-3 Shares
Six months ended 06/30/2016 (h)		12.01		0.07		0.43			0.50			(0.07	)		—			(0.07	)
Year ended 12/31/2015		12.42		0.19		(0.38	)		(0.19	)		(0.17	)		(0.05	)		(0.22	)
Year ended 12/31/2014		12.63		0.18		0.40			0.58			(0.17	)		(0.62	)		(0.79	)
Year ended 12/31/2013		12.43		0.15		0.60			0.75			(0.15	)		(0.40	)		(0.55	)
Year ended 12/31/2012		11.90		0.19		0.81			1.00			(0.20	)		(0.27	)		(0.47	)
Year ended 12/31/2011		11.71		0.25		0.18			0.43			(0.24	)		—			(0.24	)

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

(b) Through October 30, 2015, net amounts and ratios reflected the Fund’s proportionate share of income and expenses of the Master Portfolio and indirect proportionate share of the expenses of the Underlying Master Portfolios; but did not reflect indirect proportionate share of the expenses of the other registered investment companies in which the Master Portfolio invested. Net amounts and ratios assuming expense reductions also reflected applicable Expense Reduction Agreements described in Note 7; but ratios absent expense reductions did not reflect otherwise applicable Expense Reduction Agreements described in Note 7.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

162 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)			Net assets, end of period (millions)		Expenses (b) (d) (e) (f)			Net investment income (loss) (b) (d)			Expenses (b) (d) (f)			Net investment income (loss) (b) (d)			Portfolio turnover rate (d) (g)
$	12.18		4.04	%	$	410.1		0.81	%		0.76	%		0.81	%		0.76	%		9	%
	11.75		(1.67	)		852.1		1.04			1.37			1.35			1.06			83
	12.15		4.53			780.7		1.07			1.21			1.46			0.82			14
	12.37		5.80			652.2		1.07			1.02			1.45			0.64			17
	12.20		8.31			483.2		1.14			1.37			1.45			1.06			4
	11.69		3.51			352.7		1.17			1.89			1.47			1.59			4
	12.26		3.74			8.6		1.51			0.18			1.51			0.18			9
	11.83		(2.40	)		9.8		1.75			0.62			2.07			0.30			83
	12.23		3.87			12.7		1.66			0.61			2.05			0.22			14
	12.45		5.51			12.7		1.37			0.72			1.75			0.34			17
	12.27		7.65			11.4		1.69			0.81			2.00			0.50			4
	11.75		2.85			10.3		1.87			1.18			2.17			0.88			4
	12.46		4.17			712.1		0.76			1.28			0.76			1.28			9
	12.02		(1.74	)		253.1		1.05			1.35			1.36			1.04			83
	12.43		4.48			277.5		1.07			1.21			1.46			0.82			14
	12.64		5.81			282.7		1.07			1.02			1.45			0.64			17
	12.44		8.29			276.9		1.14			1.36			1.45			1.05			4
	11.91		3.50			258.3		1.17			1.88			1.47			1.58			4
	12.53		3.86			4.7		1.21			0.46			1.21			0.46			9
	12.09		(2.10	)		5.6		1.45			0.90			1.77			0.58			83
	12.49		4.07			9.0		1.47			0.80			1.85			0.42			14
	12.69		5.39			14.7		1.48			0.60			1.86			0.22			17
	12.49		7.85			23.2		1.54			0.93			1.85			0.62			4
	11.95		3.06			34.6		1.57			1.47			1.87			1.17			4
	12.46		4.24			104.2		0.56			1.16			0.56			1.16			9
	12.02		(1.49	)		98.8		0.79			1.61			1.11			1.29			83
	12.43		4.76			96.7		0.82			1.46			1.21			1.07			14
	12.64		6.15			89.8		0.82			1.27			1.20			0.89			17
	12.44		8.47			78.5		0.89			1.62			1.20			1.31			4
	11.92		3.78			64.6		0.92			2.14			1.22			1.84			4
	12.22		3.86			7.8		1.13			0.60			1.13			0.60			9
	11.80		(1.99	)		6.8		1.36			1.04			1.68			0.72			83
	12.20		4.16			6.6		1.39			0.89			1.78			0.50			14
	12.42		5.50			6.4		1.39			0.70			1.77			0.32			17
	12.24		8.00			5.8		1.46			1.03			1.77			0.72			4
	11.72		3.16			5.3		1.49			1.56			1.79			1.26			4
	12.50		4.03			27.0		0.93			0.79			0.93			0.79			9
	12.06		(1.84	)		25.0		1.16			1.26			1.47			0.95			83
	12.46		4.44			23.6		1.19			1.09			1.58			0.70			14
	12.67		5.64			19.9		1.19			0.89			1.57			0.51			17
	12.48		8.14			19.1		1.26			1.23			1.57			0.92			4
	11.94		3.38			16.6		1.29			1.77			1.59			1.47			4
	12.44		4.13			1.8		0.63			1.09			0.63			1.09			9
	12.01		(1.55	)		1.8		0.87			1.52			1.18			1.21			83
	12.42		4.68			1.8		0.89			1.39			1.28			1.00			14
	12.63		6.09			1.7		0.89			1.20			1.27			0.82			17
	12.43		8.44			1.6		0.96			1.53			1.27			1.22			4
	11.90		3.71			1.6		0.99			2.06			1.29			1.76			4

(e) The expense ratios include the effect of expense reduction changes.

(f) Effective October 31, 2015, expense ratios relate to the Fund only and do not reflect acquired fund fees and expenses.

(g) The 2015 portfolio turnover rate reflects the period from November 2, 2015 to December 31, 2015 and excludes in-kind contribution of portfolio securities received after the close of business on October 30, 2015. Through October 30, 2015, the LifePath Retirement Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2015 to October 30, 2015 was 16%. For the period January 1, 2015 to October 30, 2015, and years ended 2014 and 2013, included the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund, BlackRock Emerging Markets Fund, Inc. and iShares exchange-traded funds. For the years ended 2012 and 2011, excluded the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund and BlackRock Emerging Markets Fund, Inc. If these transactions had been included to conform to the 2015, 2014 and 2013 presentation, portfolio turnover rate would have been 13% and 20% for the years ended 2012 and 2011, respectively.

