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)

	Mark Greer
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: 11/30/2021

Date of reporting period: 05/31/2021

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) [Report]

(b) Not applicable.

May 31,2021
State Farm Associates’ Funds Trust
SEMI-ANNUAL REPORT
State Farm Growth Fund
State Farm Balanced Fund
State Farm Interim Fund
State Farm Municipal Bond Fund

Table of Contents
Message to Shareholders	1
Portfolio Summary
State Farm Growth Fund	4
State Farm Balanced Fund	4
State Farm Interim Fund	5
State Farm Municipal Bond Fund	5
Expense Example	6
Schedule of Investments
State Farm Growth Fund	7
State Farm Balanced Fund	9
State Farm Interim Fund	19
State Farm Municipal Bond Fund	20
Financial Statements
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Notes to Financial Statements	46
Financial Highlights	54

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

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

The Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year and as an exhibit to its report on Form N-PORT. The Funds’ Forms N-PORT are available on the Commission’s website at sec.gov. The Funds make the information on Form N-PORT available to shareholders upon request without charge at 1-800-447-0740.

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

SEMI-ANNUAL REPORT

Electronic Delivery

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

Compensation Deduction or Automatic Investment Plan (AlP)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, 2021, for the State Farm Associates’ Funds Trust (“the Trust”). We encourage your review and consideration of the 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

On June 17, 2021, AFT shareholders approved the reorganization of the mutual funds within AFT into similar new mutual funds offered by Advisers Investment Trust (AIT). The reorganization is planned for late August 2021. The AIT funds will continue to be advised by State Farm Investment Management Corp. with Northern Trust Investments, Inc. providing day-to-day portfolio management and shareholder servicing. The AIT funds have the same or substantially similar investment objectives, principal investment strategies, risks, and fees as the AFT funds.

Market Review

During the 6-month period ended May 31, 2021, the U.S. equity market experienced a positive total return while the U.S. fixed income market was mixed.

As represented by the S&P 500 Index (the “Index”) in the chart below, U.S. equities rose to several record closing prices throughout the period, including crossing the 4,000-point threshold for the first time on April 1.³ The historic mark was followed by the Index continuing to set new highs during the remainder of April and into May, ultimately reaching its peak record close of 4,232 on May 7. The Index finished the period at 4,204 – a sizeable increase from where it had started (3,621) – while posting a 16.43% total return, including dividends.

1 Investing involves risk, including potential for loss.

2 Asset allocation does not assure a profit or protect against loss.

3 Source: Standard & Poor’s. The S&P 500 Index is a capitalization-weighted measure of the 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)

The time period began with encouraging COVID-19 vaccine news in combination with another round of stimulus packages and continued loose monetary policy, which helped the U.S. equity market finish the calendar year with a positive return. News of more fiscal support helped maintain positive sentiment early in January, as President Biden proposed his $1.9 trillion coronavirus relief package that included among other things, up to $1,400 in additional direct payments, increased federal unemployment benefits, aid to state and local governments, and funding for vaccine distribution. However, stocks subsequently experienced a slight pullback as the S&P 500 fell by -1.0% in January. The retreat, which occurred late in the month shortly after the Index had reached a new all-time high on January 26, saw U.S. equities decline by -3.5% in the last three trading days of the month, on fears of extended market valuations.

Despite the slight downturn in January, the U.S. equity market rebounded swiftly in February and March to help the Index rise 6.2% during the first calendar quarter of 2021, finishing those three months at an all-time high. The expanding rollout of vaccines and the steady decline in COVID-19 related cases, hospitalizations and deaths enabled more states and municipalities to ease restrictions, thereby allowing the U.S. economic recovery to gain traction. As a result, shares of companies most sensitive to changing economic conditions led U.S. stock gains during the quarter. The rotation into these cyclical sectors more than offset weakness in the handful of stay-at-home stocks, primarily large-cap technology companies that benefited during most of 2020 as people sheltered in place and worked from home.

In April, the U.S. equity market spent much of the month grappling with two competing dynamics: signs of a strong economic rebound – particularly in the U.S. – and worsening COVID-19 cases elsewhere in the world that threatened to hamper the global recovery. Robust corporate earnings as well as improved U.S. economic data helped push the Index to record levels throughout the month, finishing ahead 5.3%. The 6-month period ended with the S&P 500 setting several more all-time highs in the first half of May, while experiencing some volatility during the second half of the month due to inflationary concerns, rising input costs and a tight labor market. Ultimately, the Index closed higher, up 0.7% in May, while finishing with a positive total return in five of the six months during the time period.

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 -0.15% and 0.60%, respectively, as price declines ate into coupon returns. To start the period, longer-term government bond yields trended higher as the market seemed to be looking forward to better economic growth on the back of positive corporate earnings, improving coronavirus developments, vaccination momentum and continued monetary and fiscal tailwinds. While the 10-year Treasury yield saw a rise in February and March – closing the first calendar quarter at 1.74% – short-term (3-month) yields continued to remain flat and hover near 0%. Inflationary concerns and doubt around the Fed’s ability to maintain low interest rates prompted some fixed income investors to sell off longer-dated bonds in exchange for short-term paper.

Uncertainty over the timing of recovery in both the domestic and global economies stoked some volatility in the bond market in April and May. Also, the Federal Reserve reiterated its commitment to near-zero interest rates as the economy continued to rebound, with Chairman Powell stressing that transitory inflationary concerns would not warrant a rate hike. Ultimately, short-term yields finished the period at 0.01%, while longer-term Treasuries pulled back slightly from their March highs but still remained higher than the 0.84% where they started the fiscal year, closing at 1.58%.⁶

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

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

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

2

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

In the municipal bond market, early period expectations of higher taxes as well as more fiscal stimulus coming from a Democratic-controlled White House and Congress helped boost investor appetite for municipal bonds and further eroded the historically close correlation between U.S. Treasury yields and those on municipal bonds. Strong demand continued into February, and coupled with relatively low issuance, helped to push municipal yields lower while credit spreads continued to tighten. While nominally down for the calendar first quarter, municipal bonds outperformed counterparts given the fiscal boost the American Rescue Plan Act was expected to provide to state and local governments, while also benefitting from the improved outlook for rising tax revenues as the U.S. economy continued to reopen. That momentum carried into the last couple months of the 6-month period, as municipals went on to finish strong, posting positive total returns for April and May.

On behalf of the entire State Farm Mutual Funds team, thank you for your 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, 2021. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Represents 9 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, 2021. 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, 2021. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 1.10% 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, 2021. Please refer to the Schedule of Investments later in this report for details concerning Fund holdings.

** Includes a 2.21% 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, 2020 to			December 1, 2020 to
	December 1, 2020		May 31, 2021		May 31, 2021			May 31, 2021*
State Farm Growth Fund
Actual	$	1,000.00	$	1,188.50		0.12	%	$	0.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.33		0.12	%	$	0.61
State Farm Balanced Fund
Actual	$	1,000.00	$	1,136.39		0.13	%	$	0.69
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.28		0.13	%	$	0.66
State Farm Interim Fund
Actual	$	1,000.00	$	994.46		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	$	1,003.41		0.16	%	$	0.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.13		0.16	%	$	0.81

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

6

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

SCHEDULE OF INVESTMENTS

May 31, 2021

(Unaudited)

	Shares		Value
Common Stocks (98.20%)
Agriculture, Foods, & Beverage (9.66%)
Archer-Daniels-Midland Co.		3,477,500	$	231,358,075
Coca-Cola Co., The		2,054,600		113,598,834
Kellogg Co.		930,000		60,905,700
McCormick & Company Inc.		857,200		76,342,232
Nestle SA ADR		609,147		75,333,210
PepsiCo Inc.		641,400		94,888,716
				652,426,767
Banks (3.74%)
M&T Bank Corp.		213,400		34,291,246
Northern Trust Corp.		422,700		51,227,013
U.S. Bancorp		710,821		43,203,700
Wells Fargo & Co.		2,643,100		123,485,632
				252,207,591
Building Materials & Construction (2.82%)
Vulcan Materials Co.		1,039,200		190,506,144
Chemicals (5.13%)
Air Products & Chemicals Inc.		830,000		248,717,800
Corteva Inc.		97,944		4,456,452
Dow Inc.		97,944		6,701,328
DuPont de Nemours Inc.		46,493		3,932,843
International Flavors & Fragrances Inc.		561,941		79,610,182
Novozymes A/S B Shares		39,188		2,863,391
				346,281,996
Computer Software & Services (9.91%)
Alphabet Inc. Class A (a)		112,635		265,463,800
Alphabet Inc. Class C (a)		5,916		14,266,789
Automatic Data Processing Inc.		109,900		21,542,598
Facebook Inc. Class A (a)		82,675		27,177,753
Microsoft Corp.		1,129,669		282,055,756
SAP SE		83,800		11,760,726
Texas Instruments Inc.		245,807		46,659,084
				668,926,506
Computers (9.50%)
Apple Inc.		5,148,868		641,600,441
Consumer & Marketing (6.09%)
AptarGroup Inc.		677,405		99,788,530
Colgate-Palmolive Co.		872,600		73,106,428
Procter & Gamble Co., The		1,765,155		238,031,152
				410,926,110
Electronic/Electrical Manufacturing (0.96%)
Emerson Electric Co.		126,400		12,095,216
General Electric Co.		3,744,419		52,646,531
				64,741,747
Health Care (17.79%)
Abbott Laboratories		847,500		98,860,875
AbbVie Inc.		847,500		95,937,000
Agilent Technologies Inc.		548,071		75,705,047
Amgen Inc.		190,085		45,228,825

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Eli Lilly and Co.		997,000	$	199,140,780
Johnson & Johnson		2,481,600		420,010,800
Merck & Co. Inc.		296,750		22,520,357
Pfizer Inc.		2,239,031		86,717,671
Roche Holding AG Sponsored ADR		732,281		32,044,617
Zoetis Inc.		705,696		124,682,369
				1,200,848,341
Machinery & Manufacturing (13.64%)
3M Co.		564,000		114,514,560
ASML Holding NV NY Reg. Shares		364,933		246,501,293
Caterpillar Inc.		1,162,621		280,284,671
Deere & Co.		42,900		15,491,190
Donaldson Company Inc.		765,513		47,147,946
HNI Corp.		1,439,200		65,656,304
Illinois Tool Works Inc.		652,500		151,223,400
				920,819,364
Media & Broadcasting (7.22%)
Walt Disney Co., The(a)		2,728,640		487,471,536
Mining & Metals (1.98%)
Nucor Corp.		531,200		54,469,248
Rio Tinto PLC ADR		907,200		79,316,496
				133,785,744
Oil & Gas (3.89%)
Chevron Corp.		1,060,000		110,017,400
Exxon Mobil Corp.		2,615,200		152,649,224
				262,666,624
Retailers (2.82%)
Walmart Inc.		1,339,100		190,192,373
Telecom & Telecom Equipment (2.29%)
AT&T Inc.		2,140,534		62,995,916
Corning Inc.		1,284,600		56,047,098
Verizon Communications Inc.		624,900		35,300,601
				154,343,615
Transportation (0.30%)
GATX Corp.		190,700		18,814,462
Wabtec Corp.		20,111		1,664,386
				20,478,848
Utilities & Energy (0.46%)
Duke Energy Corp.		306,966		30,764,133
Total Common Stocks
(cost $1,355,567,197)				6,628,987,880

See accompanying notes to financial statements. 7

STATE FARM ASSOCIATES’ FUNDS TRUST GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Shares		Value
Short-term Investments (1.53%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.03% (b)		102,993,983	$	102,993,983
Total Short-term Investments
(cost $102,993,983)				102,993,983
TOTAL INVESTMENTS (99.73%)
(cost $1,458,561,180)				6,731,981,863
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.27%)				18,258,581
NET ASSETS (100.00%)			$	6,750,240,444

(a) Non-income producing security.

(b) Rate shown is the 7-day yield as of May 31, 2021.

ADR - American Depositary Deposit

8 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS

May 31, 2021

(Unaudited)

	Shares		Value
Common Stocks (71.03%)
Agriculture, Foods, & Beverage (6.72%)
Archer-Daniels-Midland Co.		940,561	$	62,575,523
Campbell Soup Co.		26,000		1,265,420
Coca-Cola Co., The		410,000		22,668,900
Kellogg Co.		310,000		20,301,900
Nestle SA ADR		319,174		39,472,249
PepsiCo Inc.		110,100		16,288,194
				162,572,186
Banks (2.91%)
M&T Bank Corp.		58,300		9,368,227
Northern Trust Corp.		104,700		12,688,593
U.S. Bancorp		218,145		13,258,853
Wells Fargo & Co.		747,600		34,927,872
				70,243,545
Building Materials & Construction (1.21%)
Vulcan Materials Co.		160,200		29,367,864
Chemicals (4.25%)
Air Products & Chemicals Inc.		230,000		68,921,800
Corteva Inc.		79,452		3,615,066
Dow Inc.		79,452		5,436,106
DuPont de Nemours Inc.		37,715		3,190,312
International Flavors & Fragrances Inc.		131,488		18,627,905
Novozymes A/S B Shares		39,191		2,863,610
				102,654,799
Computer Software & Services (8.34%)
Alphabet Inc. Class A (a)		36,687		86,465,756
Alphabet Inc. Class C (a)		3,559		8,582,742
Automatic Data Processing Inc.		47,400		9,291,348
Facebook Inc. Class A (a)		49,575		16,296,790
Microsoft Corp.		276,321		68,991,827
SAP SE		52,800		7,410,099
Texas Instruments Inc.		24,373		4,626,483
				201,665,045
Computers (6.56%)
Apple Inc.		1,272,704		158,591,645
Consumer & Marketing (4.25%)
AptarGroup Inc.		134,100		19,754,271
Colgate-Palmolive Co.		80,000		6,702,400
Procter & Gamble Co., The		477,700		64,417,845
Unilever PLC		198,705		11,916,339
				102,790,855
Electronic/Electrical Manufacturing (0.85%)
Emerson Electric Co.		98,600		9,435,034
General Electric Co.		796,300		11,195,978
				20,631,012
Health Care (10.94%)
Abbott Laboratories		146,675		17,109,639
AbbVie Inc.		92,000		10,414,401
Agilent Technologies Inc.		143,787		19,861,298

