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 811-01519

STATE FARM ASSOCIATES’ FUNDS 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: 1-800-447-0740

Date of fiscal year end: 11/30/2020

Date of reporting period: 05/31/2020

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) [Report]

(b) Not applicable.

May 31, 2020
State Farm Associates’ Funds Trust
SEMI - ANNUAL REPORT
State Farm Growth Fund
State Farm Balanced Fund
State Farm Interim Fund
State Farm Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by calling 1-800-447-0740.
You may elect to receive all future reports in paper free of charge. You may call 1-800-447-0740 to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held with State Farm Mutual Funds.

Table of Contents
Message to Shareholders	1
Portfolio Summary
State Farm Growth Fund	4
State Farm Balanced Fund	4
State Farm Interim Fund	5
State Farm Municipal Bond Fund	5
Expense Example	6
Schedule of Investments
State Farm Growth Fund	7
State Farm Balanced Fund	9
State Farm Interim Fund	19
State Farm Municipal Bond Fund	20
Financial Statements
Statements of Assets and Liabilities	40
Statements of Operations	41
Statements of Changes in Net Assets	42
Notes to Financial Statements	44
Financial Highlights	52

Before investing, consider the Funds’ investment objectives, risks, charges and expenses. Contact State Farm VP Management Corp. (1-800-447-0740) for a prospectus or summary prospectus containing this and other information. Read it carefully.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, are available without charge upon request at 1-800-447-0740 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 and as an exhibit to its report on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at sec.gov. The Funds make the information on Form N-PORT available to shareholders upon request without charge at 1-800-447-0740.

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.

SEMI-ANNUAL REPORT

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 by calling 1-800-447-0740 for assistance.

Compensation Deduction or Automatic Investment Plan (AIP)¹

State Farm Mutual Funds allow you to make regular investments in a Fund with compensation deduction (agent/employee only) or an Automatic Investment Plan through an electronic transfer of funds from your bank/credit union account. If you wish to begin compensation deduction or an Automatic Investment Plan, the minimum amount required for both initial and subsequent investments is $50. Please consider signing up today for compensation deduction by going on the State Farm intranet or signing up for AIP by calling 1-800-447-0740 for assistance.

State Farm VP Management Corp.

(Underwriter and Distributor of Securities Products)

One State Farm Plaza

Bloomington, Illinois 61710-0001

1-800-447-0740

statefarm.com

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

Message to Shareholders of State Farm Associates’ Funds Trust

Dear Shareholders,

Thank you for investing with State Farm Mutual Funds^®. Enclosed is the Semi-Annual Report for the 6-month period ended May 31, 2020, for the State Farm Associates’ Funds 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 goals.¹ We believe that remaining focused on your long-term goals and maintaining an appropriate asset allocation mix are important elements in pursuing investment success.²

Market Review

During the 6-month period ended May 31, 2020, the U.S. equity market experienced a negative total return, while the U.S. fixed income market was positive.

As represented by the S&P 500 Index (the “Index”) in the chart below, U.S. equities rose to a record closing-price high of 3,386 on February 19.3 The historic mark was followed by the Index sharply falling through most of March, bottoming out at 2,237 on March 23. Stocks quickly rebounded, however, and the Index finished the period at 3,044 – slightly lower than it had started (3,140) – while posting a –2.10% total return as its dividend yield was not enough to offset the negative price return.

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 & 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.

1

Message to Shareholders of State Farm Associates’ Funds Trust (continued)

It was a tale of two markets during the time period, generally distinguished by pre-Covid-19 (December, January and February) and during Covid-19 (March, April and May). In December, equity markets continued to climb to close out the broad-based calendar year rally, supported by positive U.S. labor market data and reduced uncertainty surrounding U.S.-China trade disputes. By mid-January, the Index had marched ahead of its December closing mark. However, initial concerns over the Covid-19 outbreak in China started to slow investor optimism, spurring a brief sell-off before markets rallied again, posting several days of record highs. But selling accelerated shortly thereafter as more cases of Covid-19 surfaced, and following a short-lived rebound in early March, stocks fell dramatically as the U.S. and other countries imposed lockdowns on business and social activities. After reaching its latest all-time high on February 19, the market dropped by –34% through March 23, in the process entering bear market territory in the shortest amount of time (16 trading days) in history.

The passage of the Coronavirus Aid Relief and Economic Security (CARES) Act at the end of March – as well as additional monetary policy measures – helped ease investors’ concerns. The Index surged into April and after a brief retreat, made an uneven climb through the month, supported by the stimulus packages and positive news related to the development of treatments and vaccines to combat Covid-19. Logging a 13% increase in April – its best monthly return since January 1987 –the Index continued its rebound in May. Amid investor optimism as economies began to reopen and progress on vaccines lifted sentiment further, U.S. equities finished May with a 4.8% gain for the month.

Among the major fixed income indices, the Bloomberg Barclays 1-5 Year Treasury Index4 and the Bloomberg Barclays 7-Year Municipal Bond Index5 posted total returns of 4.30% and 2.07%, respectively, over the 6-month period. At the start of the time period, short-term (3-month) yields were slightly below longer-term (10-year) yields, at 1.59% and 1.78%, respectively. Yields remained relatively flat for the first half of the time period before the onset of the pandemic and related lockdowns. After closing February at 1.13% – the lowest 10-year yield since the government began offering bonds in 1790 – that yield continued its freefall in March, setting multiple historic lows along the way. Likewise, the yield on the 3-month bill plunged in March, bottoming out near 0%.

The decreases were generally attributed to two key factors: An increase in demand as investors sought relative safe havens amid the market turbulence, and stimulus measures introduced by the Fed. The central bank made two emergency rate cuts in the first half of March, initially slicing rates by 0.5% to a range between 1% to 1.25%, and again by a full 1.0% to a range of 0% to 0.25% – matching the lowest level in history. Subsequently, the Fed began deploying a multi-trillion dollar stimulus effort to help stabilize markets and provide adequate access to credit during the economic downturn. Ultimately, 3-month yields finished at 0.14% while longer-term yields settled at 0.65%.⁶

4 Source: Bloomberg Barclays Inc. The Bloomberg Barclays 1-5 Year U.S. Treasury Index measures the performance of short-term U.S. Treasury Securities maturing within one to five years. It is not possible to invest directly in an index. Past performance does not guarantee future results.

5 Source: Bloomberg Barclays Inc. The Bloomberg Barclays 7-year Municipal Bond Index is an unmanaged index comprised of investment grade municipal bonds with maturities of six to eight years. It is not possible to invest directly in an index. Past performance does not guarantee future results.

6 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 10- year U.S. Treasury Note is a debt obligation issued by the U.S. Treasury with a maturity of 10 years and that pays 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 Associates’ Funds Trust (continued)

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

In the municipal bond market, investment flows were positive in January and February. However, as participants reacted to the growing pandemic, a rush to cash fueled a liquidity crisis amid two consecutive weeks of outflows during March. In addition, the rising economic uncertainty led to a decline in new supply, as issuers sought to gauge the impact of mandated shutdowns and pandemic-related costs. Consequently, municipal bond prices fell during March, resulting in negative returns for the first quarter of 2020 before the municipal market regained a semblance of normalcy in April. Outflows slowed early in the month and temporarily turned positive as investors were encouraged by the federal stimulus programs and enticed by relative bargain prices. Municipal bonds ultimately rallied in May and returned to pre-pandemic levels as investors reengaged in the market, helping the asset class outperform Treasuries during May as the general municipal bond market posted its best monthly performance since 2009 and pushed the return for the Bloomberg Barclays 7-Year Municipal Bond Index back into positive territory for the time period.

Look for a detailed discussion of factors that impacted the performance of the Funds during the time frame of December 1, 2019 through November 30, 2020 in the State Farm Associates’ Funds 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 Growth Fund

Fund Composition*

(unaudited)

* Illustrated by Industry and based on total net assets as of May 31, 2020. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 8 other industries, each of which represents less than 5% of total net assets.

State Farm Balanced Fund

Fund Composition*

(unaudited)

* Illustrated by Type of Security and based on total net assets as of May 31, 2020. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

4

Portfolio Summary (continued)

State Farm Interim Fund

Fund Composition*

(unaudited)

* Illustrated by Maturity and based on total investments as of May 31, 2020. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 1.45% allocation to the JPMorgan US Government Money Market Fund Capital Shares.

State Farm Municipal Bond Fund

Fund Composition*

(unaudited)

* Illustrated by Maturity and based on total investments as of May 31, 2020. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 1.22% allocation to the JPMorgan US Government Money Market Fund Capital Shares.

5

Expense Example (unaudited)

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

Actual Expenses

The first line under each Fund name in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value for a Fund by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for the applicable Fund to estimate the expenses you paid on your account for that Fund during this period. If your account has multiple Fund positions, add up the results calculated for each Fund position within your account to estimate the expenses you paid on your total account value. 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 (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 second line under each Fund name in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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 (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 table are meant to highlight your ongoing costs only. Therefore, the second line under each Fund name in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, including those that have transactional costs, such as sales charges (loads), redemption fees, or exchange fees.

					Annualized Expense
					Ratio Based			Expenses Paid
	Beginning		Ending		on the Period			During Period
	Account Value		Account Value		December 1, 2019 to			December 1, 2019 to
	December 1, 2019		May 31, 2020		May 31, 2020			May 31, 2020*
State Farm Growth Fund
Actual	$	1,000.00	$	955.50		0.12	%	$	0.59
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40		0.12	%	$	0.61
State Farm Balanced Fund
Actual	$	1,000.00	$	981.03		0.13	%	$	0.64
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35		0.13	%	$	0.66
State Farm Interim Fund
Actual	$	1,000.00	$	1,039.76		0.16	%	$	0.82
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.16	%	$	0.81
State Farm Municipal Bond Fund
Actual	$	1,000.00	$	1,037.40		0.16	%	$	0.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.16	%	$	0.81

* 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 183/366 (to reflect the one-half year period).

6

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

SCHEDULE OF INVESTMENTS

May 31, 2020

(Unaudited)

	Shares		Value
Common Stocks (99.17%)
Agriculture, Foods, & Beverage (11.35%)
Archer-Daniels-Midland Co.		3,477,500	$	136,700,525
Coca-Cola Co., The		2,054,600		95,908,728
Kellogg Co.		930,000		60,738,300
McCormick & Company Inc.		428,600		75,073,576
Nestle SA ADR		1,175,800		127,021,674
PepsiCo Inc.		641,400		84,376,170
				579,818,973
Banks (2.96%)
M&T Bank Corp.		213,400		22,547,844
Northern Trust Corp.		422,700		33,397,527
U.S. Bancorp		710,821		25,276,795
Wells Fargo & Co.		2,643,100		69,962,857
				151,185,023
Building Materials & Construction (2.20%)
Vulcan Materials Co.		1,039,200		112,566,144
Chemicals (5.91%)
Air Products & Chemicals Inc.		830,000		200,569,500
Corteva Inc.		97,944		2,674,851
Croda International PLC		24,316		1,559,075
Dow Inc.		97,944		3,780,638
DuPont de Nemours Inc.		97,944		4,968,699
International Flavors & Fragrances Inc.		525,000		69,924,750
Novozymes A/S B Shares		344,484		18,797,786
				302,275,299
Computer Software & Services (8.83%)
Alphabet Inc. Class A (a)		112,635		161,464,525
Alphabet Inc. Class C (a)		5,916		8,453,491
Automatic Data Processing Inc.		109,900		16,099,251
Facebook Inc. Class A (a)		82,675		18,609,316
Microsoft Corp.		1,129,669		207,011,844
SAP SE		83,800		10,557,543
Texas Instruments Inc.		245,807		29,187,123
				451,383,093
Computers (8.01%)
Apple Inc.		1,287,217		409,257,773
Consumer & Marketing (7.17%)
AptarGroup Inc.		677,405		75,456,143
Colgate-Palmolive Co.		872,600		63,115,158
Procter & Gamble Co., The		1,765,155		204,616,768
Unilever NV New York Shares		451,152		23,243,351
				366,431,420
Electronic/Electrical Manufacturing (1.35%)
Emerson Electric Co.		729,400		44,507,988
General Electric Co.		3,744,419		24,600,833
				69,108,821
Health Care (19.80%)
Abbott Laboratories		847,500		80,444,700

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
AbbVie Inc.		847,500	$	78,537,824
Agilent Technologies Inc.		548,071		48,306,978
Amgen Inc.		190,085		43,662,525
Eli Lilly and Co.		997,000		152,491,150
Johnson & Johnson		2,481,600		369,138,000
Merck & Co. Inc.		296,750		23,953,660
Pfizer Inc.		2,239,031		85,508,594
Roche Holding AG Sponsored ADR		732,281		31,744,381
Zoetis Inc.		705,696		98,366,965
				1,012,154,777
Machinery & Manufacturing (10.57%)
3M Co.		564,000		88,232,160
ASML Holding NV NY Reg. Shares		364,933		120,249,073
Caterpillar Inc.		1,162,621		139,665,661
Deere & Co.		42,900		6,525,948
Donaldson Company Inc.		765,513		36,323,592
HNI Corp.		1,439,200		36,656,424
Illinois Tool Works Inc.		652,500		112,530,150
				540,183,008
Media & Broadcasting (6.26%)
Walt Disney Co., The		2,728,640		320,069,472
Mining & Metals (2.28%)
BHP Group PLC		941,859		18,398,410
Nucor Corp.		531,200		22,448,512
Rio Tinto PLC		476,280		25,377,533
Rio Tinto PLC ADR		907,200		48,916,224
South32 Ltd.		941,859		1,174,743
				116,315,422
Oil & Gas (5.32%)
Chevron Corp.		1,060,000		97,202,000
Exxon Mobil Corp.		2,615,200		118,913,144
Royal Dutch Shell PLC ADR Class A		456,900		14,597,955
Royal Dutch Shell PLC Class B		2,037,807		30,864,633
Schlumberger Ltd.		564,642		10,428,938
				272,006,670
Retailers (3.25%)
Walmart Inc.		1,339,100		166,128,746
Telecom & Telecom Equipment (2.57%)
AT&T Inc.		2,140,534		66,056,879
Corning Inc.		1,284,600		29,276,034
Verizon Communications Inc.		624,900		35,856,762
				131,189,675
Transportation (0.83%)
GATX Corp.		190,700		11,964,518
Union Pacific Corp.		172,205		29,250,741
Wabtec Corp.		20,111		1,228,179
				42,443,438

See accompanying notes to financial statements. 7

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Utilities & Energy (0.51%)
Duke Energy Corp.		306,966	$	26,285,499
Total Common Stocks
(cost $1,570,120,916)				5,068,803,253
Short-term Investments (0.40%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.12% (b)		20,309,983		20,309,983
Total Short-term Investments
(cost $20,309,983)				20,309,983
TOTAL INVESTMENTS (99.57%)
(cost $1,590,430,899)				5,089,113,236
OTHER ASSETS, NET OF LIABILITIES (0.43%)				21,780,494
NET ASSETS (100.00%)			$	5,110,893,730

(a) Non-income producing security.

(b) Rate shown is the 7-day yield as of May 31, 2020.

ADR - American Depositary Receipt

8 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS

May 31, 2020

(Unaudited)

	Shares		Value
Common Stocks (66.29%)
Agriculture, Foods, & Beverage (6.22%)
Archer-Daniels-Midland Co.		940,561	$	36,973,453
Campbell Soup Co.		26,000		1,325,480
Coca-Cola Co., The		410,000		19,138,800
Kellogg Co.		310,000		20,246,100
Nestle SA ADR		319,174		34,480,367
PepsiCo Inc.		110,100		14,483,655
				126,647,855
Banks (2.06%)
M&T Bank Corp.		58,300		6,159,978
Northern Trust Corp.		104,700		8,272,347
U.S. Bancorp		218,145		7,757,236
Wells Fargo & Co.		747,600		19,788,972
				41,978,533
Building Materials & Construction (0.85%)
Vulcan Materials Co.		160,200		17,352,864
Chemicals (4.31%)
Air Products & Chemicals Inc.		230,000		55,579,500
Corteva Inc.		79,452		2,169,834
Dow Inc.		79,452		3,066,847
DuPont de Nemours Inc.		79,452		4,030,600
International Flavors & Fragrances Inc.		120,000		15,982,800
Novozymes A/S B Shares		124,350		6,785,525
				87,615,106
Computer Software & Services (8.12%)
Alphabet Inc. Class A (a)		36,687		52,591,548
Alphabet Inc. Class C (a)		3,559		5,085,526
Automatic Data Processing Inc.		47,400		6,943,626
Facebook Inc. Class A (a)		49,575		11,158,837
Microsoft Corp.		333,505		61,114,791
SAP SE		52,800		6,652,008
Texas Instruments Inc.		182,262		21,641,790
				165,188,126
Computers (4.97%)
Apple Inc.		318,176		101,160,877
Consumer & Marketing (4.73%)
AptarGroup Inc.		134,100		14,937,399
Colgate-Palmolive Co.		80,000		5,786,400
Procter & Gamble Co., The		477,700		55,374,984
Reckitt Benckiser Group PLC		65,387		5,835,482
Unilever NV New York Shares		276,106		14,224,981
				96,159,246
Electronic/Electrical Manufacturing (0.55%)
Emerson Electric Co.		98,600		6,016,572
General Electric Co.		796,300		5,231,691
				11,248,263
Financial Services (0.47%)
Berkshire Hathaway Inc. Class A (a)		34		9,473,760

	Shares		Value
Common Stocks (Cont.)
Financial Services (Cont.)
Berkshire Hathaway Inc. Class B (a)		533	$	98,914
				9,572,674
Health Care (11.50%)
Abbott Laboratories		146,675		13,922,391
AbbVie Inc.		92,000		8,525,640
Agilent Technologies Inc.		143,787		12,673,386
Amgen Inc.		70,750		16,251,275
Eli Lilly and Co.		212,000		32,425,400
Johnson & Johnson		417,700		62,132,875
Medtronic PLC		21,600		2,129,328
Merck & Co. Inc.		103,200		8,330,304
Novo Nordisk A/S Sponsored ADR		153,404		10,115,460
Pfizer Inc.		728,140		27,807,667
Roche Holding AG Sponsored ADR		179,815		7,794,980
Zoetis Inc.		229,495		31,989,308
				234,098,014
Machinery & Manufacturing (6.34%)
3M Co.		124,600		19,492,426
ASML Holding NV NY Reg. Shares		82,440		27,164,804
Caterpillar Inc.		262,400		31,522,112
Deere & Co.		72,202		10,983,368
Donaldson Company Inc.		279,017		13,239,357
HNI Corp.		160,000		4,075,200
Illinois Tool Works Inc.		130,600		22,523,276
				129,000,543
Media & Broadcasting (6.15%)
Walt Disney Co., The		1,065,995		125,041,214
Mining & Metals (2.26%)
BHP Group PLC		169,900		3,318,851
Nucor Corp.		436,800		18,459,168
Rio Tinto PLC		153,825		8,196,227
Rio Tinto PLC ADR		293,000		15,798,560
South32 Ltd.		169,900		211,909
				45,984,715
Oil & Gas (3.21%)
Chevron Corp.		288,000		26,409,600
Enbridge Inc.		78,375		2,543,269
Exxon Mobil Corp.		512,400		23,298,828
Royal Dutch Shell PLC ADR Class A		216,400		6,913,980
Royal Dutch Shell PLC Class B		163,579		2,477,568
Schlumberger Ltd.		201,727		3,725,898
				65,369,143
Retailers (1.69%)
Walmart Inc.		276,700		34,327,402
Telecom & Telecom Equipment (1.54%)
AT&T Inc.		533,359		16,459,459
Corning Inc.		372,300		8,484,717