(h) Unaudited.

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

See accompanying notes to financial statements. 163

STATE FARM MUTUAL FUND TRUST LIFEPATH 2020 FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2016 (h)	$	13.57	$	0.06	$	0.47		$	0.53		$	—		$	—		$	—
Year ended 12/31/2015		14.06		0.20		(0.46	)		(0.26	)		(0.17	)		(0.06	)		(0.23	)
Year ended 12/31/2014		14.45		0.18		0.50			0.68			(0.17	)		(0.90	)		(1.07	)
Year ended 12/31/2013		13.91		0.17		1.13			1.30			(0.17	)		(0.59	)		(0.76	)
Year ended 12/31/2012		12.79		0.20		1.15			1.35			(0.21	)		(0.02	)		(0.23	)
Year ended 12/31/2011		12.86		0.22		(0.08	)		0.14			(0.21	)		—			(0.21	)
Class B Shares
Six months ended 06/30/2016 (h)		13.50		0.02		0.46			0.48			—			—			—
Year ended 12/31/2015		13.97		0.09		(0.45	)		(0.36	)		(0.05	)		(0.06	)		(0.11	)
Year ended 12/31/2014		14.36		0.07		0.50			0.57			(0.06	)		(0.90	)		(0.96	)
Year ended 12/31/2013		13.82		0.07		1.13			1.20			(0.07	)		(0.59	)		(0.66	)
Year ended 12/31/2012		12.72		0.10		1.14			1.24			(0.12	)		(0.02	)		(0.14	)
Year ended 12/31/2011		12.79		0.13		(0.08	)		0.05			(0.12	)		—			(0.12	)
Premier Shares (i)
Six months ended 06/30/2016 (h)		13.53		0.09		0.44			0.53			—			—			—
Year ended 12/31/2015		14.01		0.20		(0.45	)		(0.25	)		(0.17	)		(0.06	)		(0.23	)
Year ended 12/31/2014		14.40		0.18		0.49			0.67			(0.16	)		(0.90	)		(1.06	)
Year ended 12/31/2013		13.86		0.17		1.13			1.30			(0.17	)		(0.59	)		(0.76	)
Year ended 12/31/2012		12.74		0.20		1.15			1.35			(0.21	)		(0.02	)		(0.23	)
Year ended 12/31/2011		12.81		0.22		(0.08	)		0.14			(0.21	)		—			(0.21	)
Legacy Class B Shares
Six months ended 06/30/2016 (h)		13.63		0.04		0.46			0.50			—			—			—
Year ended 12/31/2015		14.09		0.13		(0.44	)		(0.31	)		(0.09	)		(0.06	)		(0.15	)
Year ended 12/31/2014		14.45		0.12		0.50			0.62			(0.08	)		(0.90	)		(0.98	)
Year ended 12/31/2013		13.88		0.10		1.14			1.24			(0.08	)		(0.59	)		(0.67	)
Year ended 12/31/2012		12.74		0.13		1.15			1.28			(0.12	)		(0.02	)		(0.14	)
Year ended 12/31/2011		12.79		0.16		(0.07	)		0.09			(0.14	)		—			(0.14	)
Institutional Shares
Six months ended 06/30/2016 (h)		13.61		0.09		0.46			0.55			—			—			—
Year ended 12/31/2015		14.10		0.23		(0.46	)		(0.23	)		(0.20	)		(0.06	)		(0.26	)
Year ended 12/31/2014		14.49		0.22		0.49			0.71			(0.20	)		(0.90	)		(1.10	)
Year ended 12/31/2013		13.93		0.20		1.15			1.35			(0.20	)		(0.59	)		(0.79	)
Year ended 12/31/2012		12.81		0.23		1.15			1.38			(0.24	)		(0.02	)		(0.26	)
Year ended 12/31/2011		12.88		0.25		(0.08	)		0.17			(0.24	)		—			(0.24	)
Class R-1 Shares
Six months ended 06/30/2016 (h)		13.51		0.04		0.47			0.51			—			—			—
Year ended 12/31/2015		14.00		0.15		(0.46	)		(0.31	)		(0.12	)		(0.06	)		(0.18	)
Year ended 12/31/2014		14.39		0.13		0.50			0.63			(0.12	)		(0.90	)		(1.02	)
Year ended 12/31/2013		13.84		0.12		1.14			1.26			(0.12	)		(0.59	)		(0.71	)
Year ended 12/31/2012		12.73		0.15		1.15			1.30			(0.17	)		(0.02	)		(0.19	)
Year ended 12/31/2011		12.81		0.18		(0.09	)		0.09			(0.17	)		—			(0.17	)
Class R-2 Shares
Six months ended 06/30/2016 (h)		13.52		0.06		0.46			0.52			—			—			—
Year ended 12/31/2015		14.00		0.18		(0.45	)		(0.27	)		(0.15	)		(0.06	)		(0.21	)
Year ended 12/31/2014		14.40		0.16		0.50			0.66			(0.16	)		(0.90	)		(1.06	)
Year ended 12/31/2013		13.86		0.15		1.13			1.28			(0.15	)		(0.59	)		(0.74	)
Year ended 12/31/2012		12.75		0.18		1.15			1.33			(0.20	)		(0.02	)		(0.22	)
Year ended 12/31/2011		12.82		0.20		(0.07	)		0.13			(0.20	)		—			(0.20	)
Class R-3 Shares
Six months ended 06/30/2016 (h)		13.59		0.08		0.46			0.54			—			—			—
Year ended 12/31/2015		14.07		0.22		(0.45	)		(0.23	)		(0.19	)		(0.06	)		(0.25	)
Year ended 12/31/2014		14.46		0.21		0.49			0.70			(0.19	)		(0.90	)		(1.09	)
Year ended 12/31/2013		13.90		0.19		1.15			1.34			(0.19	)		(0.59	)		(0.78	)
Year ended 12/31/2012		12.76		0.22		1.16			1.38			(0.22	)		(0.02	)		(0.24	)
Year ended 12/31/2011		12.83		0.24		(0.08	)		0.16			(0.23	)		—			(0.23	)

