State Farm Associates Funds Trusts N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-01519

STATE FARM ASSOCIATES’ FUNDS TRUST

(Exact name of registrant as specified in charter)

One State Farm Plaza Bloomington, IL	61710-0001
(Address of principal executive offices)	(Zip code)

	Alan Goldberg
Paul J. Smith	Stradley Ronon Stevens & Young
One State Farm Plaza	191 North Wacker Dr., Suite 1601
Bloomington, Illinois 61710-0001	Chicago, Illinois 60606
(Names and addresses of agents for service)

Registrant’s telephone number, including area code: 1-800-447-0740

Date of fiscal year end: 11/30/2018

Date of reporting period: 05/31/2018

ITEM 1. REPORTS TO STOCKHOLDERS.

Table of Contents
Message to Shareholders	1
Portfolio Summary
State Farm Growth Fund	4
State Farm Balanced Fund	4
State Farm Interim Fund	5
State Farm Municipal Bond Fund	5
Expense Example	6
Schedule of Investments
State Farm Growth Fund	7
State Farm Balanced Fund	9
State Farm Interim Fund	20
State Farm Municipal Bond Fund	21
Financial Statements
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Notes to Financial Statements	46
Financial Highlights	52

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, are available without charge upon request at 1-800-447-0740 and at sec.gov.

The Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds make the information on Form N-Q available to shareholders upon request without charge at 1-800-447-0740.

Any website referenced in this report is an inactive textual reference only, and information contained in or otherwise accessible through that website does not form a part of, and is not incorporated by reference into, this report.

SEMI-ANNUAL REPORT

Electronic Delivery

As a State Farm Mutual Funds shareholder, we wish to remind you that you can elect to have future Annual Reports, Semi-Annual Reports, Prospectuses, statements, and tax forms delivered electronically rather than receiving large, bulky paper reports through the mail. This is a great way to help reduce internal fund costs related to printing and mailing these materials as well as a way to be environmentally friendly. Please consider signing up for electronic delivery today by going on statefarm.com or by calling 1-800-447-0740 for assistance.

Compensation Deduction or Automatic Investment Plan (AIP)¹

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

State Farm VP Management Corp.

(Underwriter and Distributor of Securities Products)

One State Farm Plaza

Bloomington, Illinois 61710-0001

1-800-447-0740

statefarm.com

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

Message to Shareholders of State Farm Associates’ Funds Trust

Dear Shareholders,

Thank you for investing with State Farm Mutual Funds^®. Enclosed is the Semi-Annual Report for the 6-month period ended May 31, 2018, for the State Farm Associates’ Funds Trust. We encourage your review and consideration of this entire report.

State Farm Investment Management Corp. has consistently maintained a long-term, disciplined approach to managing investment risk and providing competitive investment products that can help you, our valued shareholder, with your investment goals.¹ We believe that remaining focused on your long-term goals and maintaining an appropriate asset allocation mix are important elements in pursuing investment success.²

Market Review

During the 6-month period ended May 31, 2018, the U.S. equity markets experienced positive returns while the fixed income results were mixed.

As represented by the S&P 500 Index (the “Index”) in the chart below, U.S. equities hit a period and new historical closing price high of 2,872 on January 26.³ That record was followed shortly thereafter by a period low of 2,581 on February 8, after which the Index staged a series of uneven climbs and pullbacks before finishing at 2,705. During this 6-month timeframe, U.S. equities entered the tenth year of their current bull market run, while posting a 3.16% total return, including dividends.

Source: Bloomberg

1 Investing involves risk, including potential for loss.

2 Asset allocation cannot guarantee a profit or protect against a loss in a declining market.

3 Source: Standard & Poor’s. The S&P 500 Index is a capitalization-weighted measure of common stocks of 500 large U.S. companies. It is not possible to invest directly in an index. Past performance does not guarantee future results.

1

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

Rising corporate earnings, increasing consumer confidence, and historically low unemployment levels positively influenced the U.S. equity markets during this time, but these factors were partially offset by rising geopolitical tension, inflationary concerns, and interest rate increases.

Supported by increasing consumer confidence levels during a solid holiday shopping season, stocks moved higher early in the period after shrugging off the Federal Reserve’s (the “Fed”) December interest rate hike. Equities rose unevenly until late January when fears of inflation helped lead to a sharp pullback. Stocks rebounded by the end of February, but experienced additional volatility in March upon digesting other news, including the Trump Administration introducing tariffs on steel and aluminum imports and the Fed voting to raise rates once again. Market volatility was present throughout the remainder of the 6-month period, as among other factors, stocks were impacted by threats of an ensuing trade war between the U.S. and its trading partners and higher oil prices in April that contributed to a return of inflationary concerns. However, stocks still managed to finish April slightly higher, as reports of robust first-quarter corporate earnings, among other factors, positively influenced U.S. equity markets. These profits were, in part, influenced by the Tax Cuts and Jobs Act that became law in December 2017, which reduced the corporate tax rate. In May, earnings strength continued and U.S. unemployment fell to 3.8%, its lowest level in eighteen years. The evidence of a healthier U.S. economy helped domestic equities finish the 6-month period with modest gains, despite concerns over inflation, protectionist trade policy, and less accommodative global monetary policy that had investors worried about a potential economic slowdown outside the U.S.

Among the major fixed income indices, the Bloomberg Barclays 1-5 Year Treasury Index⁴ and the Bloomberg Barclays 7-Year Municipal Bond Index⁵ posted total returns of –0.28% and 0.33%, respectively, as yields rose and bond prices fell over the 6-month period. Both short-term (3-month) and long-term (10-year) yields increased over the period, the latter of which hit a high of 3.11% in May – its highest level in four years – on the backdrop of a healthier U.S. economy and an increase in inflationary expectations.⁶ Despite the increase in long-term rates, the yield curve flattened. The spread between short and long-term yields tightened as short-term rates increased more during the period, influenced in part by the Fed’s two interest rate hikes, the first in December and the other that came in March. Beginning the 6-month timeframe at 1.27% and 2.42% respectively, the yields on the 3-month and 10-year Treasury instruments finished the period higher at 1.93% and 2.83%, respectively.

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

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

6 Source: The U.S. Department of the Treasury. A 3-month U.S. Treasury Bill is a debt obligation issued by the U.S. Treasury that has a term of 92 days or less. A 10- year U.S. Treasury Note is a debt obligation issued by the U.S. Treasury with a maturity of 10 years and that pays interest every six months. U.S. Treasury securities are backed by the full faith and credit of the U.S. government and are guaranteed only as to the prompt payment of principal and interest, and are subject to market risks if sold prior to maturity. Bonds have historically been less volatile than stocks, but are sensitive to changes in interest rates. Past performance does not guarantee future results.

2

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

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

Look for a detailed discussion of factors that impacted the performance of the Funds during the time frame of December 1, 2017 through November 30, 2018, in the State Farm Associates’ Funds Trust Annual Report.

On behalf of the entire State Farm Mutual Funds team, thank you for your continued business and allowing us to help serve your investment needs.

Sincerely,

Joe R. Monk Jr.

Senior Vice President

State Farm Investment Management Corp.

3

Portfolio Summary

State Farm Growth Fund

Fund Composition*

(unaudited)

* Illustrated by Industry and based on total net assets as of May 31, 2018. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

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

State Farm Balanced Fund

Fund Composition*

(unaudited)

* Illustrated by Type of Security and based on total net assets as of May 31, 2018. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

4

Portfolio Summary (continued)

State Farm Interim Fund

Fund Composition*

(unaudited)

* Illustrated by Maturity and based on total investments as of May 31, 2018. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 2.10% allocation to the JPMorgan US Government Money Market Fund Capital Shares.

State Farm Municipal Bond Fund

Fund Composition*

(unaudited)

* Illustrated by Maturity and based on total investments as of May 31, 2018. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 0.13% allocation to the JPMorgan US Government Money Market Fund Capital Shares.

5

Expense Example (unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as stated in the table below.

Actual Expenses

The first line under each Fund name in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value for a Fund by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for the applicable Fund to estimate the expenses you paid on your account for that Fund during this period. If your account has multiple Fund positions, add up the results calculated for each Fund position within your account to estimate the expenses you paid on your total account value. A potential account fee of $10 per calendar quarter is not included in the expenses shown in the table. This fee will be charged to an account (other than a SEP IRA, SIMPLE IRA, Archer Medical Savings Account, Tax Sheltered Account under §403(b)(7) of the Internal Revenue Code or an account held under other employer-sponsored qualified retirement plans) if the balance in the account falls below $5,000 at the close of business on the second business day of the last month of the calendar quarter, unless the account has been open for less than a year as of the second business day of the last month of the calendar quarter. You should consider any account fee you incurred when estimating the total ongoing expenses paid over the period and the impact of this fee on your ending account value. This additional fee has the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The second line under each Fund name in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A potential account fee of $10 per calendar quarter is not included in the expenses shown in the table. This fee will be charged to an account (other than a SEP IRA, SIMPLE IRA, Archer Medical Savings Account, Tax Sheltered Account under §403(b)(7) of the Internal Revenue Code or an account held under other employer-sponsored qualified retirement plans) if the balance in the account falls below $5,000 at the close of business on the second business day of the last month of the calendar quarter, unless the account has been open for less than a year as of the second business day of the last month of the calendar quarter. You should consider any account fee that you incurred when estimating the total ongoing expenses paid over the period and the impact of this fee on your ending account value. This additional fee has the effect of increasing the costs of investing.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line under each Fund name in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, including those that have transactional costs, such as sales charges (loads), redemption fees, or exchange fees.

					Annualized Expense
					Ratio Based			Expenses Paid
	Beginning		Ending		on the Period			During Period
	Account Value		Account Value		December 1, 2017 to			December 1, 2017 to
	December 1, 2017		May 31, 2018		May 31, 2018			May 31, 2018*
State Farm Growth Fund
Actual	$	1,000.00	$	984.78		0.12	%	$	0.59
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.33		0.12	%	$	0.61
State Farm Balanced Fund
Actual	$	1,000.00	$	990.31		0.13	%	$	0.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28		0.13	%	$	0.66
State Farm Interim Fund
Actual	$	1,000.00	$	996.75		0.16	%	$	0.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.13		0.16	%	$	0.81
State Farm Municipal Bond Fund
Actual	$	1,000.00	$	1,004.83		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.18		0.15	%	$	0.76

* Expenses are equal to the applicable Fund’s annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

6

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

SCHEDULE OF INVESTMENTS

May 31, 2018

(Unaudited)

	Shares		Value
Common Stocks (99.00%)
Agriculture, Foods, & Beverage (10.35%)
Archer-Daniels-Midland Co.		3,477,500	$	152,036,300
Coca-Cola Co., The		2,054,600		88,347,800
Kellogg Co.		930,000		59,882,700
McCormick & Company Inc.		428,600		43,288,600
Nestle SA ADR		1,175,800		88,972,786
PepsiCo Inc.		641,400		64,300,350
				496,828,536
Banks (5.38%)
M&T Bank Corp.		213,400		36,721,872
Northern Trust Corp.		422,700		43,335,204
U.S. Bancorp		710,821		35,533,942
Wells Fargo & Co.		2,643,100		142,700,969
				258,291,987
Building Materials & Construction (2.77%)
Vulcan Materials Co.		1,039,200		132,747,408
Chemicals (5.26%)
Air Products & Chemicals Inc.		830,000		133,970,300
Croda International PLC		24,910		1,543,722
DowDuPont Inc.		293,834		18,837,698
International Flavors & Fragrances Inc.		525,000		64,118,250
Novozymes A/S B Shares		344,484		17,565,726
Versum Materials Inc.		415,000		16,587,550
				252,623,246
Computer Software & Services (5.69%)
Alphabet Inc. Class A (a)		112,635		123,898,500
Alphabet Inc. Class C (a)		5,916		6,418,801
Automatic Data Processing Inc.		109,900		14,289,198
Facebook Inc. Class A (a)		82,675		15,855,412
Microsoft Corp.		765,955		75,706,992
SAP SE		83,800		9,438,486
Texas Instruments Inc.		245,807		27,508,261
				273,115,650
Computers (6.72%)
Apple Inc.		1,287,217		240,542,241
International Business Machines Corp.		580,000		81,959,800
				322,502,041
Consumer & Marketing (5.92%)
AptarGroup Inc.		677,405		62,538,030
Colgate-Palmolive Co.		872,600		55,052,334
Procter & Gamble Co., The		1,765,155		129,156,391
Reckitt Benckiser Group PLC		163,469		12,518,615
Unilever NV New York Shares		451,152		25,160,747
				284,426,117
Electronic/Electrical Manufacturing (2.17%)
Emerson Electric Co.		729,400		51,670,696
General Electric Co.		3,744,419		52,721,420
				104,392,116

	Shares		Value
Common Stocks (Cont.)
Financial Services (0.97%)
Berkshire Hathaway Inc. Class A (a)		162	$	46,526,400
Berkshire Hathaway Inc. Class B (a)		143		27,389
				46,553,789
Health Care (16.23%)
Abbott Laboratories		847,500		52,146,675
AbbVie Inc.		847,500		83,851,648
Agilent Technologies Inc.		548,071		33,936,556
Amgen Inc.		190,085		34,143,068
Eli Lilly and Co.		997,000		84,784,880
Johnson & Johnson		2,481,600		296,848,992
Merck & Co. Inc.		296,750		17,665,528
Novo Nordisk A/S Sponsored ADR		357,416		16,991,557
Pfizer Inc.		2,239,031		80,448,384
Roche Holding AG Sponsored ADR		732,281		19,632,454
Zoetis Inc.		705,696		59,066,755
				779,516,497
Machinery & Manufacturing (11.44%)
3M Co.		564,000		111,237,717
ASML Holding NV NY Reg. Shares		364,933		71,764,074
Caterpillar Inc.		1,162,621		176,613,756
Deere & Co.		42,900		6,413,979
Donaldson Company Inc.		765,513		36,132,214
HNI Corp.		1,439,200		53,408,712
Illinois Tool Works Inc.		652,500		93,764,250
				549,334,702
Media & Broadcasting (5.65%)
Walt Disney Co., The		2,728,640		271,417,821
Mining & Metals (2.85%)
BHP Billiton PLC		941,859		21,647,308
Nucor Corp.		531,200		34,097,728
Rio Tinto PLC		476,280		26,844,246
Rio Tinto PLC ADR		907,200		51,438,240
South32 Ltd.		941,859		2,636,740
				136,664,262
Oil & Gas (10.42%)
Chevron Corp.		1,060,000		131,758,000
Enbridge Inc.		393,550		12,227,599
Exxon Mobil Corp.		2,615,200		212,458,848
Imperial Oil Ltd.		25,300		826,551
Royal Dutch Shell PLC ADR Class A		456,900		31,791,102
Royal Dutch Shell PLC Class B		2,037,807		72,516,098
Schlumberger Ltd.		564,642		38,773,966
				500,352,164
Retailers (2.30%)
Walmart Inc.		1,339,100		110,529,314

See accompanying notes to financial statements. 7

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecom & Telecom Equipment (2.79%)
AT&T Inc.		2,140,534	$	69,182,059
Corning Inc.		1,284,600		34,902,582
Verizon Communications Inc.		624,900		29,788,983
				133,873,624
Transportation (1.60%)
GATX Corp.		190,700		13,711,330
Union Pacific Corp.		442,075		63,110,627
				76,821,957
Utilities & Energy (0.49%)
Duke Energy Corp.		306,966		23,685,497
Total Common Stocks
(cost $1,629,059,256)				4,753,676,728
Short-term Investments (0.59%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 1.62% (b)		28,194,965		28,194,965
Total Short-term Investments
(cost $28,194,965)				28,194,965
TOTAL INVESTMENTS (99.59%)
(cost $1,657,254,221)				4,781,871,693
OTHER ASSETS, NET OF LIABILITIES (0.41%)				19,821,646
NET ASSETS (100.00%)			$	4,801,693,339

(a) Non-income producing security.

(b) Rate shown is the 7-day yield as of May 31, 2018.

ADR - American Depositary Receipt

8 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS

May 31, 2018

(Unaudited)

	Shares		Value
Common Stocks (64.73%)
Agriculture, Foods, & Beverage (6.03%)
Archer-Daniels-Midland Co.		940,561	$	41,121,327
Campbell Soup Co.		26,000		874,640
Coca-Cola Co., The		410,000		17,630,000
Kellogg Co.		310,000		19,960,900
Nestle SA ADR		319,174		24,151,897
PepsiCo Inc.		110,100		11,037,525
				114,776,289
Banks (3.79%)
M&T Bank Corp.		58,300		10,032,264
Northern Trust Corp.		104,700		10,733,844
U.S. Bancorp		218,145		10,905,069
Wells Fargo & Co.		747,600		40,362,924
				72,034,101
Building Materials & Construction (1.08%)
Vulcan Materials Co.		160,200		20,463,948
Chemicals (4.10%)
Air Products & Chemicals Inc.		230,000		37,124,300
DowDuPont Inc.		238,358		15,281,131
International Flavors & Fragrances Inc.		120,000		14,655,600
Novozymes A/S B Shares		124,350		6,340,782
Versum Materials Inc.		115,000		4,596,550
				77,998,363
Computer Software & Services (5.43%)
Alphabet Inc. Class A (a)		36,687		40,355,700
Alphabet Inc. Class C (a)		3,559		3,861,479
Automatic Data Processing Inc.		47,400		6,162,948
Facebook Inc. Class A (a)		49,575		9,507,494
Microsoft Corp.		173,470		17,145,775
SAP SE		52,800		5,946,922
Texas Instruments Inc.		182,262		20,396,940
				103,377,258
Computers (4.26%)
Apple Inc.		318,176		59,457,549
International Business Machines Corp.		152,100		21,493,251
				80,950,800
Consumer & Marketing (3.83%)
AptarGroup Inc.		134,100		12,380,112
Colgate-Palmolive Co.		80,000		5,047,200
Procter & Gamble Co., The		477,700		34,953,309
Reckitt Benckiser Group PLC		65,387		5,007,400
Unilever NV New York Shares		276,106		15,398,432
				72,786,453
Electronic/Electrical Manufacturing (0.96%)
Emerson Electric Co.		98,600		6,984,824
General Electric Co.		796,300		11,211,904
				18,196,728

	Shares		Value
Common Stocks (Cont.)
Financial Services (0.52%)
Berkshire Hathaway Inc. Class A (a)		34	$	9,764,799
Berkshire Hathaway Inc. Class B (a)		533		102,085
				9,866,884
Health Care (9.11%)
Abbott Laboratories		146,675		9,024,913
AbbVie Inc.		92,000		9,102,480
Agilent Technologies Inc.		143,787		8,903,291
Amgen Inc.		70,750		12,708,115
Eli Lilly and Co.		212,000		18,028,480
Johnson & Johnson		417,700		49,965,274
Medtronic PLC		21,600		1,864,512
Merck & Co. Inc.		103,200		6,143,496
Novo Nordisk A/S Sponsored ADR		153,404		7,292,826
Pfizer Inc.		728,140		26,162,070
Roche Holding AG Sponsored ADR		179,815		4,820,840
Zoetis Inc.		229,495		19,208,731
				173,225,028
Machinery & Manufacturing (6.80%)
3M Co.		124,600		24,574,860
ASML Holding NV NY Reg. Shares		82,440		16,211,826
Caterpillar Inc.		262,400		39,861,184
Deere & Co.		72,202		10,794,921
Donaldson Company Inc.		279,017		13,169,602
HNI Corp.		160,000		5,937,600
Illinois Tool Works Inc.		130,600		18,767,220
				129,317,213
Media & Broadcasting (5.59%)
Lee Enterprises Inc. (a)		84,000		214,200
Walt Disney Co., The		1,065,995		106,034,523
				106,248,723
Mining & Metals (3.03%)
BHP Billiton PLC		169,900		3,904,913
Nucor Corp.		436,800		28,038,192
Rio Tinto PLC		153,825		8,669,934
Rio Tinto PLC ADR		293,000		16,613,100
South32 Ltd.		169,900		475,636
				57,701,775
Oil & Gas (6.02%)
Chevron Corp.		288,000		35,798,400
Enbridge Inc.		78,375		2,435,111
Exxon Mobil Corp.		512,400		41,627,376
Royal Dutch Shell PLC ADR Class A		216,400		15,057,112
Royal Dutch Shell PLC Class B		163,579		5,821,018
Schlumberger Ltd.		201,727		13,852,593
				114,591,610
Retailers (1.20%)
Walmart Inc.		276,700		22,838,818

