<PAGE>
ANNUAL REPORT
State Farm Municipal Bond Fund, Inc.
ONE STATE FARM PLAZA . BLOOMINGTON, ILLINOIS 61710
For Account Information and Shareowner
Services: (309) 766-2029
For Price Information ONLY:
1-800/447-0740
November 30, 1995
This report is not to be distributed unless
preceded or accompanied by a prospectus.
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
Dear Shareowner:
The past fiscal year has been a good one for bond markets and investors in the
Municipal Bond Fund. Yields on the municipal bonds held by your Fund have
dropped about 150 basis points (a basis point is .01%) during the year causing
the values of the securities to increase significantly. Correspondingly, the net
asset value of the Fund rose to $8.50 from $7.88, a 7.9% improvement. The total
return, which is derived by adding dividends declared by the Fund to the change
in net asset value, for the past year was 14.25%.
The following graph compares a $10,000 investment in the Municipal Bond Fund
over the past ten years to a theoretical investment of the same amount in the
Lehman Brothers Municipal Bond Index:
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT FOR THE YEARS
ENDED NOVEMBER 30
[PERFORMANCE GRAPH APPEARS HERE]
Lehman
X-Axis Municipal Muni Bond
Year Bond Fund Index
------ --------- ---------
1985 10,000 10,000
1986 12,082 12,070
1987 12,207 11,804
1988 13,438 13,059
1989 14,838 14,497
1990 15,993 15,613
1991 17,473 17,215
1992 19,045 18,942
1993 20,813 21,043
1994 20,251 19,938
1995 23,134 23,706
Many crosscurrents have affected the municipal bond market over the past
fiscal year. The dominating force has been the downward move of general
interest rates. The fall in interest rates has been fueled by evidence that
growth in the U.S. economy is slowing and inflationary pressures are slight.
Furthermore, capital markets have been helped to some degree by prospects
for a program, which will hopefully be agreed upon by the President
-2-
<PAGE>
and Congress, to eliminate the federal budget deficit over seven years.
Offsetting the positive impact of the general reduction in interest rates are
the following factors which have tended to be detrimental to the prices of
municipal securities: consideration of tax reform and more specifically a "flat
tax"; some loss of liquidity in the market as several dealers either withdrew
from or scaled back activity in the municipal market; and effects of the Orange
County bankruptcy filing.
The municipal market has functioned reasonably well in the rather complex
environment of the past twelve months. For the time being, investors seem to
have decided that present yields on long-term municipal bonds, which are in the
range of 85-90% of those available on U.S. Government bonds with comparable
maturities, are attractive and compensate them adequately for the uncertainties
which exist under present circumstances. Investor demand has been sufficient to
readily absorb new issue volume in 1995 which is now just 12% below the 1994
pace.
The prevailing mood in the bond markets is quite optimistic at the moment.
Many investors seem to be convinced that the Federal Reserve Board has done its
job well and the twin perils of inflation and recession will be avoided for a
long time leaving room for further drops in interest rates. Such a view is
comforting and may well prove to be correct, but we caution you, as investors,
against believing the future is predictable. Markets are always vulnerable to
unanticipated surprises and changes in investors' perceptions, and vulnerability
along these lines tends to be greatest when optimism is rampant.
The general composition of your Fund's investments has not changed much since
last November. Bonds purchased over the course of the year have maturities
ranging from 12 to 17 years. Good quality bonds dominate the Fund's portfolio.
About 83% of long-term assets are rated Aa or better and 99% fall in the top
three rating categories. The average maturity stands at approximately 7.6 years
with maturities spread out over the next 17 years.
The good quality investments held by the Fund continue to deliver a dependable
flow of dividend income. As you know, the Fund declares a dividend each day from
its net investment income which is payable on the last day of the calendar
quarter. All dividends are automatically invested in shares of the Fund unless
you have advised State Farm Investment Management Corp. otherwise in writing.
Sincerely,
[SIGNATURE OF KURT G. MOSER] [SIGNATURE OF JULIAN R. BUCHER]
Kurt G. Moser Julian R. Bucher
Vice President Vice President
December 19, 1995
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<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareowners
State Farm Municipal Bond Fund, Inc.
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of State Farm Municipal Bond Fund, Inc. as of
November 30, 1995, the related statements of operations and changes in net
assets for each of the two years in the period then ended, and the financial
highlights for each of the fiscal periods since 1986. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
November 30, 1995, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of State
Farm Municipal Bond Fund, Inc. at November 30, 1995, the results of its
operations and changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the fiscal periods since
1986, in conformity with generally accepted accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
December 15, 1995
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<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Rating(b)
Principal (Moody's
amount Issuer or S & P) Value
<S> <C> <C> <C>
LONG-TERM MUNICIPAL BONDS (97.8%):
SECURED BY U.S. TREASURY OBLIGATIONS (19.0%):
$ 130,000 Grand River Dam Authority, Oklahoma Rev., Ser. 1978, 7.20%,
6-1-1998 (Prerefunded to 6-1-1997 @ 100) Aaa $ 136,495
500,000 Orlando Utilities Commission, Florida Water and Electric Rev.,
Ser. 1983, 9.60%, 10-1-1999 (Escrowed to maturity) Aaa 595,710
2,000,000 State of Washington Motor Vehicle Fuel Tax General
Obligation Bonds (State Route 90), Ser. CC-8, 7.10%,
3-1-2000 (Prerefunded to 3-1-1999 @ 100) AAA 2,180,800
1,000,000 State of Texas Public Finance Authority General Obligation
Bonds, Ser. 1990A, 7.00%, 10-1-2000
(Prerefunded to 10-1-1999 @ 100) AA 1,098,180
1,000,000 Rutherford County, Tennessee General Obligation School Bonds,
Series 1986, 7.00%, 4-1-2001 (Prerefunded to 4-1-1996 @ 102) Aa 1,031,090
2,840,000 Washington Suburban Sanitary District of Maryland, General
Obligation Bonds, 7.00%, 12-1-2001 (Prerefunded to 12-1-1998
@ 102) Aaa 3,124,994
2,000,000 Jefferson County, Colorado School Dist. No. R-1, General
Obligation Bonds, Ser. 1985C, 8.70%, 12-15-2001 (Prerefunded
to 12-15-1995 @ 100) AAA 2,004,220
250,000 Georgia Municipal Electric Authority Power Rev., Ser. H.,
12.50%,1-1-2002 (Prerefunded to 1-1-1997 @ 100) AAA 273,103
1,500,000 Gwinnett County, Georgia General Obligation Bonds, 7.25%,
1-1-2002 (Prerefunded to 1-1-1997 @ 102) AA 1,586,580
300,000 North Carolina Eastern Municipal Power Agency Power System
Revenue Bonds, Ser. 1982A, 13.25%, 1-1-2002 (Prerefunded to
1-1-1997 @ 100) AAA 330,282
2,250,000 Pima County, Arizona Unified School District No. 1, Tucson
School Improvement General Obligation Bonds, Ser. 1990B, 6.90%,
7-1-2002 (Prerefunded to 7-1-2000 @ 101%) A 2,504,587
3,000,000 Tempe, Union High School District No. 213, Maricopa County, Arizona
School Improvement General Obligation Bonds, Project of 1989,
Ser. 1992B, 5.875%, 7-1-2002 (Prerefunded to 7-1-2001 @ 101) A1 3,240,450
550,000 Johnson County Water District No. 1, Kansas Water Rev., Ser.
