<PAGE>
POWER OF ATTORNEY
I, David L. Vance, am a trustee and/or an officer of State Farm Mutual Fund
Trust (the "Trust"), a Delaware business trust and a registered investment
company under the Investment Company Act of 1940 (the "1940 Act"). I hereby
appoint David R. Grimes and David M. Moore (each an "Attorney-in-Fact"), each
located at One State Farm Plaza, Bloomington, IL 61710 and each of them, with
full power of substitution as my true and lawful attorney-in-fact and agent to
do any and all acts and things and to execute any and all instruments, in
connection with my duties as trustee and/or officer of the Trust, which the
Attorney-in-Fact may deem necessary or advisable, including:
(i) to enable the Trust to comply with the 1940 Act and with the Securities Act
of 1933, as amended, and any rules, regulations and requirements of the
Securities and Exchange Commission (the "SEC"), in connection with the
registration statement for the Trust. Without limiting the generality of
the foregoing, an Attorney-in-Fact shall have the power and authority to
sign my name as trustee and/or officer of the Trust on a registration
statement or on any amendment thereto of the Trust filed with the SEC and
to any instrument or document filed as part of, as an exhibit to or in
connection with, such registration statement or amendment; and
(ii) to register or qualify securities issued by the Trust for sale under the
securities or Blue Sky Laws of all states as may be necessary or
appropriate to permit the offering and sale of those securities as
contemplated by the Trust's registration statement, including specifically,
but without limiting the generality of the foregoing, the power of attorney
to sign on my behalf as a trustee and/or officer of the Trust any
application, statement, petition, prospectus, notice or other instrument or
document, or any amendment thereto, or any exhibit filed as a part thereto
or in connection therewith, which is required to be signed by me and to be
filed with the public authority or authorities administering securities or
Blue Sky Laws;
and I hereby ratify and confirm as my own all acts and deeds that the
Attorneys-in-Fact shall perform on my behalf under this agreement.
IN WITNESS WHEREOF, the undersigned has executed this agreement as of this
14th day of December, 2000.
/s/ David L. Vance
-------------------
David L. Vance
In the Presence of:
Stephen L. Horton