	Shares		Value
Common Stocks (Cont.)
Health Care (Cont.)
Amgen Inc.		70,750	$	16,834,255
Eli Lilly and Co.		212,000		42,344,880
Johnson & Johnson		417,700		70,695,725
Medtronic PLC		21,600		2,734,344
Merck & Co. Inc.		103,200		7,831,848
Pfizer Inc.		728,140		28,200,862
Roche Holding AG Sponsored ADR		179,815		7,868,704
Zoetis Inc.		229,495		40,547,177
				264,443,133
Machinery & Manufacturing (7.43%)
3M Co.		124,600		25,298,784
ASML Holding NV NY Reg. Shares		15,321		10,348,876
Caterpillar Inc.		262,400		63,259,392
Deere & Co.		72,202		26,072,142
Donaldson Company Inc.		279,017		17,184,657
HNI Corp.		160,000		7,299,200
Illinois Tool Works Inc.		130,600		30,267,856
				179,730,907
Media & Broadcasting (7.88%)
Walt Disney Co., The(a)		1,065,995		190,440,007
Mining & Metals (2.91%)
Nucor Corp.		436,800		44,789,472
Rio Tinto PLC ADR		293,000		25,616,990
				70,406,462
Oil & Gas (2.86%)
Chevron Corp.		288,000		29,891,520
Enbridge Inc.		78,375		3,015,870
Exxon Mobil Corp.		512,400		29,908,788
Schlumberger Ltd.		201,727		6,320,107
				69,136,285
Retailers (1.63%)
Walmart Inc.		276,700		39,299,701
Telecom & Telecom Equipment (1.58%)
AT&T Inc.		533,359		15,696,756
Corning Inc.		372,300		16,243,449
Verizon Communications Inc.		112,490		6,354,560
				38,294,765
Transportation (0.41%)
GATX Corp.		68,200		6,728,612
Union Pacific Corp.		12,066		2,711,592
Wabtec Corp.		4,276		353,882
				9,794,086
Utilities & Energy (0.30%)
Duke Energy Corp.		72,333		7,249,213
Total Common Stocks
(cost $372,722,517)				1,717,311,510

See accompanying notes to financial statements. 9

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (16.18%)
Aerospace/Defense (0.64%)
Lockheed Martin Corp.
3.350%, 09/15/2021	$	556,000	$	560,978
Boeing Co.
2.850%, 10/30/2024		1,000,000		1,053,679
General Dynamics Corp.
2.375%, 11/15/2024		500,000		529,783
Raytheon Technologies Corp.
3.150%, 12/15/2024		1,000,000		1,077,974
Northrop Grumman Corp.
2.930%, 01/15/2025		1,000,000		1,070,017
Lockheed Martin Corp.
2.900%, 03/01/2025		1,000,000		1,077,461
Precision Castparts Corp.
3.250%, 06/15/2025		1,000,000		1,089,519
Rolls-Royce PLC (b)
3.625%, 10/14/2025		1,000,000		1,005,000
Boeing Co.
2.250%, 06/15/2026		500,000		509,081
General Dynamics Corp.
2.125%, 08/15/2026		500,000		524,889
Airbus SE (b)
3.150%, 04/10/2027		1,000,000		1,076,762
United Technologies Corp.
3.125%, 05/04/2027		1,000,000		1,083,867
General Dynamics Corp.
2.625%, 11/15/2027		500,000		538,806
Northrop Grumman Corp.
3.250%, 01/15/2028		1,000,000		1,083,120
General Dynamics Corp.
3.750%, 05/15/2028		1,200,000		1,355,110
Raytheon Technologies Corp.
2.250%, 07/01/2030		1,500,000		1,497,805
Bae Systems PLC (b)
1.900%, 02/15/2031		500,000		474,182
				15,608,033
Agriculture, Foods, & Beverage (1.58%)
JM Smucker Co.
3.000%, 03/15/2022		1,000,000		1,021,162
Sysco Corp.
2.600%, 06/12/2022		1,000,000		1,022,389
Campbell Soup Co.
2.500%, 08/02/2022		1,000,000		1,025,253
Kellogg Co.
2.750%, 03/01/2023		1,000,000		1,040,343
Hershey Co.
2.625%, 05/01/2023		1,300,000		1,349,679
General Mills Inc.
3.650%, 02/15/2024		1,000,000		1,080,320
PepsiCo Inc.
3.600%, 03/01/2024		1,000,000		1,080,555
JM Smucker Co.
3.500%, 03/15/2025		1,000,000		1,092,613
PepsiCo Inc.
3.500%, 07/17/2025		1,000,000		1,104,202

	Principal amount		Value
Corporate Bonds (Cont.)
Agriculture, Foods, & Beverage (Cont.)
Hershey Co.
3.200%, 08/21/2025	$	1,000,000	$	1,087,379
PepsiCo Inc.
2.850%, 02/24/2026		1,000,000		1,089,010
Sysco Corp.
3.300%, 07/15/2026		1,000,000		1,092,529
Hershey Co.
2.300%, 08/15/2026		1,000,000		1,063,535
Danone SA(b)
2.947%, 11/02/2026		1,000,000		1,076,285
General Mills Inc.
3.200%, 02/10/2027		1,000,000		1,093,897
Coca-Cola Co., The
2.900%, 05/25/2027		500,000		546,034
Sysco Corp.
3.250%, 07/15/2027		500,000		543,979
PepsiCo Inc.
3.000%, 10/15/2027		1,500,000		1,653,177
Kellogg Co.
3.400%, 11/15/2027		1,000,000		1,094,415
JM Smucker Co.
3.375%, 12/15/2027		1,500,000		1,656,213
Campbell Soup Co.
4.150%, 03/15/2028		1,000,000		1,130,827
General Mills Inc.
4.200%, 04/17/2028		1,000,000		1,145,486
Mondelez International Inc.
4.125%, 05/07/2028		2,000,000		2,289,998
Kellogg Co.
4.300%, 05/15/2028		1,000,000		1,148,097
Coca-Cola Co., The
2.125%, 09/06/2029		1,000,000		1,016,881
Kellogg Co.
2.100%, 06/01/2030		500,000		492,898
Nestle Holdings Co. (b)
1.250%, 09/15/2030		4,000,000		3,773,596
PepsiCo Inc.
1.400%, 02/25/2031		1,500,000		1,428,585
Coca-Cola Co., The
2.000%, 03/05/2031		3,000,000		2,977,296
1.375%, 03/15/2031		1,000,000		937,403
				38,154,036
Automotive (0.49%)
Daimler Finance NA LLC (b)
2.000%, 07/06/2021		1,000,000		1,001,711
American Honda Finance Corp.
1.650%, 07/12/2021		500,000		500,787
Toyota Motor Credit Corp.
2.900%, 04/17/2024		1,000,000		1,068,192
BMW US Capital LLC (b)
2.800%, 04/11/2026		500,000		534,058
American Honda Finance Corp.
2.300%, 09/09/2026		1,000,000		1,055,269
BMW US Capital LLC (b)
3.300%, 04/06/2027		1,000,000		1,099,017

10 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Automotive (Cont.)
Toyota Motor Credit Corp.
3.050%, 01/11/2028	$	1,000,000	$	1,085,182
American Honda Finance Corp.
3.500%, 02/15/2028		1,000,000		1,109,695
Daimler Finance NA LLC (b)
3.750%, 02/22/2028		1,000,000		1,108,716
Toyota Motor Credit Corp.
3.650%, 01/08/2029		1,000,000		1,129,530
Daimler Finance NA LLC (b)
4.300%, 02/22/2029		1,000,000		1,144,064
2.450%, 03/02/2031		1,000,000		1,009,310
				11,845,531
Banks (0.77%)
U.S. Bancorp
3.000%, 03/15/2022		1,000,000		1,020,576
3.700%, 01/30/2024		500,000		541,607
Bank of New York Mellon Corp.
3.650%, 02/04/2024		1,000,000		1,083,321
State Street Corp.
3.300%, 12/16/2024		1,000,000		1,097,060
PNC Bank NA
3.250%, 06/01/2025		500,000		545,477
State Street Corp.
3.550%, 08/18/2025		500,000		557,366
Wells Fargo & Co.
3.000%, 04/22/2026		1,000,000		1,083,590
Bank of New York Mellon Corp.
2.800%, 05/04/2026		500,000		540,633
State Street Corp.
2.650%, 05/19/2026		1,000,000		1,079,040
U.S. Bancorp
2.375%, 07/22/2026		1,000,000		1,059,171
Bank of New York Mellon Corp.
2.450%, 08/17/2026		500,000		530,697
Wells Fargo & Co.
3.000%, 10/23/2026		1,500,000		1,626,577
U.S. Bancorp
3.150%, 04/27/2027		1,000,000		1,094,383
PNC Bank NA
3.100%, 10/25/2027		1,000,000		1,097,254
Bank of New York Mellon Corp.
3.400%, 01/29/2028		2,000,000		2,206,338
U.S. Bancorp
3.900%, 04/26/2028		1,000,000		1,145,995
Wells Fargo & Co.
4.150%, 01/24/2029		1,000,000		1,142,893
Bank of America Corp. (c)
3.974%, 02/07/2030		1,000,000		1,122,303
				18,574,281
Chemicals (0.50%)
Praxair Inc.
2.450%, 02/15/2022		1,000,000		1,010,174
2.700%, 02/21/2023		1,000,000		1,034,867
3.200%, 01/30/2026		1,000,000		1,096,746

	Principal amount		Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
Air Liquide Finance (b)
2.500%, 09/27/2026	$	1,000,000	$	1,064,331
Ecolab Inc.
2.700%, 11/01/2026		1,000,000		1,074,927
3.250%, 12/01/2027		1,500,000		1,658,346
PPG Industries Inc.
3.750%, 03/15/2028		2,000,000		2,255,280
E.l. du Pont de Nemours and Co.
2.300%, 07/15/2030		1,000,000		1,011,928
Ecolab Inc.
1.300%, 01/30/2031		2,000,000		1,851,750
				12,058,349
Commercial Service/Supply (0.08%)
Cintas Corp. No. 2
3.250%, 06/01/2022		2,000,000		2,043,438
Computer Software & Services (0.68%)
Microsoft Corp.
2.125%, 11/15/2022		2,000,000		2,054,840
Intel Corp.
2.700%, 12/15/2022		1,000,000		1,038,024
Texas Instruments Inc.
2.250%, 05/01/2023		3,000,000		3,099,978
Alphabet Inc.
3.375%, 02/25/2024		1,000,000		1,086,128
Intel Corp.
3.700%, 07/29/2025		1,000,000		1,109,878
Automatic Data Processing Inc.
3.375%, 09/15/2025		1,000,000		1,103,673
Intel Corp.
2.600%, 05/19/2026		1,000,000		1,072,266
Oracle Corp.
2.650%, 07/15/2026		1,000,000		1,059,904
Microsoft Corp.
2.400%, 08/08/2026		500,000		533,492
Alphabet Inc.
1.998%, 08/15/2026		1,000,000		1,049,240
Microsoft Corp.
3.300%, 02/06/2027		500,000		556,800
QUALCOMM Inc.
3.250%, 05/20/2027		1,000,000		1,106,096
Texas Instruments Inc.
2.900%, 11/03/2027		500,000		545,431
Oracle Corp.
3.250%, 11/15/2027		1,000,000		1,087,872
				16,503,622
Computers (0.04%)
International Business Machines Corp.
1.950%, 05/15/2030		1,000,000		985,964

See accompanying notes to financial statements. 11

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Consumer & Marketing (0.70%)
Procter & Gamble Co., The
2.300%, 02/06/2022	$	1,000,000	$	1,014,876
Colgate-Palmolive Co.
2.100%, 05/01/2023		2,000,000		2,069,832
NIKE Inc.
2.250%, 05/01/2023		500,000		516,874
Reckitt Benckiser Treasury Services PLC (b)
2.750%, 06/26/2024		1,000,000		1,060,794
Unilever Capital Corp.
3.100%, 07/30/2025		1,000,000		1,092,178
Kimberly-Clark Corp.
3.050%, 08/15/2025		1,000,000		1,085,488
Procter & Gamble Co., The
2.700%, 02/02/2026		500,000		541,837
Kimberly-Clark Corp.
2.750%, 02/15/2026		1,000,000		1,081,108
Unilever Capital Corp.
2.000%, 07/28/2026		500,000		522,037
NIKE Inc.
2.375%, 11/01/2026		1,000,000		1,065,290
Unilever Capital Corp.
2.900%, 05/05/2027		500,000		543,246
Reckitt Benckiser Treasury Services PLC(b)
3.000%, 06/26/2027		1,000,000		1,087,314
Clorox Co.
3.100%, 10/01/2027		500,000		544,380
Unilever Capital Corp.
3.500%, 03/22/2028		1,000,000		1,114,430
Clorox Co.
3.900%, 05/15/2028		1,000,000		1,129,458
Estee Lauder Companies Inc., The
2.375%, 12/01/2029		1,000,000		1,031,913
Unilever Capital Corp.
1.375%, 09/14/2030		500,000		475,545
Estee Lauder Companies Inc., The
1.950%, 03/15/2031		1,000,000		982,471
				16,959,071
Consumer Discretionary (0.07%)
RELX Capital Inc.
4.000%, 03/18/2029		1,000,000		1,121,924
3.000%, 05/22/2030		500,000		524,523
				1,646,447
Electronic/Electrical Manufacturing (0.57%)
Emerson Electric Co.
2.625%, 12/01/2021		1,000,000		1,010,107
Siemens Financieringsmaatschappij NV (b)
2.900%, 05/27/2022		500,000		513,162
Emerson Electric Co.
2.625%, 02/15/2023		1,000,000		1,035,047
General Electric Co.
3.375%, 03/11/2024		1,000,000		1,075,556