See accompanying notes to financial statements. 9

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Shares		Value
Common Stocks (Cont.)
Telecom & Telecom Equipment (1.72%)
AT&T Inc.		533,359	$	17,238,163
Corning Inc.		372,300		10,115,391
Verizon Communications Inc.		112,490		5,362,398
				32,715,952
Transportation (0.97%)
GATX Corp.		68,200		4,903,580
Union Pacific Corp.		95,035		13,567,197
				18,470,777
Utilities & Energy (0.29%)
Duke Energy Corp.		72,333		5,581,214
Total Common Stocks
(cost $442,008,108)				1,231,141,934
	Principal amount		Value
Corporate Bonds (20.44%)
Aerospace/Defense (0.90%)
Precision Castparts Corp.
2.250%, 06/15/2020	$	1,000,000	$	990,766
Rolls-Royce PLC (b)
2.375%, 10/14/2020		1,000,000		983,532
Lockheed Martin Corp.
3.350%, 09/15/2021		1,000,000		1,005,837
United Technologies Corp.
3.100%, 06/01/2022		1,000,000		989,901
Boeing Co.
2.850%, 10/30/2024		1,000,000		977,907
General Dynamics Corp.
2.375%, 11/15/2024		500,000		471,059
Raytheon Co.
3.150%, 12/15/2024		1,000,000		994,390
Northrop Grumman Corp.
2.930%, 01/15/2025		1,000,000		952,779
Lockheed Martin Corp.
2.900%, 03/01/2025		1,000,000		954,323
Precision Castparts Corp.
3.250%, 06/15/2025		1,000,000		980,099
Rolls-Royce PLC (b)
3.625%, 10/14/2025		1,000,000		994,398
Lockheed Martin Corp.
3.550%, 01/15/2026		1,000,000		990,579
Boeing Co.
2.250%, 06/15/2026		500,000		458,030
General Dynamics Corp.
2.125%, 08/15/2026		500,000		449,900
United Technologies Corp.
2.650%, 11/01/2026		500,000		453,163
Airbus SE (b)
3.150%, 04/10/2027		1,000,000		966,035
United Technologies Corp.
3.125%, 05/04/2027		1,000,000		932,013
General Dynamics Corp.
2.625%, 11/15/2027		500,000		462,298

	Principal amount		Value
Corporate Bonds (Cont.)
Aerospace/Defense (Cont.)
Northrop Grumman Corp.
3.250%, 01/15/2028	$	1,000,000	$	946,270
General Dynamics Corp.
3.750%, 05/15/2028		1,200,000		1,210,572
				17,163,851
Agriculture, Foods, & Beverage (1.67%)
PepsiCo Inc.
5.000%, 06/01/2018		1,000,000		1,000,000
Coca-Cola Co., The
2.450%, 11/01/2020		1,000,000		993,523
Kellogg Co.
4.000%, 12/15/2020		2,000,000		2,047,316
JM Smucker Co.
3.000%, 03/15/2022		1,000,000		985,103
Sysco Corp.
2.600%, 06/12/2022		1,000,000		970,518
Campbell Soup Co.
2.500%, 08/02/2022		1,000,000		953,518
Kellogg Co.
2.750%, 03/01/2023		1,000,000		959,618
Hershey Co.
2.625%, 05/01/2023		1,300,000		1,263,653
Mondelez International Inc.
4.000%, 02/01/2024		1,000,000		1,014,812
General Mills Inc.
3.650%, 02/15/2024		1,000,000		990,556
PepsiCo Inc.
3.600%, 03/01/2024		1,000,000		1,017,201
JM Smucker Co.
3.500%, 03/15/2025		1,000,000		980,059
PepsiCo Inc.
3.500%, 07/17/2025		1,000,000		1,001,509
Hershey Co.
3.200%, 08/21/2025		1,000,000		975,614
Coca-Cola Co., The
2.875%, 10/27/2025		1,000,000		961,571
PepsiCo Inc.
2.850%, 02/24/2026		1,000,000		955,593
Coca-Cola Co., The
2.550%, 06/01/2026		500,000		468,514
Sysco Corp.
3.300%, 07/15/2026		1,000,000		956,465
Hershey Co.
2.300%, 08/15/2026		1,000,000		909,233
Coca-Cola Co., The
2.250%, 09/01/2026		1,000,000		910,169
Danone SA (b)
2.947%, 11/02/2026		1,000,000		933,191
General Mills Inc.
3.200%, 02/10/2027		1,000,000		924,119
Coca-Cola Co., The
2.900%, 05/25/2027		500,000		476,163
Sysco Corp.
3.250%, 07/15/2027		500,000		473,638

10 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Agriculture, Foods, & Beverage (Cont.)
PepsiCo Inc.
3.000%, 10/15/2027	$	1,500,000	$	1,431,342
Kellogg Co.
3.400%, 11/15/2027		1,000,000		935,755
JM Smucker Co.
3.375%, 12/15/2027		1,500,000		1,412,522
Campbell Soup Co.
4.150%, 03/15/2028		1,000,000		958,118
General Mills Inc.
4.200%, 04/17/2028		1,000,000		986,415
Mondelez International Inc.
4.125%, 05/07/2028		2,000,000		2,003,310
Kellogg Co.
4.300%, 05/15/2028		1,000,000		1,004,391
				31,853,509
Automotive (0.64%)
American Honda Finance Corp.
2.125%, 10/10/2018		500,000		499,482
Toyota Motor Credit Corp.
2.000%, 10/24/2018		1,000,000		998,510
2.100%, 01/17/2019		500,000		498,598
Daimler Finance NA LLC (b)
2.250%, 03/02/2020		500,000		493,663
American Honda Finance Corp.
2.450%, 09/24/2020		1,000,000		990,234
BMW US Capital LLC (b)
2.000%, 04/11/2021		1,000,000		966,891
Daimler Finance NA LLC (b)
2.000%, 07/06/2021		1,000,000		961,288
American Honda Finance Corp.
1.650%, 07/12/2021		500,000		480,280
Toyota Motor Credit Corp.
2.900%, 04/17/2024		1,000,000		973,887
BMW US Capital LLC (b)
2.800%, 04/11/2026		500,000		465,715
American Honda Finance Corp.
2.300%, 09/09/2026		1,000,000		913,579
BMW US Capital LLC (b)
3.300%, 04/06/2027		1,000,000		963,229
Toyota Motor Credit Corp.
3.050%, 01/11/2028		1,000,000		955,540
American Honda Finance Corp.
3.500%, 02/15/2028		1,000,000		994,958
Daimler Finance NA LLC (b)
3.750%, 02/22/2028		1,000,000		988,869
				12,144,723
Banks (1.18%)
Bank of New York Mellon Corp.
2.100%, 08/01/2018		1,000,000		999,535
U.S. Bancorp
1.950%, 11/15/2018		1,000,000		997,834
Wells Fargo & Co.
2.150%, 01/15/2019		500,000		498,632

	Principal amount		Value
Corporate Bonds (Cont.)
Banks (Cont.)
Bank of New York Mellon Corp.
2.200%, 03/04/2019	$	1,000,000	$	998,101
State Street Corp.
2.550%, 08/18/2020		1,000,000		994,773
PNC Bank NA
2.450%, 11/05/2020		500,000		492,708
Wells Fargo & Co.
3.000%, 01/22/2021		1,000,000		994,818
Toronto-Dominion Bank
2.125%, 04/07/2021		1,000,000		973,880
PNC Bank NA
2.150%, 04/29/2021		1,000,000		971,978
U.S. Bancorp
3.000%, 03/15/2022		1,000,000		994,125
3.700%, 01/30/2024		500,000		506,714
Bank of New York Mellon Corp.
3.650%, 02/04/2024		1,000,000		1,009,797
State Street Corp.
3.300%, 12/16/2024		1,000,000		985,485
PNC Bank NA
3.250%, 06/01/2025		500,000		487,040
State Street Corp.
3.550%, 08/18/2025		500,000		498,747
Wells Fargo & Co.
3.000%, 04/22/2026		1,000,000		934,875
Bank of New York Mellon Corp.
2.800%, 05/04/2026		500,000		470,217
State Street Corp.
2.650%, 05/19/2026		1,000,000		936,444
U.S. Bancorp
2.375%, 07/22/2026		1,000,000		911,127
Bank of New York Mellon Corp.
2.450%, 08/17/2026		500,000		456,925
Wells Fargo & Co.
3.000%, 10/23/2026		1,500,000		1,394,621
U.S. Bancorp
3.150%, 04/27/2027		1,000,000		960,067
PNC Bank NA
3.100%, 10/25/2027		1,000,000		947,801
Bank of New York Mellon Corp.
3.400%, 01/29/2028		2,000,000		1,950,992
U.S. Bancorp
3.900%, 04/26/2028		1,000,000		1,016,826
				22,384,062
Chemicals (0.62%)
Monsanto Co.
1.850%, 11/15/2018		500,000		498,691
Praxair Inc.
2.450%, 02/15/2022		1,000,000		979,082
Monsanto Co.
2.200%, 07/15/2022		1,300,000		1,231,663
E.I. du Pont de Nemours and Co.
2.800%, 02/15/2023		1,000,000		973,398
Praxair Inc.
2.700%, 02/21/2023		1,000,000		977,912

See accompanying notes to financial statements. 11

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
Monsanto Co.
2.850%, 04/15/2025	$	1,000,000	$	927,921
Praxair Inc.
3.200%, 01/30/2026		1,000,000		979,973
Air Liquide Finance (b)
2.500%, 09/27/2026		1,000,000		919,762
Ecolab Inc.
2.700%, 11/01/2026		1,000,000		931,986
3.250%, 12/01/2027		1,500,000		1,447,248
PPG Industries Inc.
3.750%, 03/15/2028		2,000,000		1,989,618
				11,857,254
Commercial Service/Supply (0.10%)
Cintas Corp. No. 2
3.250%, 06/01/2022		2,000,000		1,990,096
Computer Software & Services (0.94%)
Oracle Corp.
2.375%, 01/15/2019		1,000,000		1,000,062
Automatic Data Processing Inc.
2.250%, 09/15/2020		500,000		495,738
Microsoft Corp.
2.125%, 11/15/2022		2,000,000		1,938,028
Intel Corp.
2.700%, 12/15/2022		1,000,000		987,641
Microsoft Corp.
2.375%, 05/01/2023		1,000,000		969,686
Texas Instruments Inc.
2.250%, 05/01/2023		3,000,000		2,862,981
Alphabet Inc.
3.375%, 02/25/2024		1,000,000		1,008,309
Intel Corp.
3.700%, 07/29/2025		1,000,000		1,014,722
Automatic Data Processing Inc.
3.375%, 09/15/2025		1,000,000		995,483
Intel Corp.
2.600%, 05/19/2026		1,000,000		934,065
Oracle Corp.
2.650%, 07/15/2026		1,000,000		932,928
Microsoft Corp.
2.400%, 08/08/2026		1,000,000		928,248
Alphabet Inc.
1.998%, 08/15/2026		1,000,000		902,341
Microsoft Corp.
3.300%, 02/06/2027		500,000		495,338
QUALCOMM Inc.
3.250%, 05/20/2027		1,000,000		940,280
Texas Instruments Inc.
2.900%, 11/03/2027		500,000		475,210
Oracle Corp.
3.250%, 11/15/2027		1,000,000		972,572
				17,853,632

	Principal amount		Value
Corporate Bonds (Cont.)
Computers (0.26%)
International Business Machines Corp.
1.875%, 05/15/2019	$	3,000,000	$	2,981,085
1.625%, 05/15/2020		2,000,000		1,955,598
				4,936,683
Consumer & Marketing (0.94%)
Unilever Capital Corp.
2.200%, 03/06/2019		1,000,000		997,813
Kimberly-Clark Corp.
1.900%, 05/22/2019		500,000		497,151
Unilever Capital Corp.
4.250%, 02/10/2021		2,000,000		2,068,272
Estee Lauder Companies Inc., The
1.700%, 05/10/2021		500,000		483,179
Procter & Gamble Co., The
2.300%, 02/06/2022		1,000,000		979,514
Colgate-Palmolive Co.
2.300%, 05/03/2022		1,000,000		975,971
2.100%, 05/01/2023		2,000,000		1,910,062
NIKE Inc.
2.250%, 05/01/2023		500,000		479,245
Reckitt Benckiser Treasury Services PLC (b)
2.750%, 06/26/2024		1,000,000		948,581
Unilever Capital Corp.
3.100%, 07/30/2025		1,000,000		973,886
Kimberly-Clark Corp.
3.050%, 08/15/2025		1,000,000		971,798
Procter & Gamble Co., The
2.700%, 02/02/2026		500,000		477,411
Kimberly-Clark Corp.
2.750%, 02/15/2026		1,000,000		945,114
Unilever Capital Corp.
2.000%, 07/28/2026		500,000		445,508
NIKE Inc.
2.375%, 11/01/2026		1,000,000		922,750
Unilever Capital Corp.
2.900%, 05/05/2027		500,000		474,816
Reckitt Benckiser Treasury Services PLC (b)
3.000%, 06/26/2027		1,000,000		937,135
Clorox Co.
3.100%, 10/01/2027		500,000		472,750
Unilever Capital Corp.
3.500%, 03/22/2028		1,000,000		998,299
Clorox Co.
3.900%, 05/15/2028		1,000,000		1,000,429
				17,959,684

12 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Electronic/Electrical Manufacturing (0.72%)
Emerson Electric Co.
5.250%, 10/15/2018	$	500,000	$	504,868
Johnson Controls International PLC
4.250%, 03/01/2021		2,000,000		2,051,960
Emerson Electric Co.
2.625%, 12/01/2021		1,000,000		986,653
Siemens Financieringsmaatschappij NV (b)
2.900%, 05/27/2022		500,000		493,399
General Electric Co.
2.700%, 10/09/2022		1,000,000		971,965
Emerson Electric Co.
2.625%, 02/15/2023		1,000,000		974,657
Honeywell International Inc.
3.350%, 12/01/2023		1,000,000		1,014,099
General Electric Co.
3.375%, 03/11/2024		1,000,000		984,080
Siemens Financieringsmaatschappij NV (b)
3.250%, 05/27/2025		1,000,000		977,462
Emerson Electric Co.
3.150%, 06/01/2025		1,000,000		977,016
Siemens Financieringsmaatschappij NV (b)
2.350%, 10/15/2026		1,000,000		902,448
Honeywell International Inc.
2.500%, 11/01/2026		2,000,000		1,846,700
ABB Finance (USA) Inc.
3.800%, 04/03/2028		1,000,000		1,012,717
				13,698,024
Financial Services (0.47%)
Mastercard Inc.
2.000%, 11/21/2021		500,000		485,850
JPMorgan Chase & Co.
4.500%, 01/24/2022		1,000,000		1,039,383
General Electric Capital Corp.
3.150%, 09/07/2022		287,000		283,357
Visa Inc.
2.800%, 12/14/2022		1,000,000		986,617
JPMorgan Chase & Co.
3.200%, 01/25/2023		1,000,000		986,526
3.625%, 05/13/2024		500,000		498,987
3.125%, 01/23/2025		1,000,000		958,891
GE Capital International Funding Co.
3.373%, 11/15/2025		747,000		717,350
Visa Inc.
3.150%, 12/14/2025		1,000,000		977,829
JPMorgan Chase & Co.
3.300%, 04/01/2026		1,000,000		958,483
Mastercard Inc.
2.950%, 11/21/2026		1,000,000		966,202
				8,859,475

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (2.10%)
Eli Lilly and Co.
1.950%, 03/15/2019	$	1,000,000	$	995,283
Pfizer Inc.
2.100%, 05/15/2019		1,000,000		995,963
Amgen Inc.
2.200%, 05/22/2019		1,000,000		995,226
AstraZeneca PLC
1.950%, 09/18/2019		500,000		495,569
Becton Dickinson & Co.
3.125%, 11/08/2021		1,000,000		988,715
Abbott Laboratories
2.550%, 03/15/2022		1,000,000		971,464
EMD Finance LLC (b)
2.950%, 03/19/2022		1,000,000		983,977
Bristol-Myers Squibb Co.
2.000%, 08/01/2022		1,500,000		1,446,260
Merck & Co. Inc.
2.400%, 09/15/2022		1,000,000		975,117
Novartis Capital Corp.
2.400%, 09/21/2022		1,000,000		975,054
Thermo Fisher Scientific Inc.
3.150%, 01/15/2023		1,000,000		982,423
GlaxoSmithKline Capital Inc.
2.800%, 03/18/2023		1,000,000		978,164
Merck & Co. Inc.
2.800%, 05/18/2023		2,000,000		1,968,866
Medtronic Inc.
3.625%, 03/15/2024		1,000,000		1,007,016
Novartis Capital Corp.
3.400%, 05/06/2024		1,500,000		1,503,651
Pfizer Inc.
3.400%, 05/15/2024		1,000,000		1,006,295
Stryker Corp.
3.375%, 05/15/2024		1,000,000		991,298
Amgen Inc.
3.625%, 05/22/2024		1,000,000		1,002,228
Bayer U.S. Finance LLC (b)
3.375%, 10/08/2024		1,000,000		976,007
Abbott Laboratories
2.950%, 03/15/2025		1,000,000		953,266
EMD Finance LLC (b)
3.250%, 03/19/2025		1,000,000		968,824
Eli Lilly and Co.
2.750%, 06/01/2025		1,000,000		958,206
Roche Holdings Inc. (b)
3.000%, 11/10/2025		2,000,000		1,943,472
AstraZeneca PLC
3.375%, 11/16/2025		1,000,000		977,772
Novartis Capital Corp.
3.000%, 11/20/2025		1,000,000		967,921
Johnson & Johnson
2.450%, 03/01/2026		500,000		469,192

See accompanying notes to financial statements. 13

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal
	amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Stryker Corp.
3.500%, 03/15/2026	$	1,000,000	$	985,934
Roche Holdings Inc. (b)
2.625%, 05/15/2026		500,000		469,956
Pfizer Inc.
2.750%, 06/03/2026		1,000,000		948,339
Amgen Inc.
2.600%, 08/19/2026		1,000,000		907,096
Roche Holdings Inc. (b)
2.375%, 01/28/2027		1,000,000		918,040
Medtronic Global Holdings
3.350%, 04/01/2027		1,000,000		983,147
Eli Lilly and Co.
3.100%, 05/15/2027		500,000		483,588
AstraZeneca PLC
3.125%, 06/12/2027		1,000,000		950,784
Amgen Inc.
3.200%, 11/02/2027		1,000,000		937,960
Johnson & Johnson
2.900%, 01/15/2028		2,000,000		1,925,742
Stryker Corp.
3.650%, 03/07/2028		1,000,000		993,905
GlaxoSmithKline Capital Inc.
3.875%, 05/15/2028		2,000,000		2,031,784
				40,013,504
Machinery & Manufacturing (0.90%)
3M Co.
1.625%, 06/15/2019		2,000,000		1,982,418
Caterpillar Financial Services Corp.
2.950%, 05/15/2020		1,000,000		1,000,628
Danaher Corp.
2.400%, 09/15/2020		500,000		495,904
John Deere Capital Corp.
2.800%, 03/04/2021		500,000		497,076
Caterpillar Inc.
3.900%, 05/27/2021		1,000,000		1,027,761
John Deere Capital Corp.
2.750%, 03/15/2022		500,000		492,199
Deere & Co.
2.600%, 06/08/2022		1,000,000		979,387
Covidien International
3.200%, 06/15/2022		1,000,000		998,940
Caterpillar Financial Services Corp.
2.625%, 03/01/2023		1,000,000		971,338
Caterpillar Inc.
3.400%, 05/15/2024		1,000,000		1,002,121
John Deere Capital Corp.
3.350%, 06/12/2024		1,500,000		1,501,890
Caterpillar Financial Services Corp.
3.250%, 12/01/2024		1,000,000		987,996
3M Co.
3.000%, 08/07/2025		2,000,000		1,952,366
Dover Corp.
3.150%, 11/15/2025		1,000,000		966,842

	Principal
	amount		Value
Corporate Bonds (Cont.)
Machinery & Manufacturing (Cont.)
3M Co.
2.250%, 09/19/2026	$	500,000	$	455,822
Eaton Corp.
3.103%, 09/15/2027		1,000,000		938,297
John Deere Capital Corp.
3.050%, 01/06/2028		1,000,000		956,510
				17,207,495
Media & Broadcasting (0.31%)
Walt Disney Co., The
1.850%, 05/30/2019		2,000,000		1,987,172
Comcast Corp.
3.125%, 07/15/2022		1,000,000		986,981
Reed Elsevier Capital
3.125%, 10/15/2022		1,000,000		980,342
Comcast Corp.
3.600%, 03/01/2024		1,000,000		996,011
2.350%, 01/15/2027		1,000,000		879,928
				5,830,434
Mining & Metals (0.15%)
BHP Billiton Finance USA Ltd.
3.250%, 11/21/2021		1,000,000		1,008,027
Alcoa Inc.
5.870%, 02/23/2022		756,000		790,096
Rio Tinto Finance USA Ltd.
3.750%, 06/15/2025		1,000,000		1,014,090
				2,812,213
Oil & Gas (1.62%)
Shell International Finance
1.900%, 08/10/2018		1,000,000		999,185
Total Capital SA
2.125%, 08/10/2018		1,000,000		1,000,373
Chevron Corp.
4.950%, 03/03/2019		3,000,000		3,054,237
BP Capital Markets PLC
4.750%, 03/10/2019		3,000,000		3,048,525
Exxon Mobil Corp.
1.819%, 03/15/2019		1,000,000		994,780
Shell International Finance
4.300%, 09/22/2019		1,000,000		1,022,848
Total Capital International SA
2.750%, 06/19/2021		1,000,000		994,365
TransCanada PipeLines Ltd.
2.500%, 08/01/2022		2,000,000		1,929,624
Shell International Finance
2.375%, 08/21/2022		1,000,000		970,600
Total Capital International SA
2.700%, 01/25/2023		1,000,000		975,574
Occidental Petroleum Corp.
2.700%, 02/15/2023		2,000,000		1,953,098
Chevron Corp.
3.191%, 06/24/2023		1,000,000		1,000,240