1982A, 10.25%,8-1-2002 (Escrowed to maturity) Aaa 716,353
900,000 Metropolitan Government of Nashville and Davidson County,
Tennessee Water and Sewer Rev., Ser. 1982, 10.50%, 12-1-2002
(Prerefunded to 12-1-1997 @ 100) Aaa 1,011,708
2,000,000 City and County of Honolulu, Hawaii General Obligation Bonds,
1987 Ser. A, 8.10%, 10-1-2003 (Prerefunded to 10-1-1996 @ 101.5) AA 2,102,960
3,000,000 City of Lakeland, Florida Electric and Water Rev., Ser. 1989,
6.90%, 10-1-2003 (Prerefunded to 10-1-1999 @ 102) AA 3,340,830
2,000,000 City of Grand Rapids, Michigan Water Supply System Improvement
Rev. Bonds, Ser. 1988, 7.70%, 1-1-2004 (Prerefunded to 1-1-1998
@ 102) AAA 2,183,420
2,500,000 Columbus, Ohio General Obligation Refunding Bonds, No. 1-86,
Ser. B, 7.60%,5-1-2004 (Prerefunded to 5-1-1996 @ 102) Aaa 2,590,900
2,000,000 Jackson, Mississippi General Obligation Bonds, Ser. 1988,
7.50%, 5-1-2004 (Prerefunded to 5-1-1998 @ 100) A1 2,155,020
3,500,000 City of Los Angeles, California Wastewater System Rev. Bonds, Ser.
1990B, 6.90%, 6-1-2004 (Prerefunded to 6-1-2000 @ 102) Aaa 3,945,165
2,000,000 City of Scottsdale, Arizona General Obligation Bonds, Project of
1986 (ULT), 6.80%, 7-1-2004 (Prerefunded to 7-1-1996 @ 102) Aa1 2,077,080
3,000,000 Omaha Public Power District of Nebraska, Electric Systems
Rev., Ser. A, 6.70%, 2-1-2005 (Prerefunded to 2-1-2000 @ 101.5) AA 3,309,600
2,000,000 State of Wisconsin General Obligation Bonds, 1988 Series B, 7.40%,
5-1-2005 (Prerefunded to 5-1-1997 @ 101) Aa 2,118,880
1,000,000 Shawnee County, Kansas General Obligation Refunding and
Improvement, Ser. 1985-C, 9.125%, 9-1-2005 (Prerefunded to
9-1-1996 @ 100) AAA 1,041,240
</TABLE>
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<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Rating(b)
Principal (Moody's
amount Issuer or S & P) Value
<S> <C> <C> <C>
SECURED BY U.S. TREASURY OBLIGATIONS (Continued)
$2,500,000 King County, Washington, Unlimited Tax General Obligation
Bonds, Ser. 1988B, 7.30%, 12-1-2005 (Prerefunded to 12-1-1998
@ 100) Aaa $ 2,723,875
1,250,000 State of Washington General Obligation Refunding Bonds, Ser.