	Principal amount		Value
Corporate Bonds (Cont.)
Electronic/Electrical Manufacturing (Cont.)
Siemens Financieringsmaatschappij NV (b)
3.250%, 05/27/2025	$	1,000,000	$	1,088,020
Emerson Electric Co.
3.150%, 06/01/2025		1,000,000		1,085,651
Siemens Financieringsmaatschappij NV (b)
2.350%, 10/15/2026		1,000,000		1,049,371
Honeywell International Inc.
2.500%, 11/01/2026		2,000,000		2,137,672
ABB Finance (USA) Inc.
3.800%, 04/03/2028		1,000,000		1,134,063
Rockwell Automation Inc.
3.500%, 03/01/2029		1,000,000		1,116,087
Honeywell International Inc.
1.950%, 06/01/2030		500,000		500,771
Emerson Electric Co.
1.950%, 10/15/2030		1,000,000		991,444
Siemens Financieringsmaatschappij NV (b)
2.150%, 03/11/2031		1,000,000		991,884
				13,728,835
Financial Services (0.40%)
Mastercard Inc.
2.000%, 11/21/2021		500,000		503,632
Visa Inc.
2.800%, 12/14/2022		1,000,000		1,035,738
JPMorgan Chase & Co.
3.200%, 01/25/2023		1,000,000		1,049,005
3.625%, 05/13/2024		500,000		545,678
3.125%, 01/23/2025		1,000,000		1,078,437
GE Capital International Funding Co.
3.373%, 11/15/2025		747,000		816,493
Visa Inc.
3.150%, 12/14/2025		1,000,000		1,096,878
JPMorgan Chase & Co.
3.300%, 04/01/2026		1,000,000		1,098,186
Mastercard Inc.
2.950%, 11/21/2026		500,000		545,448
Visa Inc.
1.100%, 02/15/2031		1,000,000		929,846
NTT Finance Corp.(b)
2.065%, 04/03/2031		1,000,000		995,620
				9,694,961
Health Care (1.91%)
Abbott Laboratories
2.550%, 03/15/2022		1,000,000		1,018,711
EMD Finance LLC (b)
2.950%, 03/19/2022		1,000,000		1,016,812
Bayer US Finance II LLC (b)
2.200%, 07/15/2022		1,300,000		1,317,308
Bristol-Myers Squibb Co.
2.000%, 08/01/2022		1,500,000		1,531,503

12 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Merck & Co. Inc.
2.400%, 09/15/2022	$	1,000,000	$	1,022,830
Novartis Capital Corp.
2.400%, 09/21/2022		1,000,000		1,029,356
GlaxoSmithKline Capital Inc.
2.800%, 03/18/2023		1,000,000		1,045,276
Merck & Co. Inc.
2.800%, 05/18/2023		2,000,000		2,098,310
Novartis Capital Corp.
3.400%, 05/06/2024		1,500,000		1,633,176
Stryker Corp.
3.375%, 05/15/2024		1,000,000		1,080,616
Pfizer Inc.
3.400%, 05/15/2024		1,000,000		1,091,325
Amgen Inc.
3.625%, 05/22/2024		1,000,000		1,085,240
Bayer U.S. Finance LLC (b)
3.375%, 10/08/2024		1,000,000		1,082,057
Abbott Laboratories
2.950%, 03/15/2025		1,000,000		1,078,710
EMD Finance LLC(b)
3.250%, 03/19/2025		1,000,000		1,080,657
Bayer US Finance II LLC (b)
2.850%, 04/15/2025		1,000,000		1,041,125
Eli Lilly and Co.
2.750%, 06/01/2025		472,000		506,455
AstraZeneca PLC
3.375%, 11/16/2025		1,000,000		1,099,409
Novartis Capital Corp.
3.000%, 11/20/2025		1,000,000		1,089,494
Johnson & Johnson
2.450%, 03/01/2026		500,000		535,465
Stryker Corp.
3.500%, 03/15/2026		1,000,000		1,103,432
Roche Holdings lnc. (b)
2.625%, 05/15/2026		500,000		536,733
Amgen Inc.
2.600%, 08/19/2026		1,000,000		1,063,635
Roche Holdings lnc.(b)
2.375%, 01/28/2027		1,000,000		1,058,610
Eli Lilly and Co.
3.100%, 05/15/2027		500,000		546,988
AstraZeneca PLC
3.125%, 06/12/2027		1,000,000		1,093,029
Amgen Inc.
3.200%, 11/02/2027		1,000,000		1,096,435
Johnson & Johnson
2.900%, 01/15/2028		2,000,000		2,187,042
Stryker Corp.
3.650%, 03/07/2028		1,000,000		1,111,212
GlaxoSmithKline Capital Inc.
3.875%, 05/15/2028		2,000,000		2,272,146
Sanofi
3.625%, 06/19/2028		1,500,000		1,688,250
Merck & Co. Inc.
3.400%, 03/07/2029		1,000,000		1,112,469

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care (Cont.)
Eli Lilly and Co.
3.375%, 03/15/2029	$	1,000,000	$	1,108,239
Pfizer Inc.
3.450%, 03/15/2029		1,000,000		1,112,582
Bristol-Myers Squibb Co.
3.400%, 07/26/2029		2,000,000		2,217,916
Thermo Fisher Scientific Inc.
2.600%, 10/01/2029		1,000,000		1,036,287
Merck & Co. Inc.
1.450%, 06/24/2030		500,000		480,949
AstraZeneca PLC
1.375%, 08/06/2030		1,000,000		939,108
Johnson & Johnson
1.300%, 09/01/2030		2,000,000		1,916,042
				46,164,939
Machinery & Manufacturing (0.62%)
John Deere Capital Corp.
2.750%, 03/15/2022		500,000		509,938
Deere & Co.
2.600%, 06/08/2022		1,000,000		1,018,879
Caterpillar Financial Services Corp.
2.625%, 03/01/2023		1,000,000		1,041,586
Caterpillar Inc.
3.400%, 05/15/2024		1,000,000		1,082,265
John Deere Capital Corp.
3.350%, 06/12/2024		1,500,000		1,627,519
Caterpillar Financial Services Corp.
3.250%, 12/01/2024		1,000,000		1,091,908
3M Co.
3.000%, 08/07/2025		1,000,000		1,092,811
Dover Corp.
3.150%, 11/15/2025		1,000,000		1,079,188
3M Co.
2.250%, 09/19/2026		500,000		531,184
Eaton Corp.
3.103%, 09/15/2027		1,000,000		1,090,140
John Deere Capital Corp.
3.050%, 01/06/2028		1,000,000		1,085,327
3M Co.
3.375%, 03/01/2029		1,000,000		1,109,590
Caterpillar Inc.
2.600%, 09/19/2029		1,000,000		1,056,525
John Deere Capital Corp.
2.450%, 01/09/2030		1,000,000		1,037,485
Equinor ASA
2.375%, 05/22/2030		500,000		509,361
				14,963,706
Media & Broadcasting (0.21%)
Comcast Corp.
3.600%, 03/01/2024		1,000,000		1,087,096
2.350%, 01/15/2027		1,000,000		1,049,159
S&P Global Inc.
2.500%, 12/01/2029		1,000,000		1,032,840

See accompanying notes to financial statements. 13

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Media & Broadcasting (Cont.)
1.250%, 08/15/2030	$	1,000,000	$	925,978
Comcast Corp.
1.500%, 02/15/2031		1,000,000		930,259
				5,025,332
Mining & Metals (0.09%)
BHP Billiton Finance USA Ltd.
3.250%, 11/21/2021		1,000,000		1,014,394
Rio Tinto Finance USA Ltd.
3.750%, 06/15/2025		1,000,000		1,109,671
				2,124,065
Oil & Gas (1.06%)
Total Capital International SA
2.750%, 06/19/2021		1,000,000		1,001,233
TransCanada PipeLines Ltd.
2.500%, 08/01/2022		2,000,000		2,051,272
Shell International Finance
2.375%, 08/21/2022		1,000,000		1,026,419
Total Capital International SA
2.700%, 01/25/2023		1,000,000		1,040,229
Occidental Petroleum Corp.
2.700%, 02/15/2023		2,000,000		2,010,000
Chevron Corp.
3.191%, 06/24/2023		1,000,000		1,051,323
Total Capital Canada Ltd.
2.750%, 07/15/2023		500,000		526,053
Schlumberger Investment SA
3.650%, 12/01/2023		1,000,000		1,071,610
Exxon Mobil Corp.
3.176%, 03/15/2024		2,000,000		2,142,248
2.709%, 03/06/2025		1,000,000		1,070,748
Shell International Finance
3.250%, 05/11/2025		1,000,000		1,092,049
Occidental Petroleum Corp.
3.500%, 06/15/2025		500,000		499,760
Chevron Corp.
3.326%, 11/17/2025		1,000,000		1,105,587
TransCanada PipeLines Ltd.
4.875%, 01/15/2026		1,000,000		1,155,251
Shell International Finance
2.875%, 05/10/2026		1,000,000		1,085,900
Baker Hughes, a GE Co., LLC / Baker Hughes Co-Obligor, Inc.
3.337%, 12/15/2027		1,000,000		1,096,524
Sabal Trail Transmission LLC(b)
4.246%, 05/01/2028		1,000,000		1,121,619
TransCanada PipeLines Ltd.
4.250%, 05/15/2028		1,000,000		1,140,579
Total Capital International SA
3.455%, 02/19/2029		1,000,000		1,100,985
Exxon Mobil Corp.
3.482%, 03/19/2030		1,000,000		1,106,078

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas (Cont.)
Shell International Finance
2.750%, 04/06/2030	$	1,000,000	$	1,050,931
Schlumberger Investment SA
2.650%, 06/26/2030		1,000,000		1,030,571
				25,576,969
Retailers (0.67%)
Home Depot Inc.
2.625%, 06/01/2022		500,000		511,335
CVS Health Corp.
3.500%, 07/20/2022		1,000,000		1,031,280
Wal-Mart Stores Inc.
2.550%, 04/11/2023		1,000,000		1,038,859
3.300%, 04/22/2024		500,000		538,781
Costco Wholesale Corp.
2.750%, 05/18/2024		1,000,000		1,066,420
McDonald’s Corp.
3.250%, 06/10/2024		1,000,000		1,078,423
Target Corp.
3.500%, 07/01/2024		1,000,000		1,089,738
Home Depot Inc.
3.350%, 09/15/2025		1,000,000		1,100,784
Lowe’s Companies Inc.
3.375%, 09/15/2025		1,000,000		1,097,222
Home Depot Inc.
3.000%, 04/01/2026		1,000,000		1,091,010
Lowe’s Companies Inc.
2.500%, 04/15/2026		1,000,000		1,062,045
Target Corp.
2.500%, 04/15/2026		1,000,000		1,073,213
TJX Companies Inc., The
2.250%, 09/15/2026		1,000,000		1,057,376
Costco Wholesale Corp.
3.000%, 05/18/2027		1,000,000		1,097,906
Amazon.com Inc.
3.150%, 08/22/2027		1,000,000		1,103,625
McDonald’s Corp.
3.800%, 04/01/2028		1,000,000		1,121,036
				16,159,053
Telecom & Telecom Equipment (0.42%)
Cisco Systems Inc.
3.625%, 03/04/2024		1,000,000		1,089,326
Verizon Communications Inc.
4.150%, 03/15/2024		1,000,000		1,090,992
Cisco Systems Inc.
3.500%, 06/15/2025		500,000		553,889
2.950%, 02/28/2026		500,000		545,932
Verizon Communications Inc.
2.625%, 08/15/2026		1,000,000		1,062,889
AT&T Inc.
1.650%, 02/01/2028		2,000,000		1,974,054
Vodafone Group PLC
4.375%, 05/30/2028		1,000,000		1,151,886
Verizon Communications Inc.
4.329%, 09/21/2028		1,012,000		1,163,903

14 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Telecom & Telecom Equipment (Cont.)
3.875%, 02/08/2029	$	1,000,000	$	1,128,594
AT&T Inc.
4.350%, 03/01/2029		500,000		572,277
				10,333,742
Transportation (0.71%)
Burlington Northern Santa Fe
3.050%, 09/01/2022		500,000		513,961
United Parcel Service Inc.
2.450%, 10/01/2022		1,000,000		1,029,836
Burlington Northern Santa Fe
3.000%, 03/15/2023		1,500,000		1,562,452
Union Pacific Corp.
2.750%, 04/15/2023		500,000		519,623
Norfolk Southern Corp.
3.850%, 01/15/2024		1,000,000		1,077,842
Burlington Northern Santa Fe
3.750%, 04/01/2024		1,000,000		1,085,282
Union Pacific Corp.
3.250%, 08/15/2025		500,000		543,904
Canadian National Railway Co.
2.750%, 03/01/2026		2,000,000		2,141,064
Union Pacific Corp.
2.750%, 03/01/2026		1,000,000		1,071,293
Norfolk Southern Corp.
2.900%, 06/15/2026		500,000		539,653
United Parcel Service Inc.
2.400%, 11/15/2026		500,000		534,024
Union Pacific Corp.
3.000%, 04/15/2027		1,000,000		1,083,463
Norfolk Southern Corp.
3.150%, 06/01/2027		500,000		544,650
United Parcel Service Inc.
3.050%, 11/15/2027		2,000,000		2,220,938
Union Pacific Corp.
3.950%, 09/10/2028		1,000,000		1,138,199
3.700%, 03/01/2029		500,000		557,095
United Parcel Service Inc.
2.500%, 09/01/2029		1,000,000		1,045,570
				17,208,849
Utilities & Energy (3.97%)
Southern California Edison Co.
3.875%, 06/01/2021		2,000,000		2,000,000
San Diego Gas & Electric Co.
3.000%, 08/15/2021		500,000		502,879
Southern California Edison Co.
2.400%, 02/01/2022		1,000,000		1,010,474
Carolina Power & Light Co.
2.800%, 05/15/2022		1,000,000		1,018,183
Georgia Power Co.
2.850%, 05/15/2022		1,000,000		1,024,971
Detroit Edison Co.
2.650%, 06/15/2022		500,000		509,537
CenterPoint Energy Houston LLC
2.250%, 08/01/2022		1,000,000		1,017,573