See accompanying notes to financial statements. 9

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecom & Telecom Equipment (Cont.)
Verizon Communications Inc.		112,490	$	6,454,676
				31,398,852
Transportation (1.02%)
GATX Corp.		68,200		4,278,868
Union Pacific Corp.		95,035		16,142,645
Wabtec Corp.		4,276		261,135
				20,682,648
Utilities & Energy (0.30%)
Duke Energy Corp.		72,333		6,193,875
Total Common Stocks
(cost $454,924,747)				1,349,019,950
	Principal amount		Value
Corporate Bonds (19.22%)
Aerospace/Defense (0.81%)
Rolls-Royce PLC (b)
2.375%, 10/14/2020	$	1,000,000		996,246
Lockheed Martin Corp.
3.350%, 09/15/2021		1,000,000		1,038,728
Boeing Co.
2.850%, 10/30/2024		1,000,000		972,203
General Dynamics Corp.
2.375%, 11/15/2024		500,000		530,809
Raytheon Co.
3.150%, 12/15/2024		1,000,000		1,078,793
Northrop Grumman Corp.
2.930%, 01/15/2025		1,000,000		1,083,524
Lockheed Martin Corp.
2.900%, 03/01/2025		1,000,000		1,094,780
Precision Castparts Corp.
3.250%, 06/15/2025		1,000,000		1,102,838
Rolls-Royce PLC (b)
3.625%, 10/14/2025		1,000,000		955,680
Boeing Co.
2.250%, 06/15/2026		500,000		465,185
General Dynamics Corp.
2.125%, 08/15/2026		500,000		532,816
Airbus SE (b)
3.150%, 04/10/2027		1,000,000		1,008,562
United Technologies Corp.
3.125%, 05/04/2027		1,000,000		1,112,438
General Dynamics Corp.
2.625%, 11/15/2027		500,000		531,590
Northrop Grumman Corp.
3.250%, 01/15/2028		1,000,000		1,108,233
General Dynamics Corp.
3.750%, 05/15/2028		1,200,000		1,385,862
Raytheon Technologies Corp.
2.250%, 07/01/2030		1,500,000		1,537,871
				16,536,158

	Principal amount		Value
Corporate Bonds (Cont.)
Agriculture, Foods, & Beverage (1.69%)
Coca-Cola Co., The
2.450%, 11/01/2020	$	1,000,000	$	1,008,858
Kellogg Co.
4.000%, 12/15/2020		324,000		329,877
JM Smucker Co.
3.000%, 03/15/2022		1,000,000		1,027,077
Sysco Corp.
2.600%, 06/12/2022		1,000,000		1,030,642
Campbell Soup Co.
2.500%, 08/02/2022		1,000,000		1,032,475
Kellogg Co.
2.750%, 03/01/2023		1,000,000		1,047,512
Hershey Co.
2.625%, 05/01/2023		1,300,000		1,374,409
Mondelez International Inc.
4.000%, 02/01/2024		1,000,000		1,110,890
General Mills Inc.
3.650%, 02/15/2024		1,000,000		1,094,979
PepsiCo Inc.
3.600%, 03/01/2024		1,000,000		1,104,756
JM Smucker Co.
3.500%, 03/15/2025		1,000,000		1,101,916
PepsiCo Inc.
3.500%, 07/17/2025		1,000,000		1,129,979
Hershey Co.
3.200%, 08/21/2025		1,000,000		1,089,482
Coca-Cola Co., The
2.875%, 10/27/2025		1,000,000		1,113,071
PepsiCo Inc.
2.850%, 02/24/2026		1,000,000		1,104,224
Coca-Cola Co., The
2.550%, 06/01/2026		500,000		549,139
Sysco Corp.
3.300%, 07/15/2026		1,000,000		1,029,320
Hershey Co.
2.300%, 08/15/2026		1,000,000		1,072,020
Coca-Cola Co., The
2.250%, 09/01/2026		1,000,000		1,079,392
Danone SA (b)
2.947%, 11/02/2026		1,000,000		1,090,027
General Mills Inc.
3.200%, 02/10/2027		1,000,000		1,117,590
Coca-Cola Co., The
2.900%, 05/25/2027		500,000		552,864
Sysco Corp.
3.250%, 07/15/2027		500,000		508,164
PepsiCo Inc.
3.000%, 10/15/2027		1,500,000		1,681,596
Kellogg Co.
3.400%, 11/15/2027		1,000,000		1,093,342
JM Smucker Co.
3.375%, 12/15/2027		1,500,000		1,583,204
Campbell Soup Co.
4.150%, 03/15/2028		1,000,000		1,146,420

10 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Agriculture, Foods, & Beverage (Cont.)
General Mills Inc.
4.200%, 04/17/2028	$	1,000,000	$	1,167,089
Mondelez International Inc.
4.125%, 05/07/2028		2,000,000		2,292,298
Kellogg Co.
4.300%, 05/15/2028		1,000,000		1,147,973
Coca-Cola Co., The
2.125%, 09/06/2029		1,000,000		1,051,556
Kellogg Co.
2.100%, 06/01/2030		500,000		500,174
				34,362,315
Automotive (0.61%)
American Honda Finance Corp.
2.450%, 09/24/2020		1,000,000		1,005,446
BMW US Capital LLC (b)
2.000%, 04/11/2021		1,000,000		1,004,184
Daimler Finance NA LLC (b)
2.000%, 07/06/2021		1,000,000		995,608
American Honda Finance Corp.
1.650%, 07/12/2021		500,000		503,694
Toyota Motor Credit Corp.
2.900%, 04/17/2024		1,000,000		1,061,033
BMW US Capital LLC (b)
2.800%, 04/11/2026		500,000		515,221
American Honda Finance Corp.
2.300%, 09/09/2026		1,000,000		1,022,343
BMW US Capital LLC (b)
3.300%, 04/06/2027		1,000,000		1,036,393
Toyota Motor Credit Corp.
3.050%, 01/11/2028		1,000,000		1,065,819
American Honda Finance Corp.
3.500%, 02/15/2028		1,000,000		1,069,868
Daimler Finance NA LLC (b)
3.750%, 02/22/2028		1,000,000		1,033,843
Toyota Motor Credit Corp.
3.650%, 01/08/2029		1,000,000		1,130,332
Daimler Finance NA LLC (b)
4.300%, 02/22/2029		1,000,000		1,060,932
				12,504,716
Banks (1.19%)
Toronto-Dominion Bank, The
3.000%, 06/11/2020		1,000,000		1,000,665
State Street Corp.
2.550%, 08/18/2020		1,000,000		1,004,543
PNC Bank NA
2.450%, 11/05/2020		500,000		503,064
Wells Fargo & Co.
3.000%, 01/22/2021		1,000,000		1,015,377
Toronto-Dominion Bank
2.125%, 04/07/2021		1,000,000		1,014,448

	Principal amount		Value
Corporate Bonds (Cont.)
Banks (Cont.)
PNC Bank NA
2.150%, 04/29/2021	$	1,000,000	$	1,014,059
U.S. Bancorp
3.000%, 03/15/2022		1,000,000		1,042,837
3.700%, 01/30/2024		500,000		547,689
Bank of New York Mellon Corp.
3.650%, 02/04/2024		1,000,000		1,103,664
State Street Corp.
3.300%, 12/16/2024		1,000,000		1,104,575
PNC Bank NA
3.250%, 06/01/2025		500,000		549,641
State Street Corp.
3.550%, 08/18/2025		500,000		564,246
Wells Fargo & Co.
3.000%, 04/22/2026		1,000,000		1,068,839
Bank of New York Mellon Corp.
2.800%, 05/04/2026		500,000		549,959
State Street Corp.
2.650%, 05/19/2026		1,000,000		1,080,307
U.S. Bancorp
2.375%, 07/22/2026		1,000,000		1,067,995
Bank of New York Mellon Corp.
2.450%, 08/17/2026		500,000		538,560
Wells Fargo & Co.
3.000%, 10/23/2026		1,500,000		1,599,737
U.S. Bancorp
3.150%, 04/27/2027		1,000,000		1,105,924
PNC Bank NA
3.100%, 10/25/2027		1,000,000		1,100,581
Bank of New York Mellon Corp.
3.400%, 01/29/2028		2,000,000		2,278,148
U.S. Bancorp
3.900%, 04/26/2028		1,000,000		1,174,719
Wells Fargo & Co.
4.150%, 01/24/2029		1,000,000		1,138,947
Bank of America Corp. (c)
3.974%, 02/07/2030		1,000,000		1,136,298
				24,304,822
Chemicals (0.51%)
Praxair Inc.
2.450%, 02/15/2022		1,000,000		1,024,344
2.700%, 02/21/2023		1,000,000		1,044,145
3.200%, 01/30/2026		1,000,000		1,114,276
Air Liquide Finance (b)
2.500%, 09/27/2026		1,000,000		1,050,852
Ecolab Inc.
2.700%, 11/01/2026		1,000,000		1,094,475
3.250%, 12/01/2027		1,500,000		1,678,518
PPG Industries Inc.
3.750%, 03/15/2028		2,000,000		2,324,304

See accompanying notes to financial statements. 11

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
E.I. du Pont de Nemours and Co.
2.300%, 07/15/2030	$	1,000,000	$	1,035,873
				10,366,787
Commercial Service/Supply (0.10%)
Cintas Corp. No. 2
3.250%, 06/01/2022		2,000,000		2,079,122
Computer Software & Services (0.85%)
Automatic Data Processing Inc.
2.250%, 09/15/2020		500,000		501,966
Microsoft Corp. 2.125%,
11/15/2022		2,000,000		2,094,980
Intel Corp.
2.700%, 12/15/2022		1,000,000		1,055,561
Texas Instruments Inc.
2.250%, 05/01/2023		3,000,000		3,171,696
Alphabet Inc.
3.375%, 02/25/2024		1,000,000		1,111,812
Intel Corp.
3.700%, 07/29/2025		1,000,000		1,137,546
Automatic Data Processing Inc.
3.375%, 09/15/2025		1,000,000		1,125,154
Intel Corp.
2.600%, 05/19/2026		1,000,000		1,092,733
Oracle Corp.
2.650%, 07/15/2026		1,000,000		1,083,363
Microsoft Corp.
2.400%, 08/08/2026		500,000		549,309
Alphabet Inc.
1.998%, 08/15/2026		1,000,000		1,081,738
Microsoft Corp.
3.300%, 02/06/2027		500,000		574,250
QUALCOMM Inc.
3.250%, 05/20/2027		1,000,000		1,113,324
Texas Instruments Inc.
2.900%, 11/03/2027		500,000		564,925
Oracle Corp.
3.250%, 11/15/2027		1,000,000		1,118,387
				17,376,744
Consumer & Marketing (0.90%)
Unilever Capital Corp.
4.250%, 02/10/2021		1,000,000		1,026,670
Estee Lauder Companies Inc., The
1.700%, 05/10/2021		500,000		505,318
Procter & Gamble Co., The
2.300%, 02/06/2022		1,000,000		1,039,169
Colgate-Palmolive Co.
2.300%, 05/03/2022		1,000,000		1,036,477
2.100%, 05/01/2023		2,000,000		2,095,038
NIKE Inc.
2.250%, 05/01/2023		500,000		527,919
Reckitt Benckiser Treasury Services PLC (b)
2.750%, 06/26/2024		1,000,000		1,056,012

	Principal amount		Value
Corporate Bonds (Cont.)
Consumer & Marketing (Cont.)
Unilever Capital Corp.
3.100%, 07/30/2025	$	1,000,000	$	1,114,111
Kimberly-Clark Corp.
3.050%, 08/15/2025		1,000,000		1,098,988
Procter & Gamble Co., The
2.700%, 02/02/2026		500,000		554,065
Kimberly-Clark Corp.
2.750%, 02/15/2026		1,000,000		1,077,722
Unilever Capital Corp.
2.000%, 07/28/2026		500,000		531,168
NIKE Inc.
2.375%, 11/01/2026		1,000,000		1,092,629
Unilever Capital Corp.
2.900%, 05/05/2027		500,000		548,305
Reckitt Benckiser Treasury Services PLC (b)
3.000%, 06/26/2027		1,000,000		1,076,783
Clorox Co.
3.100%, 10/01/2027		500,000		560,919
Unilever Capital Corp.
3.500%, 03/22/2028		1,000,000		1,145,894
Clorox Co.
3.900%, 05/15/2028		1,000,000		1,134,298
Estee Lauder Companies Inc., The
2.375%, 12/01/2029		1,000,000		1,060,104
				18,281,589
Consumer Discretionary (0.03%)
RELX Capital Inc.
3.000%, 05/22/2030		500,000		525,109
Electronic/Electrical Manufacturing (0.58%)
Emerson Electric Co.
2.625%, 12/01/2021		1,000,000		1,025,727
Siemens Financieringsmaatschappij NV (b)
2.900%, 05/27/2022		500,000		522,490
Emerson Electric Co.
2.625%, 02/15/2023		1,000,000		1,042,274
General Electric Co.
3.375%, 03/11/2024		1,000,000		1,029,148
Siemens Financieringsmaatschappij NV (b)
3.250%, 05/27/2025		1,000,000		1,104,292
Emerson Electric Co.
3.150%, 06/01/2025		1,000,000		1,097,501
Siemens Financieringsmaatschappij NV (b)
2.350%, 10/15/2026		1,000,000		1,060,422
Honeywell International Inc.
2.500%, 11/01/2026		2,000,000		2,186,546
ABB Finance (USA) Inc.
3.800%, 04/03/2028		1,000,000		1,151,651
Rockwell Automation Inc.
3.500%, 03/01/2029		1,000,000		1,111,941

12 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Electronic/Electrical Manufacturing (Cont.)
Honeywell International Inc.
1.950%, 06/01/2030	$	500,000	$	513,373
				11,845,365
Financial Services (0.45%)
Mastercard Inc.
2.000%, 11/21/2021		500,000		511,531
JPMorgan Chase & Co.
4.500%, 01/24/2022		1,000,000		1,062,935
General Electric Capital Corp.
3.150%, 09/07/2022		287,000		294,171
Visa Inc.
2.800%, 12/14/2022		1,000,000		1,055,916
JPMorgan Chase & Co.
3.200%, 01/25/2023		1,000,000		1,058,957
3.625%, 05/13/2024		500,000		550,733
3.125%, 01/23/2025		1,000,000		1,078,881
GE Capital International Funding Co.
3.373%, 11/15/2025		747,000		758,999
Visa Inc.
3.150%, 12/14/2025		1,000,000		1,123,542
JPMorgan Chase & Co.
3.300%, 04/01/2026		1,000,000		1,093,722
Mastercard Inc.
2.950%, 11/21/2026		500,000		552,851
				9,142,238
Health Care (2.19%)
Becton Dickinson & Co.
3.125%, 11/08/2021		1,000,000		1,030,351
Abbott Laboratories
2.550%, 03/15/2022		1,000,000		1,037,266
EMD Finance LLC (b)
2.950%, 03/19/2022		1,000,000		1,030,941
Bayer US Finance II LLC (b)
2.200%, 07/15/2022		1,300,000		1,310,813
Bristol-Myers Squibb Co.
2.000%, 08/01/2022		1,500,000		1,530,980
Merck & Co. Inc.
2.400%, 09/15/2022		1,000,000		1,041,400
Novartis Capital Corp.
2.400%, 09/21/2022		1,000,000		1,043,801
GlaxoSmithKline Capital Inc.
2.800%, 03/18/2023		1,000,000		1,061,577
Merck & Co. Inc.
2.800%, 05/18/2023		2,000,000		2,137,862
Novartis Capital Corp.
3.400%, 05/06/2024		1,500,000		1,652,873
Pfizer Inc.
3.400%, 05/15/2024		1,000,000		1,115,317
Stryker Corp.
3.375%, 05/15/2024		1,000,000		1,091,307
Amgen Inc.
3.625%, 05/22/2024		1,000,000		1,086,830
Bayer U.S. Finance LLC (b)
3.375%, 10/08/2024		1,000,000		1,070,067

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Abbott Laboratories
2.950%, 03/15/2025	$	1,000,000	$	1,102,235
EMD Finance LLC (b)
3.250%, 03/19/2025		1,000,000		1,072,863
Bayer US Finance II LLC (b)
2.850%, 04/15/2025		1,000,000		1,037,083
Eli Lilly and Co.
2.750%, 06/01/2025		472,000		508,003
AstraZeneca PLC
3.375%, 11/16/2025		1,000,000		1,117,613
Novartis Capital Corp.
3.000%, 11/20/2025		1,000,000		1,112,633
Johnson & Johnson
2.450%, 03/01/2026		500,000		546,900
Stryker Corp.
3.500%, 03/15/2026		1,000,000		1,124,914
Roche Holdings Inc. (b)
2.625%, 05/15/2026		500,000		549,413
Amgen Inc.
2.600%, 08/19/2026		1,000,000		1,064,869
Roche Holdings Inc. (b)
2.375%, 01/28/2027		1,000,000		1,064,006
Eli Lilly and Co.
3.100%, 05/15/2027		500,000		550,453
AstraZeneca PLC
3.125%, 06/12/2027		1,000,000		1,092,438
Amgen Inc.
3.200%, 11/02/2027		1,000,000		1,103,562
Johnson & Johnson
2.900%, 01/15/2028		2,000,000		2,248,892
Stryker Corp.
3.650%, 03/07/2028		1,000,000		1,131,926
GlaxoSmithKline Capital Inc.
3.875%, 05/15/2028		2,000,000		2,348,380
Sanofi
3.625%, 06/19/2028		1,500,000		1,775,391
Merck & Co. Inc.
3.400%, 03/07/2029		1,000,000		1,148,462
Eli Lilly and Co.
3.375%, 03/15/2029		1,000,000		1,150,869
Pfizer Inc.
3.450%, 03/15/2029		1,000,000		1,161,047
Bristol-Myers Squibb Co. (b)
3.400%, 07/26/2029		2,000,000		2,293,520
Thermo Fisher Scientific Inc.
2.600%, 10/01/2029		1,000,000		1,076,624
				44,623,481
Machinery & Manufacturing (0.74%)
Caterpillar Inc.
3.900%, 05/27/2021		500,000		516,984
John Deere Capital Corp.
2.750%, 03/15/2022		500,000		518,370
Deere & Co.
2.600%, 06/08/2022		1,000,000		1,037,150

See accompanying notes to financial statements. 13

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Machinery & Manufacturing (Cont.)
Covidien International
3.200%, 06/15/2022	$	1,000,000	$	1,048,466
Caterpillar Financial Services Corp.
2.625%, 03/01/2023		1,000,000		1,045,937
Caterpillar Inc.
3.400%, 05/15/2024		1,000,000		1,097,802
John Deere Capital Corp.
3.350%, 06/12/2024		1,500,000		1,641,680
Caterpillar Financial Services Corp.
3.250%, 12/01/2024		1,000,000		1,104,793
3M Co.
3.000%, 08/07/2025		1,000,000		1,100,493
Dover Corp.
3.150%, 11/15/2025		1,000,000		1,060,897
3M Co.
2.250%, 09/19/2026		500,000		534,311
Eaton Corp.
3.103%, 09/15/2027		1,000,000		1,067,493
John Deere Capital Corp.
3.050%, 01/06/2028		1,000,000		1,101,002
3M Co.
3.375%, 03/01/2029		1,000,000		1,133,186
Caterpillar Inc.
2.600%, 09/19/2029		1,000,000		1,078,210
				15,086,774
Media & Broadcasting (0.27%)
Comcast Corp.
3.125%, 07/15/2022		1,000,000		1,057,261
3.600%, 03/01/2024		1,000,000		1,106,176
2.350%, 01/15/2027		1,000,000		1,057,449
RELX Capital Inc.
4.000%, 03/18/2029		1,000,000		1,118,940
S&P Global Inc.
2.500%, 12/01/2029		1,000,000		1,073,199
				5,413,025
Mining & Metals (0.15%)
BHP Billiton Finance USA Ltd.
3.250%, 11/21/2021		1,000,000		1,042,253
Alcoa Inc.
5.870%, 02/23/2022		756,000		786,267
Rio Tinto Finance USA Ltd.
3.750%, 06/15/2025		1,000,000		1,143,046
				2,971,566
Oil & Gas (1.11%)
Total Capital International SA
2.750%, 06/19/2021		1,000,000		1,020,979
TransCanada PipeLines Ltd.
2.500%, 08/01/2022		2,000,000		2,043,650
Shell International Finance
2.375%, 08/21/2022		1,000,000		1,037,639
Total Capital International SA
2.700%, 01/25/2023		1,000,000		1,050,092