R-86D, 8.00%, 9-1-2005 (Prerefunded to 9-1-1996 @ 100) A1 1,291,300
1,900,000 Fort Worth Independent School District, Texas School Building
Unlimited Tax General Obligation Bonds, Ser. 1989, 6.75%,
2-15-2006 (Prerefunded to 2-15-1999 @ 100) AAA 2,049,777
2,000,000 Baltimore County, Maryland General Obligation Bonds, 1988
Ser., 7.50%, 7-1-2006 (Prerefunded to 1-1-96 @ 102) Aaa 2,046,560
1,500,000 Intermountain Power Agency, Utah Power Supply Rev. Refunding Bonds,
1986 Ser. F, 7.20%, 7-1-2006 (Prerefunded to 7-1-1996 @ 102) Aaa 1,561,245
2,000,000 State of Texas Public Financial Authority General Obligation Bonds,
Ser. 1988A, 6.50%, 10-1-2007 (Prerefunded to 10-1-1998 @ 100) AA 2,127,140
1,500,000 Washington Public Power Supply System Nuclear Project No. 2,
Rev. Refunding Bonds, Ser. A, 7.625%, 7-1-2008 (Prerefunded to
7-1-2000 @ 102) Aaa 1,733,595
------------
58,233,139
GENERAL OBLIGATIONS (56.1%):
1,455,000 State of Louisiana General Obligation Bonds, Ser. 1986A,
7.375%, 5-1-1997 Baa1 1,504,048
3,000,000 North Slope Borough, Alaska General Obligation School
Construction Bonds, Ser. Y, 7.10%, 7-1-1997 AAA 3,143,670
300,000 Maryland State & Local Facility Loan of 1982 General Obligation
Bonds, 1st Ser., 11.20%, 7-1-1997 AAA 333,591
1,100,000 Stillwater, Minnesota Independent School District #834, General
Obligation School Building Bonds, Ser. 1991, 6.25%, 2-1-1998 AAA 1,150,864
3,000,000 Scottsdale Unified School District No. 48 of Maricopa County,
Arizona Refunding Bonds, Ser. 1991, 6.75%, 7-1-1998 AA 3,204,450
1,350,000 Stillwater, Minnesota Independent School District #834, General
Obligation School Building Bonds, Ser. 1991, 6.25%, 2-1-1999 AAA 1,433,295
400,000 State of California, Variable Purpose General Obligation Bonds,
9.00%, 4-1-1999 AA 459,552
150,000 Oregon Veterans' Welfare General Obligation Bonds, Ser. LXIV,
9.00%, 4-1-1999 AA 172,837
2,500,000 Austin Independent School District, Texas Unlimited Tax
Refunding District Obligation Bonds, Ser. 1991, 6.20%,
8-1-1999 Aaa 2,668,225
1,000,000 State of Texas Public Finance Authority General Obligation
Bonds, Ser. 1990A, 7.00%, 10-1-1999 AA 1,100,040
3,000,000 Washington Suburban Sanitary District, Maryland Water Supply
Refunding Bonds of 1991, 6.00%, 11-1-1999 Aa1 3,204,330
200,000 City of Charleston, Illinois Water Works Improvement General
Obligation Bonds, 8.00%, 1-1-2000 A 225,532
3,000,000 State of California Various Purpose General Obligation Bonds,
5.90%, 2-1-2000 AA 3,193,020
2,500,000 Dupage Water Commission, Illinois General Obligation Water
Refunding Bonds, Ser. 1992, 5.85%, 3-1-2000 AAA 2,645,975
10,000 Alaska Housing Finance Corp. State Guaranteed Bonds, 1983 Ser. 1
(Veterans Mortgage Program), 9.00%, 12-1-2000 (called for
redemption 12-1-1995) AA 10,001
1,000,000 State of Texas Veterans Land Board General Obligation Bonds,
Ser. 1984, 9.00%, 12-1-2000 Aaa 1,169,140
1,885,000 Anoka County, Minnesota General Obligation Capital Improvement
Refunding Bonds, Ser. 1992C, 5.20%, 2-1-2001 A1 1,952,163
1,200,000 Shelby County, Tennessee General Obligation Refunding Bonds,
1992 Ser. B, 5.20%, 3-1-2001 Aa 1,249,644
400,000 State of California General Obligation Veterans Bonds, Ser.
AL, 9.60%, 4-1-2001 Aaa 496,912
2,200,000 City and County of Honolulu, Hawaii General Obligation
Refunding Bonds, 1992 Ser. 1, 5.60%, 6-1-2001 AA 2,329,976
2,000,000 School District of Leon County, Florida General Obligation
Refunding Bonds, Ser. 1991, 5.85%, 7-1-2001 A1 2,147,280
2,000,000 Howard County, Maryland Consolidated Public Improvement
Refunding General Obligation Bonds, Ser. 1991B, 5.80%,
8-15-2001 Aa 2,147,140
</TABLE>
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<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Rating(b)
Principal (Moody's
amount Issuer or S & P) Value
<S> <C> <C> <C>
GENERAL OBLIGATIONS (Continued)
$2,110,000 State of Nevada General Obligation (Limited Tax) Hoover
Uprating Refunding Bonds, Ser. 1992, 6.00%, 10-1-2001 AA $ 2,284,223
900,000 Monroe County Jail, Indiana, First Mortgage Refunding Bonds,
Series 1993, 4.90%, 1-1-2002 A1 909,396
1,535,000 City of Columbus, Ohio Sewer Improvement No. 27 Refunding
Bonds, Unlimited Tax General Obligation Bonds, Ser.
1991, 5.90%, 2-15-2002 Aaa 1,660,517
1,000,000 Williamson County, Tennessee Public Works Refunding Bonds,
Ser. 1992, 5.65%, 3-1-2002 Aa 1,064,800
1,500,000 City of Tulsa, Oklahoma General Obligation Refunding Bonds of
1993, 5.05%,6-1-2002 Aa 1,550,340
2,100,000 Jackson Public School District, Jackson, Mississippi General
Obligation School Bonds, Ser. 1992, 5.80%, 7-1-2002 A1 2,241,687
925,000 Monroe County Jail, Indiana, First Mortgage Refunding Bonds,
Series 1993, 4.90%, 7-1-2002 A1 935,341
1,000,000 Pima County Arizona General Obligation Refunding Bonds, Ser.