14 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal
	amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
Total Capital Canada Ltd.
2.750%, 07/15/2023	$	500,000	$	485,253
Schlumberger Investment
3.650%, 12/01/2023		1,000,000		1,014,331
Exxon Mobil Corp.
3.176%, 03/15/2024		2,000,000		1,996,276
2.709%, 03/06/2025		1,000,000		963,362
Shell International Finance
3.250%, 05/11/2025		1,000,000		983,160
Occidental Petroleum Corp.
3.500%, 06/15/2025		500,000		497,669
Chevron Corp.
3.326%, 11/17/2025		1,000,000		992,320
TransCanada PipeLines Ltd.
4.875%, 01/15/2026		1,000,000		1,053,306
Exxon Mobil Corp.
3.043%, 03/01/2026		1,000,000		973,615
Shell International Finance
2.875%, 05/10/2026		1,000,000		953,394
Baker Hughes, a GE Co., LLC / Baker Hughes Co-Obligor, Inc.
3.337%, 12/15/2027		1,000,000		941,178
Sabal Trail Transmission LLC (b)
4.246%, 05/01/2028		1,000,000		1,007,641
TransCanada PipeLines Ltd.
4.250%, 05/15/2028		1,000,000		1,005,326
				30,810,280
Retailers (1.14%)
Home Depot Inc.
2.250%, 09/10/2018		1,000,000		1,000,101
CVS Caremark Corp.
2.250%, 12/05/2018		1,000,000		998,180
Target Corp.
2.300%, 06/26/2019		1,000,000		997,670
McDonald’s Corp.
3.625%, 05/20/2021		2,000,000		2,035,824
TJX Companies Inc., The
2.750%, 06/15/2021		1,000,000		995,776
Home Depot Inc.
2.625%, 06/01/2022		500,000		492,883
CVS Health Corp.
3.500%, 07/20/2022		1,000,000		996,547
Wal-Mart Stores Inc.
2.550%, 04/11/2023		1,000,000		976,610
CVS Caremark Corp.
4.000%, 12/05/2023		1,000,000		1,010,189
Wal-Mart Stores Inc.
3.300%, 04/22/2024		500,000		504,565
Costco Wholesale Corp.
2.750%, 05/18/2024		1,000,000		973,288
McDonald’s Corp.
3.250%, 06/10/2024		1,000,000		990,537

	Principal
	amount		Value
Corporate Bonds (Cont.)
Retailers (Cont.)
Target Corp.
3.500%, 07/01/2024	$	1,000,000	$	1,009,301
Home Depot Inc.
3.350%, 09/15/2025		1,000,000		989,492
Lowe’s Companies Inc.
3.375%, 09/15/2025		1,000,000		989,174
Home Depot Inc.
3.000%, 04/01/2026		1,000,000		964,098
Lowe’s Companies Inc.
2.500%, 04/15/2026		1,000,000		921,495
Target Corp.
2.500%, 04/15/2026		1,000,000		923,333
TJX Companies Inc., The
2.250%, 09/15/2026		1,000,000		895,490
Costco Wholesale Corp.
3.000%, 05/18/2027		1,000,000		959,717
Amazon.com Inc. (b)
3.150%, 08/22/2027		1,000,000		966,064
McDonald’s Corp.
3.800%, 04/01/2028		1,000,000		1,005,225
				21,595,559
Telecom & Telecom Equipment (0.75%)
AT&T Inc.
2.375%, 11/27/2018		1,000,000		999,732
2.300%, 03/11/2019		1,000,000		996,707
Verizon Communications Inc.
3.450%, 03/15/2021		1,000,000		1,010,279
Deutsche Telekom International Finance BV (b)
1.950%, 09/19/2021		1,000,000		955,892
AT&T Inc.
3.000%, 02/15/2022		2,000,000		1,967,290
Vodafone Group PLC
2.500%, 09/26/2022		1,000,000		960,421
Verizon Communications Inc.
2.450%, 11/01/2022		1,000,000		958,146
Vodafone Group PLC
2.950%, 02/19/2023		1,000,000		966,418
Cisco Systems Inc.
3.625%, 03/04/2024		1,000,000		1,017,363
Verizon Communications Inc.
4.150%, 03/15/2024		1,000,000		1,019,965
Cisco Systems Inc.
3.500%, 06/15/2025		500,000		503,919
2.950%, 02/28/2026		500,000		480,265
Verizon Communications Inc.
2.625%, 08/15/2026		1,000,000		902,536
Cisco Systems Inc.
2.500%, 09/20/2026		500,000		464,819
Vodafone Group PLC
4.375%, 05/30/2028		1,000,000		997,732
				14,201,484

See accompanying notes to financial statements. 15

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal
	amount		Value
Corporate Bonds (Cont.)
Transportation (0.74%)
Union Pacific Corp.
2.250%, 02/15/2019	$	1,000,000	$	999,171
Burlington Northern Santa Fe
3.050%, 09/01/2022		500,000		496,172
United Parcel Service Inc.
2.450%, 10/01/2022		1,000,000		973,825
Burlington Northern Santa Fe
3.000%, 03/15/2023		1,500,000		1,479,258
Union Pacific Corp.
2.750%, 04/15/2023		500,000		487,850
Norfolk Southern Corp.
3.850%, 01/15/2024		1,000,000		1,014,377
Burlington Northern Santa Fe
3.750%, 04/01/2024		1,000,000		1,017,029
Union Pacific Corp.
3.250%, 08/15/2025		500,000		489,158
Canadian National Railway Co.
2.750%, 03/01/2026		2,000,000		1,888,362
Union Pacific Corp.
2.750%, 03/01/2026		1,000,000		944,039
Norfolk Southern Corp.
2.900%, 06/15/2026		500,000		471,179
United Parcel Service Inc.
2.400%, 11/15/2026		500,000		457,906
Union Pacific Corp.
3.000%, 04/15/2027		1,000,000		954,350
Norfolk Southern Corp.
3.150%, 06/01/2027		500,000		472,744
United Parcel Service Inc.
3.050%, 11/15/2027		2,000,000		1,923,956
				14,069,376
Utilities & Energy (4.29%)
Public Service Electric and Gas Co.
2.300%, 09/15/2018		1,000,000		999,653
MidAmerican Energy Co.
2.400%, 03/15/2019		1,500,000		1,497,395
Public Service Electric and Gas Co.
1.800%, 06/01/2019		1,000,000		991,004
Kentucky Utilities Co.
3.250%, 11/01/2020		500,000		504,413
Southern California Edison Co.
3.875%, 06/01/2021		2,000,000		2,044,036
San Diego Gas & Electric Co.
3.000%, 08/15/2021		500,000		498,923
Southern California Edison Co.
2.400%, 02/01/2022		1,000,000		971,225
Carolina Power & Light Co.
2.800%, 05/15/2022		1,000,000		989,061
Consumers Energy Co.
2.850%, 05/15/2022		1,000,000		989,024

	Principal
	amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Georgia Power Co.
2.850%, 05/15/2022	$	1,000,000	$	984,243
Detroit Edison Co.
2.650%, 06/15/2022		500,000		486,640
CenterPoint Energy Houston LLC
2.250%, 08/01/2022		1,000,000		960,837
Baltimore Gas & Electric Co.
2.800%, 08/15/2022		1,000,000		979,206
Northern States Power Co.
2.150%, 08/15/2022		500,000		480,210
Pacific Gas & Electric
2.450%, 08/15/2022		1,000,000		958,161
Ameren Illinois Co.
2.700%, 09/01/2022		1,000,000		979,741
PPL Electric Utilities
2.500%, 09/01/2022		1,000,000		967,227
Public Service Company of Colorado
2.250%, 09/15/2022		1,000,000		965,529
Tampa Electric Co.
2.600%, 09/15/2022		500,000		481,745
NSTAR Electric Co.
2.375%, 10/15/2022		500,000		483,990
Public Service Company of Colorado
2.500%, 03/15/2023		1,000,000		966,312
Virginia Electric & Power Co.
2.750%, 03/15/2023		1,000,000		970,041
Public Service Electric and Gas Co.
2.375%, 05/15/2023		2,000,000		1,919,332
Florida Power & Light Co.
2.750%, 06/01/2023		2,000,000		1,955,332
Pacificorp
2.950%, 06/01/2023		1,000,000		984,921
Pacific Gas & Electric
3.250%, 06/15/2023		1,000,000		977,966
Consumers Energy Co.
3.375%, 08/15/2023		1,000,000		1,003,567
Laclede Gas Co.
3.400%, 08/15/2023		1,000,000		993,123
Duke Energy Ohio Inc.
3.800%, 09/01/2023		1,000,000		1,018,543
San Diego Gas & Electric Co.
3.600%, 09/01/2023		2,000,000		2,027,428
Public Service Company of New Hampshire
3.500%, 11/01/2023		500,000		503,878
Delmarva Power & Light Co.
3.500%, 11/15/2023		1,000,000		999,233
Alabama Power Co.
3.550%, 12/01/2023		1,000,000		1,011,266
Virginia Electric & Power Co.
3.450%, 02/15/2024		1,000,000		998,960
DTE Electric Co.
3.650%, 03/15/2024		2,000,000		2,024,774
Potomac Electric Power Co.
3.600%, 03/15/2024		1,000,000		1,010,217

16 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal
	amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Florida Power & Light Co.
3.250%, 06/01/2024	$	1,000,000	$	998,281
Interstate Power & Light Co.
3.250%, 12/01/2024		1,000,000		980,781
DTE Electric Co.
3.375%, 03/01/2025		1,000,000		991,108
Alabama Power Co.
2.800%, 04/01/2025		1,000,000		946,915
Arizona Public Service Co.
3.150%, 05/15/2025		500,000		488,123
Public Service Company of Colorado
2.900%, 05/15/2025		1,000,000		966,078
Wisconsin Electric Power
3.100%, 06/01/2025		1,000,000		968,508
Pacific Gas & Electric
3.500%, 06/15/2025		1,000,000		966,281
Southern California Gas Co.
3.200%, 06/15/2025		500,000		492,484
Duke Energy Progress LLC
3.250%, 08/15/2025		1,000,000		981,560
Interstate Power & Light Co.
3.400%, 08/15/2025		1,000,000		977,826
Kentucky Utilities Co.
3.300%, 10/01/2025		500,000		488,077
Louisville Gas & Electric Co.
3.300%, 10/01/2025		1,000,000		983,729
PECO Energy Co.
3.150%, 10/15/2025		1,000,000		977,976
NSTAR Electric Co.
3.250%, 11/15/2025		1,000,000		975,270
Florida Power & Light Co.
3.125%, 12/01/2025		1,000,000		985,535
Virginia Electric & Power Co.
3.150%, 01/15/2026		1,000,000		963,715
Brooklyn Union Gas Co. (b)
3.407%, 03/10/2026		1,000,000		975,471
Georgia Power Co.
3.250%, 04/01/2026		1,000,000		966,083
San Diego Gas & Electric Co.
2.500%, 05/15/2026		1,000,000		928,450
NSTAR Electric Co.
2.700%, 06/01/2026		1,000,000		932,424
Commonwealth Edison Co.
2.550%, 06/15/2026		1,000,000		929,073
Southern California Gas Co.
2.600%, 06/15/2026		1,000,000		936,353
Westar Energy Inc.
2.550%, 07/01/2026		1,000,000		925,543
KeySpan Gas East Corp. (b)
2.742%, 08/15/2026		1,000,000		932,425
CenterPoint Energy Houston Electric LLC
2.400%, 09/01/2026		500,000		461,896

	Principal
	amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Public Service Electric and Gas Co.
2.250%, 09/15/2026	$	1,000,000	$	903,800
AEP Transmission Company LLC
3.100%, 12/01/2026		500,000		478,177
Consolidated Edison Co. of New York
2.900%, 12/01/2026		500,000		470,167
Duke Energy Carolinas
2.950%, 12/01/2026		1,000,000		957,756
Westar Energy Inc.
3.100%, 04/01/2027		1,000,000		957,583
NSTAR Electric Co.
3.200%, 05/15/2027		1,000,000		966,530
Public Service Electric and Gas Co.
3.000%, 05/15/2027		500,000		478,139
Appalachian Power Co.
3.300%, 06/01/2027		1,000,000		964,689
Rochester Gas & Electric Corp. (b)
3.100%, 06/01/2027		1,000,000		954,183
Atmos Energy Corp.
3.000%, 06/15/2027		1,000,000		956,343
Union Electric Co.
2.950%, 06/15/2027		1,000,000		951,631
Boston Gas Co. (b)
3.150%, 08/01/2027		500,000		476,025
Commonwealth Edison Co.
2.950%, 08/15/2027		500,000		474,892
Wisconsin Power & Light
3.050%, 10/15/2027		1,000,000		953,202
Consolidated Edison Co. of New York
3.125%, 11/15/2027		1,000,000		960,981
Pacific Gas & Electric
3.300%, 12/01/2027		1,000,000		925,413
Southern California Edison Co.
3.650%, 03/01/2028		1,000,000		996,890
Southwest Gas Corp.
3.700%, 04/01/2028		1,000,000		999,323
Virginia Electric & Power Co.
3.800%, 04/01/2028		1,000,000		999,645
Public Service Electric and Gas Co.
3.700%, 05/01/2028		1,000,000		1,011,105
Ameren Illinois Co.
3.800%, 05/15/2028		1,000,000		1,014,448
Consolidated Edison Co. of New York
3.800%, 05/15/2028		1,000,000		1,015,991
Indiana Michigan Power Co.
3.850%, 05/15/2028		1,000,000		1,007,063
AEP Texas Inc. (b)
3.950%, 06/01/2028		1,000,000		1,006,100
				81,577,197
Total Corporate Bonds
(cost $397,338,626)				388,818,535

See accompanying notes to financial statements. 17

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal
	amount		Value
Foreign Government Bonds (0.10%)
Province of Quebec
2.500%, 04/20/2026	$	1,000,000	$	951,576
Province of Ontario
2.500%, 04/27/2026		1,000,000		946,839
Total Foreign Government Bonds
(cost $1,994,589)				1,898,415
Government Agency Securities (c) (5.01%)
Agency Commercial Mortgage-Backed Securities (4.82%)
Federal Home Loan Mortgage Corp.
Series K018, Class A2
2.789%, 01/25/2022		10,000,000		9,952,300
Series K029, Class A1
2.839%, 10/25/2022		6,004,644		6,000,255
Series KSMC, Class A2
2.615%, 01/25/2023		2,000,000		1,969,078
Series K722, Class A2
2.406%, 03/25/2023		1,000,000		976,959
Series K723, Class A2
2.454%, 08/25/2023		2,000,000		1,948,914
Series K724, Class A2
3.062%, 11/25/2023		500,000		501,196
Series K725, Class A2
3.002%, 01/25/2024		3,000,000		2,996,664
Series K726, Class A2
2.905%, 04/25/2024		1,500,000		1,488,353
Series K044, Class A2
2.811%, 01/25/2025		2,000,000		1,963,434
Series K049, Class A2
3.010%, 07/25/2025		2,000,000		1,981,680
Series K054, Class A2
2.745%, 01/25/2026		500,000		484,256
Series K055, Class A2
2.673%, 03/25/2026		2,000,000		1,924,248
Series K056, Class A2
2.525%, 05/25/2026		2,000,000		1,901,322
Series K057, Class A2
2.570%, 07/25/2026		2,000,000		1,904,806
Series K058, Class A2
2.653%, 08/25/2026		1,500,000		1,435,256
Series K059, Class A2
3.120%, 09/25/2026		1,500,000		1,483,986
Series K060, Class A2
3.300%, 10/25/2026		1,500,000		1,501,956
Series K061, Class A2
3.347%, 11/25/2026		2,000,000		2,012,312
Series K062, Class A2
3.413%, 12/25/2026		1,500,000		1,515,332
Series K063, Class A2
3.430%, 01/25/2027		2,000,000		2,022,948
Series K064, Class A2
3.224%, 03/25/2027		2,500,000		2,479,108
Series K065, Class A2
3.243%, 04/25/2027		2,000,000		1,990,004
Series K072, Class A2
3.444%, 12/25/2027		1,500,000		1,505,438
Series K074, Class A2
3.600%, 01/25/2028		2,000,000		2,030,777
Series K073, Class A2
3.350%, 01/25/2028		1,000,000		995,964

	Principal
	amount		Value
Government Agency Securities (Cont.)
Agency Commercial Mortgage-Backed Securities (Cont.)
Series K075, Class A2
3.650%, 02/25/2028	$	1,500,000	$	1,529,240
Series K076, Class A2
3.900%, 04/25/2028		2,000,000		2,081,796
Federal National Mortgage Association
Series 2012-M5, Class A2
2.715%, 02/25/2022		3,488,790		3,450,546
Series 2016-M12, Class AV2
2.308%, 10/25/2023		1,000,000		949,777
Series 2015-M11, Class A2
2.841%, 04/25/2025		2,000,000		1,968,234
Series 2015-M17, Class A2
2.938%, 11/25/2025		1,000,000		986,200
Series 2016-M6, Class A2
2.488%, 05/25/2026		1,000,000		946,108
Series 2016-M9, Class A2
2.292%, 06/25/2026		1,000,000		925,749
Series 2016-M11, Class A2
2.369%, 07/25/2026		2,000,000		1,869,428
Series 2016-M12, Class A2
2.447%, 09/25/2026		2,000,000		1,882,896
Series 2016-M7, Class A2
2.499%, 09/25/2026		1,000,000		939,668
Series 2016-M13, Class A2
2.477%, 09/25/2026		1,000,000		938,935
Series 2017-M1, Class A2
2.417%, 10/25/2026		2,500,000		2,335,695
Series 2017-M4, Class A2
2.597%, 12/25/2026		2,500,000		2,368,518
Series 2017-M3, Class A2
2.486%, 12/25/2026		2,000,000		1,873,730
Series 2017-M7, Class A2
2.961%, 02/25/2027		2,000,000		1,936,674
Series 2017-M2, Class A2
2.785%, 02/25/2027		1,000,000		959,868
Series 2017-M8, Class A2
3.061%, 05/25/2027		2,000,000		1,950,102
Series 2018-M1, Class A2
2.986%, 12/25/2027		2,000,000		1,938,076
Series 2018-M2, Class A2
2.903%, 01/25/2028		2,000,000		1,925,822
Series 2018-M7, Class A2
3.150%, 03/25/2028		1,500,000		1,460,017
Series 2018-M4, Class A2
3.043%, 03/25/2028		1,500,000		1,459,136
				91,642,761

18 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Principal
	amount		Value
Government Agency Securities (Cont.)
Agency Notes & Bonds (0.19%)
Tennessee Valley Authority
1.750%, 10/15/2018	$	1,500,000	$	1,498,520
3.875%, 02/15/2021		2,000,000		2,065,406
				3,563,926
Total Government Agency Securities
(cost $97,752,292)				95,206,687
U.S. Treasury Obligations (8.66%)
U.S. Treasury Notes
3.750%, 11/15/2018		10,000,000		10,074,170
3.125%, 05/15/2019		10,000,000		10,079,690
3.625%, 08/15/2019		10,000,000		10,155,470
3.375%, 11/15/2019		10,000,000		10,143,360
3.625%, 02/15/2020		10,000,000		10,205,080
3.500%, 05/15/2020		20,000,000		20,407,820
1.375%, 10/31/2020		5,000,000		4,870,705
3.625%, 02/15/2021		10,000,000		10,290,230
2.000%, 02/28/2021		5,000,000		4,932,030
2.000%, 11/15/2021		25,000,000		24,517,575
2.500%, 08/15/2023		10,000,000		9,910,160
2.750%, 11/15/2023		10,000,000		10,028,910
2.500%, 05/15/2024		5,000,000		4,936,135
2.000%, 02/15/2025		15,000,000		14,298,630
2.750%, 02/15/2028		10,000,000		9,929,300
Total U.S. Treasury Obligations
(cost $165,019,984)				164,779,265

	Shares		Value
Short-term Investments (0.62%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 1.62% (d)		11,725,197	$	11,725,197
Total Short-term Investments
(cost $11,725,197)				11,725,197
TOTAL INVESTMENTS (99.56%)
(cost $1,115,838,796)				1,893,570,033
OTHER ASSETS, NET OF LIABILITIES (0.44%)				8,438,304
NET ASSETS (100.00%)			$	1,902,008,337

(a) Non-income producing security.

(b) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration,normally to qualified institutional buyers. At May 31, 2018, the value of these securities amounted to $27,429,675 or 1.44% of net assets.

(c) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 6, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corp. (“Freddie Mac”) into conservatorship. The United States Treasury has put in place a set of financing agreements to help ensure that these entities continue to meet their obligations to holders of bonds they have issued or guaranteed.

(d) Rate shown is the 7-day yield as of May 31, 2018.