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
Occidental Petroleum Corp.
2.700%, 02/15/2023	$	2,000,000	$	1,715,600
Chevron Corp.
3.191%, 06/24/2023		1,000,000		1,074,908
Total Capital Canada Ltd.
2.750%, 07/15/2023		500,000		529,447
Schlumberger Investment
3.650%, 12/01/2023		1,000,000		1,058,500
Exxon Mobil Corp.
3.176%, 03/15/2024		2,000,000		2,177,490
2.709%, 03/06/2025		1,000,000		1,081,416
Shell International Finance
3.250%, 05/11/2025		1,000,000		1,105,307
Occidental Petroleum Corp.
3.500%, 06/15/2025		500,000		389,688
Chevron Corp.
3.326%, 11/17/2025		1,000,000		1,123,231
TransCanada PipeLines Ltd.
4.875%, 01/15/2026		1,000,000		1,159,546
Shell International Finance
2.875%, 05/10/2026		1,000,000		1,090,548
Baker Hughes, a GE Co., LLC / Baker Hughes Co-Obligor, Inc.
3.337%, 12/15/2027		1,000,000		1,038,595
Sabal Trail Transmission LLC (b)
4.246%, 05/01/2028		1,000,000		1,080,004
TransCanada PipeLines Ltd.
4.250%, 05/15/2028		1,000,000		1,135,061
Total Capital International SA
3.455%, 02/19/2029		1,000,000		1,114,447
Equinor ASA
2.375%, 05/22/2030		500,000		515,863
				22,542,011
Retailers (1.01%)
McDonald’s Corp.
3.625%, 05/20/2021		2,000,000		2,061,290
TJX Companies Inc., The
2.750%, 06/15/2021		1,000,000		1,018,274
Home Depot Inc.
2.625%, 06/01/2022		500,000		521,666
CVS Health Corp.
3.500%, 07/20/2022		1,000,000		1,053,912
Wal-Mart Stores Inc.
2.550%, 04/11/2023		1,000,000		1,053,568
CVS Caremark Corp.
4.000%, 12/05/2023		1,000,000		1,090,195
Wal-Mart Stores Inc.
3.300%, 04/22/2024		500,000		546,191
Costco Wholesale Corp.
2.750%, 05/18/2024		1,000,000		1,083,449
McDonald’s Corp.
3.250%, 06/10/2024		1,000,000		1,103,234
Target Corp.
3.500%, 07/01/2024		1,000,000		1,113,754

14 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Retailers (Cont.)
Home Depot Inc.
3.350%, 09/15/2025	$	1,000,000	$	1,121,250
Lowe’s Companies Inc.
3.375%, 09/15/2025		1,000,000		1,105,108
Home Depot Inc.
3.000%, 04/01/2026		1,000,000		1,116,678
Lowe’s Companies Inc.
2.500%, 04/15/2026		1,000,000		1,064,583
Target Corp.
2.500%, 04/15/2026		1,000,000		1,091,546
TJX Companies Inc., The
2.250%, 09/15/2026		1,000,000		1,056,711
Costco Wholesale Corp.
3.000%, 05/18/2027		1,000,000		1,145,367
Amazon.com Inc.
3.150%, 08/22/2027		1,000,000		1,134,933
McDonald’s Corp.
3.800%, 04/01/2028		1,000,000		1,149,462
				20,631,171
Telecom & Telecom Equipment (0.57%)
AT&T Inc.
3.000%, 02/15/2022		2,000,000		2,073,086
Verizon Communications Inc.
2.450%, 11/01/2022		1,000,000		1,045,124
Cisco Systems Inc.
3.625%, 03/04/2024		1,000,000		1,117,027
Verizon Communications Inc.
4.150%, 03/15/2024		1,000,000		1,113,895
Cisco Systems Inc.
3.500%, 06/15/2025		500,000		571,095
2.950%, 02/28/2026		500,000		560,507
Verizon Communications Inc.
2.625%, 08/15/2026		1,000,000		1,076,100
Vodafone Group PLC
4.375%, 05/30/2028		1,000,000		1,169,422
Verizon Communications Inc.
4.329%, 09/21/2028		1,012,000		1,207,145
3.875%, 02/08/2029		1,000,000		1,161,318
AT&T Inc.
4.350%, 03/01/2029		500,000		567,526
				11,662,245
Transportation (0.86%)
Burlington Northern Santa Fe
3.050%, 09/01/2022		500,000		524,255
United Parcel Service Inc.
2.450%, 10/01/2022		1,000,000		1,042,771
Burlington Northern Santa Fe
3.000%, 03/15/2023		1,500,000		1,584,522
Union Pacific Corp.
2.750%, 04/15/2023		500,000		525,673
Norfolk Southern Corp.
3.850%, 01/15/2024		1,000,000		1,091,748
Burlington Northern Santa Fe
3.750%, 04/01/2024		1,000,000		1,104,387

	Principal amount		Value
Corporate Bonds (Cont.)
Transportation (Cont.)
Union Pacific Corp.
3.250%, 08/15/2025	$	500,000	$	549,404
Canadian National Railway Co.
2.750%, 03/01/2026		2,000,000		2,161,202
Union Pacific Corp.
2.750%, 03/01/2026		1,000,000		1,078,776
Norfolk Southern Corp.
2.900%, 06/15/2026		500,000		547,621
United Parcel Service Inc.
2.400%, 11/15/2026		500,000		545,459
Union Pacific Corp.
3.000%, 04/15/2027		1,000,000		1,094,027
Norfolk Southern Corp.
3.150%, 06/01/2027		500,000		543,599
United Parcel Service Inc.
3.050%, 11/15/2027		2,000,000		2,242,276
Union Pacific Corp.
3.950%, 09/10/2028		1,000,000		1,160,774
3.700%, 03/01/2029		500,000		571,227
United Parcel Service Inc.
2.500%, 09/01/2029		1,000,000		1,078,370
				17,446,091
Utilities & Energy (4.60%)
Kentucky Utilities Co.
3.250%, 11/01/2020		500,000		501,811
Southern California Edison Co.
3.875%, 06/01/2021		2,000,000		2,043,766
San Diego Gas & Electric Co.
3.000%, 08/15/2021		500,000		511,547
Southern California Edison Co.
2.400%, 02/01/2022		1,000,000		1,010,152
Carolina Power & Light Co.
2.800%, 05/15/2022		1,000,000		1,039,360
Consumers Energy Co.
2.850%, 05/15/2022		1,000,000		1,038,808
Georgia Power Co.
2.850%, 05/15/2022		1,000,000		1,034,226
Detroit Edison Co.
2.650%, 06/15/2022		500,000		516,538
CenterPoint Energy Houston LLC
2.250%, 08/01/2022		1,000,000		1,027,803
Baltimore Gas & Electric Co.
2.800%, 08/15/2022		1,000,000		1,035,950
Northern States Power Co.
2.150%, 08/15/2022		500,000		515,027
Pacific Gas & Electric (d)
2.450%, 08/15/2022		1,000,000		1,040,000
Ameren Illinois Co.
2.700%, 09/01/2022		1,000,000		1,033,939
PPL Electric Utilities
2.500%, 09/01/2022		1,000,000		1,026,569
Public Service Company of Colorado
2.250%, 09/15/2022		1,000,000		1,026,030
Tampa Electric Co.
2.600%, 09/15/2022		500,000		514,939

See accompanying notes to financial statements. 15

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
NSTAR Electric Co.
2.375%, 10/15/2022	$	500,000	$	517,511
Public Service Company of Colorado
2.500%, 03/15/2023		1,000,000		1,035,536
Virginia Electric & Power Co.
2.750%, 03/15/2023		1,000,000		1,049,092
Public Service Electric and Gas Co.
2.375%, 05/15/2023		2,000,000		2,083,590
Florida Power & Light Co.
2.750%, 06/01/2023		2,000,000		2,114,782
Pacificorp
2.950%, 06/01/2023		1,000,000		1,060,878
Pacific Gas & Electric (d)
3.250%, 06/15/2023		1,000,000		1,025,000
Consumers Energy Co.
3.375%, 08/15/2023		1,000,000		1,077,417
Laclede Gas Co.
3.400%, 08/15/2023		1,000,000		1,063,234
Duke Energy Ohio Inc.
3.800%, 09/01/2023		1,000,000		1,086,303
San Diego Gas & Electric Co.
3.600%, 09/01/2023		2,000,000		2,138,236
Public Service Company of New Hampshire
3.500%, 11/01/2023		500,000		538,696
Delmarva Power & Light Co.
3.500%, 11/15/2023		1,000,000		1,081,750
Alabama Power Co.
3.550%, 12/01/2023		1,000,000		1,091,656
Virginia Electric & Power Co.
3.450%, 02/15/2024		1,000,000		1,072,134
DTE Electric Co.
3.650%, 03/15/2024		2,000,000		2,169,120
Potomac Electric Power Co.
3.600%, 03/15/2024		1,000,000		1,084,294
Florida Power & Light Co.
3.250%, 06/01/2024		1,000,000		1,092,147
Interstate Power & Light Co.
3.250%, 12/01/2024		1,000,000		1,083,312
DTE Electric Co.
3.375%, 03/01/2025		1,000,000		1,094,875
Alabama Power Co.
2.800%, 04/01/2025		1,000,000		1,069,883
Arizona Public Service Co.
3.150%, 05/15/2025		500,000		545,780
Public Service Company of Colorado
2.900%, 05/15/2025		1,000,000		1,073,626
Wisconsin Electric Power
3.100%, 06/01/2025		1,000,000		1,074,964
Pacific Gas & Electric (d)
3.500%, 06/15/2025		1,000,000		1,047,500
Southern California Gas Co.
3.200%, 06/15/2025		500,000		543,207
Duke Energy Progress LLC
3.250%, 08/15/2025		1,000,000		1,111,915

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Interstate Power & Light Co.
3.400%, 08/15/2025	$	1,000,000	$	1,078,255
Kentucky Utilities Co.
3.300%, 10/01/2025		500,000		538,255
Louisville Gas & Electric Co.
3.300%, 10/01/2025		1,000,000		1,089,782
PECO Energy Co.
3.150%, 10/15/2025		1,000,000		1,098,811
NSTAR Electric Co.
3.250%, 11/15/2025		1,000,000		1,087,599
Florida Power & Light Co.
3.125%, 12/01/2025		1,000,000		1,110,771
Virginia Electric & Power Co.
3.150%, 01/15/2026		1,000,000		1,105,644
Brooklyn Union Gas Co., The (b)
3.407%, 03/10/2026		1,000,000		1,093,811
Georgia Power Co.
3.250%, 04/01/2026		1,000,000		1,079,069
San Diego Gas & Electric Co.
2.500%, 05/15/2026		1,000,000		1,056,712
NSTAR Electric Co.
2.700%, 06/01/2026		1,000,000		1,057,493
Commonwealth Edison Co.
2.550%, 06/15/2026		1,000,000		1,074,262
Southern California Gas Co.
2.600%, 06/15/2026		1,000,000		1,072,238
Westar Energy Inc.
2.550%, 07/01/2026		1,000,000		1,060,712
KeySpan Gas East Corp. (b)
2.742%, 08/15/2026		1,000,000		1,059,334
CenterPoint Energy Houston Electric LLC
2.400%, 09/01/2026		500,000		517,270
Public Service Electric and Gas Co.
2.250%, 09/15/2026		1,000,000		1,056,826
AEP Transmission Company LLC
3.100%, 12/01/2026		500,000		542,698
Consolidated Edison Co. of New York
2.900%, 12/01/2026		500,000		529,644
Duke Energy Carolinas
2.950%, 12/01/2026		1,000,000		1,106,314
Westar Energy Inc.
3.100%, 04/01/2027		1,000,000		1,060,315
NSTAR Electric Co.
3.200%, 05/15/2027		1,000,000		1,109,396
Public Service Electric and Gas Co.
3.000%, 05/15/2027		500,000		545,006
Appalachian Power Co.
3.300%, 06/01/2027		1,000,000		1,067,797
Rochester Gas & Electric Corp. (b)
3.100%, 06/01/2027		1,000,000		1,067,343
Atmos Energy Corp.
3.000%, 06/15/2027		1,000,000		1,081,176
Union Electric Co.
2.950%, 06/15/2027		1,000,000		1,081,327

16 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Boston Gas Co. (b)
3.150%, 08/01/2027	$	500,000	$	534,720
Commonwealth Edison Co.
2.950%, 08/15/2027		500,000		542,623
Wisconsin Power & Light
3.050%, 10/15/2027		1,000,000		1,085,188
Consolidated Edison Co. of New York
3.125%, 11/15/2027		1,000,000		1,082,841
Pacific Gas & Electric (d)
3.300%, 12/01/2027		1,000,000		1,032,500
Southern California Edison Co.
3.650%, 03/01/2028		1,000,000		1,104,603
Southwest Gas Corp.
3.700%, 04/01/2028		1,000,000		1,106,065
Virginia Electric & Power Co.
3.800%, 04/01/2028		1,000,000		1,145,147
Public Service Electric and Gas Co.
3.700%, 05/01/2028		1,000,000		1,138,386
Ameren Illinois Co.
3.800%, 05/15/2028		1,000,000		1,157,665
Consolidated Edison Co. of New York
3.800%, 05/15/2028		1,000,000		1,123,634
Indiana Michigan Power Co.
3.850%, 05/15/2028		1,000,000		1,108,000
AEP Texas Central Co.
3.950%, 06/01/2028		1,000,000		1,129,699
Duke Energy Ohio Inc.
3.650%, 02/01/2029		1,000,000		1,143,905
Brooklyn Union Gas Co., The (b)
3.865%, 03/04/2029		1,000,000		1,122,956
Union Electric Co.
3.500%, 03/15/2029		1,000,000		1,136,162
MidAmerican Energy Co.
3.650%, 04/15/2029		2,000,000		2,372,162
Atmos Energy Corp.
2.625%, 09/15/2029		1,000,000		1,067,024
Evergy Metro Inc.
2.250%, 06/01/2030		500,000		513,790
Interstate Power & Light Co.
2.300%, 06/01/2030		500,000		505,036
				93,522,869
Total Corporate Bonds
(cost $362,405,032)				391,224,198
Foreign Government Bonds (0.11%)
Province of Quebec
2.500%, 04/20/2026		1,000,000		1,091,960
Province of Ontario
2.500%, 04/27/2026		1,000,000		1,089,960
Total Foreign Government Bonds
(cost $1,995,856)				2,181,920
Government Agency Securities (e) (4.24%)
Agency Commercial Mortgage-Backed Securities (4.14%)
Federal Home Loan Mortgage Corp.

	Principal amount		Value
Government Agency Securities (Cont.)
Agency Commercial Mortgage-Backed Securities (Cont.)
Series K018, Class A2
2.789%, 01/25/2022	$	9,647,469	$	9,898,776
Series K029, Class A1
2.839%, 10/25/2022		2,552,858		2,600,844
Series KSMC, Class A2
2.615%, 01/25/2023		2,000,000		2,090,180
Series K722, Class A2
2.406%, 03/25/2023		1,000,000		1,036,242
Series K723, Class A2
2.454%, 08/25/2023		2,000,000		2,090,070
Series K724, Class A2
3.062%, 11/25/2023		500,000		532,359
Series K725, Class A2
3.002%, 01/25/2024		3,000,000		3,205,824
Series K726, Class A2
2.905%, 04/25/2024		1,459,509		1,548,870
Series K044, Class A2
2.811%, 01/25/2025		2,000,000		2,172,218
Series K049, Class A2
3.010%, 07/25/2025		2,000,000		2,201,314
Series K054, Class A2
2.745%, 01/25/2026		500,000		546,301
Series K055, Class A2
2.673%, 03/25/2026		2,000,000		2,182,314
Series K056, Class A2
2.525%, 05/25/2026		2,000,000		2,166,404
Series K057, Class A2
2.570%, 07/25/2026		2,000,000		2,173,875
Series K058, Class A2
2.653%, 08/25/2026		1,500,000		1,640,516
Series K059, Class A2
3.120%, 09/25/2026		1,500,000		1,678,917
Series K063, Class A2
3.430%, 01/25/2027		2,000,000		2,279,978
Series K064, Class A2
3.224%, 03/25/2027		2,500,000		2,821,685
Series K065, Class A2
3.243%, 04/25/2027		2,000,000		2,263,092
Series K072, Class A2
3.444%, 12/25/2027		1,500,000		1,728,530
Series K074, Class A2
3.600%, 01/25/2028		2,000,000		2,328,042
Series K073, Class A2
3.350%, 01/25/2028		1,000,000		1,145,845
Series K075, Class A2
3.650%, 02/25/2028		1,500,000		1,752,120
Series K076, Class A2
3.900%, 04/25/2028		2,000,000		2,366,568
Federal National Mortgage Association
Series 2012-M5, Class A2
2.715%, 02/25/2022		2,050,822		2,099,933
Series 2016-M12, Class AV2
2.308%, 10/25/2023		997,869		1,027,154
Series 2015-M11, Class A2
2.822%, 04/25/2025		2,000,000		2,139,386
Series 2015-M17, Class A2
2.931%, 11/25/2025		975,368		1,045,208

See accompanying notes to financial statements. 17

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Principal amount		Value
Government Agency Securities (Cont.)
Agency Commercial Mortgage-Backed Securities (Cont.)
Series 2016-M6, Class A2
2.488%, 05/25/2026	$	1,000,000	$	1,068,534
Series 2016-M9, Class A2
2.292%, 06/25/2026		1,000,000		1,050,921
Series 2016-M11, Class A2
2.369%, 07/25/2026		2,000,000		2,142,316
Series 2016-M12, Class A2
2.443%, 09/25/2026		2,000,000		2,109,828
Series 2016-M7, Class A2
2.499%, 09/25/2026		1,000,000		1,048,571
Series 2017-M4, Class A2
2.584%, 12/25/2026		2,500,000		2,715,408
Series 2017-M7, Class A2
2.961%, 02/25/2027		2,000,000		2,205,274
Series 2017-M2, Class A2
2.801%, 02/25/2027		1,000,000		1,090,958
Series 2017-M8, Class A2
3.061%, 05/25/2027		2,000,000		2,201,636
Series 2018-M1, Class A2
2.985%, 12/25/2027		2,000,000		2,213,684
Series 2018-M2, Class A2
2.902%, 01/25/2028		2,000,000		2,212,946
Series 2018-M4, Class A2
3.045%, 03/25/2028		1,500,000		1,687,211
Series 2018-M7, Class A2
3.052%, 03/25/2028		1,500,000		1,660,164
				84,170,016
Agency Notes & Bonds (0.10%)
Tennessee Valley Authority
3.875%, 02/15/2021		2,000,000		2,056,188
				2,056,188
Total Government Agency Securities
(cost $80,225,149)				86,226,204
U.S. Treasury Obligations (8.84%)
U.S. Treasury Notes
1.375%, 10/31/2020		5,000,000		5,024,415
3.625%, 02/15/2021		10,000,000		10,241,800
2.000%, 02/28/2021		5,000,000		5,067,190
2.000%, 11/15/2021		25,000,000		25,661,125
2.500%, 08/15/2023		10,000,000		10,732,810
2.750%, 11/15/2023		10,000,000		10,873,050
2.500%, 05/15/2024		5,000,000		5,442,775
2.000%, 06/30/2024		5,000,000		5,354,490
2.000%, 02/15/2025		15,000,000		16,189,455
2.750%, 02/15/2028		10,000,000		11,680,860

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
2.375%, 05/15/2029	$	28,000,000	$	32,335,632
1.625%, 08/15/2029		18,000,000		19,645,308
1.500%, 02/15/2030		20,000,000		21,630,460
Total U.S. Treasury Obligations
(cost $166,897,860)				179,879,370

	Shares		Value
Short-term Investments (0.87%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.12% (f)		17,807,760		17,807,760
Total Short-term Investments
(cost $17,807,760)				17,807,760
TOTAL INVESTMENTS (99.57%)
(cost $1,084,256,404)				2,026,339,402
OTHER ASSETS, NET OF LIABILITIES (0.43%)				8,653,359
NET ASSETS (100.00%)			$	2,034,992,761

(a) Non-income producing security.