1992, 6.30%,7-1-2002 Aa 1,101,570
3,500,000 Milwaukee, Wisconsin Metropolitan Sewerage District General
Obligation Capital Purpose Bonds, Ser. 1990A, 6.70%, 10-1-2002 AA 3,944,150
1,885,000 Federal Way School District No. 210, King County, Washington
Unlimited Tax General Obligation Refunding Bonds, 1987, 6.75%,
12-1-2002 A 1,922,417
1,500,000 County of Ramsey, Minnesota General Obligation Capital
Improvement Refunding Bonds, Ser. 1992C, 5.40%, 12-1-2002 Aaa 1,586,775
1,505,000 Anchorage, Alaska General Obligation General Purpose Refunding
Bonds, 4.60%, 2-1-2003 Aaa 1,495,835
2,000,000 Lake County, Illinois Forest Preserve District General
Obligation Refunding Bonds, Ser. 1992B, 5.70%, 2-1-2003 Aa 2,132,920
2,000,000 Oregon General Obligation Veterans' Welfare Bonds, Ser. 74A,
7.75%, 3-1-2003 A1 2,126,080
1,050,000 Oklahoma City, Oklahoma General Obligation Bonds, Series 1993,
5.15%,5-1-2003 Aa 1,087,915
2,000,000 Nashville and Davidson County, Tennessee General Obligation
Refunding Bonds of 1993, 5.00%, 5-15-2003 Aa 2,056,340
2,000,000 State of Illinois General Obligation Refunding Bonds, Series
of June 1993, 5.00%, 6-1-2003 Aa 2,035,040
1,500,000 Municipality of Anchorage, Alaska 1993 General Obligation
Refunding School Bonds, Series B, 4.90%, 9-1-2003 Aaa 1,527,000
1,750,000 State of Louisiana General Obligation Bonds, Series 1987A,
7.00%, 8-1-2003 Baa1 1,841,210
2,000,000 Texas Public Finance Authority, State of Texas General
Obligation Refunding Bonds, Ser. 1992A, 5.70%, 10-1-2003 Aa 2,150,040
2,000,000 State of Wisconsin General Obligation Refunding Bonds of 1993,
Series 1, 5.30%, 11-1-2003 Aa 2,096,020
2,000,000 State of Wisconsin General Obligation Refunding Bonds of 1993,
Series 3, 4.75%, 11-1-2003 Aa 2,023,620
2,520,000 Federal Way School District No. 210, King County, Washington
Unlimited Tax General Obligation and Refunding Bonds, 1993,
5.25%, 12-1-2003 Aaa 2,625,210
2,620,000 Cherry Creek School District No. 5, Arapahoe County, Colorado
General Obligation Improvement Bonds, Ser. 1990, 7.00%, 12-15-2003 AA 2,933,378
2,000,000 Jefferson County Colorado School District No. R-1 General
Obligation Bonds, Ser. 1992, 5.75%, 12-15-2003 Aaa 2,157,740
2,025,000 County of DuPage, Illinois General Obligation Refunding Bonds
(Alternate Rev. Source - Stormwater Project), 5.10%, 1-1-2004 Aaa 2,072,041
2,000,000 Indianapolis, Indiana Local Public Improvement Bond Bank,
Limited Obligation Bonds, Series 1993A Bonds, 5.25%,1-10-2004 Aaa 2,066,560
2,100,000 Cherokee County School Systems Georgia, General Obligation
School Series 1993, 4.90%, 2-1-2004 A1 2,125,242
2,300,000 Osseo Area Schools, Minnesota, General Obligation Refunding
Bonds, Series 1993, 4.60%, 2-1-2004 A1 2,290,570
</TABLE>
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<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Rating(b)
Principal (Moody's
amount Issuer or S & P) Value
<S> <C> <C> <C>
GENERAL OBLIGATIONS (Continued)
$2,300,000 Indianapolis, Indiana Local Public Improvement Bond Bank
Refunding Bonds, Limited Obligation Bonds, Ser. 1993B,
4.70%, 2-15-2004 Aaa $ 2,279,783
1,600,000 County of Buncombe, North Carolina Refunding General
Obligation Bonds, Series 1993, 5.10%, 3-1-2004 Aa 1,655,424
1,050,000 Oklahoma City, Oklahoma General Obligation Bonds, Series 1993,
5.25%,5-1-2004 Aa 1,087,779
2,000,000 Davis County School District, Davis County, Utah, General
Obligation Refunding Bonds, Series 1993A, 4.50%, 6-1-2004 Aaa 1,962,620
2,000,000 Alachua County School District, Alachua County, Florida
General Obligation Refunding Bonds, Ser. 1994, 4.50%,
7-1-2004 Aaa 1,978,880
2,000,000 Deer Valley Unified School District No. 97 of Maricopa County,
Arizona School Improvement General Obligation Bonds, Project of
1992, Series A (1993), 5.125%, 7-1-2004 Aaa 2,066,540
1,205,000 DeKalb County School District, Georgia General Obligation
Refunding Bonds, Series 1993, 5.10%, 7-1-2004 Aa 1,242,982
1,000,000 Maricopa County, Arizona Unified School District No. 69,
Paradise Valley School Improvement General Obligation Bonds,
Ser. 1990A, 7.10%, 7-1-2004 A1 1,160,240
1,540,000 Joint School District No. 2, Ada and Canyon Counties, Idaho,
General Obligation School Bonds, Ser. 1994, 5.0%, 7-30-2004 Aa 1,577,992
3,215,000 State of Minnesota General Obligation State Refunding Bonds,
5.125%, 8-1-2004 Aa 3,327,043
2,000,000 Harris County, Texas Road and Refunding Bonds, Ser. 1993,
4.70%, 10-1-2004 Aa 1,999,880
2,000,000 City of Seattle, Washington Unlimited Tax General Obligation
Refunding Bonds, 1993, 4.80%, 12-1-2004 Aa1 2,017,760
1,000,000 Bismarck, North Dakota Public School District #1, Burleigh
County General Obligation Building Bonds of 1986, 7.00%, 4-1-2005 A1 1,039,240
1,800,000 Nashville and Davidson County, Tennessee General Obligation
Refunding Bonds of 1993, 5.00%, 5-15-2005 Aa 1,833,930
1,625,000 Charleston County, South Carolina General Obligation Refunding
Bonds of 1994 (ULT), 5.40%, 6-1-2005 Aa 1,705,031
1,100,000 Municipality of Anchorage, Alaska 1994 General Obligation
School Bonds, 5.40%, 7-1-2005 Aaa 1,141,624
2,000,000 Oklahoma City, Oklahoma General Obligation Refunding Bonds,