ADR - American Depositary Receipt

See accompanying notes to financial statements. 19

STATE FARM ASSOCIATES’ FUNDS TRUST INTERIM FUND

SCHEDULE OF INVESTMENTS

May 31, 2018

(Unaudited)

	Principal amount		Value
U.S. Treasury Obligations (97.63%)
U.S. Treasury Notes
2.375%, 06/30/2018	$	10,000,000	$	10,004,940
2.250%, 07/31/2018		10,000,000		10,007,050
1.375%, 11/30/2018		10,000,000		9,963,670
1.375%, 12/31/2018		10,000,000		9,955,080
1.250%, 01/31/2019		10,000,000		9,938,670
1.375%, 02/28/2019		10,000,000		9,937,500
1.500%, 03/31/2019		10,000,000		9,941,020
1.125%, 05/31/2019		10,000,000		9,887,890
1.250%, 10/31/2019		15,000,000		14,773,245
1.375%, 01/31/2020		10,000,000		9,837,890
1.375%, 02/29/2020		5,000,000		4,912,695
1.375%, 03/31/2020		5,000,000		4,908,595
1.125%, 04/30/2020		5,000,000		4,880,470
1.500%, 05/31/2020		5,000,000		4,910,545
1.875%, 06/30/2020		10,000,000		9,889,450
1.625%, 07/31/2020		5,000,000		4,913,865
1.375%, 08/31/2020		5,000,000		4,881,640
2.125%, 01/31/2021		10,000,000		9,900,000
1.375%, 04/30/2021		10,000,000		9,676,170
2.000%, 05/31/2021		10,000,000		9,843,750
1.125%, 07/31/2021		5,000,000		4,782,225
2.000%, 08/31/2021		5,000,000		4,910,350
2.000%, 10/31/2021		7,500,000		7,356,150
1.875%, 11/30/2021		10,000,000		9,762,500
1.500%, 01/31/2022		10,000,000		9,614,450
1.750%, 02/28/2022		10,000,000		9,693,360
1.750%, 03/31/2022		10,000,000		9,686,330
1.750%, 04/30/2022		5,000,000		4,837,890
1.750%, 05/15/2022		10,000,000		9,674,220
1.625%, 08/15/2022		8,500,000		8,159,337
1.750%, 09/30/2022		5,000,000		4,817,775
1.875%, 10/31/2022		2,000,000		1,936,328
2.000%, 11/30/2022		2,500,000		2,432,228
2.000%, 02/15/2023		5,000,000		4,855,665
1.625%, 04/30/2023		5,000,000		4,760,545
1.625%, 05/31/2023		10,000,000		9,511,720
1.375%, 06/30/2023		5,000,000		4,691,600
1.250%, 07/31/2023		5,000,000		4,655,470
2.500%, 08/15/2023		5,000,000		4,955,080
1.375%, 09/30/2023		5,000,000		4,673,440
1.625%, 10/31/2023		5,000,000		4,731,055
2.125%, 11/30/2023		10,000,000		9,707,420
2.250%, 01/31/2024		5,000,000		4,878,320
2.125%, 02/29/2024		5,000,000		4,842,385
2.125%, 03/31/2024		3,000,000		2,903,202
2.000%, 04/30/2024		5,000,000		4,801,365
Total U.S. Treasury Obligations
(cost $338,232,623)				330,594,545

	Shares		Value
Short-term Investments (2.09%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 1.62% (a)		7,088,323	$	7,088,323
Total Short-term Investments
(cost $ 7,088,323)				7,088,323
TOTAL INVESTMENTS (99.72%)
(cost $ 345,320,946)				337,682,868
OTHER ASSETS, NET OF LIABILITIES (0.28%)				936,049
NET ASSETS (100.00%)			$	338,618,917

(a) Rate shown is the 7-day yield as of May 31, 2018.

20 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (98.97%)
Alabama (2.27%)
City of Phenix City, General Obligation Warrants, Series 2010-B		5.000	%		02/01/2019		NR	$	1,030,000	$	1,052,547
City of Athens, Alabama, General Obligation Warrants		4.000	%		09/01/2019		Aa3		1,145,000		1,176,774
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.000	%		06/01/2024		A+		585,000		601,181
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.250	%		06/01/2025		A+		600,000		621,168
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.500	%		06/01/2026		A+		620,000		645,525
City of Madison (Alabama), General Obligation School Warrants, Series 2009		5.250	%		02/01/2027		Aa2		525,000		537,070
City of Madison (Alabama), General Obligation School Warrants, Series 2009 (Prerefunded to 02-01-2019 @ 100) (b)		5.250	%		02/01/2027		NR		2,015,000		2,061,446
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.750	%		06/01/2027		A+		645,000		676,766
City of Madison (Alabama), General Obligation School Warrants, Series 2009		5.250	%		02/01/2028		Aa2		310,000		317,105
City of Madison (Alabama), General Obligation School Warrants, Series 2009 (Prerefunded to 02-01-2019 @ 100) (b)		5.250	%		02/01/2028		NR		1,190,000		1,217,430
City of Athens, Alabama, Water and Sewer Revenue Warrants, Series 2017		3.000	%		05/01/2028		A2		980,000		977,481
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.000	%		06/01/2028		A+		665,000		703,091
The Water and Wastewater Board of the City of Madison Water and Sewer Revenue Bonds, Series 2015		4.000	%		12/01/2028		Aa2		2,165,000		2,314,731
City of Athens, Alabama, Water and Sewer Revenue Warrants, Series 2017		3.125	%		05/01/2029		A2		1,010,000		1,005,822
City of Florence (Alabama), Water and Sewer Revenue Warrants, Series 2011 (Prerefunded to 02-15-2021 @ 100) (b)		5.000	%		08/15/2029		A1		1,620,000		1,748,722
											15,656,859
Alaska (1.89%)
Municipality of Anchorage, Alaska, Senior Lien Electric Revenue Bonds, 2009 Series A (Tax-Exempt)		4.000	%		12/01/2021		A+		1,955,000		2,011,891
Municipality of Anchorage, Alaska, 2007 General Obligation Refunding Bonds, Series B (Schools)		4.500	%		09/01/2022		AAA		1,000,000		1,002,130
Matanuska-Susitna Borough, Alaska, General Obligation School Bonds, 2009 Series A (Prerefunded to 07-01-2019 @ 100) (b)		5.500	%		07/01/2025		Aa2		1,190,000		1,237,945
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.250	%		09/01/2028		AAA		1,095,000		1,121,269
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.250	%		09/01/2028		AAA		1,050,000		1,075,190
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.500	%		09/01/2029		AAA		1,390,000		1,437,288
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.500	%		09/01/2029		AAA		1,090,000		1,127,082
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.500	%		09/01/2030		AAA		1,440,000		1,481,558
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.500	%		09/01/2030		AAA		1,125,000		1,157,468
Matanuska-Susitna Borough, Alaska, General Obligation Transportation System Bonds, 2014 Series A		5.000	%		08/01/2031		AA+		1,225,000		1,379,889
											13,031,710
Arizona (4.32%)
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series B (2009), (Bank Qualified)		4.000	%		07/01/2019		A+		500,000		512,085
City of Glendale, Arizona, General Obligation Refunding Bonds, Series 2010		5.000	%		07/01/2019		A1		4,180,000		4,327,638
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		5.000	%		07/01/2020		Aa3		1,965,000		2,091,232
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series B (2009), (Bank Qualified) (Economically Defeased to 07-01-2019 @ 100) (b)		5.000	%		07/01/2021		A+		500,000		517,225
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series A (2012)		3.000	%		07/01/2021		Aa2		1,000,000		1,030,880
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series A (2012)		3.000	%		07/01/2022		Aa2		570,000		591,062
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2022		AA		500,000		557,375
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		3.000	%		07/01/2022		AA		495,000		513,290
Tucson Unified School District No. 1 of Pima County, Arizona, Refunding Bonds, Tax-Exempt Series 2011		5.000	%		07/01/2022		Aa3		1,000,000		1,112,680

See accompanying notes to financial statements. 21

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Arizona (Cont.)
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series B (2009), (Bank Qualified) (Economically Defeased to 07-01-2019 @ 100) (b)		5.000	%		07/01/2023		A+	$	1,000,000	$	1,034,450
Litchfield Elementary School District No. 79 of Maricopa County, Arizona, School Improvement Bonds, Project of 2009, Series A (2011)		5.000	%		07/01/2023		Aa2		1,000,000		1,088,710
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series A (2012)		3.000	%		07/01/2023		Aa2		930,000		962,513
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series B (2013)		3.000	%		07/01/2023		Aa2		1,255,000		1,309,091
Pima County, Arizona, General Obligation Bonds, Series 2009A (Economically Defeased to 07-01-2019 @ 100) (b)		4.000	%		07/01/2023		AA		1,500,000		1,534,155
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2023		AA		1,060,000		1,179,441
Pinal County Community College District of Pinal County, Arizona, General Obligation Bonds, Project of 2008, Series B (2012) (c)		4.500	%		07/01/2023		AA-		1,705,000		1,828,851
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series B (2009), (Bank Qualified) (Economically Defeased to 07-01-2019 @ 100) (b)		5.000	%		07/01/2024		A+		1,000,000		1,034,450
Phoenix Union High School District No. 210 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Tax-Exempt Series A (2012)		4.000	%		07/01/2024		Aa2		1,165,000		1,249,113
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series D (2013)		5.000	%		07/01/2026		A+		555,000		621,300
Cave Creek Unified School District No. 93 of Maricopa County, Arizona, School Improvement Bonds, Project of 2014, Series A (2015)		4.000	%		07/01/2026		AA-		545,000		589,979
Kyrene Elementary School District No. 28 of Maricopa County, Arizona, School Improvement Bonds, Project of 2010, Series C (2015)		4.000	%		07/01/2026		AA		765,000		841,064
Pima County, Arizona, General Obligation Bonds, Series 2012A		4.000	%		07/01/2026		AA		2,000,000		2,116,300
Amphitheater Unified School District No. 10 of Pima County, Arizona, School Improvement Bonds, Project of 2007, Series D (2013)		5.000	%		07/01/2027		A+		400,000		447,376
Cave Creek Unified School District No. 93 of Maricopa County, Arizona, School Improvement Bonds, Project of 2014, Series A (2015)		4.000	%		07/01/2027		AA-		1,100,000		1,190,783
Tempe Union High School District No. 213 of Maricopa County, Arizona, Refunding Bonds, Series 2016		3.000	%		07/01/2028		Aa2		1,000,000		1,013,630
Salt River Project Agricultural Improvement and Power District, Arizona, Salt River Project Electric System Revenue Bonds, 2009 Series A (Prerefunded to 01-01-2019 @ 100) (b)		5.000	%		01/01/2032		AA		500,000		509,715
											29,804,388
Arkansas (2.99%)
City of Little Rock, Arkansas, Sewer Revenue Bonds, Series 2008 (Prerefunded to 10-01-2018 @ 100) (b)		5.125	%		10/01/2022		Aa3		100,000		101,152
State of Arkansas, General Obligation Four-Lane Highway Construction and Improvement Bonds, Series 2013 (c)		3.500	%		06/15/2023		AA		6,000,000		6,245,340
City of Little Rock, Arkansas, Sewer Revenue Bonds, Series 2008 (Prerefunded to 10-01-2018 @ 100) (b)		5.250	%		10/01/2024		Aa3		335,000		338,993
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Refunding Series 2015A		3.000	%		11/01/2024		Aa2		2,315,000		2,412,415
City of Little Rock, Arkansas, Library Construction and Refunding Bonds, Series 2015		2.750	%		03/01/2025		AA		1,025,000		1,021,843
State of Arkansas, Higher Education General Obligation Bonds, Refunding Series 2015		4.000	%		06/01/2027		AA		3,000,000		3,268,140
City of Fort Smith, Arkansas, Water and Sewer Revenue Refunding and Construction Bonds, Series 2008		5.250	%		10/01/2028		A		915,000		925,394
City of Fort Smith, Arkansas, Water and Sewer Revenue Refunding and Construction Bonds, Series 2008 (Prerefunded to 10-01-2018 @ 100) (b)		5.250	%		10/01/2028		NR		585,000		591,874
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2014A		5.000	%		11/01/2028		Aa2		365,000		421,287
Rogers School District No. 30 of Benton County, Arkansas Refunding Bonds		4.000	%		02/01/2030		NR		1,000,000		1,023,930
Rogers School District No. 30 of Benton County, Arkansas, Refunding Bonds		3.125	%		02/01/2030		NR		2,880,000		2,881,584
City of Little Rock, Arkansas, Sewer Revenue Bonds, Series 2008 (Prerefunded to 10-01-2018 @ 100) (b)		5.500	%		10/01/2030		Aa3		500,000		506,360
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2014A		5.000	%		11/01/2030		Aa2		785,000		903,535
											20,641,847

22 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
California (4.91%)
City of San Jose, General Obligation Bonds, Series 2007 (Parks and Public Safety Projects)		4.500	%		09/01/2022		Aa1	$	2,900,000	$	2,906,583
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2025		Aa3		225,000		261,374
Carmel Unified School District (Monterey County, California), General Obligation Bonds, Election of 2005, Series 2008 (Prerefunded to 08-01-2018 @ 100) (b)		4.750	%		08/01/2025		AAA		575,000		578,163
Marin Community College District (Marin County, California), Election of 2004 General Obligation Bonds, Series C (Prerefunded to 08-01-2021 @ 100) (b)		4.000	%		08/01/2025		Aaa		1,115,000		1,194,232
Marin Community College District (Marin County, California), Election of 2004 General Obligation Bonds, Series C (Prerefunded to 08-01-2021 @ 100) (b)		4.250	%		08/01/2026		Aaa		1,275,000		1,375,355
Santa Barbara Community College District, (Santa Barbara County, California), General Obligation Bonds, Election of 2008, Series A (Prerefunded to 08-01-2018 @ 100) (b)		5.250	%		08/01/2026		Aa1		1,555,000		1,564,517
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2027		Aa3		1,080,000		1,248,534
East Side Union High School District, (Santa Clara County, California), 2015 General Obligation Refunding Bonds		3.500	%		08/01/2027		A+		1,000,000		1,075,340
Newark Unified School District, (Alameda County, California), General Obligation Bonds, Election of 2011, Series C		2.000	%		08/01/2027		Aa3		875,000		852,714
Newark Unified School District, (Alameda County, California), General Obligation Bonds, Election of 2011, Series C		3.000	%		08/01/2028		Aa3		750,000		758,670
Santee School District, (County of San Diego, California), General Obligation Refunding Bonds, Series 2015		3.500	%		08/01/2028		AA-		1,565,000		1,633,500
Campbell Union High School District, (Santa Clara County, California), 2016 General Obligation Refunding Bonds		3.250	%		08/01/2029		Aa1		1,965,000		2,034,875
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		3.500	%		08/01/2029		Aa2		1,190,000		1,266,446
Santee School District, (County of San Diego, California), General Obligation Refunding Bonds, Series 2015		3.500	%		08/01/2029		AA-		1,725,000		1,794,828
Sonoma County Junior College District, (Sonoma, Mendocino and Marin Counties, California), 2016 General Obligation Refunding Bonds		3.250	%		08/01/2029		AA-		2,835,000		2,912,792
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2030		Aa2		540,000		591,079
Marin Community College District, (Marin County, California), Election of 2016 General Obligation Bonds, Series A, (Federally Tax-Exempt)		4.000	%		08/01/2030		Aaa		1,095,000		1,198,576
Sonoma County Junior College District, (Sonoma, Mendocino and Marin Counties, California), Election of 2014 General Obligation Bonds, Series A		4.000	%		08/01/2030		AA-		1,600,000		1,739,120
Sequoia Union High School District, (County of San Mateo, State of California), General Obligation Bonds, Election of 2014, Series 2016		3.000	%		07/01/2031		AA		3,000,000		2,990,310
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2031		Aa2		400,000		435,392
Redondo Beach Unified School District, (Los Angeles County, California), 2017 General Obligation Refunding Bonds, (Election of 2008, Series D), (2020 Crossover)		3.000	%		08/01/2031		Aa2		750,000		743,528
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2032		Aa2		500,000		540,820
Redondo Beach Unified School District, (Los Angeles County, California), 2017 General Obligation Refunding Bonds, (Election of 2008, Series D), (2020 Crossover)		3.000	%		08/01/2032		Aa2		750,000		739,748
Tustin Unified School District - 2017 General Obligation Refunding Bonds of School Facilities Improvement District No. 2002-1 of the Tustin Unified School District, (2020 Crossover), (Orange County, California)		4.000	%		08/01/2032		AA		510,000		551,835
Tustin Unified School District - 2017 General Obligation Refunding Bonds of School Facilities Improvement District No. 2002-1 of the Tustin Unified School District, (2020 Crossover), (Orange County, California)		4.000	%		08/01/2033		AA		550,000		591,459

See accompanying notes to financial statements. 23

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
California (Cont.)
Tustin Unified School District - 2017 General Obligation Refunding Bonds of School Facilities Improvement District No. 2008-1 of the Tustin Unified School District, (2020 Crossover), (Orange County, California)		4.000	%		08/01/2033		AA	$	600,000	$	645,228
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2034		AA		200,000		230,738
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2035		AA		355,000		408,559
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2036		AA		400,000		459,224
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2037		AA		500,000		573,680
											33,897,219
Colorado (2.46%)
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2012		3.000	%		12/15/2021		Aa2		205,000		212,239
Jefferson County, Colorado, School District No. 1		5.000	%		12/15/2021		Aa2		900,000		994,509
Cherry Creek School District No. 5, (Arapahoe County, Colorado), General Obligation Bonds, Series 2012B		3.000	%		12/15/2023		Aa1		3,300,000		3,436,422
Eagle River Water and Sanitation District, (In Eagle County, Colorado), General Obligation Bonds, Series 2016		2.500	%		12/01/2024		AA-		100,000		100,958
City of Aurora, Colorado, First-Lien Water Refunding Revenue Bonds, Series 2008A (Prerefunded to 08-01-2018 @ 100) (b)		4.750	%		08/01/2025		NR		1,500,000		1,507,470
Adams County School District No. 1, (Mapleton Public Schools), Adams County, Colorado, General Obligation Refunding Bonds, Series 2016		2.000	%		12/01/2025		Aa3		375,000		358,665
Eagle River Water and Sanitation District, (In Eagle County, Colorado), General Obligation Bonds, Series 2016		2.500	%		12/01/2025		AA-		210,000		211,287
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2015		4.000	%		12/15/2025		Aa2		1,000,000		1,099,350
City of Aurora, Colorado, First-Lien Water Refunding Revenue Bonds, Series 2008A (Prerefunded to 08-01-2018 @ 100) (b)		4.750	%		08/01/2026		NR		1,465,000		1,472,296
Eagle River Water and Sanitation District, (In Eagle County, Colorado), General Obligation Bonds, Series 2016		2.750	%		12/01/2026		AA-		200,000		203,496
Roaring Fork School District No. RE-1, In Garfield, Pitkin and Eagle Counties, Colorado, General Obligation Refunding Bonds, Series 2016B		2.500	%		12/15/2027		NR		3,000,000		2,947,380
Eagle River Water and Sanitation District, (In Eagle County, Colorado), General Obligation Bonds, Series 2016		4.000	%		12/01/2030		AA-		465,000		499,271
Gunnison Watershed School District RE-1J, (Gunnison and Saguache Counties, Colorado), General Obligation Refunding Bonds, Series 2014		4.000	%		12/01/2031		Aa2		1,000,000		1,061,620
Adams 12 Five Star Schools, Adams County and the City and County of Broomfield, Colorado, General Obligation Bonds, Series 2016B		5.000	%		12/15/2034		A+		2,500,000		2,900,375
											17,005,338
Connecticut (3.51%)
Town of New Canaan, Connecticut, General Obligation Refunding Bonds, Issue of 2010, Series A		5.000	%		06/15/2020		Aaa		500,000		501,330
Town of Trumbull, Connecticut, General Obligation Refunding Bonds, Issue of 2009		4.000	%		09/15/2020		Aa2		525,000		539,679
Town of Stonington, Connecticut, General Obligation Bonds, Issue of 2012		3.000	%		04/01/2021		Aa1		125,000		127,656
Town of Trumbull, Connecticut, General Obligation Refunding Bonds, Issue of 2009		4.000	%		09/15/2021		Aa2		500,000		513,790
Town of Stonington, Connecticut, General Obligation Bonds, Issue of 2012		3.000	%		04/01/2022		Aa1		600,000		612,642
Town of Darien, Connecticut, General Obligation Refunding Bonds, Issue of 2012, Series B		2.000	%		08/01/2022		Aaa		1,525,000		1,522,560
City of Stamford, Connecticut, General Obligation Bonds, Issue of 2013		2.250	%		02/01/2024		Aa1		2,000,000		2,005,620
Town of New Canaan, Connecticut, General Obligation Refunding Bonds, Issue of 2010, Series A		4.000	%		06/15/2024		Aaa		1,000,000		1,001,660
State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University Issue, Series 2016A (d)		2.000	%		07/01/2042		Aaa		18,000,000		17,435,520
											24,260,457