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

(b) Through October 30, 2015, net amounts and ratios reflected the Fund’s proportionate share of income and expenses of the Master Portfolio and indirect proportionate share of the expenses of the Underlying Master Portfolios; but did not reflect indirect proportionate share of the expenses of the other registered investment companies in which the Master Portfolio invested. Net amounts and ratios assuming expense reductions also reflected applicable Expense Reduction Agreements described in Note 7; but ratios absent expense reductions did not reflect otherwise applicable Expense Reduction Agreements described in Note 7.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

164 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)			Net assets, end of period (millions)		Expenses (b) (d) (e) (f)			Net investment income (loss) (b) (d)			Expenses (b) (d) (f)			Net investment income (loss) (b) (d)			Portfolio turnover rate (d) (g)
$	14.10		3.91	%	$	862.7		0.80	%		0.85	%		0.80	%		0.85	%		9	%
	13.57		(1.86	)		1,320.9		1.03			1.43			1.36			1.10			81
	14.06		4.73			1,212.0		1.05			1.21			1.46			0.80			21
	14.45		9.34			989.9		1.04			1.18			1.44			0.78			19
	13.91		10.59			727.4		1.11			1.47			1.45			1.13			5
	12.79		1.12			537.2		1.13			1.70			1.45			1.38			5
	13.98		3.56			24.0		1.50			0.26			1.50			0.26			9
	13.50		(2.57	)		26.9		1.73			0.67			2.07			0.33			81
	13.97		3.97			32.9		1.75			0.51			2.16			0.10			21
	14.36		8.66			32.8		1.74			0.46			2.15			0.05			19
	13.82		9.75			28.4		1.81			0.75			2.15			0.41			5
	12.72		0.42			24.1		1.83			0.98			2.15			0.66			5
	14.06		3.92			945.9		0.76			1.38			0.76			1.38			9
	13.53		(1.83	)		425.8		1.03			1.40			1.37			1.06			81
	14.01		4.71			453.9		1.05			1.21			1.46			0.80			21
	14.40		9.32			434.3		1.04			1.16			1.45			0.75			19
	13.86		10.59			399.0		1.11			1.45			1.45			1.11			5
	12.74		1.09			356.9		1.13			1.68			1.45			1.36			5
	14.13		3.67			13.5		1.20			0.55			1.20			0.55			9
	13.63		(2.22	)		16.1		1.43			0.95			1.78			0.60			81
	14.09		4.30			22.6		1.45			0.80			1.86			0.39			21
	14.45		8.90			33.6		1.45			0.71			1.85			0.31			19
	13.88		10.11			46.9		1.52			1.00			1.85			0.67			5
	12.74		0.71			62.5		1.53			1.26			1.85			0.94			5
	14.16		4.04			204.3		0.55			1.25			0.55			1.25			9
	13.61		(1.62	)		196.4		0.78			1.66			1.12			1.32			81
	14.10		4.95			197.0		0.80			1.46			1.21			1.05			21
	14.49		9.69			171.4		0.79			1.41			1.20			1.00			19
	13.93		10.80			145.4		0.86			1.70			1.20			1.36			5
	12.81		1.34			125.4		0.88			1.94			1.20			1.62			5
	14.02		3.77			20.7		1.12			0.66			1.12			0.66			9
	13.51		(2.20	)		19.9		1.35			1.09			1.68			0.76			81
	14.00		4.37			17.7		1.37			0.88			1.78			0.47			21
	14.39		9.07			17.5		1.36			0.83			1.77			0.42			19
	13.84		10.16			16.4		1.43			1.14			1.77			0.80			5
	12.73		0.77			13.1		1.45			1.35			1.77			1.03			5
	14.04		3.85			63.2		0.92			0.89			0.92			0.89			9
	13.52		(1.93	)		57.0		1.15			1.28			1.49			0.94			81
	14.00		4.58			58.3		1.17			1.09			1.58			0.68			21
	14.40		9.21			45.2		1.16			1.03			1.57			0.62			19
	13.86		10.43			40.8		1.23			1.35			1.57			1.01			5
	12.75		0.99			30.4		1.25			1.57			1.57			1.25			5
	14.13		3.97			3.6		0.62			1.19			0.62			1.19			9
	13.59		(1.66	)		3.3		0.85			1.55			1.19			1.21			81
	14.07		4.88			4.4		0.87			1.40			1.28			0.99			21
	14.46		9.58			2.9		0.87			1.34			1.27			0.94			19
	13.90		10.77			2.7		0.94			1.59			1.28			1.25			5
	12.76		1.29			2.7		0.95			1.85			1.27			1.53			5

(e) The expense ratios include the effect of expense reduction changes.

(f) Effective October 31, 2015, expense ratios relate to the Fund only and do not reflect acquired fund fees and expenses.

(g) The 2015 portfolio turnover rate reflects the period from November 2, 2015 to December 31, 2015 and excludes in-kind contribution of portfolio securities received after the close of business on October 30, 2015. Through October 30, 2015, the LifePath 2020 Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2015 to October 30, 2015 was 14%. For the period January 1, 2015 to October 30, 2015, and years ended 2014 and 2013, included the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund, BlackRock Emerging Markets Fund, Inc. and iShares exchange-traded funds. For the years ended 2012 and 2011, excluded the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund and BlackRock Emerging Markets Fund, Inc. If these transactions had been included to conform to the 2015, 2014 and 2013 presentation, portfolio turnover rate would have been 15% and 23% for the years ended 2012 and 2011, respectively.

(h) Unaudited.