Series 1993, 5.30%, 8-1-2005 Aa 2,093,840
2,500,000 State of Illinois General Obligation Refunding Bonds,
Ser. 1987, 6.80%, 4-1-2006 Aa 2,642,800
1,600,000 Natrona County, Wyoming School District No. 1 General
Obligation Bonds, Ser. 1994, 5.45%, 7-1-2006 Aaa 1,659,872
2,340,000 City of Phoenix, Arizona General Obligation Refunding Bonds,
Ser. 1993A, 5.30%, 7-1-2006 Aa1 2,440,058
2,000,000 State of California Various Purpose General Obligation Bonds,
6.00%, 10-1-2006 A1 2,170,660
3,215,000 Forsyth County School District, Georgia, General Obligation
Bonds, Series 1995, 5.05%, 7-1-2007 Aaa 3,215,000
2,000,000 (c) Arapahoe County School District #6, Colorado, Littleton
Public Schools General Obligation Improvement Bonds,
Series 1995A 5.00%, 12-1-2007 Aa 2,007,160
2,780,000 (c) Salt Lake County, Utah General Obligation Jail Bonds, Series
1995, 5.00%, 12-15-2007 Aaa 2,782,113
2,000,000 State of Wisconsin General Obligation Bonds of 1995, Series A,
6.00%, 5-1-2008 Aa 2,147,140
2,000,000 State of Florida, State Board of Education, Public Education
Capital Outlay Refunding Bonds, 1995 Series C, 5.125%,
6-1-2008 Aa 2,010,480
1,000,000 Maricopa County, Arizona Unified School District No. 69,
Paradise Valley School Improvement Bonds, Ser. 1994A, 7.10%,
7-1-2008 A1 1,187,940
1,700,000 State of South Carolina General Obligation State Highway
Bonds, Series 1995, 5.10%, 8-1-2008 Aaa 1,723,783
</TABLE>
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<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Rating(b)
Principal (Moody's
amount Issuer or S & P) Value
<S> <C> <C> <C>
GENERAL OBLIGATIONS (Continued)
$1,200,000 Maricopa County, Arizona Unified School District No. 69,
Paradise Valley School Improvement Bonds, Ser. 1994A, 7.00%,
7-1-2009 A1 $ 1,413,660
1,700,000 State of South Carolina General Obligation State Highway
Bonds, Series 1995, 5.25%, 8-1-2009 Aaa 1,731,076
2,500,000 Maricopa County, Arizona Unified School District No. 69,
Paradise Valley School Improvement Bonds, Ser. 1994A, 7.00%,
7-1-2010 A1 2,953,125
2,500,000 State of Wisconsin General Obligation Refunding Bonds of 1993,
Ser. 2, 5.125%, 11-1-2010 Aa 2,478,025
3,000,000 State of Hawaii, General Obligation Refunding Bonds of 1992,
Series BW, 6.375%, 3-1-2011 Aa 3,371,160
2,000,000 Washington and Clackamas Counties School District #23J
(Tigard-Tualatin), Oregon, General Obligation Bonds, Series 1995,
5.55%, 6-1-2011 A1 2,035,040
2,000,000 State of Georgia, General Obligation Bonds, Series 1995C,
5.70%, 7-1-2011 Aaa 2,124,320
1,125,000 State of Delaware, General Obligation Bonds, Series 1994B,
6.00%, 12-1-2011 Aa1 1,193,197
3,000,000 State of Georgia, General Obligation Bonds, Series 1995B,
5.75%, 3-1-2012 Aaa 3,192,870
4,500,000 State of Washington General Obligation Bonds, Series 1993A,
5.75%, 10-1-2012 Aa 4,743,945
1,125,000 State of Delaware, General Obligation Bonds, Series 1994B,
6.00%, 12-1-2012 Aa1 1,189,046
------------
172,568,720
MUNICIPAL REVENUE (18.0%):
2,000,000 City of St. Petersburg, Florida Public Utility Refunding
Rev. Bonds, Ser. 1991, 6.10%, 10-1-1998 Aa 2,110,880
3,000,000 City of Colorado Springs, Colorado Utilities System Refunding
Rev., Ser. 1991A, 6.10%, 11-15-1998 AA 3,172,350
1,490,000 City of San Antonio, Texas Water System Revenue Refunding
Special Obligation Bonds, Ser. 1992, 5.80%, 5-15-1999 AAA 1,565,960
1,250,000 Washington Public Power Supply System Nuclear Project No. 3,
Refunding Rev. Bonds, Ser. 1991A, 6.25%, 7-1-2000 Aa 1,336,475
1,250,000 State of New York Power Authority General Purpose Bonds, Ser.
Z, 6.00%,1-1-2001 Aa 1,339,025
1,400,000 San Diego County Water Authority Water Rev. Certificates of
Participation, Ser. 1991A, 6.00%, 5-1-2001 AA 1,493,016
1,500,000 Intermountain Power Agency, Utah Power Supply Rev. Refunding
Bonds, 1986 Ser. F, 7.00%, 7-1-2001 AA 1,555,950
1,250,000 Municipal Subdistrict, Northern Colorado Water Conservancy
District Water Rev., Ser. D, 7.60%, 12-1-2001 A1 1,317,188
2,000,000 Nashville and Davidson County, Tennessee Electric System
Rev. Bonds, 1992 Series B, 5.50%, 5-15-2002 Aa 2,116,720
1,000,000 Washington Public Power Supply System Nuclear Project No. 1,
Rev. Refunding Bonds, Ser. 1990C, 7.70%, 7-1-2002 AA 1,159,350
1,080,000 Charleston, South Carolina Waterworks and Sewer Systems
Rev. Refunding Bonds, Ser. 1986A, 6.90%, 1-1-2003 A1 1,101,600
2,000,000 City of Des Moines, Iowa Sewer Rev. Bonds, Ser. 1992D,
6.00%, 6-1-2003 Aaa 2,153,500
2,500,000 City of Albuquerque, New Mexico Joint Water and Sewer
Refunding Rev. Bonds, Ser. 1990B, 7.00%, 7-1-2003 A1 2,784,900
2,000,000 Washington Public Power Supply System, Nuclear Project No. 3
Refunding Revenue Bonds, Series 1993C, 4.80%, 7-1-2003 Aa 1,978,640
2,000,000 City of Lincoln, Nebraska, Water Revenue and Refunding Bonds,
Series 1993, 4.90%, 8-15-2003 Aa 2,044,960
2,850,000 City of Lincoln, Nebraska, Electric System Revenue Refunding
Bonds, 1993 Series A, 4.70%, 9-1-2003 Aa 2,875,622
2,000,000 Fargo, North Dakota, Water Revenue of 1993, 5.00%, 1-1-2004 Aaa 2,039,900
1,500,000 Municipal Electric Authority of Georgia General Power Rev.