(b) 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 May 31, 2020, the value of these securities amounted to $30,954,421 or 1.52% of net assets.

(c) Rate is fixed from February 7, 2019 to, but excluding, February 7, 2029 and floating from February 7, 2029 to, but excluding, the maturity date.

(d) Pacific Gas & Electric filed for Chapter 11 bankruptcy protection on January 29, 2019, and as of May 31, 2020 is in default.

(e) 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.

(f) Rate shown is the 7-day yield as of May 31, 2020.

ADR - American Depositary Receipt

18 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST INTERIM FUND

SCHEDULE OF INVESTMENTS

May 31, 2020

(Unaudited)

	Principal amount		Value
U.S. Treasury Obligations (99.65%)
U.S. Treasury Notes
1.500%, 05/31/2020	$	7,000,000	$	7,000,000
1.375%, 05/31/2020		5,000,000		5,000,000
1.875%, 06/30/2020		10,000,000		10,014,050
1.500%, 07/15/2020		2,000,000		2,003,334
1.625%, 07/31/2020		5,000,000		5,012,395
2.625%, 07/31/2020		2,000,000		2,008,254
2.625%, 08/31/2020		5,000,000		5,030,830
1.375%, 08/31/2020		5,000,000		5,015,385
2.875%, 10/31/2020		2,500,000		2,527,638
1.375%, 10/31/2020		2,000,000		2,009,766
2.625%, 11/15/2020		3,000,000		3,033,165
2.125%, 01/31/2021		10,000,000		10,128,130
2.500%, 02/28/2021		5,000,000		5,086,135
1.375%, 04/30/2021		10,000,000		10,107,030
2.000%, 05/31/2021		10,000,000		10,179,300
1.125%, 07/31/2021		5,000,000		5,053,905
2.000%, 08/31/2021		5,000,000		5,112,695
2.750%, 09/15/2021		2,500,000		2,582,423
2.000%, 10/31/2021		7,500,000		7,693,065
1.875%, 11/30/2021		10,000,000		10,255,080
1.500%, 01/31/2022		10,000,000		10,219,530
1.750%, 02/28/2022		10,000,000		10,274,610
1.750%, 03/31/2022		10,000,000		10,287,890
1.750%, 04/30/2022		5,000,000		5,151,565
1.750%, 05/15/2022		10,000,000		10,307,810
1.625%, 08/15/2022		8,500,000		8,771,932
1.750%, 09/30/2022		5,000,000		5,183,010
2.000%, 10/31/2022		2,000,000		2,087,890
1.875%, 10/31/2022		2,000,000		2,081,876
2.000%, 11/30/2022		2,500,000		2,613,183
2.000%, 02/15/2023		5,000,000		5,244,335
2.500%, 03/31/2023		3,000,000		3,195,702
1.500%, 03/31/2023		2,000,000		2,074,454
1.625%, 04/30/2023		5,000,000		5,208,205
1.625%, 05/31/2023		10,000,000		10,426,560
1.375%, 06/30/2023		7,000,000		7,253,204
1.250%, 07/31/2023		5,000,000		5,165,430
2.500%, 08/15/2023		5,000,000		5,366,405
1.375%, 08/31/2023		2,000,000		2,075,704
1.375%, 09/30/2023		5,000,000		5,193,552
1.625%, 10/31/2023		5,000,000		5,240,625
2.875%, 10/31/2023		2,000,000		2,181,172
2.125%, 11/30/2023		11,000,000		11,730,466
2.250%, 01/31/2024		5,000,000		5,369,335
2.750%, 02/15/2024		5,000,000		5,464,065
2.125%, 02/29/2024		5,000,000		5,352,345
2.125%, 03/31/2024		3,000,000		3,215,859
2.000%, 04/30/2024		5,000,000		5,342,190
2.500%, 05/15/2024		6,500,000		7,075,608
2.000%, 06/30/2024		2,500,000		2,677,245
1.750%, 07/31/2024		3,000,000		3,185,157
2.375%, 08/15/2024		7,000,000		7,617,694

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (cont.)
1.500%, 09/30/2024	$	2,000,000	$	2,105,782
2.250%, 10/31/2024		2,500,000		2,716,015
1.500%, 10/31/2024		2,000,000		2,107,344
2.250%, 11/15/2024		8,000,000		8,696,872
2.125%, 11/30/2024		1,000,000		1,082,383
2.250%, 12/31/2024		8,000,000		8,712,184
1.750%, 12/31/2024		2,000,000		2,133,046
1.375%, 01/31/2025		6,000,000		6,300,468
2.000%, 02/15/2025		8,000,000		8,634,376
2.125%, 05/15/2025		9,000,000		9,796,293
2.750%, 06/30/2025		3,000,000		3,364,923
2.000%, 08/15/2025		20,500,000		22,248,917
2.250%, 11/15/2025		13,500,000		14,868,981
2.625%, 12/31/2025		8,000,000		8,991,560
2.625%, 01/31/2026		3,000,000		3,375,939
1.625%, 02/15/2026		6,000,000		6,416,718
1.625%, 05/15/2026		6,500,000		6,961,097
1.875%, 06/30/2026		5,000,000		5,434,960
1.875%, 07/31/2026		5,000,000		5,438,085
1.375%, 08/31/2026		5,000,000		5,287,110
Total U.S. Treasury Obligations
(cost $416,990,864)				432,160,241
	Shares		Value
Short-term Investments (1.45%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.12% (a)		6,285,087		6,285,087
Total Short-term Investments
(cost $6,285,087)				6,285,087
TOTAL INVESTMENTS (101.10%)
(cost $423,275,951)				438,445,328
LIABILITIES, NET OF OTHER ASSETS (-1.10%)				(4,762,925	)
NET ASSETS (100.00%)			$	433,682,403

(a) Rate shown is the 7-day yield as of May 31, 2020.

See accompanying notes to financial statements. 19

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (98.20%)
Alabama (1.54%)
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.000	%		06/01/2024		A+	$	585,000	$	629,823
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.250	%		06/01/2025		A+		600,000		646,362
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.500	%		06/01/2026		A+		620,000		676,029
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.750	%		06/01/2027		A+		645,000		705,849
City of Athens, Alabama, Water and Sewer Revenue Warrants, Series 2017		3.000	%		05/01/2028		A2		980,000		1,090,426
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.000	%		06/01/2028		A+		665,000		743,650
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2015		4.000	%		12/01/2028		Aa2		2,165,000		2,482,779
City of Athens, Alabama, Water and Sewer Revenue Warrants, Series 2017		3.125	%		05/01/2029		A2		1,010,000		1,112,252
City of Florence (Alabama), Water and Sewer Revenue Warrants, Series 2011 (Prerefunded to 02-15-2021 @ 100) (b)		5.000	%		08/15/2029		A1		1,620,000		1,674,351
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2035		Aa2		215,000		255,581
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2036		Aa2		310,000		366,625
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2037		Aa2		270,000		317,912
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2038		Aa2		265,000		311,004
											11,012,643
Alaska (1.61%)
Municipality of Anchorage, Alaska, Senior Lien Electric Revenue Bonds, 2009 Series A (Tax-Exempt)		4.000	%		12/01/2021		A+		1,955,000		1,960,435
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.250	%		09/01/2028		AAA		1,095,000		1,244,238
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.250	%		09/01/2028		AAA		1,050,000		1,193,105
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.500	%		09/01/2029		AAA		1,390,000		1,584,350
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.500	%		09/01/2029		AAA		1,090,000		1,242,404
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.500	%		09/01/2030		AAA		1,440,000		1,623,859
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.500	%		09/01/2030		AAA		1,125,000		1,268,640
Matanuska-Susitna Borough, Alaska, General Obligation Transportation System Bonds, 2014 Series A		5.000	%		08/01/2031		AA+		1,225,000		1,393,781
											11,510,812
Arizona (2.73%)
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		5.000	%		07/01/2020		A1		1,965,000		1,972,290
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series A (2012)		3.000	%		07/01/2021		Aa1		1,000,000		1,030,320
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series A (2012)		3.000	%		07/01/2022		Aa1		570,000		603,146
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2022		AA		500,000		548,840
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		3.000	%		07/01/2022		AA		495,000		522,829
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		5.000	%		07/01/2022		A1		1,000,000		1,097,680
Litchfield Elementary School District No. 79 of Maricopa County, Arizona, School Improvement Bonds, Project of 2009, Series A (2011)		5.000	%		07/01/2023		Aa2		1,000,000		1,050,630
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series B (2013)		3.000	%		07/01/2023		Aa1		1,255,000		1,360,395
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2023		AA		1,060,000		1,164,007
Pinal County Community College District of Pinal County, Arizona, General Obligation Bonds, Project of 2008, Series B (2012)		4.500	%		07/01/2023		AA-		1,705,000		1,778,196
Phoenix Union High School District No. 210 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Tax-Exempt Series A (2012)		4.000	%		07/01/2024		Aa2		1,165,000		1,249,894

20 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(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 D (2013)		5.000	%		07/01/2026		A+	$	555,000	$	631,596
Cave Creek Unified School District No. 93 of Maricopa County, Arizona, School Improvement Bonds, Project of 2014, Series A (2015)		4.000	%		07/01/2026		AA-		545,000		630,020
Kyrene Elementary School District No. 28 of Maricopa County, Arizona, School Improvement Bonds, Project of 2010, Series C (2015)		4.000	%		07/01/2026		AA		765,000		888,892
Pima County, Arizona, General Obligation Bonds, Series 2012A		4.000	%		07/01/2026		AA		2,000,000		2,137,120
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series D (2013)		5.000	%		07/01/2027		A+		400,000		453,756
Cave Creek Unified School District No. 93 of Maricopa County, Arizona, School Improvement Bonds, Project of 2014, Series A (2015)		4.000	%		07/01/2027		AA-		1,100,000		1,261,062
Tempe Union High School District No. 213 of Maricopa County, Arizona, Refunding Bonds, Series 2016		3.000	%		07/01/2028		AA		1,000,000		1,115,690
											19,496,363
Arkansas (3.22%)
State of Arkansas, General Obligation Four-Lane Highway Construction and Improvement Bonds, Series 2013		3.500	%		06/15/2023		AA		6,000,000		6,192,900
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Refunding Series 2015A		3.000	%		11/01/2024		Aa2		2,315,000		2,555,922
City of Little Rock, Arkansas, Library Construction and Refunding Bonds, Series 2015		2.750	%		03/01/2025		AA		185,000		187,544
State of Arkansas, Higher Education General Obligation Bonds, Refunding Series 2015 (c)		4.000	%		06/01/2027		AA		3,000,000		3,380,790
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2014A		5.000	%		11/01/2028		Aa2		365,000		428,112
Rogers School District No. 30 of Benton County, Arkansas, Refunding Bonds		3.125	%		02/01/2030		NR		2,880,000		2,988,691
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2014A		5.000	%		11/01/2030		Aa2		785,000		913,756
Rogers School District No. 30 of Benton County, Arkansas Refunding Bonds		3.000	%		02/01/2033		Aa2		5,115,000		5,372,489
City of Heber Springs, Arkansas, Water and Sewer Revenue Ronds, Series 2019		3.000	%		11/01/2033		NR		660,000		691,515
City of Heber Springs, Arkansas, Water and Sewer Revenue Ronds, Series 2019		3.000	%		11/01/2035		NR		300,000		312,078
											23,023,797
California (4.64%)
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2025		Aa3		225,000		265,613
Marin Community College District (Marin County, California), Election of 2004 General Obligation Bonds, Series C (Prerefunded to 08-01-2021 @ 100) (b)		4.250	%		08/01/2026		Aaa		1,275,000		1,336,073
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2027		Aa3		1,080,000		1,271,507
East Side Union High School District, (Santa Clara County, California), 2015 General Obligation Refunding Bonds		3.500	%		08/01/2027		A+		1,000,000		1,133,130
Newark Unified School District, (Alameda County, California), General Obligation Bonds, Election of 2011, Series C		3.000	%		08/01/2028		Aa3		750,000		842,393
Santee School District, (County of San Diego, California), General Obligation Refunding Bonds, Series 2015		3.500	%		08/01/2028		AA-		1,565,000		1,764,929
Campbell Union High School District, (Santa Clara County, California), 2016 General Obligation Refunding Bonds		3.250	%		08/01/2029		Aa1		1,965,000		2,184,353
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		3.500	%		08/01/2029		Aa2		1,190,000		1,360,908
Santee School District, (County of San Diego, California), General Obligation Refunding Bonds, Series 2015		3.500	%		08/01/2029		AA-		1,725,000		1,935,502
Sonoma County Junior College District, (Sonoma, Mendocino and Marin Counties, California), 2016 General Obligation Refunding Bonds		3.250	%		08/01/2029		Aa2		2,835,000		3,205,421
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2030		Aa2		540,000		634,003
Marin Community College District, (Marin County, California), Election of 2016 General Obligation Bonds, Series A, (Federally Tax-Exempt)		4.000	%		08/01/2030		Aaa		1,095,000		1,294,224

See accompanying notes to financial statements. 21

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
California (Cont.)
Sonoma County Junior College District, (Sonoma, Mendocino and Marin Counties, California), Election of 2014 General Obligation Bonds, Series A		4.000	%		08/01/2030		Aa2	$	1,600,000	$	1,885,856
Sequoia Union High School District, (County of San Mateo, State of California), General Obligation Bonds, Election of 2014, Series 2016		3.000	%		07/01/2031		AA		3,000,000		3,305,280
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2031		Aa2		400,000		466,732
Redondo Beach Unified School District, (Los Angeles County, California), 2017 General Obligation Refunding Bonds, (Election of 2008, Series D), (2020 Crossover)		3.000	%		08/01/2031		Aa2		750,000		835,035
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2032		Aa2		500,000		578,520
Redondo Beach Unified School District, (Los Angeles County, California), 2017 General Obligation Refunding Bonds, (Election of 2008, Series D), (2020 Crossover)		3.000	%		08/01/2032		Aa2		750,000		828,983
Tustin Unified School District - 2017 General Obligation Refunding Bonds of School Facilities Improvement District No. 2002-1 of the Tustin Unified School District, (2020 Crossover), (Orange County, California)		4.000	%		08/01/2032		AA		510,000		605,161
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		4.000	%		08/01/2033		A+		385,000		445,953
Tustin Unified School District - 2017 General Obligation Refunding Bonds of School Facilities Improvement District No. 2002-1 of the Tustin Unified School District, (2020 Crossover), (Orange County, California)		4.000	%		08/01/2033		AA		550,000		646,030
Tustin Unified School District - 2017 General Obligation Refunding Bonds of School Facilities Improvement District No. 2008-1 of the Tustin Unified School District, (2020 Crossover), (Orange County, California)		4.000	%		08/01/2033		AA		600,000		704,760
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		3.000	%		08/01/2034		A+		2,000,000		2,100,100
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2034		AA		200,000		240,020
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		3.000	%		08/01/2035		A+		1,150,000		1,202,946
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2035		AA		355,000		425,638
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		3.000	%		08/01/2036		A+		600,000		624,528
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2036		AA		400,000		479,148
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2037		AA		500,000		598,375
											33,201,121
Colorado (2.72%)
Jefferson County, Colorado, School District No. 1		5.000	%		12/15/2021		Aa2		900,000		966,510
Cherry Creek School District No. 5, (Arapahoe County, Colorado), General Obligation Bonds, Series 2012B		3.000	%		12/15/2023		Aa1		3,300,000		3,524,565
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2015		4.000	%		12/15/2025		Aa2		1,000,000		1,152,870
Roaring Fork School District No. RE-1, In Garfield, Pitkin and Eagle Counties, Colorado, General Obligation Refunding Bonds, Series 2016B		2.500	%		12/15/2027		NR		3,000,000		3,251,910
Eagle River Water and Sanitation District, (In Eagle County, Colorado), General Obligation Bonds, Series 2016		4.000	%		12/01/2030		AA-		465,000		540,995
Gunnison Watershed School District RE-1J, (Gunnison and Saguache Counties, Colorado), General Obligation Refunding Bonds, Series 2014		4.000	%		12/01/2031		Aa2		1,000,000		1,119,430
Town of Estes Park, Colorado, Refunding and Improvement Power and Communications Revenue Bonds, Series 2019A		4.000	%		11/01/2034		A+		1,805,000		2,175,350
Adams 12 Five Star Schools, Adams County and the City and County of Broomfield, Colorado, General Obligation Bonds, Series 2016B		5.000	%		12/15/2034		AA-		2,500,000		3,118,200

22 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Colorado (Cont.)
Town of Estes Park, Colorado, Refunding and Improvement Power and Communications Revenue Bonds, Series 2019A		4.000	%		11/01/2035		A+	$	980,000	$	1,175,196
Town of Estes Park, Colorado, Refunding and Improvement Power and Communications Revenue Bonds, Series 2019A		4.000	%		11/01/2036		A+		1,000,000		1,193,910
City of Westminister, Colorado, Water and Wastewater Utility Enterprise, Water and Wastewater Revenue Bonds, Series 2019		4.000	%		12/01/2036		AAA		1,000,000		1,204,830
											19,423,766
Connecticut (1.35%)
Town of Darien, Connecticut, General Obligation Refunding Bonds, Issue of 2012, Series B		2.000	%		08/01/2022		Aaa		1,525,000		1,529,468
City of Stamford, Connecticut, General Obligation Bonds, Issue of 2013		2.250	%		02/01/2024		Aa1		2,000,000		2,022,980
State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University Issue, Series 2016A (d)		2.000	%		07/01/2042		Aaa		5,700,000		6,106,695
											9,659,143
Florida (3.09%)
Tohopekaliga Water Authority, Utility System Revenue Refunding Bonds, Series 2011A (Prerefunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2022		Aa2		365,000		388,418
Tohopekaliga Water Authority, Utility System Revenue Refunding Bonds, Series 2011A (Prerefunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2023		Aa2		200,000		212,832
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 2010B		5.000	%		07/01/2024		Aa2		2,000,000		2,027,560
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 2010B		5.000	%		07/01/2025		Aa2		2,485,000		2,519,243
Lee County, Florida, Water and Sewer Revenue Bonds, Series 2013A (b)		5.000	%		10/01/2026		Aa2		400,000		463,120
City of Pembroke Pines, Florida, General Obligation Bonds, Series 2015		5.000	%		09/01/2031		Aa2		2,100,000		2,551,899
Florida Municipal Loan Council, Revenue Bonds, Series 2019A		3.000	%		08/01/2032		AA+		520,000		574,371
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		4.000	%		09/01/2032		Aa3		540,000		633,814
Lee County, Florida, Water and Sewer Revenue Bonds, Series 2013A (b)		5.000	%		10/01/2032		Aa2		750,000		868,350
Collier County Water-Sewer District, (Florida), Water Sewer Revenue Bonds, Series 2019		3.000	%		07/01/2033		Aaa		5,080,000		5,600,344
Florida Municipal Loan Council, Revenue Bonds, Series 2019A		3.250	%		08/01/2033		AA+		535,000		598,007
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		5.000	%		09/01/2033		Aa3		750,000		942,458
Florida Municipal Loan Council, Revenue Bonds, Series 2019A		4.000	%		08/01/2034		AA+		555,000		657,758
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		5.000	%		09/01/2034		Aa3		750,000		939,060
City of Tampa, Florida, Revenue and Revenue Refunding Bonds, (The University of Tampa Project), Series 2020A (e)		5.000	%		04/01/2035		A-		1,000,000		1,186,340
City of Tampa, Florida, Revenue and Revenue Refunding Bonds, (The University of Tampa Project), Series 2020A (e)		5.000	%		04/01/2036		A-		1,600,000		1,888,928
											22,052,502
Georgia (0.99%)
Cherokee County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Refunding Bonds, Series 2010		3.500	%		08/01/2020		AA		200,000		201,080
Cherokee County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Refunding Bonds, Series 2010		4.000	%		08/01/2021		AA		250,000		251,543
Fayette County, Georgia, Water Revenue Bonds, Series 2009		5.000	%		10/01/2021		Aa2		1,165,000		1,169,217
Henry County and Henry County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Refunding Bonds, Series 2010		5.000	%		02/01/2022		Aa2		1,000,000		1,031,760
Fulton County, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 2011		5.000	%		01/01/2024		Aa2		1,660,000		1,706,331
Harris County School District (Georgia), General Obligation Bonds, Series 2020		3.000	%		03/01/2034		Aa3		500,000		553,795
Harris County School District (Georgia), General Obligation Bonds, Series 2020		3.000	%		03/01/2035		Aa3		250,000		275,060
Forsyth County Water and Sewerage Authority (Georgia), Refunding and Improvement Revenue Bonds, Series 2019		3.000	%		04/01/2035		Aaa		1,000,000		1,105,700
Harris County School District (Georgia), General Obligation Bonds, Series 2020		3.000	%		03/01/2036		Aa3		700,000		770,077
											7,064,563