24 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Florida (3.18%)
City of Titusville, Florida, Water and Sewer Revenue Refunding Bonds, Series 2010		5.000	%		10/01/2018		AA-	$	1,000,000	$	1,011,210
Pasco County, Florida, Water and Sewer Refunding Revenue Bonds, Series 2006		4.500	%		10/01/2019		Aa2		110,000		110,227
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2009A		5.000	%		10/01/2020		Aa2		1,390,000		1,449,631
Fort Lauderdale, Florida, Water and Sewer Revenue Bonds (Prerefunded to 09-01-2019 @ 100) (b)		4.000	%		03/01/2021		Aa1		1,170,000		1,201,005
City of Titusville, Florida, Water and Sewer Revenue Refunding Bonds, Series 2010		5.000	%		10/01/2021		AA-		600,000		632,196
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2009A		4.000	%		10/01/2021		Aa2		1,455,000		1,492,452
Fort Lauderdale, Florida, Water and Sewer Revenue Bonds (Prerefunded to 09-01-2019 @ 100) (b)		4.000	%		03/01/2022		Aa1		1,215,000		1,247,198
Tohopekaliga Water Authority, Utility System Revenue Refunding Bonds, Series 2011A (Prerefunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2022		Aa2		365,000		400,292
Fort Lauderdale, Florida, Water and Sewer Revenue Bonds (Prerefunded to 09-01-2019 @ 100) (b)		4.000	%		09/01/2023		Aa1		1,290,000		1,324,185
Tohopekaliga Water Authority, Utility System Revenue Refunding Bonds, Series 2011A (Prerefunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2023		Aa2		200,000		219,338
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 2010B		5.000	%		07/01/2024		Aa2		2,000,000		2,144,340
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 2010B		5.000	%		07/01/2025		Aa2		2,485,000		2,664,342
City of West Palm Beach, Florida, Utility System Revenue Refunding Bonds, Series 2008A (Prerefunded to 10-01-2018 @ 100) (b)		5.000	%		10/01/2026		Aa2		2,000,000		2,022,220
Lee County, Florida, Water and Sewer Revenue Bonds, Series 2013A		5.000	%		10/01/2026		Aa3		400,000		452,324
City of Pembroke Pines, Florida, General Obligation Bonds, Series 2015		5.000	%		09/01/2031		Aa2		2,100,000		2,423,148
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		4.000	%		09/01/2032		Aa3		540,000		577,876
Lee County, Florida, Water and Sewer Revenue Bonds, Series 2013A		5.000	%		10/01/2032		Aa3		750,000		836,970
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		5.000	%		09/01/2033		Aa3		750,000		873,540
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		5.000	%		09/01/2034		Aa3		750,000		870,255
											21,952,749
Georgia (1.50%)
Cherokee County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Refunding Bonds, Series 2010		3.500	%		08/01/2020		Aa2		200,000		206,818
Cherokee County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Refunding Bonds, Series 2010		4.000	%		08/01/2021		Aa2		250,000		261,208
Fayette County, Georgia, Water Revenue Bonds, Series 2009		5.000	%		10/01/2021		Aa2		1,165,000		1,213,720
Fayette County, Georgia, Water Revenue Bonds, Series 2009 (Prerefunded to 10-01-2019 @ 100) (b)		5.000	%		10/01/2021		NR		625,000		650,719
Henry County and Henry County Water and Sewerage Authority (Georgia), Water and Sewerage Revenue Refunding Bonds, Series 2010		5.000	%		02/01/2022		Aa2		1,000,000		1,077,800
Fulton County, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 2011		5.000	%		01/01/2024		Aa2		1,660,000		1,786,525
Fayette County, Georgia, Water Revenue Bond, Series 2009 (Prerefunded to 10-01-2019 @ 100) (b)		4.375	%		10/01/2024		Aa2		750,000		775,260
Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008 (Prerefunded to 01-01-2019 @ 100) (b)		5.625	%		01/01/2028		AA		1,000,000		1,022,990
Forsyth County, Georgia, General Obligation Bonds, Series 2008A (Prerefunded to 03-01-2019 @ 100) (b)		5.000	%		03/01/2028		Aaa		1,000,000		1,024,790
Spalding County Water and Sewerage Facilities Authority (Georgia), Revenue Bonds, Series 2008 (Prerefunded to 09-01-2018 @ 100) (b)		6.125	%		09/01/2028		A1		2,300,000		2,325,139
											10,344,969
Hawaii (0.39%)
State of Hawaii, Highway Revenue Bonds, Series 2008 (Prerefunded to 01-01-2019 @ 100) (b)		5.750	%		01/01/2027		Aa2		2,000,000		2,047,400
County of Hawaii, General Obligation Bonds, 2013 Series A (Prerefunded to 09-01-2022 @ 100) (b)		5.000	%		09/01/2031		AA-		575,000		644,552
											2,691,952

See accompanying notes to financial statements. 25

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Idaho (0.60%)
Independent School District No. 1 of Nez Perce County, Idaho (Lewiston), General Obligation Bonds, Series 2017B, (Sales Tax and Credit Enhancement Guaranty)		4.000	%		09/15/2031		Aa3	$	2,880,000	$	3,114,634
Boise State University, General Revenue Project Bonds, Series 2018A		4.000	%		04/01/2032		A+		445,000		475,959
Boise State University, General Revenue Project Bonds, Series 2018A		5.000	%		04/01/2034		A+		240,000		280,128
Boise State University, General Revenue Project Bonds, Series 2018A		5.000	%		04/01/2035		A+		250,000		290,878
											4,161,599
Illinois (0.48%)
Community Consolidated School District Number 201, Grundy, Kendall and Will Counties, Illinois, (Minooka), General Obligation Refunding School Bonds, Series 2010A		5.250	%		10/15/2022		AA-		1,200,000		1,252,848
Community Consolidated School District Number 201, Grundy, Kendall and Will Counties, Illinois, (Minooka), General Obligation Refunding School Bonds, Series 2010A		5.250	%		10/15/2023		AA-		2,000,000		2,088,080
											3,340,928
Indiana (3.54%)
Town of Zionsville, Indiana, Sewage Works Revenue Bonds of 2010, Series A		2.800	%		07/15/2019		AA-		130,000		131,399
City of Bloomington, Indiana, Waterworks Revenue Bonds of 2011, Series B (c)		3.500	%		07/01/2020		A		910,000		941,604
Lebanon Middle School Building Corporation, Lebanon, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2011 (Escrowed to maturity) (b)		4.000	%		07/10/2020		A+		2,075,000		2,167,753
Town of Zionsville, Indiana, Sewage Works Revenue Bonds of 2010, Series A		3.000	%		07/15/2020		AA-		245,000		248,692
City of Fort Wayne, Indiana, Sewage Works Revenue Bonds of 2010 (Escrowed to maturity) (b)		4.500	%		08/01/2020		A1		2,075,000		2,186,697
Ball State University Board of Trustees, Ball State University Student Fee Bonds, Series O (Prerefunded to 01-01-2019 @ 100) (b)		5.250	%		07/01/2022		AA-		500,000		510,425
City of Noblesville, Indiana, Sewage Works Revenue Bonds of 2011		4.000	%		07/01/2022		Aa2		185,000		196,150
Ball State University Board of Trustees, Ball State University Student Fee Bonds, Series O (Prerefunded to 01-01-2019 @ 100) (b)		5.250	%		07/01/2023		AA-		1,060,000		1,082,101
City of Noblesville, Indiana, Sewage Works Revenue Bonds of 2011		4.250	%		07/01/2023		Aa2		215,000		229,687
City of Noblesville, Indiana, Sewage Works Revenue Bonds of 2011		4.375	%		07/01/2024		Aa2		210,000		224,606
City of Fort Wayne, Indiana, Sewage Works Revenue Bonds of 2010 (Prerefunded to 08-01-2020 @ 100) (b)		4.500	%		08/01/2025		A1		1,530,000		1,612,360
Perry Township Multischool Building Corporation of 1996, Indianapolis, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		5.000	%		01/15/2026		A+		1,190,000		1,389,682
East Noble School Building Corporation, Kendallville, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		2.000	%		07/15/2026		A+		1,000,000		923,310
Perry Township Multischool Building Corporation of 1996, Indianapolis, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		5.000	%		07/15/2026		A+		1,105,000		1,297,845
East Noble School Building Corporation, Kendallville, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		2.000	%		01/15/2027		A+		1,305,000		1,195,484
Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015G		4.000	%		07/15/2027		AA-		1,190,000		1,290,293
Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015G		4.500	%		07/15/2028		AA-		500,000		552,090
New Albany-Floyd County School Building Corporation, Ad Valorem Property Tax First Mortgage Bonds, Series 2017, (Floyd County, Indiana)		4.000	%		07/15/2028		A+		500,000		548,800
Warsaw Multi-School Building Corporation, Warsaw, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015		4.000	%		07/15/2028		A+		1,000,000		1,074,640
City of West Lafayette, Indiana, Sewage Works Revenue Bonds, Series 2016		3.750	%		07/01/2029		A+		220,000		228,529
New Albany-Floyd County School Building Corporation, Ad Valorem Property Tax First Mortgage Bonds, Series 2017, (Floyd County, Indiana)		4.000	%		07/15/2029		A+		2,000,000		2,185,100
Valparaiso Multi-Schools Building Corporation, (Porter County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2015		5.000	%		07/15/2029		AA-		3,000,000		3,438,570
City of West Lafayette, Indiana, Sewage Works Revenue Bonds, Series 2016		4.000	%		07/01/2030		A+		750,000		792,135
											24,447,952

26 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Iowa (4.52%)
City of Des Moines, Iowa, General Obligation Refunding Bonds, Series 2010B (Urban Renewal)		4.000	%		06/01/2019		Aa2	$	1,190,000	$	1,190,000
City of Des Moines, Iowa, General Obligation Refunding Bonds, Series 2010B (Urban Renewal)		4.000	%		06/01/2022		Aa2		1,350,000		1,350,000
City of Des Moines, Iowa, General Obligation Bonds, Series 2016A		2.000	%		06/01/2025		Aa2		2,095,000		1,992,994
Dallas Center-Grimes Community School District, Iowa, General Obligation School Bonds, Series 2015		3.000	%		06/01/2025		Aa2		265,000		268,490
Johnston Community School District, Iowa, General Obligation School and Refunding Bonds, Series 2015		3.000	%		06/01/2025		AA-		2,370,000		2,408,418
Board of Regents, State of Iowa, Academic Building Revenue Bonds, Series S.U.I. 2008 (Prerefunded to 07-01-2018 @ 100) (b)		4.625	%		07/01/2025		AA		1,775,000		1,779,225
City of Des Moines, Iowa, General Obligation Bonds, Series 2016A		2.000	%		06/01/2026		Aa2		2,135,000		2,001,733
Dallas Center-Grimes Community School District, Iowa, General Obligation School Bonds, Series 2015		3.000	%		06/01/2026		Aa2		500,000		504,425
Grundy County, Iowa, General Obligation Urban Renewal Refunding Bonds, Series 2015		3.000	%		06/01/2026		A1		1,130,000		1,145,312
Johnston Community School District, Iowa, General Obligation School and Refunding Bonds, Series 2015		3.000	%		06/01/2026		AA-		2,445,000		2,476,272
Board of Regents, State of Iowa, Academic Building Revenue Bonds, Series S.U.I. 2008 (Prerefunded to 07-01-2018 @ 100) (b)		4.625	%		07/01/2026		AA		1,750,000		1,754,165
City of Des Moines, Iowa, General Obligation Bonds, Series 2016A		2.125	%		06/01/2027		Aa2		2,180,000		2,040,960
Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Revenue Refunding Bonds, Series 2015E		3.000	%		06/01/2027		Aa3		1,610,000		1,628,644
Grundy County, Iowa, General Obligation Urban Renewal Refunding Bonds, Series 2015		3.000	%		06/01/2027		A1		1,175,000		1,185,140
Waukee Community School District, Dallas County, Iowa, General Obligation School Refunding Bonds, Series 2016B		2.000	%		06/01/2027		Aa2		3,000,000		2,738,010
Board of Regents, State of Iowa, Academic Building Revenue Bonds, Series S.U.I. 2008 (Prerefunded to 07-01-2018 @ 100) (b)		4.750	%		07/01/2027		AA		1,950,000		1,954,817
Waukee Community School District, Iowa, General Obligation School Bonds, Series 2009 (Crossover Refunding to 06-01-2019 @ 100) (b)		5.000	%		06/01/2028		Aa2		1,000,000		1,030,310
City of Cedar Rapids, Iowa, Water Revenue Bonds, Series 2018D (e)		3.000	%		06/01/2029		Aa2		950,000		948,233
City of Council Bluffs, Iowa, General Obligation Bonds, Series 2018A (e)		3.000	%		06/01/2029		Aa2		1,050,000		1,047,071
City of West Des Moines, Iowa, General Obligation Urban Renewal Bonds, Series 2017D		3.000	%		06/01/2031		AAA		1,770,000		1,787,842
											31,232,061
Kansas (3.52%)
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding Bonds, Series 2012-A		2.000	%		10/01/2022		Aaa		2,010,000		2,012,714
City of Wichita, Kansas, Water and Sewer Utility, Revenue Bonds, Series 2009A (Prerefunded to 10-01-2019 @ 100) (b)		5.000	%		10/01/2024		AA-		2,000,000		2,083,640
Johnson County, Kansas, Internal Improvement Bonds, Series 2008A (Crossover Refunding to 09-01-2018 @ 100) (b)		4.500	%		09/01/2025		Aaa		1,115,000		1,122,103
Johnson County, Kansas, Internal Improvement Bonds, Series 2008A (Crossover Refunding to 09-01-2018 @ 100) (b)		4.750	%		09/01/2026		Aaa		2,220,000		2,235,473
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Bonds, Series 2016A		3.000	%		09/01/2026		Aa2		2,740,000		2,780,552
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Bonds, Series 2016A		3.000	%		09/01/2027		Aa2		1,490,000		1,495,021
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding and Improvement Bonds, Series 2015-A		3.000	%		10/01/2027		Aaa		1,000,000		1,028,520
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Improvement and Refunding Bonds, Series 2013C (Crossover Refunding to 09-01-2021 @ 100) (b)		4.500	%		09/01/2028		Aa2		3,000,000		3,222,450
Water District No. 1 of Johnson County, Kansas, Water Revenue Refunding Bonds, Series 2017A		3.000	%		01/01/2032		Aaa		2,500,000		2,450,675
State of Kansas, Department of Transportation, Highway Revenue Bonds, Series 2017A		5.000	%		09/01/2033		Aa2		5,000,000		5,916,850
											24,347,998

See accompanying notes to financial statements. 27

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Kentucky (1.25%)
Boone-Florence Water Commission (Kentucky), Water Supply System Refunding Revenue Bonds, Series 2010		3.250	%		12/01/2018		A1	$	2,040,000	$	2,055,014
Boone-Florence Water Commission (Kentucky), Water Supply System Refunding Revenue Bonds, Series 2010		3.250	%		12/01/2020		A1		1,780,000		1,837,334
Northern Kentucky Water District Revenue Bonds, 2013 Series A		4.000	%		02/01/2028		Aa3		1,110,000		1,168,075
Northern Kentucky Water District, Refunding Revenue Bonds, Series 2016		3.000	%		02/01/2031		Aa3		3,660,000		3,584,201
											8,644,624
Maine (0.43%)
Maine Municipal Bond Bank, 2017 Series D Refunding Bonds		3.000	%		11/01/2031		Aa2		3,000,000		2,954,280
Maryland (0.83%)
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, 2012 Series A (Prerefunded to 02-15-2020 @ 100) (b)		4.000	%		02/15/2026		Aaa		2,075,000		2,150,924
The City of Frederick, Maryland, General Obligation Bonds and Notes, Public Improvements Bonds, Tax-Exempt Series 2009A (Prerefunded to 03-01-2019 @ 100) (b)		5.000	%		03/01/2027		Aa1		1,500,000		1,537,185
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Bonds of 2015, Series B		3.000	%		12/01/2028		Aaa		2,000,000		2,030,440
											5,718,549
Massachusetts (0.63%)
The Commonwealth of Massachusetts, Commonwealth Transportation Fund Revenue Bonds, (Accelerated Bridge Program), 2013 Series A (Prerefunded to 06-01-2021 @ 100) (b)		5.000	%		06/01/2034		Aa1		2,000,000		2,178,860
The Commonwealth of Massachusetts, General Obligation Bonds, Consolidated Loan of 2014, Series A		5.000	%		12/01/2034		AA		2,000,000		2,185,100
											4,363,960
Michigan (3.72%)
Board of Trustees of Northern Michigan University, General Revenue Bonds, Series 2008A		5.000	%		12/01/2018		A		440,000		447,036
Traverse City Area Public Schools, Counties of Grand Traverse, Leelanau and Benzie, State of Michigan, 2010 School Building and Site Bonds (General Obligation - Unlimited Tax)		3.500	%		05/01/2020		AA-		1,000,000		1,030,600
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2021		Aa3		425,000		460,339
Forest Hills Public Schools, County of Kent, State of Michigan, 2010 School Building and Site Bonds, Series II, (General Obligation - Unlimited Tax)		4.000	%		05/01/2022		AA		700,000		728,350
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2011 School Building and Site Bonds, (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2021 @ 100) (b)		5.000	%		05/01/2022		A+		275,000		298,925
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2022		Aa3		450,000		498,533
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2012 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2023		A+		1,485,000		1,540,034
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2011 School Building and Site Bonds, (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2021 @ 100) (b)		5.000	%		05/01/2023		A+		400,000		434,800
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2011 School Building and Site Bonds, (General Obligation - Unlimited Tax) (Prerefunded to 05-01-2021 @ 100) (b)		5.000	%		05/01/2024		A+		600,000		652,200
Howell Public Schools, County of Livingston, State of Michigan, 2011 Refunding Bonds, Series B, (General Obligation - Unlimited Tax)		5.000	%		05/01/2025		A+		1,880,000		2,030,795
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2013 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2025		A+		700,000		748,874
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2025		Aa3		1,260,000		1,395,400
Hudsonville Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2013 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		A+		1,290,000		1,371,464

28 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Michigan (Cont.)
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		Aa3	$	2,300,000	$	2,434,711
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2013 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		A+		3,850,000		4,084,042
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2027		A+		1,000,000		1,134,740
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2027		AA-		500,000		537,440
Mattawan Consolidated School, Counties of Van Buren and Kalamazoo, State of Michigan, 2015 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		5.000	%		05/01/2027		A+		1,005,000		1,153,177
City of Petoskey, County of Emmet, State of Michigan, Water Supply and Sewage Disposal System Revenue and Revenue Refunding Bonds, Series 2011		4.500	%		02/01/2028		AA-		750,000		789,510
East Grand Rapids Public Schools, County of Kent, State of Michigan, 2014 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2028		A+		765,000		868,527
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2028		AA-		300,000		321,294
Mattawan Consolidated School, Counties of Van Buren and Kalamazoo, State of Michigan, 2015 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		5.000	%		05/01/2028		A+		600,000		685,206
Zeeland Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2015 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2029		A		700,000		796,103
Zeeland Public Schools, Counties of Ottawa and Allegan, State of Michigan, 2015 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2030		A		1,100,000		1,248,060
											25,690,160
Minnesota (1.83%)
Independent School District No. 194 (Lakeville), Minnesota, General Obligation Refunding Bonds, Series 2012D		5.000	%		02/01/2022		Aa3		2,720,000		3,004,376
State of Minnesota, General Obligation State Various Purpose Bonds, Series 2009H		4.500	%		11/01/2024		Aa1		185,000		191,913
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		2.375	%		02/01/2025		Aaa		2,805,000		2,816,669
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		3.000	%		02/01/2026		Aaa		1,000,000		1,027,170
Independent School District No. 720, Shakopee Public Schools, Minnesota, General Obligation School Building Bonds, Series 2015A		3.250	%		02/01/2026		A2		3,860,000		3,968,582
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		3.000	%		02/01/2027		Aaa		1,590,000		1,628,240
											12,636,950
Mississippi (1.34%)
Mississippi Development Bank, Special Obligation Bonds, Series 2010A, (City of Jackson, Mississippi General Obligation, Refunding Project)		5.000	%		03/01/2022		Baa2		1,000,000		1,046,330
Madison County School District, Madison County, Mississippi, General Obligation Refunding Bonds, Series 2012		4.000	%		04/15/2022		Aa2		2,480,000		2,644,449
State of Mississippi, General Obligation Bonds, Series 2015F (Tax-Exempt)		3.000	%		11/01/2026		Aa2		3,000,000		3,045,870
Mississippi Development Bank, Special Obligation Bonds, Series 2015, (Canton Public School District, Madison County, Mississippi, General Obligation Bond Project)		4.250	%		12/01/2028		A1		2,305,000		2,516,438
											9,253,087
Missouri (1.84%)
The School District of Columbia, Boone County, State of Missouri, General Obligation Refunding and Improvement Bonds, Series 2012		3.500	%		03/01/2022		Aa1		445,000		470,423
The School District of Columbia, Boone County, State of Missouri, General Obligation Refunding and Improvement Bonds, Series 2012		4.000	%		03/01/2024		Aa1		2,050,000		2,193,213
Parkway C-2 School District, St. Louis County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2009 (Prerefunded to 03-01-2019 @ 100) (b)		4.625	%		03/01/2025		AAA		3,000,000		3,066,120

See accompanying notes to financial statements. 29

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Missouri (Cont.)
Fort Zumwalt School District of St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2015		4.000	%		03/01/2027		Aa2	$	465,000 $		504,148
Fort Zumwalt School District of St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2015		4.000	%		03/01/2028		Aa2		400,000		432,340
Fort Zumwalt School District of St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2015		4.000	%		03/01/2029		Aa2		425,000		456,531
Nixa Public Schools, Christian County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2014, (Missouri Direct Deposit Program)		5.000	%		03/01/2031		A+		370,000		388,700
Nixa Public Schools, Christian County, Missouri, General Obligation Refunding and Improvement Bonds, Series 2014, (Missouri Direct Deposit Program), (Prerefunded to 03-01-2020 @ 100) (b)		5.000	%		03/01/2031		NR		380,000		400,011
Liberty Public School District No. 53, Clay County, Missouri, General Obligation School Building Bonds, Series 2018 (e)		4.000	%		03/01/2033		AA		1,000,000		1,058,470
Liberty Public School District No. 53, Clay County, Missouri, General Obligation School Building Bonds, Series 2018 (e)		4.000	%		03/01/2034		AA		2,500,000		2,637,400
Reorganized School District No. 7 of Jackson County, Missouri, (Lee’s Summit R-7), General Obligation School Building Bonds, Series 2016		5.000	%		03/01/2036		AA+		1,000,000		1,125,500
											12,732,856
Montana (1.21%)
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		3.500	%		06/15/2025		A+		860,000		911,136
High School District No. 44 (Belgrade), Gallatin County, Montana, General Obligation School Building Bonds, Series 2016		3.000	%		06/01/2027		A+		525,000		528,344
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2032		A+		945,000		1,091,106
High School District No. 1 (Missoula), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2032		Aa3		1,010,000		1,092,204
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2033		A+		1,005,000		1,159,529
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2033		A+		520,000		561,626
High School District No. A (Great Falls), Cascade County, Montana, General Obligation School Building Bonds, Series 2018		5.000	%		07/01/2034		A+		725,000		848,881
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2034		A+		565,000		607,691
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2035		A+		845,000		905,823
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2036		A+		585,000		622,428
											8,328,768
Nebraska (2.07%)
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		4.000	%		12/15/2022		AA-		1,290,000		1,370,264
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		5.000	%		12/15/2023		AA-		1,560,000		1,713,161
Douglas County School District 0001, (Omaha, Nebraska, Public Schools), General Obligation Refunding Bonds, Series 2010		4.000	%		12/15/2024		Aa2		3,000,000		3,110,760
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		3.000	%		12/15/2024		A+		145,000		148,902
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		4.000	%		12/15/2025		A+		180,000		196,618
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		5.000	%		12/15/2026		AA-		1,925,000		2,107,124
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2028		AA		150,000		164,409
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2028		A+		250,000		289,313

