Report of Independent Registered Public Accounting Firm

To the Shareholders and
Board of Trustees of the State Farm Associates' Funds Trust
       - State Farm Growth Fund, Inc.
       - State Farm Balanced Fund, Inc.
       - State Farm Interim Fund, Inc.
       - State Farm Municipal Bond Fund, Inc.

In planning and performing our audit of the financial statements of the State
Farm Associates' Funds Trust (the Funds) as of and for the year ended
November 30, 2006, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered its
internal control over financial reporting, including control activities for
safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Funds' internal control
over financial reporting.  Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. A company's
internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. Such internal control includes
policies and procedures that provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or
disposition of a company's assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does
not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely
basis. A significant deficiency is a control deficiency, or combination of
control deficiencies, that adversely affects the company's ability to initiate,
authorize, record, process or report financial data reliably in accordance
with generally accepted accounting principles such that there is more than a
remote likelihood that a misstatement of the company's annual or interim
financial statements that is more than inconsequential will not be prevented
or detected. A material weakness is a significant deficiency, or combination
of significant deficiencies, that results in more than a remote likelihood that
a material misstatement of the annual or interim financial statements will
not be prevented or detected.

Our consideration of the Funds' internal control over financial reporting
was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
significant deficiencies or material weaknesses under standards established
by the Public Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds' internal control over
financial reporting and its operation, including controls for safeguarding
securities that we consider to be a material weakness as defined above as of
November 30, 2006.

This report is intended solely for the information and use of management
and the Board of Trustees of the Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.

					/s/ Ernst & Young LLP
Chicago, Illinois
January 16, 2007