<PAGE>
June 30 2000
SEMI-ANNUAL REPORT
STATE FARM VARIABLE PRODUCTS TRUST
STATE FARM'S VARIABLE DEFERRED ANNUITY &
STATE FARM'S VARIABLE UNIVERSAL LIFE INSURANCE
<PAGE>
SERVICE
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<PAGE>
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
COMMON STOCKS (94.7%)
Aerospace/Defense (.5%)
20,919 Boeing Co. $ 874,676
4,641 General Dynamics Corp. 242,492
9,230 Lockheed Martin Corp. 229,019
1,596 Northrop Grumman Corp. 105,735
------------
1,451,922
------------
Agriculture, Foods, & Beverage (3.3%)
857 Adolph Coors Co. Class B 51,848
10,409 Anheuser Busch Companies Inc. 777,422
13,882 Archer-Daniels-Midland Company 136,217
6,322 Bestfoods 437,798
1,595 Brown-Forman Corp. Class B 85,731
9,766 Campbell Soup Company 284,435
9,724 Coca-Cola Enterprises Inc. 158,623
11,378 ConAgra Inc. 216,893
6,749 General Mills Inc. 258,149
3,190 Hershey Foods Corp. 155,313
8,146 HJ Heinz Co. 356,387
9,363 Kellogg Company 278,549
7,507 Nabisco Group Holding Group Corp. 194,713
33,243 Pepsico Inc. 1,477,236
3,019 Quaker Oats Co. 226,802
7,079 Ralston Purina Co. 141,138
20,086 Sara Lee Corporation 387,911
10,064 Seagram Ltd. 583,712
3,049 Supervalu Inc. 58,122
7,708 Sysco Corporation 324,700
57,105 The Coca-Cola Company 3,279,969
2,655 WM Wrigley Jr. Co. 212,898
------------
10,084,566
------------
Airlines (.2%)
3,442 AMR Corp. (a) 90,998
2,828 Delta Air Lines Inc. 142,991
11,457 Southwest Airlines Co. 216,967
1,532 US Airways Group Inc. (a) 59,748
------------
510,704
------------
Automotive (.9%)
3,514 Dana Corp. 74,453
12,967 Delphi Automotive Systems 188,832
27,808 Ford Motor Company 1,195,744
12,328 General Motors Corp. 715,795
4,073 Genuine Parts Co. 81,460
3,615 Goodyear Tire & Rubber Co. 72,300
6,983 Harley Davidson Inc. (a) 268,845
2,012 ITT Industries Inc. 61,115
1,437 Navistar International Corp. (a) 44,637
1,743 Paccar Inc. 69,175
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,641 Visteon Corp. (a) $ 44,147
------------
2,816,503
------------
Banks (3.5%)
9,083 AmSouth Bancorporation 143,057
38,241 Bank of America Corporation 1,644,363
16,998 Bank of New York Inc. 790,407
26,437 Bank One Corporation 702,233
8,056 BB&T Corp. 192,337
28,555 Chase Manhattan Corp. 1,315,315
3,618 Comerica Inc. 162,358
7,142 Fifth Third Bancorp 451,731
22,384 Firstar Corp. 471,463
3,660 Golden West Financial Corporation 149,374
5,100 Huntington Bancshares Inc. 80,644
3,742 JP Morgan & Co. Incorporated 412,088
5,153 Northern Trust Corporation 335,267
6,725 PNC Bank Corporation 315,234
3,894 SouthTrust Corporation 88,102
3,686 State Street Corp. 390,946
4,075 Summit Bancorp 100,347
6,973 SunTrust Banks Inc. 318,579
6,565 Synovus Financial Corp. 115,708
3,100 Union Planters Corp. 86,606
17,365 US Bancorp 334,276
4,692 Wachovia Corporation 254,541
12,661 Washington Mutual Inc. 365,586
37,170 Wells Fargo & Company 1,440,337
------------
10,660,899
------------
Building Materials & Construction (.2%)
927 Armstrong Holdings Inc. (a) 14,195
1,740 Fluor Corp. 55,028
1,176 Kaufman & Broad Home Corp. 23,300
4,585 Leggett & Platt Inc. 75,652
2,470 Louisiana-Pacific Corp. 26,861
10,352 Masco Corp. 186,983
1,429 McDermott International Inc. 12,593
1,337 Owens Corning 12,367
936 Pulte Corp. 20,241
2,044 Stanley Works 48,545
2,337 Vulcan Materials Company 99,761
------------
575,526
------------
Chemicals (.9%)
5,292 Air Products & Chemicals Inc. 163,060
1,642 Ashland Inc. 57,573
1,751 Eastman Chemical Co. 83,610
24,144 EI du Pont de Nemours and Company 1,056,300
2,949 Engelhard Corp. 50,317
723 FMC Corp. (a) 41,934
1,271 Great Lakes Chemical Corp. 40,036
</TABLE>
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8
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,542 Hercules Inc. $ 35,747
2,384 International Flavors & Fragrances Inc. 71,967
4,023 PPG Industries Inc. 178,269
3,661 Praxair Inc. 137,059
5,035 Rohm & Haas Co. 173,708
1,944 Sigma-Aldrich Corporation 56,862
15,610 The Dow Chemical Company 471,227
3,129 Union Carbide Corp. 154,885
1,535 WR Grace & Co. (a) 18,612
------------
2,791,166
------------
Commercial Service/Supply (.9%)
4,368 Allied Waste Industries Inc. (a) 43,680
699 Ball Corp. 22,499
16,616 Cendant Corp. (a) 232,624
1,365 Centex Corp. 32,077
3,550 Convergys Corporation (a) 184,156
1,648 Deluxe Corp. 38,831
3,753 Dun and Bradstreet Corp. 107,430
7,122 Eastman Kodak Co. 423,759
6,963 Interpublic Group of Companies Inc. 299,409
3,894 Pactiv Corp. (a) 30,665
5,940 Pitney Bowes Inc. 237,600
1,066 Polaroid Corp. 19,255
2,643 Quintinles Transnational (a) 37,332
2,794 RR Donnelley & Sons Company 63,040
1,343 Snap-On Inc. 35,757
11,159 Staples Inc. (a) 171,570
14,361 Waste Management Inc. 272,859
2,151 WW Grainger Inc. 66,278
15,391 Xerox Corporation 319,363
------------
2,638,184
------------
Computer Software and Services (12.4%)
2,772 Adobe Systems Inc. 360,360
53,001 America Online Inc. (a) 2,795,803
1,329 AutoDesk Inc. 46,100
14,493 Automatic Data Processing Inc. 776,281
5,620 BMC Software Inc. (a) 205,042
4,197 Cabletron Systems Inc. (a) 105,974
3,331 Ceridian Corp. (a) 80,152
160,481 Cisco Systems Inc. (a) 10,200,574
13,571 Computer Associates International Inc. 694,666
3,844 Computer Sciences Corp. (a) 287,099
8,378 Compuware Corp. (a) 86,922
3,515 Comverse Technology Inc. (a) 326,895
50,070 EMC Corporation (a) 3,852,261
121,418 Microsoft Corporation (a) 9,713,440
7,547 Novell Inc. (a) 69,810
65,479 Oracle Corporation (a) 5,504,329
6,355 PeopleSoft Inc. (a) 106,446
7,207 Unisys Corp. (a) 104,952
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
9,004 Veritas Software Corporation (a) $ 1,017,593
12,521 Yahoo! Inc. (a) 1,551,039
------------
37,885,738
------------
Computers (5.3%)
8,096 3Com Corp. (a) 466,532
7,442 Apple Computer Inc. (a) 389,775
39,201 Compaq Computer Corporation 1,002,076
59,391 Dell Computer Corp. (a) 2,928,719
7,420 Gateway Inc. (a) 421,085
23,062 Hewlett-Packard Company 2,879,867
40,898 International Business Machines
Corporation 4,480,887
5,235 Seagate Technology (a) 287,925
36,599 Sun Microsystems Inc. (a) 3,328,222
------------
16,185,088
------------
Consumer & Marketing (3.1%)
1,265 Alberto-Culver Company 38,662
1,474 American Greetings Corp. 28,006
5,467 Avon Products Inc. 243,281
1,958 Black & Decker Corp. 76,974
2,045 Brunswick Corp. 33,870
5,421 Clorox Co. 242,929
13,292 Colgate-Palmolive Company 795,859
3,293 Danaher Corp. 162,798
2,831 Darden Restaurants Inc. 46,004
2,999 Ecolab Inc. 117,148
4,736 Fort James Corp. 109,520
3,652 Fortune Brands Inc. 84,224
1,633 Harcourt General Inc. 88,794
3,980 Hasbro Inc. 59,949
12,830 Kimberly Clark Corp. 736,121
9,782 Mattel Inc. 129,000
1,821 Maytag Corp. 67,149
30,826 McDonald's Corporation 1,015,331
6,153 Newell Rubbermaid Inc. 158,440
52,772 Philip Morris Companies Inc. 1,401,756
812 Russell Corp. 16,240
4,250 Starbucks Corp. (a) 162,297
24,089 The Gillette Company 841,609
30,165 The Procter & Gamble Company 1,726,946
3,409 Tricon Global Restaurants (a) 96,304
1,355 Tupperware Corp. 29,810
13,187 Unilever NV 567,041
3,723 UST Inc. 54,682
2,649 Wendy's International Inc. 47,185
1,701 Whirlpool Corp. 79,309
1,648 Young & Rubicam Inc. 94,245
------------
9,351,483
------------
</TABLE>
9 -------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
Containers & Packaging (.1%)
1,241 Bemis Company Inc. $ 41,729
3,012 Crown Cork & Seal Inc. 45,180
3,372 Owens-Illinois Inc. (a) 39,410
1,919 Sealed Air Corporation (a) 100,508
1,232 Temple-Inland Inc. 51,744
------------
278,571
------------
Electronic/Electrical Mfg. (10.0%)
3,553 Advanced Micro Devices Inc. (a) 274,469
18,611 Applied Materials Inc. (a) 1,686,622
9,860 Emerson Electric Co. 595,298
228,269 General Electric Company 12,098,257
77,278 Intel Corporation 10,331,103
4,303 KLA Tencor Corporation (a) 251,994
7,178 Linear Technology Corp. 458,943
7,059 LSI Logic Corp. (a) 382,068
12,808 Micron Technology Inc. (a) 1,127,905
4,093 National Semiconductor Corp. (a) 232,278
1,116 PerkinElmer Inc. 73,796
7,833 Raytheon Co. 150,785
4,353 Rockwell International Corp. 137,119
37,772 Texas Instruments Inc. 2,594,464
1,321 Thomas & Betts Corp. 25,264
------------
30,420,365
------------
Financial Services (6.1%)
30,817 American Express Company 1,606,336
16,826 Associates First Capital Corp. 375,430
2,564 Bear Stearns Companies Inc. 106,727
4,512 Capital One Financial Corp. 201,348
31,402 Charles Schwab Corp. 1,055,892
4,850 Charter One Financial Inc. 111,550
77,847 Citigroup Inc. 4,690,282
2,605 Countrywide Credit Industries Inc. 78,964
3,261 Equifax Inc. 85,601
16,021 Federal Home Loan Mortgage Corp. 648,850
23,247 Federal National Mortgage Association 1,213,203
22,601 First Union Corp. 560,787
20,773 FleetBoston Financial Corp. 706,282
5,628 Franklin Resources Inc. 170,951
2,291 H&R Block Inc. 74,171
10,930 Household International Inc. 454,278
10,035 KeyCorp 176,867
2,805 Lehman Brothers Holding Inc. 265,248
2,293 MBIA Inc. 110,494
18,499 MBNA Corporation 501,785
11,332 Mellon Financial Corporation 412,910
8,943 Merrill Lynch & Company Inc. 1,028,445
2,467 MGIC Investment Corp. 112,248
26,094 Morgan Stanley Dean Witter & Co. 2,172,325
13,972 National City Corp. 238,397
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,164 Old Kent Financial Corp. $ 84,628
3,340 Paine Webber Group Inc. 151,970
8,568 Paychex Inc. 359,856
3,279 Providian Financial Corp. 295,110
5,112 Regions Financial Corp. 101,601
3,623 SLM Holding Corp. 135,636
2,778 T Rowe Price Associates 118,065
5,531 UNUMProvident Corporation 110,966
------------
18,517,203
------------
Forest Products (.3%)
1,333 Boise Cascade Corp. 34,491
3,956 Georgia Pacific Corp. 103,845
11,134 International Paper Co. 331,932
2,384 Mead Corporation 60,196
666 Potlatch Corp. 22,061
2,340 Westvaco Corp. 58,061
5,355 Weyerhaeuser Co. 230,265
2,560 Willamette Industries Inc. 69,760
------------
910,611
------------
Health Care (11.2%)
35,770 Abbott Laboratories 1,594,001
3,004 Allergan Inc. 223,798
2,376 ALZA Corporation (a) 140,481
30,078 American Home Products Corp. 1,767,082
23,710 Amgen Inc. (a) 1,665,627
1,211 Baush & Lomb Inc. 93,701
6,692 Baxter International Inc. 470,531
5,849 Becton Dickinson & Co. 167,793
3,437 Biogen Inc. (a) 221,686
2,740 Biomet Inc. 105,319
9,413 Boston Scientific Corporation (a) 206,498
45,519 Bristol-Myers Squibb Company 2,651,482
6,328 Cardinal Health Inc. 468,272
1,144 CR Bard Inc. 55,055
26,063 Eli Lilly & Co. 2,603,042
7,095 Guidant Corp. 351,202
12,882 HCA-The Healthcare Co. 391,291
8,887 HEALTHSOUTH Corp. (a) 63,875
4,006 Humana Inc. (a) 19,529
6,880 IMS Health Inc. 123,840
32,076 Johnson & Johnson 3,267,743
1,540 Mallinckrodt Inc. 66,894
2,462 Manor Care Inc. (a) 17,234
6,497 McKesson HBOC Inc. 136,031
4,800 Medimmune Inc. (a) 355,200
27,600 Medtronic Inc. 1,374,825
53,063 Merck & Co. Inc. 4,065,952
4,809 PE Corporation-PE Biosystems Group 316,793
145,251 Pfizer Inc. 6,972,048
29,286 Pharmacia Corporation 1,513,720
</TABLE>
---------
10
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
33,799 Schering Plough Corp. $ 1,706,849
1,958 St. Jude Medical Inc. (a) 89,823
7,226 Tenet Healthcare Corp. (a) 195,102
3,729 UnitedHealth Group Inc. 319,762
2,249 Watson Pharmaceuticals Inc. (a) 120,884
1,449 WellPoint Health Networks Inc. (a) 104,962
------------
34,007,927
------------
Insurance (2.7%)
3,248 Aetna Inc. 208,481
6,117 AFLAC Inc. 281,000
5,724 American General Corporation 349,164
35,570 American International Group Inc. 4,179,475
5,904 Aon Corporation 183,393
4,030 Chubb Corporation 247,845
3,741 Cigna Corp. 349,783
3,721 Cincinnati Financial Corp. 116,979
7,640 Conseco Inc. 74,490
2,360 Jefferson-Pilot Corp. 133,193
4,418 Lincoln National Corp. 159,600
2,259 Loews Corp. 135,540
6,231 Marsh & McLennan Companies Inc. 650,750
1,696 Progressive Corp. 125,504
2,947 Safeco Corp. 58,572
4,872 St. Paul Companies Inc. 166,257
17,168 The Allstate Corporation 381,988
4,979 The Hartford Financial Services Group
Inc. 278,513
2,959 Torchmark Corp. 73,050
------------
8,153,577
------------
Lodging & Gaming (.1%)
2,837 Harrahs Entertainment Inc. (a) 59,400
8,599 Hilton Hotels Corp. 80,616
5,535 Marriott International Class A 199,606
------------
339,622
------------
Machinery & Manufacturing (2.8%)
2,588 Avery Dennison Corp. 173,720
2,489 BF Goodrich Co. 84,782
497 Briggs & Stratton Corp. 17,022
8,065 Caterpillar Inc. 273,202
14,407 Conoco Inc. Class B 353,872
2,162 Cooper Industries Inc. 70,400
6,349 Corning Incorporated 1,713,436
1,378 Crane Co. 33,503
956 Cummins Engine Company Inc. 26,051
5,414 Deere & Company 200,318
4,660 Dover Corp. 189,021
1,675 Eaton Corp. 112,225
18,420 Honeywell International Inc. 620,524
6,954 Illinois Tool Works Inc. 396,378
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,743 Ingersoll Rand Co. $ 150,656
1,954 Johnson Controls Inc. 100,265
1,046 Millipore Corp. 78,842
9,107 Minnesota Mining & Manufacturing Co. 751,327
949 National Service Industries Inc. 18,505
2,875 Pall Corporation 53,187
2,582 Parker Hannifin Corp. 88,434
3,311 Textron Inc. 179,829
3,621 Thermo Electron Corp. (a) 76,267
1,446 Timken Co. 26,932
2,839 TRW Inc. 123,142
38,946 Tyco International Ltd. 1,845,067
10,837 United Technologies Corp. 638,028
------------
8,394,935
------------
Media & Broadcasting (3.2%)
7,845 Clear Channel Communications (a) 588,375
20,690 Comcast Corp. Class A 837,945
2,057 Dow Jones & Company Inc. 150,675
6,162 Gannett Company Inc. 368,565
1,782 Knight-Ridder Inc. 94,780
4,486 McGraw Hill Companies Inc. 242,244
1,153 Meredith Corp. 38,914
3,911 New York Times Co. 154,485
4,095 Omnicom Group Inc. 364,711
47,917 The Walt Disney Company 1,859,779
30,378 Time Warner Inc. 2,308,728
7,130 Tribune Co. 249,550
35,196 Viacom Inc. (a) 2,399,927
------------
9,658,678
------------
Mining & Metals (.5%)
5,028 Alcan Aluminium Ltd. 155,868
19,950 ALCOA Inc. 578,550
1,930 Allegheny Technologies Inc. 34,740
9,144 Barrick Gold Corp. 166,307
3,067 Bethlehem Steel Corp. (a) 10,926
3,677 Freeport-McMoRan Copper &
Gold Inc. (a) 34,012
5,997 Homestake Mining Co. 41,229
4,201 INCO Limited (a) 64,590
3,892 Newmont Mining Corporation 84,165
1,963 Nucor Corporation 65,147
1,812 Phelps Dodge Corp. 67,384
7,668 Placer Dome Inc. 73,325
2,039 USX-US Steel Group 37,849
1,978 Worthington Industries Inc. 20,769
------------
1,434,861
------------
Oil & Gas (5.6%)
2,083 Amerada Hess Corporation 128,625
2,964 Anadarko Petroleum Corp. 146,162
</TABLE>
11-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,612 Apache Corp. $ 153,618
7,637 Baker Hughes Inc. 244,384
4,981 Burlington Resources Inc. 190,523
15,053 Chevron Corporation 1,276,683
4,961 Coastal Corp. 302,001
1,876 Columbia Energy Group 123,113
5,313 El Paso Energy Corporation 270,631
16,890 Enron Corp. 1,089,405
80,301 Exxon Mobil Corporation 6,303,629
2,165 Kerr-McGee Corp. 127,600
1,056 Nicor Inc. 34,452
8,481 Occidental Petroleum Corp. 178,631
692 ONEOK Inc. 17,949
5,859 Phillips Petroleum Co. 296,978
2,148 Rowan Companies Inc. (a) 65,246
49,466 Royal Dutch Petroleum Company ADR 3,045,251
13,130 Schlumberger Ltd. 979,826
2,022 Sunoco Inc. 59,523
12,712 Texaco Inc. 676,914
3,351 Tosco Corporation 94,875
4,865 Transocean Sedco Forex Inc. (a) 259,974
5,834 Union Pacific Resources Group Inc. 128,348
5,583 Unocal Corp. 184,937
7,210 USX-Marathon Group 180,701
10,205 Williams Companies Inc. 425,421
------------
16,985,400
------------
Retailers (5.3%)
9,761 Albertsons Inc. 324,553
3,111 Autozone Inc. (a) 68,442
3,228 Bed Bath & Beyond Inc. (a) 117,015
4,731 Best Buy Inc. (a) 299,236
13,936 Carnival Corp. 271,752
4,679 Circuit City Stores Inc. 155,284
2,585 Consolidated Stores Corp. (a) 31,020
10,314 Costco Wholesale (a) 340,362
9,024 CVS Corp. 360,960
2,174 Dillard's Inc. 26,632
7,641 Dollar General Corp. 149,000
4,935 Federated Department Stores Inc. (a) 166,556
19,646 GAP Inc. 613,938
914 Great Atlantic & Pacific Tea Company
Inc. 15,195
53,397 Home Depot Inc. 2,666,513
6,092 JC Penney Inc. 112,321
11,073 K-Mart Corp. (a) 75,435
7,529 Kohls Corp. (a) 418,801
19,245 Kroger Co. (a) 424,593
9,900 Limited Inc. 214,088
981 Longs Drug Stores Corp. 21,337
8,819 Lowe's Companies Inc. 362,130
7,680 May Department Stores Co. 184,320
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,088 Nordstrom Inc. $ 74,498
7,313 Office Depot Inc. (a) 45,706
4,302 Radioshack Corporation 203,807
5,974 Rite Aid Corp. 39,204
11,440 Safeway Inc. (a) 516,230
8,143 Sears Roebuck & Co. 265,665
3,775 Sherwin Williams Co. 79,983
10,517 Target Corporation 609,986
1,650 Tiffany & Co. (a) 111,375
6,918 TJX Companies Inc. 129,713
5,001 Toys R Us Inc. (a) 72,827
102,856 Wal-Mart Stores Inc. 5,927,077
23,253 Walgreen Co. 748,456
3,380 Winn Dixie Stores Inc. 48,376
------------
16,292,386
------------
Technology (2.9%)
2,458 Adaptec Inc. (a) 55,920
10,422 Agilent Technologies Inc. (a) 768,623
4,584 Altera Corp. (a) 467,282
4,450 American Power Conversion Corp. (a) 181,616
8,185 Analog Devices Inc. (a) 622,060
4,249 Citrix Systems Inc. (a) 80,465
10,729 Electronic Data Systems Corporation 442,571
9,526 First Data Corp. 472,728
2,988 Lexmark International Group Inc. (a) 200,943
6,514 Maxim Integrated Products Inc. (a) 442,545
1,800 Mercury Interactive Corp. (a) 174,150
4,533 Molex Inc. 218,151
2,203 NCR Corporation (a) 85,779
7,036 Network Appliance Inc. (a) 566,398
3,000 Novellus Systems Inc. (a) 169,688
6,382 Parametric Technology Corp. (a) 70,202
17,093 QUALCOMM Inc. (a) 1,025,580
2,968 Sabre Holdings Corporation (a) 84,588
3,400 Sanmina Corp. (a) 290,700
1,348 Sapient Corporation (a) 144,152
4,622 Siebel Systems Inc. (a) 755,986
13,764 Solectron Corp. (a) 576,368
1,120 Tektronix Inc. 82,880
3,990 Teradyne Inc. (a) 293,265
7,404 Xilinx Inc. (a) 611,293
------------
8,883,933
------------
Telecom & Telecom Equipment (10.5%)
7,732 ADC Telecommunications Inc. (a) 648,522
7,273 Alltel Corporation 450,471
1,853 Andrew Corp. (a) 62,191
86,561 AT&T Corp. 2,737,497
43,412 BellSouth Corporation 1,850,437
3,249 CenturyTel Inc. 93,409
5,033 Conexant Stytems Inc. (a) 244,730
</TABLE>
---------
12
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
20,359 Global Crossing Ltd. (a) $ 535,696
22,195 GTE Corp. 1,381,639
75,137 Lucent Technologies Inc. 4,451,867
49,678 Motorola Inc. 1,443,767
17,486 Nextel Communications Inc. (a) 1,069,925
68,353 Nortel Networks Corp. 4,665,092
78,484 SBC Communications Inc. 3,394,433
3,653 Scientific-Atlanta Inc. 272,149
20,217 Sprint FON Group 1,031,067
21,098 Sprint PCS Group (a) 1,255,331
9,432 Tellabs Inc. (a) 645,503
11,685 US West Inc. 1,001,989
35,685 Verizon Communications 1,813,244
66,083 WorldCom Inc. (a) 3,031,558
------------
32,080,517
------------
Textiles & Clothing (.1%)
1,256 Liz Claiborne Inc. 44,274
6,319 Nike Inc. 251,575
1,321 Reebok International Ltd. (a) 21,053
426 Springs Industries Inc. Class A 13,712
2,657 VF Corp. 63,270
------------
393,884
------------
Transportation (.4%)
9,901 Burlington Northern Santa Fe Corp. 227,104
1,694 Cooper Tire & Rubber Co. 18,846
5,048 CSX Corp. 106,955
6,691 FedEx Corp. (a) 254,258
2,587 Kansas City Southern Industries Inc. 229,435
8,886 Norfolk Southern Corp. 132,179
1,385 Ryder System Inc. 26,228
5,718 Union Pacific Corp. 212,638
------------
1,207,643
------------
Utilities & Energy (1.7%)
3,178 Ameren Corporation 107,258
7,422 American Electric Power Company Inc. 219,877
3,678 Cinergy Corp. 93,559
2,513 CMS Energy Corporation 55,600
4,882 Consolidated Edison Inc. 144,629
3,476 Constellation Energy Group Inc. 113,187
3,659 CP&L Energy Inc. 116,859
5,473 Dominion Resources Inc. 234,655
3,313 DTE Energy Co. 101,254
8,495 Duke Energy Corporation 478,906
616 Eastern Enterprises 38,808
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
7,648 Edison International $ 156,784
5,296 Entergy Corporation 143,985
5,330 FirstEnergy Corp. 124,589
2,289 Florida Progress Corporation 107,297
4,100 FPL Group Inc. 202,950
2,816 GPU Inc. 76,208
10,241 Haliburton Co. 483,247
2,707 New Century Energies Inc. 81,210
3,983 Niagara Mohawk Holdings Inc. (a) 55,513
3,612 Northern States Power Co. 72,917
3,937 PECO Energy Company 158,710
823 Peoples Energy Corp. 26,645
8,903 PG&E Corporation 219,236
1,937 Pinnacle West Capital Corp. 65,616
3,351 PPL Corporation 73,513
5,010 Public Service Enterprise Group Inc. 173,471
6,813 Reliant Energy Inc. 201,409
4,766 Sempra Energy 81,022
9,854 The AES Corporation (a) 449,589
14,943 The Southern Company 348,359
6,077 TXU Corporation 179,272
4,106 Unicom Corporation 158,851
------------
5,344,985
------------
Total common stocks
(cost $261,944,634) 288,256,877
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
-----------
<C> <S> <C>
SHORT-TERM INVESTMENTS (5.2%)
$15,895,000 U.S. Treasury Bills, 5.600% and 5.680%,
July and August, 2000
(cost $15,837,629) 15,842,145
------------
TOTAL INVESTMENTS (99.9%)
(cost $277,782,263) 304,099,022
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.1%)
371,385
------------
NET ASSETS (100.0%) $304,470,407
============
</TABLE>
Notes:
(a) Non-income producing security.
At June 30, 2000, net unrealized appreciation of $25,774,450 consisted of gross
unrealized appreciation of $48,871,890 and gross unrealized depreciation of
$23,097,440 based on cost of $278,324,572 for federal income tax purposes.
See accompanying notes to
financial statements.
13-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
COMMON STOCKS (95.4%)
Commercial Service/Supply (4.5%)
2,202 24/7 Media Inc. (a) $ 34,406
1,897 ABC-NACO Inc. (a) 15,176
2,193 ABM Industries Inc. 50,439
1,228 Administaff Inc. (a) 77,978
2,322 ADVO Inc. (a) 97,524
1,997 AHL Services Inc. (a) 12,232
1,229 Alliant Techsystems Inc. (a) 82,881
1,548 AMERCO (a) 30,960
4,131 AnswerThink Consulting Group Inc. (a) 68,678
1,288 Applied Graphics Technologies Inc. (a) 5,474
2,959 Banta Corp. 56,036
4,014 BE Aerospace Inc. (a) 27,596
4,012 Billing Concepts Corp. (a) 17,803
1,354 Career Education Corp. (a) 65,669
800 Carey International Inc. (a) 11,100
1,463 CDI Corp. (a) 29,809
3,103 Central Garden & Pet Co. (a) 27,830
7,949 Century Business Services Inc. (a) 15,401
3,364 Checkpoint Systems Inc. (a) 25,230
4,139 ChoicePoint Inc. (a) 184,186
3,313 Citadel Communications Corp. (a) 115,748
1,917 Cornell Corrections Inc. (a) 15,336
2,161 Crestline Capital Corp. (a) 36,872
4,087 Cumulus Media Inc. (a) 37,294
1,729 Diamond Technology Partners Inc. (a) 152,152
3,329 Dollar Thrifty Automotive Group Inc. (a) 61,378
2,122 DVI Inc. (a) 33,952
4,794 Dycom Industries Inc. (a) 220,524
1,403 Electric Lightwave Inc. (a) 26,219
1,586 Electro Rent Corp. (a) 19,428
1,461 Emcor Group Inc. (a) 33,877
5,750 Emmis Communications Corp. (a) 237,906
3,079 Entercom Communications Corp. (a) 150,101
4,044 Equity Inns Inc. 24,769
2,837 First Consulting Group Inc. (a) 15,781
1,666 FYI Inc. (a) 56,123
2,441 Gaylord Entertainment Co. Class A 52,481
4,755 General Cable Corp. 38,634
4,166 Getty Images Inc. (a) 154,402
2,242 Gray Communications Systems Inc. 22,000
2,060 Heidrick & Struggles International Inc.