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

See accompanying notes to financial statements. 165

STATE FARM MUTUAL FUND TRUST LIFEPATH 2030 FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2016 (h)	$	14.20	$	0.07	$	0.43		$	0.50		$	—		$	—		$	—
Year ended 12/31/2015		14.73		0.23		(0.52	)		(0.29	)		(0.17	)		(0.07	)		(0.24	)
Year ended 12/31/2014		15.27		0.19		0.57			0.76			(0.17	)		(1.13	)		(1.30	)
Year ended 12/31/2013		14.22		0.20		1.70			1.90			(0.21	)		(0.64	)		(0.85	)
Year ended 12/31/2012		12.82		0.21		1.41			1.62			(0.22	)		—			(0.22	)
Year ended 12/31/2011		13.15		0.20		(0.34	)		(0.14	)		(0.19	)		—			(0.19	)
Class B Shares
Six months ended 06/30/2016 (h)		14.15		0.06		0.43			0.49			—			—			—
Year ended 12/31/2015		14.66		0.13		(0.51	)		(0.38	)		(0.06	)		(0.07	)		(0.13	)
Year ended 12/31/2014		15.20		0.08		0.56			0.64			(0.05	)		(1.13	)		(1.18	)
Year ended 12/31/2013		14.16		0.09		1.69			1.78			(0.10	)		(0.64	)		(0.74	)
Year ended 12/31/2012		12.77		0.11		1.40			1.51			(0.12	)		—			(0.12	)
Year ended 12/31/2011		13.10		0.11		(0.34	)		(0.23	)		(0.10	)		—			(0.10	)
Premier Shares (i)
Six months ended 06/30/2016 (h)		14.23		0.11		0.40			0.51			—			—			—
Year ended 12/31/2015		14.76		0.22		(0.52	)		(0.30	)		(0.16	)		(0.07	)		(0.23	)
Year ended 12/31/2014		15.29		0.19		0.58			0.77			(0.17	)		(1.13	)		(1.30	)
Year ended 12/31/2013		14.23		0.20		1.70			1.90			(0.20	)		(0.64	)		(0.84	)
Year ended 12/31/2012		12.83		0.21		1.40			1.61			(0.21	)		—			(0.21	)
Year ended 12/31/2011		13.15		0.20		(0.33	)		(0.13	)		(0.19	)		—			(0.19	)
Legacy Class B Shares
Six months ended 06/30/2016 (h)		14.28		0.05		0.43			0.48			—			—			—
Year ended 12/31/2015		14.79		0.15		(0.51	)		(0.36	)		(0.08	)		(0.07	)		(0.15	)
Year ended 12/31/2014		15.30		0.12		0.58			0.70			(0.08	)		(1.13	)		(1.21	)
Year ended 12/31/2013		14.21		0.12		1.72			1.84			(0.11	)		(0.64	)		(0.75	)
Year ended 12/31/2012		12.79		0.15		1.40			1.55			(0.13	)		—			(0.13	)
Year ended 12/31/2011		13.10		0.14		(0.33	)		(0.19	)		(0.12	)		—			(0.12	)
Institutional Shares
Six months ended 06/30/2016 (h)		14.30		0.10		0.42			0.52			—			—			—
Year ended 12/31/2015		14.83		0.26		(0.52	)		(0.26	)		(0.20	)		(0.07	)		(0.27	)
Year ended 12/31/2014		15.36		0.23		0.58			0.81			(0.21	)		(1.13	)		(1.34	)
Year ended 12/31/2013		14.29		0.24		1.71			1.95			(0.24	)		(0.64	)		(0.88	)
Year ended 12/31/2012		12.88		0.25		1.41			1.66			(0.25	)		—			(0.25	)
Year ended 12/31/2011		13.21		0.23		(0.34	)		(0.11	)		(0.22	)		—			(0.22	)
Class R-1 Shares
Six months ended 06/30/2016 (h)		14.13		0.06		0.42			0.48			—			—			—
Year ended 12/31/2015		14.66		0.18		(0.52	)		(0.34	)		(0.12	)		(0.07	)		(0.19	)
Year ended 12/31/2014		15.20		0.14		0.56			0.70			(0.11	)		(1.13	)		(1.24	)
Year ended 12/31/2013		14.16		0.15		1.69			1.84			(0.16	)		(0.64	)		(0.80	)
Year ended 12/31/2012		12.76		0.16		1.41			1.57			(0.17	)		—			(0.17	)
Year ended 12/31/2011		13.08		0.15		(0.32	)		(0.17	)		(0.15	)		—			(0.15	)
Class R-2 Shares
Six months ended 06/30/2016 (h)		14.18		0.07		0.42			0.49			—			—			—
Year ended 12/31/2015		14.71		0.21		(0.52	)		(0.31	)		(0.15	)		(0.07	)		(0.22	)
Year ended 12/31/2014		15.26		0.17		0.57			0.74			(0.16	)		(1.13	)		(1.29	)
Year ended 12/31/2013		14.20		0.17		1.71			1.88			(0.18	)		(0.64	)		(0.82	)
Year ended 12/31/2012		12.81		0.20		1.40			1.60			(0.21	)		—			(0.21	)
Year ended 12/31/2011		13.13		0.19		(0.34	)		(0.15	)		(0.17	)		—			(0.17	)
Class R-3 Shares
Six months ended 06/30/2016 (h)		14.31		0.10		0.43			0.53			—			—			—
Year ended 12/31/2015		14.84		0.24		(0.52	)		(0.28	)		(0.18	)		(0.07	)		(0.25	)
Year ended 12/31/2014		15.37		0.22		0.58			0.80			(0.20	)		(1.13	)		(1.33	)
Year ended 12/31/2013		14.29		0.22		1.72			1.94			(0.22	)		(0.64	)		(0.86	)
Year ended 12/31/2012		12.87		0.23		1.42			1.65			(0.23	)		—			(0.23	)
Year ended 12/31/2011		13.19		0.22		(0.33	)		(0.11	)		(0.21	)		—			(0.21	)

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

(b) Through October 30, 2015, net amounts and ratios reflected the Fund’s proportionate share of income and expenses of the Master Portfolio and indirect proportionate share of the expenses of the Underlying Master Portfolios; but did not reflect indirect proportionate share of the expenses of the other registered investment companies in which the Master Portfolio invested. Net amounts and ratios assuming expense reductions also reflected applicable Expense Reduction Agreements described in Note 7; but ratios absent expense reductions did not reflect otherwise applicable Expense Reduction Agreements described in Note 7.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