Bonds, 1993A Series, 5.00%, 1-1-2004 A1 1,499,940
1,500,000 Nashville and Davidson County, Tennessee, Water and Sewer
Revenue Refunding Bonds, Series 1993, 4.90%, 1-1-2004 Aaa 1,524,975
</TABLE>
-9-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
PORTFOLIO OF INVESTMENTS
November 30, 1995
<TABLE>
<CAPTION>
Rating(b)
Principal (Moody's
amount Issuer or S & P) Value
<S> <C> <C> <C>
MUNICIPAL REVENUE (Continued)
$1,710,000 Southern Minnesota Municipal Power Agency, Power Supply System
Revenue Bonds, Series 1993 B, 4.60%, 1-1-2004 A1 $ 1,692,883
2,000,000 City of Dallas, Texas Waterworks and Sewer System Rev.
Refunding Bonds, Series 1993, 4.90%, 4-1-2004 Aa 2,024,460
2,045,000 City of Iowa City, Johnson County, Iowa Sewer Rev. Bonds,
5.875%, 7-1-2004 Aaa 2,177,271
2,000,000 City of Jackson, Mississippi Water and Sewer System Rev.
Refunding Bonds, Series 1993-A, 4.85%, 9-1-2004 Aaa 2,021,180
1,685,000 Hampton Roads Sanitation District, Virginia, Wastewater
Refunding and Capital Improvement Revenue Bonds, Series 1993, 4.70%,
10-1-2004 Aa 1,689,735
3,000,000 City of Los Angeles Department of Water and Power, Electric
Plant Refunding Revenue Bonds, Second Issue of 1993, 4.80%,
11-15-2004 Aa 3,010,770
1,500,000 Omaha, Nebraska Public Power District Electric System Rev.
Bonds, 1993, Series B, 5.10%, 2-1-2005 Aa 1,535,205
1,325,000 Winston-Salem, North Carolina Water & Sewer System Revenue
Bonds, Series 1995B, 5.00%, 6-1-2007 Aa 1,331,917
2,600,000 Washington Public Power Supply System Nuclear Project No. 1, Rev.
Refunding Bonds, Ser. 1989A, 7.50%, 7-1-2007 AA 2,863,406
1,665,000 Winston-Salem, North Carolina Water & Sewer System Revenue
Bonds, Series 1995B, 5.10%, 6-1-2008 Aa 1,673,641
------------
55,191,419
INDUSTRIAL REVENUE - UTILITIES (4.7%):
300,000 Red River Authority of Texas Collateralized Pollution Control
Rev. Bonds,Ser. 1981, 13.50%, 10-1-2001 (Southwestern Public
Service Co. Project) Aa2 322,149
2,200,000 The Water Works and Sewer Board, Birmingham, Alabama Water and
Sewer Revenue Bonds, Ser. 1994, 4.75%, 1-1-2005 Aa 2,188,692
200,000 City of Joliet, Illinois Pollution Control Rev. Bonds, Ser. 1976,
6.80%,7-1-2006 (Commonwealth Edison Company Project) Baa1 200,326
3,000,000 Becker, Minnesota Pollution Control Rev. Refunding Bonds, Ser.
1989A, 6.80%,4-1-2007, (No. States Power Co. - Serberne Cnty.
Gen. Sta. Units 1 & 2 Proj.) Aa3 3,224,250
6,000,000 Omaha, Nebraska Public Power District Electric System Revenue
Bonds, Ser. 1992B, 6.15%, 2-1-2012 Aa 6,589,980
1,840,000 Dallas, Texas Water Works and Sewer System Revenue Bonds, Ser.
1994A, 6.375%, 10-1-2012 Aa 1,960,262
------------
14,485,659
Total long-term municipal bonds (cost: $282,109,088) 300,478,937
SHORT-TERM INVESTMENTS (3.3%):
6,000,000 U.S. Treasury bills, 5.245% to 5.385% effective yield,
due 12-1995 to 2-1996 5,959,142
3,820,000 General Motors Acceptance Corp., 5.78%, 12-5-1995 3,821,842
480,000 General Motors Acceptance Corp., 5.79%, 12-5-1995 480,077
------------
Total short-term investments (cost: $10,261,061) 10,261,061
------------
TOTAL INVESTMENTS (101.1%) (cost: $292,370,149) 310,739,998
LIABILITIES, LESS CASH AND OTHER ASSETS (-1.1%) (3,323,681)
------------
NET ASSETS (100.0%) $307,416,317
============
</TABLE>
Notes: (a) At November 30, 1995, net unrealized appreciation of $18,369,849
consisted of gross unrealized appreciation of $18,457,331 and gross
unrealized depreciation of $87,482 based on cost of $292,370,149 for
federal income tax purposes.
(b) Ratings not covered by the report of independent auditors.
NR denotes no rating available.
(c) Purchased on a `when-issued' basis.