30 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Nebraska (Cont.)
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Bonds, Series 2012B		4.000	%		01/15/2029		AA-	$	730,000 $		769,924
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2029		AA		250,000		272,030
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2029		A+		260,000		299,736
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2030		AA		325,000		352,355
Hall County School District 0002, in the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014		5.000	%		12/15/2030		AA-		700,000		794,899
Nebraska Public Power District, General Revenue Bonds, 2014 Series A		5.000	%		01/01/2031		A1		1,900,000		2,066,877
Hall County School District 0002, In the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014		5.000	%		12/15/2032		AA-		565,000		639,072
											14,295,444
Nevada (0.47%)
Nevada System of Higher Education, Universities Revenue Bonds, Series 2016A		4.000	%		07/01/2030		AA-		3,045,000		3,234,917
New Jersey (3.16%)
Township of Parsippany-Troy Hills, In the County of Morris, New Jersey, General Obligation Bonds		2.500	%		11/01/2018		AA		1,310,000		1,314,821
Township of Toms River, County of Ocean, New Jersey, General Improvement Bonds, Series 2010A		3.000	%		06/15/2019		AA		1,900,000		1,901,710
Middlesex County Improvement Authority, (County of Middlesex, State of New Jersey), County-Guaranteed Open Space Trust Fund Revenue Bonds, Series 2009A		4.000	%		12/15/2019		Aa2		1,540,000		1,592,807
The Board of Education of the Township of Millstone, in the County of Monmouth, New Jersey, School District Refunding Bonds, Series 2011		5.000	%		07/15/2020		AA-		1,075,000		1,139,102
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		3.000	%		12/15/2020		AA+		315,000		323,521
Middlesex County Improvement Authority, (County of Middlesex, State of New Jersey), County-Guaranteed Open Space Trust Fund Revenue Bonds, Series 2009A		4.000	%		12/15/2020		Aa2		750,000		775,260
Township of Parsippany-Troy Hills, In the County of Morris, New Jersey, General Obligation Bonds		3.000	%		11/01/2021		AA		1,775,000		1,799,761
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		3.000	%		12/15/2021		AA+		685,000		707,050
The Board of Education of the Township of South Brunswick, in the County of Middlesex, New Jersey, Refunding School Bonds		4.000	%		12/01/2022		AA+		750,000		805,478
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		3.000	%		12/15/2022		AA+		600,000		622,428
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B		4.000	%		12/15/2023		AA+		465,000		502,154
The Board of Education, of the Somerset Hills School District, in the County of Somerset, New Jersey, Refunding School Bonds, Series 2012		4.000	%		03/15/2024		Aa1		2,345,000		2,499,887
The Board of Education of the Hopewell Valley Regional School District in the County of Mercer, New Jersey, School Bonds		3.500	%		01/15/2027		AA		3,330,000		3,458,605
The Board of Education of the Township of Livingston, In the County of Essex, New Jersey, Refunding School Bonds		4.000	%		07/15/2029		AA+		1,000,000		1,072,220
Township of Moorestown, in the County of Burlington, New Jersey, General Obligation Bonds Consisting of General Improvement Bonds and Water-Sewer Utility Bonds		4.000	%		01/15/2030		Aaa		1,140,000		1,202,335
The Board of Education of the Hopewell Valley Regional School District in the County of Mercer, New Jersey, School Bonds		4.000	%		01/15/2032		AA		2,000,000		2,088,040
											21,805,179
New Mexico (3.94%)
State Transportation, Refunding Revenue Bonds, (Senior Lien), Series 2010B		4.000	%		06/15/2019		Aa1		3,500,000		3,583,685
Las Cruces School District No. 2, General Obligation School Bonds, Series 2011A		4.000	%		08/01/2021		Aa3		1,500,000		1,567,245
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series 2012		3.000	%		08/01/2022		Aa2		2,000,000		2,070,480
City of Albuquerque, New Mexico, General Obligation General Purpose Bonds, Series 2012A		4.000	%		07/01/2023		Aa2		2,450,000		2,549,078

See accompanying notes to financial statements. 31

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

		Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
New Mexico (Cont.)
Bernalillo County, New Mexico, General Obligation Refunding Bonds, Series 2015A			2.000	%		08/15/2023		Aaa	$	1,030,000	$	1,024,438
Bernalillo County, New Mexico, General Obligation Refunding Bonds, Series 2015A			2.250	%		08/15/2024		Aaa		1,050,000		1,051,008
Bernalillo County, New Mexico, General Obligation Bonds, Series 2015			3.000	%		08/15/2025		Aaa		1,235,000		1,277,101
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013			4.000	%		08/01/2026		AA		675,000		715,966
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C			3.000	%		08/01/2026		Aa3		900,000		920,394
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013			4.000	%		08/01/2027		AA		700,000		738,339
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C			3.250	%		08/01/2027		Aa3		900,000		929,628
Rio Rancho Public School District No. 94, Sandoval County, New Mexico, General Obligation School Building Bonds, Series 2016A			3.000	%		08/01/2027		A2		1,515,000		1,542,391
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013			4.000	%		08/01/2028		AA		725,000		760,445
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C			3.500	%		08/01/2028		Aa3		900,000		939,393
Rio Rancho Public School District No. 94, Sandoval County, New Mexico, General Obligation School Building Bonds, Series 2016A			3.125	%		08/01/2028		A2		1,515,000		1,534,892
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013			4.000	%		08/01/2029		AA		750,000		782,288
Albuquerque Municipal School District No. 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation School Building Bonds, Series 2018 (e)			5.000	%		08/01/2034		Aa2		1,800,000		2,144,286
Albuquerque Municipal School District No. 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation School Building Bonds, Series 2018 (e)			5.000	%		08/01/2035		Aa2		2,600,000		3,087,188
												27,218,245
New York (1.99%)
County of Suffolk, New York, Public Improvement Serial Bonds - 2009 Series C (Economically Defeased to 10-15-2019 @ 100) (b)			4.000	%		10/15/2021		A3		3,000,000		3,091,350
Hauppauge Union Free School District, Suffolk County, New York, School District Serial Bonds - 2010 (Economically Defeased to 07-15-2019 @ 100) (b)			4.000	%		07/15/2022		Aa2		1,265,000		1,297,093
Hauppauge Union Free School District, Suffolk County, New York, School District Serial Bonds - 2010 (Economically Defeased to 07-15-2019 @ 100) (b)			4.000	%		07/15/2023		Aa2		1,615,000		1,655,973
Miller Place Union Free School District, In the Town of Brookhaven, Suffolk County, New York, School District Serial Bonds - 2010			4.000	%		02/15/2026		Aa2		460,000		460,653
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Fifty-Third Series			4.750	%		07/15/2029		Aa3		1,000,000		1,003,770
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Seventy-Ninth Series			5.000	%		12/01/2032		Aa3		3,000,000		3,392,490
New York City, Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series DD			5.000	%		06/15/2035		Aa1		2,500,000		2,818,000
												13,719,329
North Carolina (1.49%)
County of Orange, North Carolina, General Obligation Refunding Bonds, Series 2011			3.000	%		02/01/2019		Aaa		1,000,000		1,009,180
City of Fayetteville, North Carolina, Public Works Commission, Revenue Bonds, Series 2009B (Prerefunded to 03-01-2019 @ 100) (b)			5.000	%		03/01/2022		Aa2		1,000,000		1,023,670
County of Wake, North Carolina, General Obligation Public Improvement Bonds, Series 2011			4.000	%		04/01/2024		Aaa		1,000,000		1,050,140
City of Charlotte, North Carolina, General Obligation Refunding Bonds, Series 2009B			4.000	%		06/01/2024		Aaa		1,000,000		1,021,130
State of North Carolina, General Obligation Public Improvement Bonds, Series 2010A (Prerefunded to 05-01-2020 @ 100) (b)			4.000	%		05/01/2026		Aaa		1,000,000		1,038,970
Metropolitan Sewerage District of Buncombe County, North Carolina, Sewerage System Revenue Refunding Bonds, Series 2013			4.000	%		07/01/2027		AA+		1,210,000		1,283,520
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds, Series 2015			5.000	%		05/01/2028		AA-		700,000		805,595
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds, Series 2015			5.000	%		05/01/2029		AA-		265,000		303,711
County of Union, North Carolina, Enterprise Systems Revenue Bonds, Series 2017	��		3.000	%		06/01/2031		Aa1		2,850,000		2,774,988
												10,310,904

32 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
North Dakota (1.07%)
West Fargo Public School District No. 6, Cass County, North Dakota, General Obligation School Building Bonds, Series 2011		4.000	%		05/01/2026		Aa3	$	1,000,000	$	1,047,540
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.000	%		05/01/2027		Aa1		860,000		873,356
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.125	%		05/01/2028		Aa1		845,000		857,109
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.250	%		05/01/2029		Aa1		835,000		847,884
Bismarck Public School District No. 1, Burleigh County, North Dakota, General Obligation School Building Bonds, Series 2017		3.125	%		05/01/2030		Aa2		1,695,000		1,699,102
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2017, Series M		3.125	%		05/01/2031		Aa1		1,015,000		1,018,167
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2017, Series M		3.125	%		05/01/2032		Aa1		1,060,000		1,054,647
											7,397,805
Ohio (3.98%)
Board of Education, City School District of the City of Cincinnati, County of Hamilton, Ohio, Classroom Facilities Construction and Improvement Refunding Bonds, Series 2006 (Voted General Obligation Unlimited Tax)		5.250	%		12/01/2022		AA-		1,000,000		1,133,890
Plain Local School District, County of Stark, Ohio, General Obligation (Unlimited Tax), School Improvement Refunding Bonds, Series 2011A (Prerefunded to 11-01-2021 @ 100) (b)		4.300	%		11/01/2023		AA-		2,840,000		3,059,986
City of Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A (Prerefunded to 12-01-2021 @ 100) (b)		4.000	%		12/01/2024		Aaa		2,155,000		2,303,415
Lake County Community College District, Ohio, (Lakeland Community College), Facilities Construction and Improvement Bonds, Series 2016A, (General Obligation - Unlimited Tax)		3.000	%		12/01/2025		Aa2		660,000		679,226
Lake Local School District, Stark and Portage Counties, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2015		3.000	%		12/01/2025		AA-		525,000		531,620
Miami University, (A State University of Ohio), General Receipts Revenue and Refunding Bonds, Series 2011		5.000	%		09/01/2026		Aa3		1,430,000		1,555,039
Lake County Community College District, Ohio, (Lakeland Community College), Facilities Construction and Improvement Bonds, Series 2016A, (General Obligation - Unlimited Tax)		3.000	%		12/01/2026		Aa2		865,000		884,575
Bellbrook-Sugarcreek Local School District, Counties of Greene and Warren, Ohio, School Improvement Unlimited Tax General Obligation Refunding Bonds, Series 2016		3.000	%		12/01/2027		Aa2		1,000,000		1,020,910
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified)		5.000	%		12/01/2027		Aa2		175,000		198,762
Perrysburg Exempted Village School District, Wood County, Ohio, School Facilities Construction and Improvement Bonds, Series 2015 (General Obligation - Unlimited Tax)		4.000	%		12/01/2027		Aa3		1,250,000		1,340,013
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2014A (Prerefunded to 11-01-2022 @ 100) (b)		5.000	%		11/01/2028		Aa2		1,000,000		1,125,520
Bellbrook-Sugarcreek Local School District, Counties of Greene and Warren, Ohio, School Improvement Unlimited Tax General Obligation Refunding Bonds, Series 2016		4.000	%		12/01/2028		Aa2		1,565,000		1,712,157
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified)		5.000	%		12/01/2028		Aa2		225,000		255,056
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014		5.000	%		11/01/2029		Aa3		800,000		903,592
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified)		5.000	%		12/01/2029		Aa2		200,000		226,276
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014		5.000	%		11/01/2030		Aa3		1,335,000		1,504,265
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2030		Aa2		235,000		253,135

See accompanying notes to financial statements. 33

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Ohio (Cont.)
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified)		4.000	%		12/01/2030		Aa2	$	365,000 $		383,352
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2030		Aa1		750,000		804,593
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2031		Aa2		220,000		236,232
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2031		Aa1		350,000		374,192
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2014A (Prerefunded to 11-01-2022 @ 100) (b)		5.000	%		11/01/2032		Aa2		1,500,000		1,688,280
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2032		Aa2		220,000		235,303
Cuyahoga Community College District, Ohio, Facilities Construction and Improvement Bonds, Series 2018, (General Obligation - Unlimited Tax)		4.000	%		12/01/2032		AA		1,750,000		1,870,960
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2032		Aa1		375,000		399,821
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2033		Aa2		370,000		393,876
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2033		Aa1		400,000		424,436
Cuyahoga Community College District, Ohio, Facilities Construction and Improvement Bonds, Series 2018, (General Obligation - Unlimited Tax)		4.000	%		12/01/2034		AA		1,000,000		1,062,550
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2034		Aa1		875,000		924,018
											27,485,050
Oklahoma (1.37%)
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2013		4.000	%		03/01/2023		AA		2,500,000		2,589,900
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2016		3.000	%		04/01/2028		AA		3,000,000		3,030,900
Grand River Dam Authority, Revenue Bonds, Series 2014A		5.000	%		06/01/2031		A1		1,835,000		2,078,982
The Edmond Public Works Authority, (Edmond, Oklahoma), Sales Tax and Utility System Revenue Bonds, Series 2017		5.000	%		07/01/2032		AA-		1,500,000		1,765,440
											9,465,222
Oregon (2.07%)
City of Portland, Oregon, First Lien Water System Revenue and Refunding Bonds, 2010 Series A (Tax Exempt)		4.000	%		05/01/2021		Aaa		1,000,000		1,040,310
City of Portland, Oregon, Second Lien Sewer System Revenue and Refunding Bonds, 2008 Series B (Prerefunded to 06-15-2018 @ 100) (b)		5.000	%		06/15/2023		AA-		1,500,000		1,501,650
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		2.250	%		12/01/2024		AA-		400,000		396,176
City of Portland, Oregon, First Lien Water System Revenue Bonds, 2011 Series A		4.000	%		05/01/2025		Aaa		1,330,000		1,397,830
State of Oregon, General Obligation Bonds, 2016 Series J, (Veterans’ Welfare Bonds Series 97A) (Refunding)		2.800	%		06/01/2025		Aa1		655,000		673,478
State of Oregon, State Board of Higher Education, General Obligation Bonds 2009 Series A Serial Bonds (Prerefunded to 08-01-2018 @ 100) (b)		5.750	%		08/01/2025		Aa1		745,000		750,006
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		2.500	%		12/01/2025		AA-		400,000		400,272
State of Oregon, General Obligation Bonds, 2016 Series J, (Veterans’ Welfare Bonds Series 97A), (Refunding)		2.850	%		12/01/2025		Aa1		385,000		396,546
State of Oregon, State Board of Higher Education, General Obligation Bonds 2009 Series A Serial Bonds (Prerefunded to 08-01-2018 @ 100) (b)		5.750	%		08/01/2026		Aa1		670,000		674,502
State of Oregon, State Board of Higher Education, General Obligation Bonds 2009 Series A Serial Bonds (Prerefunded to 08-01-2018 @ 100) (b)		5.750	%		08/01/2027		Aa1		750,000		755,040
Tualatin Hills Park & Recreation District, Washington County, Oregon, General Obligation Bonds, Series 2009 (Prerefunded to 06-01-2019 @ 100) (b)		4.625	%		06/01/2028		AA		1,335,000		1,373,501
North Clackamas School District No. 12, Clackamas County, Oregon, General Obligation Refunding Bonds, Series 2014		5.000	%		06/15/2028		A+		2,500,000		2,873,500
Portland Community College District, Multnomah, Washington, Yamhill, Clackamas and Columbia Counties, Oregon, General Obligation Bonds, Series 2009 (Prerefunded to 06-15-2019 @ 100) (b)		5.000	%		06/15/2029		Aa1		2,000,000		2,067,540
											14,300,351

34 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Pennsylvania (1.61%)
Township of Cranberry, Butler County, Pennsylvania, General Obligation Bonds, Series of 2011		4.500	%		03/01/2025		Aaa	$	1,605,000	$	1,706,613
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		3.000	%		06/01/2026		AA+		430,000		441,085
Township of Cranberry, Butler County, Pennsylvania, General Obligation Bonds, Series of 2011		4.500	%		03/01/2027		Aaa		2,505,000		2,654,649
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012		5.000	%		05/15/2027		AA		1,825,000		1,957,367
Township of Hampden, (Cumberland County, Pennsylvania), General Obligation Bonds, Series of 2012 (Prerefunded to 11-15-2020 @ 100) (b)		5.000	%		05/15/2027		NR		375,000		402,011
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		4.000	%		06/01/2028		AA+		340,000		368,019
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		4.000	%		06/01/2029		AA+		305,000		327,878
County of Northampton, Commonwealth of Pennsylvania, General Obligation Bonds, Series B of 2012 (Tax-Exempt)		5.000	%		10/01/2030		AA		1,500,000		1,666,425
The Municipal Authority of the Borough of West View, (Allegheny County, Pennsylvania), Water Revenue Bonds, Series of 2014 (Prerefunded to 11-15-2024 @ 100) (b)		5.000	%		11/15/2031		AA		1,365,000		1,594,443
											11,118,490
South Carolina (1.73%)
Fort Mill School District No. 4 of York County, South Carolina, General Obligation Advanced Refunding Bonds, Series 2012A		4.000	%		03/01/2023		Aa2		2,315,000		2,493,533
School District No. 1 of Richland County, South Carolina, General Obligation Refunding Bonds, Series 2011A		4.000	%		03/01/2023		AA-		1,675,000		1,773,105
Berkeley County, South Carolina, Water and Sewer System Refunding Revenue Bonds, Series 2008A		4.750	%		06/01/2025		Aa3		800,000		801,528
University of South Carolina, Higher Education Revenue Bonds, Series 2008A (Prerefunded to 06-01-2018 @ 100) (b)		4.750	%		06/01/2025		Aa2		1,130,000		1,130,000
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015 (c)		3.000	%		12/01/2025		AA-		355,000		362,771
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		3.500	%		12/01/2026		AA-		370,000		384,053
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		3.500	%		12/01/2027		AA-		380,000		392,863
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		4.000	%		12/01/2028		AA-		520,000		548,033
City of Columbia, South Carolina, Waterworks and Sewer System Refunding Revenue Bonds, Series 2016B		4.000	%		02/01/2029		Aa1		1,045,000		1,142,478
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Refunding Convertible Bonds, Series 2013B		5.000	%		03/01/2030		A1		2,160,000		2,382,674
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		4.000	%		12/01/2030		AA-		535,000		560,798
											11,971,836
South Dakota (0.04%)
Harrisburg School District 41-2, South Dakota, General Obligation Bonds, Series 2012 (Prerefunded to 01-15-2022 @ 100) (b)		3.000	%		07/15/2022		AA-		250,000		259,115
Tennessee (2.03%)
City of Knoxville, Tennessee, Water System Revenue Bonds, Series U-2009 (Prerefunded to 03-01-2019 @ 100) (b)		4.000	%		03/01/2021		Aa1		1,050,000		1,068,333
City of Knoxville, Tennessee, Water System Revenue Refunding Bonds, Series X-2012		3.000	%		03/01/2022		Aa1		655,000		671,847