(a) 130,038
2,769 IDT Corporation (a) 93,973
5,135 Integrated Electrical Services Inc. (a) 26,317
7,050 Interim Services Inc. (a) 125,138
971 Interlogix Inc (a) 13,351
1,577 Interpool Inc. 15,376
4,088 Iron Mountain Inc. (a) 138,992
787 J&J Snack Foods Corp. (a) 14,068
2,725 Jacobs Engineering Group Inc. (a) 89,073
3,328 John H Harland Co. 49,712
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,487 Jones Lang LaSalle Inc. (a) $ 46,639
4,668 kforce.com Inc. (a) 32,384
2,769 Korn Ferry International (a) 87,743
5,085 Labor Ready Inc. (a) 33,688
1,860 Lason Holdings Inc. (a) 4,650
4,917 Lee Enterprises Incorporated Class B 114,628
2,783 Marketing Services Group Inc. (a) 12,350
1,615 Maximus Inc. (a) 35,732
1,313 McGrath Rentcorp 22,321
633 Media Metrix Incorporated (a) 16,102
1,521 MemberWorks Inc. (a) 51,144
9,265 Metromedia International Group Inc. (a) 44,009
2,258 Midas Group Inc. 45,160
4,999 Milacron Inc. 72,485
4,217 Morrison Knudsen Corp. (a) 30,573
3,074 MSC Industrial Direct Co. Inc. (a) 64,362
2,605 National Equipment Services Inc. (a) 15,630
4,479 NationsRent Incorporated (a) 17,076
5,403 Navigant Consulting Inc. (a) 22,963
1,659 NCO Group Inc. (a) 38,364
1,566 New England Business Service Inc. 25,447
1,068 Nextera Enterprises Incorporation (a) 5,106
2,746 On Assignment Inc. (a) 83,753
1,457 On Command Corporation (a) 20,762
4,602 Paxson Communications Corp. (a) 39,117
2,834 Pegasus Communication Corp. (a) 139,043
2,737 Penton Media Inc. (a) 95,795
2,039 Personnel Group America (a) 5,990
5,317 Polaroid Corp. 96,038
842 Primex Technologies Inc. 18,524
2,076 ProBusiness Services Inc. (a) 55,144
827 Professional Detailing Inc. (a) 28,170
1,862 Protection One Inc. (a) 4,073
3,259 PS Business Parks Inc. 78,216
7,248 PTEK Holdings Inc. (a) 23,556
1,058 Pulitzer Inc. (a) 44,634
1,228 Radio One Inc. (a) 36,303
2,456 Radio One Inc. (a) 54,186
4,172 RH Donnelley Corp. (a) 80,833
2,102 Rollins Inc. 31,267
822 Saga Communications Inc. (a) 18,084
9,094 Sensormatic Electronics Corp. (a) 143,799
4,643 Sinclair Broadcast Group Inc. (a) 51,073
2,956 Sirius Satellite Radio Inc. (a) 130,988
4,440 Sitel Corp. (a) 22,200
1,714 Source Infomation Management Company (a) 26,138
2,696 Source Media Inc. (a) 10,531
1,351 Staff Leasing Inc. (a) 4,813
4,597 Staffmark Inc. (a) 30,742
1,423 Standard Register 20,278
829 StarTek Inc. (a) 41,761
</TABLE>
---------
14
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,906 Stericycle Inc. (a) $ 45,744
968 Stone & Webster Inc. 726
1,997 The Ackerley Group Inc. 23,465
5,530 UniCapital Corp. (a) 2,765
391 United Television Inc. 50,341
2,223 URS Corp. (a) 31,122
2,144 US Liquids Incorporated (a) 11,792
1,406 Young Broadcasting Inc. (a) 36,117
------------
5,613,862
------------
Consumer Discretionary (8.3%)
2,030 Aaron Rents Inc. 25,502
2,603 Action Performance Companies Inc. (a) 18,872
1,410 Agribrands International Inc. (a) 59,132
1,405 AMC Entertainment Inc. (a) 6,849
997 American Axle & Manufacturing Holdings
Inc. (a) 14,145
1,504 American Classic Voyages Co. (a) 31,020
2,320 American Italian Pasta Co. (a) 47,995
3,059 American Retirement Corp. (a) 17,016
3,497 Ames Department Stores Inc. (a) 27,102
8,126 AMF Bowling Inc. (a) 1,524
830 Anchor Gaming Inc. (a) 39,788
2,849 AnnTaylor Stores Corporation (a) 94,373
3,069 Applebee's International Inc. 93,029
3,427 Applica Incorporated (a) 38,768
2,770 Argosy Gaming Co. (a) 39,819
5,198 Aztar Corporation (a) 80,569
3,047 Bally Total Fitness Holding Corp. (a) 77,318
3,420 barnesandnoble.com inc. (a) 22,337
1,273 Bassett Furniture Industries Inc. 16,072
297 BEBE Stores Inc. (a) 2,487
5,135 Bob Evans Farms Inc. 76,704
4,850 Boca Resorts Inc. (a) 47,894
3,903 Bombay Company Inc. (a) 11,465
9,168 Borders Group Inc. (a) 142,677
4,211 Bowne & Co. Inc. 42,373
4,606 Boyd Gaming Corp. (a) 25,621
1,490 Bright Horizons Family Solutions
Inc. (a) 31,849
1,962 Brown Shoe Company Inc. 25,506
821 Buckle Inc. (a) 9,647
3,752 Budget Group Inc. 15,477
4,852 Buffets Inc. (a) 61,560
2,010 Burlington Coat Factory Warehouse Corp. 21,733
2,174 Burns International Services Corp. (a) 27,175
1,479 Bush Industries Inc. 23,664
9,774 Callaway Golf Company (a) 159,438
6,802 Casey's General Stores Inc. 70,571
3,044 Cash America International Inc. 22,449
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,030 Cato Corporation $ 23,599
7,836 CBRL Group Inc. (a) 115,091
3,379 CEC Entertainment Inc. (a) 86,587
1,641 Central Parking Corp. 38,871
1,211 Championship Auto Racing Teams Inc. (a) 30,880
1,069 Charles River Associates Inc. (a) 18,841
12,463 Charming Shoppes Inc. (a) 63,483
1,291 Cheap Tickets Inc. (a) 15,492
3,153 Cheesecake Factory Inc. (a) 86,707
1,934 Chico's FAS Inc. (a) 38,680
1,735 Children's Place Retail Stores Inc. (a) 35,567
4,214 Chiquita Brands International Inc. 16,593
6,942 Choice Hotels International Inc. (a) 68,986
1,391 Churchill Downs Inc. 32,515
5,612 CKE Restaurants Inc. 16,836
1,262 Columbia Sportswear Co. (a) 33,916
1,439 Consolidated Graphics Inc. (a) 13,491
2,926 Consolidated Products Inc. (a) 26,334
4,714 Copart Inc. (a) 75,424
1,082 Corporate Executive Board Co. (a) 64,785
2,585 Cost Plus Inc. (a) 74,157
1,393 CPI Corp. 29,427
2,415 CSK Auto Corporation (a) 18,263
711 CSS Industries Inc. (a) 14,531
1,983 Daisytek International Corp. (a) 18,715
2,392 Dan River Inc. (a) 11,362
2,677 Dave & Buster's Inc. (a) 16,564
796 David's Bridal Inc. (a) 9,204
6,905 Del Monte Foods Company (a) 47,040
1,556 Department 56 Inc. (a) 17,116
1,345 Direct Focus Inc. (a) 65,905
1,849 Discount Auto Parts Inc. (a) 18,490
2,686 Donna Karan International Inc. (a) 17,123
1,406 Dover Downs Entertainment Inc. 19,684
1,795 Dress Barn Inc. (a) 39,714
2,273 Duane Reade Inc. (a) 58,530
2,333 Education Management Corp. (a) 42,140
556 Electronics Boutique Holdings Corp. (a) 9,104
1,391 Enesco Group Inc. 6,607
4,524 Ethan Allen Interiors Inc. 108,576
9,264 Extended Stay America Inc. (a) 85,692
1,706 Factory 2-U Stores Inc. (a) 64,508
6,154 Fairfield Communities Inc. (a) 48,463
2,978 Fedders Corporation 17,310
1,798 Finish Line Inc. Class A (a) 14,721
2,248 Footstar Inc. (a) 74,746
1,588 Fossil Inc. (a) 30,867
2,894 Franklin Covey Company (a) 20,077
6,052 Furniture Brands International Inc. (a) 91,537
2,609 G&K Services Inc. 65,388
632 GC Companies Inc. (a) 14,141
</TABLE>
15-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,325 Genesco Inc. (a) $ 53,408
1,776 Goody's Family Clothing Inc. (a) 9,768
3,145 Grand Union Company (a) 1,671
2,300 Great Atlantic & Pacific Tea Company
Inc. 38,237
58 Grey Advertising Inc. 30,160
1,922 Group 1 Automotive Inc. (a) 23,064
782 Guess ? Inc. (a) 10,948
2,228 Guilford Mills Inc. 9,469
3,205 Guitar Center Inc. (a) 33,652
3,422 Gymboree Corporation (a) 10,266
5,681 Ha-Lo Industries Inc. (a) 31,956
4,086 Handleman Company (a) 51,075
11,788 Hanover Direct Inc. (a) 18,419
2,846 Haverty Furniture Companies Inc. 24,191
4,835 Heilig-Meyers Company 5,742
2,069 Herbalife International Inc. 18,104
3,752 Hines Horticulture Inc. (a) 25,560
5,043 Hollywood Entertainment Corp. (a) 39,714
2,386 IHOP Corp. (a) 39,965
1,044 Information Holdings Inc. (a) 38,628
2,704 Insight Enterprises Inc. (a) 160,381
3,379 International Home Foods Inc. (a) 70,748
3,906 InterTAN Inc. (a) 45,896
2,127 ITT Educational Services Inc. (a) 37,355
4,971 Jack in the Box (a) 122,411
2,177 Jakks Pacific Inc. (a) 32,111
2,394 Jo-Ann Stores Inc. (a) 16,758
6,240 Journal Register Co. (a) 113,880
1,796 Justin Industries Inc. 39,287
690 K-Swiss Inc. (a) 10,997
3,083 Kellwood Company 65,128
2,001 Kelly Services Inc. Class A 46,273
246 Kenneth Cole Productions Inc. (a) 9,840
6,622 La-Z-Boy Incorporated 92,708
5,560 Landry's Seafood Restaurants Inc. (a) 47,260
1,509 Lands' End Inc. (a) 50,363
1,263 Learning Tree International (a) 77,359
1,793 Libbey Inc. 57,600
1,168 Lithia Motors Inc. (a) 15,622
5,219 Lodgian Inc. (a) 12,721
3,680 Lone Star Steakhouse & Saloon Inc. (a) 37,260
1,322 LSI Industries Inc. (a) 20,078
2,828 Luby's Inc. 22,624
4,464 Mail-Well Inc. (a) 38,502
3,323 Michaels Stores Inc. (a) 152,235
1,326 Morrison Managment Specialists Inc. 37,377
4,465 Musicland Stores Corp. (a) 33,208
4,491 Nautica Enterprises Inc. (a) 47,998
1,100 NEFF Corp. (a) 4,194
2,066 O'Charley's Inc. (a) 28,149
3,458 Oakley Inc. (a) 39,767
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
14,728 OfficeMax Inc. (a) $ 73,640
6,821 Ogden Corp. 61,389
2,038 Oneida Ltd. 36,174
1,518 Oshkosh B'Gosh Inc. 24,857
1,405 Oxford Industries Inc. 25,290
3,519 Pacific Sunwear of California Inc. (a) 65,981
2,465 Papa Johns International Inc. (a) 60,392
2,521 Petco Animal Supplies Inc. (a) 49,475
13,183 PETsMART Inc. (a) 44,493
657 PF Chang's China Bistro Inc. (a) 20,983
3,790 Phillips-Van Heusen Corp. 36,005
12,636 Pier 1 Imports Inc. 123,201
3,238 Pinnacle Entertainment Inc. (a) 62,939
4,720 Pinnacle Systems Inc. (a) 106,126
2,949 Playboy Enterprises Inc. Class B (a) 37,968
2,585 Pre-Paid Legal Services Inc. (a) 77,227
5,794 Prime Hospitality Corp. (a) 54,681
2,967 Quiksilver Inc. (a) 46,174
1,508 Rare Hospitality International Inc. (a) 42,601
6,079 Reebok International Ltd. (a) 96,884
4,248 Regis Corporation 53,100
1,999 Rent-A-Center Inc. (a) 44,977
2,418 Rent-Way Inc. (a) 70,575
7,840 Ruby Tuesday Inc. 98,490
1,308 Russ Berrie & Company Inc. 25,179
3,728 Russell Corp. 74,560
4,325 Ryan's Family Steak Houses Inc. (a) 36,492
1,248 Salton Inc. (a) 46,020
1,728 Scholastic Corporation (a) 105,624
2,047 School Speciality Inc. (a) 37,997
1,056 Scientific Games Holdings Corp. (a) 25,938
2,199 SCP Pool Corporation (a) 51,676
1,404 Select Comfort Corp. (a) 4,475
2,386 Shop At Home Inc. (a) 11,147
3,645 ShopKo Stores Inc. (a) 56,042
2,509 Sonic Corporation (a) 73,702
2,113 Spiegel Inc. (a) 17,960
1,388 Springs Industries Inc. Class A 44,676
3,020 Station Casinos Inc. (a) 75,500
4,287 Stein Mart Inc. (a) 43,942
938 Steinway Musical Instruments Inc. (a) 15,477
3,148 Storage USA Inc. 92,866
757 Strayer Education Inc. 18,168
5,474 Stride Rite Corp. 33,528
2,411 Sturm Ruger & Company Inc. 21,398
9,859 Sunbeam Corp. (a) 33,890
4,598 SunGlass Hut International Inc. (a) 37,790
5,301 Systemax Inc. (a) 20,541
1,466 Talbots Inc. 80,538
7,310 The Boyds Collection Ltd. (a) 62,135
2,530 The Marcus Corporation 30,676
3,453 The Men's Wearhouse Inc. (a) 77,045
</TABLE>
---------
16
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
5,259 The Pep Boys-Manny Moe & Jack $ 31,554
1,488 Timberland Company (a) 105,369
4,818 Topps Company Inc. (a) 55,407
641 Tractor Supply Co. (a) 10,617
5,179 Trans World Entertainment Corp. (a) 62,795
1,653 Travelocity.com Inc. (a) 27,068
386 Trendwest Resorts Inc. (a) 6,224
1,892 Triarc Companies Inc. (a) 38,786
5,289 True North Communications Inc. 232,716
814 Tuesday Morning Corp. (a) 8,547
7,092 Tupperware Corp. 156,024
1,448 Tweeter Home Entertainment Group
Inc. (a) 43,983
1,629 UniFirst Corporation 12,828
3,693 United Auto Group Inc. (a) 33,699
1,759 United Natural Foods Inc. (a) 24,186
1,184 United Retail Group Inc. (a) 10,064
4,045 United Stationers Inc. (a) 130,957
1,405 Urban Outfitters Inc. (a) 12,382
2,976 US Office Products Co. (a) 1,116
2,662 Vail Resorts Inc. (a) 43,424
2,856 Value City Department Stores Inc. (a) 27,132
4,732 ValueVision International Inc. (a) 113,568
1,913 Vector Group Ltd. (a) 28,217
3,320 Veterinary Centers of America Inc. (a) 45,650
2,172 Wackenhut Corporation 28,100
1,807 Wackenhut Corrections Corp. (a) 13,552
1,632 WD-40 Company 33,864
8,478 Westwood One Inc. (a) 289,312
1,301 Wet Seal Inc. (a) 17,076
1,870 Whitehall Jewellers Inc. (a) 34,829
3,420 Whole Foods Market Inc. (a) 141,289
3,568 WMS Industries Inc. (a) 55,081
5,514 Wolverine World Wide Inc. 54,451
3,723 Worldpages.com Incorporated (a) 22,338
2,468 Youth Stream Media Networks Inc. (a) 13,883
------------
10,376,679
------------
Consumer Staples (1.5%)
3,840 7-Eleven Inc. (a) 52,800
1,590 99 Cents Only Stores (a) 63,401
2,559 Beringer Wine Estates Holdings Inc. (a) 90,365
2,098 Block Drug Company Inc. 88,772
1,990 Canandaigua Brands Inc. (a) 100,371
4,704 Church & Dwight Company Inc. 84,672
190 Coca-Cola Bottling Co. 8,645
4,506 Corn Products International Inc. 119,409
4,555 DIMON Inc. 9,679
1,828 Dreyer's Grand Ice Cream Inc. 38,388
5,346 Earthgrains Company 103,913
5,220 Fleming Companies Inc. 68,186
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,486 Hain Celestial Group Inc. (a) $ 127,893
2,553 Ingles Markets Inc. 26,647
1,898 International Multifoods Corp. 32,859
3,150 JM Smucker Co. 60,637
3,311 Lance Inc. 29,799
1,506 Michael Foods Inc. 36,897
1,582 Nature's Sunshine Products Inc. 11,074
1,794 Performance Food Group Co. (a) 57,408
2,209 Pilgrim's Pride Corp. Class A 15,739
4,548 Playtex Products Inc. (a) 51,449
3,386 Ralcorp Holdings Inc. (a) 41,478
1,042 Riviana Foods Inc. 18,170
925 Robert Mondavi Corp. (a) 28,386
3,473 Ruddick Corporation 41,025
6,832 Smithfield Foods Inc. (a) 191,723
3,987 Universal Corporation 84,225
5,962 Universal Foods Corp. 110,297
2,322 Wild Oats Markets Inc. (a) 29,170
------------
1,823,477
------------
Durable Products (3.5%)
1,535 Alpine Group Inc. (a) 10,361
4,811 Applied Power Inc. Class A 161,168
3,698 Asyst Technology Corp. (a) 126,656
3,935 Baldor Electric Co. 73,289
4,176 Blount International Inc. (a) 32,103
4,595 Champion Enterprises Inc. (a) 22,401
2,066 Columbus McKinnon Corp. 28,666
2,093 Cuno Inc. (a) 48,401
672 Curtiss-Wright Corp. 24,990
949 Detroit Diesel Corp. 13,998
5,164 Donaldson Inc. 101,989
5,874 DR Horton Inc. 79,666
4,455 Fleetwood Enterprises Inc. 63,484
5,028 Flowserve Corporation 75,734
5,747 Foster Wheeler Corp. 49,568
2,275 Gardner Denver Inc. (a) 40,666
1,689 Graco Inc. 54,892
3,174 Griffon Corporation (a) 17,655
1,939 Harman International Industries Inc. 118,279
1,879 HearMe Incorporated (a) 8,455
3,405 IDEX Corporation 107,470
5,001 JLG Industries Inc. 59,387
5,685 Kaufman & Broad Home Corp. 112,634
3,591 Kennametal Inc. 76,982
2,315 Keystone Automotive Industries Inc. (a) 16,060
3,587 Kimball International Inc. Class B 52,908
3,034 Kulicke & Soffa Industries Inc. (a) 180,144
15,622 Lam Research Corp. (a) 585,825
8,448 Lennar Corp. 171,072
4,421 Lincoln Electric Holdings Inc. 62,999
</TABLE>
17-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,557 Lindsay Manufacturing Co. $ 30,556
1,039 LS Starrett Co. Class A 18,182
3,143 Manitowoc Inc. 84,075
1,817 Matthews International Corp. 52,693
3,020 MDC Holdings Inc. 56,247
4,874 Mettler Toledo International Inc. (a) 194,960
2,040 Movado Group Inc. 24,480
750 National Presto Industries Inc. 23,062
825 National RV Holdings Inc. (a) 8,662
1,681 Nordson Corp. 85,101
1,321 NVR Inc. (a) 75,297
4,684 O'Reilly Automotive Inc. (a) 64,990
4,969 Oakwood Homes Corp. 9,006
5,047 Orbital Sciences Corp. (a) 61,510
2,759 Palm Harbor Homes Inc. (a) 40,005
814 Parkervision Inc. (a) 41,056
3,031 Precision Castparts Corp. 137,153
3,559 Presstek Inc. (a) 58,056
4,011 Pulte Corp. 86,738
2,565 Regal Beloit Corp. 40,880
845 Robbins & Myers Inc. 19,277
3,874 Roper Industries Inc. 99,271
1,485 Ryland Group Inc. 32,856
2,292 Sauer Inc. 22,633
1,820 Scott Technologies Inc. (a) 31,281
1,866 Specialty Equipment Companies Inc. (a) 50,615
2,944 Standard Pacific Corp. 29,440
3,560 Stewart & Stevenson Services Inc. 53,622
1,152 Tennant Co. 43,200
3,501 Terex Corp. (a) 49,452
1,230 The Kroll-O'Gara Company (a) 8,226
749 Thermo Fibertek Inc. (a) 3,558
1,796 Titan International Inc. 9,541
2,364 Toll Brothers Inc. (a) 48,462
2,068 Triumph Group Inc. (a) 57,645
6,874 Unifi Inc. (a) 85,066
------------
4,414,756
------------
Financial Services (14.3%)
1,746 1st Source Corporation 27,390
2,901 Advanta Corp. 35,356
1,271 Advest Group Inc. 26,612
2,638 Affiliated Managers Group Inc. (a) 120,029
1,003 Alabama National Bancorporation 19,872
352 Alexander's Inc. (a) 25,784
1,295 Alexandria Real Estate Equities Inc. 44,435
4,922 Alfa Corp. 86,135
526 Alleghany Corp. (a) 88,368
835 Alliance Bancorp Inc. (a) 13,725
8,790 Allied Capital Corp. (a) 149,430
3,231 Amcore Financial Inc. 59,168
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,802 American Industrial Properties REIT (a) $ 38,002
9,061 AmeriCredit Corp. (a) 154,037
1,839 AmerUs Life Holdings Inc. 37,929
1,666 AMLI Residential Properties 39,255
2,704 Anchor Bancorp of Wisconsin Inc. 41,405
688 Andover Bancorp Inc. 19,823
961 Arch Capital Group Ltd. (a) 14,355
1,821 Area Bancshares Corp. 40,631
2,400 Argonaut Group Inc. 41,100
4,408 Arthur J Gallagher & Co. 185,136
3,161 Associated Estates Realty Corp. 22,127
1,513 Baldwin & Lyons Inc. Class B 25,816
427 BancFirst Corp. 13,450
572 BancFirst Ohio Corp. 9,367
6,913 BancorpSouth Inc. 97,214
5,670 BancWest Corp. 93,201
1,441 Bank of Granite Corp. 32,963
4,020 Bank United Corporation 141,454
5,115 BankAtlantic Bancorp Inc. Class A 30,051
3,448 Bay View Capital Corp. 33,834
2,226 Bedford Property Investors Inc. 41,320
1,157 BOK Financial Corp. (a) 20,320
1,855 Boykin Lodging Co. 25,042
2,700 Bradley Real Estate Inc. 57,544
4,875 Brandywine Realty Trust 93,234
5,015 BRE Properties Inc. 144,808
2,736 Brenton Banks Inc. 37,962
1,307 Brookline Bancorp Inc. 14,949
1,296 Brown & Brown Inc. 67,392
840 BSB Bancorp Inc. 16,852
2,852 BT Financial Corp. 49,197
3,492 Burnham Pacific Properties Inc. 24,008
5,327 Cabot Industrial Trust 104,875
5,135 Camden Property Trust 150,841
2,817 Capital Automotive REIT 39,790
570 Capital City Bank Group Inc. 11,115
11,950 Capitol Federal Financial (a) 132,197
3,076 Capstead Mortgage Corp. 25,761
1,975 Castle & Cooke Inc. (a) 38,142
973 Cathay Bancorp Inc. 45,123
3,181 CB Richard Ellis Services Inc. (a) 29,027
3,083 CBL & Associates Properties Inc. 76,882
3,000 Centennial Bancorp (a) 26,063
2,602 Center Trust Inc. 13,173
2,316 Centerpoint Properties Trust 94,377
1,239 Century South Banks Inc. 24,006
1,870 CFS Bancorp Inc. (a) 17,122
2,208 Charles E Smith Residential Realty Inc. 83,904
2,187 Charter Municipal Mortgage Acceptance
Co. 26,927
2,865 Chateau Communities Inc. 80,936
1,789 Chelsea GCA Realty Inc. 61,832
</TABLE>
---------
18
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,467 Chemical Financial Corp. $ 38,142
3,416 Chittenden Corp. 83,478
5,105 Citizens Banking Corp. 82,877
2,824 City Holding Corp. 16,591
2,095 CNA Surety Corp. 25,009
2,949 Colonial Properties Trust 80,729
3,494 Commerce Bancorp Inc. 160,724
2,954 Commerce Group Inc. 87,143
3,348 Commercial Net Lease Realty Inc. 35,154
1,277 Commonwealth Bancorp Inc. 15,164
5,931 Community First Bankshares Inc. 96,749
1,235 Community Trust Bancorp Inc. 21,844
1,280 CompuCredit Corporation (a) 38,400
5,518 Cornerstone Realty Income Trust Inc. 55,180
1,108 Corus Bankshares Inc. 29,293
3,213 Cousins Properties Inc. 123,700
858 CPB Inc. 21,450
4,808 Crawford & Co. Class B 52,888
4,528 Credit Acceptance Corp. (a) 25,187
2,511 Crown American Realty Trust 13,497
2,047 CVB Financial Corp. 32,368
1,636 Dain Rauscher Corp. 107,976
1,741 Delphi Financial Group Inc. (a) 59,085
7,388 Developers Diversified Realty Corp. 110,358
1,875 Dime Community Bancshares 30,469
3,284 Doral Financial Corp. 37,561
2,352 Downey Financial Corp. 68,208
2,425 East West Bancorp Inc. (a) 34,859
1,793 EastGroup Properties Inc. 37,765
3,762 Eaton Vance Corp. 173,992
3,919 Enhance Financial Services Group Inc. 56,336
1,625 Entertainment Properties Trust 22,445
2,045 Essex Property Trust Inc. 85,890
1,474 EW Blanch Holdings Inc. 29,941
1,786 F&M Bancorp 35,274
2,640 F&M National Corp. 55,440
1,159 Fair Isaac & Company Inc. 50,996
751 Farm Family Holdings Inc. (a) 23,234
782 Farmers Capital Bank Corp. 23,753
1,614 FBL Financial Group Inc. 25,420
936 FCNB Corp. (a) 16,907
635 Federal Agriculture Mortgage Corp. (a) 9,247
5,029 Federal Realty Investment Trust 100,580
714 Fidelity Holdings Inc. (a) 892
6,852 Fidelity National Financial Inc. 125,477
1,810 Financial Federal Corp. (a) 31,449
2,689 First Bancorp 49,915
1,247 First Busey Corp. (a) 20,498
3,956 First Charter Corp. 62,307
616 First Citizens Bancshares Inc. 36,652
8,554 First Commonwealth Financial Corp. 77,521
1,491 First Federal Capital Corp. 16,494
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
4,563 First Financial Bancorp $ 89,834
1,545 First Financial Bankshares Inc. 42,487
674 First Financial Corp. 20,557
1,377 First Financial Holdings Inc. 18,934
1,913 First Indiana Corp. 38,021
4,718 First Industrial Realty Trust Inc. 139,181
1,198 First Merchants Corp. 25,383
4,365 First Midwest Bancorp Inc. 101,486
1,276 First Niagara Financial Group Inc. 11,963
1,610 First Republic Bank (a) 32,099
5,620 First Sentinel Bancorp Inc. 46,189
2,993 First United Bancshares Inc. 45,456
1,908 First Washington Bancorp Inc. 26,593
1,476 First Washington Realty Trust Inc. (a) 32,564
1,974 Firstfed Financial Corp. (a) 27,883
755 Flagstar Bancorp Inc. 6,134
2,718 FNB Corp. 56,059
1,034 FPIC Insurance Group Inc. (a) 16,221
2,327 Friedman Billings Ramsey Group Inc. (a) 18,907
1,797 Frontier Financial Corp. 33,020
2,885 Gables Residential Trust 74,469
1,178 GBC Bancorp 34,456
945 Getty Realty Corp. 10,277
1,311 Glacier Bancorp Inc. (a) 17,289
3,475 Glenborough Realty Trust Inc. 60,595
2,636 Glimcher Realty Trust 37,892
1,490 Golf Trust of America Inc. 23,654
1,091 Great American Financial Resources 19,297
1,795 Great Lakes REIT Inc. 30,515
572 Great Southern Bancorp Inc. (a) 9,939
1,828 Greater Bay Bancorp 85,459
1,300 Hamilton Bancorp Inc. (a) 22,750
1,054 Hancock Holding Co. 35,836
1,363 Harbor Florida Bancshares Inc. 14,226
2,103 Harleysville Group Inc. 35,225
1,297 Harleysville National Corp. 42,477
2,247 Harris Financial Inc. 13,903
5,499 HCC Insurance Holdings Inc. 103,794
3,905 Health Care REIT Inc. 63,456
1,051 HealthAxis Inc. (a) 4,007
6,607 Healthcare Property Investors Inc. 180,041
5,079 Healthcare Realty Trust Inc. 86,660
1,470 Hilb Rogal & Hamilton Co. 50,991
2,155 Home Properties of New York Inc. 64,650
5,116 Horace Mann Educators Corp. (a) 76,740
6,473 Hospitality Properties Trust 146,047
3,567 HSB Group Inc. 111,023
1,715 Hudson River Bancorp Inc. (a) 20,366
6,156 Hudson United Bancorp 138,125
4,272 Imperial Bancorp (a) 66,750
2,059 Imperial Credit Industries Inc. (a) 8,751
7,679 Independence Community Bank 101,747
</TABLE>
19-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,736 Independent Bank Corp. $ 19,638
9,222 IndyMac Mortgage Holdings Inc. 125,073
3,795 Innkeepers USA Trust 34,629
2,174 Insignia Financial Group Inc. (a) 21,740
2,038 Integra Bank Corporation 34,646
1,867 International Bancshares Corp. 60,911
1,873 InterWest Bancorp Inc. 26,222
3,618 Investors Financial Services Corp. 143,589
3,679 IRT Property Co. 31,271
1,867 Irwin Financial Corp. 26,955
4,688 JDN Realty Corp. 47,759
2,992 Jefferies Group Incorporated (a) 60,401
1,475 JP Realty Inc. 26,273
848 Kansas City Life Insurance Co. 22,790
3,068 Kilroy Realty Corp. 79,576
2,952 Koger Equity Inc. 49,815
3,379 Konover Property Trust Inc. (a) 16,050
1,846 LandAmerica Financial Group Inc. 42,343
2,322 LaSalle Hotel Properties 33,379
4,343 Leucadia National Corp. (a) 99,075
2,924 Lexington Corporate Properties Trust 32,712
1,676 Liberty Financial Companies Inc. (a) 36,767
2,773 LNR Property Corp. 54,073
2,182 Local Financial Corp. (a) 18,206
2,951 LTC Properties Inc. 17,522
3,876 Macerich Co. 85,514
2,839 MAF Bancorp Inc. 51,634
2,224 Manufactured Home Communities Inc. 53,237
673 Markel Corp. (a) 95,314
2,198 Medallion Financial Corp. 33,932
2,745 Medical Assurance Inc. (a) 30,881
1,958 Merchants New York Bancorp Inc. 33,653
5,330 Meristar Hospitality Corporation Inc. 111,930
7,002 Metris Companies Inc. 175,925
2,408 Mid-America Apartment Communities Inc. 57,792
1,235 Mid-America Bancorp 30,875
1,352 Mid-State Bancshares (a) 36,842
662 Midwest Banc Holdings Incorporated (a) 9,185
1,720 Mills Corp. 32,357
677 Mississippi Valley Bancshares Inc. 16,417
3,252 Morgan Keegan Inc. 47,967
1,742 National Bancorp of Alaska Inc. 62,494
1,216 National Discount Brokers Group Inc. (a) 38,760
1,372 National Golf Properties Inc. 28,983
3,723 National Health Investors Inc. 40,953
2,076 National Penn Bancshares Inc. 42,818
6,359 Nationwide Health Properties Inc. 88,629
2,156 NBT Bancorp Inc. 23,042
3,313 Net.B@nc Inc. (a) 41,205
1,927 New Century Financial Corporation (a) 16,801
571 NextCard Inc. (a) 4,853
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,388 Northwest Bancorp Inc. $ 9,543