See accompanying notes to financial statements. 23

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Hawaii (0.09%)
County of Hawaii, General Obligation Bonds, 2013 Series A (Prerefunded to 09-01-2022 @ 100) (b)		5.000	%		09/01/2031		Aa2	$	575,000	$	636,853
Idaho (1.06%)
Independent School District No. 1 of Nez Perce County, Idaho (Lewiston), General Obligation Bonds, Series 2017B, (Sales Tax and Credit Enhancement Guaranty)		4.000	%		09/15/2031		Aa3		2,880,000		3,381,811
Boise State University, General Revenue Project Bonds, Series 2018A		4.000	%		04/01/2032		A+		445,000		510,419
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2032		A1		265,000		307,352
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2033		A+		545,000		590,589
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2033		A1		180,000		207,340
Boise State University, General Revenue Project Bonds, Series 2018A		5.000	%		04/01/2034		A+		240,000		289,903
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2034		A+		310,000		334,506
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2034		A1		255,000		292,633
Boise State University, General Revenue Project Bonds, Series 2018A		5.000	%		04/01/2035		A+		250,000		300,783
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2035		A+		300,000		321,234
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2035		A1		175,000		199,920
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2036		A+		300,000		317,928
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2036		A1		200,000		227,428
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2037		A+		310,000		326,876
											7,608,722
Indiana (4.57%)
City of Bloomington, Indiana, Waterworks Revenue Bonds of 2011, Series B		3.500	%		07/01/2020		A		580,000		581,508
Lebanon Middle School Building Corporation, Lebanon, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2011 (Escrowed to maturity) (b)		4.000	%		07/10/2020		NR		2,075,000		2,083,425
City of Fort Wayne, Indiana, Sewage Works Revenue Bonds of 2010 (Escrowed to maturity) (b)		4.500	%		08/01/2020		A1		2,075,000		2,089,442
City of Noblesville, Indiana, Sewage Works Revenue Bonds of 2011		4.250	%		07/01/2023		Aa2		215,000		223,961
City of Noblesville, Indiana, Sewage Works Revenue Bonds of 2011		4.375	%		07/01/2024		Aa2		210,000		218,860
City of Fort Wayne, Indiana, Sewage Works Revenue Bonds of 2010 (Prerefunded to 08-01-2020 @ 100) (b)		4.500	%		08/01/2025		A1		1,530,000		1,540,894
Perry Township Multischool Building Corporation of 1996, Indianapolis, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		5.000	%		01/15/2026		A+		1,190,000		1,453,764
East Noble School Building Corporation, Kendallville, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		2.000	%		07/15/2026		A+		700,000		727,643
Perry Township Multischool Building Corporation of 1996, Indianapolis, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		5.000	%		07/15/2026		A+		1,105,000		1,366,819
East Noble School Building Corporation, Kendallville, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		2.000	%		01/15/2027		A+		1,205,000		1,249,513
Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015G		4.000	%		07/15/2027		AA		1,190,000		1,378,924
Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015G		4.500	%		07/15/2028		AA		500,000		589,995
New Albany-Floyd County School Building Corporation, Ad Valorem Property Tax First Mortgage Bonds, Series 2017, (Floyd County, Indiana)		4.000	%		07/15/2028		A+		500,000		606,460
Warsaw Multi-School Building Corporation, Warsaw, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015		4.000	%		07/15/2028		A+		1,000,000		1,148,480
City of West Lafayette, Indiana, Sewage Works Revenue Bonds, Series 2016		3.750	%		07/01/2029		A+		220,000		247,441
New Albany-Floyd County School Building Corporation, Ad Valorem Property Tax First Mortgage Bonds, Series 2017, (Floyd County, Indiana)		4.000	%		07/15/2029		A+		2,000,000		2,414,220
Valparaiso Multi-Schools Building Corporation, (Porter County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015		5.000	%		07/15/2029		AA-		3,000,000		3,674,160
City of West Lafayette, Indiana, Sewage Works Revenue Bonds, Series 2016		4.000	%		07/01/2030		A+		750,000		852,330
Munster School Building Corporation, Lake County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		3.375	%		01/15/2031		AA+		1,095,000		1,256,436
Munster School Building Corporation, Lake County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		4.000	%		07/15/2032		AA+		2,285,000		2,702,264
City of Fort Wayne, Allen County, Indiana, Waterworks Revenue Bonds of 2019, Series A		3.000	%		12/01/2033		Aa3		650,000		703,671

24 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)	Principal amount		Value
Long-term Municipal Bonds (Cont.)
Indiana (Cont.)
City of Lebanon, Indiana, Sewage Works Revenue Bonds of 2018		4.000	%		07/01/2034	AA-	$	865,000	$	999,187
Hamilton Southeastern Consolidated School Building Corporation, (Hamilton County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		5.000	%		07/15/2034	AA		335,000		420,479
City of Fort Wayne, Allen County, Indiana, Waterworks Revenue Bonds of 2019, Series A		3.000	%		12/01/2034	Aa3		675,000		733,327
City of Lebanon, Indiana, Sewage Works Revenue Bonds of 2018		4.000	%		07/01/2035	AA-		895,000		1,029,769
Hamilton Southeastern Consolidated School Building Corporation, (Hamilton County, Indiana), Unlimited Ad Valorem Property Tax first Mortgage Bonds, Series 2018		5.000	%		07/15/2035	AA		600,000		749,514
City of Fort Wayne, Allen County, Indiana, Waterworks Revenue Bonds of 2019, Series A		3.000	%		12/01/2035	Aa3		700,000		755,230
Hamilton Southeastern Consolidated School Building Corporation, (Hamilton County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		5.000	%		07/15/2036	AA		700,000		870,513
										32,668,229
Iowa (2.26%)
Dallas Center-Grimes Community School District, Iowa, General Obligation School Bonds, Series 2015		3.000	%		06/01/2025	Aa2		265,000		271,230
Johnston Community School District, Iowa, General Obligation School and Refunding Bonds, Series 2015		3.000	%		06/01/2025	AA-		2,370,000		2,474,470
Dallas Center-Grimes Community School District, Iowa, General Obligation School Bonds, Series 2015		3.000	%		06/01/2026	Aa2		500,000		511,110
Grundy County, Iowa, General Obligation Urban Renewal Refunding Bonds, Series 2015		3.000	%		06/01/2026	A1		1,130,000		1,177,584
Johnston Community School District, Iowa, General Obligation School and Refunding Bonds, Series 2015		3.000	%		06/01/2026	AA-		2,445,000		2,543,998
Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Revenue Refunding Bonds, Series 2015E		3.000	%		06/01/2027	Aa3		1,610,000		1,701,931
Grundy County, Iowa, General Obligation Urban Renewal Refunding Bonds, Series 2015		3.000	%		06/01/2027	A1		1,175,000		1,220,661
Waukee Community School District, Dallas County, Iowa, General Obligation School Refunding Bonds, Series 2016B		2.000	%		06/01/2027	Aa2		2,100,000		2,179,632
City of Cedar Rapids, Iowa, Water Revenue Bonds, Series 2018D		3.000	%		06/01/2029	Aa2		950,000		1,038,863
City of Council Bluffs, Iowa, General Obligation Bonds, Series 2018A		3.000	%		06/01/2029	Aa2		1,050,000		1,160,334
City of West Des Moines, Iowa, General Obligation Urban Renewal Bonds, Series 2017D		3.000	%		06/01/2031	AAA		1,770,000		1,908,219
										16,188,032
Kansas (2.98%)
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding Bonds, Series 2012-A		2.000	%		10/01/2022	Aaa		1,870,000		1,881,033
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding Bonds, Series 2012-A (Prerefunded to 10-01-2020 @ 100) (b)		2.000	%		10/01/2022	NR		140,000		140,781
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Bonds, Series 2016A		3.000	%		09/01/2026	Aa2		2,740,000		2,981,750
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Bonds, Series 2016A		3.000	%		09/01/2027	Aa2		1,490,000		1,613,387
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding and Improvement Bonds, Series 2015-A		3.000	%		10/01/2027	Aaa		1,000,000		1,109,710
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Improvement and Refunding Bonds, Series 2013C (Crossover Refunding to 09-01-2021 @ 100) (b)		4.500	%		09/01/2028	Aa2		3,000,000		3,155,190
Water District No. 1 of Johnson County, Kansas, Water Revenue Refunding Bonds, Series 2017A		3.000	%		01/01/2032	Aaa		2,500,000		2,726,450
State of Kansas, Department of Transportation, Highway Revenue Bonds, Series 2017A		5.000	%		09/01/2033	Aa2		5,000,000		6,108,750
City of Manhattan, Kansas, General Obligation Refunding and Improvement Bonds, Series 2019-A		4.000	%		11/01/2033	Aa2		440,000		531,608
City of Manhattan, Kansas, General Obligation Refunding and Improvement Bonds, Series 2019-A		4.000	%		11/01/2034	Aa2		455,000		545,286
City of Manhattan, Kansas, General Obligation Refunding and Improvement Bonds, Series 2019-A		3.000	%		11/01/2035	Aa2		475,000		512,976
										21,306,921

See accompanying notes to financial statements. 25

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Kentucky (2.62%)
Boone-Florence Water Commission (Kentucky), Water Supply System Refunding Revenue Bonds, Series 2010		3.250	%		12/01/2020		A1	$	1,780,000	$	1,805,810
Northern Kentucky Water District Revenue Bonds, 2013 Series A		4.000	%		02/01/2028		Aa2		1,110,000		1,224,896
City of Owensboro, Kentucky, Water Revenue Refunding and Improvement Bonds, Series 2018		3.250	%		09/15/2029		A1		1,735,000		1,954,547
Lexington-Fayette Urban County Government (Kentucky), Various Purpose General Obligation Bonds, Series 2018A		3.000	%		10/01/2029		Aa2		1,060,000		1,160,552
City of Owensboro, Kentucky, Water Revenue Refunding and Improvement Bonds, Series 2018		3.375	%		09/15/2030		A1		1,800,000		2,032,812
Lexington-Fayette Urban County Government (Kentucky), Various Purpose General Obligation Bonds, Series 2018A		3.125	%		10/01/2030		Aa2		1,095,000		1,194,733
Northern Kentucky Water District, Refunding Revenue Bonds, Series 2016		3.000	%		02/01/2031		Aa2		3,660,000		3,984,752
City of Owensboro, Kentucky, Water Revenue Refunding and Improvement Bonds, Series 2018		3.500	%		09/15/2031		A1		1,860,000		2,079,275
City of Bowling Green, Kentucky, Water and Sewer Revenue Bonds, Series 2019		3.000	%		06/01/2033		Aa3		3,115,000		3,313,799
											18,751,176
Maine (0.47%)
Maine Municipal Bond Bank, 2017 Series D Refunding Bonds		3.000	%		11/01/2031		Aa2		3,000,000		3,320,970
Maryland (0.48%)
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Bonds of 2015, Series B		3.000	%		12/01/2028		Aaa		2,000,000		2,143,360
Caroline County, Maryland, (County Commissioners of Caroline County), Consolidated Public Improvement and Refunding Bonds of 2019		3.000	%		01/15/2032		Aa3		1,150,000		1,294,624
											3,437,984
Massachusetts (0.74%)
Town of Northbridge, Massachusetts, General Obligation School Project Loan, Chapter 70B Bonds, Unlimited Tax		3.000	%		06/01/2032		AA		1,000,000		1,097,030
The Commonwealth of Massachusetts, Commonwealth Transportation Fund Revenue Bonds, (Accelerated Bridge Program), 2013 Series A (Prerefunded to 06-01-2021 @ 100) (b)		5.000	%		06/01/2034		Aa1		2,000,000		2,096,200
The Commonwealth of Massachusetts, General Obligation Bonds, Consolidated Loan of 2014, Series A		5.000	%		12/01/2034		AA		2,000,000		2,127,980
											5,321,210
Michigan (4.71%)
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2021		Aa2		425,000		443,016
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2011 School Building and Site Bonds, (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2021 @ 100) (b)		5.000	%		05/01/2022		A+		275,000		286,347
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2022		Aa2		450,000		488,975
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2011 School Building and Site Bonds, (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2021 @ 100) (b)		5.000	%		05/01/2023		A+		400,000		416,504
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2011 School Building and Site Bonds, (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2021 @ 100) (b)		5.000	%		05/01/2024		A+		600,000		624,756
Howell Public Schools, County of Livingston, State of Michigan, 2011 Refunding Bonds, Series B, (General Obligation - Unlimited Tax)		5.000	%		05/01/2025		A+		1,880,000		1,961,460
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2025		Aa2		1,260,000		1,372,178
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2013 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		A+		1,290,000		1,415,375
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		Aa2		2,300,000		2,446,832

26 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Michigan (Cont.)
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	%		05/01/2026		Aa2	$	3,850,000	$	4,218,330
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2027		A+		1,000,000		1,174,960
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2027		AA-		500,000		576,090
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	%		05/01/2027		A+		1,005,000		1,222,964
City of Petoskey, County of Emmet, State of Michigan, Water Supply and Sewage Disposal System Revenue and Revenue Refunding Bonds, Series 2011		4.500	%		02/01/2028		AA-		750,000		767,588
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2028		A+		765,000		897,223
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2028		AA-		300,000		344,742
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	%		05/01/2028		A+		600,000		728,172
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	%		05/01/2029		A		700,000		836,024
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	%		05/01/2030		A		1,100,000		1,310,254
City of Grosse Pointe, County of Wayne, State of Michigan, 2018 Unlimited Tax General Obligation Bonds		4.000	%		10/01/2032		AAA		595,000		710,466
City of Grosse Pointe, County of Wayne, State of Michigan, 2018 Unlimited Tax General Obligation Bonds		4.000	%		10/01/2033		AAA		630,000		748,868
City of Grosse Pointe, County of Wayne, State of Michigan, 2018 Unlimited Tax General Obligation Bonds		4.000	%		10/01/2034		AAA		670,000		793,575
Lowell Area Schools, Counties of Kent and Ionia, State of Michigan, 2019 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		4.000	%		05/01/2035		A+		400,000		485,720
Rockford Public Schools, County of Kent, State of Michigan, 2019 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		4.000	%		05/01/2035		A		1,755,000		2,065,214
Grosse Pointe Public School System, County of Wayne, State of Michigan, 2019 School Building and Site and Refunding Bonds, (Unlimited Tax General Obligation)		5.000	%		05/01/2036		Aa3		1,635,000		2,094,827
Lowell Area Schools, Counties of Kent and Ionia, State of Michigan, 2019 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		4.000	%		05/01/2036		A+		865,000		1,045,474
West Bloomfield School District, County of Oakland, State of Michigan, 2020 School Building and Site Bonds, (General Obligation - Unlimited Tax)		3.000	%		05/01/2036		A1		3,825,000		4,159,649
											33,635,583
Minnesota (2.78%)
Independent School District No. 194 (Lakeville), Minnesota, General Obligation Refunding Bonds, Series 2012D		5.000	%		02/01/2022		Aa2		2,720,000		2,922,531
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		2.375	%		02/01/2025		Aaa		2,805,000		2,942,445
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		3.000	%		02/01/2026		Aaa		1,000,000		1,063,690
Independent School District No. 720, Shakopee Public Schools, Minnesota, General Obligation School Building Bonds, Series 2015A		3.250	%		02/01/2026		Baa1		3,860,000		4,164,901
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		3.000	%		02/01/2027		Aaa		1,590,000		1,684,494
City of Eagan, Minnesota, General Obligation Bonds, Series 2018A		3.250	%		02/01/2032		Aaa		1,245,000		1,366,599
Independent School District No. 622, (North St. Paul-Maplewood-Oakdale), Minnesota, (Ramsey and Washington Counties), General Obligation Facilities Maintenance Bonds, Series 2019B		3.000	%		02/01/2034		A1		3,300,000		3,558,126
City of Minneapolis, Minnesota, General Obligation Bonds (Green Bonds), Series 2019		3.000	%		12/01/2035		AAA		2,000,000		2,150,840
											19,853,626

See accompanying notes to financial statements. 27

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Mississippi (1.35%)
Mississippi Development Bank, Special Obligation Bonds, Series 2010A, (City of Jackson, Mississippi General Obligation, Refunding Project)		5.000	%		03/01/2022		Baa3	$	1,000,000	$	1,003,370
Madison County School District, Madison County, Mississippi, General Obligation Refunding Bonds, Series 2012		4.000	%		04/15/2022		Aa2		2,480,000		2,649,954
State of Mississippi, General Obligation Bonds, Series 2015F (Tax-Exempt)		3.000	%		11/01/2026		Aa2		3,000,000		3,320,040
Mississippi Development Bank, Special Obligation Bonds, Series 2015, (Canton Public School District, Madison County, Mississippi, General Obligation Bond Project)		4.250	%		12/01/2028		A1		2,305,000		2,689,566
											9,662,930
Missouri (2.30%)
The School District of Columbia, Boone County, State of Missouri, General Obligation Refunding and Improvement Bonds, Series 2012		3.500	%		03/01/2022		Aa1		445,000		470,681
The School District of Columbia, Boone County, State of Missouri, General Obligation Refunding and Improvement Bonds, Series 2012		4.000	%		03/01/2024		Aa1		2,050,000		2,180,606
Fort Zumwalt School District of St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2015		4.000	%		03/01/2027		Aa3		465,000		522,400
Fort Zumwalt School District of St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2015		4.000	%		03/01/2028		Aa3		400,000		448,864
Fort Zumwalt School District of St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2015		4.000	%		03/01/2029		Aa3		425,000		475,915
Liberty Public School District No. 53, Clay County, Missouri, General Obligation School Building Bonds, Series 2018		4.000	%		03/01/2033		AA		1,000,000		1,139,020
Liberty Public School District No. 53, Clay County, Missouri, General Obligation School Building Bonds, Series 2018		4.000	%		03/01/2034		AA		2,500,000		2,830,825
Wentzville R-IV School District, St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2018		4.000	%		03/01/2034		Aa2		3,000,000		3,468,690
City of Columbia, Missouri, Water and Electric System Refunding Revenue Bonds, Series 2019B		3.000	%		10/01/2035		A+		3,520,000		3,769,744
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+		1,000,000		1,137,580
											16,444,325
Montana (3.82%)
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		3.500	%		06/15/2025		A+		860,000		978,181
High School District No. 44 (Belgrade), Gallatin County, Montana, General Obligation School Building Bonds, Series 2016		3.000	%		06/01/2027		A+		525,000		586,971
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2032		A+		945,000		1,173,199
High School District No. 1 (Missoula), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2032		Aa3		1,010,000		1,183,468
City of Forsythe, Montana, Pollution Control Revenue Refunding Bonds, (Portland General Electric Company Project), Series 1998A (Non-AMT)		2.125	%		05/01/2033		A		5,000,000		5,218,750
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2033		A+		1,005,000		1,241,165
K-12 School District No. 9 (East Helena), Lewis and Clark County, Montana, General Obligation School Building Bonds, Series 2018		4.500	%		07/01/2033		A+		560,000		683,883
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2033		A+		520,000		613,220
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2034		A+		505,000		622,029
High School District No. A (Great Falls), Cascade County, Montana, General Obligation School Building Bonds, Series 2018		5.000	%		07/01/2034		A+		725,000		916,291
K-12 School District No. 9 (East Helena), Lewis and Clark County, Montana, General Obligation School Building Bonds, Series 2018		5.000	%		07/01/2034		A+		805,000		1,017,399
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2034		A+		565,000		664,220
School District No. 6 (Columbia Falls), Flathead County, Montana, General Obligation School Building Bonds, Series 2019		4.000	%		07/01/2034		A+		1,000,000		1,210,400