166 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)			Net assets, end of period (millions)		Expenses (b) (d) (e) (f)			Net investment income (loss) (b) (d)			Expenses (b) (d) (f)			Net investment income (loss) (b) (d)			Portfolio turnover rate (d) (g)
$	14.70		3.52	%	$	1,012.5		0.80	%		0.98	%		0.80	%		0.98	%		6	%
	14.20		(1.99	)		1,323.7		1.00			1.52			1.36			1.16			81
	14.73		4.90			1,153.7		1.02			1.22			1.47			0.77			33
	15.27		13.40			927.4		1.02			1.34			1.45			0.91			22
	14.22		12.61			657.8		1.10			1.54			1.46			1.18			5
	12.82		(1.04	)		483.8		1.12			1.52			1.45			1.19			7
	14.64		3.46			32.2		1.00			0.89			1.00			0.89			6
	14.15		(2.60	)		35.3		1.59			0.86			1.96			0.49			81
	14.66		4.21			42.8		1.72			0.51			2.17			0.06			33
	15.20		12.58			41.8		1.73			0.62			2.16			0.19			22
	14.16		11.84			34.4		1.80			0.83			2.16			0.47			5
	12.77		(1.74	)		28.3		1.82			0.80			2.15			0.47			7
	14.74		3.58			761.8		0.76			1.72			0.76			1.72			6
	14.23		(2.03	)		347.7		1.00			1.48			1.37			1.11			81
	14.76		4.98			362.1		1.02			1.21			1.47			0.76			33
	15.29		13.34			341.8		1.03			1.31			1.46			0.88			22
	14.23		12.56			296.6		1.10			1.52			1.46			1.16			5
	12.83		(1.00	)		258.1		1.11			1.50			1.45			1.16			7
	14.76		3.36			13.4		1.20			0.67			1.20			0.67			6
	14.28		(2.43	)		15.6		1.41			1.03			1.78			0.66			81
	14.79		4.54			21.6		1.42			0.80			1.87			0.35			33
	15.30		12.91			30.5		1.43			0.82			1.86			0.39			22
	14.21		12.15			41.5		1.50			1.06			1.85			0.71			5
	12.79		(1.44	)		50.6		1.51			1.07			1.85			0.73			7
	14.82		3.64			244.9		0.55			1.41			0.55			1.41			6
	14.30		(1.76	)		230.7		0.75			1.75			1.11			1.39			81
	14.83		5.23			221.5		0.77			1.47			1.22			1.02			33
	15.36		13.63			191.9		0.78			1.57			1.21			1.14			22
	14.29		12.86			153.5		0.85			1.78			1.21			1.42			5
	12.88		(0.82	)		125.4		0.87			1.76			1.20			1.43			7
	14.61		3.40			34.2		1.12			0.84			1.12			0.84			6
	14.13		(2.30	)		31.4		1.32			1.20			1.68			0.84			81
	14.66		4.59			25.8		1.34			0.89			1.79			0.44			33
	15.20		12.99			24.9		1.34			1.01			1.77			0.58			22
	14.16		12.32			19.8		1.42			1.19			1.78			0.83			5
	12.76		(1.32	)		16.3		1.43			1.16			1.77			0.82			7
	14.67		3.46			66.6		0.92			1.04			0.92			1.04			6
	14.18		(2.11	)		59.2		1.12			1.40			1.48			1.04			81
	14.71		4.79			52.3		1.14			1.10			1.59			0.65			33
	15.26		13.23			41.7		1.15			1.15			1.58			0.72			22
	14.20		12.45			40.4		1.22			1.43			1.58			1.07			5
	12.81		(1.11	)		26.3		1.24			1.41			1.57			1.08			7
	14.84		3.70			3.8		0.62			1.36			0.62			1.36			6
	14.31		(1.88	)		3.4		0.83			1.62			1.19			1.26			81
	14.84		5.15			4.4		0.84			1.40			1.29			0.95			33
	15.37		13.56			3.7		0.85			1.47			1.28			1.04			22
	14.29		12.85			3.5		0.92			1.69			1.28			1.33			5
	12.87		(0.85	)		2.9		0.93			1.66			1.27			1.32			7

(e) The expense ratios include the effect of expense reduction changes.

(f) Effective October 31, 2015, expense ratios relate to the Fund only and do not reflect acquired fund fees and expenses.

(g) The 2015 portfolio turnover rate reflects the period from November 2, 2015 to December 31, 2015 and excludes in-kind contribution of portfolio securities received after the close of business on October 30, 2015. Through October 30, 2015, the LifePath 2030 Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2015 to October 30, 2015 was 15%. For the period January 1, 2015 to October 30, 2015, and years ended 2014 and 2013, included the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund, BlackRock Emerging Markets Fund, Inc. and iShares exchange-traded funds. For the years ended 2012 and 2011, excluded the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund and BlackRock Emerging Markets Fund, Inc. If these transactions had been included to conform to the 2015, 2014 and 2013 presentation, portfolio turnover rate would have been 16% and 20% for the years ended 2012 and 2011, respectively.

(h) Unaudited.