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Northern States Power Co.
2.150%, 08/15/2022	$	500,000	$	506,566
Baltimore Gas & Electric Co.
2.800%, 08/15/2022		1,000,000		1,023,464
PPL Electric Utilities
2.500%, 09/01/2022		1,000,000		1,020,782
Ameren Illinois Co.
2.700%, 09/01/2022		1,000,000		1,024,458
Public Service Company of Colorado
2.250%, 09/15/2022		1,000,000		1,015,699
Tampa Electric Co.
2.600%, 09/15/2022		500,000		510,891
NSTAR Electric Co.
2.375%, 10/15/2022		500,000		511,461
Public Service Company of Colorado
2.500%, 03/15/2023		1,000,000		1,028,381
Virginia Electric & Power Co.
2.750%, 03/15/2023		1,000,000		1,038,383
Public Service Electric and Gas Co.
2.375%, 05/15/2023		2,000,000		2,074,348
Florida Power & Light Co.
2.750%, 06/01/2023		2,000,000		2,077,452
Pacificorp
2.950%, 06/01/2023		1,000,000		1,043,828
Pacific Gas & Electric
3.250%, 06/15/2023		1,000,000		1,035,007
Consumers Energy Co.
3.375%, 08/15/2023		1,000,000		1,057,942
Laclede Gas Co.
3.400%, 08/15/2023		1,000,000		1,058,067
San Diego Gas & Electric Co.
3.600%, 09/01/2023		2,000,000		2,122,130
Duke Energy Ohio Inc.
3.800%, 09/01/2023		1,000,000		1,066,762
Public Service Company of New Hampshire
3.500%, 11/01/2023		500,000		533,406
Delmarva Power & Light Co.
3.500%, 11/15/2023		1,000,000		1,069,447
Alabama Power Co.
3.550%, 12/01/2023		1,000,000		1,076,653
Virginia Electric & Power Co.
3.450%, 02/15/2024		1,000,000		1,071,484
Potomac Electric Power Co.
3.600%, 03/15/2024		1,000,000		1,075,406
DTE Electric Co.
3.650%, 03/15/2024		2,000,000		2,154,804
Florida Power & Light Co.
3.250%, 06/01/2024		1,000,000		1,070,474
Interstate Power & Light Co.
3.250%, 12/01/2024		1,000,000		1,079,001
DTE Electric Co.
3.375%, 03/01/2025		1,000,000		1,088,691
Alabama Power Co.
2.800%, 04/01/2025		1,000,000		1,057,692

See accompanying notes to financial statements. 15

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Public Service Company of Colorado
2.900%, 05/15/2025	$	1,000,000	$	1,062,925
Arizona Public Service Co.
3.150%, 05/15/2025		500,000		538,363
Wisconsin Electric Power
3.100%, 06/01/2025		1,000,000		1,074,729
Southern California Gas Co.
3.200%, 06/15/2025		500,000		540,921
Pacific Gas & Electric
3.500%, 06/15/2025		1,000,000		1,054,147
3.450%, 07/01/2025		500,000		524,201
Duke Energy Progress LLC
3.250%, 08/15/2025		1,000,000		1,092,855
Interstate Power & Light Co.
3.400%, 08/15/2025		1,000,000		1,083,055
Kentucky Utilities Co.
3.300%, 10/01/2025		500,000		543,133
Louisville Gas & Electric Co.
3.300%, 10/01/2025		1,000,000		1,085,431
PECO Energy Co.
3.150%, 10/15/2025		1,000,000		1,079,306
NSTAR Electric Co.
3.250%, 11/15/2025		1,000,000		1,083,046
Florida Power & Light Co.
3.125%, 12/01/2025		1,000,000		1,091,667
Virginia Electric & Power Co.
3.150%, 01/15/2026		1,000,000		1,093,333
Brooklyn Union Gas Co., The (b)
3.407%, 03/10/2026		1,000,000		1,081,799
Georgia Power Co.
3.250%, 04/01/2026		1,000,000		1,081,230
San Diego Gas & Electric Co.
2.500%, 05/15/2026		1,000,000		1,059,666
NSTAR Electric Co.
2.700%, 06/01/2026		1,000,000		1,060,329
Commonwealth Edison Co.
2.550%, 06/15/2026		1,000,000		1,063,705
Southern California Gas Co.
2.600%, 06/15/2026		1,000,000		1,059,952
Westar Energy Inc.
2.550%, 07/01/2026		1,000,000		1,060,803
KeySpan Gas East Corp. (b)
2.742%, 08/15/2026		1,000,000		1,057,394
CenterPoint Energy Houston Electric LLC
2.400%, 09/01/2026		500,000		527,770
Public Service Electric and Gas Co.
2.250%, 09/15/2026		1,000,000		1,053,113
Consolidated Edison Co. of New York
2.900%, 12/01/2026		500,000		537,882
Duke Energy Carolinas
2.950%, 12/01/2026		1,000,000		1,087,210
AEP Transmission Company LLC
3.100%, 12/01/2026		500,000		544,510
Westar Energy Inc.
3.100%, 04/01/2027		1,000,000		1,085,238

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Public Service Electric and Gas Co.
3.000%, 05/15/2027	$	500,000	$	542,008
NSTAR Electric Co.
3.200%, 05/15/2027		1,000,000		1,096,578
Rochester Gas & Electric Corp. (b)
3.100%, 06/01/2027		1,000,000		1,085,412
Appalachian Power Co.
3.300%, 06/01/2027		1,000,000		1,087,975
Union Electric Co.
2.950%, 06/15/2027		1,000,000		1,078,594
Atmos Energy Corp.
3.000%, 06/15/2027		1,000,000		1,083,966
Boston Gas Co. (b)
3.150%, 08/01/2027		500,000		537,734
Commonwealth Edison Co.
2.950%, 08/15/2027		500,000		542,437
Wisconsin Power & Light
3.050%, 10/15/2027		1,000,000		1,084,356
Consolidated Edison Co. of New York
3.125%, 11/15/2027		1,000,000		1,085,716
Pacific Gas & Electric
3.300%, 12/01/2027		1,000,000		1,030,211
Southern California Edison Co.
3.650%, 03/01/2028		1,000,000		1,086,785
Southwest Gas Corp.
3.700%, 04/01/2028		1,000,000		1,095,004
Virginia Electric & Power Co.
3.800%, 04/01/2028		1,000,000		1,122,006
Public Service Electric and Gas Co.
3.700%, 05/01/2028		1,000,000		1,122,645
Ameren Illinois Co.
3.800%, 05/15/2028		1,000,000		1,120,489
Consolidated Edison Co. of New York
3.800%, 05/15/2028		1,000,000		1,116,967
Indiana Michigan Power Co.
3.850%, 05/15/2028		1,000,000		1,115,073
AEP Texas Central Co.
3.950%, 06/01/2028		1,000,000		1,115,816
Pacific Gas & Electric
3.750%, 07/01/2028		500,000		520,486
Duke Energy Ohio Inc.
3.650%, 02/01/2029		1,000,000		1,099,900
Brooklyn Union Gas Co., The(b)
3.865%, 03/04/2029		1,000,000		1,102,932
Union Electric Co.
3.500%, 03/15/2029		1,000,000		1,098,988
MidAmerican Energy Co.
3.650%, 04/15/2029		2,000,000		2,244,342
Atmos Energy Corp.
2.625%, 09/15/2029		1,000,000		1,032,317
EVERGY METRO
2.250%, 06/01/2030		500,000		501,264
Interstate Power & Light Co.
2.300%, 06/01/2030		500,000		500,063
Southwest Gas Corp.
2.200%, 06/15/2030		500,000		492,592

16 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Utilities & Energy (Cont.)
Alabama Power Co.
1.450%, 09/15/2030	$	1,500,000	$	1,407,108
Public Service Company of Colorado
1.875%, 06/15/2031		3,000,000		2,925,066
				95,958,839
Total Corporate Bonds
(cost $368,056,929)				391,318,062
Foreign Government Bonds (0.09%)
Province of Ontario
2.500%, 04/27/2026		1,000,000		1,072,440
Province of Quebec
2.500%, 04/20/2026		1,000,000		1,074,880
Total Foreign Government Bonds
(cost $1,996,514)				2,147,320
Agency Commercial Mortgage-Backed Securities (d) (3.26%)
Federal Home Loan Mortgage Corp.
Series K018, Class A2,
2.789%, 01/25/2022		8,301,802		8,404,553
Series KSMC, Class A2,
2.615%, 01/25/2023		2,000,000		2,076,442
Series K029, Class A1,
2.839%, 10/25/2022		1,124,957		1,135,866
Series K044, Class A2,
2.811%, 01/25/2025		2,000,000		2,148,464
Series K049, Class A2,
3.010%, 07/25/2025		2,000,000		2,173,898
Series K054, Class A2,
2.745%, 01/25/2026		500,000		540,626
Series K055, Class A2,
2.673%, 03/25/2026		2,000,000		2,158,846
Series K722, Class A2,
2.406%, 03/25/2023		1,000,000		1,031,985
Series K056, Class A2,
2.525%, 05/25/2026		2,000,000		2,150,482
Series K057, Class A2,
2.570%, 07/25/2026		2,000,000		2,152,770
Series K058, Class A2,
2.653%, 08/25/2026		1,500,000		1,622,547
Series K723, Class A2,
2.454%, 08/25/2023		2,000,000		2,078,994
Series K059, Class A2,
3.120%, 09/25/2026		1,500,000		1,655,586
Series K724, Class A2,
3.062%, 11/25/2023		500,000		527,542
Series K063, Class A2,
3.430%, 01/25/2027		2,000,000		2,245,110
Series K725, Class A2,
3.002%, 01/25/2024		3,000,000		3,183,564
Series K064, Class A2,
3.224%, 03/25/2027		2,500,000		2,783,777
Series K726, Class A2,
2.905%, 04/25/2024		1,349,619		1,427,532

	Principal amount		Value
Agency Commercial Mortgage-Backed Securities (Cont.)
Series K065, Class A2,
3.243%, 04/25/2027	$	2,000,000	$	2,231,774
Series K074, Class A2,
3.600%, 01/25/2028		2,000,000		2,285,606
Series K075, Class A2,
3.650%, 02/25/2028		1,500,000		1,719,040
Series K072, Class A2,
3.444%, 12/25/2027		1,500,000		1,697,761
Series K073, Class A2,
3.350%, 01/25/2028		1,000,000		1,127,228
Series K076, Class A2,
3.900%, 04/25/2028		2,000,000		2,327,668
Federal National Mortgage Association
Series 2012-M5, Class A2,
2.715%, 02/25/2022		705,977		710,823
Series 2015-M11, Class A2,
2.824%, 04/25/2025		2,000,000		2,146,504
Series 2015-M17, Class A2,
2.887%, 11/25/2025		790,582		853,804
Series 2016-M7, Class A2,
2.499%, 09/25/2026		933,223		975,703
Series 2016-M6, Class A2,
2.488%, 05/25/2026		1,000,000		1,067,987
Series 2016-M11, Class A2,
2.369%, 07/25/2026		2,000,000		2,111,994
Series 2016-M9, Class A2,
2.292%, 06/25/2026		1,000,000		1,059,608
Series 2016-M12, Class AV2,
2.308%, 10/25/2023		987,464		1,014,056
Series 2016-M12, Class A2,
2.446%, 09/25/2026		2,000,000		2,126,500
Series 2017-M7, Class A2,
2.961%, 02/25/2027		2,000,000		2,184,772
Series 2017-M2, Class A2,
2.797%, 02/25/2027		986,103		1,074,122
Series 2017-M4, Class A2,
2.574%, 12/25/2026		2,421,890		2,603,725
Series 2017-M8, Class A2,
3.061%, 05/25/2027		2,000,000		2,201,004
Series 2018-M1, Class A2,
2.985%, 12/25/2027		2,000,000		2,207,300
Series 2018-M2, Class A2,
2.902%, 01/25/2028		2,000,000		2,198,286
Series 2018-M7, Class A2,
3.052%, 03/25/2028		1,500,000		1,664,000
Series 2018-M4, Class A2,
3.045%, 03/25/2028		1,500,000		1,665,647
Total Agency Commercial Mortgage-Backed Securities
(cost $73,497,805)				78,753,496
U.S. Treasury Obligations (6.94%)
U.S. Treasury Notes
2.000%, 11/15/2021		25,000,000		25,219,725
2.500%, 08/15/2023		10,000,000		10,510,160
2.750%, 11/15/2023		10,000,000		10,621,090

See accompanying notes to financial statements. 17

STATE FARM ASSOCIATES’ FUNDS TRUST BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
2.500%, 05/15/2024	$	5,000,000	$	5,325,195
2.000%, 06/30/2024		5,000,000		5,255,860
2.000%, 02/15/2025		15,000,000		15,835,545
2.750%, 02/15/2028		10,000,000		11,007,420
2.375%, 05/15/2029		28,000,000		30,058,448
1.625%, 08/15/2029		18,000,000		18,276,336
1.500%, 02/15/2030		26,000,000		26,019,292
1.125%, 02/15/2031		10,000,000		9,582,810
Total U.S. Treasury Obligations
(cost $162,959,187)				167,711,881

	Shares		Value
Short-term Investments (2.12%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.03% (e)		51,309,841		51,309,841
Total Short-term Investments
(cost $51,309,841)				51,309,841
TOTAL INVESTMENTS (99.62%)
(cost $1,030,542,793)				2,408,552,110
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.38%)				9,135,465
NET ASSETS (100.00%)			$	2,417,687,575

(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, 2021, the value of these securities amounted to $34,273,389 or 1.42% of net assets.

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

(d) 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.

(e) Rate shown is the 7-day yield as of May 31, 2021.