-10-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1995
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
Investments, at value (cost $292,370,149)............................. $310,739,998
Cash.................................................................. 557,748
Receivable for:
Interest............................................................ $5,465,971
Sundry.............................................................. 5,316 5,471,287
----------
Prepaid expenses...................................................... 9,533
------------
Total assets...................................................... 316,778,566
LIABILITIES AND NET ASSETS
Payable for:
Securities purchased................................................ 6,028,938
Dividends to shareowners............................................ 2,894,747
Shares of the Fund redeemed......................................... 329,098
Other accounts payable (including $94,392 to Manager)............... 109,466
----------
Total liabilities................................................. 9,362,249
------------
Net assets applicable to 36,172,771 shares outstanding of
$1 par value common stock (100,000,000 shares authorized)........... $307,416,317
============
Net asset value, offering price and redemption price per
share............................................................... $ 8.50
============
ANALYSIS OF NET ASSETS
Excess of amounts received from sales of shares over
amounts paid on redemptions of shares on account of
capital............................................................. $288,831,542
Accumulated net realized gain on
sales of investments................................................ 214,926
Net unrealized appreciation of investments............................ 18,369,849
------------
Net assets applicable to shares outstanding........................... $307,416,317
============
</TABLE>
See accompanying notes to financial statements.
-11-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
Year ended November 30,
1995 1994
<S> <C> <C>
Investment income:
Tax-exempt interest................................................. $16,931,069 16,472,830
Taxable interest.................................................... 446,122 225,158
---------------------------
Total investment income........................................... 17,377,191 16,697,988
Expenses:
Investment advisory and management fees............................. 366,394 355,000
Audit fees.......................................................... 21,113 20,823
Legal fees.......................................................... 4,264 5,283
Fidelity bond expense............................................... 5,077 5,289
Directors' fees..................................................... 2,200 2,200
Reports to shareowners.............................................. 9,024 3,892
Securities evaluation fees.......................................... 19,822 20,190
Franchise taxes..................................................... 16,598 15,299
Custodian fees...................................................... 29,930 --
Other............................................................... 21,799 32,962
---------------------------
Total expenses.................................................... 496,221 460,938
---------------------------
Less: Custodian fees paid indirectly.............................. 25,465 --
---------------------------
Net expenses...................................................... 470,756 460,938
---------------------------
Net investment income................................................. 16,906,435 16,237,050
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on sales of investments.................... 264,519 (49,593)
Change in net unrealized appreciation............................... 21,451,782 (23,629,677)
---------------------------
Net realized and unrealized gain (loss) on investments................ 21,716,301 (23,679,270)
---------------------------
Net change in net assets resulting from operations.................... $38,622,736 (7,442,220)
===========================
</TABLE>
See accompanying notes to financial statements.
-12-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year ended November 30,
1995 1994
<S> <C> <C>
From operations:
Net investment income............................ $ 16,906,435 16,237,050
Net realized gain (loss) on sales of investments. 264,519 (49,593)
Change in net unrealized appreciation............ 21,451,782 (23,629,677)
--------------------------
Net change in net assets resulting
from operations................................ 38,622,736 (7,442,220)
Dividends to shareowners from:
Net investment income (per share $.48 in 1995
and $.48 in 1994)............................ (16,906,435) (16,237,050)
Net realized gain (per share $.017 in 1994)...... -- (551,997)
--------------------------
Total distributions to shareowners................. (16,906,435) (16,789,047)
From Fund share transactions:
Proceeds from shares sold........................ 25,292,645 37,360,622
Reinvestment of ordinary income dividends
and capital gain distributions................. 12,894,959 13,048,768
--------------------------
38,187,604 50,409,390
Less payments for shares redeemed................ 22,392,823 32,624,914
--------------------------
Net increase in net assets from Fund share
transactions................................... 15,794,781 17,784,476
--------------------------
Total increase (decrease) in net assets............ 37,511,082 (6,446,791)
Net assets:
Beginning of year................................ 269,905,235 276,352,026
--------------------------
End of year...................................... $307,416,317 269,905,235
==========================
</TABLE>
See accompanying notes to financial statements.
-13-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS
1. Significant accounting policies
Securities valuation --
Municipal bonds and notes and other debt securities are valued using
quotations provided by independent pricing services. Short-term debt securities
having a maturity of 60 days or less from the valuation date are valued on an
amortized cost basis. Any securities not valued as described above are valued at
fair value as determined in good faith by the Board of Directors or its
delegate.
Security transactions and interest income --
Security transactions are accounted for on the trade date (date the order
to buy or sell is executed). Interest income is recorded on the accrual basis;
premiums and original issue discounts on tax-exempt securities are amortized.
Realized gains and losses from security transactions are reported on an
identified cost basis.
Securities purchased on a `when-issued' basis --
The Fund may purchase municipal bonds on a `when-issued' basis. Delivery
and payment for these securities may be a month or more after the purchase date,
during which time such securities are subject to market fluctuations. It is
possible that the securities will never be issued and the commitment cancelled.
At November 30, 1995, there were commitments of $6,028,938 for such securities.
Fund share valuation, dividends and distributions to shareowners --
Fund shares are sold and redeemed on a continuous basis at net asset value.
Net asset value per share is determined as of 1:00 p.m. Bloomington, Illinois
time on each business day other than customary weekend and holiday closings,
except that the 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 value
per share is computed by dividing the value of the Fund's investments and other
assets, less liabilities, by the number of Fund shares outstanding. The Fund
declares a daily dividend equal to its net investment income, and distributions
of such amounts are made at the end of each calendar quarter. Net realized gain
on sales of investments, if any, are distributed annually after the close of the
Fund's fiscal year.
Dividends and distributions payable to its shareowners are recorded by the
Fund on the ex-dividend date.
Federal income taxes --
It is the Fund's 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 its income, as well as any net realized
gain on sales of investments reportable for federal income tax purposes. The
Fund has complied with this policy and, accordingly, no provision for federal
income taxes is required.
Custodian fees --
Custodian fees are reduced based on the Fund's cash balances maintained
with the custodian. Beginning in 1995, in accordance with changes in the
requirements of the Securities and Exchange Commission, both gross custodian
fees and the amount by which such fees are reduced, are disclosed separately in
the statement of operations. This presentation does not affect the determination
of net investment income.