1,360 Oceanfirst Financial Corp. 25,075
4,025 Ocwen Financial Corp. (a) 22,389
7,520 Ohio Casualty Corp. 79,900
1,070 Omega Financial Corp. 27,017
2,214 Omega Healthcare Investors Inc. 9,963
4,297 One Valley Bancorp of West Virginia Inc. 134,281
1,137 Oriental Financial Group Inc. 16,415
3,039 Pacific Capital Bancorp 76,165
2,600 Pacific Gulf Properties Inc. 65,162
1,662 Pan Pacific Retail Properties Inc. 33,448
942 Park National Corp. 85,486
1,155 Parkway Properties Inc. 35,227
667 Penn Treaty American Corp. (a) 11,339
1,268 Pennsylvania Real Estate Investment
Trust 21,714
721 Peoples Holdings Co. 14,420
2,485 PFF Bancorp Inc. (a) 45,351
920 Philadelphia Consolidated Holding Corp.
(a) 15,467
6,250 Phoenix Investment Partners Ltd. 65,625
2,022 PICO Holdings Inc. (a) 28,434
3,569 Pioneer Group Inc. (a) 151,236
2,328 PMA Capital Corp. 44,232
4,815 Policy Management Systems Corp. (a) 74,031
2,609 Premier National Bancorp Inc. (a) 33,917
4,614 Prentiss Properties Trust 110,736
2,666 Presidential Life Corp. 36,991
967 Prime Group Realty Trust 14,686
4,867 Prime Retail Inc. 6,084
1,200 Professionals Group Inc. (a) 29,325
4,277 Profit Recovery Group International
Inc. (a) 71,105
3,176 Provident Bankshares Corp. 42,876
2,180 Queens County Bancorp Inc. 40,194
2,359 R&G Financial Corp. 18,725
4,570 Radian Group Inc. 236,498
5,221 Raymond James Financial Inc. 117,472
3,507 Realty Income Corp. 82,634
5,028 Reckson Associates Realty Corp. 119,415
958 Redwood Trust Inc. 13,412
3,980 Regency Realty Corp. 94,525
6,448 Reliance Group Holdings Inc. (a) 4,836
5,946 Republic Bancorp Inc. 53,142
5,719 Republic Security Financial Corp. 28,595
3,991 Resource America Inc. 26,066
2,730 RFS Hotel Investors Inc. 32,077
3,188 Richmond County Financial Corp. 60,971
2,627 Riggs National Corp. 33,166
819 RLI Corp. 28,460
3,673 S & T Bancorp Inc. 67,032
1,618 Sandy Springs Bancorp Inc. 33,068
</TABLE>
---------
20
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
940 Santander Bancorp (a) $ 11,985
1,162 Saul Centers Inc. 18,737
1,420 SCPIE Holdings Inc. 29,110
3,193 Seacoast Financial Services Corp. (a) 30,333
880 Second Bancorp Inc. (a) 13,365
4,256 Security Capital Group Inc. (a) 72,352
3,162 Selective Insurance Group Inc. 60,078
1,939 Shoreline Financial Corp. 23,030
3,665 Shurgard Storage Centers Inc. 82,462
120 Siebert Financial Corp. (a) 840
1,682 SierraCities Inc. (a) 6,307
5,198 Silicon Valley Bancshares (a) 221,565
791 Simmons First National Corp. 17,699
9,489 Sky Financial Group Inc. 151,231
2,419 SL Green Realty Corp. 64,708
5,558 South Financial Group Inc 80,591
3,658 Southwest Bancorporation of Texas
Inc. (a) 75,903
1,681 Southwest Securities Group Inc. 62,617
1,922 Sovran Self Storage Inc. 41,203
664 St. Francis Capital Corp. 10,043
1,533 Stancorp Financial Group Inc. 49,248
2,382 State Auto Financial Corp. 28,286
4,595 Staten Island Bancorp Inc. 80,987
3,087 Sterling Bancshares Inc. 33,378
679 Sterling Financial Corp. 13,453
1,740 Stewart Information Services Corp. 25,448
699 Student Loan Corp. 29,358
2,538 Summit Properties Inc. 53,298
1,898 Sun Communities Inc. 63,464
4,912 Susquehanna Bancshares Inc. 69,996
600 Tanger Factory Outlet Centers Inc. 14,100
4,973 Taubman Centers Inc. 54,703
1,883 Texas Regional Bancshares Inc. 47,781
6,151 The First American Financial Corp. 88,036
731 The John Nuveen Co. 30,656
2,161 The Liberty Corp. 90,762
929 The Midland Co. 22,760
5,836 The Mony Group Inc. (a) 197,330
3,608 Thornburg Mortgage Asset Corp. 25,932
1,790 Town & Country Trust 30,766
2,978 Trammell Crow Company (a) 32,013
2,102 Trenwick Group Inc. 30,610
1,976 Triad Guaranty Inc. (a) 45,324
1,893 Trust Company of New Jersey 34,547
7,108 Trustco Bank Corp. 88,850
2,745 Tucker Anthony Sutro 49,410
5,923 UICI (a) 38,870
2,275 UMB Financial Corp. 74,648
6,545 United Asset Management Corp. (a) 152,989
5,420 United Bankshares Inc. 98,576
4,205 United Community Financial Corp. (a) 27,990
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
12,491 United Dominion Realty Trust Inc. $ 137,401
739 United Fire & Casualty Co. 11,454
2,610 United National Bancorp 47,959
1,556 Urban Shopping Centers Inc. 52,418
1,340 US Restaurant Properties Inc. 11,976
1,033 USB Holding Company Inc. 14,591
1,277 USBancorp Inc. 4,549
244 Value Line Inc. 9,394
6,142 W Holding Company Inc. 50,671
6,793 Washington Federal Inc. 123,972
4,805 Washington Real Estate Investment Trust 85,889
5,687 Webster Financial Corp. 126,180
3,278 Weingarten Realty Investors 132,349
1,126 Wellsford Real Properties Inc. (a) 17,031
2,318 Wesbanco Inc. 56,211
2,204 West Coast Bancorp Oregon 22,040
2,127 Westcorp Inc. 25,391
2,787 Western Properties Trust 33,096
4,263 Westfield America Inc. 57,817
989 WFS Financial Inc. (a) 17,060
2,934 Whitney Holding Corp. 100,306
2,212 WR Berkley Corp. 41,475
13,151 Wyndham International Inc. 32,877
1,306 Zenith National Insurance Corp. 27,752
------------
17,873,984
------------
Health Care (13.6%)
2,996 Abgenix Inc. (a) 359,099
559 Accredo Health Inc. (a) 19,320
3,118 Acuson Corp. (a) 42,093
2,876 Advance Paradigm Inc. (a) 58,958
2,304 Affymetrix Inc. (a) 380,448
962 Albany Molecular Research Inc. (a) 52,369
1,963 Algos Pharmaceuticals Corp. (a) 29,936
6,426 Alkermes Inc. (a) 302,825
2,506 Alpharma Inc. 155,998
2,248 Alterra Healthcare Inc. (a) 4,496
2,478 AmeriPath Inc. (a) 21,992
6,510 Amerisource Health Corp. (a) 201,810
1,442 Anesta Corp. (a) 35,870
1,850 Applied Analytical Industries Inc. (a) 17,748
5,976 Apria Healthcare Group Inc. (a) 73,206
1,265 Arrow International Inc. 42,377
2,304 Aviron (a) 71,136
827 Bacou USA Inc. (a) 16,540
2,526 Barr Laboratories Inc. (a) 113,196
9,879 Beverly Enterprises Inc. (a) 27,785
3,609 Bindley Western Industries Inc. 95,413
6,698 Bio Technology General Corp. (a) 88,330
1,137 Bio-Rad Laboratories Inc. (a) 28,425
1,673 Biomatrix Inc. (a) 37,852
</TABLE>
21-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
24,404 Caremark Rx Inc. (a) $ 166,252
2,626 Carter Wallace Inc. 52,848
8,120 Celgene Corp. (a) 478,065
2,703 Cell Pathways Inc. (a) 63,520
3,955 Cephalon Inc. (a) 236,806
3,252 Cerner Corp. (a) 88,617
1,246 Chattem Inc. (a) 17,055
2,203 Chirex Inc. (a) 44,060
1,236 Closure Medical Corp. (a) 28,428
2,634 Columbia Laboratories Inc. (a) 15,145
1,738 Conmed Corp. (a) 44,971
1,885 Cooper Companies Inc. (a) 68,567
3,066 COR Therapeutics Inc. (a) 261,568
2,381 Corixa Corp. (a) 102,234
2,453 Coulter Pharmaceutical Inc. (a) 50,286
7,480 Covance Inc. (a) 65,917
6,860 Coventry Health Care Inc. (a) 91,431
2,496 Cyberonics Inc. (a) 29,952
3,072 Cygnus Inc. (a) 43,776
4,568 Cytyc Corp. (a) 243,817
1,622 Datascope Inc. (a) 58,392
1,364 Diagnostic Products Corp. 43,648
5,957 Dura Pharmaceuticals Inc. (a) 85,632
2,008 Duramed Pharmaceuticals Inc. (a) 10,918
3,757 Eclipse Surgical Technologies Inc. (a) 16,437
1,813 EntreMed Inc. (a) 54,277
2,923 Enzo Biochem Inc. (a) 201,687
5,011 Enzon Inc. (a) 212,967
5,763 First Health Group Corp. (a) 189,098
4,896 Fisher Scientific International Inc. (a) 121,176
2,076 Geltex Pharmaceuticals Inc. (a) 42,428
5,633 Gilead Sciences Inc. (a) 400,647
996 Gliatech Inc. (a) 20,169
2,952 Guilford Pharmaceuticals Inc. (a) 44,464
2,995 Haemonetics Corp. (a) 62,895
1,916 Hanger Orthopedic Group Inc. (a) 9,460
2,920 Hemispherx Biopharma Inc. (a) 16,425
2,691 Henry Schein Inc. (a) 46,420
8,074 Hooper Holmes Inc. 64,592
6,858 Human Genome Sciences Inc. (a) 914,686
5,524 IDEC Pharmaceuticals Corp. (a) 648,034
4,424 IDEXX Laboratories Corp. (a) 101,199
1,910 IDX Systems Corp. (a) 26,979
3,932 Imclone Systems Inc. (a) 300,552
1,154 Impath Inc. (a) 62,604
3,487 Incyte Pharmaceuticals Inc. (a) 286,588
2,112 Inhale Therapeutic Systems Inc. (a) 214,302
2,781 Invacare Corp. 73,001
1,026 Invitrogen Corp. (a) 77,158
4,457 ISIS Pharmaceuticals Inc. (a) 64,626
7,165 Jones Pharmaceutical Inc. 286,152
5,637 King Pharmaceuticals Inc. (a) 247,323
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,360 KV Pharmaceutical Co. (a) $ 36,975
869 Laboratory Corporation of America
Holdings (a) 67,022
1,294 Landauer Inc. 20,138
3,452 Laser Vision Centers Inc. (a) 21,359
4,120 LCA Vision Inc. (a) 10,042
3,914 Lifepoint Hospitals Inc. (a) 87,086
6,652 Ligand Pharmaceuticals Inc. (a) 87,723
2,158 Macrochem Corp. (a) 10,453
3,678 Magellan Health Services Inc. (a) 4,597
3,704 Matria Healthcare Inc. (a) 17,015
3,564 Medicis Pharmaceutical Corp. (a) 203,148
4,529 Medquist Inc. (a) 153,986
2,445 Mentor Corp. 66,473
6,161 Mid Atlantic Medical Services Inc. (a) 83,173
11,500 Millennium Pharmaceuticals Inc. (a) 1,286,562
1,611 Mine Safety Appliances Company 38,664
6,455 NBTY Inc. (a) 41,151
1,667 Neurogen Corp. (a) 48,135
1,852 Novoste Corp. (a) 112,972
2,461 Ocular Sciences Inc. (a) 28,917
4,175 Organogenesis Inc. (a) 47,752
5,422 Orthodontic Centers of America Inc. (a) 122,673
2,752 Osteotech Inc. (a) 28,896
3,742 Owens & Minor Inc. 64,316
3,742 Parexel International Corp. (a) 35,783
2,344 Pathogenesis Corp. (a) 60,944
3,005 Patterson Dental Co. (a) 153,255
6,576 PE Corporation-Celera Genomics
Group (a) 614,856
1,855 Pediatrix Medical Group Inc. (a) 21,564
7,312 Perrigo Co. (a) 46,157
2,698 Pharmaceutical Product Development Inc.
(a) 56,658
1,782 Pharmaceutical Resources Inc. (a) 9,355
2,127 Pharmacyclics Inc. (a) 129,747
463 Priority Healthcare Corp. (a) 34,407
2,507 Protein Design Labs Inc. (a) 413,537
1,805 Province Healthcare Co. (a) 65,206
8,381 PSS World Medical Inc. (a) 56,310
5,207 Quest Diagnostics Inc. (a) 372,626
8,958 Quorum Health Group Inc. (a) 92,379
1,991 Regeneron Pharmaceutical Inc. (a) 59,357
5,615 Renal Care Group Inc. (a) 137,304
2,429 Res-Care Inc. (a) 13,056
3,902 Resmed Inc. (a) 104,378
4,275 Respironics Inc. (a) 76,950
807 SafeScience Inc. (a) 4,237
2,076 Sangstat Medical Corp. (a) 59,945
1,174 Schein Pharmaceutical Inc. (a) 25,388
2,088 Serologicals Corp. (a) 10,440
11,757 Sicor Inc. (a) 94,056
</TABLE>
---------
22
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,912 Sierra Health Services Inc. (a) $ 9,282
2,442 Sola International Inc. (a) 11,905
8,627 Steris Corp. (a) 76,565
6,276 Summit Technology Inc. (a) 118,459
2,734 Sunrise Assisted Living Inc. (a) 50,579
3,214 Sunrise Medical Inc. (a) 15,668
5,559 Sunrise Technologies International
Inc. (a) 55,590
2,918 Supergen Inc. (a) 105,777
1,441 Superior Consultant Holdings Corp. (a) 6,845
1,318 Syncor International Corp. (a) 94,896
2,503 Techne Corp. (a) 325,390
2,949 Theragenics Corp. (a) 25,251
1,964 Thermo Cardiosystems Inc. (a) 19,640
9,156 Total Renal Care Holdings Inc. (a) 54,936
2,664 Transkaryotic Therapies Inc. (a) 97,902
4,608 Triad Hospitals Inc. (a) 111,456
4,079 Triangle Pharmaceuticals Inc. (a) 36,966
2,730 Twinlab Corp. (a) 17,404
6,083 US Oncology Inc. (a) 30,415
3,880 Varian Medical Systems Inc. (a) 151,805
1,816 Ventana Medical Systems Inc. (a) 42,676
5,877 Ventas Inc. 18,733
3,301 Vertex Pharmaceuticals Inc. (a) 347,843
2,693 Vical Inc. (a) 51,840
733 Vital Signs Inc. 13,286
2,278 Wesley Jessen VisionCare Inc. (a) 85,567
1,556 West Pharmaceutical Services Inc. 33,649
------------
16,922,921
------------
Machinery & Manufacturing (1.2%)
7,385 AGCO Corporation (a) 90,466
3,004 Arch Chemicals Inc. (a) 65,712
2,936 Arvin Industries Inc. 51,013
2,093 Astec Industries Inc. (a) 53,110
1,457 ASV Inc. (a) 20,944
1,831 Bandag Inc. 44,402
3,697 Cadiz Land Inc. (a) 29,576
6,799 Catalytica Inc. (a) 74,789
1,083 Chemed Corp. 30,527
3,191 CLARCOR Inc. 63,421
4,741 Cytec Industries Inc. (a) 117,043
2,703 Delco Remy International Inc. (a) 22,469
1,992 Dura Automotive Systems Corp. (a) 21,539
2,117 Fairchild Corp. (a) 10,320
5,947 Federal Signal Corp. 98,126
526 Franklin Electric Company Inc. 35,637
3,996 GenCorp Inc. 31,968
2,432 Kaman Corp. 25,992
2,676 Modine Manufacturing Co. 72,252
2,688 Monaco Coach Corp. (a) 36,624
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
991 Nacco Industries Inc. $ 34,809
5,620 Olin Corporation (a) 92,730
1,852 Oshkosh Truck Corporation (a) 66,209
1,175 Sequa Corporation Class A (a) 44,870
1,607 Stoneridge Inc. (a) 14,061
6,515 Timken Co. 121,342
1,362 Toro Company 44,861
4,858 Unova Inc. (a) 35,524
------------
1,450,336
------------
Materials & Processes (5.8%)
3,184 A Schulman Inc. 38,407
1,330 Advanced Energy Industries Inc. (a) 78,387
277 AEP Industries Inc. (a) 6,994
2,333 Aftermarket Technology Corp. (a) 19,831
7,276 Airgas Inc. (a) 41,382
2,306 Albany International Corp. (a) 33,437
3,237 Albemarle Corp. 63,931
806 Alltrista Corp. (a) 17,228
3,602 Amcol International Corp. 59,433
1,861 American Superconductor Corp. (a) 89,793
764 American Woodwork Corp. (a) 15,662
2,064 Anicom Inc. (a) 7,740
3,085 Antec Corp. (a) 128,220
2,970 AO Smith Corp. 62,184
2,287 Apogee Enterprises Inc. 8,076
2,424 Applied Industrial Technologies Inc. 39,693
4,036 AptarGroup Inc. 108,972
1,930 Barnes Group Inc. 31,483
3,140 Belden Inc. 80,463
4,738 BMC Industries Inc. 19,248
2,455 Brady Corp. Class A 79,788
1,694 Brush Wellman Inc. 26,469
3,314 Buckeye Technologies Inc. (a) 72,701
5,326 Burlington Industries Equity Inc. (a) 8,988
635 Bush Boake Allen Inc. (a) 27,781
931 Butler Manufacturing Co. 15,827
5,495 Calgon Carbon Corp. 42,586
3,033 Cambrex Corp. 136,485
2,842 Caraustar Industries Inc. 42,985
867 Carbo Ceramics Inc. 30,453
2,078 Carpenter Technology Corp. 43,898
1,352 Centex Construction Products Inc. 30,674
2,105 Chemfirst Inc. 50,783
2,607 Chesapeake Corp. 77,232
1,564 Cleveland Cliffs Inc. 40,371
1,790 CMI Corp. (a) 6,265
8,533 Collins & Aikman Corp. (a) 44,265
3,159 Comfort Systems USA Inc. (a) 12,636
14,709 Crompton Corp. (a) 180,185
764 Crossmann Communities Inc. (a) 12,606
</TABLE>
23-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
7,410 Dal-Tile International Inc. (a) $ 61,133
4,803 Delta & Pine Land Co. 120,375
1,459 Deltic Timber Corp. 31,186
2,833 Dexter Corp. 135,984
2,711 Elcor Corp. 62,353
6,408 Encompass Services (a) 36,846
3,127 Exide Corp. 25,016
4,501 Ferro Corp. 94,521
2,112 Florida Rock Industries Inc. 75,240
2,082 Forest City Enterprises 69,487
5,306 Gaylord Container Corp. Class A (a) 14,260
2,536 Gentek Inc. (a) 28,372
3,057 Geon Co. 56,555
4,314 Georgia Gulf Corp. 89,785
2,519 Granite Construction Inc. 61,716
1,615 Greif Brothers Corp. 49,661
4,729 Harsco Corp. (a) 120,590
2,128 Hayes Lemmerz International Inc. (a) 25,669
1,676 HB Fuller Company 76,363
3,113 Hughes Supply Inc. 61,482
1,188 IMCO Recycling Inc. 6,460
2,603 Insituform Technology Inc. (a) 70,606
4,284 Interface Inc. 16,333
2,901 Intermet Corp. 19,944
1,587 International Specialty Products Inc.