ADR - American Depositary Deposit

18 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST INTERIM FUND

SCHEDULE OF INVESTMENTS

May 31, 2021

(Unaudited)

	Principal amount		Value
U.S. Treasury Obligations (98.53%)
U.S. Treasury Notes
1.125%, 07/31/2021	$	5,000,000	$	5,009,130
2.750%, 09/15/2021		2,500,000		2,519,563
2.000%, 10/31/2021		5,000,000		5,040,235
1.875%, 11/30/2021		5,000,000		5,045,315
1.625%, 12/31/2021		1,000,000		1,009,063
1.500%, 01/31/2022		10,000,000		10,095,700
1.750%, 02/28/2022		10,000,000		10,126,170
1.750%, 03/31/2022		10,000,000		10,140,630
1.750%, 04/30/2022		5,000,000		5,076,760
1.875%, 04/30/2022		1,000,000		1,016,445
1.750%, 05/15/2022		10,000,000		10,160,160
1.750%, 06/15/2022		2,000,000		2,034,454
1.750%, 06/30/2022		2,000,000		2,035,704
1.875%, 07/31/2022		2,000,000		2,041,640
1.625%, 08/15/2022		8,500,000		8,658,712
1.750%, 09/30/2022		5,000,000		5,109,375
2.000%, 10/31/2022		2,000,000		2,053,204
1.875%, 10/31/2022		2,000,000		2,049,766
1.625%, 11/15/2022		2,000,000		2,043,906
2.000%, 11/30/2022		2,500,000		2,570,508
1.625%, 12/15/2022		6,000,000		6,138,984
1.500%, 01/15/2023		1,000,000		1,022,266
1.750%, 01/31/2023		2,000,000		2,053,906
2.000%, 02/15/2023		5,000,000		5,158,595
2.500%, 03/31/2023		3,000,000		3,129,375
1.500%, 03/31/2023		2,000,000		2,049,766
1.625%, 04/30/2023		5,000,000		5,141,015
1.625%, 05/31/2023		10,000,000		10,293,360
1.375%, 06/30/2023		9,000,000		9,226,404
1.250%, 07/31/2023		6,000,000		6,140,154
2.500%, 08/15/2023		5,000,000		5,255,080
1.375%, 08/31/2023		4,000,000		4,107,032
1.375%, 09/30/2023		7,000,000		7,192,500
1.625%, 10/31/2023		5,000,000		5,171,290
2.875%, 10/31/2023		2,000,000		2,128,828
2.125%, 11/30/2023		11,000,000		11,524,216
2.250%, 12/31/2023		3,000,000		3,155,976
2.250%, 01/31/2024		5,000,000		5,266,795
2.750%, 02/15/2024		5,000,000		5,337,500
2.125%, 02/29/2024		5,000,000		5,255,470
2.125%, 03/31/2024		3,000,000		3,156,798
2.000%, 04/30/2024		7,000,000		7,346,717
2.500%, 05/15/2024		6,500,000		6,922,753
2.000%, 06/30/2024		2,500,000		2,627,930
1.750%, 06/30/2024		2,000,000		2,087,422
1.750%, 07/31/2024		4,000,000		4,177,188
2.375%, 08/15/2024		7,000,000		7,450,625
1.500%, 09/30/2024		5,000,000		5,183,985
1.500%, 10/31/2024		3,500,000		3,628,790
2.250%, 10/31/2024		2,500,000		2,655,763
2.250%, 11/15/2024		8,000,000		8,501,560
1.500%, 11/30/2024		3,000,000		3,110,859
2.125%, 11/30/2024		1,000,000		1,058,750
2.250%, 12/31/2024		8,000,000		8,511,872
1.750%, 12/31/2024		2,000,000		2,091,954
1.375%, 01/31/2025		8,000,000		8,261,248
2.000%, 02/15/2025		8,000,000		8,445,624

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
1.125%, 02/28/2025	$	7,000,000	$	7,162,421
2.125%, 05/15/2025		10,000,000		10,618,360
2.750%, 06/30/2025		3,000,000		3,264,141
2.000%, 08/15/2025		20,500,000		21,689,164
2.250%, 11/15/2025		13,500,000		14,437,615
2.625%, 12/31/2025		10,000,000		10,867,970
2.625%, 01/31/2026		7,000,000		7,611,408
1.625%, 02/15/2026		6,000,000		6,245,388
2.250%, 03/31/2026		5,000,000		5,354,100
2.375%, 04/30/2026		1,000,000		1,077,070
1.625%, 05/15/2026		9,000,000		9,362,106
1.875%, 06/30/2026		7,000,000		7,366,954
1.875%, 07/31/2026		7,000,000		7,367,500
1.375%, 08/31/2026		8,000,000		8,210,000
1.625%, 09/30/2026		7,500,000		7,789,455
1.625%, 10/31/2026		8,000,000		8,303,440
1.625%, 11/30/2026		7,000,000		7,263,865
1.750%, 12/31/2026		6,500,000		6,788,437
1.500%, 01/31/2027		10,000,000		10,297,270
1.125%, 02/28/2027		11,000,000		11,086,372
2.375%, 05/15/2027		4,500,000		4,849,627
Total U.S. Treasury Obligations
(cost $454,061,428)				460,817,453
	Shares		Value
Short-term Investments (1.09%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.03% (a)		5,102,627		5,102,627
Total Short-term Investments
(cost $5,102,627)				5,102,627
TOTAL INVESTMENTS (99.62%)
(cost $459,164,055)				465,920,080
OTHER ASSETS, NET OF LIABILITIES (0.38%)				1,784,654
NET ASSETS (100.00%)			$	467,704,734

(a) Rate shown is the 7-day yield as of May 31, 2021.

See accompanying notes to financial statements. 19

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (96.85%)
Alabama (1.74%)
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.000	%		06/01/2024		A+	$	585,000	$	629,513
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.250	%		06/01/2025		A+		600,000		646,788
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.500	%		06/01/2026		A+		220,000		238,753
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		3.750	%		06/01/2027		A+		645,000		703,437
City of Athens, Alabama, Water and Sewer Revenue Warrants, Series 2017		3.000	%		05/01/2028		A1		980,000		1,092,249
City of Athens, Alabama, Electric Revenue Warrants, Series 2015		4.000	%		06/01/2028		A+		665,000		728,927
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		2,451,624
City of Athens, Alabama, Water and Sewer Revenue Warrants, Series 2017		3.125	%		05/01/2029		A1		1,010,000		1,030,264
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		4.000	%		03/01/2033		Aa1		350,000		434,711
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		4.000	%		03/01/2034		Aa1		300,000		371,655
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		4.000	%		03/01/2035		Aa1		350,000		432,282
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2035		Aa2		215,000		259,367
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		4.000	%		03/01/2036		Aa1		500,000		616,350
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2036		Aa2		310,000		372,911
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		3.000	%		03/01/2037		Aa1		505,000		567,953
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2037		Aa2		270,000		323,935
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		3.000	%		03/01/2038		Aa1		600,000		672,846
The Water and Wastewater Board of the City of Madison, Water and Sewer Revenue Bonds, Series 2020		4.000	%		12/01/2038		Aa2		265,000		317,173
Mountain Brook City Board of Education (Alabama), Special Tax School Warrants, (20.6 Mill Tax), Series 2021-A		3.000	%		03/01/2039		Aa1		500,000		559,125
											12,449,863
Alaska (1.31%)
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.250	%		09/01/2028		AAA		1,095,000		1,230,167
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.250	%		09/01/2028		AAA		1,050,000		1,179,612
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.500	%		09/01/2029		AAA		1,390,000		1,566,641
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.500	%		09/01/2029		AAA		1,090,000		1,228,517
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series A, (General Purpose)		3.500	%		09/01/2030		AAA		1,440,000		1,615,291
Municipality of Anchorage, Alaska, 2016 General Obligation Bonds, Series B, (Schools)		3.500	%		09/01/2030		AAA		1,125,000		1,261,946
Matanuska-Susitna Borough, Alaska, General Obligation Transportation System Bonds, 2014 Series A		5.000	%		08/01/2031		AA+		1,225,000		1,347,035
											9,429,209
Arizona (1.99%)
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series A (2012)		3.000	%		07/01/2021		Aa1		1,000,000		1,002,360
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		1,051,370
Litchfield Elementary School District No. 79 of Maricopa County, Arizona, School Improvement Bonds, Project of 2009, Series A (2011)		5.000	%		07/01/2023		Aa1		1,000,000		1,003,880
Paradise Valley Unified School District No. 69 of Maricopa County, Arizona, School Improvement Bonds, Project of 2011, Series B (2013)		3.000	%		07/01/2023		Aa1		1,255,000		1,328,079

20 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Arizona (Cont.)
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A		5.000	%		07/01/2023		AA	$	1,060,000	$	1,115,523
Pinal County Community College District of Pinal County, Arizona, General Obligation Bonds, Project of 2008, Series B (2012) (Currently Refunded to 07-01-2021 @ 100) (b)		4.500	%		07/01/2023		AA-		1,705,000		1,711,018
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		AA		1,165,000		1,212,206
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		609,495
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-		295,000		336,852
Pima County, Arizona, General Obligation Bonds, Series 2012A		4.000	%		07/01/2026		AA		2,000,000		2,079,000
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		438,224
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		1,252,416
Tempe Union High School District No. 213 of Maricopa County, Arizona, Refunding Bonds, Series 2016		3.000	%		07/01/2028		AA		1,000,000		1,100,370
											14,240,793
Arkansas (3.28%)
State of Arkansas, General Obligation Four-Lane Highway Construction and Improvement Bonds, Series 2013 (Currently Refunded to 06-15-2021 @ 100) (b)		3.500	%		06/15/2023		AA		6,000,000		6,007,260
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		2,511,868
City of Little Rock, Arkansas, Library Construction and Refunding Bonds, Series 2015		2.750	%		03/01/2025		AA		185,000		185,254
State of Arkansas, Higher Education General Obligation Bonds, Refunding Series 2015		4.000	%		06/01/2027		AA		3,000,000		3,313,830
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2014A		5.000	%		11/01/2028		Aa2		365,000		418,119
Board of Trustees of Arkansas Tech University, Student Fee Refunding Revenue Bonds, Series 2021A		3.000	%		05/01/2029		A1		190,000		207,539
Rogers School District No. 30 of Benton County, Arkansas, Refunding Bonds		3.125	%		02/01/2030		NR		2,880,000		2,941,718
Board of Trustees of the University of Arkansas, Various Facility Revenue Bonds (Fayetteville Campus), Series 2014A		5.000	%		11/01/2030		Aa2		785,000		899,649
Board of Trustees of Arkansas Tech University, Student Fee Refunding Revenue Bonds, Series 2021A		3.000	%		05/01/2031		A1		200,000		215,428
Board of Trustees of Arkansas Tech University, Student Fee Refunding Revenue Bonds, Series 2021A		3.000	%		05/01/2032		A1		110,000		118,033
Rogers School District No. 30 of Benton County, Arkansas Refunding Bonds		3.000	%		02/01/2033		Aa2		5,115,000		5,377,297
Board of Trustees of Arkansas Tech University, Student Fee Refunding Revenue Bonds, Series 2021A		3.000	%		05/01/2033		A1		110,000		117,887
City of Heber Springs, Arkansas, Water and Sewer Revenue Ronds, Series 2019		3.000	%		11/01/2033		NR		660,000		689,231
City of Heber Springs, Arkansas, Water and Sewer Revenue Ronds, Series 2019		3.000	%		11/01/2035		NR		300,000		312,462
Board of Trustees of Arkansas Tech University, Student Fee Refunding Revenue Bonds, Series 2021A		3.000	%		05/01/2036		A1		200,000		212,716
											23,528,291
California (6.27%)
Atascadero Unified School District, (San Luis Obispo County, California) General Obligation Bonds, 2010 Election, Series B		5.000	%		08/01/2025		Aa3		225,000		258,021
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		1,283,772
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		1,233,349

See accompanying notes to financial statements. 21

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
California (Cont.)
East Side Union High School District, (Santa Clara County, California), 2015 General Obligation Refunding Bonds		3.500	%		08/01/2027		A+	$	1,000,000	$	1,113,370
Newark Unified School District, (Alameda County, California), General Obligation Bonds, Election of 2011, Series C		3.000	%		08/01/2028		Aa3		750,000		830,078
Santee School District, (County of San Diego, California), General Obligation Refunding Bonds, Series 2015		3.500	%		08/01/2028		AA-		1,565,000		1,732,252
Campbell Union High School District, (Santa Clara County, California), 2016 General Obligation Refunding Bonds		3.250	%		08/01/2029		Aa1		1,965,000		2,149,238
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		1,336,287
Santee School District, (County of San Diego, California), General Obligation Refunding Bonds, Series 2015		3.500	%		08/01/2029		AA-		1,725,000		1,896,879
Sonoma County Junior College District, (Sonoma, Mendocino and Marin Counties, California), 2016 General Obligation Refunding Bonds		3.250	%		08/01/2029		Aa2		2,835,000		3,147,984
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2030		Aa2		540,000		626,627
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		1,273,682
Sonoma County Junior College District, (Sonoma, Mendocino and Marin Counties, California), Election of 2014 General Obligation Bonds, Series A		4.000	%		08/01/2030		Aa2		1,600,000		1,856,672
Sequoia Union High School District, (County of San Mateo, State of California), General Obligation Bonds, Election of 2014, Series 2016		3.000	%		07/01/2031		AA		3,000,000		3,277,050
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2031		Aa2		400,000		463,572
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		829,605
City of La Mesa, General Obligation Refunding Bonds, Series 2016 (Fire, Police and Emergency Services Measure)		4.000	%		08/01/2032		Aa2		500,000		578,935
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		827,760
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		597,664
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		4.000	%		08/01/2033		A+		385,000		455,016
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		642,301
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		700,692
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		3.000	%		08/01/2034		A+		2,000,000		2,142,940
Central Unified School District, (Fresno County, California), General Obligation Bonds, 2016 Election, Series C, (GO Reauthorization Bonds)		3.000	%		08/01/2034		Aa3		380,000		432,923
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2034		AA		200,000		235,164
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		3.000	%		08/01/2035		A+		1,150,000		1,230,213
Central Unified School District, (Fresno County, California), General Obligation Bonds, 2016 Election, Series C, (GO Reauthorization Bonds)		3.000	%		08/01/2035		Aa3		300,000		341,094