28 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Montana (Cont.)
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.250	%		06/15/2035		A+	$	880,000	$	1,094,359
K-12 School District No. 9 (East Helena), Lewis and Clark County, Montana, General Obligation School Building Bonds, Series 2018		5.000	%		07/01/2035		A+		1,925,000		2,422,401
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2035		A+		845,000		988,996
School District No. 6 (Columbia Falls), Flathead County, Montana, General Obligation School Building Bonds, Series 2019		4.000	%		07/01/2035		A+		750,000		902,940
State of Montana, The Board of Regents of Higher Education, The University of Montana, General Revenue Bonds, Series 2019B		3.000	%		11/15/2035		Aa3		3,660,000		3,972,564
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2036		A+		585,000		681,835
School District No. 6 (Columbia Falls), Flathead County, Montana, General Obligation School Building Bonds, Series 2019		4.000	%		07/01/2036		A+		965,000		1,155,935
											27,328,206
Nebraska (2.24%)
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		4.000	%		12/15/2022		AA-		1,290,000		1,363,788
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011 (Prerefunded to 12-15-2021 @ 100) (b)		5.000	%		12/15/2023		AA-		1,560,000		1,675,549
Douglas County School District 0001, (Omaha, Nebraska, Public Schools), General Obligation Refunding Bonds, Series 2010		4.000	%		12/15/2024		Aa2		3,000,000		3,002,220
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		3.000	%		12/15/2024		AA-		145,000		160,835
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		4.000	%		12/15/2025		AA-		180,000		212,303
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011 (Prerefunded 12-15-2021 @ 100) (b)		5.000	%		12/15/2026		AA-		1,925,000		2,067,585
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2028		AA		150,000		180,870
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2028		AA-		250,000		306,508
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2029		AA		250,000		300,530
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2029		AA-		260,000		317,790
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2030		AA		325,000		388,430
Hall County School District 0002, in the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014 (Prerefunded to 12-15-2024 @ 100) (b)		5.000	%		12/15/2030		AA-		700,000		848,470
Nebraska Public Power District, General Revenue Bonds, 2014 Series A		5.000	%		01/01/2031		A1		1,900,000		2,024,127
Hall County School District 0002, In the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014 (Prerefunded to 12-15-2024 @ 100) (b)		5.000	%		12/15/2032		AA-		565,000		684,837
The City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Series 2019		3.000	%		06/15/2034		Aa1		1,105,000		1,213,655
The City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Series 2019		3.000	%		06/15/2035		Aa1		1,140,000		1,245,803
											15,993,300
Nevada (0.49%)
Nevada System of Higher Education, Universities Revenue Bonds, Series 2016A		4.000	%		07/01/2030		AA-		3,045,000		3,522,974
New Jersey (2.35%)
The Board of Education of the Township of Millstone, in the County of Monmouth, New Jersey, School District Refunding Bonds, Series 2011		5.000	%		07/15/2020		AA-		1,075,000		1,080,988
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		3.000	%		12/15/2020		AA+		315,000		319,656
Middlesex County Improvement Authority, (County of Middlesex, State of New Jersey), County-Guaranteed Open Space Trust Fund Revenue Bonds, Series 2009A		4.000	%		12/15/2020		Aa1		750,000		752,175
Township of Parsippany-Troy Hills, In the County of Morris, New Jersey, General Obligation Bonds		3.000	%		11/01/2021		AA		1,775,000		1,778,674

See accompanying notes to financial statements. 29

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(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	%		12/01/2022		AA+	$	750,000	$	804,533
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		3.000	%		12/15/2022		AA+		600,000		641,904
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		4.000	%		12/15/2023		AA+		465,000		507,515
The Board of Education, of the Somerset Hills School District, in the County of Somerset, New Jersey, Refunding School Bonds, Series 2012		4.000	%		03/15/2024		Aa1		2,345,000		2,489,335
The Board of Education of the Hopewell Valley Regional School District in the County of Mercer, New Jersey, School Bonds		3.500	%		01/15/2027		AA		3,330,000		3,782,014
The Board of Education of the Township of Livingston, In the County of Essex, New Jersey, Refunding School Bonds		4.000	%		07/15/2029		AA+		1,000,000		1,140,170
Township of Moorestown, in the County of Burlington, New Jersey, General Obligation Bonds Consisting of General Improvement Bonds and Water-Sewer Utility Bonds		4.000	%		01/15/2030		Aaa		1,140,000		1,226,184
The Board of Education of the Hopewell Valley Regional School District in the County of Mercer, New Jersey, School Bonds		4.000	%		01/15/2032		AA		2,000,000		2,276,220
											16,799,368
New Mexico (4.10%)
Las Cruces School District No. 2, General Obligation School Bonds, Series 2011A		4.000	%		08/01/2021		Aa3		1,500,000		1,509,330
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series 2012		3.000	%		08/01/2022		Aa3		2,000,000		2,117,140
City of Albuquerque, New Mexico, General Obligation General Purpose Bonds, Series 2012A		4.000	%		07/01/2023		Aa3		2,450,000		2,456,787
Bernalillo County, New Mexico, General Obligation Refunding Bonds, Series 2015A		2.000	%		08/15/2023		Aaa		1,030,000		1,087,124
Bernalillo County, New Mexico, General Obligation Refunding Bonds, Series 2015A		2.250	%		08/15/2024		Aaa		1,050,000		1,113,914
Bernalillo County, New Mexico, General Obligation Bonds, Series 2015		3.000	%		08/15/2025		Aaa		1,235,000		1,333,467
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2026		AA		675,000		745,646
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C		3.000	%		08/01/2026		Aa3		900,000		985,500
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2027		AA		700,000		770,560
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C		3.250	%		08/01/2027		Aa3		900,000		993,114
Rio Rancho Public School District No. 94, Sandoval County, New Mexico, General Obligation School Building Bonds, Series 2016A		3.000	%		08/01/2027		A2		1,515,000		1,664,803
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2028		AA		725,000		796,420
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C		3.500	%		08/01/2028		Aa3		900,000		999,126
Rio Rancho Public School District No. 94, Sandoval County, New Mexico, General Obligation School Building Bonds, Series 2016A		3.125	%		08/01/2028		A2		1,515,000		1,665,515
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2029		AA		750,000		820,268
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation School Building Bonds, Series 2018		3.625	%		08/01/2029		AA		3,075,000		3,504,024
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation School Building Bonds, Series 2018		4.000	%		08/01/2030		AA		1,000,000		1,161,130
Albuquerque Municipal School District No. 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation School Building Bonds, Series 2018		5.000	%		08/01/2034		Aa3		1,800,000		2,294,550
Albuquerque Municipal School District No. 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation School Building Bonds, Series 2018		5.000	%		08/01/2035		Aa3		2,600,000		3,299,920
											29,318,338
New York (0.87%)
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Seventy-Ninth Series		5.000	%		12/01/2032		Aa3		3,000,000		3,362,820
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		2,880,450
											6,243,270

30 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
North Carolina (2.46%)
County of Wake, North Carolina, General Obligation Public Improvement Bonds, Series 2011		4.000	%		04/01/2024		Aaa	$	1,000,000	$	1,031,180
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2026		AA-		1,960,000		2,427,617
Metropolitan Sewerage District of Buncombe County, North Carolina, Sewerage System Revenue Refunding Bonds, Series 2013		4.000	%		07/01/2027		AA+		1,210,000		1,334,436
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2028		AA-		890,000		1,159,100
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds, Series 2015		5.000	%		05/01/2028		AA-		700,000		840,595
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2029		AA-		935,000		1,246,907
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds, Series 2015		5.000	%		05/01/2029		AA-		265,000		316,492
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2030		AA-		500,000		680,540
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2031		AA-		500,000		673,525
County of Union, North Carolina, Enterprise Systems Revenue Bonds, Series 2017		3.000	%		06/01/2031		Aa1		2,850,000		3,151,416
County of Forsyth, North Carolina, General Obligation, Public Improvement Bonds, Series 2019B		3.000	%		03/01/2032		Aaa		1,000,000		1,130,730
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2033		AA-		750,000		994,748
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2035		AA-		1,000,000		1,314,300
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2037		AA-		1,000,000		1,302,480
											17,604,066
North Dakota (1.54%)
West Fargo Public School District No. 6, Cass County, North Dakota, General Obligation School Building Bonds, Series 2011		4.000	%		05/01/2026		Aa3		1,000,000		1,029,270
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.000	%		05/01/2027		Aa1		860,000		914,060
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.125	%		05/01/2028		Aa1		845,000		898,421
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.250	%		05/01/2029		Aa1		835,000		886,494
Bismarck Public School District No. 1, Burleigh County, North Dakota, General Obligation School Building Bonds, Series 2017		3.125	%		05/01/2030		Aa2		1,695,000		1,857,228
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2017, Series M		3.125	%		05/01/2031		Aa1		1,015,000		1,106,786
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2017, Series M		3.125	%		05/01/2032		Aa1		1,060,000		1,149,379
City of Fargo, North Dakota, Refunding Improvement Bonds, Series 2019A		3.000	%		05/01/2033		Aa2		1,350,000		1,472,837
City of Fargo, North Dakota, Refunding Improvement Bonds, Series 2019A		3.000	%		05/01/2034		Aa2		1,550,000		1,679,596
											10,994,071
Ohio (4.67%)
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		1,123,760
Plain Local School District, County of Stark, Ohio, General Obligation (Unlimited Tax), School Improvement Refunding Bonds, Series 2011A (Prerefunded to 11-01-2021 @ 100) (b)		4.300	%		11/01/2023		AA-		2,840,000		3,005,572
Lake County Community College District, Ohio, (Lakeland Community College), Facilities Construction and Improvement Bonds, Series 2016A, (General Obligation - Unlimited Tax)		3.000	%		12/01/2025		Aa3		660,000		738,870
Lake Local School District, Stark and Portage Counties, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2015		3.000	%		12/01/2025		AA-		525,000		554,500

See accompanying notes to financial statements. 31

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Ohio (Cont.)
Miami University, (A State University of Ohio), General Receipts Revenue and Refunding Bonds, Series 2011		5.000	%		09/01/2026		Aa3	$	1,430,000	$	1,512,525
Lake County Community College District, Ohio, (Lakeland Community College), Facilities Construction and Improvement Bonds, Series 2016A, (General Obligation - Unlimited Tax)		3.000	%		12/01/2026		Aa3		865,000		977,692
Bellbrook-Sugarcreek Local School District, Counties of Greene and Warren, Ohio, School Improvement Unlimited Tax General Obligation Refunding Bonds, Series 2016		3.000	%		12/01/2027		Aa2		1,000,000		1,112,530
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified)		5.000	%		12/01/2027		Aa2		175,000		202,325
Perrysburg Exempted Village School District, Wood County, Ohio, School Facilities Construction and Improvement Bonds, Series 2015 (General Obligation - Unlimited Tax)		4.000	%		12/01/2027		Aa3		1,250,000		1,411,713
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2014A (Prerefunded to 11-01-2022 @ 100) (b)		5.000	%		11/01/2028		Aa2		1,000,000		1,113,210
Bellbrook-Sugarcreek Local School District, Counties of Greene and Warren, Ohio, School Improvement Unlimited Tax General Obligation Refunding Bonds, Series 2016		4.000	%		12/01/2028		Aa2		1,565,000		1,818,906
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified) (Prerefunded to 12-01-2023 @ 100) (b)		5.000	%		12/01/2028		Aa2		225,000		261,848
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014 (Prerefunded to 11-01-2023 @ 100) (b)		5.000	%		11/01/2029		Aa2		800,000		929,392
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified) (Prerefunded to 12-01-2023 @ 100) (b)		5.000	%		12/01/2029		Aa2		200,000		232,754
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014 (Prerefunded to 11-01-2023 @ 100) (b)		5.000	%		11/01/2030		Aa2		1,335,000		1,550,923
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2030		Aa2		235,000		282,914
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified)		4.000	%		12/01/2030		Aa2		365,000		399,463
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2030		Aa1		750,000		876,225
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2031		Aa2		220,000		261,488
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2031		Aa1		350,000		404,352
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2014A (Prerefunded to 11-01-2022 @ 100) (b)		5.000	%		11/01/2032		Aa2		1,500,000		1,669,815
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2032		Aa2		220,000		258,975
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2020		4.000	%		12/01/2032		Aa3		315,000		350,746
Cuyahoga Community College District, Ohio, Facilities Construction and Improvement Bonds, Series 2018, (General Obligation - Unlimited Tax)		4.000	%		12/01/2032		AA		1,750,000		2,002,578
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2032		Aa1		375,000		430,751
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2033		Aa2		370,000		432,190
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2020		4.000	%		12/01/2033		Aa3		235,000		260,298
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2033		Aa1		500,000		610,910
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2033		Aa1		400,000		456,872
Worthington City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unimited Tax)		4.000	%		12/01/2033		Aa1		790,000		954,620
Cuyahoga Community College District, Ohio, Facilities Construction and Improvement Bonds, Series 2018, (General Obligation - Unlimited Tax)		4.000	%		12/01/2034		AA		1,000,000		1,137,080

32 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Ohio (Cont.)
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2034		Aa1	$	500,000	$	608,530
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2034		Aa1		875,000		986,396
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2020		4.000	%		12/01/2035		Aa3		1,870,000		2,060,478
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2035		Aa1		500,000		605,755
Worthington City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unimited Tax)		4.000	%		12/01/2035		Aa1		475,000		562,904
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2036		Aa1		1,000,000		1,206,730
											33,366,590
Oklahoma (1.35%)
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2013		4.000	%		03/01/2023		AA		2,500,000		2,507,250
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2016		3.000	%		04/01/2028		AA		3,000,000		3,152,700
Grand River Dam Authority, Revenue Bonds, Series 2014A		5.000	%		06/01/2031		A1		1,835,000		2,129,132
The Edmond Public Works Authority, (Edmond, Oklahoma), Sales Tax and Utility System Revenue Bonds, Series 2017		5.000	%		07/01/2032		AA-		1,500,000		1,888,155
											9,677,237
Oregon (1.12%)
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		2.250	%		12/01/2024		AA-		400,000		430,820
City of Portland, Oregon, First Lien Water System Revenue Bonds, 2011 Series A		4.000	%		05/01/2025		Aaa		1,330,000		1,370,113
State of Oregon, General Obligation Bonds, 2016 Series J, (Veterans’ Welfare Bonds Series 97A) (Refunding)		2.800	%		06/01/2025		Aa1		155,000		169,665
North Clackamas School District No. 12, Clackamas County, Oregon, General Obligation Refunding Bonds, Series 2014		5.000	%		06/15/2028		A+		2,500,000		2,949,825
Administrative School District No. 1 (Bend-La Pine), Deschutes County, Oregon, General Obligation Bonds, Series 2019		3.000	%		06/15/2035		Aa2		2,865,000		3,118,467
											8,038,890
Pennsylvania (1.54%)
Township of Cranberry, Butler County, Pennsylvania, General Obligation Bonds, Series of 2011		4.500	%		03/01/2025		Aaa		1,605,000		1,651,112
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		3.000	%		06/01/2026		AA+		430,000		484,511
Township of Cranberry, Butler County, Pennsylvania, General Obligation Bonds, Series of 2011		4.500	%		03/01/2027		Aaa		2,505,000		2,573,712
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012		5.000	%		05/15/2027		AA		1,825,000		1,864,037
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012 (Prerefunded to 11-15-2020 @ 100) (b)		5.000	%		05/15/2027		NR		375,000		383,055
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		4.000	%		06/01/2028		AA+		340,000		401,489
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		4.000	%		06/01/2029		AA+		305,000		358,717
County of Northampton, Commonwealth of Pennsylvania, General Obligation Bonds, Series B of 2012 (Tax-Exempt) (Prerefunding to 10-01-2022 @ 100) (b)		5.000	%		10/01/2030		AA		1,500,000		1,667,700
The Municipal Authority of the Borough of West View, (Allegheny County, Pennsylvania), Water Revenue Bonds, Series of 2014 (Prerefunded to 11-15-2024 @ 100) (b)		5.000	%		11/15/2031		AA		1,365,000		1,649,234
											11,033,567

See accompanying notes to financial statements. 33

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
South Carolina (1.71%)
Fort Mill School District No. 4 of York County, South Carolina, General Obligation Advanced Refunding Bonds, Series 2012A		4.000	%		03/01/2023		Aa2	$	2,315,000	$	2,507,816
School District No. 1 of Richland County, South Carolina, General Obligation Refunding Bonds, Series 2011A (Prerefunded to 09-01-2021 @ 100) (b)		4.000	%		03/01/2023		AA-		1,675,000		1,752,737
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		3.000	%		12/01/2025		AA		355,000		380,542
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		3.500	%		12/01/2026		AA		370,000		403,592
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		3.500	%		12/01/2027		AA		380,000		412,741
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		4.000	%		12/01/2028		AA		520,000		576,077
City of Columbia, South Carolina, Waterworks and Sewer System Refunding Revenue Bonds, Series 2016B		4.000	%		02/01/2029		Aa1		1,045,000		1,253,676
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Refunding Convertible Bonds, Series 2013B (Prerefunded to 03-01-2023 @ 100) (b)		5.000	%		03/01/2030		Aa3		2,160,000		2,438,165
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		4.000	%		12/01/2030		AA		535,000		588,414
City of Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2019A		3.000	%		02/01/2035		Aa1		1,750,000		1,905,295
											12,219,055
South Dakota (0.04%)
Harrisburg School District 41-2, South Dakota, General Obligation Bonds, Series 2012 (Prerefunded to 01-15-2022 @ 100) (b)		3.000	%		07/15/2022		AA-		250,000		261,228
Tennessee (2.34%)
The Metropolitan Government of Nashville and Davidson County (Tennessee), Electric System Revenue Bonds, 2011 Series A (Prerefunded to 05-15-2021 @ 100) (b)		4.500	%		05/15/2022		AA		2,760,000		2,873,712
The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Improvement and Refunding Bonds, Series 2010A (Prerefunded to 07-01-2020 @ 100) (b)		4.000	%		07/01/2023		NR		1,105,000		1,108,381
The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Improvement and Refunding Bonds, Series 2010A		4.000	%		07/01/2023		Aa2		895,000		897,712
City of Knoxville, Tennessee, Water System Revenue Refunding Bonds, Series BB-2015		3.000	%		03/01/2025		Aa1		1,170,000		1,243,488
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2028		Aa2		725,000		743,756
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2029		Aa2		750,000		768,953
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2030		Aa2		775,000		793,693
Washington County, Tennessee, General Obligation School and Improvement Bonds, Series 2017B		3.000	%		06/01/2030		Aa2		850,000		944,019
Washington County, Tennessee, General Obligation School Bonds, Series 2017A		3.000	%		06/01/2030		Aa2		935,000		1,038,420
Harpeth Valley Utilities District of Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2014		5.000	%		09/01/2031		AA+		1,065,000		1,255,742
City of Knoxville, Tennessee, Wastewater System Revenue Refunding Bonds, Series 2013A		3.375	%		04/01/2034		Aa2		5,000,000		5,066,400
											16,734,276
Texas (2.33%)
City of Austin, Texas, Water and Wastewater System Revenue Bonds Series 2019A		5.000	%		11/15/2025		Aa2		2,280,000		2,328,336
City of Austin, Texas, Water and Wastewater System, Revenue Refunding Bonds, Series 2010A (Prerefunded to 11-15-2020 @ 100) (b)		5.000	%		11/15/2025		NR		65,000		66,396
Eanes Independent School District, (A political subdivision of the State of Texas located in Travis County, Texas), Unlimited Tax School Building Bonds, Series 2015A		3.500	%		08/01/2026		AA+		1,670,000		1,864,305
City of Austin, Texas, (Travis, Williamson and Hays Counties), Water and Wastewater System Revenue, Refunding Bonds, Series 2010A		5.000	%		11/15/2026		Aa2		2,465,000		2,516,691
State of Texas, General Obligation Bonds, Water Financial Assistance Bonds, Series 2016A (Economically Distressed Areas Program)		3.000	%		08/01/2027		Aaa		2,325,000		2,594,630
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		5.000	%		03/01/2032		Aa3		250,000		312,808