(a) 9,026
2,292 Ionics Inc. (a) 70,193
1,993 IT Group Inc. (a) 9,716
2,167 Ivex Packaging Corp. (a) 24,108
3,883 Kaydon Corp. 81,543
834 Lawson Products Inc. 20,537
3,330 Lilly Industries Inc. 100,108
322 Liqui Box Corp. 15,939
3,029 Lone Star Technologies Inc. (a) 140,091
6,396 Longview Fibre Co. 70,756
2,677 Lydall Inc. (a) 28,443
6,415 MA Hanna Co. 57,735
2,153 MacDermid Inc. 50,596
4,066 Mascotech Inc. 43,964
1,988 Maverick Tube Corp. (a) 57,901
924 Maxxam Inc. (a) 16,401
2,331 Minerals Technologies Inc. 107,226
2,281 Mississippi Chemical Corp. 10,835
4,295 Mueller Industries Inc. (a) 120,260
2,354 Myers Industries Inc. 25,306
303 NCH Corp. 10,965
2,505 NCI Building Systems Inc. (a) 50,726
2,929 NL Industries Inc. 44,667
1,426 Nortek Inc. (a) 28,164
2,974 OM Group Inc. 130,856
5,671 Paxar Corporation (a) 67,698
4,347 PH Glatfelter Co. 44,285
349 Pitt-Des Moines Inc. (a) 6,631
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,349 Polymer Group Inc. (a) $ 21,728
3,043 Potlatch Corp. 100,799
2,182 Quanex Corp. 32,457
6,881 Quanta Services Inc. (a) 378,455
3,281 Rayonier Inc. 117,706
1,913 Republic Group Inc. 17,217
1,413 Rock-Tenn Company 12,099
1,688 Rogers Corp. (a) 59,080
2,281 Schweitzer Mauduit International Inc. 28,513
3,355 Scotts Co. (a) 122,458
1,080 Silgan Holdings Inc. (a) 10,598
2,495 Simpson Industries Inc. 18,791
888 Simpson Manufacturing Company Inc. (a) 42,458
1,723 Spartech Corp. 46,521
1,749 SPS Technologies Inc. (a) 71,818
1,105 Standard Motor Products Inc. 9,393
1,466 Standex International Corp. 23,273
773 Stepan Co. 17,972
3,752 Suiza Foods Corp. (a) 183,379
2,316 Superior Industries International Inc. 59,637
692 Tejon Ranch Corp. 15,613
4,386 Tetra Tech Inc. (a) 100,330
2,371 Texas Industries Inc. 68,463
1,890 Thomas Industries Inc. 33,429
4,592 Tower Automotive Inc. (a) 57,400
2,874 Tredegar Industries Inc. 54,606
405 Trex Company Inc. (a) 20,250
2,485 Universal Forest Products Inc. 34,169
1,583 US Can Corp. (a) 27,505
3,698 US Plastic Lumber Corp. (a) 16,294
10,479 USEC Inc. (a) 48,465
3,650 Valence Technology Inc. (a) 67,297
2,064 Valmont Industries Inc. 41,022
5,505 Walter Industries Inc. (a) 62,963
2,341 Waste Connections Inc. (a) 46,235
2,937 Watsco Inc. 36,713
2,655 Watts Industries Inc. 33,519
6,618 Wausau-Mosinee Paper Corp. 56,667
1,982 Webb Corp. (a) 30,349
3,745 Wellman Inc. 60,622
1,281 Wolverine Tube Inc. (a) 21,777
8,802 WR Grace & Co. (a) 106,724
2,180 Wynns International Inc. 49,459
------------
7,252,378
------------
Mining & Metals (.5%)
2,064 AM Castle & Co. 17,157
13,036 Battle Mountain Gold Co. 28,516
14,559 Bethlehem Steel Corp. (a) 51,866
1,477 Commercial Metals Co. 40,618
</TABLE>
---------
24
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
761 Gibraltar Steel Corp. (a) $ 10,654
2,867 Kaiser Aluminum Corp. (a) 11,468
10,224 LTV Corp. 29,394
5,630 Metals USA Inc. (a) 26,391
2,134 National Steel Corp. 8,936
2,629 Oregon Steel Mills Inc. 5,094
2,161 Reliance Steel & Aluminum Co. 41,329
2,483 RTI International Metals Inc. (a) 28,244
2,547 Ryerson Tull Inc. 26,425
3,683 Southern Peru Copper Corp. 44,887
5,779 Steel Dynamics Inc. (a) 52,372
4,793 Stillwater Mining Co. (a) 133,605
9,524 Worthington Industries Inc. 100,002
------------
656,958
------------
Oil & Gas (4.1%)
1,495 Atwood Oceanics Inc. (a) 66,528
3,505 Barrett Resources Corporation (a) 106,683
2,404 Basin Exploration Inc. (a) 42,972
2,394 Belco Oil & Gas Corp. (a) 20,349
2,205 Berry Petroleum Co. Class A 37,485
3,131 Cabot Oil & Gas Corp. 66,338
614 Cal Dive International Inc. (a) 33,271
7,627 Chesapeake Energy Corporation (a) 59,109
6,348 Cross Timbers Oil Company 140,450
1,188 Dril-Quip Inc. (a) 55,539
4,249 EEX Corporation (a) 24,697
8,019 Ethyl Corporation 20,048
1,522 Evergreen Resources Inc. (a) 45,089
4,622 Forest Oil Corporation (a) 73,663
4,832 Friede Goldman Halter Inc. (a) 43,186
7,914 Global Industries Ltd. (a) 149,377
17,456 Grey Wolf Inc. (a) 87,280
7,290 Hanover Compressor Company (a) 277,020
12,668 Harken Energy Corporation (a) 7,918
6,430 Helmerich & Payne Inc. 240,321
2,395 HS Resources Inc. (a) 71,850
10,700 Key Energy Services Inc. (a) 102,988
2,511 Louis Dreyfus Natural Gas Corp. (a) 78,626
7,201 Marine Drilling Companies Inc. (a) 201,628
1,656 McMoRan Exploration Company (a) 27,324
2,672 Meridian Resource Corporation (a) 15,197
2,392 Mitchell Energy & Development Corp. 76,843
7,726 National-Oilwell Inc. (a) 253,992
4,706 Newfield Exploration Company (a) 184,122
8,395 Newpark Resources Inc. (a) 79,228
2,332 Nuevo Energy Company (a) 44,017
2,419 Oceaneering International Inc. (a) 45,961
3,984 ONEOK Inc. 103,335
7,157 Parker Drilling Company (a) 44,284
4,286 Patterson Energy Inc. (a) 122,151
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
10,486 Pennzoil-Quaker State Company $ 126,487
12,832 Pioneer Natural Resources (a) 163,608
2,484 Plains Resources Inc. (a) 39,589
5,204 Pogo Producing Company 115,139
8,089 Pride International Inc. (a) 200,203
3,405 RPC Inc. 35,965
1,963 Seacor Smit Inc. (a) 75,944
3,036 Seitel Inc. (a) 24,668
1,662 St. Mary Land & Exploration Company 69,908
2,214 Stone Energy Corporation (a) 132,287
2,384 Swift Energy Company (a) 67,646
3,513 Syntroleum Corp. (a) 60,160
4,585 Tesoro Petroleum Corp. (a) 46,423
1,247 The Houston Exploration Company (a) 31,331
4,254 Tom Brown Inc. (a) 98,108
2,954 TransMontaigne Inc. (a) 18,093
1,942 UTI Energy Corp. (a) 77,923
6,145 Valero Energy Corporation (a) 195,104
10,113 Varco International Inc. (a) 235,127
3,031 Veritas DGC Inc. (a) 78,806
5,526 Vintage Petroleum Inc. 124,680
------------
5,066,068
------------
Technology (30.0%)
3,504 3Dfx Interactive Inc. (a) 27,266
748 About.com Inc. (a) 23,562
3,513 Acclaim Entertainment Inc. (a) 5,050
1,004 ACT Networks Inc. (a) 15,374
2,602 Actel Corp. (a) 118,716
2,884 Activision Inc. (a) 18,746
3,276 Actuate Corporation (a) 174,857
5,499 ACTV Inc. (a) 82,141
4,612 Adaptive Broadband Corp. (a) 169,491
2,590 Adtran Inc. (a) 155,076
6,240 Advanced Digital Information Corp. (a) 99,450
1,438 Advantage Learning Systems Inc. (a) 22,109
3,290 Advent Software Inc. (a) 212,205
2,669 Aeroflex Inc. (a) 132,616
1,692 Allaire Corporation (a) 62,181
3,277 Alliance Semiconductor Corp. (a) 80,491
4,258 Alpha Industries Inc. (a) 187,618
299 America Online Inc. (a) 15,764
5,282 American Management Systems Inc. (a) 173,398
2,039 American Xtal Technology Inc. (a) 88,187
4,184 Ametek Inc. 73,220
11,805 Amkor Technology Inc. (a) 416,864
3,546 Ampex Corp. (a) 5,984
4,686 Amphenol Corp. (a) 310,155
2,025 Anacomp Inc. (a) 6,075
3,636 Anadigics Inc. (a) 123,851
746 Analogic Corp. 29,840
</TABLE>
25-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,321 Analysts International Corp. $ 21,614
3,787 Ancor Communications Inc. (a) 135,444
2,524 Anixter International Inc. (a) 66,886
2,466 Apex Inc. (a) 107,888
512 AppliedTheory Corp. (a) 7,680
1,557 Arguss Holdings Inc. (a) 29,388
3,978 Artesyn Technologies Inc. (a) 110,638
2,430 Ashton Technology Group Inc. (a) 6,910
6,480 Aspect Communications (a) 254,745
3,143 Aspen Technology Inc. (a) 121,006
2,690 ATMI Inc. (a) 125,085
2,908 Auspex Systems Inc. (a) 14,358
5,190 Avant! Corp. (a) 97,231
3,510 Avid Technology Inc. (a) 42,120
4,098 AVT Corp. (a) 30,223
2,272 Aware Inc. (a) 116,156
3,977 AXENT Technologies Inc. (a) 98,679
1,530 Barra Inc. (a) 75,831
1,690 Bell and Howell Co. (a) 40,983
1,973 Benchmark Electronics Inc. (a) 72,138
2,340 Beyond.com Corp. (a) 3,144
4,422 Bindview Development Corp. (a) 53,064
2,522 Black Box Corp. (a) 199,672
1,619 Bottomline Technologies Inc. (a) 55,350
6,605 Brightpoint Inc. (a) 57,175
2,507 Brio Technology Inc. (a) 53,117
1,813 BriteSmile Inc. (a) 8,159
22,555 Broadvision Inc. (a) 1,146,076
1,419 Brooks Automation Inc. (a) 90,727
1,316 Brooktrout Technology Inc. (a) 28,705
4,868 Burr-Brown Corp. (a) 421,995
3,144 C&D Technologies Inc. 177,636
4,156 C-COR.net Inc. (a) 112,212
5,214 C-Cube Microsystems Inc. (a) 102,325
3,661 Cable Design Technologies Corp. (a) 122,644
1,079 CACI International Inc. (a) 21,041
768 CAIS Internet Inc. (a) 10,800
6,161 Cambridge Technology Partners (a) 53,716
1,459 Carrier Access Corp. (a) 77,145
2,536 CCC Information Services Group Inc. (a) 26,945
5,413 Ciber Inc. (a) 71,722
8,780 Cirrus Logic Inc. (a) 140,480
4,531 Cognex Corporation (a) 234,479
678 Cognizant Technology Solutions Corp. (a) 22,501
3,137 Coherent Inc. (a) 263,116
2,512 Cohu Inc. 67,746
2,405 Coinstar Inc. (a) 24,200
2,063 Com21 Inc. (a) 51,575
6,192 Commscope Inc. (a) 253,872
3,259 Complete Business Solutions Inc. (a) 57,236
4,292 Compucom Systems Inc. (a) 6,975
3,515 Computer Horizons Corp. (a) 47,233
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,999 Computer Network Technology (a) $ 52,108
1,817 Computer Task Group Inc. 9,199
1,888 Concord Communications Inc. (a) 75,284
2,338 Concur Technologies Inc. (a) 9,790
6,243 Concurrent Computer Corp. (a) 81,939
993 CoStar Group Inc. (a) 24,887
5,434 Credence Systems Corp. (a) 299,889
3,566 Cree Research Inc. (a) 476,061
3,360 CTS Corporation 151,200
631 Cubic Corporation 11,831
2,400 Cybercash Inc. (a) 11,400
2,988 Cyberian Outpost Inc. (a) 14,380
1,888 Cybex Computer Products Corp. (a) 81,184
3,658 Cymer Inc. (a) 174,670
14,109 Cypress Semiconductor Corp. (a) 596,105
7,354 Dallas Semiconductor Corp. 299,676
3,001 Data Broadcasting Corp. (a) 18,944
2,397 Datastream Systems Inc. (a) 29,963
3,896 Dendrite International Inc. (a) 129,786
8,754 Digital Microwave Corp. (a) 333,746
1,884 Digital River Inc. (a) 14,483
2,878 Dionex Corp. (a) 76,987
2,033 Documentum Inc. (a) 181,699
3,488 DSP Group Inc. (a) 195,328
558 Dupont Photomasks Inc. (a) 38,223
1,324 EarthWeb Inc. (a) 18,536
2,384 Echelon Corp. (a) 138,123
4,420 Eclipsys Corp. (a) 33,150
2,179 Egghead.com Inc. (a) 6,401
3,248 Electro Scientific Industries Inc. (a) 143,014
2,513 Electroglas Inc. (a) 54,030
5,161 eLOT Inc. (a) 9,677
5,936 Eloyalty Corporation (a) 75,684
1,387 Emcore Corp. (a) 166,440
4,528 Emulex Corp. (a) 297,433
2,184 Engineering Animation Inc. (a) 20,407
2,364 Entrust Technologies Inc. (a) 195,621
3,861 Epicor Software Corp. (a) 9,653
2,609 ePresence Inc. (a) 18,915
473 EShare Technologies (a) 3,311
3,709 ESS Technology Inc. (a) 53,781
2,099 Esterline Technologies Corp. (a) 31,223
2,310 Exar Corporation (a) 201,403
1,591 Excalibur Technologies Corp. (a) 63,541
2,884 Exchange Applications Inc. (a) 76,787
2,506 Factset Research Systems Inc. 70,795
4,390 FileNet Corp. (a) 80,666
828 Forrester Research Inc. (a) 60,289
3,433 FSI International Inc. (a) 74,453
3,985 General Semiconductor Inc. (a) 58,779
1,307 Genlyte Group Inc. (a) 27,529
4,274 Genrad Inc. (a) 38,466
</TABLE>
---------
26
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,208 Gerber Scientific Inc. $ 36,892
8,856 Glenayre Technologies Inc. (a) 93,542
563 Global Sports Inc. (a) 3,624
2,204 Globix Corp. (a) 64,605
2,948 Go2net Inc. (a) 148,321
1,234 Great Plains Software Inc. (a) 24,217
4,812 GTECH Holdings Corp. (a) 109,172
1,617 Harmon Industries Inc. 21,425
7,060 Harmonic Inc. (a) 174,735
2,668 Helix Technology Corp. 104,052
788 hi/fn inc. (a) 34,968
3,297 HNC Software Inc. (a) 203,590
3,713 Hutchinson Technology Inc. (a) 52,910
1,309 Hypercom Corporation (a) 18,817
3,939 Hyperion Solutions Corp. (a) 127,771
2,825 Identix Inc. (a) 44,317
4,326 IGATE Capital Corporation (a) 59,483
1,442 IGEN International Inc. (a) 23,883
4,829 Imation Corp. (a) 141,852
2,871 IMRglobal Corporation (a) 37,502
3,266 InfoCure Corporation (a) 18,371
2,772 InFocus Corporation (a) 89,224
672 Infogrames Inc. (a) 5,460
2,386 Informatica Corporation (a) 195,503
2,786 Information Resources Inc. (a) 10,970
33,397 Informix Corp. (a) 248,390
3,972 Infousa Inc. (a) 25,818
1,508 Innovex Inc. 14,703
5,175 Input/Output Inc. (a) 43,664
10,897 Integrated Device Technology Inc. (a) 652,458
2,818 Inter-Tel Inc. 45,264
382 Interact Commerce Corporation (a) 4,512
6,024 Intergraph Corp. (a) 45,557
7,696 International Rectifier Corp. (a) 430,976
4,411 InterVoice-Brite Inc. (a) 28,947
1,768 Intraware Inc. (a) 28,399
30,515 Iomega Corp. (a) 122,060
3,241 ISS Group Inc. (a) 319,998
3,094 iVillage Inc. (a) 26,106
3,230 Jack Henry & Associates Inc. 161,904
2,831 JDA Software Group Inc. (a) 54,320
1,312 Juno Online Services Inc. (a) 14,104
9,538 KEMET Corporation (a) 239,046
3,593 Kent Electronics Corp. (a) 107,116
5,386 Komag Inc. (a) 9,426
3,956 Kopin Corp. (a) 273,953
1,322 Kronos Inc. (a) 34,372
2,771 Lasersight Inc. (a) 10,564
329 Latitude Communications Inc. (a) 3,681
5,826 Lattice Semiconductor Corp. (a) 402,722
2,476 Launch Media Inc. (a) 22,903
5,196 Learn2.com Inc. (a) 10,230
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,471 Littelfuse Inc. (a) $ 121,079
6,242 LTX Corp. (a) 218,080
3,648 Macrovision Corp. (a) 233,187
2,548 Magnetek Inc. (a) 20,384
524 Manhattan Associates Inc. (a) 13,100
2,512 Manugistics Group Inc. (a) 117,436
1,824 MAPICS Inc. (a) 10,488
5,675 Mark IV Industries Inc. 118,466
401 MarketWatch.com Inc. (a) 7,544
8,240 Maxtor Corp. (a) 87,035
1,929 Maxwell Technologies Inc. (a) 26,042
1,529 MCSI (a) 39,563
2,775 Mechanical Technology Inc. (a) 41,625
4,424 MEMC Electronic Materials Inc. (a) 79,632
7,909 Mentor Graphics Corp. (a) 157,191
2,131 Mercator Software Inc. (a) 146,506
2,494 Mercury Computer Systems Inc. (a) 80,587
10,050 Mercury Interactive Corp. (a) 972,338
6,972 Merisel Inc. (a) 5,229
4,852 MessageMedia Inc. (a) 16,982
4,561 Methode Electronics Inc. 176,169
1,838 Metricom Inc. (a) 51,234
637 Metro Information Services Inc. (a) 6,370
7,204 Micrel Incorporated (a) 312,924
2,742 Micromuse Inc. (a) 453,758
5,310 Micron Electronics Inc. (a) 66,375
2,092 Micros Systems Inc. (a) 38,833
10,244 MicroStrategy Inc. (a) 307,320
3,337 Midway Games Inc. (a) 26,905
4,750 MIPS Technologies Inc. (a) 201,875
980 MKS Instruments Inc. (a) 38,343
4,486 MMC Networks Inc. (a) 239,721
956 Modem Media Inc. (a) 11,890
1,414 Molecular Devices Corp. (a) 97,831
6,264 MRV Communications Inc. (a) 421,254
3,941 MTI Technology Corp. (a) 31,528
2,805 MTS Systems Corp. 17,531
2,007 Multex.com Inc. (a) 50,551
3,942 National Computer Systems Inc. 194,144
3,038 National Instruments Corp. (a) 132,533
761 National Processing Inc. (a) 9,513
4,152 NBCI Internet Incorporated (a) 51,900
3,456 NeoMagic Corporation (a) 10,476
1,166 NEON Systems Inc. (a) 21,863
1,427 Net Perceptions Inc. (a) 22,654
699 NetObjects Inc. (a) 6,378
1,029 Netopia Inc. (a) 41,417
2,523 Network Equipment Technologies Inc. (a) 25,388
2,200 Network Peripherals Inc. (a) 36,850
4,350 NVIDIA Corporation (a) 276,497
5,396 Omnova Solutions (a) 33,725
</TABLE>
27-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,015 OneMain.com Inc. (a) $ 22,669
1,608 ONYX Software Corporation (a) 47,738
4,960 Open Market Inc. (a) 68,510
9,780 P-COM Inc. (a) 55,624
852 PC Connection Inc. (a) 48,564
1,100 Park Electrochemical Corp. 39,669
2,804 Pegasus Systems Inc. (a) 30,494
2,593 Pegasystems Inc. (a) 12,965
5,617 Per-Se Technologies Inc. (a) 52,659
10,705 Peregrine Systems Inc. (a) 371,330
6,055 PerkinElmer Inc. 400,387
1,232 Pervasive Software Inc. (a) 6,930
3,196 Phoenix Technologies Ltd. (a) 52,135
2,717 Photronics Inc. (a) 77,095
3,465 Picturetel Corp. (a) 9,096
4,091 Pinnacle Holdings Inc. (a) 220,914
3,368 Pioneer Standard Electronics Inc. 49,678
1,998 Plantronics Inc. (a) 230,769
2,232 Plexus Corp. (a) 252,216
1,598 PLX Technology Inc. (a) 66,317
2,878 Polycom Inc. (a) 270,802
3,016 Power Integrations Inc. (a) 71,065
2,830 Power-One Inc. (a) 322,443
5,587 Powerwave Technologies Inc. (a) 245,828
2,600 PRI Automation Inc. (a) 170,016
2,777 Primark Corporation (a) 103,443
4,206 Progress Software Corp. (a) 75,445
1,908 Project Software & Development Inc. (a) 34,344
2,642 Proxicom Inc. (a) 126,486
1,852 Proxim Inc. (a) 183,290
2,251 ProxyMed Inc. (a) 3,799
2,566 PubliCARD Inc. (a) 8,420
1,514 QRS Corp. (a) 37,188
3,872 QuadraMed Corporation (a) 9,680
2,004 Radiant Systems Inc. (a) 48,096
1,227 RadiSys Corp. (a) 69,632
5,009 Rare Medium Group Inc. (a) 79,205
3,657 Rayovac Corp. (a) 81,825
1,830 Razorfish Inc. (a) 29,394
3,808 Read-Rite Corp. (a) 8,449
3,113 Remec Inc. (a) 130,357
3,246 Remedy Corporation (a) 180,965
3,628 Renaissance Worldwide Inc. (a) 5,669
4,611 RSA Security Inc. (a) 319,312
6,640 S1 Corporation (a) 154,795
11,399 S3 Inc. (a) 168,135
3,290 Saga Systems Inc. (a) 40,919
3,333 Sagent Technology Inc. (a) 47,495
1,413 Sanchez Computer Associates Inc. (a) 33,559
6,370 Sandisk Corporation (a) 389,764
3,032 Santa Cruz Operation Inc. (a) 19,329
2,998 Sawtek Inc. (a) 172,572
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
1,539 SCM Microsystems Inc. (a) $ 93,206
4,106 Semtech Corporation (a) 314,045
1,944 SERENA Software Inc. (a) 88,270
4,044 Silicon Valley Group Inc. (a) 104,639
738 Siliconix Incorporated (a) 49,815
2,751 Sipex Corporation (a) 76,168
2,636 SLI Inc. (a) 31,962
3,558 SoftNet Systems Inc. (a) 34,246
3,546 SpeedFam-IPEC Inc. (a) 64,493
2,248 SportsLine USA Inc. (a) 38,357
1,182 SPSS Inc. (a) 34,426
2,286 Spyglass Inc. (a) 71,580
4,868 Structural Dynamics Research Corp. (a) 73,324
2,967 SVI Holdings Inc. (a) 15,206
11,116 Sybase Inc. (a) 255,668
2,588 Sykes Enterprises Inc. (a) 33,321
1,389 Syntel Inc. (a) 13,890
3,789 Systems & Computer Technology Corp. (a) 75,780
1,469 Technitrol Inc. 142,309
4,336 Technology Solutions Co. (a) 26,829
3,635 TEKELEC (a) 175,162
5,556 Tektronix Inc. 411,144
1,432 Telescan Inc. (a) 10,472
2,855 TeleTech Holdings Inc. (a) 88,683
546 TenFold Corporation (a) 8,975
5,082 Terayon Communication Systems (a) 326,439
6,312 The Titan Corporation (a) 282,462
2,071 Thermedics Inc. (a) 20,581
1,215 TheStreet.com Inc. (a) 7,062
2,382 THQ Incorporated (a) 29,031
2,892 Track Data Corporation (a) 3,705
4,325 Transaction Systems Architects Inc. (a) 74,066
5,173 TranSwitch Corporation (a) 399,291
2,828 Trimble Navigation Ltd. (a) 138,042
3,960 TriQuint Semiconductor Inc. (a) 378,923
1,727 Tut Systems Inc. (a) 99,087
5,060 Tyler Technologies Inc. (a) 12,966
5,875 UCAR International Inc. (a) 76,742
3,121 Ultratech Stepper Inc. (a) 46,425
874 Unigraphics Solutions Inc. (a) 17,043
2,755 USinternetworking Inc. (a) 56,305
3,909 Varian Inc. (a) 180,303
3,937 Varian Semiconductor Equipment
Associates Inc. (a) 247,293
1,666 Veeco Instruments Inc. (a) 122,035
4,164 Verity Inc. (a) 158,232
9,868 VerticalNet Inc. (a) 364,499
2,207 Vicor Corporation (a) 76,831
3,220 Visual Networks Inc. (a) 91,770
4,557 Wallace Computer Services Inc. 45,000
5,765 Wave Systems Corp. (a) 91,159
</TABLE>
---------
28
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,083 WAVO Corporation (a) $ 1,562
5,048 Weblink Wireless Inc. (a) 66,886
1,538 WebTrends Corporation (a) 59,501
4,261 Wesco International Inc. (a) 40,746
2,077 Westell Technologies Inc. (a) 31,155
14,582 Western Digital Corp. (a) 72,910
7,181 Wind River Systems Inc. (a) 271,980
1,012 Woodward Governor Company 28,652
1,587 WorldGate Communications Inc. (a) 28,169
1,708 X-ceed Inc. (a) 15,586
3,601 Xircom Inc. (a) 171,048
3,215 Zebra Technologies Corp. (a) 142,465
1,581 Ziff Davis Inc. Zdnet (a) 14,229
4,071 Ziff-Davis Inc. (a) 36,639
2,072 ZixIt Corporation (a) 95,442
2,528 Zomax Incorporated (a) 33,180
------------
37,582,477
------------
Telecom & Telecom Equipment (2.5%)
1 ADC Telecommunications Inc. (a) 13
2,397 Adelphia Business Solutions Inc. (a) 55,580
9,150 Advanced Fibre Communications Inc. (a) 414,609
3,949 Advanced Radio Telecom Corp. (a) 57,754
3,458 Allen Telecom Inc. (a) 61,163
10,040 Andrew Corp. (a) 336,968
4,129 CapRock Communications Corp. (a) 80,516
3,694 CellStar Corporation (a) 10,274
1,475 CFW Communication Co. 55,313
1,065 Commonwealth Telephone Enterprises Inc.
(a) 50,122
2,604 CT Communications Inc. (a) 74,051
1,776 CTC Communications Group Inc. (a) 63,936
5,589 e.spire Communications Inc. (a) 37,726
4,007 General Communication Inc. (a) 20,536
5,925 ICG Communications Inc. (a) 130,720
651 Inet Technologies Inc. (a) 35,317
6,428 InterDigital Communications Corp. (a) 106,464
6,132 Intermedia Communciations Inc. (a) 182,427
3,223 International FiberCom Inc. (a) 82,187
6,145 ITC DeltaCom Inc. (a) 137,110
3,328 Leap Wireless International Inc. (a) 156,416
4,018 MasTec Inc. (a) 153,437
3,372 MGC Communications Inc. (a) 202,109
3,212 Motient Corporation (a) 50,388
2,186 North Pittsburgh Systems Inc. 32,244
682 NorthEast Optic Network Inc. (a) 42,028
315 Optical Cable Corporation (a) 9,529
1,604 Pacific Gateway Exchange Inc. (a) 5,464
10,160 Paging Network Inc. (a) 7,303
5,182 Price Communications Corp. (a) 122,101
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
3,709 Primus Telecommunications Group
Inc. (a) $ 92,261
3,554 STAR Telecommunications Inc. (a) 8,996
1,978 Superior TeleCom Inc. 19,656
4,682 Talk.com Inc. (a) 27,214
1,574 US LEC Corp. (a) 26,758
1,758 Viatel Inc. (a) 50,213
1,148 Volt Information Sciences Inc. (a) 37,812
1,401 West Teleservices Corp. (a) 35,463
7,757 World Access Inc. (a) 85,812
------------
3,157,990
------------
Transportation (2.4%)
3,557 AAR Corp. 42,684
5,957 Airborne Freight Corp. 112,811
5,594 Airtran Holdings Inc. (a) 23,250
3,033 Alaska Air Group Inc. (a) 82,270
5,358 Alexander & Baldwin Inc. 118,211
4,397 America West Holdings Corp. (a) 75,299
3,296 American Freightways Corp. (a) 47,792
347 Amtran Inc. (a) 4,316
1,970 Arctic Cat Inc. 23,394
2,910 Arnold Industries Inc. 35,102
1,502 Atlantic Coast Airlines Holdings Inc.
(a) 47,689
1,730 Atlas Air Inc. (a) 62,064
1,864 Aviall Inc. (a) 9,204
2,955 Avis Rent A Car Inc. (a) 55,406
5,265 CH Robinson Worldwide Inc. 260,618
1,420 Circle International Group Inc. 35,678
2,545 Coachmen Industries Inc. 29,268
2,121 Consolidated Freightways Corp. (a) 8,617
773 Covenant Transport Inc. (a) 6,184
2,076 EGL Inc. (a) 63,837
3,717 Florida East Coast Industries Inc. 148,680
1,913 Forward Air Corp. (a) 76,520
3,175 Fritz Companies Inc. (a) 32,742
1,668 Frontier Airlines Inc. (a) 23,873
1,699 Heartland Express Inc. (a) 28,352
669 Hub Group Inc. (a) 9,993
3,024 JB Hunt Transport Services Inc. 46,683
2,807 Kirby Corp. (a) 59,649
684 Knight Transportation Inc. (a) 9,961
1,059 Landstar Systems Inc. (a) 63,077
5,293 Mesa Air Group Inc. (a) 29,277
2,318 Mesaba Holdings Inc. (a) 22,166
1,631 Midwest Express Holdings Inc. (a) 35,067
3,862 Miller Industries Inc. (a) 7,000
987 MS Carriers Inc. (a) 17,396
3,612 Newport News Shipbuilding Inc. 132,741
3,123 Offshore Logistics Inc. (a) 44,893
3,255 Overseas Shipholding Group Inc. 80,154
</TABLE>
29-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
6,218 Pittston Brink's Group (a) $ 85,109
3,091 Polaris Industries Inc. 98,912
1,651 Roadway Express Inc. 38,695
6,257 Rollins Truck Leasing Corp. 43,408
973 Skyline Corp. 20,920
2,308 Skywest Inc. 85,540
5,240 Swift Transportation Inc. (a) 73,360
1,040 Thor Industries Inc. 21,840
4,668 Trans World Airlines Inc. (a) 10,211
5,168 Trinity Industries Inc. (a) 95,608
3,251 US Freightways Corp. 79,853
3,203 Wabash National Corp. 38,236
5,489 Wabtec Corporation 56,948
5,596 Werner Enterprises Inc. 64,704
2,159 Winnebago Industries Inc. 28,202
5,928 Wisconsin Central Transportation Co. (a) 77,064
1,536 Xtra Corp. (a) 60,576
3,384 Yellow Corp. (a) 49,914
------------
3,041,018
------------
Utilities & Energy (3.2%)
6,330 AGL Resources Inc. 100,884
1,170 American States Water Company (a) 34,808
3,667 Arch Coal Inc. 28,190
4,076 Atmos Energy Corporation 71,330
5,828 Avista Corporation 101,626
2,773 Black Hills Corporation 62,566
1,366 California Water Service Group 33,126
1,526 Cascade Natural Gas Corp. (a) 25,465
1,962 CH Energy Group Inc. 66,585
2,786 CLECO Corporation 93,331
5,328 CMP Group Inc. 156,177
2,594 CONSOL Energy Inc. (a) 39,234
970 CTG Resources Inc. 35,587
1,149 E'Town Corporation 76,337
3,228 Eastern Enterprises 203,364
6,521 El Paso Electric Company (a) 72,954
1,998 Empire District Electric Company 44,081
3,249 Energen Corporation 70,869
3,937 Equitable Resources Inc. 189,960
3,684 Hawaiian Electric Industries Inc. 120,881
4,225 IDACORP Inc. 136,256
2,201 Laclede Gas Company 42,369
1,892 Madison Gas & Electric Co. 37,367
7,205 MDU Resources Group Inc. 155,808
2,339 New Jersey Resources Corp. 89,028
2,843 Northwest Natural Gas Company 63,612
3,032 NorthWestern Corporation 70,115
1,473 NUI Corporation 39,771
<CAPTION>
Shares Value
----------- ------------
<C> <S> <C>
2,736 Otter Tail Power Company $ 57,456
3,855 Philadelphia Suburban Corp. 79,028
3,915 Piedmont Natural Gas Company Inc. 103,992
3,310 Powertel Inc. (a) 234,803
4,661 Public Service Co. of New Mexico 71,954
4,014 RGS Energy Group Inc. 89,312
2,120 SEMCO Energy Inc. 27,560
9,123 Sierra Pacific Resources Corp. (a) 114,608
239 SJW Corporation (a) 28,411
1,245 South Jersey Industries Inc. 33,226
4,823 Southern Union Company (a) 76,258
3,875 Southwest Gas Corporation 67,813
3,243 Southwestern Energy Co. 20,269
266 Thermo Ecotek Corporation (a) 2,494
4,162 UGI Corporation 85,321
3,785 UniSource Energy Corporation (a) 56,775
1,873 United Illuminating Co. 81,944
3,957 United Water Resources Inc. 138,000
7,649 Vectren Corporation 131,945
5,261 Washington Gas Light Co. 126,593
2,138 Western Gas Resources Inc. 44,898
3,585 WPS Resources Corp. 107,774
------------
4,042,115
------------
Total common stocks
(cost $109,448,303) 119,275,019
</TABLE>
<TABLE>
<CAPTION>
Principal
amount
-----------
<C> <S> <C>
SHORT-TERM INVESTMENTS (4.7%)
$ 5,852,000 U.S. Treasury Bills, 5.600% and 5.680%,
July, 2000 (cost $5,824,292) 5,825,829
------------
TOTAL INVESTMENTS (100.1%)
(cost $115,272,595) 125,100,848
LIABILITIES, NET OF OTHER ASSETS (-0.1%) (100,605)
------------
NET ASSETS (100.0%) $125,000,243
============
</TABLE>
Notes:
(a) Non-income producing security.
At June 30, 2000, net unrealized appreciation of $9,577,842 consisted of gross
unrealized appreciation of $27,910,578 and gross unrealized depreciation of
$18,332,736 based on cost of $115,523,006 for federal income tax purposes.
See accompanying notes to
financial statements.