See accompanying notes to financial statements. 35

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Tennessee (Cont.)
The Metropolitan Government of Nashville and Davidson County (Tennessee), Electric System Revenue Bonds, 2011 Series A (Prerefunded to 05-15-2021 @ 100) (b)		4.500	%		05/15/2022		AA+	$	2,760,000	$	2,963,881
City of Knoxville, Tennessee, Water System Revenue Refunding Bonds, Series X-2012		3.000	%		03/01/2023		Aa1		670,000		686,690
The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Improvement and Refunding Bonds, Series 2010A (Prerefunded to 07-01-2020 @ 100) (b)		4.000	%		07/01/2023		NR		1,105,000		1,151,521
The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Improvement and Refunding Bonds, Series 2010A		4.000	%		07/01/2023		Aa2		895,000		930,084
City of Knoxville, Tennessee, Water System Revenue Refunding Bonds, Series BB-2015		3.000	%		03/01/2025		Aa1		1,170,000		1,201,789
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2028		Aa2		725,000		755,878
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2029		Aa2		750,000		779,858
City of Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2014A		4.000	%		04/01/2030		Aa2		775,000		805,636
Washington County, Tennessee, General Obligation School and Improvement Bonds, Series 2017B		3.000	%		06/01/2030		Aa2		850,000		839,860
Washington County, Tennessee, General Obligation School Bonds, Series 2017A		3.000	%		06/01/2030		Aa2		935,000		923,845
Harpeth Valley Utilities District of Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2014		5.000	%		09/01/2031		AA		1,065,000		1,216,624
											13,995,846
Texas (3.26%)
City of Plano, Texas, (Collin and Denton Counties), General Obligation Refunding and Improvement Bonds, Series 2011		5.000	%		09/01/2019		Aaa		1,000,000		1,039,590
Fort Worth Independent School District, (Tarrant County, Texas), Unlimited Tax School Building Bonds, Series 2010		4.000	%		02/15/2021		AA		1,000,000		1,035,570
City of Austin, Texas (Travis, Williamson and Hays Counties), Water and Wastewater System Refunding Bonds, Series 2010A		5.000	%		11/15/2025		Aa2		2,345,000		2,512,761
City of Austin, Texas, (Travis and Williamson Counties), Water and Wastewater System Revenue Refunding Bonds, Series 2009A (Prerefunded to 11-15-2019 @ 100) (b)		5.000	%		11/15/2025		Aa2		2,000,000		2,092,460
Hays County, Texas, Pass-Through Toll Revenue and Unlimited Tax Bonds, Series 2011 (Prerefunded to 02-15-2020 @ 100) (b)		4.750	%		02/15/2026		AA		1,620,000		1,696,707
Eanes Independent School District, (A political subdivision of the State of Texas located in Travis County, Texas), Unlimited Tax School Building Bonds, Series 2015A		3.500	%		08/01/2026		AA+		1,670,000		1,748,189
State of Texas, General Obligation Bonds, Water Financial Assistance Bonds, Series 2016A (Economically Distressed Areas Program)		2.250	%		08/01/2026		Aaa		2,285,000		2,202,169
City of Austin, Texas (Travis and Williamson Counties), Electric Utility System Revenue Refunding Bonds, Series 2008A (Prerefunded to 11-15-2018 @ 100) (b)		5.250	%		11/15/2026		Aa3		3,000,000		3,048,960
City of Austin, Texas (Travis, Williamson and Hays Counties), Water and Wastewater System Refunding Bonds, Series 2010A		5.000	%		11/15/2026		Aa2		2,465,000		2,641,346
Parker County, Texas, Unlimited Tax Road Bonds, Series 2009 (Prerefunded to 02-15-2019 @ 100) (b)		5.000	%		02/15/2027		AA		1,000,000		1,023,390
State of Texas, General Obligation Bonds, Water Financial Assistance Bonds, Series 2016A (Economically Distressed Areas Program)		3.000	%		08/01/2027		Aaa		2,325,000		2,376,173
Lake Travis Independent School District, (A political subdivision of the State of Texas located in Travis County, Texas), Unlimited Tax Refunding Bonds, Series 2017		4.000	%		02/15/2033		AA+		1,000,000		1,076,020
											22,493,335
Utah (1.33%)
Park City, Utah, Water Revenue Bonds, Series 2010, (Bank Qualified)		4.000	%		12/15/2020		Aa2		410,000		424,120
Park City, Utah, Water Revenue Bonds, Series 2010, (Bank Qualified)		4.000	%		12/15/2021		Aa2		600,000		620,664
Snyderville Basin Special Recreation District, Summit County, Utah, General Obligation Bonds, Series 2015A		3.000	%		12/15/2025		Aa1		1,260,000		1,302,349
Ogden City, Utah, Sewer and Water Revenue Bonds, Series 2008 (Prerefunded to 06-15-2018 @ 100) (b)		5.000	%		06/15/2029		Aa3		1,970,000		1,972,167
The Central Utah Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B, (Crossover Refunding)		4.000	%		10/01/2033		AA+		2,500,000		2,708,325
Jordan Valley Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B		4.000	%		10/01/2033		AA+		1,000,000		1,074,880
Jordan Valley Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B		4.000	%		10/01/2034		AA+		1,000,000		1,070,690
											9,173,195

36 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date			Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Vermont (0.22%)
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2032			A2	$	175,000	$	204,722
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2033			A2		190,000		221,348
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2034			A2		255,000		296,088
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2035			A2		265,000		306,682
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2037			A2		440,000		506,682
												1,535,522
Virginia (1.32%)
Virginia Public School Authority, School Financing Bonds (1997 Resolution), Refunding Series 2009 C		4.000	%		08/01/2021			Aa1		1,500,000		1,538,325
Loudon County, Virginia, General Obligation Public Improvement Bonds, Series 2011A		4.000	%		12/01/2025			Aaa		1,070,000		1,120,162
Loudon County, Virginia, General Obligation Public Improvement Bonds, Series 2011A (Prerefunded to 12-01-2020 @ 100) (b)		4.000	%		12/01/2025			NR		330,000		346,127
Virginia Public School Authority, Special Obligation School Financing Bonds, Fluvanna County, Series 2008 (Prerefunded to 12-01-2018 @ 100) (b)		6.250	%		12/01/2026			Aa2		2,000,000		2,045,960
Loudoun County Sanitation Authority (Virginia), Water and Sewer System Revenue and Refunding Bonds, Series 2013		4.000	%		01/01/2027	��		Aaa		650,000		700,648
County of Stafford, Virginia, General Obligation Public Improvement Bonds, Series 2013		4.000	%		07/01/2030			Aa1		1,205,000		1,286,482
Virginia Public School Authority, School Financing Bonds (1997 Resolution), Series 2012 D		4.000	%		08/01/2030			Aa1		2,000,000		2,111,240
												9,148,944
Washington (6.89%)
Issaquah School District No. 411, King County, Washington, Unlimited Tax General Obligation and Refunding Bonds, 2012		2.500	%		12/01/2022			AA+		340,000		346,827
Public Utility District No. 1 of Douglas County, Washington, Electric Distribution System Revenue and Refunding Bonds, Series 2012		3.000	%		12/01/2022			Aa3		620,000		640,299
Public Utility District No. 1 of Douglas County, Washington, Electric Distribution System Revenue and Refunding Bonds, Series 2012		5.000	%		12/01/2023			Aa3		505,000		564,474
College Place School District No. 250, Walla Walla County, Washington, Unlimited Tax General Obligation Bonds, Series 2012		4.000	%		12/01/2024			A1		1,875,000		2,009,231
Yakima School District No. 7, Yakima County, Washington, Unlimited Tax General Obligation Refunding Bonds, 2016		4.625	%		12/01/2024			Aa3		235,000		244,445
Yakima School District No. 7, Yakima County, Washington, Unlimited Tax General Obligation Refunding Bonds, 2016 (Prerefunded to 12-01-2019 @ 100) (b)		4.625	%		12/01/2024			NR		3,765,000		3,916,880
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2008 (Prerefunded to 07-01-2018 @ 100) (b)		5.000	%		01/01/2025			AA-		565,000		566,503
The City of Seattle, Washington, Municipal Light and Power Improvement and Refunding Revenue Bonds, 2008 (Prerefunded to 04-01-2019 @ 100) (b)		6.000	%		04/01/2025			Aa2		1,325,000		1,371,547
Bellevue School District No. 405, King County, Washington, Unlimited Tax General Obligation Bonds, 2008 (Prerefunded to 06-01-2018 @ 100) (b)		4.750	%		12/01/2025			AA+		1,000,000		1,000,000
City of Spokane, Washington, Unlimited Tax General Obligation Bonds, 2015		3.000	%		12/01/2025			Aa2		1,295,000		1,338,292
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Bonds, 2008 (Prerefunded to 12-01-2018 @ 100) (b)		5.000	%		12/01/2025			AA+		2,000,000		2,033,260
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Refunding Bonds, 2015		3.500	%		12/01/2025			AA+		2,000,000		2,150,020
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2008 (Prerefunded to 07-01-2018 @ 100) (b)		5.000	%		01/01/2026			AA-		500,000		501,330
State of Washington, Various Purpose General Obligation Refunding Bonds, Series R-2013C		4.000	%		07/01/2026			Aa1		2,500,000		2,694,975
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.000	%		12/01/2026			Aa2		350,000		359,279
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.250	%		12/01/2027			Aa2		400,000		414,844

See accompanying notes to financial statements. 37

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Washington (Cont.)
Hockinson School District No. 98, Clark County, Washington, Unlimited Tax General Obligation Bonds, 2015		4.000	%		12/01/2027		A+	$	1,090,000	$	1,184,797
City of Camas, Washington, Water and Sewer Revenue and Refunding Bonds, 2015		4.000	%		12/01/2028		Aa3		1,050,000		1,128,740
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.250	%		12/01/2028		Aa2		350,000		359,184
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation and Refunding Bonds, 2016		4.000	%		12/01/2028		AA+		1,000,000		1,098,160
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2029		A1		1,000,000		1,123,800
City of Everett, Washington, Water and Sewer Revenue Refunding Bonds, 2016		3.125	%		12/01/2029		AA+		2,000,000		2,021,620
City of Tacoma, Washington, Solid Waste Revenue Refunding Bonds, 2016B		5.000	%		12/01/2029		A1		1,525,000		1,772,050
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2014		5.000	%		01/01/2030		AA-		985,000		1,109,652
Energy Northwest, Columbia Generating Station Electric Revenue and Refunding Bonds, Series 2015-A		5.000	%		07/01/2030		AA-		5,000,000		5,760,350
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2030		A1		2,100,000		2,351,664
State of Washington, Various Purpose General Obligation Bonds, Series 2009A (Prerefunded to 07-01-2018 @ 100) (b)		5.000	%		07/01/2031		Aa1		1,500,000		1,503,990
Bainbridge Island School District No. 303, Kitsap County, Washington, Unlimited Tax General Obligation Bonds, 2017A		4.000	%		12/01/2033		Aa2		840,000		900,976
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Bonds, 2017 (c)		4.000	%		12/01/2033		AA+		5,000,000		5,383,300
Public Utility District No. 1 of Clark County, Washington, Water System Revenue and Refunding Bonds, Series 2017		5.000	%		01/01/2034		AA-		1,010,000		1,168,328
Bainbridge Island School District No. 303, Kitsap County, Washington, Unlimited Tax General Obligation Bonds, 2017A		4.000	%		12/01/2034		Aa2		510,000		544,950
											47,563,767
West Virginia (1.56%)
West Virginia University Board of Governors, University Improvement Revenue Bonds (West Virginia University Projects), 2011 Series B		5.000	%		10/01/2023		A		2,510,000		2,735,749
West Virginia University Board of Governors, University Improvement Revenue Bonds (West Virginia University Projects), 2011 Series B		5.000	%		10/01/2024		A		3,200,000		3,484,608
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012		4.000	%		05/01/2025		AA-		1,105,000		1,175,665
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		4.000	%		05/01/2026		AA-		350,000		382,200
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		2.250	%		05/01/2026		AA-		125,000		120,719
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012		4.000	%		05/01/2026		AA-		2,180,000		2,310,190
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		5.000	%		05/01/2027		AA-		515,000		595,258
											10,804,389
Wisconsin (4.21%)
Village of Whitefish Bay, Wisconsin (Milwaukee County), General Obligation Corporate Purpose Bonds, Series 2013A		2.250	%		04/01/2021		Aa1		250,000		251,568
Village of Whitefish Bay, Wisconsin (Milwaukee County), General Obligation Corporate Purpose Bonds, Series 2013A		2.500	%		04/01/2022		Aa1		175,000		176,957
City of Sheboygan, Sheboygan County, Wisconsin, General Obligation Corporate Purpose Bonds, Series 2007B		4.750	%		10/01/2022		AA-		800,000		848,960
Village of Whitefish Bay, Wisconsin (Milwaukee County), General Obligation Corporate Purpose Bonds, Series 2013A		2.500	%		04/01/2023		Aa1		285,000		288,343
City of Sheboygan, Sheboygan County, Wisconsin, General Obligation Corporate Purpose Bonds, Series 2007B		4.750	%		10/01/2023		AA-		300,000		318,222
Milwaukee Metropolitan Sewerage District, General Obligation Sewerage System Refunding Bonds, Series 2015C		2.500	%		10/01/2024		Aa1		2,000,000		2,025,740

38 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Wisconsin (Cont.)
City of Fond Du Lac, Fond Du Lac County, Wisconsin, Waterworks System Revenue Bonds, Series 2010		5.000	%		09/01/2025		A+	$	1,000,000	$	1,061,340
City of Oshkosh, Wisconsin, (Winnebago County), Water System Revenue Refunding Bonds, Series 2016G		2.000	%		01/01/2026		Aa3		955,000		892,658
Muskego-Norway School District, Waukesha and Racine Counties, Wisconsin, General Obligation School Building and Improvement Bonds		3.000	%		04/01/2026		AA		2,495,000		2,550,963
City of Oshkosh, Wisconsin, (Winnebago County), General Obligation Refunding Bonds, Series 2016H		2.000	%		08/01/2026		Aa3		1,090,000		1,011,248
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds		4.000	%		04/01/2027		Aa3		340,000		365,374
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds		4.000	%		04/01/2028		Aa3		275,000		293,989
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds		4.000	%		04/01/2029		Aa3		400,000		425,620
Western Technical College District, Wisconsin, General Obligation Refunding Bonds, Series 2013C (Prerefunded to 04-01-2020 @ 100) (b)		5.000	%		04/01/2029		AA+		3,000,000		3,170,970
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2029		A		1,000,000		1,130,720
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2030		A		2,000,000		2,253,920
D.C. Everest Area School District, Marathon County, Wisconsin, General Obligation School Building and Improvement Bonds, Series 2018 (e)		3.375	%		04/01/2031		AA		3,900,000		3,945,630
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2031		A		2,200,000		2,473,834
Hamilton School District, Waukesha County, Wisconsin, General Obligation School Building and Improvement Bonds		3.250	%		04/01/2032		Aa1		3,390,000		3,455,766
Western Technical College District, Wisconsin, General Obligation Refunding Bonds, Series 2017F		3.000	%		04/01/2032		AA+		2,240,000		2,115,631
											29,057,453
Total Long-term Municipal Bonds
(cost $674,835,420)											683,495,598
Short-term Municipal Variable Rate Demand Notes (1.78%)
Florida (0.12%)
City of Gainesville, Florida, Variable Rate, Utilities System Revenue Bonds, 2005 Series C (f)		0.900	%		10/01/2026		Aa3		810,000		810,000
Massachusetts (0.43%)
The Commonwealth of Massachusetts, General Obligation Bonds, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Series B (f)		0.810	%		12/01/2030		AA		3,000,000		3,000,000
New York (0.88%)
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate, Fiscal 2017 Series BB, Fiscal 2017 Subseries BB-2 Bonds (f)		0.900	%		06/15/2049		Aa1		4,150,000		4,150,000
New York City, Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate, Fiscal 2011 Series DD, Fiscal 2011 Subseries DD-1 Bonds (f)		0.850	%		06/15/2043		Aa1		1,200,000		1,200,000
New York City, Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate, Fiscal 2015 Series BB, Fiscal 2015 Subseries BB-4 Bonds (f)		0.870	%		06/15/2050		Aa1		750,000		750,000
											6,100,000

See accompanying notes to financial statements. 39

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2018

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Short-term Municipal Variable Rate Demand Notes (Cont.)
North Carolina (0.35%)
City of Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2008B (f)		1.040	%		03/01/2035		Aaa	$	2,395,000	$	2,395,000
Total Short-term Municipal Variable Rate Demand Notes
(cost $12,305,000)											12,305,000
								Shares		Value
Short-term Investments (0.14%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 1.62% (g)									933,375	$	933,375
Total Short-term Investments
(cost $933,375)											933,375
TOTAL INVESTMENTS (100.89%)
(cost $688,073,795)											696,733,973
LIABILITIES, NET OF OTHER ASSETS (-0.89%)											(6,159,910	)
NET ASSETS (100.00%)										$	690,574,063

(a) Ratings are not audited and represent the lower of Moody’s or S&P issuer specific ratings.

(b) Advanced Refunded Bonds are backed by an escrow or trust containing U.S. Government, U.S. Government Agency or other securities to support the timely payment of principal and interest.

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

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

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

(f) Rate shown is as of May 31, 2018.

(g) Rate shown is the 7-day yield as of May 31, 2018.

NR – Not Rated

40 See accompanying notes to financial statements.

(This page intentionally left blank.)

41

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF ASSETS AND LIABILITIES

May 31, 2018

(Unaudited)

	Growth Fund		Balanced Fund		Interim Fund			Municipal Bond Fund
Assets
Investments in securities at identified cost	$	1,657,254,221		1,115,838,796		345,320,946			688,073,795
Investments in securities at market value	$	4,781,871,693		1,893,570,033		337,682,868			696,733,973
Receivables:
Dividends and interest		18,239,024		8,250,523		1,126,814			8,148,716
Shares of the Fund sold		3,046,088		589,003		128,285			797,987
Prepaid expenses		75,846		29,877		6,473			10,270
Total assets		4,803,232,651		1,902,439,436		338,944,440			705,690,946
Liabilities and Net Assets
Distributions to shareholders		—		—		5,100			277,917
Payables:
Shares of the Fund redeemed		1,018,321		181,330		241,253			12,073
Securities purchased		—		—		—			14,696,743
Trustees’ fees and expenses		8,334		4,034		1,574			2,336
Due to affiliates		433,554		185,720		39,888			84,277
Accrued liabilities		79,103		60,015		37,708			43,537
Total liabilities		1,539,312		431,099		325,523			15,116,883
Net assets applicable to shares outstanding of common stock	$	4,801,693,339		1,902,008,337		338,618,917			690,574,063
Fund shares outstanding (no par value, unlimited number of shares authorized)		62,024,316		28,370,765		34,660,541			81,057,439
Net asset value, offering price and redemption price per share	$	77.42		67.04		9.77			8.52
Analysis of Net Assets
Paid-in-capital	$	1,614,833,444		1,101,279,879		346,602,228			681,783,172
Accumulated net realized gain (loss)		4,067,049		885,287		(345,233	)		130,713
Net unrealized appreciation (depreciation)		3,124,602,749		777,731,240		(7,638,078	)		8,660,178
Undistributed net investment income (loss)		58,190,097		22,111,931		—			—
Net assets applicable to shares outstanding	$	4,801,693,339		1,902,008,337		338,618,917			690,574,063

42 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF OPERATIONS

Six months ended May 31, 2018

(Unaudited)

	Growth Fund			Balanced Fund			Interim Fund			Municipal Bond Fund
Investment Income:
Dividends	$	65,799,649			16,613,980			—			—
Interest		237,310			9,718,852			2,656,225			35,387
Tax-exempt interest		—			—			—			10,734,628
		66,036,959			26,332,832			2,656,225			10,770,015
Less: foreign withholding taxes		(994,716	)		(322,977	)		—			—
Total investment income		65,042,243			26,009,855			2,656,225			10,770,015
Expenses:
Investment advisory and management fees		2,537,544			1,040,562			209,531			382,443
Trustees’ fees and expenses		88,831			35,639			7,183			13,436
Reports to shareholders		50,605			25,191			9,778			9,016
Professional fees		26,925			13,782			5,402			7,529
Audit fees		17,649			21,966			19,323			21,725
Errors and omissions insurance		26,661			10,570			1,952			3,814
Custodian fees		93,098			28,085			322			4,613
ICI dues		19,760			8,088			1,704			3,198
Regulatory Fees		23,028			18,484			12,919			15,694
Fidelity bond expense		2,531			989			182			347
Securities valuation fees		1,579			26,310			2,318			52,522
Total expenses		2,888,211			1,229,666			270,614			514,337
Less: expense reimbursement from SFIMC		—			—			—			(17	)
Net expenses		2,888,211			1,229,666			270,614			514,320
Net investment income		62,154,032			24,780,189			2,385,611			10,255,695
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		4,026,763			880,441			(7,133	)		130,713
Net realized gain (loss) on foreign currency transactions		40,287			4,846			—			—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		(140,142,750	)		(44,082,937	)		(3,618,625	)		(7,208,993	)
Net realized and unrealized gain (loss) on investments		(136,075,700	)		(43,197,650	)		(3,625,758	)		(7,078,280	)
Net change in net assets resulting from operations	$	(73,921,668	)		(18,417,461	)		(1,240,147	)		3,177,415

See accompanying notes to financial statements. 43

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Growth Fund
Six months ended May 31, 2018 (Unaudited) and the year ended November 30, 2017	2018			2017
From operations:
Net investment income	$	62,154,032			113,751,665
Net realized gain (loss)		4,067,050			54,748,371
Change in net unrealized appreciation or depreciation		(140,142,750	)		593,984,904
Net change in net assets resulting from operations		(73,921,668	)		762,484,940
Distributions to shareholders from and in excess of:
Net investment income		(57,925,470	)		(109,465,633	)
Net realized gain		(54,665,899	)		(34,371,546	)
Total distributions to shareholders		(112,591,369	)		(143,837,179	)
From Fund share transactions:
Proceeds from shares sold		142,486,987			251,333,568
Reinvestment of distributions		106,705,709			135,964,842
		249,192,696			387,298,410
Less payments for shares redeemed		(221,476,220	)		(342,023,738	)
Net increase (decrease) in net assets from Fund share transactions		27,716,476			45,274,672
Total increase (decrease) in net assets		(158,796,561	)		663,922,433
Net assets:
Beginning of period		4,960,489,900			4,296,567,467
End of period*	$	4,801,693,339			4,960,489,900
*   Including undistributed net investment income (loss)	$	58,190,097			53,961,535
Share Information
Sold		1,794,140			3,380,005
Issued in reinvestment of distributions		1,334,659			1,870,158
Redeemed		(2,797,668	)		(4,583,240	)
Net increase (decrease)		331,131			666,923

44 See accompanying notes to financial statements.

Balanced Fund				Interim Fund				Municipal Bond Fund
2018		2017		2018		2017		2018		2017
	24,780,189		46,926,623		2,385,611		4,504,531		10,255,695		21,050,241
	885,287		8,760,631		(7,133)		44,576		130,713		680,914
	(44,082,937)		153,931,558		(3,618,625)		(1,872,252)		(7,208,993)		5,901,584
	(18,417,461)		209,618,812		(1,240,147)		2,676,855		3,177,415		27,632,739
	(24,156,859)		(45,910,993)		(2,385,611)		(4,504,531)		(10,255,695)		(21,050,241)
	(8,743,463)		(3,463,102)		—		—		(352,930)		—
	(32,900,322)		(49,374,095)		(2,385,611)		(4,504,531)		(10,608,625)		(21,050,241)
	64,278,065		126,957,290		35,411,712		51,535,971		35,646,088		49,387,881
	31,489,504		47,280,819		2,335,099		4,428,696		8,848,345		17,588,396
	95,767,569		174,238,109		37,746,811		55,964,667		44,494,433		66,976,277
	(93,514,672)		(149,730,862)		(55,932,488)		(89,957,689)		(45,125,514)		(79,017,729)
	2,252,897		24,507,247		(18,185,677)		(33,993,022)		(631,081)		(12,041,452)
	(49,064,886)		184,751,964		(21,811,435)		(35,820,698)		(8,062,291)		(5,458,954)
	1,951,073,223		1,766,321,259		360,430,352		396,251,050		698,636,354		704,095,308
	1,902,008,337		1,951,073,223		338,618,917		360,430,352		690,574,063		698,636,354
	22,111,931		21,488,601		—		—		—		—
	946,284		1,934,863		3,617,706		5,193,467		4,162,269		5,694,060
	458,762		732,753		238,756		446,227		1,036,009		2,029,540
	(1,375,753)		(2,277,314)		(5,708,169)		(9,069,201)		(5,270,912)		(9,130,000)
	29,293		390,302		(1,851,707)		(3,429,507)		(72,634)		(1,406,400)

See accompanying notes to financial statements. 45

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Investment Objective

The State Farm Associates’ Funds Trust (the “Trust”) has four separate investment portfolios (each a “Fund” and together, the “Funds”). The Trust is registered under the Investment Company Act of 1940 as an open-end, management investment company. Each Fund has its own investment objective, investment policies, restrictions, and attendant risks and is diversified as defined in the Investment Company Act of 1940. Each Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, “Financial Services-Investment Companies.” State Farm Investment Management Corp. (“SFIMC”) is the Trust’s investment adviser.