34 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Texas (Cont.)
Lake Travis Independent School District, (A political subdivision of the State of Texas located in Travis County, Texas), Unlimited Tax Refunding Bonds, Series 2017		4.000	%		02/15/2033		AA+	$	1,000,000	$	1,159,190
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		5.000	%		03/01/2033		Aa3		200,000		248,068
Gregory-Portland Independent School District, (San Patricio County, Texas), Unlimited Tax School Building Bonds, Series 2018A		4.000	%		02/15/2034		Aa2		1,565,000		1,698,322
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		4.000	%		03/01/2034		Aa3		280,000		327,177
Gregory-Portland Independent School District, (San Patricio County, Texas), Unlimited Tax School Building Bonds, Series 2018A		4.000	%		02/15/2035		Aa2		2,710,000		2,937,071
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		4.000	%		03/01/2035		Aa3		200,000		232,780
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		4.000	%		03/01/2036		Aa3		325,000		376,698
											16,662,472
Utah (1.08%)
Park City, Utah, Water Revenue Bonds, Series 2010, (Bank Qualified)		4.000	%		12/15/2020		Aa2		410,000		411,197
Park City, Utah, Water Revenue Bonds, Series 2010, (Bank Qualified)		4.000	%		12/15/2021		Aa2		600,000		601,734
Snyderville Basin Special Recreation District, Summit County, Utah, General Obligation Bonds, Series 2015A		3.000	%		12/15/2025		Aa1		1,260,000		1,396,886
The Central Utah Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B, (Crossover Refunding)		4.000	%		10/01/2033		AA+		2,500,000		2,944,800
Jordan Valley Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B		4.000	%		10/01/2033		AA+		1,000,000		1,168,060
Jordan Valley Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B		4.000	%		10/01/2034		AA+		1,000,000		1,164,340
											7,687,017
Vermont (0.55%)
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2032		Aa3		175,000		225,013
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2033		Aa3		190,000		242,590
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2034		Aa3		255,000		323,937
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018B		5.000	%		11/01/2034		Aa3		410,000		520,839
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2035		Aa3		265,000		334,918
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018B		5.000	%		11/01/2035		Aa3		435,000		549,770
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018B		5.000	%		11/01/2036		Aa3		910,000		1,145,626
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2037		Aa3		440,000		552,160
											3,894,853
Virginia (0.78%)
Loudon County, Virginia, General Obligation Public Improvement Bonds, Series 2011A		4.000	%		12/01/2025		Aaa		1,070,000		1,090,576
Loudon County, Virginia, General Obligation Public Improvement Bonds, Series 2011A (Prerefunded to 12-01-2020 @ 100) (b)		4.000	%		12/01/2025		NR		330,000		336,145
Loudoun County Sanitation Authority (Virginia), Water and Sewer System Revenue and Refunding Bonds, Series 2013		4.000	%		01/01/2027		Aaa		650,000		705,530
County of Stafford, Virginia, General Obligation Public Improvement Bonds, Series 2013		4.000	%		07/01/2030		Aaa		1,205,000		1,320,319
Virginia Public School Authority, School Financing Bonds (1997 Resolution), Series 2012 D		4.000	%		08/01/2030		Aa1		2,000,000		2,131,060
											5,583,630
Washington (6.56%)
College Place School District No. 250, Walla Walla County, Washington, Unlimited Tax General Obligation Bonds, Series 2012		4.000	%		12/01/2024		A1		1,875,000		2,007,019
Yakima School District No. 7, Yakima County, Washington, Unlimited Tax General Obligation Refunding Bonds, 2016		4.625	%		12/01/2024		Aa3		235,000		235,790
City of Spokane, Washington, Unlimited Tax General Obligation Bonds, 2015		3.000	%		12/01/2025		Aa2		1,295,000		1,433,591
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Refunding Bonds, 2015		3.500	%		12/01/2025		AA+		2,000,000		2,316,080
State of Washington, Various Purpose General Obligation Refunding Bonds, Series R-2013C		4.000	%		07/01/2026		AA+		2,500,000		2,755,375

See accompanying notes to financial statements. 35

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Washington (Cont.)
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.000	%		12/01/2026		Aa2	$	350,000	$	395,458
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.250	%		12/01/2027		Aa2		400,000		454,820
Hockinson School District No. 98, Clark County, Washington, Unlimited Tax General Obligation Bonds, 2015		4.000	%		12/01/2027		A+		1,090,000		1,252,018
City of Camas, Washington, Water and Sewer Revenue and Refunding Bonds, 2015		4.000	%		12/01/2028		Aa3		1,050,000		1,210,608
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.250	%		12/01/2028		Aa2		350,000		393,278
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation and Refunding Bonds, 2016		4.000	%		12/01/2028		AA+		1,000,000		1,179,770
Public Utility District No. 1 of Pend Oreille County, Washington, Electric Revenue Refunding Bonds, 2019		3.000	%		01/01/2029		Baa2		895,000		950,043
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2029		A1		1,000,000		1,157,550
City of Everett, Washington, Water and Sewer Revenue Refunding Bonds, 2016		3.125	%		12/01/2029		AA+		2,000,000		2,240,700
City of Tacoma, Washington, Solid Waste Revenue Refunding Bonds, 2016B		5.000	%		12/01/2029		A1		1,525,000		1,887,355
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2014		5.000	%		01/01/2030		AA-		985,000		1,134,602
Public Utility District No. 1 Of Pend Oreille County, Washington, Electric Revenue Refunding Bonds, 2019		3.000	%		01/01/2030		Baa2		920,000		970,490
Energy Northwest, Columbia Generating Station Electric Revenue and Refunding Bonds, Series 2015-A		5.000	%		07/01/2030		AA-		5,000,000		6,034,550
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2030		A1		2,100,000		2,429,175
Public Utility District No. 1 Of Pend Oreille County, Washington, Electric Revenue Refunding Bonds, 2019		3.000	%		01/01/2031		Baa2		945,000		990,180
Bainbridge Island School District No. 303, Kitsap County, Washington, Unlimited Tax General Obligation Bonds, 2017A		4.000	%		12/01/2033		Aa2		840,000		979,532
Bellevue School District No 405, King County, Washington, Unlimited Tax General Obligation Bonds, 2019		3.000	%		12/01/2033		AA+		5,095,000		5,573,573
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Bonds, 2017		4.000	%		12/01/2033		AA+		5,000,000		5,812,500
Public Utility District No. 1 of Clark County, Washington, Water System Revenue and Refunding Bonds, Series 2017		5.000	%		01/01/2034		AA-		1,010,000		1,238,179
Bainbridge Island School District No. 303, Kitsap County, Washington, Unlimited Tax General Obligation Bonds, 2017A		4.000	%		12/01/2034		Aa2		510,000		592,763
Selah School District No. 119, Yakima and Kittitas Counties, Washington, Unlimited Tax General Obligation Bonds, 2018		4.375	%		12/01/2034		A1		1,040,000		1,256,330
											46,881,329
West Virginia (1.51%)
West Virginia University Board of Governors, University Improvement Revenue Bonds (West Virginia University Projects), 2011 Series B (Prererfunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2023		A		2,510,000		2,669,310
West Virginia University Board of Governors, University Improvement Revenue Bonds (West Virginia University Projects), 2011 Series B (Prererfunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2024		A		3,200,000		3,403,104
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012 (b)		4.000	%		05/01/2025		AA-		1,105,000		1,184,284
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		4.000	%		05/01/2026		AA-		350,000		412,605
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		2.250	%		05/01/2026		AA-		125,000		137,206
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012 (b)		4.000	%		05/01/2026		AA-		2,180,000		2,336,415
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		5.000	%		05/01/2027		AA-		515,000		636,391
											10,779,315

36 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Wisconsin (6.45%)
City of Sheboygan, Sheboygan County, Wisconsin, General Obligation Corporate Purpose Bonds, Series 2007B		4.750	%		10/01/2022		AA-	$	800,000	$	811,832
City of Sheboygan, Sheboygan County, Wisconsin, General Obligation Corporate Purpose Bonds, Series 2007B		4.750	%		10/01/2023		AA-		300,000		304,416
Milwaukee Metropolitan Sewerage District, General Obligation Sewerage System Refunding Bonds, Series 2015C		2.500	%		10/01/2024		Aa1		2,000,000		2,181,100
City of Fond Du Lac, Fond Du Lac County, Wisconsin, Waterworks System Revenue Bonds, Series 2010		5.000	%		09/01/2025		A		1,000,000		1,011,350
City of Oshkosh, Wisconsin, (Winnebago County), Water System Revenue Refunding Bonds, Series 2016G		2.000	%		01/01/2026		Aa3		130,000		136,599
Muskego-Norway School District, Waukesha and Racine Counties, Wisconsin, General Obligation School Building and Improvement Bonds		3.000	%		04/01/2026		AA		2,495,000		2,798,317
City of Oshkosh, Wisconsin, (Winnebago County), General Obligation Refunding Bonds, Series 2016H		2.000	%		08/01/2026		Aa3		1,090,000		1,151,629
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds		4.000	%		04/01/2027		Aa3		340,000		379,515
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds		4.000	%		04/01/2028		Aa3		275,000		306,405
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds		4.000	%		04/01/2029		Aa3		400,000		445,180
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2029		A		1,000,000		1,179,070
School District of Wisconsin Dells, Adams, Columbia, Juneau, Marquette and Sauk Counties, Wisconsin, General Obligation Refunding Bonds		3.125	%		03/01/2030		AA-		1,595,000		1,761,087
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2030		A		2,000,000		2,355,280
School District of Wisconsin Dells, Adams, Columbia, Juneau, Marquette and Sauk Counties, Wisconsin, General Obligation Refunding Bonds		3.250	%		03/01/2031		AA-		1,395,000		1,539,257
Waupaca County, Wisconsin, General Obligation Highway Facility Building Bonds, Series 2018A		3.250	%		03/01/2031		Aa2		1,160,000		1,305,232
Burlington Area School District, Racine, Walworth and Kenosha Counties, Wisconsin, General Obligation Refunding Bonds		3.125	%		04/01/2031		A+		1,000,000		1,097,430
D.C. Everest Area School District, Marathon County, Wisconsin, General Obligation School Building and Improvement Bonds, Series 2018		3.375	%		04/01/2031		AA		3,900,000		4,369,599
School District of Poynette, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.000	%		04/01/2031		AA		850,000		937,550
City of Muskego, Waukesha County, Wisconsin, General Obligation Refunding Bonds, Series 2018A		4.000	%		06/01/2031		Aa2		300,000		355,827
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2031		A		2,200,000		2,589,774
Calumet County, Wisconsin, General Obligation County Building Bonds		3.000	%		12/01/2031		AA+		1,300,000		1,456,117
Burlington Area School District, Racine, Walworth and Kenosha Counties, Wisconsin, General Obligation Refunding Bonds		3.250	%		04/01/2032		A+		1,120,000		1,227,318
Hamilton School District, Waukesha County, Wisconsin, General Obligation School Building and Improvement Bonds		3.250	%		04/01/2032		Aa1		3,390,000		3,724,966
School District of Poynette, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.125	%		04/01/2032		AA		1,520,000		1,673,018
Western Technical College District, Wisconsin, General Obligation Refunding Bonds, Series 2017F		3.000	%		04/01/2032		AA+		2,240,000		2,419,357
City of Muskego, Waukesha County, Wisconsin, General Obligation Refunding Bonds, Series 2018A		4.000	%		06/01/2032		Aa2		675,000		795,413
Calumet County, Wisconsin, General Obligation County Building Bonds		3.000	%		12/01/2032		AA+		1,325,000		1,472,234
Calumet County, Wisconsin, General Obligation County Building Bonds		3.000	%		12/01/2033		AA+		1,375,000		1,519,554
City of Muskego, Waukesha County, Wisconsin, General Obligation Refunding Bonds, Series 2018A		4.000	%		06/01/2034		Aa2		1,390,000		1,623,770

See accompanying notes to financial statements. 37

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2020

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Wisconsin (Cont.)
Sun Prarie Area School District, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.000	%		03/01/2035		AA	$	1,405,000	$	1,523,203
Sun Prarie Area School District, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.000	%		03/01/2036		AA		1,535,000		1,661,668
											46,113,067
Total Long-term Municipal Bonds
(cost $655,188,778)											702,017,390
								Shares		Value
Short-term Investments (1.22%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.12% (f)									8,685,253		8,685,253
Total Short-term Investments
(cost $8,685,253)											8,685,253
TOTAL INVESTMENTS (99.42%)
(cost $663,874,031)											710,702,643
OTHER ASSETS, NET OF LIABILITIES (0.58%)											4,175,713
NET ASSETS (100.00%)										$	714,878,356

(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) This security has been segregated to cover when-issued purchase commitments.

(d) Rate shown is fixed until mandatory tender date of July 1, 2026.

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

(f) Rate shown is the 7-day yield as of May 31, 2020.

NR - Not Rated

38 See accompanying notes to financial statements.

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39

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF ASSETS AND LIABILITIES

May 31, 2020

(Unaudited)

	Growth Fund		Balanced Fund		Interim Fund		Municipal Bond Fund
Assets
Investments in securities at identified cost	$	1,590,430,899		1,084,256,404		423,275,951		663,874,031
Investments in securities at market value	$	5,089,113,236		2,026,339,402		438,445,328		710,702,643
Receivables:
Dividends and interest		20,283,511		8,664,314		2,064,526		7,440,473
Shares of the Fund sold		3,009,347		1,381,109		168,934		174,929
Prepaid expenses		143,796		105,701		21,153		31,726
Total assets		5,112,549,890		2,036,490,526		440,699,941		718,349,771
Liabilities and Net Assets
Distributions to shareholders		—		—		5,197		235,549
Payables:
Shares of the Fund redeemed		937,478		164,057		1,582,290		67,402
Securities purchased		—		996,530		5,328,142		3,016,268
Trustees’ fees and expenses		19,773		9,224		1,703		3,855
Due to affiliates		558,209		251,315		61,455		105,025
Accrued liabilities		140,700		76,639		38,751		43,316
Total liabilities		1,656,160		1,497,765		7,017,538		3,471,415
Net assets applicable to shares outstanding of common stock	$	5,110,893,730		2,034,992,761		433,682,403		714,878,356
Fund shares outstanding (no par value, unlimited number of shares authorized)		61,127,406		27,944,994		41,614,114		79,331,808
Net asset value, offering price and redemption price per share	$	83.61		72.82		10.42		9.01
Analysis of Net Assets
Paid-in-capital	$	1,532,560,203		1,070,435,270		418,905,653		667,830,838
Total distributable earnings (loss)		3,578,333,527		964,557,491		14,776,750		47,047,518
Net assets applicable to shares outstanding	$	5,110,893,730		2,034,992,761		433,682,403		714,878,356

40 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF OPERATIONS

Six months ended May 31, 2020

(Unaudited)

	Growth Fund			Balanced Fund			Interim Fund			Municipal Bond Fund
Investment Income:
Dividends	$	70,547,120			18,276,437			—			—
Interest		155,989			8,828,477			3,272,390			40,865
Tax-exempt interest		—			—			—			9,502,488
		70,703,109			27,104,914			3,272,390			9,543,353
Less: foreign withholding taxes		(899,702	)		(318,760	)		—			—
Total investment income		69,803,407			26,786,154			3,272,390			9,543,353
Expenses:
Investment advisory and management fees		2,629,351			1,078,916			225,579			387,614
Trustees’ fees and expenses		135,069			53,909			9,446			19,111
Reports to shareholders		47,099			26,765			9,825			11,448
Professional fees		55,439			32,349			6,061			9,628
Audit fees		27,767			28,031			27,877			28,172
Errors and omissions insurance		77,600			29,988			5,008			10,467
Custodian fees		63,925			21,814			(1,643	)		4,072
ICI dues		39,125			15,408			2,618			5,516
Regulatory Fees		23,291			15,584			15,216			13,247
Fidelity bond expense		380			143			22			49
Securities valuation fees		5,636			39,588			8,794			62,317
Total expenses		3,104,682			1,342,495			308,803			551,641
Net investment income		66,698,725			25,443,659			2,963,587			8,991,712
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		17,878,689			(87,595	)		(6,028	)		412,119
Net realized gain (loss) on foreign currency transactions		(256,572	)		(49,196	)		—			—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		(332,276,860	)		(67,414,899	)		11,778,149			16,044,749
Net realized and unrealized gain (loss) on investments		(314,654,743	)		(67,551,690	)		11,772,121			16,456,868
Net change in net assets resulting from operations	$	(247,956,018	)		(42,108,031	)		14,735,708			25,448,580

See accompanying notes to financial statements. 41

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Growth Fund
Six months ended May 31, 2020 (Unaudited) and the year ended November 30, 2019	2020			2019
From operations:
Net investment income	$	66,698,725			132,750,127
Net realized gain (loss)		17,622,117			52,420,021
Change in net unrealized appreciation or depreciation		(332,276,860	)		536,036,280
Net change in net assets resulting from operations		(247,956,018	)		721,206,428
Distributions to shareholders from and in excess of:
Distributions (Net investment income, Net realized gain)		(118,066,255	)		(191,944,110	)
Total distributions to shareholders		(118,066,255	)		(191,944,110	)
From Fund share transactions:
Proceeds from shares sold		138,361,593			199,828,694
Reinvestment of distributions		110,968,005			180,848,201
		249,329,598			380,676,895
Less payments for shares redeemed		(274,944,588	)		(399,994,725	)
Net increase (decrease) in net assets from Fund share transactions		(25,614,990	)		(19,317,830	)
Total increase (decrease) in net assets		(391,637,263	)		509,944,488
Net assets:
Beginning of period		5,502,530,993			4,992,586,505
End of period	$	5,110,893,730			5,502,530,993
Share Information
Sold		1,709,744			2,473,574
Issued in reinvestment of distributions		1,234,624			2,428,700
Redeemed		(3,384,860	)		(4,929,214	)
Net increase (decrease)		(440,492	)		(26,940	)

42 See accompanying notes to financial statements.

Balanced Fund						Interim Fund						Municipal Bond Fund
2020			2019			2020			2019			2020			2019
	25,443,659			51,265,300			2,963,587			5,786,711			8,991,712			19,150,572
	(136,791	)		6,053,170			(6,028	)		(39,683	)		412,119			180,673
	(67,414,899	)		202,378,400			11,778,149			11,469,844			16,044,749			28,664,827
	(42,108,031	)		259,696,870			14,735,708			17,216,872			25,448,580			47,996,072
	(32,055,006	)		(64,308,131	)		(2,963,587	)		(5,786,711	)		(9,365,597	)		(19,354,856	)
	(32,055,006	)		(64,308,131	)		(2,963,587	)		(5,786,711	)		(9,365,597	)		(19,354,856	)
	70,117,451			103,936,282			138,166,822			71,553,432			35,292,280			55,962,858
	30,506,292			61,372,575			2,913,455			5,697,366			7,760,980			16,096,796
	100,623,743			165,308,857			141,080,277			77,250,798			43,053,260			72,059,654
	(113,244,653	)		(174,277,594	)		(69,871,131	)		(75,865,654	)		(55,163,291	)		(65,187,767	)
	(12,620,910	)		(8,968,737	)		71,209,146			1,385,144			(12,110,031	)		6,871,887
	(86,783,947	)		186,420,002			82,981,267			12,815,305			3,972,952			35,513,103
	2,121,776,708			1,935,356,706			350,701,136			337,885,831			710,905,404			675,392,301
	2,034,992,761			2,121,776,708			433,682,403			350,701,136			714,878,356			710,905,404
	989,761			1,489,550			13,380,637			7,161,372			3,996,889			6,418,044
	404,270			933,982			282,959			569,476			874,152			1,846,831
	(1,607,833	)		(2,509,277	)		(6,785,174	)		(7,626,184	)		(6,331,264	)		(7,493,172	)
	(213,802	)		(85,745	)		6,878,422			104,664			(1,460,223	)		771,703

See accompanying notes to financial statements. 43

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Investment Objective

The State Farm Associates’ Funds Trust (the “Trust”) has four separate investment portfolios (each a “Fund” and together, 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 Growth Fund (the “Growth Fund”) seeks long-term growth of capital which may be supplemented by income. The Growth Fund seeks to achieve this objective by investing under normal circumstances at least 80% of its assets in common stocks and other income producing equity securities.