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

See accompanying notes to financial statements. 167

STATE FARM MUTUAL FUND TRUST LIFEPATH 2040 FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2016 (h)	$	14.68	$	0.09	$	0.38		$	0.47		$	—		$	—		$	—
Year ended 12/31/2015		15.31		0.24		(0.58	)		(0.34	)		(0.21	)		(0.08	)		(0.29	)
Year ended 12/31/2014		15.99		0.20		0.62			0.82			(0.18	)		(1.32	)		(1.50	)
Year ended 12/31/2013		14.46		0.23		2.18			2.41			(0.23	)		(0.65	)		(0.88	)
Year ended 12/31/2012		12.85		0.22		1.62			1.84			(0.23	)		—			(0.23	)
Year ended 12/31/2011		13.41		0.18		(0.56	)		(0.38	)		(0.18	)		—			(0.18	)
Class B Shares
Six months ended 06/30/2016 (h)		14.62		0.07		0.38			0.45			—			—			—
Year ended 12/31/2015		15.22		0.14		(0.56	)		(0.42	)		(0.10	)		(0.08	)		(0.18	)
Year ended 12/31/2014		15.90		0.08		0.62			0.70			(0.06	)		(1.32	)		(1.38	)
Year ended 12/31/2013		14.40		0.11		2.16			2.27			(0.12	)		(0.65	)		(0.77	)
Year ended 12/31/2012		12.80		0.12		1.61			1.73			(0.13	)		—			(0.13	)
Year ended 12/31/2011		13.35		0.09		(0.55	)		(0.46	)		(0.09	)		—			(0.09	)
Premier Shares (i)
Six months ended 06/30/2016 (h)		14.74		0.11		0.36			0.47			—			—			—
Year ended 12/31/2015		15.36		0.24		(0.57	)		(0.33	)		(0.21	)		(0.08	)		(0.29	)
Year ended 12/31/2014		16.03		0.20		0.63			0.83			(0.18	)		(1.32	)		(1.50	)
Year ended 12/31/2013		14.50		0.22		2.18			2.40			(0.22	)		(0.65	)		(0.87	)
Year ended 12/31/2012		12.88		0.22		1.62			1.84			(0.22	)		—			(0.22	)
Year ended 12/31/2011		13.42		0.18		(0.55	)		(0.37	)		(0.17	)		—			(0.17	)
Legacy Class B Shares
Six months ended 06/30/2016 (h)		14.80		0.06		0.39			0.45			—			—			—
Year ended 12/31/2015		15.41		0.17		(0.58	)		(0.41	)		(0.12	)		(0.08	)		(0.20	)
Year ended 12/31/2014		16.05		0.13		0.64			0.77			(0.09	)		(1.32	)		(1.41	)
Year ended 12/31/2013		14.50		0.14		2.20			2.34			(0.14	)		(0.65	)		(0.79	)
Year ended 12/31/2012		12.87		0.16		1.62			1.78			(0.15	)		—			(0.15	)
Year ended 12/31/2011		13.40		0.12		(0.54	)		(0.42	)		(0.11	)		—			(0.11	)
Institutional Shares
Six months ended 06/30/2016 (h)		14.81		0.11		0.38			0.49			—			—			—
Year ended 12/31/2015		15.44		0.28		(0.59	)		(0.31	)		(0.24	)		(0.08	)		(0.32	)
Year ended 12/31/2014		16.11		0.24		0.63			0.87			(0.22	)		(1.32	)		(1.54	)
Year ended 12/31/2013		14.56		0.27		2.19			2.46			(0.26	)		(0.65	)		(0.91	)
Year ended 12/31/2012		12.93		0.26		1.63			1.89			(0.26	)		—			(0.26	)
Year ended 12/31/2011		13.48		0.22		(0.56	)		(0.34	)		(0.21	)		—			(0.21	)
Class R-1 Shares
Six months ended 06/30/2016 (h)		14.61		0.07		0.37			0.44			—			—			—
Year ended 12/31/2015		15.25		0.20		(0.59	)		(0.39	)		(0.17	)		(0.08	)		(0.25	)
Year ended 12/31/2014		15.92		0.15		0.62			0.77			(0.12	)		(1.32	)		(1.44	)
Year ended 12/31/2013		14.41		0.17		2.17			2.34			(0.18	)		(0.65	)		(0.83	)
Year ended 12/31/2012		12.80		0.17		1.62			1.79			(0.18	)		—			(0.18	)
Year ended 12/31/2011		13.34		0.13		(0.54	)		(0.41	)		(0.13	)		—			(0.13	)
Class R-2 Shares
Six months ended 06/30/2016 (h)		14.68		0.08		0.38			0.46			—			—			—
Year ended 12/31/2015		15.30		0.22		(0.57	)		(0.35	)		(0.19	)		(0.08	)		(0.27	)
Year ended 12/31/2014		15.99		0.18		0.62			0.80			(0.17	)		(1.32	)		(1.49	)
Year ended 12/31/2013		14.46		0.20		2.18			2.38			(0.20	)		(0.65	)		(0.85	)
Year ended 12/31/2012		12.85		0.21		1.61			1.82			(0.21	)		—			(0.21	)
Year ended 12/31/2011		13.40		0.17		(0.56	)		(0.39	)		(0.16	)		—			(0.16	)
Class R-3 Shares
Six months ended 06/30/2016 (h)		14.97		0.11		0.38			0.49			—			—			—
Year ended 12/31/2015		15.60		0.28		(0.59	)		(0.31	)		(0.24	)		(0.08	)		(0.32	)
Year ended 12/31/2014		16.26		0.24		0.63			0.87			(0.21	)		(1.32	)		(1.53	)
Year ended 12/31/2013		14.70		0.25		2.21			2.46			(0.25	)		(0.65	)		(0.90	)
Year ended 12/31/2012		13.05		0.24		1.65			1.89			(0.24	)		—			(0.24	)
Year ended 12/31/2011		13.60		0.21		(0.56	)		(0.35	)		(0.20	)		—			(0.20	)

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

(b) Through October 30, 2015, net amounts and ratios reflected the Fund’s proportionate share of income and expenses of the Master Portfolio and indirect proportionate share of the expenses of the Underlying Master Portfolios; but did not reflect indirect proportionate share of the expenses of the other registered investment companies in which the Master Portfolio invested. Net amounts and ratios assuming expense reductions also reflected applicable Expense Reduction Agreements described in Note 7; but ratios absent expense reductions did not reflect otherwise applicable Expense Reduction Agreements described in Note 7.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A, Class B, Premier and Legacy Class B shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