22 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
California (Cont.)
Gavilan Joint Community College District, (Santa Clara and San Benito Counties, California), Election of 2018 General Obligation Bonds, Series B, (Federally Tax-Exempt)		3.000	%		08/01/2035		Aa3	$	1,000,000	$	1,127,810
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2035		AA		355,000		416,617
Antioch Unified School District, (Contra Costa County, California), School Facilities Improvement District No. 1, General Obligation Bonds, Election of 2008, Series E (2020)		3.000	%		08/01/2036		A+		600,000		640,296
Contra Costa Community College District, (Contra Costa County, California), General Obligation Bonds, Election of 2014, 2020 Series C		3.000	%		08/01/2036		Aa1		1,875,000		2,134,012
Gavilan Joint Community College District, (Santa Clara and San Benito Counties, California), Election of 2018 General Obligation Bonds, Series B, (Federally Tax-Exempt)		3.000	%		08/01/2036		Aa3		1,000,000		1,124,390
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2036		AA		400,000		468,528
San Francisco Bay Area Rapid Transit District, General Obligation Bonds, (Election of 2016), 2020 Series C-1 Bonds (Green Bonds)		3.000	%		08/01/2036		AA		2,250,000		2,506,702
Central Unified School District, (Fresno County, California), General Obligation Bonds, 2016 Election, Series C, (GO Reauthorization Bonds)		3.000	%		08/01/2037		Aa3		755,000		849,692
Kentfield School District, (Marin County, California), General Obligation Bonds, Election of 2014, Series B		5.000	%		08/01/2037		AA		500,000		584,540
San Francisco Bay Area Rapid Transit District, General Obligation Bonds, (Election of 2016), 2020 Series C-1 Bonds (Green Bonds)		3.000	%		08/01/2037		AA		3,250,000		3,602,690
											44,948,417
Colorado (4.27%)
Jefferson County, Colorado, School District No. 1		5.000	%		12/15/2021		AA		900,000		923,715
Cherry Creek School District No. 5, (Arapahoe County, Colorado), General Obligation Bonds, Series 2012B		3.000	%		12/15/2023		Aa1		3,300,000		3,442,032
El Paso County School District No. 20 (Academy), El Paso County, Colorado, General Obligation Refunding Bonds, Series 2015		4.000	%		12/15/2025		Aa1		1,000,000		1,127,530
Roaring Fork School District No. RE-1, In Garfield, Pitkin and Eagle Counties, Colorado, General Obligation Refunding Bonds, Series 2016B		2.500	%		12/15/2027		NR		3,000,000		3,225,990
Eagle River Water and Sanitation District, (In Eagle County, Colorado), General Obligation Bonds, Series 2016		4.000	%		12/01/2030		AA-		465,000		542,390
Gunnison Watershed School District RE-1 J, (Gunnison and Saguache Counties, Colorado), General Obligation Refunding Bonds, Series 2014 (Prerefunded to 12-01-2024 @ 100) (b)		4.000	%		12/01/2031		Aa1		1,000,000		1,130,120
Town of Estes Park, Colorado, Refunding and Improvement Power and Communications Revenue Bonds, Series 2019A		4.000	%		11/01/2034		A+		1,805,000		2,147,463
Adams 12 Five Star Schools, Adams County and the City and County of Broomfield, Colorado, General Obligation Bonds, Series 2016B		5.000	%		12/15/2034		AA-		2,500,000		3,131,410
Town of Estes Park, Colorado, Refunding and Improvement Power and Communications Revenue Bonds, Series 2019A		4.000	%		11/01/2035		A+		980,000		1,163,525
Aspen School District No. 1 (RE), Pitkin County, Colorado, General Obligation Bonds, Series 2021		3.000	%		12/01/2035		Aaa		1,290,000		1,483,590
Town of Estes Park, Colorado, Refunding and Improvement Power and Communications Revenue Bonds, Series 2019A		4.000	%		11/01/2036		A+		1,000,000		1,183,960
Aspen School District No. 1 (RE), Pitkin County, Colorado, General Obligation Bonds, Series 2021		3.000	%		12/01/2036		Aaa		1,280,000		1,467,341
City of Westminister, Colorado, Water and Wastewater Utility Enterprise, Water and Wastewater Revenue Bonds, Series 2019		4.000	%		12/01/2036		AAA		1,000,000		1,211,830

See accompanying notes to financial statements. 23

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Colorado (Cont.)
Aspen School District No. 1 (RE), Pitkin County, Colorado, General Obligation Bonds, Series 2021		3.000	%		12/01/2037		Aaa	$	1,995,000	$	2,280,125
Durango School District 9-R, (La Plata County, Colorado), General Obligation Bonds, Series 2021		4.000	%		11/01/2038		Aa2		5,000,000		6,188,300
											30,649,321
Connecticut (0.85%)
State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University Issue, Series 2016A (c)		2.000	%		07/01/2042		Aaa		5,700,000		6,088,512
Florida (3.71%)
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		370,946
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		203,258
Lee County, Florida, Water and Sewer Revenue Bonds, Series 2013A (Prerefunded to 10-01-2023 @100) (b)		5.000	%		10/01/2026		Aa2		400,000		445,216
City of Pembroke Pines, Florida, General Obligation Bonds, Series 2015		5.000	%		09/01/2031		Aa2		2,100,000		2,490,180
Florida Municipal Loan Council, Revenue Bonds, Series 2019A		3.000	%		08/01/2032		AA+		520,000		568,490
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		4.000	%		09/01/2032		Aa3		540,000		630,002
Lee County, Florida, Water and Sewer Revenue Bonds, Series 2013A (Prerefunded to 10-01-2023 @100) (b)		5.000	%		10/01/2032		Aa2		750,000		834,780
Collier County Water-Sewer District, (Florida), Water Sewer Revenue Bonds, Series 2019		3.000	%		07/01/2033		Aaa		5,080,000		5,622,493
Florida Municipal Loan Council, Revenue Bonds, Series 2019A		3.250	%		08/01/2033		AA+		535,000		592,721
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		5.000	%		09/01/2033		Aa3		750,000		932,092
Florida Municipal Loan Council, Revenue Bonds, Series 2019A		4.000	%		08/01/2034		AA+		555,000		653,024
City of Miami Beach, Florida, Water and Sewer Revenue and Revenue Refunding Bonds, Series 2017		5.000	%		09/01/2034		Aa3		750,000		931,298
City of Tampa, Florida, Revenue and Revenue Refunding Bonds, (The University of Tampa Project), Series 2020A		5.000	%		04/01/2035		A-		1,000,000		1,270,280
City of Tampa, Florida, Revenue and Revenue Refunding Bonds, (The University of Tampa Project), Series 2020A		5.000	%		04/01/2036		A-		1,600,000		2,027,248
JEA Florida, Water and Sewer System Revenue Bonds, 2020 Series A		3.000	%		10/01/2036		Aa3		8,295,000		9,022,223
											26,594,251
Georgia (0.55%)
Fayette County, Georgia, Water Revenue Bonds, Series 2009		5.000	%		10/01/2021		Aa2		1,165,000		1,169,136
Harris County School District (Georgia), General Obligation Bonds, Series 2020		3.000	%		03/01/2034		NR		500,000		571,245
Harris County School District (Georgia), General Obligation Bonds, Series 2020		3.000	%		03/01/2035		NR		250,000		284,145
Forsyth County Water and Sewerage Authority (Georgia), Refunding and Improvement Revenue Bonds, Series 2019		3.000	%		04/01/2035		Aaa		1,000,000		1,126,820
Harris County School District (Georgia), General Obligation Bonds, Series 2020		3.000	%		03/01/2036		NR		700,000		793,541
											3,944,887
Hawaii (0.09%)
County of Hawaii, General Obligation Bonds, 2013 Series A (Prerefunded to 09-01-2022 @ 100) (b)		5.000	%		09/01/2031		Aa2		575,000		610,109
Idaho (1.34%)
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		3,371,126
Boise State University, General Revenue Project Bonds, Series 2018A		4.000	%		04/01/2032		A+		445,000		522,221
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2032		A1		265,000		314,126
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2033		A+		545,000		591,390

24 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Idaho (Cont.)
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2033		A1	$	180,000	$	212,747
Boise State University, General Revenue Project Bonds, Series 2018A		5.000	%		04/01/2034		A+		240,000		295,798
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2034		A+		310,000		335,321
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2034		A1		255,000		300,553
Boise State University, General Revenue Project Bonds, Series 2018A		5.000	%		04/01/2035		A+		250,000		307,663
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2035		A+		300,000		323,115
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2035		A1		175,000		205,207
The Regents of The University of Idaho, General Revenue Refunding Bonds, Series 2021A		5.000	%		04/01/2035		A1		420,000		558,776
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2036		A+		300,000		322,245
Idaho State University, General Revenue Bonds, Series 2019		4.000	%		04/01/2036		A1		200,000		233,966
The Regents of The University of Idaho, General Revenue Refunding Bonds, Series 2021A		5.000	%		04/01/2036		A1		400,000		530,672
Boise State University, General Revenue Refunding Bonds, Series 2020A (Tax Exempt)		3.000	%		04/01/2037		A+		310,000		331,963
The Regents of The University of Idaho, General Revenue Refunding Bonds, Series 2021A		5.000	%		04/01/2037		A1		385,000		509,132
The Regents of The University of Idaho, General Revenue Refunding Bonds, Series 2021A		5.000	%		04/01/2038		A1		275,000		363,278
											9,629,299
Indiana (3.49%)
City of Noblesville, Indiana, Sewage Works Revenue Bonds of 2011 (Currently Refunded to 07-01-2021 @ 100) (b)		4.250	%		07/01/2023		Aa2		215,000		215,714
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		1,411,138
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		1,328,762
East Noble School Building Corporation, Kendallville, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2016		2.000	%		01/15/2027		A+		1,205,000		1,246,633
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		1,350,460
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		576,460
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		592,565
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		1,142,620
City of West Lafayette, Indiana, Sewage Works Revenue Bonds, Series 2016		3.750	%		07/01/2029		A+		220,000		241,844
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		2,357,460
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		3,566,790
City of West Lafayette, Indiana, Sewage Works Revenue Bonds, Series 2016		4.000	%		07/01/2030		A+		750,000		855,352
Munster School Building Corporation, Lake County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		3.375	%		01/15/2031		AA+		1,095,000		1,230,889
Munster School Building Corporation, Lake County, Indiana, Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		4.000	%		07/15/2032		AA+		2,285,000		2,698,905
City of Fort Wayne, Allen County, Indiana, Waterworks Revenue Bonds of 2019, Series A		3.000	%		12/01/2033		Aa3		650,000		699,589
City of Lebanon, Indiana, Sewage Works Revenue Bonds of 2018		4.000	%		07/01/2034		AA-		865,000		999,741
Hamilton Southeastern Consolidated School Building Corporation, (Hamilton County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		5.000	%		07/15/2034		AA		335,000		414,663
City of Fort Wayne, Allen County, Indiana, Waterworks Revenue Bonds of 2019, Series A		3.000	%		12/01/2034		Aa3		675,000		729,878
City of Lebanon, Indiana, Sewage Works Revenue Bonds of 2018		4.000	%		07/01/2035		AA-		895,000		1,025,759

See accompanying notes to financial statements. 25

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Indiana (Cont.)
Hamilton Southeastern Consolidated School Building Corporation, (Hamilton County, Indiana), Unlimited Ad Valorem Property Tax first Mortgage Bonds, Series 2018		5.000	%		07/15/2035		AA	$	600,000	$	739,926
City of Fort Wayne, Allen County, Indiana, Waterworks Revenue Bonds of 2019, Series A		3.000	%		12/01/2035		Aa3		700,000		753,872
Hamilton Southeastern Consolidated School Building Corporation, (Hamilton County, Indiana), Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2018		5.000	%		07/15/2036		AA		700,000		860,384
											25,039,404
lowa (2.23%)
Dallas Center-Grimes Community School District, lowa, General Obligation School Bonds, Series 2015 (Currently Refunded to 06-01-2021 @ 100) (b)		3.000	%		06/01/2025		Aa2		265,000		265,000
Johnston Community School District, Iowa, General Obligation School and Refunding Bonds, Series 2015		3.000	%		06/01/2025		AA-		2,370,000		2,423,349
Dallas Center-Grimes Community School District, Iowa, General Obligation School Bonds, Series 2015 (Currently Refunded to 06-01-2021 @ 100) (b)		3.000	%		06/01/2026		Aa2		500,000		500,000
Grundy County, Iowa, General Obligation Urban Renewal Refunding Bonds, Series 2015		3.000	%		06/01/2026		A1		1,130,000		1,154,589
Johnston Community School District, Iowa, General Obligation School and Refunding Bonds, Series 2015		3.000	%		06/01/2026		AA-		2,445,000		2,496,223
Des Moines Metropolitan Wastewater Reclamation Authority, Sewer Revenue Refunding Bonds, Series 2015E		3.000	%		06/01/2027		Aa3		1,610,000		1,686,250
Grundy County, Iowa, General Obligation Urban Renewal Refunding Bonds, Series 2015		3.000	%		06/01/2027		A1		1,175,000		1,198,253
Waukee Community School District, Dallas County, Iowa, General Obligation School Refunding Bonds, Series 2016B		2.000	%		06/01/2027		Aa2		2,100,000		2,161,824
City of Cedar Rapids, Iowa, Water Revenue Bonds, Series 2018D		3.000	%		06/01/2029		Aa2		950,000		1,040,468
City of Council Bluffs, Iowa, General Obligation Bonds, Series 2018A		3.000	%		06/01/2029		Aa2		1,050,000		1,138,242
City of West Des Moines, Iowa, General Obligation Urban Renewal Bonds, Series 2017 D		3.000	%		06/01/2031		AAA		1,770,000		1,891,032
											15,955,230
Kansas (2.89%)
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General Obligation Refunding Bonds, Series 2012-A (Currently Refunded to 06-04-2021 @ 100) (b)		2.000	%		10/01/2022		Aaa		1,475,000		1,475,147
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Bonds, Series 2016A (Prerefunded to 09-01-2024 @ 100) (b)		3.000	%		09/01/2026		Aa2		2,740,000		2,979,805
Unified School District No. 233, Johnson County, Kansas (Olathe), General Obligation School Bonds, Series 2016A (Prerefunded to 09-01-2024 @ 100) (b)		3.000	%		09/01/2027		Aa2		1,490,000		1,620,405
Unified School District No. 512, Johnson County, Kansas, (Shawnee Mission), General		3.000	%		10/01/2027		Aaa		1,000,000		1,097,460
Obligation Refunding and Improvement Bonds, Series 2015-A 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		3,031,860
Water District No. 1 of Johnson County, Kansas, Water Revenue Refunding Bonds, Series 2017A		3.000	%		01/01/2032		Aaa		2,500,000		2,686,100
State of Kansas, Department of Transportation, Highway Revenue Bonds, Series 2017A		5.000	%		09/01/2033		Aa2		5,000,000		6,220,800
City of Manhattan, Kansas, General Obligation Refunding and Improvement Bonds, Series 2019-A		4.000	%		11/01/2033		Aa2		440,000		532,444
City of Manhattan, Kansas, General Obligation Refunding and Improvement Bonds, Series 2019-A		4.000	%		11/01/2034		Aa2		455,000		547,283
City of Manhattan, Kansas, General Obligation Refunding and Improvement Bonds, Series 2019-A		3.000	%		11/01/2035		Aa2		475,000		512,720
											20,704,024