---------
30
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
COMMON STOCKS (98.5%)
Australia (2.4%)
22,953 Amcor Ltd. $ 80,146
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
23,210 AMP Limited 235,874
LIFE INSURANCE
12,951 Aristocrat Leisure Ltd. 43,743
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
97,853 Boral Limited (a) 122,845
CONSTRUCTION AND RELATED MACHINERY
3,440 Brambles Industries Ltd. 105,569
MISCELLANEOUS TRANSPORTATION SERVICES
31,860 Broken Hill Proprietary 376,158
MISCELLANEOUS METAL ORES
24,970 Coca-Cola 48,514
BEVERAGES
22,137 Coles Myer Ltd. 84,880
RETAIL STORES
22,923 Commonwealth Bank of Australia 379,447
FOREIGN BANKS, BRANCHES, AND AGENCIES
8,269 Computershare Limited (a) 42,462
COMPUTER AND OFFICE EQUIPMENT
29,430 CSR Ltd. 81,633
CONSTRUCTION AND RELATED MACHINERY
2,902 ERG Limited 22,501
POLITICAL ORGANIZATIONS
28,922 Fosters Brewing Group Ltd. 81,262
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
11,367 Howard Smith Ltd. 55,448
MISCELLANEOUS MANUFACTURING INDUSTRIES
7,873 Lend Lease Corporation Ltd. 100,285
BUSINESS CREDIT INSTITUTIONS
56,167 MIM Holdings Limited 30,218
METAL MINING SERVICES
8,091 Mirvac Group 16,396
HOLDING OFFICES
25,649 National Australia Bank Ltd. 427,759
FOREIGN BANKS, BRANCHES, AND AGENCIES
36,698 News Corporation Ltd. 504,575
CABLE AND OTHER PAY TV SERVICES
17,042 Orica Limited 77,202
CHEMICALS AND ALLIED PRODUCTS
11,403 Paperlinx Limited (a) 21,609
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
7,011 Rio Tinto Ltd. 115,756
MISCELLANEOUS METAL ORES
27,948 Santos Ltd. 85,040
CRUDE PETROLEUM AND NATURAL GAS
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
20,140 Southcorp Holdings $ 58,031
MISCELLANEOUS MANUFACTURING INDUSTRIES
10,211 Tabcorp Holdings Limited 58,600
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
140,675 Telstra Corporation 570,170
TELEPHONE COMMUNICATIONS
9,278 Transurban Group (a) 18,880
HIGHWAY AND STREET CONSTRUCTION
8,051 Wesfarmers Ltd. 64,011
MISCELLANEOUS MANUFACTURING INDUSTRIES
22,719 Western Mining Corp. Holding Ltd. 101,495
METAL MINING SERVICES
32,607 Westfield Trust (a) 63,130
TRUSTS
30,917 Westpac Banking Corp. 222,711
FOREIGN BANKS, BRANCHES, AND AGENCIES
23,573 Woolworths Ltd. 86,876
RETAIL STORES
------------
4,383,226
------------
Austria (.2%)
2,562 Bank Austria AG 124,798
FOREIGN BANKS, BRANCHES, AND AGENCIES
1,219 OEMV AG 105,910
MISCELLANEOUS PETROLEUM AND COAL
PRODUCTS
591 Oest Elektrizatswirts Class A 60,658
ELECTRIC SERVICES
------------
291,366
------------
Belgium (.8%)
1,329 Colruyt SA (a) 56,312
HOLDING OFFICES
1,423 Delhaize LE PS 85,117
RETAIL STORES
969 Electrabel 239,523
ELECTRIC SERVICES
12,881 Fortis B 374,849
INSURANCE CARRIERS
426 GBL Group 106,359
HOLDING OFFICES
5,790 Kredietbank NPV 254,842
FOREIGN BANKS, BRANCHES, AND AGENCIES
191 SA D'ieteren NV 48,325
SERVICES
1,763 Solvay Et Cie Class A NPV 118,668
CHEMICALS AND ALLIED PRODUCTS
</TABLE>
31-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
3,078 UCB BB $ 113,082
CHEMICALS AND ALLIED PRODUCTS
------------
1,397,077
------------
Denmark (.8%)
18 D/S 1912 Class B 191,181
WATER TRANSPORTATION SERVICES
15 D/S Svendborg Class B 221,700
WATER TRANSPORTATION SERVICES
1,061 Den Danske Bank (a) 127,625
FOREIGN BANKS, BRANCHES, AND AGENCIES
778 ISS (a) 59,237
MISCELLANEOUS BUSINESS SERVICES
500 Navision Software AS (a) 20,794
COMPUTER AND DATA PROCESSING SERVICES
16,604 Nordic Baltic Holding (a) 121,110
FOREIGN BANKS, BRANCHES, AND AGENCIES
1,284 Novo Nordisk AS-B 218,529
DRUGS
4,002 Tele Danmark 269,374
TELEPHONE COMMUNICATIONS
4,360 Vestas Wind Systems (a) 160,126
COMMUNICATIONS EQUIPMENT
------------
1,389,676
------------
Finland (3.1%)
900 Hartwall OY AB 18,045
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
4,742 Kesko OY Osake 48,217
MISCELLANEOUS BUSINESS SERVICES
2,700 Metso OYJ 32,481
ENGINEERING AND ARCHITECTURAL SERVICES
88,496 Nokia OYJ (a) 4,516,092
COMMUNICATIONS EQUIPMENT
1,058 Pohjola Group Insurance Class B 37,395
INSURANCE CARRIERS
2,800 Raisio Group PLC 5,534
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
1,800 Sampo Insurance Co. Class A 73,039
INSURANCE AGENTS, BROKERS, AND SERVICES
13,706 Sonera Corporation 624,850
TELEPHONE COMMUNICATIONS
1,572 Tietoenator Corporation 52,456
COMPUTER AND DATA PROCESSING SERVICES
5,309 UPM-Kymmene 131,788
PAPER AND PAPER PRODUCTS
------------
5,539,897
------------
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
France (11.2%)
3,412 Accor SA $ 139,850
HOTELS AND MOTELS
1,656 Air Liquide French 215,988
MISCELLANEOUS CHEMICAL PRODUCTS
20,375 Alcatel 1,336,429
COMMUNICATIONS EQUIPMENT
13,876 Aventis SA 1,012,823
DRUGS
7,074 AXA Company 1,114,398
INSURANCE AGENTS, BROKERS, AND SERVICES
8,101 Banque National De Paris 779,634
COMMERCIAL BANKS
1,343 BIC 65,779
MISCELLANEOUS NONDURABLE GOODS
574 Bouygues 383,620
MISCELLANEOUS BUSINESS SERVICES
2,237 Canal Plus (a) 375,898
RADIO AND TELEVISION BROADCASTING
STATIONS
2,153 Cap Gemini 379,255
COMPUTER AND DATA PROCESSING SERVICES
12,586 Carrefour Supermarche 860,384
GROCERY STORES
1,545 Casino French 143,084
SERVICES
413 Club Mediterrane 55,953
SERVICES
348 Coflexip 42,196
OIL AND GAS FIELD SERVICES
1,562 Compagnie De Saint Goban 211,172
CONSTRUCTION AND RELATED MACHINERY
1,924 Dassault Systemes SA (a) 179,470
COMPUTER AND DATA PROCESSING SERVICES
828 Eridania Beghin Say (a) 81,109
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
253 Essilor International 72,514
MISCELLANEOUS NONDURABLE GOODS
89 Eurafrance French 42,614
INVESTMENT OFFICES
18,686 France Telecom SA 2,611,854
TELEPHONE COMMUNICATIONS
2,674 Groupe Danone 354,867
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
390 GTM Entrerpose SA 36,491
CONSTRUCTION AND RELATED MACHINERY
427 Imetal (a) 49,574
CONSTRUCTION AND RELATED MACHINERY
1,203 L'Oreal 1,041,752
MISCELLANEOUS NONDURABLE GOODS
</TABLE>
---------
32
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
1,844 Lafarge Coppee French $ 143,310
CONSTRUCTION AND RELATED MACHINERY
2,408 Lagardere Groupe 183,924
MISCELLANEOUS BUSINESS SERVICES
1,741 LVMH Company 717,916
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
2,949 Michelin Class B 94,631
TIRES AND INNER TUBES
1,598 Pechiney SA Class A 66,673
METALS AND MINERALS, EXCEPT PETROLEUM
1,405 Pernod-Ricard 76,462
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
811 Peugeot SA 162,759
MOTOR VEHICLES AND EQUIPMENT
2,114 Pinault-Printemps-Redoute SA 469,670
DEPARTMENT STORES
171 Publicis SA (a) 67,101
ADVERTISING
189 Sagem SA (a) 221,591
COMMUNICATIONS EQUIPMENT
13,183 Sanofi-Synthelabo 628,067
DRUGS
2,853 Schneider SA 198,846
MISCELLANEOUS DURABLE GOODS
340 SEB Group 19,899
HOUSEHOLD APPLIANCES
610 Sidel 49,475
MISCELLANEOUS DURABLE GOODS
7,586 Societe Generale Class A 456,294
FOREIGN BANKS, BRANCHES, AND AGENCIES
611 Sodexho Alliance 110,837
SERVICES
15,648 ST Microelectronics NV 986,040
ELECTRONIC COMPONENTS AND ACCESSORIES
3,553 Suez Lyonnaise Des Eaux-Dumex 622,476
MISCELLANEOUS BUSINESS SERVICES
1,280 Suez-Lyonnaise Strips 12
MISCELLANEOUS BUSINESS SERVICES
318 Technip SA 38,468
CONSTRUCTION AND RELATED MACHINERY
2,923 Thomson CSF 115,146
MISCELLANEOUS DURABLE GOODS
13,523 Total Fina SA 2,073,529
OIL AND GAS FIELD SERVICES
4,840 Usinor Sacilor 59,057
BLAST FURNACE AND BASIC STEEL PRODUCTS
1,744 Valeo (a) 93,245
MOTOR VEHICLES AND EQUIPMENT
10,547 Vivendi 930,952
MISCELLANEOUS MANUFACTURING INDUSTRIES
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
154 Zodiac SA (a) $ 31,333
AIRCRAFT AND PARTS
------------
20,204,421
------------
Germany (8.3%)
1,050 Adidas Salomon AG 58,084
MISCELLANEOUS TEXTILE GOODS
1,150 AGIV AG 12,198
ENGINEERING AND ARCHITECTURAL SERVICES
4,356 Allianz AG Holding (a) 1,548,362
INSURANCE AGENTS, BROKERS, AND SERVICES
10,744 BASF AG 435,960
CHEMICALS AND ALLIED PRODUCTS
12,587 Bayer AG 481,901
CHEMICALS AND ALLIED PRODUCTS
7,412 Bayerische Hypo Vereinsbank 484,750
FOREIGN BANKS, BRANCHES, AND AGENCIES
1,672 Beiersdorf 138,882
CHEMICALS AND ALLIED PRODUCTS
1,150 Bilfinger and Berger Bau 15,920
CONSTRUCTION AND RELATED MACHINERY
450 Brau Und Brunnen (a) 18,904
BEER, WINE, AND DISTILLED BEVERAGES
3,889 Continental AG 65,350
TIRES AND INNER TUBES
18,085 Daimler Chrysler AG 943,281
MOTOR VEHICLES AND EQUIPMENT
10,998 Deutsche Bank AG 905,133
FOREIGN BANKS, BRANCHES, AND AGENCIES
55,388 Deutsche Telekom AG 3,162,339
COMMUNICATIONS SERVICES
850 Douglas Holding AG 24,590
MACHINERY, EQUIPMENT, AND SUPPLIES
9,164 Dresdner Bank AG 377,098
FOREIGN BANKS, BRANCHES, AND AGENCIES
2,348 EM TV & Merchandising (a) 138,653
MOTION PICTURE PRODUCTION AND SERVICES
1,900 Fag Kugelfischer Georg Schae 14,331
MISCELLANEOUS MANUFACTURING INDUSTRIES
1,609 Fresenius Medical Care 128,303
MEDICAL INSTRUMENTS AND SUPPLIES
1,993 GEHE AG 65,647
CHEMICALS AND ALLIED PRODUCTS
1,356 Heidelberger Zement AG 82,857
CONSTRUCTION AND RELATED MACHINERY
1,450 Hochtief AG 43,608
CONSTRUCTION AND RELATED MACHINERY
1,950 Holsten-Brauerei AG 34,629
BEER, WINE, AND DISTILLED BEVERAGES
1,950 Holsten-Brauerei AG Rights 1,862
BEER, WINE, AND DISTILLED BEVERAGES
</TABLE>
33-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
1,614 Kamps AG $ 51,623
BAKERY PRODUCTS
2,492 Karstadt Quelle AG (a) 69,236
DEPARTMENT STORES
2,445 Linde AG 98,277
ENGINEERING AND ARCHITECTURAL SERVICES
6,666 Lufthansa AG 155,609
AIR TRANSPORTATION, SCHEDULED
2,735 M.A.N. AG (a) 82,672
MACHINERY, EQUIPMENT, AND SUPPLIES
3,566 Merck KGAA 108,949
DRUGS
5,588 Metro AG (a) 189,399
MISCELLANEOUS NONDURABLE GOODS
3,199 Muenchener Rueckversicherungs
Namensaktie (a) 1,004,851
INSURANCE CARRIERS
3,190 Preussag 103,096
BLAST FURNACE AND BASIC STEEL PRODUCTS
8,657 RWE AG (a) 293,832
MISCELLANEOUS MANUFACTURING INDUSTRIES
3,288 SAP AG (a) 497,254
COMPUTER AND DATA PROCESSING SERVICES
5,809 Schering AG (a) 316,409
CHEMICALS AND ALLIED PRODUCTS
350 SGL Carbon AG (a) 23,275
CHEMICALS AND ALLIED PRODUCTS
10,663 Siemans Registered 1,608,526
INDUSTRIAL MACHINERY
8,998 Thyssen Krupp 146,475
CONSTRUCTION AND RELATED MACHINERY
13,683 VEBA AG 659,708
MISCELLANEOUS MANUFACTURING INDUSTRIES
5,671 Volkswagon AG 218,201
MOTOR VEHICLES AND EQUIPMENT
632 VVPR Heildelberger (a) 6
CONCRETE, GYPSUM, AND PLASTER PRODUCTS
3,459 WCM Beteiligungs & Grund AG (a) 81,208
REAL ESTATE AGENTS AND MANAGERS
------------
14,891,248
------------
Hong Kong (2.1%)
6,000 ASM Pacific Technology 22,474
MISCELLANEOUS MANUFACTURING INDUSTRIES
30,205 Bank of East Asia Hong Kong (a) 70,520
MISCELLANEOUS INVESTING
214,705 Cable & Wireless HKT Ltd. 472,351
COMMUNICATIONS SERVICES
62,000 Cathay Pacific Airways Ltd. 114,923
AIR TRANSPORTATION, SCHEDULED
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
35,903 CLP Holdings Limited $ 167,182
UTILITIES REGULATION AND ADMINISTRATION
20,000 Esprit Holdings Limited 20,780
MISCELLANEOUS APPAREL AND ACCESSORIES
14,000 Giordano International Ltd. 21,281
MISCELLANEOUS APPAREL AND ACCESSORIES
69,000 Hang Lung Development Co. 53,551
SUBDIVIDERS AND DEVELOPERS
32,674 Hang Seng Bank 310,158
FOREIGN BANKS, BRANCHES, AND AGENCIES
29,000 Henderson Land Development 127,597
SUBDIVIDERS AND DEVELOPERS
94,111 Hong Kong & China Gas (a) 105,630
GAS PRODUCTION AND DISTRIBUTION
76,210 Hutchison Whampoa 958,051
MISCELLANEOUS BUSINESS SERVICES
16,179 Johnson Electric Holdings 153,061
ELECTRICAL INDUSTRIAL APPARATUS
22,000 Li & Fung Ltd. 110,062
HOLDING OFFICES
50,000 New World Development 55,800
SUBDIVIDERS AND DEVELOPERS
100,000 Pacific Century Cyberworks 197,550
COMPUTER AND DATA PROCESSING SERVICES
58,000 Shangri-La Asia Ltd. 68,452
HOTELS AND MOTELS
76,000 Sino Land Company 26,813
REAL ESTATE AGENTS AND MANAGERS
34,000 South China Morning Post 26,387
MISCELLANEOUS BUSINESS SERVICES
42,000 Sun Hung Kai Properties 301,707
REAL ESTATE AGENTS AND MANAGERS
32,000 Swire Pacific Ltd. Class A 187,184
MISCELLANEOUS BUSINESS SERVICES
9,000 Television Broadcasts Ltd. 60,034
RADIO AND TELEVISION BROADCASTING
STATIONS
47,114 Wharf Holdings Ltd. 84,311
REAL ESTATE AGENTS AND MANAGERS
------------
3,715,859
------------
Ireland (.3%)
17,730 Allied Irish Banks PLC 158,783
FOREIGN BANKS, BRANCHES, AND AGENCIES
7,402 CRH PLC 133,921
CONSTRUCTION AND RELATED MACHINERY
37,438 Eircom PLC 100,083
COMMUNICATIONS SERVICES
9,204 Irish Permanent PLC 78,118
FOREIGN BANKS, BRANCHES, AND AGENCIES
</TABLE>
---------
34
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
5,973 Kerry Group PLC $ 76,589
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
4,698 RyanAir Holdings PLC (a) 34,602
AIR TRANSPORTATION, SCHEDULED
------------
582,096
------------
Italy (4.4%)
33,360 Alitalia (a) 68,798
AIR TRANSPORTATION, SCHEDULED
2,486 Arnoldo Mondadori Editore 56,727
NEWSPAPERS
22,446 Assicurazione Generali 769,352
MEDICAL SERVICE AND HEALTH INSURANCE
5,310 Autogrill SPA 56,629
EATING AND DRINKING PLACES
105,919 Banca Di Roma 130,047
FOREIGN BANKS, BRANCHES, AND AGENCIES
89,114 Banca Intesa SPA 399,035
FOREIGN BANKS, BRANCHES, AND AGENCIES
9,005 Banca Popolare Di Milano 64,912
FOREIGN BANKS, BRANCHES, AND AGENCIES
39,516 Benetton Group 82,624
APPAREL, PIECE GOODS, AND NOTIONS
21,060 Beni Stabili SPA 11,301
MISCELLANEOUS INVESTING
6,055 Bulgari SPA 80,935
WOMEN'S ACCESSORY AND SPECIALTY STORES
129,020 Enel SPA 571,572
ELECTRIC SERVICES
147,068 ENI SPA 849,509
RETAIL STORES
7,624 Fiat 197,844
MOTOR VEHICLES AND EQUIPMENT
4,160 Italcementi SPA 39,122
MISCELLANEOUS MANUFACTURING INDUSTRIES
14,998 Italgas 66,299
COMMUNICATIONS SERVICES
7,500 Magneti Marelli SPA 39,098
MOTOR VEHICLES AND EQUIPMENT
21,467 Mediaset SPA 327,932
RADIO AND TELEVISION BROADCASTING
STATIONS
12,462 Mediobanca Banca Di Credito (a) 128,499
COMMERCIAL BANKS
87,500 Olivetti (a) 318,290
OFFICE FURNITURE
40,000 Parmalat Finanziaria SPA 56,444
DAIRY PRODUCTS
39,886 Pirelli SPA 104,912
RETAIL STORES
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
15,049 RAS SPA $ 165,234
UTILITIES REGULATION AND ADMINISTRATION
25,347 San Paolo - IMI SPA 449,881
COMMERCIAL BANKS
32,500 SNIA SPA 32,396
MISCELLANEOUS CHEMICAL PRODUCTS
120,455 Telecom Italia Mobile 1,230,556
COMMUNICATIONS SERVICES
27,884 Telecom Italia Mobile - DRNC 140,301
COMMUNICATIONS SERVICES
66,684 Telecom Italia SPA (a) 916,805
COMMUNICATIONS SERVICES
15,277 Telecom Italia SPA -- RNC (a) 101,371
COMMUNICATIONS SERVICES
91,549 Unicredito Italiano SPA 437,906
FOREIGN BANKS, BRANCHES, AND AGENCIES
------------
7,894,331
------------
Japan (26.5%)
2,700 ACOM Company Ltd. 226,833
MISCELLANEOUS BUSINESS SERVICES
1,790 Advantest Corp. 398,714
ELECTRICAL INDUSTRIAL APPARATUS
13,000 Ajinomoto Company Inc. 166,517
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
4,000 Alps Electronics Co. 74,217
ELECTRICAL INDUSTRIAL APPARATUS
8,000 Amada Company Ltd. 67,813
MACHINERY, EQUIPMENT, AND SUPPLIES
52,000 Asahi Bank Ltd. 218,431
FOREIGN BANKS, BRANCHES, AND AGENCIES
10,000 Asahi Breweries Ltd. 119,520
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
27,000 Asahi Chemical Industry Co. 190,723
CHEMICALS AND ALLIED PRODUCTS
23,000 Asahi Glass Company Ltd. 256,698
PRODUCTS OF PURCHASED GLASS
1,100 Asatsu Inc. 45,895
ADVERTISING
13,000 Bank of Fukuoka Ltd. 88,401
FOREIGN BANKS, BRANCHES, AND AGENCIES
1,900 Benesse Corp. 131,528
MISCELLANEOUS BUSINESS SERVICES
16,000 Bridgestone Corp. 338,309
MORTGAGE BANKERS AND BROKERS
16,000 Canon Inc. 795,667
ELECTRICAL INDUSTRIAL APPARATUS
7,000 Casio Computer Co. Ltd. 78,455
ELECTRICAL INDUSTRIAL APPARATUS
</TABLE>
35-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
37 Central Japan Railway $ 209,089
RAILROADS
5,000 Chugai Pharm Co. 94,420
DRUGS, PROPRIETORS, AND SUNDRIES
17,000 Chuo Trust & Banking 73,972
FOREIGN BANKS, BRANCHES, AND AGENCIES
8,000 Citizen Watch Company Ltd. 77,156
MISCELLANEOUS ELECTRICAL EQUIPMENT AND
SUPPLIES
1,600 CSK Corp. 49,428
COMPUTER AND DATA PROCESSING SERVICES
18,000 Dai Nippon Ink & Chemical Inc. 84,596
CHEMICALS AND ALLIED PRODUCTS
14,000 Dai Nippon Printing Company Ltd. 246,442
MISCELLANEOUS MANUFACTURING INDUSTRIES
16,000 Daiei Inc. 59,976
RETAIL STORES
7,000 Daiichi Pharmaceutical 177,349
DRUGS, PROPRIETORS, AND SUNDRIES
6,000 Daikin Industries Ltd. 139,298
MACHINERY, EQUIPMENT, AND SUPPLIES
2,900 Daito Trust Construction 47,798
CONSTRUCTION AND RELATED MACHINERY
37,000 Daiwa Bank 95,834
FOREIGN BANKS, BRANCHES, AND AGENCIES
12,000 Daiwa House Industry 87,479
CONSTRUCTION AND RELATED MACHINERY
25,000 Daiwa Securities 329,645
MISCELLANEOUS INVESTING
17,000 Denso Corporation 413,092
MISCELLANEOUS TRANSPORTATION EQUIPMENT
70 East Japan Rail 406,122
MISCELLANEOUS TRANSPORTATION SERVICES
9,000 Ebaba Corporation 121,809
MACHINERY, EQUIPMENT, AND SUPPLIES
6,000 Eisai Company Ltd. 192,136
DRUGS, PROPRIETORS, AND SUNDRIES
4,300 Fanuc Co. 436,986
ELECTRICAL INDUSTRIAL APPARATUS
64,000 Fuji Bank 485,837
FOREIGN BANKS, BRANCHES, AND AGENCIES
1,000 Fuji Machine Manufacturing Co. Ltd. 52,461
MACHINERY, EQUIPMENT, AND SUPPLIES
10,000 Fuji Photo Film 408,759
MOTION PICTURE PRODUCTION AND SERVICES
700 Fuji Soft ABC Inc. 41,469
COMPUTER AND DATA PROCESSING SERVICES
36,000 Fujitsu Ltd. 1,244,362
COMMUNICATIONS EQUIPMENT
13,000 Furkukawa Electric 271,203
NONFERROUS FOUNDRIES (CASTING)
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
11,000 Gunma Bank $ 56,671
FOREIGN BANKS, BRANCHES, AND AGENCIES
800 Hirose Electronics Company Ltd. 124,398
ELECTRICAL INDUSTRIAL APPARATUS
61,000 Hitachi Ltd. 879,022
ELECTRICAL INDUSTRIAL APPARATUS
18,000 Honda Motor Company Ltd. 612,009
MOTOR VEHICLES AND EQUIPMENT
2,000 Hoya Corp. 178,950
MEASURING AND CONTROLLING DEVICES
50,000 Industrial Bank of Japan 378,620
FOREIGN BANKS, BRANCHES, AND AGENCIES
5,000 Isetan 61,220
RETAIL STORES
8,000 ITO Yokado Co. 480,716
RETAIL STORES
25,000 Itochu Corp. 125,973
MISCELLANEOUS DURABLE GOODS
36,000 Japan Airlines 136,642
AIR TRANSPORTATION, SCHEDULED
36 Japan Tobacco Inc. 315,668
TOBACCO PRODUCTS
20,000 Joyo Bank 76,854
FOREIGN BANKS, BRANCHES, AND AGENCIES
7,000 Jusco Co. 132,517
RETAIL STORES
300 Kadokawa Shoten Publishing 30,233
MISCELLANEOUS PUBLISHING
27,000 Kajima Corp. 85,952
CONSTRUCTION AND RELATED MACHINERY
8,000 Kaneka Corporation 88,081
CHEMICALS AND ALLIED PRODUCTS
16,900 Kansai Electric Power 302,106
ELECTRIC SERVICES
11,000 KAO Corp. 335,673
CHEMICALS AND ALLIED PRODUCTS
31,000 Kawasaki Heavy Industries 47,300
MISCELLANEOUS TRANSPORTATION EQUIPMENT
63,000 Kawasaki Steel 90,191
BLAST FURNACE AND BASIC STEEL PRODUCTS
23,000 Keihin Elec Express Railway 86,432
MISCELLANEOUS TRANSPORTATION SERVICES
10,000 Kinden Corporation 62,727
CONSTRUCTION AND RELATED MACHINERY
27,000 Kinki Nippon Railway 109,347
MISCELLANEOUS TRANSPORTATION SERVICES
19,000 Kirin Brewery Company Ltd. 237,109
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
21,000 Komatsu Ltd. 147,548
MACHINERY, EQUIPMENT, AND SUPPLIES
</TABLE>
---------
36
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
2,800 Konami Company Ltd. $ 176,690
COMPUTER AND DATA PROCESSING SERVICES
30,000 Kubota Corp. 108,783
MACHINERY, EQUIPMENT, AND SUPPLIES
9,000 Kuraray Co. 103,973
MISCELLANEOUS TEXTILE GOODS
3,000 Kurita Water Industries 65,976
MACHINERY, EQUIPMENT, AND SUPPLIES
3,500 Kyocera Corp. 593,030
ELECTRONIC COMPONENTS AND ACCESSORIES
8,000 Kyowa Hakko Kogyo 78,135
CHEMICALS AND ALLIED PRODUCTS
28,000 Marubeni Corp. 96,256
SERVICES
7,000 Marui Co. 133,836
RETAIL STORES
38,000 Matsushita Electric Industries 984,223
HOUSEHOLD AUDIO AND VIDEO EQUIPMENT
9,000 Meiji Seika 59,505
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
8,000 Minebea Company Ltd. 100,212
MISCELLANEOUS ELECTRICAL EQUIPMENT AND
SUPPLIES
38,000 Mitsubishi Chemical Corp. 155,686
CHEMICALS AND ALLIED PRODUCTS
28,000 Mitsubishi Corp. 252,904
MISCELLANEOUS BUSINESS SERVICES
40,000 Mitsubishi Electric 432,492
ELECTRICAL INDUSTRIAL APPARATUS
24,000 Mitsubishi Estate Company Ltd. 282,101
REAL ESTATE OPERATORS AND LESSORS
64,000 Mitsubishi Heavy 283,309
ENGINES AND TURBINES
24,000 Mitsubishi Materials Corp. 98,102
NONFERROUS FOUNDRIES (CASTING)
27,000 Mitsubishi Rayon Co. 82,490
MISCELLANEOUS TEXTILE GOODS
24,000 Mitsubishi Trust 186,034
FOREIGN BANKS, BRANCHES, AND AGENCIES
4,000 Mitsubishi Warehouse Transport 36,167
PUBLIC WAREHOUSING AND STORAGE
27,000 Mitsui & Co. 205,980
MISCELLANEOUS DURABLE GOODS
15,000 Mitsui Fudosan 162,468
REAL ESTATE OPERATORS AND LESSORS
19,000 Mitsui Marine & Fire Insurance 91,265
INSURANCE CARRIERS
13,000 Mitsui Mining & Smelting 98,563
NONFERROUS FOUNDRIES (CASTING)
11,000 Mitsukoshi (a) 48,694
RETAIL STORES
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
4,000 Murata Manufacturing Company Ltd. $ 573,393
ELECTRICAL INDUSTRIAL APPARATUS
1,300 Namco Ltd. 46,772
SERVICES
30,000 NEC Corp. 940,899
ELECTRICAL INDUSTRIAL APPARATUS
9,000 NGK Insulators Ltd. 111,382
PRODUCTS OF PURCHASED GLASS
6,000 NGK Spark Plug 92,734
AUTOMOTIVE DEALERS
1,400 Nichiei Co. Ltd. 22,943
MISCELLANEOUS BUSINESS SERVICES
1,200 Nidec Corporation 103,979
ELECTRICAL INDUSTRIAL APPARATUS
7,000 Nikon Corp. 259,101
MEASURING AND CONTROLLING DEVICES
2,600 Nintendo Corp. Ltd. 453,515
TOYS AND SPORTING GOODS
4,000 Nippon Comsys Corp. 84,954
CONSTRUCTION AND RELATED MACHINERY
22,000 Nippon Express Co. 134,891
MISCELLANEOUS TRANSPORTATION SERVICES
6,000 Nippon Meat Packers Inc. Osaka 87,591
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
33,000 Nippon Mitsubishi Oil Corp. 151,051
CRUDE PETROLEUM AND NATURAL GAS
18,000 Nippon Paper Industries Co. 122,740
PULP MILLS
9,000 Nippon Sheet Glass 124,944
PRODUCTS OF PURCHASED GLASS
131,000 Nippon Steel Corp. 275,139
BLAST FURNACE AND BASIC STEEL PRODUCTS