168 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)			Net assets, end of period (millions)		Expenses (b) (d) (e) (f)			Net investment income (loss) (b) (d)			Expenses (b) (d) (f)			Net investment income (loss) (b) (d)			Portfolio turnover rate (d) (g)
$	15.15		3.20	%	$	806.7		0.81	%		1.22	%		0.81	%		1.22	%		4	%
	14.68		(2.21	)		816.4		0.98			1.58			1.36			1.20			80
	15.31		5.12			719.1		1.01			1.23			1.47			0.77			42
	15.99		16.65			579.2		1.01			1.47			1.46			1.02			26
	14.46		14.29			407.1		1.09			1.60			1.47			1.22			4
	12.85		(2.85	)		297.6		1.10			1.36			1.46			1.00			8
	15.07		3.08			33.0		1.01			1.00			1.01			1.00			4
	14.62		(2.76	)		36.4		1.57			0.91			1.96			0.52			80
	15.22		4.38			44.1		1.71			0.52			2.17			0.06			42
	15.90		15.75			41.7		1.72			0.73			2.17			0.28			26
	14.40		13.52			34.0		1.79			0.88			2.17			0.50			4
	12.80		(3.47	)		27.6		1.80			0.65			2.16			0.29			8
	15.21		3.19			343.1		0.78			1.51			0.78			1.51			4
	14.74		(2.18	)		258.8		0.99			1.54			1.37			1.16			80
	15.36		5.13			264.3		1.01			1.22			1.47			0.76			42
	16.03		16.56			249.1		1.02			1.43			1.47			0.98			26
	14.50		14.29			210.0		1.09			1.57			1.47			1.19			4
	12.88		(2.81	)		182.2		1.10			1.34			1.46			0.98			8
	15.25		3.04			13.3		1.21			0.78			1.21			0.78			4
	14.80		(2.64	)		15.2		1.39			1.07			1.78			0.68			80
	15.41		4.76			20.4		1.41			0.80			1.87			0.34			42
	16.05		16.09			28.1		1.42			0.93			1.87			0.48			26
	14.50		13.81			33.8		1.49			1.12			1.87			0.74			4
	12.87		(3.15	)		38.5		1.50			0.92			1.86			0.56			8
	15.30		3.31			304.2		0.56			1.54			0.56			1.54			4
	14.81		(1.98	)		282.3		0.73			1.81			1.11			1.43			80
	15.44		5.37			265.5		0.76			1.48			1.22			1.02			42
	16.11		16.90			221.4		0.77			1.69			1.22			1.24			26
	14.56		14.59			170.7		0.84			1.84			1.22			1.46			4
	12.93		(2.55	)		136.2		0.85			1.60			1.21			1.24			8
	15.05		3.01			26.1		1.13			0.95			1.13			0.95			4
	14.61		(2.55	)		24.0		1.30			1.29			1.68			0.91			80
	15.25		4.79			18.5		1.33			0.90			1.79			0.44			42
	15.92		16.27			18.4		1.34			1.11			1.79			0.66			26
	14.41		13.92			15.3		1.41			1.26			1.79			0.88			4
	12.80		(3.08	)		12.3		1.42			1.00			1.78			0.64			8
	15.14		3.13			49.6		0.93			1.17			0.93			1.17			4
	14.68		(2.27	)		45.9		1.10			1.44			1.48			1.06			80
	15.30		4.96			43.9		1.13			1.12			1.59			0.66			42
	15.99		16.48			33.9		1.14			1.28			1.58			0.84			26
	14.46		14.15			30.7		1.21			1.47			1.59			1.09			4
	12.85		(2.91	)		22.9		1.22			1.25			1.58			0.89			8
	15.46		3.27			5.4		0.63			1.47			0.63			1.47			4
	14.97		(2.02	)		5.0		0.80			1.76			1.18			1.38			80
	15.60		5.32			4.3		0.83			1.41			1.29			0.95			42
	16.26		16.71			3.5		0.84			1.61			1.29			1.16			26
	14.70		14.50			3.0		0.91			1.73			1.29			1.35			4
	13.05		(2.60	)		2.4		0.92			1.51			1.28			1.15			8

(e) The expense ratios include the effect of expense reduction changes.

(f) Effective October 31, 2015, expense ratios relate to the Fund only and do not reflect acquired fund fees and expenses.

(g) The 2015 portfolio turnover rate reflects the period from November 2, 2015 to December 31, 2015 and excludes in-kind contribution of portfolio securities received after the close of business on October 30, 2015. Through October 30, 2015, the LifePath 2040 Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2015 to October 30, 2015 was 13%. For the period January 1, 2015 to October 30, 2015, and years ended 2014 and 2013, included the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund, BlackRock Emerging Markets Fund, Inc. and iShares exchange-traded funds. For the years ended 2012 and 2011, excluded the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund and BlackRock Emerging Markets Fund, Inc. If these transactions had been included to conform to the 2015, 2014 and 2013 presentation, portfolio turnover rate would have been 14% and 20% for the years ended 2012 and 2011, respectively.

(h) Unaudited.

(i) Effective May 23, 2016, Legacy Class A shares were renamed Premier shares.

See accompanying notes to financial statements. 169

STATE FARM MUTUAL FUND TRUST LIFEPATH 2050 FUND

(For a share outstanding throughout each period)

			Income from investment operations								Less distributions
	Net asset value, beginning of period		Net investment income (loss) (a) (b)		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Net investment income			Net realized gain			Total distributions
Class A Shares
Six months ended 06/30/2016 (h)	$	10.06	$	0.06	$	0.25		$	0.31		$	—		$	—		$	—
Year ended 12/31/2015		10.46		0.16		(0.40	)		(0.24	)		(0.12	)		(0.04	)		(0.16	)
Year ended 12/31/2014		10.79		0.13		0.46			0.59			(0.12	)		(0.80	)		(0.92	)
Year ended 12/31/2013		9.63		0.17		1.69			1.86			(0.15	)		(0.55	)		(0.70	)
Year ended 12/31/2012		8.60		0.15		1.19			1.34			(0.14	)		(0.17	)		(0.31	)
Year ended 12/31/2011		9.39		0.11		(0.51	)		(0.40	)		(0.09	)		(0.30	)		(0.39	)
Premier Shares
Period ended 06/30/2016 (h)(i)		10.20		0.06		0.11			0.17			—			—			—
Class R-1 Shares
Six months ended 06/30/2016 (h)		10.09		0.05		0.24			0.29			—			—			—
Year ended 12/31/2015		10.49		0.13		(0.40	)		(0.27	)		(0.09	)		(0.04	)		(0.13	)
Year ended 12/31/2014		10.83		0.10		0.44			0.54			(0.08	)		(0.80	)		(0.88	)
Year ended 12/31/2013		9.66		0.13		1.70			1.83			(0.11	)		(0.55	)		(0.66	)
Year ended 12/31/2012		8.62		0.12		1.20			1.32			(0.11	)		(0.17	)		(0.28	)
Year ended 12/31/2011		9.42		0.08		(0.51	)		(0.43	)		(0.07	)		(0.30	)		(0.37	)
Class R-2 Shares
Six months ended 06/30/2016 (h)		10.10		0.06		0.24			0.30			—			—			—
Year ended 12/31/2015		10.50		0.15		(0.40	)		(0.25	)		(0.11	)		(0.04	)		(0.15	)
Year ended 12/31/2014		10.84		0.12		0.45			0.57			(0.11	)		(0.80	)		(0.91	)
Year ended 12/31/2013		9.66		0.14		1.71			1.85			(0.12	)		(0.55	)		(0.67	)
Year ended 12/31/2012		8.63		0.14		1.19			1.33			(0.13	)		(0.17	)		(0.30	)
Year ended 12/31/2011		9.42		0.11		(0.51	)		(0.40	)		(0.09	)		(0.30	)		(0.39	)