26 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Kentucky (2.33%)
Northern Kentucky Water District Revenue Bonds, 2013 Series A		4.000	%		02/01/2028		Aa2	$	1,110,000	$	1,196,491
City of Owensboro, Kentucky, Water Revenue Refunding and Improvement Bonds, Series 2018		3.250	%		09/15/2029		A1		1,735,000		1,916,255
Lexington-Fayette Urban County Government (Kentucky), Various Purpose General Obligation Bonds, Series 2018A		3.000	%		10/01/2029		Aa2		1,060,000		1,140,899
City of Owensboro, Kentucky, Water Revenue Refunding and Improvement Bonds, Series 2018		3.375	%		09/15/2030		A1		1,800,000		1,991,664
Lexington-Fayette Urban County Government (Kentucky), Various Purpose General Obligation Bonds, Series 2018A		3.125	%		10/01/2030		Aa2		1,095,000		1,179,315
Northern Kentucky Water District, Refunding Revenue Bonds, Series 2016		3.000	%		02/01/2031		Aa2		3,660,000		3,939,112
City of Owensboro, Kentucky, Water Revenue Refunding and Improvement Bonds, Series 2018		3.500	%		09/15/2031		A1		1,860,000		2,044,475
City of Bowling Green, Kentucky, Water and Sewer Revenue Bonds, Series 2019		3.000	%		06/01/2033		Aa3		3,115,000		3,287,789
											16,696,000
Maine (0.46%)
Maine Municipal Bond Bank, 2017 Series D Refunding Bonds		3.000	%		11/01/2031		Aa2		3,000,000		3,309,450
Maryland (0.47%)
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Bonds of 2015, Series B		3.000	%		12/01/2028		Aaa		2,000,000		2,123,940
Caroline County, Maryland, (County Commissioners of Caroline County), Consolidated Public Improvement and Refunding Bonds of 2019		3.000	%		01/15/2032		Aa3		1,150,000		1,275,913
											3,399,853
Massachusetts (0.72%)
Town of Northbridge, Massachusetts, General Obligation School Project Loan, Chapter 70B Bonds, Unlimited Tax		3.000	%		06/01/2032		AA		1,000,000		1,101,430
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		2,000,000
The Commonwealth of Massachusetts, General Obligation Bonds, Consolidated Loan of 2014, Series A (Prerefunded to 12-01-2021 @ 100) (b)		5.000	%		12/01/2034		AA		2,000,000		2,049,000
											5,150,430
Michigan (4.49%)
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2022		Aa2		450,000		470,124
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		5.000	%		05/01/2025		Aa2		1,260,000		1,315,742
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		1,380,610
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2012 Refunding Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		Aa2		2,300,000		2,376,820
Plymouth-Canton Community Schools, Counties of Wayne and Washtenaw, State of Michigan, 2013 School Building and Site Bonds, Series A, (General Obligation - Unlimited Tax)		4.000	%		05/01/2026		Aa2		3,850,000		4,116,574
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		1,136,800
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2027		AA-		500,000		566,890
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		1,185,237
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		868,214

See accompanying notes to financial statements. 27

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Michigan (Cont.)
Hamilton Community Schools, County of Allegan, State of Michigan, 2015 Refunding Bonds, (General Obligation - Unlimited Tax)		4.000	%		05/01/2028		AA-	$	300,000	$	339,516
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		706,062
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		816,025
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		1,284,173
City of Grosse Pointe, County of Wayne, State of Michigan, 2018 Unlimited Tax General Obligation Bonds		4.000	%		10/01/2032		AAA		595,000		701,309
City of Grosse Pointe, County of Wayne, State of Michigan, 2018 Unlimited Tax General Obligation Bonds		4.000	%		10/01/2033		AAA		630,000		740,534
Forest Hills Public Schools, County of Kent, State of Michigan, 2021 School Building and Site Bonds, Series II, (General Obligation - Unlimited Tax)		3.000	%		05/01/2034		Aa2		1,425,000		1,622,619
City of Grosse Pointe, County of Wayne, State of Michigan, 2018 Unlimited Tax General Obligation Bonds		4.000	%		10/01/2034		AAA		670,000		785,823
Forest Hills Public Schools, County of Kent, State of Michigan, 2021 School Building and Site Bonds, Series II, (General Obligation - Unlimited Tax)		3.000	%		05/01/2035		Aa2		915,000		1,038,854
Lowell Area Schools, Counties of Kent and Ionia, State of Michigan, 2019 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		4.000	%		05/01/2035		A+		400,000		480,512
Rockford Public Schools, County of Kent, State of Michigan, 2019 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		4.000	%		05/01/2035		A		1,755,000		2,093,715
Forest Hills Public Schools, County of Kent, State of Michigan, 2021 School Building and Site Bonds, Series II, (General Obligation - Unlimited Tax)		3.000	%		05/01/2036		Aa2		720,000		813,506
Grosse Pointe Public School System, County of Wayne, State of Michigan, 2019 School Building and Site and Refunding Bonds, (Unlimited Tax General Obligation)		5.000	%		05/01/2036		Aa3		1,635,000		2,090,021
Lowell Area Schools, Counties of Kent and Ionia, State of Michigan, 2019 School Building and Site Bonds, Series I, (General Obligation - Unlimited Tax)		4.000	%		05/01/2036		A+		865,000		1,037,247
West Bloomfield School District, County of Oakland, State of Michigan, 2020 School Building and Site Bonds, (General Obligation - Unlimited Tax)		3.000	%		05/01/2036		A1		3,825,000		4,238,176
											32,205,103
Minnesota (3.06%)
Independent School District No. 194 (Lakeville), Minnesota, General Obligation Refunding Bonds, Series 2012D		5.000	%		02/01/2022		Aa2		2,720,000		2,808,373
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		2.375	%		02/01/2025		Aaa		2,805,000		2,893,582
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		3.000	%		02/01/2026		Aaa		1,000,000		1,041,540
Independent School District No. 720, Shakopee Public Schools, Minnesota, General Obligation School Building Bonds, Series 2015A (Crossover Refunding to 02-01-2024 @ 100) (b)		3.250	%		02/01/2026		A3		3,860,000		4,156,525
Independent School District No. 276, Minnetonka Public Schools, Minnesota, General Obligation Refunding Bonds, Series 2016I		3.000	%		02/01/2027		Aaa		1,590,000		1,653,027
City of Eagan, Minnesota, General Obligation Bonds, Series 2018A		3.250	%		02/01/2032		Aaa		1,245,000		1,358,818
Independent School District No. 622, (North St. Paul-Maplewood-Oakdale), Minnesota, (Ramsey and Washington Counties), General Obligation Facilities Maintenance Bonds, Series 2019B		3.000	%		02/01/2034		A1		3,300,000		3,648,084
City of Minneapolis, Minnesota, General Obligation Bonds (Green Bonds), Series 2019		3.000	%		12/01/2035		AAA		2,000,000		2,183,820
Minnesota Higher Education Facilities Authority, Revenue Bonds, Series 2021, (St. Olaf College)		3.000	%		10/01/2038		A1		2,000,000		2,220,580
											21,964,349

28 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Mississippi (1.19%)
Madison County School District, Madison County, Mississippi, General Obligation Refunding Bonds, Series 2012		4.000	%		04/15/2022		Aa2	$	2,480,000	$	2,563,725
State of Mississippi, General Obligation Bonds, Series 2015F (Tax-Exempt)		3.000	%		11/01/2026		Aa2		3,000,000		3,308,580
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		2,650,081
											8,522,386
Missouri (2.99%)
The School District of Columbia, Boone County, State of Missouri, General Obligation Refunding and Improvement Bonds, Series 2012		3.500	%		03/01/2022		Aa1		295,000		302,549
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		2,107,584
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		A2		465,000		509,594
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		A2		400,000		438,028
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		A2		425,000		465,537
Liberty Public School District No. 53, Clay County, Missouri, General Obligation School Building Bonds, Series 2018		4.000	%		03/01/2033		AA		1,000,000		1,143,620
Liberty Public School District No. 53, Clay County, Missouri, General Obligation School Building Bonds, Series 2018		4.000	%		03/01/2034		AA		2,500,000		2,853,925
Wentzville R-IV School District, St. Charles County, Missouri, General Obligation Refunding and Improvement Bonds, (Missouri Direct Deposit Program), Series 2018		4.000	%		03/01/2034		Aa3		3,000,000		3,502,620
Francis Howell R-lll School District, St. Charles County, Missouri, General Obligation Bonds, Series 2020		3.000	%		03/01/2035		AA		3,750,000		4,109,662
City of Columbia, Missouri, Water and Electric System Refunding Revenue Bonds, Series 2019B		3.000	%		10/01/2035		A+		3,520,000		3,769,885
Carthage R-IX School District of Jasper County, Missouri, General Obligation Bonds, (Missouri Direct Deposit Program), Series 2020A		3.000	%		03/01/2036		A+		500,000		543,815
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		1,119,890
Carthage R-IX School District of Jasper County, Missouri, General Obligation Bonds, (Missouri Direct Deposit Program), Series 2020A		3.000	%		03/01/2037		A+		550,000		596,755
											21,463,464
Montana (3.96%)
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		3.500	%		06/15/2025		A+		860,000		956,595
High School District No. 44 (Belgrade), Gallatin County, Montana, General Obligation School Building Bonds, Series 2016		3.000	%		06/01/2027		A+		525,000		577,658
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2032		A+		945,000		1,141,749
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		1,166,146
City of Forsythe, Montana, Pollution Control Revenue Refunding Bonds, (Portland General Electric Company Project), Series 1998A (Non-AMT)		2.125	%		05/01/2033		A		5,000,000		5,218,600
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2033		A+		1,005,000		1,211,457
K-12 School District No. 9 (East Helena), Lewis and Clark County, Montana, General Obligation School Building Bonds, Series 2018		4.500	%		07/01/2033		A+		560,000		670,930

See accompanying notes to financial statements. 29

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Montana (Cont.)
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2033		A+	$	520,000	$	603,730
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.000	%		06/15/2034		A+		505,000		607,470
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		896,209
K-12 School District No. 9 (East Helena), Lewis and Clark County, Montana, General Obligation School Building Bonds, Series 2018		5.000	%		07/01/2034		A+		805,000		995,101
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2034		A+		565,000		654,400
School District No. 6 (Columbia Falls), Flathead County, Montana, General Obligation School Building Bonds, Series 2019		4.000	%		07/01/2034		A+		1,000,000		1,199,730
School District No. 4 (Hellgate), Missoula County, Montana, General Obligation School Building Bonds, Series 2017		5.250	%		06/15/2035		A+		880,000		1,069,922
K-12 School District No. 9 (East Helena), Lewis and Clark County, Montana, General Obligation School Building Bonds, Series 2018		5.000	%		07/01/2035		A+		1,925,000		2,376,162
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2035		A+		845,000		977,259
School District No. 6 (Columbia Falls), Flathead County, Montana, General Obligation School Building Bonds, Series 2019		4.000	%		07/01/2035		A+		750,000		898,155
State of Montana, The Board of Regents of Higher Education, The University of Montana, General Revenue Bonds, Series 2019B		3.000	%		11/15/2035		Aa3		3,660,000		4,002,173
K-12 School District No. 1 (Townsend), Broadwater County, Montana, General Obligation School Building Bonds, Series 2020		3.000	%		07/01/2036		A+		750,000		832,650
School District No. 44 (Whitefish), Flathead County, Montana, General Obligation School Building Bonds, Series 2017		4.000	%		07/01/2036		A+		585,000		674,991
School District No. 6 (Columbia Falls), Flathead County, Montana, General Obligation School Building Bonds, Series 2019		4.000	%		07/01/2036		A+		965,000		1,152,278
K-12 School District No. 1 (Townsend), Broadwater County, Montana, General Obligation School Building Bonds, Series 2020		3.000	%		07/01/2037		A+		465,000		514,620
											28,397,985
Nebraska (1.77%)
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011		4.000	%		12/15/2022		AA-		1,290,000		1,317,167
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011 (Prerefunded to 12-15-2021 @ 100) (b)		5.000	%		12/15/2023		AA-		1,560,000		1,601,215
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		3.000	%		12/15/2024		AA-		145,000		157,951
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		4.000	%		12/15/2025		AA-		180,000		207,900
Douglas County School District 0010, (Elkhorn Public Schools), General Obligation Refunding Bonds, Series 2011 (Prerefunded to 12-15-2021 @ 100) (b)		5.000	%		12/15/2026		AA-		1,925,000		1,975,859
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2028		AA		150,000		176,790
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015		5.000	%		12/15/2028		AA-		250,000		298,845
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2029		AA		250,000		293,393
Sarpy County School District 0037, In the State of Nebraska, (Gretna Public Schools), General Obligation School Building and Refunding Bonds, Series 2015 (Prerefunded to 12-15-2025 @ 100) (b)		5.000	%		12/15/2029		AA-		260,000		313,448
City of Columbus, Nebraska, Combined Revenue and Refunding Bonds, Series 2016		4.000	%		12/15/2030		AA		325,000		380,952
Hall County School District 0002, in the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014 (Prerefunded to 12-15-2024 @ 100) (b)		5.000	%		12/15/2030		AA-		700,000		816,711
Nebraska Public Power District, General Revenue Bonds, 2014 Series A (Foward Refunding to 01-01-2022 @ 100) (b)		5.000	%		01/01/2031		A1		1,900,000		1,953,789