-14-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS
2. Transactions with affiliates
The Fund has an investment advisory and management services agreement with
State Farm Investment Management Corp. (Manager) pursuant to which the Fund pays
the Manager an annual fee (computed on a daily basis and paid quarterly) of .20%
of the first $50 million of average net assets, .15% of the next $50 million of
average net assets and .10% of average net assets in excess of $100 million. The
Manager guarantees that all operating expenses of the Fund, including
compensation of the Manager but excluding franchise taxes, interest,
extraordinary litigation expenses, brokerage commissions and other portfolio
transaction costs, shall not exceed .40% of average net assets annually.
Under the terms of this agreement, the Fund incurred fees of $366,394 for
1995 and $355,000 for 1994. The Fund pays no fees for transfer agent services
provided by the Manager. The Fund does not pay any discount, commission or other
compensation for underwriting services provided by the Manager.
Certain officers and/or directors of the Fund are also officers and/or
directors of the Manager. The Fund made no payments to its officers or directors
during the two years ended November 30, 1995 except for directors' fees of
$2,200 for 1995 and 1994, respectively, paid to the Fund's independent
directors.
3. Investment transactions
Investment transactions (exclusive of short-term instruments) for each of
the two years ended November 30 are as follows:
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Purchases.................................. $34,619,287 36,396,943
Proceeds from sales........................ 18,616,250 21,105,695
===========================
</TABLE>
4. Fund share transactions
Proceeds and payments on Fund shares as shown in the statement of changes
in net assets are in respect of the following number of shares:
<TABLE>
<CAPTION>
Year ended November 30,
1995 1994
<S> <C> <C>
Shares sold................................ 3,052,147 4,463,884
Shares issued in reinvestment of ordinary
income dividends and capital gain
distributions............................ 1,565,349 1,567,732
---------------------------
4,617,496 6,031,616
Less shares redeemed....................... 2,709,601 3,949,631
---------------------------
Net increase in shares outstanding......... 1,907,895 2,081,985
===========================
</TABLE>
-15-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Per Share Income and Capital Changes (For a share outstanding throughout each
period)
<TABLE>
<CAPTION>
Six months
ended Year ended
Year ended November 30, November 30, May 31,
1995 1994 1993 1992 1991 1990 1989 1988 1987 1987 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.. $ 7.88 8.59 8.34 8.15 7.98 7.96 7.76 7.58 7.55 7.53 6.97%
Income from Investment
- ----------------------
Operations
----------
Net investment
income............... .48 .48 .50 .53 .54 .58 .58 .57 .28 .57 .57
Net gain or loss
on securities (both
realized and
unrealized).......... .62 (.69) .25 .19 .17 .02 .20 .18 .03 .02 .56
------------------------------------------------------------------------------------------------------------
Total from
investment
operations........... 1.10 (.21) .75 .72 .71 .60 .78 .75 .31 .59 1.13
Less Distributions
- ------------------
Dividends (from
net investment
income)............ (.48) (.48) (.50) (.53) (.54) (.58) (.58) (.57) (.28) (.57) (.57)
Distributions (from
capital gain) (b) -- (.02) -- -- -- -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------
Total distributions... (.48) (.50) (.50) (.53) (.54) (.58) (.58) (.57) (.28) (.57) (.57)
Net asset value, end
of period............ $ 8.50 7.88 8.59 8.34 8.15 7.98 7.96 7.76 7.58 7.55 7.53
============================================================================================================
Total Return.......... 14.25% (2.55%) 9.17% 9.05% 9.17% 7.78% 10.44% 10.14% 4.19% 7.72% 16.75%
- ------------
Ratios/Supplemental
- -------------------
Data
----
Net assets, end of
period (millions).... $ 307.4 269.9 276.4 211.3 167.2 132.8 110.0 85.2 70.7 66.4 49.1
Ratio of expenses to
average net assets... .17%(c) .16% .18% .19% .21% .23% .25% .29% .30%(a) .31% .37%
Ratio of net
investment income
to average net
assets............... 5.80% 5.80% 5.84% 6.36% 6.75% 7.30% 7.42% 7.36% 7.49%(a) 7.30% 7.90%
Portfolio turnover
rate................. 7% 8% 5% 4% 2% 8% 7% 2% 4%(a) 0% 5%
Number of shares
outstanding at end
of period
(millions)............ 36.2 34.3 32.2 25.3 20.5 16.6 13.8 11.0 9.3 8.8 6.5
</TABLE>
Notes: (a) Ratios and rates have been calculated on an annualized basis.
(b) Distributions representing less than $.01 were made in 1993 and 1992.
(c) The ratio based on net custodian expenses would have been .16%.
-16-
<PAGE>
STATE FARM MUNICIPAL BOND FUND, INC.
TAX INFORMATION
The Fund paid ordinary income dividends in March, June, September and
December 1995. Of those dividends, 98% in March, 98% in June, 97% in September
and 97% in December are designated as exempt-interest dividends. The taxable
portion of the dividends paid to you will be included on the Form 1099-DIV to be
sent in January 1996.
Since the Fund's investment income was derived from interest, none of the
taxable portion of the Fund's distributions are eligible for the dividend
received deduction for corporations.
In December, 1995, the Fund made a capital gain distribution of $.006 per
share, 100% of which was paid from long-term capital gain and is designated as a
capital gain dividend.
NOTE: The taxable portion of the dividends and the capital gain distribution
must be included in your federal income tax return and must be reported
by the Fund to the Internal Revenue Service in accordance with provisions
of the Internal Revenue Code. The tax-exempt status of dividends derived
from interest on municipal bonds for federal income tax purposes does not
necessarily result in exemption from any state or local income taxes or
other taxes.
-17-
<PAGE>
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-18-
<PAGE>
(This page intentionally left blank.)
-19-
<PAGE>
ANNUAL
REPORT
November 30, 1995
STATE
FARM
MUNICIPAL BOND
FUND, INC.
ONE STATE FARM PLAZA
BLOOMINGTON, ILLINOIS 61710
TELEPHONE (309) 766-2029