The State Farm Balanced Fund (the “Balanced Fund”) seeks long-term growth of principal while providing some current income. The Balanced Fund seeks to achieve its objective by investing under normal market conditions approximately 60% of its total assets in common stocks, and ordinarily limits its common stock investments to no more than 75% of its total assets. The Balanced Fund ordinarily invests at least 25% of its total assets in fixed income securities. The Balanced Fund invests in bonds to provide relative stability of principal and income.

The State Farm Interim Fund (the “Interim Fund”) seeks the realization over a period of years of the highest yield consistent with relatively low price volatility. The Interim Fund seeks to achieve its investment objective through investment in high quality debt securities with short and intermediate-term maturities.

The State Farm Municipal Bond Fund (the “Municipal Bond Fund”) seeks as high a rate of income exempt from federal income taxes as is consistent with prudent investment management. The Municipal Bond Fund seeks to achieve its investment objective through investment primarily in a diversified selection of municipal bonds (for example, general obligation bonds of a state or bonds financing a specific project) with maturities of one to seventeen years, although from time to time SFIMC may purchase issues with longer maturities. The Municipal Bond Fund normally invests so that either (1) at least 80% of the Fund’s net investment income is exempt from regular federal income tax or (2) at least 80% of the Fund’s net assets are invested in securities that produce income exempt from regular federal income tax.

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”).

Fund Share Valuation

Fund shares are sold and redeemed on a continuous basis at net asset value. The net asset value per share is determined daily on each day the New York Stock Exchange is open. The net asset value for each Fund is determined as of the close of regular session trading on the New York Stock Exchange (usually 3:00 p.m. Central Time). The net asset value per share is computed by dividing the total value of a Fund’s investments and other assets, less liabilities, by the number of Fund shares outstanding.

Securities Valuation

All investments in securities are recorded at their fair value. For more information see 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) and dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis, and includes amortization of premiums and discounts on fixed income securities. 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. Common Trust expenses are 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 4 Income Taxes and Distributions to Shareholders.

44

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

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 May 31, 2020. 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.

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 experience, the Funds believe the risk of loss from these indemnification provisions is remote.

Securities Purchased on a “When-Issued” Basis

The Municipal 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 Municipal 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 cancelled. At May 31, 2020, the Municipal Bond Fund had commitments of $3,016,286 (representing 0.42% of net assets) for when-issued securities. These commitments are included within the Securities Purchased line on the Statements of Assets and Liabilities.

New Accounting Pronouncements

In August 2018, FASB issued Accounting Standards Update No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”, which removes, modifies, and adds certain fair value disclosure requirements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. At this time, the Trust’s management is evaluating the impact this pronouncement may have on the Trust’s financial statements, if any.

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.

45

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Stocks, closed-end registered investment companies and exchange-traded funds (“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, U.S. Treasury bills, and short-term municipal variable rate demand notes are generally valued using quotations provided by an independent pricing service. Short-term debt securities with remaining maturities of 60 days or less (other than U.S. Treasury bills) 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.

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 indexes. If SFIMC determines that the market quotation for a foreign security is not reliable, 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 Fund’s fair value measurements as of the end of the reporting period:

	Investments in Securities
Fund	Level 1		Level 2		Level 3		Total
Growth Fund
Common Stocks (a)	$	5,068,803,253	$	—	$	—	$	5,068,803,253
Short-term Investments		20,309,983		—		—		20,309,983
Balanced Fund
Common Stocks (a)		1,349,019,950		—		—		1,349,019,950
Corporate Bonds (a)		—		391,224,198		—		391,224,198
Foreign Government Bonds		—		2,181,920		—		2,181,920
Agency Commercial Mortgage-Backed Securities		—		84,170,016		—		84,170,016
Agency Notes & Bonds		—		2,056,188		—		2,056,188
U.S. Treasury Obligations		—		179,879,370		—		179,879,370
Short-term Investments		17,807,760		—		—		17,807,760
Interim Fund
U.S. Treasury Obligations		—		432,160,241		—		432,160,241
Short-term Investments		6,285,087		—		—		6,285,087
Municipal Bond Fund
Long-term Municipal Bonds		—		702,017,390		—		702,017,390
Short-term Investments		8,685,253		—		—		8,685,253

The Funds did not hold any Level 3 securities or derivative instruments as of November 30, 2019 or for the six months ended. There were no transfers of securities between Level 1 and Level 2 as of May 31, 2020 as compared to November 30, 2019.

46

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

4. Income Taxes and Distributions to Shareholders

As of November 30, 2019, the Trust’s management completed a review of uncertain tax positions taken by the Funds, if any, 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 November 30, 2019, 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 November 30, 2019.

As of May 31, 2020, each Fund’s aggregate unrealized gains and losses for all investments based on cost for federal income tax purposes were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Growth Fund	$	1,590,430,899	$	3,624,749,638	$	(126,067,301	)	$	3,498,682,337
Balanced Fund		1,084,256,404		978,894,745		(36,811,747	)		942,082,998
Interim Fund		423,275,951		15,169,394		(17	)		15,169,377
Municipal Bond Fund		663,874,031		46,856,512		(27,900	)		46,828,612
For each Fund, the cost of investments for federal income tax purposes was the same as the cost of investments reflected on the Statements of Assets and Liabilities and Schedules of Investments.

The Growth Fund and Balanced Fund declare and pay income dividends, if any, at least annually. The Interim Fund and Municipal Bond Fund declare dividends daily equal to each Fund’s respective net investment income, and distributions of such amounts are made on the last business day of each month.

Net realized gains on sales of investments, if any, are distributed annually after the close of the Fund’s fiscal year. Dividends and distributions payable to shareholders are recorded by the respective Fund on the ex-dividend date.

On June 25, 2020, the Growth Fund declared an ordinary income dividend of $1.04 per share to shareholders of record on June 24, 2020 (reinvestment date June 25, 2020).

On June 25, 2020, the Balanced Fund declared an ordinary income dividend of $0.86 per share to shareholders of record on June 24, 2020 (reinvestment date June 25, 2020).

After utilizing capital loss carryforwards to offset realized capital gains during the year ended November 30, 2019, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains realized after November 30, 2019, if any. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations. If not applied, the capital losses will carryforward indefinitely as follows:

			Unused Non Expiring Capital Loss Carryforwards
Fund	Loss Carryforwards Utilized in 2019		Short-term		Long-term		Total
Interim Fund	$	—	$	—	$	386,598	$	386,598

As of November 30, 2019, 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
Growth Fund	$	61,004,702	$	52,394,066	$	3,830,957,032	$	—		$	3,944,355,800
Balanced Fund		23,297,769		6,054,716		1,009,497,632		—			1,038,850,117
Interim Fund		—		—		3,391,227		(386,598	)		3,004,629
Municipal Bond Fund		128		180,544		30,783,863		—			30,964,535

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 the recognition of net realized losses, the timing of Fund distributions, and foreign currency transactions. As a result, net investment income and net realized gain or loss on investment transactions for a reporting period may differ from distributions during such period. Accordingly, each Fund may periodically make reclassifications for permanent differences among certain capital accounts without impacting its net asset value.

47

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of November 30, 2019, these reclassifications were as follows:

Fund	Paid in Capital		Accumulated Net Realized Gain (Loss) (a)			Accumulated Undistributed Net Investment Income (Loss) (a)
Growth Fund	$	—	$	(25,955	)	$	25,955
Balanced Fund		—		1,905			(1,905	)
(a)   These components are each included as part of total distributable earnings (loss) within the Statements of Assets and Liabilities.

The tax character of distributions was designated as follows for the year ended November 30, 2019.

2019	Tax-Exempt Income		Ordinary Income		Long-term Capital Gain		Total
Growth Fund	$	—	$	128,727,664	$	63,216,446	$	191,944,110
Balanced Fund		—		50,441,287		13,866,844		64,308,131
Interim Fund		—		5,786,711		—		5,786,711
Municipal Bond Fund		18,893,462		257,110		204,284		19,354,856

5. Transactions with Affiliates

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

Growth Fund	0.20% of the first $100 million of average net assets
	0.15% of the next $100 million of average net assets
	0.10% of the average net assets in excess of $200 million
Balanced Fund	0.20% of the first $100 million of average net assets
	0.15% of the next $100 million of average net assets
	0.10% of the average net assets in excess of $200 million
Interim Fund	0.20% of the first $50 million of average net assets
	0.15% of the next $50 million of average net assets
	0.10% of the average net assets in excess of $100 million
Municipal Bond Fund	0.20% of the first $50 million of average net assets
	0.15% of the next $50 million of average net assets
	0.10% of the average net assets in excess of $100 million

Other than the account fee imposed on certain shareholders of the Trust which is paid by redeeming shares from the shareholder’s account, the Funds do not pay any direct or indirect discount, commission or other compensation for transfer agent services provided by SFIMC or for distribution and underwriting services provided by State Farm VP Management Corp.

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.

Expense Reduction Agreement

SFIMC has agreed to reimburse a Fund if, and to the extent, a Fund’s total annual operating expenses (excluding taxes, interest, extraordinary litigation expenses, brokerage commissions and other portfolio transaction costs) exceed 0.40% of the Fund’s average net assets. Prior-year reimbursements, if any, are not subject to recapture.

48

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Line of Credit

State Farm Mutual Automobile Insurance Company (“Auto Company”), the parent company of SFIMC, has entered into a Line of Credit Agreement with the Trust. Under that agreement, a Fund may request and Auto Company, in its complete discretion, may lend money to a Fund for up to 30 days on an unsecured basis. Auto Company will not lend more than $25 million at any one time to the Funds. 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 May 31, 2020.

6. Investment Transactions

For the six months ended May 31, 2020, investment transactions (exclusive of short-term instruments) were as follows:

Fund	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
Growth Fund	$	—	$	74,592,994	$	—	$	—
Balanced Fund		5,488,110		13,785,999		25,693,750		35,063,398
Interim Fund		—		—		109,162,832		32,651,836
Municipal Bond Fund		38,153,544		33,433,680		—		—

7. Principal Risks

Investing in a Fund may involve certain risks including, but not limited to, those described below. Please refer to the Funds’ prospectus and statement of additional information for more information on risks associated with investing in the Funds.

Management Risk

The assessment by the Funds’ investment adviser of the securities to be purchased or sold by a Fund may prove incorrect, resulting in losses or poor performance, even in a rising market.

Market Risk

Stock prices may fluctuate widely over short or even extended periods in response to company, market, or economic news. Stock markets also tend to move in cycles, with periods of rising stock prices and periods of falling stock prices.

Interest Rate Risk and Call Risk

The risk that the bonds a Fund holds may decline in value due to an increase in interest rates. All bonds, including those issued by the U.S. Government, are subject to interest rate risk. Bonds with longer maturities are affected more by interest rate movements than bonds with shorter maturities. Another risk associated with interest rate changes is call risk. Call risk is the risk that during periods of falling interest rates, a bond issuer will “call” or repay a higher yielding bond before the maturity date of the bond. Under these circumstances, a Fund may have to reinvest the proceeds in an investment that provides a lower yield than the called bond.

Credit Risk

The risk that a bond issuer fails to make principal or interest payments when due to a Fund, or that the credit quality of the issuer falls. Corporate bonds are subject to greater credit risk than U.S. Government bonds.

Municipal Bond Risk

Municipal securities can be significantly affected by political changes as well as uncertainties related to taxation, legislative changes or the rights of municipal security holders.

Inflation Risk

The risk that the value of the assets or income from an investment will be worth less in the future as inflation decreases the value of money.

Liquidity Risk

The investment adviser to the Funds may have difficulty selling securities a Fund holds at the time it would like to sell, and at the value a Fund has placed on those securities.

49

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Tax Risk

The Growth Fund’s and Balanced Fund’s long-term ownership strategies historically has resulted in a low rate of turnover in their portfolios. Therefore, these Funds have accumulated a large amount of unrealized capital gains, and distribution of such gains to shareholders may be larger than the capital gain distributions made by other similar mutual funds. Should the Manager sell any appreciated assets, shareholders generally will receive their proportional share of the resulting realized capital gains regardless of how long they owned such shares. As a result, unless you are purchasing shares of the Growth Fund or Balanced Fund through a tax-advantaged account (such as an IRA), buying such shares at a time when the Growth Fund or Balanced Fund has unrealized gains might eventually cost you money in taxes.

Long-term Ownership Strategy Risk

The investment approach for the Growth Fund and the Balanced Fund generally emphasizes buying and holding securities over long periods. As such, the Growth Fund or the Balanced Fund could continue to hold certain securities through adverse cycles for those securities rather than selling them, which could cause such Fund to underperform compared to a fund that has invested in similar securities but actively shifts its portfolio assets to take advantage of market opportunities and that does not seek reduced portfolio turnover. In determining which portfolio securities to sell, the Manager considers, and seeks to mitigate, the amount of capital gains that may be realized by such sale.

Income Risk

The risk that the income from the bonds a Fund holds will decline. This risk applies when a Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio’s current earnings rate.

50

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51

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five years. 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 ASSOCIATES’ FUNDS TRUST GROWTH FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net asset value, beginning of period	$	89.37			81.06			80.41			70.41			73.38			76.68
Income from Investment Operations
Net investment income (a)		1.08			2.13			1.93			1.84			1.75			1.79
Net gain (loss) on investments (both realized and unrealized)		(4.92	)		9.30			1.51			10.50			4.15			(3.38	)
Total from investment operations		(3.84	)		11.43			3.44			12.34			5.90			(1.59	)
Less Distributions
Net investment income		(1.07	)		(2.09	)		(1.90	)		(1.78	)		(1.76	)		(1.71	)
Net realized gain		(0.85	)		(1.03	)		(0.89	)		(0.56	)		(7.11	)		—
Total distributions		(1.92	)		(3.12	)		(2.79	)		(2.34	)		(8.87	)		(1.71	)
Net asset value, end of period	$	83.61			89.37			81.06			80.41			70.41			73.38
Total Return		(4.44	)%(b)		14.91	%		4.41	%		17.91	%		9.54	%		(2.13	)%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	5,110.9			5,502.5			4,992.6			4,960.5			4,296.6			4,095.7
Average net asset ratios
Expenses		0.12	%(c)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Net investment income		2.61	%(c)		2.62	%		2.42	%		2.46	%		2.59	%		2.40	%
Portfolio turnover rate (d)		0	%(c)		1	%		0	%		1	%		0	%		11	%

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

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

(c) Determined on an annualized basis.

(d) Portfolio turnover rate rounds to less than 1% for the year ended November 30, 2018.

See accompanying notes to financial statements.

52 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net asset value, beginning of period	$	75.35			68.52			68.84			63.19			66.38			68.23
Income from Investment Operations
Net investment income (a)		0.90			1.81			1.70			1.65			1.63			1.73
Net gain (loss) on investments (both realized and unrealized)		(2.29	)		7.30			(0.03	)		5.75			1.76			(1.85	)
Total from investment operations		(1.39	)		9.11			1.67			7.40			3.39			(0.12	)
Less Distributions
Net investment income		(0.92	)		(1.79	)		(1.68	)		(1.63	)		(1.69	)		(1.73	)
Net realized gain		(0.22	)		(0.49	)		(0.31	)		(0.12	)		(4.89	)		—
Total distributions		(1.14	)		(2.28	)		(1.99	)		(1.75	)		(6.58	)		(1.73	)
Net asset value, end of period	$	72.82			75.35			68.52			68.84			63.19			66.38
Total Return		(1.90	)%(b)		13.82	%		2.49	%		11.93	%		5.83	%		(0.18	)%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	2,035.0			2,121.8			1,935.4			1,951.1			1,766.3			1,689.0
Average net asset ratios
Expenses		0.13	%(c)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		2.53	%(c)		2.59	%		2.50	%		2.52	%		2.63	%		2.58	%
Portfolio turnover rate		3	%(c)		4	%		5	%		4	%		4	%		11	%

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

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

(c) Determined on an annualized basis.

See accompanying notes to financial statements. 53

STATE FARM ASSOCIATES’ FUNDS TRUST INTERIM FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.10			9.76			9.87			9.92			9.99			10.03
Income from Investment Operations
Net investment income		0.08			0.17			0.14			0.12			0.12			0.12
Net gain (loss) on investments (both realized and unrealized)		0.32			0.34			(0.11	)		(0.05	)		(0.07	)		(0.04	)
Total from investment operations		0.40			0.51			0.03			0.07			0.05			0.08
Less Distributions
Net investment income		(0.08	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)		(0.12	)
Net realized gain		—			—			—			—			—			—
Total distributions		(0.08	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)		(0.12	)
Net asset value, end of period	$	10.42			10.10			9.76			9.87			9.92			9.99
Total Return		3.98	%(a)		5.26	%		0.33	%		0.71	%		0.45	%		0.77	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	433.7			350.7			337.9			360.4			396.3			363.9
Average net asset ratios
Expenses		0.16	%(b)		0.17	%		0.17	%		0.16	%		0.16	%		0.16	%
Net investment income		1.57	%(b)		1.71	%		1.45	%		1.21	%		1.15	%		1.17	%
Portfolio turnover rate		18	%(b)		20	%		16	%		13	%		13	%		12	%

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

(b) Determined on an annualized basis.

54 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2020 (Unaudited)			2019			2018			2017			2016			2015
Net asset value, beginning of period	$	8.80			8.44			8.61			8.53			8.80			8.85
Income from Investment Operations
Net investment income		0.11			0.24			0.25			0.26			0.26			0.28
Net gain (loss) on investments (both realized and unrealized)		0.21			0.36			(0.17	)		0.08			(0.27	)		(0.05	)
Total from investment operations		0.32			0.60			0.08			0.34			(0.01	)		0.23
Less Distributions
Net investment income		(0.11	)		(0.24	)		(0.25	)		(0.26	)		(0.26	)		(0.28	)
Net realized gain (a)(b)		—			—			—			—			—			—
Total distributions		(0.11	)		(0.24	)		(0.25	)		(0.26	)		(0.26	)		(0.28	)
Net asset value, end of period	$	9.01			8.80			8.44			8.61			8.53			8.80
Total Return		3.74	%(c)		7.19	%		0.99	%		3.99	%		(0.16	)%		2.65	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	714.9			710.9			675.4			698.6			704.1			677.3
Average net asset ratios
Expenses		0.16	%(d)		0.16	%		0.16	%		0.15	%		0.16	%		0.16	%
Net investment income		2.57	%(d)		2.74	%		2.93	%		2.98	%		2.95	%		3.19	%
Portfolio turnover rate		10	%(d)		14	%		12	%		9	%		7	%		10	%

(a) Net realized gain distributions represent less than $0.01 per share for the years ended November 30, 2019 and 2018.

(b) Net realized gain distributions represent less than $0.01 per share in 2020.

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

(d) Determined on an annualized basis.

See accompanying notes to financial statements. 55

P.O. Box 219548
Kansas City, MO 64121-9548
U.S. POSTAGE
PAID
LANCASTER, PA
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.
190-4059.21-CH
AP2020/07/9815
7-2020
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 1-800-447-0740.

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 Associates’ Funds 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 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. 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.

(a)(4) 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 Associates’ Funds Trust

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

Date   July 28, 2020

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   July 28, 2020

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

Date   July 28, 2020