233 Nippon Telegraph and Telephone Corp. 3,094,231
COMMUNICATIONS SERVICES
28,000 Nippon Yusen Kabushiki Kaish 134,495
WATER TRANSPORTATION SERVICES
7,000 Nishin Flour Milling 69,885
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
72,000 Nissan Motors (a) 423,828
MISCELLANEOUS TRANSPORTATION EQUIPMENT
2,900 Nissin Food Products 73,746
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
3,000 Nitto Denko Corp. 115,564
ELECTRICAL INDUSTRIAL APPARATUS
36,000 Nomura Securities Company Ltd. 879,869
MISCELLANEOUS INVESTING
11,000 NSK Ltd. 96,350
MACHINERY, EQUIPMENT, AND SUPPLIES
</TABLE>
37-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
21,000 Ohbayashi-Gumi Corp. $ 92,761
CONSTRUCTION AND RELATED MACHINERY
20,000 OJI Paper Company Ltd. 137,508
PULP MILLS
6,000 Olympus Optical 107,426
MEASURING AND CONTROLLING DEVICES
5,000 Omron Corp. 135,625
ELECTRICAL INDUSTRIAL APPARATUS
1,800 Oriental Land 183,603
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
1,520 Orix Corp. 224,045
MISCELLANEOUS BUSINESS SERVICES
47,000 Osaka Gas Company Ltd. 135,012
ELECTRIC SERVICES
4,000 Pioneer Electric Corp. 155,592
ELECTRICAL INDUSTRIAL APPARATUS
2,100 Promise Co. Ltd. 165,745
MORTGAGE BANKERS AND BROKERS
2,100 Rohm Company 613,139
ELECTRICAL INDUSTRIAL APPARATUS
75,000 Sakura Bank Ltd. 517,778
FOREIGN BANKS, BRANCHES, AND AGENCIES
9,000 Sankyo Company Ltd. 203,014
DRUGS
2,000 Sanrio Co. Ltd. 53,214
SERVICES
35,000 Sanyo Electric Company Ltd. 314,482
ELECTRICAL INDUSTRIAL APPARATUS
4,000 Secom Company Ltd. 291,971
ELECTRONIC COMPONENTS AND ACCESSORIES
2,400 Sega Enterprises (a) 36,845
MISCELLANEOUS MANUFACTURING INDUSTRIES
6,000 Seiyu (a) 25,430
RETAIL STORES
15,000 Sekisui House Ltd. 138,593
CONSTRUCTION AND RELATED MACHINERY
9,000 Seventy Seven Bank 71,881
FOREIGN BANKS, BRANCHES, AND AGENCIES
21,000 Sharp Corp. 370,850
ELECTRICAL INDUSTRIAL APPARATUS
700 Shimamura Co. Ltd. 81,686
MISCELLANEOUS APPAREL AND ACCESSORY
STORES
3,200 Shimano Industrial 76,854
MISCELLANEOUS TRANSPORTATION EQUIPMENT
22,000 Shimizu Corp. 62,784
CONSTRUCTION AND RELATED MACHINERY
8,000 Shin-Etsu Chemical Co. 405,369
CHEMICALS AND ALLIED PRODUCTS
7,000 Shionogi & Company Ltd. 132,847
DRUGS, PROPRIETORS, AND SUNDRIES
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
9,000 Shiseido Co. $ 139,016
CHEMICALS AND ALLIED PRODUCTS
15,000 Shizuoka Bank 127,149
FOREIGN BANKS, BRANCHES, AND AGENCIES
3,000 Skylark Co. 118,390
RETAIL STORES
1,300 SMC Corporation 244,266
MACHINERY, EQUIPMENT, AND SUPPLIES
6,000 Softbank Corp. 813,751
SERVICES
16,200 Sony Corp. 1,510,525
HOUSEHOLD AUDIO AND VIDEO EQUIPMENT
58,000 Sumitomo Bank 710,146
FOREIGN BANKS, BRANCHES, AND AGENCIES
30,000 Sumitomo Chemical Co. 180,267
CHEMICALS AND ALLIED PRODUCTS
19,000 Sumitomo Corp. 213,488
MISCELLANEOUS NONDURABLE GOODS
14,000 Sumitomo Electric Industries 239,718
ELECTRICAL INDUSTRIAL APPARATUS
16,000 Sumitomo Marine & Fire 92,979
INSURANCE CARRIERS
12,000 Sumitomo Metal 56,510
NONFERROUS FOUNDRIES (CASTING)
80,000 Sumitomo Metal Industries 55,000
BLAST FURNACE AND BASIC STEEL PRODUCTS
6,000 Taisho Pharmaceutical Company Ltd. 214,740
DRUGS, PROPRIETORS, AND SUNDRIES
2,000 Taiyo Yuden Company Ltd. 125,077
ELECTRICAL INDUSTRIAL APPARATUS
4,000 Takara Shuzo 99,647
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
8,000 Takashimaya Co. 74,443
RETAIL STORES
16,000 Takeda Chemical Industries Ltd. 1,048,835
DRUGS
2,800 Takefuji Corporation 337,820
MISCELLANEOUS BUSINESS SERVICES
20,000 Teijin Limited 97,386
MISCELLANEOUS TEXTILE GOODS
4,000 Terumo 135,248
MEDICAL INSTRUMENTS AND SUPPLIES
86,000 The Bank of Tokyo Mitsubishi 1,037,590
FOREIGN BANKS, BRANCHES, AND AGENCIES
28,000 Tobu Railway Company Ltd. 79,906
MISCELLANEOUS TRANSPORTATION SERVICES
500 TOHO Co. 85,048
SERVICES
9,600 Tohoku Electric Power 129,296
ELECTRIC SERVICES
</TABLE>
---------
38
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
42,000 Tokai Bank $ 206,884
FOREIGN BANKS, BRANCHES, AND AGENCIES
29,000 Tokio Marine & Fire Insurance 334,315
INSURANCE CARRIERS
1,000 Tokyo Broadcasting 43,136
RADIO AND TELEVISION BROADCASTING
STATIONS
23,900 Tokyo Electric Power Company Inc. 581,884
ELECTRIC SERVICES
3,000 Tokyo Electron Ltd. 410,266
SERVICES
54,000 Tokyo Gas 151,562
GAS PRODUCTION AND DISTRIBUTION
27,000 Tokyu Corp. 133,250
MISCELLANEOUS TRANSPORTATION SERVICES
13,000 Toppan Printing Co. 137,378
PRINTING AND TRADE SERVICES
30,000 Toray Industries Inc. 121,497
MISCELLANEOUS TEXTILE GOODS
58,000 Toshiba Corporation 653,880
ELECTRICAL INDUSTRIAL APPARATUS
14,000 Tosoh Corp. 70,545
CHEMICALS AND ALLIED PRODUCTS
5,000 Tostem Corporation 81,470
METALS AND MINERALS, EXCEPT PETROLEUM
12,000 Toto Ltd. 91,999
PRODUCTS OF PURCHASED GLASS
5,000 Toyo Seikan 93,243
METALS AND MINERALS, EXCEPT PETROLEUM
69,000 Toyota Motor Co. 3,138,872
MOTOR VEHICLES AND EQUIPMENT
500 Trans Cosmos 74,971
SERVICES
1,400 UNI Charm 84,653
CHEMICALS AND ALLIED PRODUCTS
8,000 Wacoal Corp. 81,375
MISCELLANEOUS TEXTILE GOODS
1,000 World Co. Ltd. 43,325
MISCELLANEOUS TEXTILE GOODS
4,000 Yakult Honsha 53,082
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
5,000 Yamaha Corp. 54,580
MISCELLANEOUS MANUFACTURING INDUSTRIES
6,000 Yamanouchi Pharmaceutical 327,196
DRUGS, PROPRIETORS, AND SUNDRIES
8,000 Yamato Transport Company Ltd. 198,540
MISCELLANEOUS TRANSPORTATION SERVICES
7,000 Yokogawa Electric 69,885
ELECTRICAL INDUSTRIAL APPARATUS
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
22,000 Yokohama Bank $ 98,421
FOREIGN BANKS, BRANCHES, AND AGENCIES
------------
47,653,772
------------
Netherlands (5.4%)
26,487 ABN Amro Holdings 648,905
MORTGAGE BANKERS AND BROKERS
24,279 Aegon NV 863,937
LIFE INSURANCE
5,336 AKZO Dutch 226,708
MISCELLANEOUS CHEMICAL PRODUCTS
7,389 ASM Lithography Holding NV (a) 317,601
COMPUTER AND DATA PROCESSING SERVICES
1,971 Burhmann NV 56,361
PAPER AND PAPER PRODUCTS
12,833 Elsevier 155,482
MISCELLANEOUS PUBLISHING
5,688 Getronics NV 87,704
COMPUTER AND DATA PROCESSING SERVICES
1,368 Hagemeyer NV 37,720
MISCELLANEOUS NONDURABLE GOODS
5,588 Heineken NV 340,117
BEER, WINE, AND DISTILLED BEVERAGES
17,428 ING Group NV 1,178,074
COMMERCIAL BANKS
13,515 Koninklijke Ahold NV 397,815
GROCERY STORES
4,565 OCE NV 74,747
COMPUTER AND OFFICE EQUIPMENT
24,477 Philips Electronics NV 1,154,455
ELECTRONIC COMPONENTS AND ACCESSORIES
39,064 Royal Dutch Petroleum Co. 2,428,003
OIL AND GAS FIELD SERVICES
17,356 Royal KPN NV (a) 776,337
TELEPHONE COMMUNICATIONS
8,646 TNT Post Group 233,198
MISCELLANEOUS TRANSPORTATION SERVICES
10,250 Unilever NV 470,228
MISCELLANEOUS NONDURABLE GOODS
3,172 Vopak 69,655
TRUCKING AND COURIER SERVICES, EXCEPT
AIR
5,327 Wolters Kluwer NV 141,898
BOOKS
------------
9,658,945
------------
New Zealand (.1%)
13,000 Auckland International Airport (a) 15,374
AIRPORTS, FLYING FIELDS, AND SERVICES
38,162 Lion Nathan 85,071
MISCELLANEOUS NONDURABLE GOODS
</TABLE>
39-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
36,942 Telecom Corp. of New Zealand $ 129,160
ENGINEERING AND ARCHITECTURAL SERVICES
9,100 Warehouse Group Limited 22,079
DEPARTMENT STORES
------------
251,684
------------
Norway (.3%)
11,900 Christiania BK OG Kreditkass 63,927
FOREIGN BANKS, BRANCHES, AND AGENCIES
20,696 Den Norske Bank Shares 85,857
FOREIGN BANKS, BRANCHES, AND AGENCIES
4,286 DY Bergesen 87,902
WATER TRANSPORTATION SERVICES
5,551 Norsk Hydro ASA 232,868
MISCELLANEOUS BUSINESS SERVICES
5,839 Orkla AS Class A 110,908
GROCERIES AND RELATED PRODUCTS
1,300 Schibsted 24,087
MISCELLANEOUS BUSINESS SERVICES
5,800 Storebrand ASA 41,904
INSURANCE CARRIERS
------------
647,453
------------
Portugal (.4%)
18,379 Banco Comercial Portugues 95,633
FOREIGN BANKS, BRANCHES, AND AGENCIES
2,372 Banco Espirito Santo 58,202
MISCELLANEOUS INVESTING
15,614 Banco Portuguese De Invest SA 55,158
MISCELLANEOUS INVESTING
3,918 Brisa Auto Estradas 33,741
HIGHWAY AND STREET CONSTRUCTION
4,253 Cimentos De Portugal SA 81,211
MISCELLANEOUS NONMETALLIC MINERALS
2,191 Cin-Corp. Industrial Do Norte 12,196
PAINTS AND ALLIED PRODUCTS
9,991 EDP PL 181,431
COMBINATION UTILITY SERVICES
1,875 Jeronimo, Martins & Filho 30,898
MISCELLANEOUS FOOD STORES
17,843 Portugal Telecom 200,339
COMMUNICATIONS SERVICES
30,860 Sonae Industria E Investimento 65,188
SERVICES
------------
813,997
------------
Singapore (.9%)
19,000 Chartered Semiconductor 166,079
ELECTRONIC COMPONENTS AND ACCESSORIES
19,031 City Developments 73,810
REAL ESTATE AGENTS AND MANAGERS
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
1,550 Creative Technology Limited $ 37,415
COMPUTER AND DATA PROCESSING SERVICES
24,445 DBS Group Holdings Ltd. 314,140
MISCELLANEOUS INVESTING
51,128 DBS Land Ltd. 66,298
REAL ESTATE AGENTS AND MANAGERS
29,001 Keppel Corp. Ltd. 62,787
MISCELLANEOUS MANUFACTURING INDUSTRIES
6,000 Natsteel Electronics Ltd. 18,408
ELECTRICAL INDUSTRIAL APPARATUS
23,000 Overseas-Chinese Banking 158,438
MISCELLANEOUS INVESTING
20,000 Singapore Airlines 197,974
AIR TRANSPORTATION, SCHEDULED
7,600 Singapore Press Holdings 118,784
NEWSPAPERS
55,381 Singapore Tech Engineering 81,427
ENGINEERING AND ARCHITECTURAL SERVICES
105,000 Singapore Telecom Ltd. (a) 153,773
TELEPHONE COMMUNICATIONS
20,616 United Overseas Bank 134,853
MISCELLANEOUS INVESTING
4,397 Venture Manufacturing 44,797
COMPUTER AND DATA PROCESSING SERVICES
29,000 Wing Tai Holdings 20,648
MISCELLANEOUS MANUFACTURING INDUSTRIES
------------
1,649,631
------------
Spain (2.7%)
1,574 Acerinox SA 45,534
METALS AND MINERALS, EXCEPT PETROLEUM
2,373 Actividades De Construccion 66,836
CONSTRUCTION AND RELATED MACHINERY
4,137 Aguas De Barcelona 55,298
WATER SUPPLY
2,326 ALBA Corp. Finance 61,293
HOLDING OFFICES
8,858 Autopistas Concesionaria 77,045
AUTOMOBILE PARKING
8,858 Autopistas Concesionaria Rights 3,805
AUTOMOBILE PARKING
55,536 Banco Bilbao Vizcaya SA 829,813
FOREIGN BANKS, BRANCHES, AND AGENCIES
71,998 Banco Santander 759,579
FOREIGN BANKS, BRANCHES, AND AGENCIES
18,489 Endesa SA 358,169
ELECTRIC SERVICES
3,772 Fomento De Costruct Y Contra 71,306
CONSTRUCTION AND RELATED MACHINERY
8,145 Gas Natural SDG SA 146,198
GAS PRODUCTION AND DISTRIBUTION
</TABLE>
---------
40
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
9,358 Grupo Dragados SA $ 67,099
HIGHWAY AND STREET CONSTRUCTION
16,183 I. Iberdrola SA 208,586
ELECTRIC SERVICES
21,423 Repsol SA 426,459
OIL AND GAS FIELD SERVICES
4,903 Sol Melia SA (a) 54,769
HOTELS AND MOTELS
7,911 Tabacalera SA Class A 121,529
TOBACCO STEMMING AND REDRYING
59,352 Telefonica SA (a) 1,275,000
COMMUNICATIONS SERVICES
2,977 Telepizza (a) 16,769
EATING AND DRINKING PLACES
5,676 Union Electrica Fenosa SA 102,694
ELECTRIC SERVICES
7,747 Zardoya Otis 68,639
MISCELLANEOUS MANUFACTURING INDUSTRIES
------------
4,816,420
------------
Sweden (3.4%)
3,746 Assidoman AB 53,302
FORESTRY SERVICES
4,045 Atlas Copco AB Class A 77,965
ENGINEERING AND ARCHITECTURAL SERVICES
6,257 Drott AB Class B 67,394
REAL ESTATE AGENTS AND MANAGERS
6,795 Electrolux Class B 105,161
HOUSEHOLD APPLIANCES
141,524 Ericsson AB Class B (a) 2,799,996
COMMUNICATIONS EQUIPMENT
9,975 Forenings Sparbanken Class A 145,893
FOREIGN BANKS, BRANCHES, AND AGENCIES
8,472 Gambro AB Class A 69,159
MISCELLANEOUS MANUFACTURING INDUSTRIES
15,207 Hennes & Mauritz 317,244
FAMILY CLOTHING STORES
2,271 Netcom Systems AB Class B (a) 167,621
TELEPHONE COMMUNICATIONS
55,500 Nordic Baltic Holding AB 418,453
FOREIGN BANKS, BRANCHES, AND AGENCIES
1,616 OM Gruppen AB 72,189
MISCELLANEOUS INVESTING
5,254 Sandvik AB Class B (a) 110,203
ENGINEERING AND ARCHITECTURAL SERVICES
6,668 Securitas AB Class B 141,374
MISCELLANEOUS BUSINESS SERVICES
21,366 Skandia Forsakrings AB 564,430
INSURANCE AGENTS, BROKERS, AND SERVICES
14,435 Skandinaviska Enskilda Bankn Class A 171,027
FOREIGN BANKS, BRANCHES, AND AGENCIES
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
2,709 Skanska Class B $ 95,982
REAL ESTATE AGENTS AND MANAGERS
5,280 Svenska Cellulosa AB-B 100,272
FORESTRY SERVICES
12,064 Svenska Handelbanken 175,079
FOREIGN BANKS, BRANCHES, AND AGENCIES
17,959 Swedish Match AB 55,384
TOBACCO STEMMING AND REDRYING
26,800 Telia AB (a) 252,199
MISCELLANEOUS BUSINESS SERVICES
2,866 Volvo Akttiebolag Class A 60,115
MOTOR VEHICLES AND EQUIPMENT
6,083 Volvo Akttiebolag Class B 132,074
MOTOR VEHICLES AND EQUIPMENT
13,530 WM Data AB 74,400
RESEARCH AND TESTING SERVICES
------------
6,226,916
------------
Switzerland (5.7%)
5,430 ABB Ltd. 649,896
ENGINEERING AND ARCHITECTURAL SERVICES
314 Adecco SA 266,775
SERVICES
162 Alusuis-Lonza Holdings (a) 105,560
MISCELLANEOUS MANUFACTURING INDUSTRIES
4,970 Credit Suisse Group 988,608
FOREIGN BANKS, BRANCHES, AND AGENCIES
101 Gebruder Sulzer AG (a) 67,174
MACHINERY, EQUIPMENT, AND SUPPLIES
180 Georg Fischer 55,941
MACHINERY, EQUIPMENT, AND SUPPLIES
150 Givuadan (a) 45,652
CHEMICALS AND ALLIED PRODUCTS
265 Holderbank Financiere Glarus 86,582
CONSTRUCTION AND RELATED MACHINERY
100 Holderbank Financiere Glarus Class B 122,598
CONSTRUCTION AND RELATED MACHINERY
132 Lonza AG 68,777
PLASTICS MATERIALS AND SYNTHETICS
702 Nestle 1,404,990
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
1,298 Novartis AG 2,055,985
DRUGS
28 Roche Holdings AG 296,160
CHEMICALS AND ALLIED PRODUCTS
125 Roche Holdings AG -- Genusschein 1,216,784
DRUGS
240 Sairgroup 40,016
AIR TRANSPORTATION, SCHEDULED
</TABLE>
41-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
42 Schindler Holding AG $ 64,364
MACHINERY, EQUIPMENT, AND SUPPLIES
255 SCHW Rueckversicherungs (a) 519,738
INSURANCE CARRIERS
31 SGS Soc Gen Surviellance Class B 53,588
SERVICES
75 SMH AG 95,350
ELECTRONIC COMPONENTS AND ACCESSORIES
1,355 Swisscom AG 469,289
TELEPHONE COMMUNICATIONS
302 The Swatch Group AG 78,770
ELECTRONIC COMPONENTS AND ACCESSORIES
7,826 Union Bank of Switzerbank (a) 1,146,543
FOREIGN BANKS, BRANCHES, AND AGENCIES
870 Zuerich Allied AG 429,840
INSURANCE CARRIERS
------------
10,328,980
------------
United Kingdom (19.5%)
9,827 3I Group PLC 202,654
TRUSTS
25,062 Abbey National 300,441
FOREIGN BANKS, BRANCHES, AND AGENCIES
8,884 AirTours 46,780
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
28,797 Allied Zurich PLC 341,501
HOLDING OFFICES
11,732 Amvesco PLC 188,709
INVESTMENT OFFICES
9,629 Anglian Water PLC (a) 89,130
WATER SUPPLY
16,817 Arjo Wiggins Appleton PLC 65,583
PAPER AND PAPER PRODUCTS
16,510 ARM Holdings (a) 177,377
COMPUTER AND DATA PROCESSING SERVICES
31,902 Astrazeneca PLC (a) 1,493,441
DRUGS, PROPRIETORS, AND SUNDRIES
18,935 BAA PLC 152,285
AIRPORTS, FLYING FIELDS, AND SERVICES
26,940 Barclay's PLC 671,660
COMMERCIAL BANKS
15,319 Bass PLC 172,717
EATING AND DRINKING PLACES
10,352 BBA Group 68,019
ENGINEERING AND ARCHITECTURAL SERVICES
61,743 BG Group PLC 400,064
GAS PRODUCTION AND DISTRIBUTION
14,674 Blue Circle Industries PLC 94,969
CONSTRUCTION AND RELATED MACHINERY
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
8,659 BOC Group $ 124,826
CHEMICALS AND ALLIED PRODUCTS
16,285 Boots Co. PLC 124,300
RETAIL STORES
414,775 BP Amoco PLC 3,990,384
CRUDE PETROLEUM AND NATURAL GAS
51,914 British Aerospace PLC 324,561
AIRCRAFT AND PARTS
20,171 British Airways PLC 116,312
MISCELLANEOUS TRANSPORTATION SERVICES
41,557 British American Tobacco 278,099
CIGARETTES
11,315 British Land Company PLC 69,539
REAL ESTATE AGENTS AND MANAGERS
34,551 British Sky Broadcasting PLC (a) 677,390
COMMUNICATIONS SERVICES
118,299 British Telecommunications PLC 1,533,037
TELEPHONE COMMUNICATIONS
11,237 Bunzl PLC 60,363
PAPER AND PAPER PRODUCTS
4,387 Burmah Castrol PLC 110,906
OIL AND GAS FIELD SERVICES
33,813 Cadbury Schweppes PLC 222,682
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
13,544 Canary Wharf Finance PLC (a) 76,147
REAL ESTATE OPERATORS AND LESSORS
3,641 Capita Group PLC 89,340
SERVICES
10,892 Carlton Communications 140,488
COMMUNICATIONS SERVICES
4,481 Celltech PLC (a) 87,036
DRUGS, PROPRIETORS, AND SUNDRIES
70,399 Centrica PLC 235,555
METAL MINING SERVICES
40,144 Commercial Union PLC 670,084
INSURANCE CARRIERS
11,214 Compass Group PLC 148,130
EATING AND DRINKING PLACES
59,874 Corus Group PLC (a) 87,673
IRON AND STEEL FOUNDRIES
29,012 De La Rue Company PLC (a) 152,325
PAPER AND PAPER PRODUCTS
59,605 Diageo PLC 536,356
BEER, WINE, AND DISTILLED BEVERAGES
8,125 Electrocomponents PLC 83,223
MISCELLANEOUS MANUFACTURING INDUSTRIES
13,570 EMI Group PLC 123,551
PHOTOGRAPHIC STUDIOS, PORTRAIT
10,786 FKI Babcock 38,463
ENGINEERING AND ARCHITECTURAL SERVICES
</TABLE>
---------
42
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
13,136 GKN PLC $ 168,037
MOTOR VEHICLES, PARTS, AND SUPPLIES
64,923 Glaxo Wellcome PLC 1,898,433
DRUGS
32,708 Granada Group PLC 327,577
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
19,515 Great Universal Stores 125,856
RETAIL STORES
39,659 Halifax PLC 381,543
FOREIGN BANKS, BRANCHES, AND AGENCIES
4,922 Hammerson Property Investment &
Development 33,012
REAL ESTATE AGENTS AND MANAGERS
12,990 Hanson PLC 92,054
MISCELLANEOUS MANUFACTURING INDUSTRIES
30,005 Hays PLC 167,782
LAUNDRY, CLEANING, AND GARMENT SERVICES
28,868 Hilton Group PLC 101,630
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
152,528 HSBC Holdings PLC 1,748,627
HOLDING OFFICES
14,093 Imperial Chemical Industries 112,166
CHEMICALS AND ALLIED PRODUCTS
66,152 Invensys PLC 248,950
ENGINEERING AND ARCHITECTURAL SERVICES
34,566 J. Sainsbury PLC 157,358
MISCELLANEOUS FOOD STORES
4,934 Johnson Matthey PLC 69,630
ELECTRONIC COMPONENTS AND ACCESSORIES
25,188 Kingfisher PLC 229,903
NONSTORE RETAILERS
9,226 Land Securities PLC 110,600
REAL ESTATE AGENTS AND MANAGERS
90,679 Legal and General PLC 212,597
INVESTMENT OFFICES
99,085 Lloyds TSB Group PLC 938,226
FOREIGN BANKS, BRANCHES, AND AGENCIES
7,191 Logica PLC 170,663
COMPUTER AND DATA PROCESSING SERVICES
33,765 London & Scotland Marine Oil 71,987
OIL AND GAS FIELD SERVICES
2,745 London Bridge Software Holdings (a) 20,410
COMPUTER AND DATA PROCESSING SERVICES
48,099 Marconi Electronic Systems 627,697
COMMUNICATIONS SERVICES
51,737 Marks & Spencer PLC 182,337
RETAIL STORES
9,792 MEPC PLC 80,832
REAL ESTATE AGENTS AND MANAGERS
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
9,717 Misys PLC $ 82,278
COMPUTER AND DATA PROCESSING SERVICES
25,902 National Grid Group PLC 204,779
ELECTRIC SERVICES
21,067 National Power PLC 134,587
ELECTRIC SERVICES
30,315 New Dixons Group PLC (a) 123,743
ELECTRONIC COMPONENTS AND ACCESSORIES
13,102 New Unigate PLC (a) 57,657
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
11,475 Nycomed Amersham PLC 114,228
HEALTH AND ALLIED SERVICES
5,671 Ocean Group PLC 93,799
MISCELLANEOUS TRANSPORTATION SERVICES
10,970 Pearson PLC 349,575
COMMUNICATIONS SERVICES
12,795 Peninsular & Orient Steam Navigation 109,894
MISCELLANEOUS TRANSPORTATION SERVICES
7,546 Provident Financial PLC 79,582
MISCELLANEOUS INVESTING
33,948 Prudential PLC 498,659
LIFE INSURANCE
7,510 Psion PLC 72,821
MISCELLANEOUS MANUFACTURING INDUSTRIES
9,503 Railtrack Group PLC 148,024
HOLDING OFFICES
15,799 Rank Group 36,681
MISCELLANEOUS AMUSEMENT AND RECREATION
SERVICES
20,843 Reed International Ltd. 181,861
HOLDING OFFICES
66,499 Rentokil Initial PLC 151,365
MISCELLANEOUS BUSINESS SERVICES
25,156 Reuters Group PLC 430,210
SECURITY AND COMMODITY SERVICES
19,930 Rio Tinto PLC 326,623
METAL MINING SERVICES
5,590 RMC Group PLC 72,950
CONSTRUCTION AND RELATED MACHINERY
47,015 Royal Bank of Scotland Group PLC 789,053
FOREIGN BANKS, BRANCHES, AND AGENCIES
5,405 Schroders PLC (a) 97,438
HOLDING OFFICES
31,752 Scottish Power PLC 269,819
ELECTRIC SERVICES
7,661 SEMA Group PLC 109,277
MISCELLANEOUS BUSINESS SERVICES
11,453 Slough Estates PLC 63,609
REAL ESTATE AGENTS AND MANAGERS
24,353 Smith and Nephew Associated 90,169
HEALTH AND ALLIED SERVICES
</TABLE>
43-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
---------- ------------
<C> <S> <C>
101,007 Smithkline Beecham PLC $ 1,325,808
DRUGS, PROPRIETORS, AND SUNDRIES
6,634 Smiths Industries 86,574
ELECTRONIC COMPONENTS AND ACCESSORIES
3,679 SSL International PLC 39,916
HEALTH AND ALLIED SERVICES
45,228 Stagecoach Holdings 50,099
MISCELLANEOUS TRANSPORTATION SERVICES
117,971 Tesco PLC 367,881
MISCELLANEOUS FOOD STORES
7,472 Thames Water PLC 96,943
WATER SUPPLY
22,594 The Sage Group PLC 183,427
SERVICES
12,271 TI Group PLC 67,034
MISCELLANEOUS MANUFACTURING INDUSTRIES
52,580 Unilever PLC 319,150
MISCELLANEOUS FOOD AND KINDRED PRODUCTS
10,024 United Utilities PLC 99,479
WATER SUPPLY
1,119,830 Vodafone Group PLC 4,537,103
TELEPHONE COMMUNICATIONS
16,122 Williams PLC 94,188
MISCELLANEOUS MANUFACTURING INDUSTRIES
13,545 Wolseley PLC 72,966
CONSTRUCTION AND RELATED MACHINERY
13,672 WPP Group PLC 200,205
ADVERTISING
------------
35,073,461
------------
Total common stocks
(cost $150,232,590) 177,410,456
PREFERRED STOCKS (.6%)
Australia (.3%)
38,415 News Corporation Ltd. 463,078
COMMUNICATIONS SERVICES
------------
Germany (.3%)
1,400 RWE (a) 38,095
MISCELLANEOUS MANUFACTURING INDUSTRIES
2,550 SAP AG 476,699
COMPUTER AND DATA PROCESSING SERVICES
2,400 Volkswagen AG 56,689
AUTOMOTIVE SERVICES, EXCEPT REPAIR
------------
571,483
------------
Total preferred stocks
(cost $811,746) 1,034,561
</TABLE>
<TABLE>
<CAPTION>
Principal
amount Value
---------- ------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (.8%)
$1,415,000 U.S. Treasury Bills, 5.670% and 5.760%,
July and August, 2000
(cost $1,412,355) $ 1,411,995
------------
TOTAL INVESTMENTS (99.9%)
(cost $152,456,691) 179,857,012
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.1%)
168,703
------------
NET ASSETS (100.0%) $180,025,715
============
</TABLE>
(a) Non-income producing security.