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

(b) Through October 30, 2015, net amounts and ratios reflected the Fund’s proportionate share of income and expenses of the Master Portfolio and indirect proportionate share of the expenses of the Underlying Master Portfolios; but did not reflect indirect proportionate share of the expenses of the other registered investment companies in which the Master Portfolio invested. Net amounts and ratios assuming expense reductions also reflected applicable Expense Reduction Agreements described in Note 7; but ratios absent expense reductions did not reflect otherwise applicable Expense Reduction Agreements described in Note 7.

(c) Total return is not annualized for periods that are less than a full year and does not reflect the effect of sales charge for Class A and Premier shares. All other classes do not have a sales charge.

(d) Determined on an annualized basis for periods that are less than a full year.

(e) The expense ratios include the effect of expense reduction changes.

(f) Effective October 31, 2015, expense ratios relate to the Fund only and do not reflect acquired fund fees and expenses.

(g) The 2015 portfolio turnover rate reflects the period from November 2, 2015 to December 31, 2015 and excludes in-kind contribution of portfolio securities received after the close of business on October 30, 2015. Through October 30, 2015, the LifePath 2050 Fund invested all of its assets in its corresponding Master Portfolio. The portfolio turnover rate of the Master Portfolio for the period January 1, 2015 to October 30, 2015 was 26%. For the period January 1, 2015 to October 30, 2015, and years ended 2014 and 2013, included the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund, BlackRock Emerging Markets Fund, Inc. and iShares exchange-traded funds. For the years ended 2012 and 2011, excluded the purchases and sales of the Underlying Master Portfolios, BlackRock Commodity Strategies Fund and BlackRock Emerging Markets Fund, Inc. If these transactions had been included to conform to the 2015, 2014 and 2013 presentation, portfolio turnover rate would have been 15% and 19% for the years ended 2012 and 2011, respectively.

(h) Unaudited.

(i) For all the data, except for the portfolio turnover rate which is for the six months ended June 30, 2016, the period is from the commencement of investment operations on May 16, 2016.

170 See accompanying notes to financial statements.

					Ratios/supplemental data
							Average Net Asset ratios assuming expense reductions						Average Net Asset ratios absent expense reductions
Net asset value, end of period		Total return (c)			Net assets, end of period (millions)		Expenses (b) (d) (e) (f)			Net investment income (loss) (b) (d)			Expenses (b) (d) (f)			Net investment income (loss) (b) (d)			Portfolio turnover rate (d) (g)
$	10.37		3.08	%	$	255.6		0.84	%		1.12	%		0.87	%		1.09	%		4	%
	10.06		(2.35	)		296.4		1.01			1.57			1.44			1.14			81
	10.46		5.40			239.4		1.04			1.20			1.53			0.71			48
	10.79		19.34			170.7		1.08			1.60			1.56			1.12			28
	9.63		15.54			104.3		1.14			1.61			1.60			1.15			5
	8.60		(4.25	)		62.2		1.13			1.23			1.63			0.73			13
	10.37		1.67			80.8		0.73			5.60			0.73			5.60			4
	10.38		2.87			9.0		1.16			1.07			1.18			1.05			4
	10.09		(2.61	)		7.3		1.33			1.26			1.76			0.83			81
	10.49		4.94			5.5		1.36			0.87			1.85			0.38			48
	10.83		19.02			4.6		1.40			1.26			1.88			0.78			28
	9.66		15.29			3.5		1.46			1.27			1.92			0.81			5
	8.62		(4.61	)		2.5		1.45			0.89			1.95			0.39			13
	10.40		2.97			15.5		0.96			1.16			0.99			1.13			4
	10.10		(2.43	)		14.6		1.13			1.47			1.56			1.04			81
	10.50		5.20			11.5		1.16			1.08			1.65			0.59			48
	10.84		19.21			7.5		1.21			1.32			1.68			0.85			28
	9.66		15.37			4.9		1.26			1.52			1.72			1.06			5
	8.63		(4.26	)		2.9		1.26			1.15			1.74			0.67			13

See accompanying notes to financial statements. 171

P.O. Box 219548 U.S. POSTAGE
Kansas City, MO 64121-9548 PAID
LANCASTER, PA
FORWARDING SERVICE REQUESTED PERMIT NO. 1275
PRESORTED STANDARD
Not
FDIC
Insured
May Lose Value
No Bank Guarantee
There is no assurance that the Funds will achieve their investment objectives. Investment return and principal value will fluctuate and Fund shares, when redeemed, may be worth more or less than their original cost. State Farm Mutual Funds are not insurance products.
8-2016
120-6345 b.15-CH
AP2016/08/9816
Printed in U.S.A.

ITEM 2. CODE OF ETHICS.

Disclosure information pursuant to Item 2 is not applicable.

Registrant hereby undertakes to provide a copy of the code of ethics that applies to the registrants’ principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions to any person upon request, without charge. To request a copy of the code of ethics, contact the registrant at 1-800-447-4930.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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

State Farm Mutual Fund Trust

By	/s/    Joe R. Monk Jr.
	Joe R. Monk Jr.
	President

Date   August 24, 2016

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

By	/s/    Joe R. Monk Jr.
	Joe R. Monk Jr.
	President

Date   August 24, 2016

By	/s/    Paul J. Smith
	Paul J. Smith
	Senior Vice President and Treasurer

Date   August 24, 2016