The State Farm Growth Fund (the “Growth Fund”) seeks long-term growth of capital which may be supplemented by income. The Growth Fund seeks to achieve this objective by investing under normal circumstances at least 80% of its assets in common stocks and other income producing equity securities.

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

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

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”).

Fund Share Valuation

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

Securities Valuation

All investments in securities are recorded at their fair value. For more information see Note 3 Securities Valuation.

Securities Transactions and Investment Income

For financial reporting purposes, security transactions are accounted for on trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis, and includes amortization of premiums and discounts on fixed income securities. Realized gains and losses from security transactions are reported on an identified cost basis.

Expenses

Expenses arising in connection with a specific Fund are allocated to that Fund. Common Trust expenses are allocated between the Funds in proportion to each Fund’s relative net assets.

Income Taxes and Distributions to Shareholders

Each Fund is a separate taxpayer for federal income tax purposes. It is the Funds’ policy to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and, in the manner provided therein, to distribute substantially all of their taxable income, including any net realized gain on sales of investments, reportable for federal income tax purposes.

For more information refer to Note 4 Income Taxes and Distributions to Shareholders.

46

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Foreign Currency Translation

Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing foreign exchange rates at May 31, 2018. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the prevailing foreign exchange rates on the respective dates of transactions. That portion of realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with realized and unrealized gains and losses on investment securities.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Commitments and Contingencies

In the normal course of business, the Trust enters into contracts on behalf of the Funds that may contain provisions for general indemnifications. Each Fund’s maximum exposure under these indemnification provisions is unknown, as this would involve future claims that may be made against each Fund that are not known at this time. However, based on experience, the Funds believe the risk of loss from these indemnification provisions is remote.

Securities Purchased on a “When-Issued” Basis

The Municipal Bond Fund may purchase municipal bonds on a “when-issued” basis. Delivery and payment for these securities may be a month or more after the purchase date, during which time such securities are subject to market fluctuations. The Municipal Bond Fund identifies and holds specific liquid assets with a market value at least equal to the amount of the when-issued purchase commitments in order to ensure that it can meet those commitments. It is possible that the securities will never be issued and the commitment cancelled. At May 31, 2018, the Municipal Bond Fund had commitments of $14,696,743 (representing 2.13% of net assets) for when-issued securities. These commitments are included within the Securities Purchased line on the Statements of Assets and Liabilities.

New Accounting Pronouncement

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. This update requires certain premiums on callable debt securities to be amortized to the earliest call date. The amendments will be applied on a modified-retrospective basis and are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, the Trust’s management is evaluating the impact this pronouncement may have on the Trust’s financial statements, if any.

3. Securities Valuation

Investments are valued at fair value pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board”). The valuation procedures assign to SFIMC the responsibility for determining fair value using the processes and factors as outlined in the valuation procedures. If SFIMC cannot determine fair value based on the valuation procedures, the Board or the Executive Committee of the Board will determine fair value.

Fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in three broad levels as follows:

• Level 1 - Unadjusted quoted prices in active markets that are accessible to the Funds for identical assets or liabilities.

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, quoted prices for similar instruments in active markets, interest rates, yield curves and credit spreads. For assets or liabilities with a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

• Level 3 - Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available. These inputs, based on the best information available in the circumstances, would include reasonably available information about the assumptions that a market participant would use in valuing the asset or liability and might include SFIMC’s own data.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure the fair value of an asset or liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Changes in valuation techniques may result in transfers into or out of an assigned level within the fair value hierarchy. The end of the reporting period method is used for determining when transfers between levels of the fair value hierarchy are deemed to have occurred.

47

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Stocks, closed-end registered investment companies and exchange-traded funds (“ETFs”) traded on securities exchanges, or in an over-the-counter (“OTC”) market in which transaction prices are reported, are valued at the last sales price on the day of valuation or, if there are no reported sales on that day, at the last reported bid price for the day. Stocks traded on NASDAQ are valued at the NASDAQ Official Closing Price. Long-term debt securities, U.S. Treasury bills, and short-term municipal variable rate demand notes are generally valued using quotations provided by an independent pricing service. Short-term debt securities with remaining maturities of 60 days or less (other than U.S. Treasury bills) are generally valued on an amortized cost basis, which approximates market value. Investments in open-end investment companies are valued each day based on the closing net asset value of the respective fund. Short sales, if any, are valued at market value.

Portfolio securities that are primarily traded on foreign securities exchanges (“foreign securities”) are valued at the closing values of such securities on the respective exchange where each security is primarily traded. SFIMC may determine that a market quotation for a foreign security held by a Fund is not reliable because of events or circumstances that have occurred between the time of the market quotation and the time the net asset value of the Fund is calculated (“subsequent event”). A subsequent event might include company-specific developments, a development that might affect an entire market or region, a potential global development or a significant change in one or more U.S. securities indexes. If SFIMC determines that the market quotation for a foreign security is not reliable, SFIMC may determine the foreign security’s value in SFIMC’s reasonable judgment.

For securities other than foreign securities, for which market prices are not readily available or are considered unreliable, SFIMC is required to obtain bid price quotations from brokers or dealers in the securities. If SFIMC cannot obtain a quotation for the security or if SFIMC believes the quotation does not represent the security’s fair value, then SFIMC will determine the security’s value in SFIMC’s reasonable judgment.

In determining a value based on reasonable judgment, SFIMC may use different methodologies, including multiple of earnings, multiple of book value, discount from market of a similar freely traded security or, for debt securities, yield to maturity. Other factors SFIMC may consider in determining value for a security include, but are not limited to, fundamental analytical data relating to the security, the nature and duration of any restrictions on disposition of the security, the last traded price of the security, significant global or regional events such as political unrest, natural disasters, and war, and significant movements in major market indices, ETFs, index futures or other financial instruments in the U.S. or other markets. All securities valued based on SFIMC’s reasonable judgment are subsequently reported to the Board on a quarterly basis.

SFIMC reviews the pricing methodologies of the Funds’ approved pricing vendors, including understanding a vendor’s key inputs and assumptions in valuing securities. SFIMC also engages in transaction back-testing with respect to portfolio securities sold by the Funds to compare unrealized gains and losses to realized gains and losses.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value each Fund’s assets and liabilities as of May 31, 2018:

			Investments in Securities
Fund	Level 1		Level 2		Level 3		Total
Growth Fund
Common Stocks (a)	$	4,753,676,728	$	—	$	—	$	4,753,676,728
Short-term Investments		28,194,965		—		—		28,194,965
Balanced Fund
Common Stocks (a)		1,231,141,934		—		—		1,231,141,934
Corporate Bonds (a)		—		388,818,535		—		388,818,535
Foreign Government Bonds		—		1,898,415		—		1,898,415
Agency Commercial Mortgage-Backed Securities		—		91,642,761		—		91,642,761
Agency Notes & Bonds		—		3,563,926		—		3,563,926
U.S. Treasury Obligations		—		164,779,265		—		164,779,265
Short-term Investments		11,725,197		—		—		11,725,197
Interim Fund
U.S. Treasury Obligations		—		330,594,545		—		330,594,545
Short-term Investments		7,088,323		—		—		7,088,323
Municipal Bond Fund
Long-term Municipal Bonds		—		683,495,598		—		683,495,598
Short-term Municipal Variable Rate Demand Notes		—		12,305,000		—		12,305,000
Short-term Investments		933,375		—		—		933,375
(a)   Industry classification is disclosed in the Schedules of Investments.

48

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

The Funds did not hold any Level 3 securities or derivative instruments as of November 30, 2017 or for the six months ended May 31, 2018. There were no transfers of securities between Level 1 and Level 2 as of May 31, 2018 as compared to November 30, 2017.

4. Income Taxes and Distributions to Shareholders

As of November 30, 2017, the Trust’s management completed a review of uncertain tax positions taken by the Funds, if any, and determined that no tax liability was required for unrecognized tax benefits, and no additional disclosures were needed. Generally, the tax authorities can initiate examinations of tax returns within the three year period beginning on the date such returns are filed. As a result, some tax returns are still open and subject to examination. In addition, as of November 30, 2017, management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change for the period ending November 30, 2018.

As of May 31, 2018, each Fund’s aggregate unrealized gains and losses for all investments based on cost for federal income tax purposes were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Growth Fund	$	1,657,254,221	$	3,177,282,825	$	(52,665,353	)	$	3,124,617,472
Balanced Fund		1,115,838,796		807,560,491		(29,829,254	)		777,731,237
Interim Fund		345,320,946		4,126		(7,642,204	)		(7,638,078	)
Municipal Bond Fund		688,073,795		12,151,281		(3,491,103	)		8,660,178
For each Fund, the cost of investments for federal income tax purposes was the same as the cost of investments reflected on the Statements of Assets and Liabilities and Schedules of Investments.

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

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

On June 27, 2018, the Growth Fund declared an ordinary income dividend of $0.96 per share to shareholders of record on June 26, 2018 (reinvestment date June 27, 2018).

On June 27, 2018, the Balanced Fund declared an ordinary income dividend of $0.83 per share to shareholders of record on June 26, 2018 (reinvestment date June 27, 2018).

After utilizing capital loss carryforwards to offset realized capital gains during the year ended November 30, 2017, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains realized after November 30, 2017, if any. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations. If not applied, the capital losses will carryforward indefinitely as follows:

			Unused Non Expiring Capital Loss Carryforwards
Fund	Loss Carryforwards Utilized in 2017		Short-term		Long-term		Total
Interim Fund	$	44,576	$	—	$	338,100	$	338,100
Municipal Bond Fund		327,984		—		—		—

49

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

As of November 30, 2017, in accordance with federal tax regulations, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-term Gain		Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
Growth Fund	$	54,078,874	$	54,548,559	$	3,264,745,499		$	—		$	3,373,372,932
Balanced Fund		21,503,373		8,728,691		821,814,177			—			852,046,241
Interim Fund		—		—		(4,019,453	)		(338,100	)		(4,357,553	)
Municipal Bond Fund		—		352,930		15,869,171			—			16,222,101

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to the recognition of net realized losses, the timing of Fund distributions, and foreign currency transactions. As a result, net investment income and net realized gain or loss on investment transactions for a reporting period may differ from distributions during such period. Accordingly, each Fund may periodically make reclassifications for permanent differences among certain capital accounts without impacting its net asset value.

As of November 30, 2017, these reclassifications were as follows:

Fund	Paid in Capital		Accumulated Net Realized Gain (Loss)			Accumulated Undistributed Net Investment Income (Loss)
Growth Fund	$	—	$	(82,474	)	$	82,474
Balanced Fund		—		(17,168	)		17,168

The tax character of distributions was designated as follows for the year ended November 30, 2017.

2017	Tax-Exempt Income		Ordinary Income		Long-term Capital Gain		Total
Municipal Bond Fund	$	20,900,123	$	150,118	$	—	$	21,050,241

For the remaining Funds, the tax distributions of ordinary income and long-term capital gains were the same as the distributions from net investment income and capital gains reflected in the Statements of Changes in Net Assets for the year ended November 30, 2017.

50

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

5. Transactions with Affiliates

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

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

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

Certain officers and/or trustees of the Trust are also officers and/or directors of SFIMC. The Trust made no payments to its officers or trustees except for trustees’ fees paid to or accrued for the Trust’s independent trustees.

Expense Reduction Agreement

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

Line of Credit

State Farm Mutual Automobile Insurance Company (“Auto Company”), the parent company of SFIMC, has entered into a Line of Credit Agreement with the Trust. Under that agreement, a Fund may request and Auto Company, in its complete discretion, may lend money to a Fund for up to 30 days on an unsecured basis. Auto Company will not lend more than $50 million at any one time to the Funds and to the other mutual funds advised by SFIMC. Under the agreement, a Fund will pay interest to Auto Company on any outstanding loan at a benchmark interest rate that approximates the rate that creditworthy corporate issuers pay on short-term commercial paper. The Funds did not borrow under the Line of Credit Agreement during the six months ended May 31, 2018.

6. Investment Transactions

For the six months ended May 31, 2018, investment transactions (exclusive of short-term instruments) were as follows:

Fund	Purchases (excluding U.S. Government Obligations)		Sales/Maturities (excluding U.S. Government Obligations)		Purchases of U.S. Government Obligations		Sales/Maturities of U.S. Government Obligations
Growth Fund	$	—	$	19,067,197	$	—	$	—
Balanced Fund		67,932,043		61,360,456		9,855,469		15,000,000
Interim Fund		—		—		22,458,750		40,533,867
Municipal Bond Fund		38,018,792		30,497,482		—		—

51

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five years. Certain information reflects financial results for a single Fund share. The total returns within each table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	80.41		$	70.41			73.38			76.68			67.42			55.71
Income from Investment Operations
Net investment income (a)		1.00			1.84			1.75			1.79			1.60			1.47
Net gain (loss) on investments (both realized and unrealized)		(2.16	)		10.50			4.15			(3.38	)		9.21			11.70
Total from investment operations		(1.16	)		12.34			5.90			(1.59	)		10.81			13.17
Less Distributions
Net investment income		(0.94	)		(1.78	)		(1.76	)		(1.71	)		(1.55	)		(1.46	)
Net realized gain		(0.89	)		(0.56	)		(7.11	)		—			—			—
Total distributions		(1.83	)		(2.34	)		(8.87	)		(1.71	)		(1.55	)		(1.46	)
Net asset value, end of period	$	77.42		$	80.41			70.41			73.38			76.68			67.42
Total Return		(1.52	)%(b)		17.91	%		9.54	%		(2.13	)%		16.26	%		24.06	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	4,801.7		$	4,960.5			4,296.6			4,095.7			4,283.5			3,769.1
Average net asset ratios
Expenses		0.12	%(c)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Net investment income		2.52	%(c)		2.46	%		2.59	%		2.40	%		2.25	%		2.38	%
Portfolio turnover rate		0	%(c)		1	%		0	%		11	%		1	%		1	%

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

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

(c) Determined on an annualized basis.

52 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	68.84		$	63.19			66.38			68.23			62.01			56.65
Income from Investment Operations
Net investment income (a)		0.87			1.65			1.63			1.73			1.72			1.63
Net gain (loss) on investments (both realized and unrealized)		(1.51	)		5.75			1.76			(1.85	)		6.17			5.36
Total from investment operations		(0.64	)		7.40			3.39			(0.12	)		7.89			6.99
Less Distributions
Net investment income		(0.85	)		(1.63	)		(1.69	)		(1.73	)		(1.67	)		(1.63	)
Net realized gain		(0.31	)		(0.12	)		(4.89	)		—			—			—
Total distributions		(1.16	)		(1.75	)		(6.58	)		(1.73	)		(1.67	)		(1.63	)
Net asset value, end of period	$	67.04		$	68.84			63.19			66.38			68.23			62.01
Total Return		(0.97	)%(b)		11.93	%		5.83	%		(0.18	)%		12.95	%		12.59	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	1,902.0		$	1,951.1			1,766.3			1,689.0			1,709.2			1,540.8
Average net asset ratios
Expenses		0.13	%(c)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		2.57	%(c)		2.52	%		2.63	%		2.58	%		2.66	%		2.75	%
Portfolio turnover rate		8	%(c)		4	%		4	%		11	%		4	%		5	%

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

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

(c) Determined on an annualized basis.

See accompanying notes to financial statements. 53

STATE FARM ASSOCIATES’ FUNDS TRUST INTERIM FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	9.87		$	9.92			9.99			10.03			10.06			10.26
Income from Investment Operations
Net investment income		0.07			0.12			0.12			0.12			0.13			0.15
Net gain (loss) on investments (both realized and unrealized)		(0.10	)		(0.05	)		(0.07	)		(0.04	)		(0.03	)		(0.20	)
Total from investment operations		(0.03	)		0.07			0.05			0.08			0.10			(0.05	)
Less Distributions
Net investment income		(0.07	)		(0.12	)		(0.12	)		(0.12	)		(0.13	)		(0.15	)
Net realized gain		—			—			—			—			—			—
Total distributions		(0.07	)		(0.12	)		(0.12	)		(0.12	)		(0.13	)		(0.15	)
Net asset value, end of period	$	9.77		$	9.87			9.92			9.99			10.03			10.06
Total Return		(0.33	)%(a)		0.71	%		0.45	%		0.77	%		1.01	%		(0.51	)%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	338.6		$	360.4			396.3			363.9			366.5			384.5
Average net asset ratios
Expenses		0.16	%(b)		0.16	%		0.16	%		0.16	%		0.16	%		0.15	%
Net investment income		1.39	%(b)		1.21	%		1.15	%		1.17	%		1.31	%		1.46	%
Portfolio turnover rate		13	%(b)		13	%		13	%		12	%		7	%		17	%

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

(b) Determined on an annualized basis.

54 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2018 (Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	8.61		$	8.53			8.80			8.85			8.62			9.11
Income from Investment Operations
Net investment income		0.13			0.26			0.26			0.28			0.30			0.30
Net gain (loss) on investments (both realized and unrealized)		(0.09	)		0.08			(0.27	)		(0.05	)		0.24			(0.49	)
Total from investment operations		0.04			0.34			(0.01	)		0.23			0.54			(0.19	)
Less Distributions
Net investment income		(0.13	)		(0.26	)		(0.26	)		(0.28	)		(0.30	)		(0.30	)
Net realized gain (a)(b)		—			—			—			—			(0.01	)		—
Total distributions		(0.13	)		(0.26	)		(0.26	)		(0.28	)		(0.31	)		(0.30	)
Net asset value, end of period	$	8.52		$	8.61			8.53			8.80			8.85			8.62
Total Return		0.48	%(c)		3.99	%		(0.16	)%		2.65	%		6.37	%		(2.05	)%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	690.6		$	698.6			704.1			677.3			658.7			639.9
Average net asset ratios
Expenses		0.15	%(d)		0.15	%		0.16	%		0.16	%		0.15	%		0.16	%
Net investment income		2.97	%(d)		2.98	%		2.95	%		3.19	%		3.46	%		3.46	%
Portfolio turnover rate		9	%(d)		9	%		7	%		10	%		6	%		11	%

(a) Net realized gain distributions represent less than $0.01 per share for the year ended November 30, 2013.

(b) Net realized gain distributions represent less than $0.01 per share in 2018.

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

(d) Determined on an annualized basis.

See accompanying notes to financial statements. 55

ITEM 2. CODE OF ETHICS.

Disclosure information pursuant to Item 2 is not applicable.

Registrant hereby undertakes to provide a copy of the code of ethics that applies to the registrants’ principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions to any person upon request, without charge. To request a copy of the code of ethics, contact the registrant at 1-800-447-0740.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The information required by this Item 6(a) is included as part of the report to shareholders under Item 1 of this Form N-CSR.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the State Farm Associates’ Funds Trust Board of Trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer evaluated the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report (the “Evaluation Date”), and based on their evaluation as of the Evaluation Date of these controls and procedures as required by

Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (as applicable), concluded that the registrant’s disclosure controls and procedures are effective.

(b) No change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certification of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-14(b) or 240.15d-14(b))(as applicable), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350): Attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

State Farm Associates’ Funds Trust

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

Date   July 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date   July 26, 2018

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

Date   July 26, 2018