At June 30, 2000, net unrealized appreciation of $26,988,911 consisted of gross
unrealized appreciation of $35,547,683 and gross unrealized depreciation of
$8,558,772 based on cost of $152,868,101 for federal income tax purposes.
Approximately 37.0% of the investment securities in the Fund are denominated in
the Euro, followed by 26.5% in the Japanese Yen, 19.5% in the U.K. Pound
Sterling, 5.7% in the Swiss Franc, and 3.5% in the Swedish Krona. The remaining
investment securities in the Fund are denominated in seven currencies, each of
which represents less than 3% of net assets.
INTERNATIONAL FUND INDUSTRY CLASSES
<TABLE>
<CAPTION>
Industry Value %
---------------------------------------- ------------ -----
<S> <C> <C>
Communications $ 36,820,086 20.4%
Consumer Goods & Services 23,411,287 13.0
Machinery, Manufacturing & Construction 20,429,928 11.4
Banks 20,388,452 11.3
Healthcare 13,713,608 7.6
Mining & Refining 12,454,906 6.9
Transportation 10,525,083 5.8
Real Estate and Other Financial 9,337,707 5.2
Insurance 8,495,919 4.7
Retail 6,677,964 3.7
Agriculture, Foods & Beverage 6,570,803 3.7
Chemicals 4,637,666 2.6
Energy & Utilities 4,153,382 2.3
Other 828,226 0.5
------------ -----
Total Stocks 178,445,017 99.1
Short-term Investments 1,411,995 0.8
Cash and Other Assets, net of
Liabilities 168,703 0.1
------------ -----
Net Assets $180,025,715 100.0%
============ =====
</TABLE>
See accompanying notes to
financial statements.
---------
44
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND
PORTFOLIO OF INVESTMENTS
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares Value
--------- -----------
<C> <S> <C>
INVESTMENT IN MUTUAL FUNDS (99.4%)
2,003,809 State Farm Variable Product Trust Bond
Fund (38.9%) $19,156,414
1,991,946 State Farm Variable Product Trust Large
Cap Equity Index Fund (60.5%) 29,839,352
-----------
Total investment in mutual funds
(cost $47,034,343) 48,995,766
OTHER ASSETS, NET OF LIABILITIES (0.6%) 276,151
-----------
NET ASSETS (100.0%) $49,271,917
===========
</TABLE>
Notes:
At June 30, 2000, net unrealized appreciation of $1,944,177 consisted of gross
unrealized appreciation of $2,358,695 and gross unrealized depreciation of
$414,518 based on cost of $47,051,589 for federal income tax purposes.
See accompanying notes to financial
statements.
45-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST BOND FUND
PORTFOLIO OF INVESTMENTS
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Coupon Maturity
amount Rate date Value
---------- ------ ------------------ -----------
<C> <S> <C> <C> <C>
CORPORATE BONDS (86.3%)
Automotive (2.8%)
$ 500,000 Paccar Financial Corp. 5.970% November 15, 2001 $ 490,110
500,000 Ford Motor Credit Company 6.500% February 28, 2002 492,085
1,500,000 General Motors Acceptance
Corp. 6.150% April 5, 2007 1,369,485
-----------
2,351,680
-----------
Banks (2.3%)
2,000,000 Norwest Financial Inc. 6.375% July 16, 2002 1,962,520
-----------
Building Materials & Construction (3.1%)
750,000 Masco Corp. 6.125% September 15, 2003 719,130
2,000,000 Vulcan Materials Company 5.750% April 1, 2004 1,888,140
-----------
2,607,270
-----------
Chemicals (10.7%)
825,000 Dow Capital 7.375% July 15, 2002 824,208
500,000 EI du Pont de Nemours and
Company 6.000% March 6, 2003 484,780
1,000,000 Air Products & Chemicals Inc. 6.250% June 15, 2003 959,950
2,000,000 Rohm & Haas Co. (a) 6.950% July 15, 2004 1,970,320
2,000,000 PPG Industries Inc. 6.750% August 15, 2004 1,973,660
1,000,000 Praxair Inc. 6.900% November 1, 2006 955,490
2,000,000 Great Lakes Chemical Corp. 7.000% July 15, 2009 1,878,340
-----------
9,046,748
-----------
Commercial Service/Supply (1.3%)
350,000 Pitney Bowes Credit 5.650% January 15, 2003 337,529
850,000 Xerox Corporation 5.500% November 15, 2003 790,984
-----------
1,128,513
-----------
Computers (1.5%)
1,500,000 International Business
Machines Corporation 5.375% February 1, 2009 1,323,840
-----------
Consumer & Marketing (7.2%)
150,000 Kimberly Clark Corp. 8.625% May 1, 2001 151,830
500,000 McDonald's Corporation 5.900% May 11, 2001 494,555
2,000,000 Clorox Co. 8.800% July 15, 2001 2,031,020
425,000 Mattel Inc. 6.000% July 15, 2003 388,454
1,000,000 Colgate Palmolive Co. 6.000% August 15, 2003 967,760
300,000 The Procter & Gamble Company 5.250% September 15, 2003 284,145
2,000,000 Hasbro Inc. 5.600% November 1, 2005 1,801,140
-----------
6,118,904
-----------
Consumer Staples (2.3%)
2,000,000 Dean Foods Company 6.750% June 15, 2005 1,931,000
-----------
Electronic/Electrical Mfg. (5.7%)
500,000 Public Service Co. of Colorado 6.240% November 27, 2000 497,680
2,000,000 Raytheon Co. 5.950% March 15, 2001 1,978,280
2,000,000 Public Service Co. of Colorado 7.125% June 1, 2006 1,930,920
500,000 Emerson Electric Co. 5.500% September 15, 2008 443,005
-----------
4,849,885
-----------
</TABLE>
---------
46
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Coupon Maturity
amount Rate date Value
---------- ------ ------------------ -----------
<C> <S> <C> <C> <C>
Financial Services (2.1%)
$ 300,000 Associates Corp. of North
America 5.875% May 16, 2001 $ 296,481
500,000 Household Finance Corp. 5.875% November 1, 2002 481,540
1,000,000 Sears Roebuck Acceptance Corp. 7.140% May 2, 2003 986,110
-----------
1,764,131
-----------
Forest Products (4.9%)
500,000 Mead Corporation 6.600% March 1, 2002 493,565
660,000 Westvaco Corp. 9.650% March 1, 2002 683,212
1,000,000 Westvaco Corp. 6.850% November 15, 2004 968,450
2,000,000 International Paper Co. 7.875% August 1, 2006 1,977,560
-----------
4,122,787
-----------
Health Care (1.1%)
500,000 Warner-Lambert Co. 5.750% January 15, 2003 484,765
500,000 Abbott Laboratories 5.400% September 15, 2008 442,785
-----------
927,550
-----------
Machinery & Manufacturing (10.7%)
400,000 Caterpillar Finance 6.750% July 10, 2001 397,508
300,000 Honeywell International Inc. 9.875% June 1, 2002 313,689
1,500,000 Parker Hannifin Corp. 5.650% September 15, 2003 1,423,965
2,000,000 Deere & Company 6.550% July 15, 2004 1,931,460
900,000 TRW Inc. 6.730% July 11, 2007 828,306
1,425,000 Dover Corp. 6.250% June 1, 2008 1,317,940
1,000,000 BF Goodrich Co. 6.600% May 15, 2009 907,680
2,000,000 Honeywell International Inc. 7.500% March 1, 2010 1,996,060
-----------
9,116,608
-----------
Media & Broadcasting (1.6%)
406,000 The Walt Disney Company 6.375% March 30, 2001 403,808
500,000 Tribune Co. 5.750% September 15, 2003 473,805
500,000 New York Times 5.000% October 8, 2003 468,440
-----------
1,346,053
-----------
Mining & Metals (.6%)
500,000 ALCOA Inc. 6.125% June 15, 2005 477,375
-----------
Oil & Gas (2.7%)
2,270,000 Mobil Corp. 8.375% February 12, 2001 2,287,956
-----------
Retailers (8.2%)
1,550,000 Wal-Mart Stores Inc. 8.625% April 1, 2001 1,567,809
500,000 Sherwin Williams Co. 6.500% February 1, 2002 493,730
2,000,000 Safeway Inc. 7.000% September 15, 2002 1,977,800
2,000,000 Albertsons Inc. 6.550% August 1, 2004 1,930,680
1,000,000 Wal-Mart Stores Inc. 6.550% August 10, 2004 984,170
-----------
6,954,189
-----------
Technology (2.3%)
2,000,000 Electronic Data Systems Corp. 6.850% October 15, 2004 1,954,120
-----------
</TABLE>
47-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Coupon Maturity
amount Rate date Value
---------- ------ ------------------ -----------
<C> <S> <C> <C> <C>
Telecom & Telecom Equipment (11.7%)
$ 750,000 Ameritech Capital Funding
Corp. 5.650% January 15, 2001 $ 743,355
300,000 WorldCom Inc. 6.125% August 15, 2001 296,205
1,250,000 Ameritech Capital Funding
Corp. 6.125% October 15, 2001 1,229,688
200,000 Nortel Networks Corp. 6.875% October 1, 2002 197,136
1,500,000 Southwestern Bell 6.250% October 15, 2002 1,464,420
2,000,000 Vodafone AirTouch PLC 7.625% February 15, 2005 2,007,880
1,000,000 AT&T Corp. 7.000% May 15, 2005 982,650
1,000,000 BellSouth Telecommunications
Inc. 6.500% June 15, 2005 960,120
2,000,000 Deutsche Telekom International
Financial 7.750% June 15, 2005 2,016,480
-----------
9,897,934
-----------
Transportation (1.7%)
1,500,000 Cooper Tire & Rubber Co. 7.250% December 16, 2002 1,479,030
-----------
Utilities & Energy (1.8%)
500,000 Virginia Electric & Power 7.375% July 1, 2002 499,900
1,000,000 Carolina Power & Light Co. 7.875% April 15, 2004 1,012,970
-----------
1,512,870
-----------
Total corporate bonds
(cost $75,824,542) 73,160,963
U.S. TREASURY OBLIGATIONS (3.6%)
1,000,000 U.S. Treasury Notes 6.250% January 31, 2002 996,900
2,000,000 U.S. Treasury Notes 7.000% July 15, 2006 2,073,280
-----------
Total U.S. treasury obligations
(cost $3,058,985) 3,070,180
GOVERNMENT AGENCY SECURITIES (6.9%)
2,000,000 Federal National Mortgage
Association 7.125% March 15, 2007 2,004,580
2,000,000 Federal Home Loan Mortgage
Corp. 6.625% September 15, 2009 1,928,940
2,000,000 Federal National Mortgage
Association 6.625% September 15, 2009 1,931,560
-----------
Total government agency securities
(cost $5,817,566) 5,865,080
<CAPTION>
Shares or
Principal
amount
-----------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (3.7%)
<C> <S> <C> <C> <C>
2,000,000 Ford Motor Credit Company 6.738% July 3, 2000 2,000,000
1,114,901 Chase Vista Treasury Plus
Money Market Fund 1,114,901
-----------
Total short-term investments
(cost $3,114,900) 3,114,901
-----------
TOTAL INVESTMENTS (100.5%)
(cost $87,815,993) 85,211,124
LIABILITIES, NET OF OTHER ASSETS (-0.5%) (447,746)
-----------
NET ASSETS (100.0%) $84,763,378
===========
</TABLE>
Notes:
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933. This security may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At June 30, 2000, the value of
this security amounted to $1,970,320 or 2.3% of net assets.
At June 30, 2000, net unrealized depreciation of $2,604,869 consisted of gross
unrealized appreciation of $104,368 and gross unrealized depreciation of
$2,709,237 based on cost of $87,815,993 for federal income tax purposes.
See accompanying notes to financial statements.
---------
48
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Principal Coupon Maturity
amount Rate date Value
---------- ------------------ ----------------- -----------
<C> <S> <C> <C> <C>
SHORT-TERM INVESTMENTS (99.6%)
Agriculture, Foods, & Beverage (9.1%)
$2,000,000 Sara Lee Corporation 6.480% July 6, 2000 $ 1,998,200
2,000,000 Coca-Cola 6.530% September 7, 2000 1,975,331
-----------
3,973,531
-----------
Automotive (9.0%)
1,860,000 General Motors Acceptance
Corp. 6.133% July 13, 2000 1,860,000
2,070,000 Ford Motor Credit Company 6.669% August 16, 2000 2,070,000
-----------
3,930,000
-----------
Chemicals (4.6%)
2,000,000 EI du Pont de Nemours and
Company 6.460% August 2, 2000 1,988,516
-----------
Computers (4.8%)
2,100,000 International Business
Machines Corporation 6.571% August 4, 2000 2,100,000
-----------
Electronic/Electrical Mfg. (4.2%)
1,850,000 General Electric Capital Corp. 6.143% July 11, 2000 1,850,000
-----------
Financial Services (13.1%)
1,920,000 Household Finance Corp. 6.289% August 4, 2000 1,920,000
2,075,000 Associates Corp. of North
America 6.706% August 24, 2000 2,075,000
1,750,000 Caterpillar Financial Services
Corp. 6.120% November 14, 2000 1,709,540
-----------
5,704,540
-----------
Health Care (9.1%)
2,000,000 Merck & Co. Inc. 6.700% July 7, 2000 1,997,767
2,000,000 Pfizer Inc. (a) 6.550% August 9, 2000 1,985,808
-----------
3,983,575
-----------
Machinery & Manufacturing (4.6%)
2,000,000 John Deere Credit Co. 6.652% July 26, 2000 2,000,000
-----------
Oil & Gas (3.4%)
1,500,000 Chevron Corporation 6.546% July 7, 2000 1,500,000
-----------
Telecom & Telecom Equipment (4.9%)
2,140,000 BellSouth Telecommunications
Inc. 6.530% August 10, 2000 2,124,473
-----------
U.S. Government (29.5%)
3,000,000 Federal National Mortgage
Association 6.070% July 20, 2000 2,990,389
3,500,000 Federal Home Loan Mortgage
Corp. 6.530% August 24, 2000 3,465,718
2,000,000 Federal National Mortgage
Association 5.930% August 31, 2000 1,979,904
2,500,000 Federal National Mortgage September 14,
Association 6.440% 2000 2,466,458
2,000,000 Federal National Mortgage
Association 6.480% October 2, 2000 1,966,520
-----------
12,868,989
-----------
Money Market Mutual Funds (3.3%)
1,444,018 Chase Vista Treasury Plus
Money Market Fund 1,444,018
-----------
Total short-term investments
(cost $43,467,642) 43,467,642
OTHER ASSETS, NET OF LIABILITIES (0.4%) 169,723
-----------
NET ASSETS (100.0%) $43,637,365
===========
</TABLE>
Notes:
(a) Securitiy exempt from registration under Section 4(2) of the Securities Act
of 1933. This security may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 2000,
the value of this security amounted to $1,985,808 or 4.6% of net assets.
At June 30, 2000 the aggregate cost for federal income tax purposes was
$43,467,642.
See accompanying notes to financial statements.
49-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Large Cap
Equity Index
Fund
------------
<S> <C>
Assets
Investments in
securities:
At identified cost $277,782,263
============
At value $304,099,022
Cash 237
Foreign currency at
value (cost $749,533) --
Receivable for:
Dividends and
interest 249,281
Shares of the Fund
sold 528,167
Securities sold 543,643
Expense cap
reimbursement --
Prepaid expenses 2,822
------------
Total assets 305,423,172
------------
Liabilities and Net
Assets
Payable for:
Shares of the Fund
redeemed 4,815
Securities purchased 631,449
Variation margin 29,725
Manager 192,291
Accrued Liabilities 94,485
------------
Total liabilities 952,765
------------
Net assets applicable
to shares outstanding
of common stock 304,470,407
------------
Fund shares outstanding 20,324,354
Net asset value,
offering price and
redemption price per
share $ 14.98
============
Analysis of Net Assets
Excess of amounts
received from sales
of shares over
amounts paid on
redemptions of shares
on account of capital $274,567,552
Accumulated net
realized gain (loss) 2,421,935
Net unrealized
appreciation
(depreciation) 26,057,909
Undistributed net
investment income 1,423,011
------------
Net assets applicable
to shares outstanding $304,470,407
============
</TABLE>
See accompanying notes to financial statements.
---------
50
<PAGE>
<TABLE>
<CAPTION>
Small Cap International Stock & Bond Money
Equity Index Equity Index Balanced Bond Market
Fund Fund Fund Fund Fund
------------ ------------- ---------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in
securities:
At identified cost 115,272,595 152,456,691 47,034,343 87,815,993 43,467,642
============ ============ =========== =========== ===========
At value 125,100,848 179,857,012 48,995,766 85,211,124 43,467,642
Cash -- 586 -- -- --
Foreign currency at
value (cost $749,533) -- 749,368 -- -- --
Receivable for:
Dividends and
interest 125,447 275,725 261,731 1,628,448 173,926
Shares of the Fund
sold 163,755 88,982 14,420 20,761 23,768
Securities sold 317,078 37,748 -- -- --
Expense cap
reimbursement 16,675 93,979 25,161 -- 206
Prepaid expenses 1,935 7,282 -- 1,691 1,315
------------ ------------ ----------- ----------- -----------
Total assets 125,725,738 181,110,682 49,297,078 86,862,024 43,666,857
------------ ------------ ----------- ----------- -----------
Liabilities and Net
Assets
Payable for:
Shares of the Fund
redeemed 844 -- -- 52,643 4,618
Securities purchased 435,923 584,214 -- 1,996,520 --
Variation margin 53,000 -- -- -- --
Manager 125,970 378,970 -- -- --
Accrued Liabilities 109,758 121,783 25,161 49,483 24,874
------------ ------------ ----------- ----------- -----------
Total liabilities 725,495 1,084,967 25,161 2,098,646 29,492
------------ ------------ ----------- ----------- -----------
Net assets applicable
to shares outstanding
of common stock 125,000,243 180,025,715 49,271,917 84,763,378 43,637,365
------------ ------------ ----------- ----------- -----------
Fund shares outstanding 11,165,277 12,980,180 3,837,925 8,866,631 43,637,365
Net asset value,
offering price and
redemption price per
share 11.20 13.87 12.84 9.56 1.00
============ ============ =========== =========== ===========
Analysis of Net Assets
Excess of amounts
received from sales
of shares over
amounts paid on
redemptions of shares
on account of capital 112,646,434 149,491,517 45,756,489 87,411,869 43,637,365
Accumulated net
realized gain (loss) 2,106,044 2,435,752 114,892 (43,622) --
Net unrealized
appreciation
(depreciation) 9,835,353 27,397,204 1,961,423 (2,604,869) --
Undistributed net
investment income 412,412 701,242 1,439,113 -- --
------------ ------------ ----------- ----------- -----------
Net assets applicable
to shares outstanding 125,000,243 180,025,715 49,271,917 84,763,378 43,637,365
============ ============ =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
51-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Large Cap Small Cap
Equity Index Equity Index
Six months ended June 30, 2000 Fund Fund
(Unaudited) and the ------------------------ -----------------------
Year ended December 31, 1999 2000 1999 2000 1999
---------------------------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Investment income:
Dividends $ 1,424,033 1,611,522 599,305 888,749
Interest 391,259 556,792 88,068 152,538
----------- ----------- ---------- -----------
1,815,292 2,168,314 687,373 1,041,287
Less: foreign withholding
taxes 7,966 15,727 248 276
----------- ----------- ---------- -----------
Total investment income 1,807,326 2,152,587 687,125 1,041,011
Expenses:
Investment advisory and
management fees 337,630 351,017 221,367 258,832
Professional fees 15,792 28,211 13,011 28,965
Fidelity bond expense 1,610 2,284 1,157 2,018
Trustees' fees 2,100 4,800 2,100 4,800
Reports to shareowners 30,549 59,632 35,472 69,481
Security valuation fees 4,538 9,049 15,278 27,901
Custodian fees -- -- -- --
Index license fees 11,921 5,000 5,000 8,632
Fund accounting expense -- -- -- --
Other -- -- -- --
----------- ----------- ---------- -----------
Total expenses 404,140 459,993 293,385 400,629
Less: expense
reimbursement from
Manager -- -- 16,675 77,089
----------- ----------- ---------- -----------
Net expenses 404,140 459,993 276,710 323,540
----------- ----------- ---------- -----------
Net investment income 1,403,186 1,692,594 410,415 717,471
Realized and unrealized gain
(loss) :
Net realized gain (loss) on
sales of investments 2,328,784 (133,909) 1,307,203 3,960,061
Net realized loss on forward
foreign currency contracts -- -- -- --
Net realized gain on foreign
currency transactions -- -- -- --
Net realized gain on futures
contracts 636,104 2,960,885 358,107 439,233
Net unrealized gain (loss)
on open futures contracts (694,774) (111,375) (87,950) 56,200
Change in net unrealized
appreciation or
depreciation on
investments and foreign
currency transactions (3,696,216) 22,889,729 650,937 10,106,108
----------- ----------- ---------- -----------
Net realized and unrealized
gain (loss) on investments (1,426,102) 25,605,330 2,228,297 14,561,602
----------- ----------- ---------- -----------
Net change in net assets
resulting from operations $ (22,916) 27,297,924 2,638,712 15,279,073
=========== =========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
---------
52
<PAGE>
<TABLE>
<CAPTION>
International Stock & Bond Money
Equity Index Balanced Bond Market
Fund Fund Fund Fund
------------------------ --------------------- ----------------------- ----------------------
2000 1999 2000 1999 2000 1999 2000 1999
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends 1,758,918 1,937,734 479,735 962,438 -- -- -- --
Interest 75,401 136,729 72 -- 2,480,309 3,046,583 1,196,781 1,537,676
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
1,834,319 2,074,463 479,807 962,438 2,480,309 3,046,583 1,196,781 1,537,676
Less: foreign
withholding taxes 212,033 168,799 -- -- -- -- -- --
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
Total investment
income 1,622,286 1,905,664 479,807 962,438 2,480,309 3,046,583 1,196,781 1,537,676
Expenses:
Investment advisory and
management fees 445,310 590,404 -- -- 189,169 254,678 78,065 117,199
Professional fees 15,676 30,069 4,971 8,535 8,881 19,027 8,703 16,173
Fidelity bond expense 894 2,197 1,754 1,131 1,031 1,424 831 1,275
Trustees' fees 2,100 4,800 2,100 4,800 2,100 4,800 2,100 4,800
Reports to shareowners 22,539 52,023 6,724 13,483 16,558 31,651 6,976 12,488
Security valuation fees 30,992 33,885 -- -- 2,121 3,841 26 228
Custodian fees 197,771 229,981 2,234 2,634 1,124 795 1,086 1,666
Index license fees 4,363 10,612 -- -- -- -- -- --
Fund accounting expense 27,745 54,571 -- -- -- -- -- --
Other 297 294 -- -- -- -- -- --
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
Total expenses 747,687 1,008,836 17,783 30,583 220,984 316,216 97,787 153,829
Less: expense
reimbursement from
Manager 141,512 202,180 17,783 30,583 -- 10,602 205 7,330
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
Net expenses 606,175 806,656 -- -- 220,984 305,614 97,582 146,499
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
Net investment income 1,016,111 1,099,008 479,807 962,438 2,259,325 2,740,969 1,099,199 1,391,177
Realized and unrealized
gain (loss) :
Net realized gain
(loss) on sales of
investments 1,654,165 951,382 131,475 (10,394) -- (26,498) -- --
Net realized loss on
forward foreign
currency contracts (111,515) (57,922) -- -- -- -- -- --
Net realized gain on
foreign currency
transactions 66,511 58,992 -- -- -- -- -- --
Net realized gain on
futures contracts -- -- -- -- -- -- -- --
Net unrealized gain
(loss) on open
futures contracts -- -- -- -- -- -- -- --
Change in net
unrealized
appreciation or
depreciation on
investments and
foreign currency
transactions (9,735,903) 27,317,744 (187,687) 1,801,510 6,733 (2,817,207) -- --
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
Net realized and
unrealized gain (loss)
on investments (8,126,742) 28,270,196 (56,212) 1,791,116 6,733 (2,843,705) -- --
----------- ----------- --------- ---------- ---------- ----------- ---------- ----------
Net change in net assets
resulting from
operations (7,110,631) 29,369,204 423,595 2,753,554 2,266,058 (102,736) 1,099,199 1,391,177
=========== =========== ========= ========== ========== =========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
53-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Large Cap Small Cap
Equity Index Equity Index
Six months ended June 30, 2000 Fund Fund
(Unaudited) and the -------------------------- -------------------------
Year ended December 31, 1999 2000 1999 2000 1999
---------------------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
From operations:
Net investment income $ 1,403,186 1,692,594 410,415 717,471
Net realized gain (loss) 2,964,888 2,826,976 1,665,310 4,399,294
Change in net unrealized
appreciation or
depreciation (4,390,990) 22,778,354 562,987 10,162,308
------------ ------------ ------------ -----------
Net change in net assets
resulting from operations (22,916) 27,297,924 2,638,712 15,279,073
Distributions to shareowners
from and in excess of:
Net investment income -- (1,676,954) -- (719,491)
Net realized gain -- (3,203,078) -- (3,929,564)
------------ ------------ ------------ -----------
Total distributions to
shareowners -- (4,880,032) -- (4,649,055)
From Fund share transactions:
Proceeds from shares sold 80,055,756 146,055,719 27,115,478 38,826,501
Reinvestment of
distributions -- 4,880,032 -- 4,649,055
------------ ------------ ------------ -----------
80,055,756 150,935,751 27,115,478 43,475,556
Less payments for shares
redeemed 1,147,635 1,073,163 157,247 327,710
------------ ------------ ------------ -----------
Net increase in net assets
from Fund share transactions 78,908,121 149,862,588 26,958,231 43,147,846
------------ ------------ ------------ -----------
Total increase in net assets 78,885,205 172,280,480 29,596,943 53,777,864
------------ ------------ ------------ -----------
Net assets:
Beginning of period 225,585,202 53,304,722 95,403,300 41,625,436
------------ ------------ ------------ -----------
End of period+ $304,470,407 225,585,202 125,000,243 95,403,300
============ ============ ============ ===========
+Including undistributed
(distribution in excess of)
net investment income $ 1,423,011 19,825 412,412 1,997
============ ============ ============ ===========
</TABLE>
See accompanying notes to financial statements.
---------
54
<PAGE>
<TABLE>
<CAPTION>
International Stock & Bond Money
Equity Index Balanced Bond Market
Fund Fund Fund Fund
-------------------------- ------------------------ ------------------------ ------------------------
2000 1999 2000 1999 2000 1999 2000 1999
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income 1,016,111 1,099,008 479,807 962,438 2,259,325 2,740,969 1,099,199 1,391,177
Net realized gain
(loss) 1,609,161 952,452 131,475 (10,394) -- (26,498) -- --
Change in net
unrealized
appreciation or
depreciation (9,735,903) 27,317,744 (187,687) 1,801,510 6,733 (2,817,207) -- --
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
Net change in net assets
resulting from
operations (7,110,631) 29,369,204 423,595 2,753,554 2,266,058 (102,736) 1,099,199 1,391,177
Distributions to
shareowners from and in
excess of:
Net investment income -- (1,184,732) -- (47,589) (2,259,325) (2,740,969) (1,099,199) (1,391,177)
Net realized gain -- (246,323) -- -- -- -- -- --
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
Total distributions to
shareowners -- (1,431,055) -- (47,589) (2,259,325) (2,740,969) (1,099,199) (1,391,177)
From Fund share
transactions:
Proceeds from shares
sold 34,664,967 46,732,878 11,698,008 30,594,022 14,272,681 48,987,283 11,976,878 23,783,771
Reinvestment of
distributions -- 1,431,055 -- 47,589 2,259,325 2,740,969 1,099,199 1,391,177
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
34,664,967 48,163,933 11,698,008 30,641,611 16,532,006 51,728,252 13,076,077 25,174,948
Less payments for
shares redeemed 189,633 138,202 1,008,485 763,589 2,721,507 2,605,787 8,090,193 5,204,884
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
Net increase in net
assets from Fund share
transactions 34,475,334 48,025,731 10,689,523 29,878,022 13,810,499 49,122,465 4,985,884 19,970,064
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
Total increase in net
assets 27,364,703 75,963,880 11,113,118 32,583,987 13,817,232 46,278,760 4,985,884 19,970,064
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
Net assets:
Beginning of period 152,661,012 76,697,132 38,158,799 5,574,812 70,946,146 24,667,386 38,651,481 18,681,417
------------ ------------ ----------- ----------- ----------- ----------- ----------- -----------
End of period+ 180,025,715 152,661,012 49,271,917 38,158,799 84,763,378 70,946,146 43,637,365 38,651,481
============ ============ =========== =========== =========== =========== =========== ===========
+Including undistributed
(distribution in excess
of) net investment
income 701,242 (310,731) 1,439,113 959,306 -- -- -- --
============ ============ =========== =========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
55-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
NOTES TO FINANCIAL STATEMENTS
1. Objective
State Farm Variable Product Trust (the "Trust") has six separate investment
portfolios (the "Funds"). Shares of each Fund are offered exclusively in
connection with variable annuity and variable life insurance policies issued by
State Farm Life Insurance Company and State Farm Life and Accident Assurance
Company. Each Fund is a separate investment portfolio with its own investment
objective, investment policies, restrictions, and attendant risks.
The Large Cap Equity Index Fund (Large Cap Fund) seeks to match the performance
of the Standard and Poor's Composite Index of 500 Stocks-Registered Trademark-
(the "S&P 500") by investing in the securities that make up the S&P 500. The
S&P 500 tracks the common stock performance of 500 large U.S. companies in the
manufacturing, utility, transportation, and financial industries.
The Small Cap Equity Index Fund (Small Cap Fund) seeks to match the performance
of the Russell 2000 Small Stock Index-Registered Trademark- (the
"Russell 2000"). This Fund invests primarily in some of the stocks found in the
Russell 2000. The Russell 2000 tracks the common stock performance of about
2,000 small U.S. companies.
The International Equity Index Fund (International Fund) seeks to match the
performance of the Morgan Stanley Capital International Europe, Australia and
Far East Free Index-Registered Trademark-(the "EAFE Free"). This Fund invests
primarily in some of the stocks found in the EAFE Free. The EAFE Free tracks the
common stock (or equivalent) performance of companies in which U.S. investors
can invest in Europe, Australia, New Zealand and the Far East.
The Stock and Bond Balanced Fund (Balanced Fund) seeks long-term growth of
capital, balanced with current income. This Fund invests in the Large Cap and
Bond Funds.
The Bond Fund (Bond Fund) seeks to realize over a period of years the highest
yield consistent with prudent investment management through current income and
capital gains. This Fund invests primarily in bonds issued by domestic
companies.
The Money Market Fund (Money Market Fund) seeks to maximize current income to
the extent consistent with the preservation of capital and maintenance of
liquidity.
2. Significant accounting policies
SECURITY VALUATION
Investments are stated at value. Stocks traded on securities exchanges, or in
the over-the-counter market in which transaction prices are reported, are valued
at the last sales prices on the day of valuation or, if there are no reported
sales on that day, at the last reported bid price for the day. Portfolio
securities that are primarily traded on foreign securities exchanges are
generally valued at the closing values of such securities on their respective
exchanges where primarily traded. Long-term debt securities and U.S. Treasury
bills are valued using quotations provided by an independent pricing service.
All of the securities and assets of the Money Market Fund and short-term debt
securities with remaining maturities of 60 days or less (other than U.S.
Treasury bills) held by any of the other Funds are valued on an amortized cost
basis, which approximates market value. Investments in open-end investment
companies are valued each day based on the closing net asset value of the
respective fund. Futures contracts are valued at the settlement price
established each day on the exchange on which they are traded. Forward foreign
currency contracts are valued daily using quoted forward exchange rates. Any
securities not valued as described above are valued at a fair value as
determined in good faith by the Board of Trustees or its delegate.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
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,
except that certain dividends from foreign securities are recorded as soon as
the information is available to the Funds. Interest income is recorded on the
accrual basis and includes amortization of discounts on money market instruments
and long term debt instruments when required for federal income tax purposes.
Realized gains and losses from security transactions are reported on an
identified cost basis.
FUND SHARE VALUATION
Fund shares are sold and redeemed on a continuous basis at net asset value. Net
asset value per share is determined daily on each day the New York Stock
Exchange is open, except that a Fund need not compute a net asset value on any
day when no purchase or redemption order has been received by the Fund. The net
asset values are determined as of the close of regular session trading on the
New York Stock Exchange (usually 3:00 p.m. Bloomington, Illinois time). The net
asset value per share is computed by dividing the total value of the Fund's
investments and other assets, less liabilities, by the respective number of Fund
shares outstanding.
FEDERAL INCOME TAXES, DIVIDENDS AND DISTRIBUTIONS TO SHAREOWNERS
It is the Funds' policy to comply with the special provisions of the Internal
Revenue Code available to investment companies and, in the manner provided
therein, to distribute all of their taxable income, as well as any net realized
gain on sales of
---------
56
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
investments reportable for federal income tax purposes. The Funds' intend to
comply with this policy and, accordingly, no provision for federal income taxes
has been made.
Dividends and distributions payable to shareowners are recorded by the Large
Cap, Small Cap, International, and Balanced Funds on the ex-dividend date. The
Bond and Money Market Funds declare daily dividends equal to each Fund's
respective net investment income, and distributions of such amounts are made at
the end of each calendar quarter.
Income and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting principles.
The differences are primarily due to differing treatments for futures contracts
(Large Cap and Small Cap Funds), the recognition of net realized losses (Large
Cap, Small Cap and Balanced Funds), and foreign currency transactions
(International Fund).
The International Fund has elected to mark-to-market its investments in Passive
Foreign Investment Companies ("PFICs") for federal income tax purposes. In
accordance with this election, the International Fund recognized unrealized
appreciation relating to PFIC transactions of $188,324 during 1999 which is
treated as ordinary income for federal income taxes.
The accumulated net realized loss on sales of investments in the Bond Fund at
December 31, 1999, amounting to $43,622 is available to offset future taxable
gains. If not applied, the capital loss carryover expires as follows: $26,498 in
2007 and $17,124 in 2006.
FOREIGN CURRENCY TRANSLATIONS
Values of investments denominated in foreign currencies are converted into U.S.
dollars using the spot market rate of exchange at the time of valuation.
Purchases and sales of investments and dividend and interest income are
translated into U.S. dollars using the spot market rate of exchange prevailing
on the respective dates of such transactions. The gain or loss resulting from
changes in foreign exchange rates is included with net realized and unrealized
gain or loss from investments, as appropriate.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles 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.
FINANCIAL INSTRUMENTS
The Large Cap, Small Cap, and International Funds may enter into stock index
futures contracts to hedge a portion of their portfolios. These contracts
obligate a Fund to make or take delivery of a financial instrument or the cash
value of a securities index at a specified future date at a specified price.
Gains and losses are reflected as net realized gain (loss) on futures contracts
in the statement of operations. Additionally, the International Fund may engage
in portfolio hedging with respect to changes in currency exchange rates by
entering into forward foreign currency contracts to purchase or sell foreign
currencies. The Fund bears the market risk that arises from changes in the value
of financial instruments and securities indices (futures contracts) or from
changes in foreign currency rates (forward foreign currency contracts) and the
credit risk should a counterparty fail to perform under such contracts.
3. Transactions with affiliates
The Trust has an investment advisory and management services agreement with
State Farm Investment Management Corp. (Manager) who serves as the Trust's
investment adviser and conducts the business and affairs of the Trust. Each Fund
pays the Manager an investment advisory fee (computed on a daily basis and paid
quarterly) at the following annual rates:
<TABLE>
<S> <C>
Large Cap Equity Index Fund .26% of average daily net assets
Small Cap Equity Index Fund .40% of average daily net assets
International Equity Index Fund .55% of average daily net assets
Stock and Bond Balanced Fund None
Bond Fund .50% of average daily net assets
Money Market Fund .40% of average daily net assets
</TABLE>
The Manager has agreed not to be paid an investment advisory fee for performing
its services for the Balanced Fund and has agreed to reimburse any other
expenses incurred by the Balanced Fund. This expense limitation arrangement is
voluntary and may be eliminated by the Manager at any time. However, the Manager
receives investment advisory fees from managing the underlying Funds in which
the Balanced Fund invests.
With respect to each of the Funds other than the Balanced and International
Funds, the Manager has agreed to reimburse the expenses incurred by the Fund,
other than the investment advisory fee, that exceed .10% of such Fund's average
daily net assets. With respect to the International Fund, the Manager has agreed
to reimburse the expenses incurred by the Fund, other than the investment
advisory fee, that exceed .20% of the Fund's average daily net assets. These
expense limitation arrangements are voluntary and may be eliminated by the
Manager at any time.
57-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
Investment advisory and management fees and expenses reimbursed were as follows:
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, 2000 December 31, 1999
-------------------------- --------------------------
Investment Investment
Advisory and Fees Advisory and Fees
Fund Management Fee Reimbursed Management Fee Reimbursed
---- -------------- ---------- -------------- ----------
<S> <C> <C> <C> <C>
Large Cap Equity Index Fund $337,630 -- 351,017 --
Small Cap Equity Index Fund 221,367 16,675 258,832 77,089
International Equity Index
Fund 445,310 141,512 590,404 202,180
Stock and Bond Balanced Fund -- 17,783 -- 30,583
Bond Fund 189,169 -- 254,678 10,602
Money Market Fund 78,065 205 117,199 7,330
</TABLE>
The Funds do not pay any discount, commission or other compensation for transfer
agent or underwriting services provided by the Manager.
The Manager has engaged Barclays Global Fund Advisors (Barclay's) as the
investment sub-advisor to provide day-to-day portfolio management for the Large
Cap, Small Cap, and International Funds. In accordance with the overall
investment objectives of each respective Fund, Barclay's determines which
securities to buy and sell for each of these Funds, selects the brokers and
dealers to effect the transactions, and negotiates commissions.
Certain officers and/or trustees of the Trust are also officers and/or directors
of the Manager. The Funds made no payments to their officers or trustees except
for the following trustees' fees paid to the Trust's independent trustees:
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, 2000 December 31, 1999
---------------- -----------------
<S> <C> <C>
Large Cap Equity Index Fund $2,100 4,800
Small Cap Equity Index Fund 2,100 4,800
International Equity Index Fund 2,100 4,800
Stock and Bond Balanced Fund 2,100 4,800
Bond Fund 2,100 4,800
Money Market Fund 2,100 4,800
</TABLE>
---------
58
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
4. Investment transactions
Investment transactions (exclusive of short-term instruments) were as follows:
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, 2000 December 31, 1999
---------------- -----------------
<S> <C> <C>
Large Cap Equity Index Fund
Purchases $85,819,418 153,980,183
Proceeds from sales 9,168,482 5,344,729
Small Cap Equity Index Fund
Purchases 31,808,390 67,198,860
Proceeds from sales 7,532,265 28,192,770
International Equity Index Fund
Purchases 50,422,486 60,313,756
Proceeds from sales 15,383,789 12,886,705
Stock and Bond Balanced Fund
Large Cap Equity Index Fund
Purchases 6,300,812 18,636,811
Proceeds from sales 458,321 228,816
Bond Fund
Purchases 5,553,347 12,358,427
Proceeds from sales 305,547 152,543
Bond Fund
Purchases 15,756,618 52,008,440
Proceeds from sales -- 3,090,673
</TABLE>
5. Futures and foreign currency contracts
The Large Cap and Small Cap Funds had the following open futures contracts at
June 30, 2000:
<TABLE>
<CAPTION>
Unrealized
Number of Contract Expiration Gain (Loss) at
Fund Type Contracts amount Position month 06/30/2000
---- -------------------- --------- ----------- --------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Large Cap Equity
Index Fund S&P 500 Index 41 $15,048,025 Long September '00 $(258,850)
Small Cap Equity
Index Fund Russell 2000 Index 20 5,226,000 Long September '00 7,100
</TABLE>
The aggregate market value of investments pledged to cover margin requirements
for the open positions at June 30, 2000 were $15,306,875 and $5,218,900 in the
Large Cap and Small Cap Funds, respectively.
The International Fund had the following open forward foreign currency contracts
at June 30, 2000:
<TABLE>
<CAPTION>
Foreign Unrealized
Amount Currency U.S. Dollar Gain (Loss)
------ ----------------------------------- ----------- -----------
<C> <S> <C> <C>
193,820 Euro $184,445 $(1,608)
3,178 Australian Dollar 1,871 12
1,805 British Pound Sterling 2,731 --
5,901 Danish Krone 752 1
Total $(1,595)
</TABLE>
59-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
6. Fund share transactions
Proceeds and payments on Fund shares as shown in the statements of changes in
net assets are in respect of the following number of shares:
<TABLE>
<CAPTION>
Large Cap Equity Small Cap Equity International Equity
Index Fund Index Fund Index Fund
----------------------- ------------------------ ------------------------
Six Six Six
months Year months Year months Year
ended ended ended ended ended ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
--------- ------------ ---------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 5,437,986 10,553,923 2,424,559 3,990,707 2,494,911 3,818,817
Shares issued in
reinvestment of
ordinary income
dividends and capital
gain distributions -- 324,686 -- 433,681 -- 98,625
--------- ----------- --------- ----------- --------- -----------
5,437,986 10,878,609 2,424,559 4,424,388 2,494,911 3,917,442
Less shares redeemed 78,488 76,687 13,759 33,155 13,613 11,008
--------- ----------- --------- ----------- --------- -----------
Net increase in shares
outstanding 5,359,498 10,801,922 2,410,800 4,391,233 2,481,298 3,906,434
========= =========== ========= =========== ========= ===========
</TABLE>
<TABLE>
<CAPTION>
Stock & Bond Balanced
Fund Bond Fund Money Market Fund
---------------------- ------------------------ -------------------------
Six Six Six
months Year months Year months Year
ended ended ended ended ended ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
-------- ------------ ---------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 926,033 2,564,307 1,499,761 4,970,698 11,976,878 23,783,771
Shares issued in
reinvestment of
ordinary income
dividends and capital
gain distributions -- 3,735 236,098 282,287 1,099,199 1,391,177
------- ----------- --------- ----------- ---------- -----------
926,033 2,568,042 1,735,859 5,252,985 13,076,077 25,174,948
Less shares redeemed 81,082 63,779 286,170 266,906 8,090,193 5,204,884
------- ----------- --------- ----------- ---------- -----------
Net increase in shares
outstanding 844,951 2,504,263 1,449,689 4,986,079 4,985,884 19,970,064
======= =========== ========= =========== ========== ===========
</TABLE>
---------
60
<PAGE>
The financial highlights tables are intended to help you understand the
financial performance of each Fund. Certain information reflects financial
results for a single Fund share. The total returns in the tables represent the
rate an investor would have earned (or lost) on an investment in the Fund
(assuming reinvestment of all dividends and distributions).
STATE FARM VARIABLE PRODUCT TRUST LARGE CAP EQUITY INDEX FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six months ended From inception date of
June 30, 2000 Year ended January 22, 1998 to
(Unaudited) December 31, 1999 December 31, 1998
---------------- ----------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period $15.07 12.80 10.00
Income from Investment Operations
Net investment income 0.07 0.20 0.12
Net gain or (loss) on investments
(both realized and unrealized) (0.16) 2.40 2.80
------ ------- -------
Total from investment operations (0.09) 2.60 2.92
------ ------- -------
Less Distributions
Net investment income -- (0.20) (0.12)
Net realized gain -- (0.13) --
------ ------- -------
Total distributions -- (0.33) (0.12)
------ ------- -------
Net asset value, end of period $14.98 15.07 12.80
====== ======= =======
Total Return (0.60)% 20.36% 29.26%(a)
Ratios/Supplemental Data
Net assets, end of period
(millions) $304.5 225.6 53.3
Ratio of expenses to average net
assets 0.31%(b) 0.34% 0.32%(b)
Ratio of net investment income to
average net assets 1.08%(b) 1.25% 1.55%(b)
Portfolio turnover rate 7%(b) 4% 7%
</TABLE>
----------
(a) Not annualized.
(b) Determined on an annualized basis.
61-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST SMALL CAP EQUITY INDEX FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six months ended From inception date of
June 30, 2000 Year ended January 29, 1998 to
(Unaudited) December 31, 1999 December 31, 1998
---------------- ----------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period $10.90 9.54 10.00
Income from Investment Operations
Net investment income 0.04 0.41 0.27
Net gain or (loss) on investments
(both realized and unrealized) 0.26 1.51 (0.46)
------ ------ -------
Total from investment operations 0.30 1.92 (0.19)
------ ------ -------
Less Distributions
Net investment income -- (0.41) (0.09)
Net realized gain -- (0.15) (0.18)
------ ------ -------
Total distributions -- (0.56) (0.27)
------ ------ -------
Net asset value, end of period $11.20 10.90 9.54
====== ====== =======
Total Return 2.75% 20.24% (1.89)%(a)
Ratios/Supplemental Data
Net assets, end of period
(millions) $125.0 95.4 41.6
Ratio of expenses to average net
assets 0.50%(b) 0.50% 0.50%(b)
Ratio of expenses to average net
assets, absent of expense
limitation 0.53%(b) 0.62% 0.55%(b)
Ratio of net investment income to
average net assets 0.74%(b) 1.11% 1.11%(b)
Portfolio turnover rate 14%(b) 46% 38%
</TABLE>
----------
(a) Not annualized.
(b) Determined on an annualized basis.
---------
62
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST INTERNATIONAL EQUITY INDEX FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period):
<TABLE>
<CAPTION>
Six months ended From inception date of
June 30, 2000 Year ended January 22, 1998 to
(Unaudited) December 31, 1999 December 31, 1998
---------------- ----------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period $14.54 11.63 10.00
Income from Investment Operations
Net investment income 0.08 0.13 0.13
Net gain or (loss) on investments
(both realized and unrealized) (0.75) 2.92 1.65
------ ------- -------
Total from investment operations (0.67) 3.05 1.78
------ ------- -------
Less Distributions
Net investment income -- (0.12) (0.15)
Net realized gain -- (0.02) --
------ ------- -------
Total distributions -- (0.14) (0.15)
------ ------- -------
Net asset value, end of period $13.87 14.54 11.63
====== ======= =======
Total Return (4.61)% 26.21% 17.90%(a)
Ratios/Supplemental Data
Net assets, end of period
(millions) $180.0 152.7 76.7
Ratio of expenses to average net
assets 0.75%(b) 0.75% 0.75%(b)
Ratio of expenses to average net
assets, absent of expense
limitation 0.92%(b) 0.94% 0.93%(b)
Ratio of net investment income to
average net assets 1.25%(b) 1.02% 1.27%(b)
Portfolio turnover rate 19%(b) 12% 6%
</TABLE>
----------
(a) Not annualized.
(b) Determined on an annualized basis.
63-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST STOCK AND BOND BALANCED FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period):
<TABLE>
<CAPTION>
Six months ended From inception date of
June 30, 2000 Year ended January 29, 1998 to
(Unaudited) December 31, 1999 December 31, 1998
---------------- ----------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period $12.75 11.41 10.00
Income from Investment Operations
Net investment income 0.13 0.25 0.14
Net gain or (loss) on investments
(both realized and unrealized) (0.04) 1.11 1.32
------ ------- --------
Total from investment operations 0.09 1.36 1.46
------ ------- --------
Less Distributions
Net investment income -- (0.02) (0.05)
------ ------- --------
Total distributions -- (0.02) (0.05)
------ ------- --------
Net asset value, end of period $12.84 12.75 11.41
====== ======= ========
Total Return 0.70% 11.88% 14.66%(a)
Ratios/Supplemental Data
Net assets, end of period
(millions) $ 49.3 38.2 5.6
Ratio of expenses to average net
assets 0.00%(b) 0.00% 0.00%(b)
Ratio of expenses to average net
assets, absent of expense
limitation 0.08%(b) 0.14% 1.01%(b)
Ratio of net investment income to
average net assets 2.27%(b) 4.50% 3.43%(b)
Portfolio turnover rate 4%(b) 2% 18%
</TABLE>
----------
(a) Not annualized.
(b) Determined on an annualized basis.
---------
64
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST BOND FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six months ended From inception date of
June 30, 2000 Year ended January 22, 1998 to
(Unaudited) December 31, 1999 December 31, 1998
---------------- ----------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period $ 9.57 10.15 10.00
Income from Investment Operations
Net investment income 0.25 0.52 0.49
Net gain or (loss) on investments
(both realized and unrealized) (0.01) (0.58) 0.15
------ ------- -------
Total from investment operations 0.24 (0.06) 0.64
------ ------- -------
Less Distributions
Net investment income (0.25) (0.52) (0.49)
------ ------- -------
Total distributions (0.25) (0.52) (0.49)
------ ------- -------
Net asset value, end of period $ 9.56 9.57 10.15
====== ======= =======
Total Return 2.86% (0.57)% 6.49%(a)
Ratios/Supplemental Data
Net assets, end of period
(millions) $ 84.8 70.9 24.7
Ratio of expenses to average net
assets 0.58%(b) 0.60% 0.57%(b)
Ratio of expenses to average net
assets, absent of expense
limitation 0.58%(b) 0.62% 0.57%(b)
Ratio of net investment income to
average net assets 5.97%(b) 5.38% 5.14%(b)
Portfolio turnover rate 0%(b) 7% 26%
</TABLE>
----------
(a) Not annualized.
(b) Determined on an annualized basis.
65-------
<PAGE>
STATE FARM VARIABLE PRODUCT TRUST MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period):
<TABLE>
<CAPTION>
Six months ended From inception date of
June 30, 2000 Year ended January 29, 1998 to
(Unaudited) December 31, 1999 December 31, 1998
---------------- ----------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period $1.00 1.00 1.00
Income from Investment Operations
Net investment income 0.03 0.05 0.05
------ ------- -------
Total from investment operations 0.03 0.05 0.05
------ ------- -------
Less Distributions
Net investment income (0.03) (0.05) (0.05)
------ ------- -------
Total distributions (0.03) (0.05) (0.05)
------ ------- -------
Net asset value, end of period $1.00 1.00 1.00
====== ======= =======
Total Return 2.81% 4.77% 4.76%(a)
Ratios/Supplemental Data
Net assets, end of period
(millions) $43.6 38.7 18.7
Ratio of expenses to average net
assets 0.50%(b) 0.50% 0.43%(b)
Ratio of expenses to average net
assets, absent of expense
limitation 0.50%(b) 0.53% 0.52%(b)
Ratio of net investment income to
average net assets 5.63%(b) 4.75% 5.04%(b)
</TABLE>
----------
(a) Not annualized.
(b) Determined on an annualized basis.
---------
66
<PAGE>
NOTICE OF WITHHOLDING ELECTION
This notice does not apply to distributions which qualify as eligible rollover
distributions from tax-sheltered annuities (TSAs) and qualified employer
retirement plans. We may be required to withhold 20% federal income tax on such
eligible rollover distributions. To determine whether your distribution
qualifies as an eligible rollover distribution and whether withholding applies,
see the Special Tax Notice Regarding Plan Payments which is enclosed in the
quarterly statements for TSA and qualified employer retirement plan
participants.
Proceeds from your account not subject to the mandatory withholding described
above, may be subject to federal and state income tax withholding unless you
elect not to have withholding apply. Withholding will only apply to the portion
of your distribution that is included in your income subject to federal income
tax. There will be no withholding on non-taxable distributions.
We are required by Federal Income Tax law to notify you of your right to elect
not to have taxes withheld from any actual or deemed distribution, or to
revoke your election to have taxes withheld, if one is in effect. If an
election has not been filed with us, we are required to withhold 10% of the
taxable amount of your distribution for federal income taxes.
You may have made a previous withholding election. If so, that election will
continue in force until you change your election. If you elect not to have
withholding apply to your distribution, or if you do not have enough federal
income tax withheld from your distribution, you may be responsible for payment
of estimated tax and you may incur penalties if your withholding and estimated
tax payments are not sufficient.
You may establish, change or revoke your Withholding Election at any time by
one of the following methods:
- complete and mail this form to:
STATE FARM VARIABLE PRODUCTS
ADMINISTRATION DEPARTMENT
P.O. BOX 2307
BLOOMINGTON, IL 61702-2307 or
- call our TOLL FREE NUMBER 1-888-702-2307 (if you have telephone
authority) or
- fax the election form to 1-309-735-0307 and mail the original to us.
If we receive your election using any of the above mentioned methods at least
10 days prior to your next scheduled payment, your next check will reflect the
change. Otherwise, the change will be reflected on any subsequent payments.
231-3537 8-97 Printed in U.S.A.
<PAGE>
WITHHOLDING ELECTION FORM
________________________________________________________________________________
(Type or print your full name)
________________________________________________________________________________
(Your Social Security Number)
________________________________________________________________________________
(Home address-number & street or rural route)
________________________________________________________________________________
(City or town, state and ZIP code)
________________________________________________________________________________
(Policy Number)
________________________
(Date)
/ / 1. I elect NOT to have federal income tax withheld from my distribution
(Do not complete lines 2-4.)
If you elect not to have withholding apply to your distribution, or if you do
not have enough federal income tax withheld from your distribution, you may be
responsible for payment of estimated tax and you may incur penalties if your
withholding and estimated tax payments are not sufficient.
/ / 2. I want FEDERAL withholding from my distribution
If you would like an additional amount of federal withholding taken from the
taxable distribution amount, please indicate the additional withholding amount
(not less than $5.00) or percentage (not less than 10%)
________________________
/ / 3. I elect not to have STATE income tax withheld from my distribution
/ / 4. I want STATE withholding from my distribution
If you would like an additional amount of state withholding taken from your
payment, please indicate the additional withholding amount $___________________
(Note: not all states allow withholding or specify rates of withholding. If
you indicate withholding or an amount and reside in a state where withholding
is not allowed, no state tax will be withheld. If you do not indicate you want
withholding or specify an amount and reside in a state that requires
withholding at your request only, no state tax will be withheld.)
/ / 5. Other: (please specify) ________________________________________________
________________________________________________
________________________________________________________________________________
(Participant's Signature)
________________________
(Date)
Return your completed form to: STATE FARM VARIABLE PRODUCTS
ADMINISTRATION DEPARTMENT
P.O. BOX 2307
BLOOMINGTON, IL 61702-2307
<PAGE>
INSURANCE PRODUCTS AND SERVICES WE CAN PROVIDE*
LIFE INSURANCE
Family Insurance
Mortgage Life Insurance
Estate Analysis
Life Insurance for Business Owners
Universal Life Insurance
Annuities
Final Expense
Second-to-Die
FIRE INSURANCE
Homeowners
Renters
Mobile Homes
Manufactured Homes
Business
Apartment Buildings
Condominium/Association
Church
Contractors
Rental Condominium
Commercial
Liability Umbrella Policies
Boatowners
Personal Articles Policy
RETIREMENT PLANNING
IRA (Individual Retirement Annuity)
TSA (Tax Sheltered Annuity)
Business Retirement Plans
(funded with life insurance)
HEALTH INSURANCE
Hospital Surgical
Hospital Income
Disability Income
Medicare Supplement
Long-Term Care
CAR INSURANCE
Personal Cars
Business Cars
Motorcycles
Travel Trailers
Fleets
Snowmobiles
Motorhomes
Car Finance Plan
SERVICES
* All products and services may not be available in all states.
STATE FARM INSURANCE COMPANIES
Home Offices: Bloomington, Illinois
<PAGE>
State Farm VP Management Corp. BULK RATE
(Underwriter & Distributor of Variable Products) U.S. POSTAGE
One State Farm Plaza PAID
Bloomington, Illinois 61710-0001 PERMIT 439
FORWARDING SERVICE REQUESTED ELK GROVE, IL
[LOGO]
Issued By:
State Farm Life Insurance Company
(Not licensed in New York or Wisconsin)
State Farm Life and Accident Assurance Company
(Licensed in New York and Wisconsin)
Home offices: Bloomington, Illinois
State Farm VP Management Corp.
(Underwriter & Distributor of Variable Products)
One State Farm Plaza
Bloomington, Illinois 61710-0001
1-888-702-2307
231-3602.1-CH