30 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Nebraska (Cont.)
Hall County School District 0002, In the State of Nebraska, (Grand Island Public Schools), General Obligation Bonds, Series 2014 (Prerefunded to 12-15-2024 @ 100) (b)		5.000	%		12/15/2032		AA-	$	565,000	$	659,202
The City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Series 2019		3.000	%		06/15/2034		Aa1		1,105,000		1,243,037
The City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Series 2019		3.000	%		06/15/2035		Aa1		1,140,000		1,275,683
											12,671,942
Nevada (0.49%)
Nevada System of Higher Education, Universities Revenue Bonds, Series 2016A		4.000	%		07/01/2030		AA-		3,045,000		3,480,892
New Jersey (2.00%)
Township of Parsippany-Troy Hills, In the County of Morris, New Jersey, General Obligation Bonds		3.000	%		11/01/2021		AA		1,775,000		1,778,497
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		779,040
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		626,550
The Board of Education of the Borough of Madison, in the County of Morris, New Jersey, Refunding School Bonds, Series 2012 B (Prerefunded to 12-15-2022 @ 100) (b)		4.000	%		12/15/2023		AA+		465,000		492,830
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		2,414,599
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		3,710,153
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		1,129,710
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		1,196,704
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		2,234,140
											14,362,223
New Mexico (3.29%)
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series 2012		3.000	%		08/01/2022		Aa3		2,000,000		2,066,000
Bernalillo County, New Mexico, General Obligation Refunding Bonds, Series 2015A		2.000	%		08/15/2023		Aaa		1,030,000		1,071,715
Bernalillo County, New Mexico, General Obligation Refunding Bonds, Series 2015A		2.250	%		08/15/2024		Aaa		1,050,000		1,095,675
Bernalillo County, New Mexico, General Obligation Bonds, Series 2015		3.000	%		08/15/2025		Aaa		1,235,000		1,306,988
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2026		AA		225,000		242,615
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2027		AA		700,000		754,068
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C		3.250	%		08/01/2027		A1		900,000		993,600
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		1,644,048
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2028		AA		725,000		781,006
Las Cruces School District No. 2, Dona Ana County, New Mexico, General Obligation School Building Bonds, Series 2016C		3.500	%		08/01/2028		A1		900,000		996,183
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		1,634,352
City of Santa Fe, New Mexico, General Obligation Bonds, Series 2013		4.000	%		08/01/2029		AA		750,000		807,810
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation School Building Bonds, Series 2018		3.625	%		08/01/2029		AA		3,075,000		3,480,562
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation School Building Bonds, Series 2018		4.000	%		08/01/2030		AA		1,000,000		1,156,580

See accompanying notes to financial statements. 31

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
New Mexico (Cont.)
Albuquerque Municipal School District No. 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation School Building Bonds, Series 2018		5.000	%		08/01/2034		A1	$	1,800,000	$	2,264,382
Albuquerque Municipal School District No. 12, Bernalillo and Sandoval Counties, New Mexico, General Obligation School Building Bonds, Series 2018		5.000	%		08/01/2035		A1		2,600,000		3,265,730
											23,561,314
New York (0.86%)
The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Seventy-Ninth Series		5.000	%		12/01/2032		A+		3,000,000		3,348,270
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		2,844,500
											6,192,770
North Carolina (2.28%)
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2026		AA-		1,960,000		2,362,074
Metropolitan Sewerage District of Buncombe County, North Carolina, Sewerage System Revenue Refunding Bonds, Series 2013		4.000	%		07/01/2027		AA+		1,210,000		1,301,718
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2028		AA-		890,000		1,134,047
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds, Series 2015		5.000	%		05/01/2028		AA-		700,000		813,337
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2029		AA-		935,000		1,216,669
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds, Series 2015		5.000	%		05/01/2029		AA-		265,000		307,917
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2030		AA-		500,000		663,940
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2031		AA-		500,000		660,180
County of Union, North Carolina, Enterprise Systems Revenue Bonds, Series 2017		3.000	%		06/01/2031		Aa2		2,850,000		3,154,465
County of Forsyth, North Carolina, General Obligation, Public Improvement Bonds, Series 2019B		3.000	%		03/01/2032		Aaa		1,000,000		1,138,310
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2033		AA-		750,000		983,925
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2035		AA-		1,000,000		1,305,270
City of Salisbury, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020		5.000	%		02/01/2037		AA-		1,000,000		1,298,490
											16,340,342
North Dakota (1.38%)
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.000	%		05/01/2027		Aa1		860,000		897,857
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.125	%		05/01/2028		Aa1		845,000		882,231
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2016, Series L		3.250	%		05/01/2029		Aa1		835,000		871,832
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		1,856,059
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2017, Series M		3.125	%		05/01/2031		Aa1		1,015,000		1,095,530
City of Bismarck, Burleigh County, North Dakota, Refunding Improvement Bonds of 2017, Series M		3.125	%		05/01/2032		Aa1		1,060,000		1,141,991

32 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
North Dakota (Cont.)
City of Fargo, North Dakota, Refunding Improvement Bonds, Series 2019A		3.000	%		05/01/2033		Aa2	$	1,350,000	$	1,479,748
City of Fargo, North Dakota, Refunding Improvement Bonds, Series 2019A		3.000	%		05/01/2034		Aa2		1,550,000		1,705,341
											9,930,589
Ohio (6.09%)
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		1,076,810
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		2,889,700
Lake County Community College District, Ohio, (Lakeland Community College), Facilities Construction and Improvement Bonds, Series 2016A, (General Obligation - Unlimited Tax)		3.000	%		12/01/2025		Aa3		660,000		727,940
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-		190,000		196,578
Miami University, (A State University of Ohio), General Receipts Revenue and Refunding Bonds, Series 2011		5.000	%		09/01/2026		Aa3		1,430,000		1,447,246
Lake County Community College District, Ohio, (Lakeland Community College), Facilities Construction and Improvement Bonds, Series 2016A, (General Obligation - Unlimited Tax)		3.000	%		12/01/2026		Aa3		865,000		968,004
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		1,099,290
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		195,083
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		A1		1,250,000		1,376,275
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		1,069,210
Bellbrook-Sugarcreek Local School District, Counties of Greene and Warren, Ohio, School Improvement Unlimited Tax General Obligation Refunding Bonds, Series 2016		4.000	%		12/01/2028		Aa2		1,565,000		1,801,503
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified) (Prerefunded to 12-01-2023 @ 100) (b)		5.000	%		12/01/2028		Aa2		225,000		251,829
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014 (Prerefunded to 11-01-2023 @ 100) (b)		5.000	%		11/01/2029		Aa2		800,000		893,656
Board of Education of the Northwest Local School District, (Counties of Hamilton and Butler, Ohio), School Improvement, Unlimited Tax General Obligation Bonds, Series 2015, (Non-Bank Qualified) (Prerefunded to 12-01-2023 @ 100) (b)		5.000	%		12/01/2029		Aa2		200,000		223,848
Fairfield City School District, County of Butler, Ohio, School Improvement Unlimited Tax, General Obligation Bonds, Series 2014 (Prerefunded to 11-01-2023 @ 100) (b)		5.000	%		11/01/2030		Aa2		1,335,000		1,491,288
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2030		Aa2		235,000		276,043
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		397,226
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2030		Aa1		750,000		864,915
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2031		Aa2		220,000		257,657

See accompanying notes to financial statements. 33

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Ohio (Cont.)
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2031		Aa1	$	350,000	$	403,263
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		1,603,815
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2032		Aa2		220,000		257,059
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2020		4.000	%		12/01/2032		Aa3		315,000		355,219
Cuyahoga Community College District, Ohio, Facilities Construction and Improvement Bonds, Series 2018, (General Obligation -Unlimited Tax)		4.000	%		12/01/2032		AA		1,750,000		2,014,373
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2032		Aa1		375,000		431,254
Lakewood City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Refunding Bonds, Series 2017B		4.000	%		11/01/2033		Aa2		370,000		431,283
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2020		4.000	%		12/01/2033		Aa3		235,000		264,690
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2033		Aa1		500,000		601,945
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2033		Aa1		400,000		459,124
Worthington City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2033		Aa1		790,000		938,591
North Canton City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2020		3.000	%		11/01/2034		Aa3		1,065,000		1,172,703
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		1,145,650
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2034		Aa1		500,000		600,715
Gahanna-Jefferson City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2021, (General Obligation - Unlimited Tax)		3.000	%		12/01/2034		Aa3		750,000		850,350
Hudson City School District, Ohio, General Obligation (Unlimited Tax), School Improvement Bonds, Series 2018		4.000	%		12/01/2034		Aa1		875,000		1,001,525
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2020		4.000	%		12/01/2035		Aa3		1,870,000		2,095,990
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2035		Aa1		500,000		599,535
Gahanna-Jefferson City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2021, (General Obligation - Unlimited Tax)		3.000	%		12/01/2035		Aa3		1,000,000		1,130,980
Worthington City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2035		Aa1		475,000		560,234
Miami University, (A State University of Ohio), General Receipts Revenue and Refunding Bonds, Series 2020A		4.000	%		09/01/2036		Aa3		3,000,000		3,661,890
North Canton City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2020		3.000	%		11/01/2036		Aa3		685,000		750,712
Dublin City School District, Franklin, Delaware, and Union Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2019A, (General Obligation - Unlimited Tax)		4.000	%		12/01/2036		Aa1		1,000,000		1,197,600
Gahanna-Jefferson City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2021, (General Obligation - Unlimited Tax)		3.000	%		12/01/2036		Aa3		800,000		901,880

34 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Ohio (Cont.)
North Canton City School District, Ohio, General Obligation (Unlimited Tax), School Facilities Improvement Bonds, Series 2020		3.000	%		11/01/2037		Aa3	$	955,000	$	1,043,901
Gahanna-Jefferson City School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2021, (General Obligation - Unlimited Tax)		3.000	%		12/01/2037		Aa3		1,500,000		1,685,955
											43,664,337
Oklahoma (1.33%)
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2013		4.000	%		03/01/2023		AA		2,500,000		2,507,250
City of Tulsa, Oklahoma, General Obligation Bonds, Series 2016		3.000	%		04/01/2028		AA		3,000,000		3,109,080
Grand River Dam Authority, Revenue Bonds, Series 2014A		5.000	%		06/01/2031		A1		1,835,000		2,076,743
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		1,855,740
											9,548,563
Oregon (0.92%)
Central Lincoln People’s Utility District, Oregon, Electric System Revenue Bonds, Series 2016		2.250	%		12/01/2024		AA-		400,000		424,872
State of Oregon, General Obligation Bonds, 2016 Series J, (Veterans’ Welfare Bonds Series 97A) (Refunding)		2.800	%		06/01/2025		Aa1		155,000		167,617
North Clackamas School District No. 12, Clackamas County, Oregon, General Obligation Refunding Bonds, Series 2014 (Prerefunded to 06-15-2024 @ 100) (b)		5.000	%		06/15/2028		A+		2,500,000		2,859,775
Administrative School District No. 1 (Bend-La Pine), Deschutes County, Oregon, General Obligation Bonds, Series 2019		3.000	%		06/15/2035		Aa2		2,865,000		3,178,402
											6,630,666
Pennsylvania (0.86%)
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		4.000	%		06/01/2028		AA+		340,000		394,815
Township of Upper St. Clair, (Allegheny County, Pennsylvania), General Obligation Bonds, Series A of 2016		4.000	%		06/01/2029		AA+		305,000		352,888
County of Northampton, Commonwealth of Pennsylvania, General Obligation Bonds, Series B of 2012 (Tax-Exempt) (Prerefunded to 10-01-2022 @ 100) (b)		5.000	%		10/01/2030		AA		1,500,000		1,597,710
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		1,587,249
County of Jefferson, (Commonwealth of Pennsylvania), General Obligation Bonds, Series of 2021		3.000	%		12/15/2033		A+		400,000		449,912
County of Jefferson, (Commonwealth of Pennsylvania), General Obligation Bonds, Series of 2021		3.000	%		12/15/2035		A+		800,000		895,264
County of Jefferson, (Commonwealth of Pennsylvania), General Obligation Bonds, Series of 2021		3.000	%		12/15/2037		A+		770,000		856,356
											6,134,194
South Carolina (1.56%)
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		2,425,227
School District No. 1 of Richland County, South Carolina, General Obligation Refunding Bonds, Series 2011A (Prerefunded to 09-01-2021 @ 100) (b)		4.000	%		03/01/2023		Aa3		1,675,000		1,691,264
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		3.500	%		12/01/2027		AA		380,000		408,154
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		4.000	%		12/01/2028		AA		520,000		566,743
City of Columbia, South Carolina, Waterworks and Sewer System Refunding Revenue Bonds, Series 2016B		4.000	%		02/01/2029		Aa1		1,045,000		1,227,279

See accompanying notes to financial statements. 35

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
South Carolina (Cont.)
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Refunding Convertible Bonds, Series 2013B (Prerefunded to 03-01-2023 @ 100) (b)		5.000	%		03/01/2030		Aa3	$	2,160,000	$	2,344,313
Town of Fort Mill, South Carolina, Waterworks and Sewer System, Improvement Revenue Bonds, Series 2015		4.000	%		12/01/2030		AA		535,000		582,797
City of Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2019A		3.000	%		02/01/2035		Aa1		1,750,000		1,961,155
											11,206,992
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		254,488
Tennessee (1.23%)
City of Knoxville, Tennessee, Water System Revenue Refunding Bonds, Series BB-2015		3.000	%		03/01/2025		Aa1		1,170,000		1,225,470
Washington County, Tennessee, General Obligation School and Improvement Bonds, Series 2017B		3.000	%		06/01/2030		Aa2		850,000		941,384
Washington County, Tennessee, General Obligation School Bonds, Series 2017A		3.000	%		06/01/2030		Aa2		935,000		1,035,522
Harpeth Valley Utilities District of Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2014		5.000	%		09/01/2031		AA+		1,065,000		1,213,844
The City of Portland, Tennessee, Water and Sewer System Revenue Bonds, Series 2020		4.000	%		04/01/2035		A		1,225,000		1,450,498
City of Memphis, Tennessee Memphis Light, Gas and Water Division, Electric System Revenue Bonds, Series 2020A		3.000	%		12/01/2035		A+		1,000,000		1,133,820
City of Memphis, Tennessee Memphis Light, Gas and Water Division, Electric System Revenue Bonds, Series 2020A		3.000	%		12/01/2036		A+		1,640,000		1,853,495
											8,854,033
Texas (2.75%)
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		1,824,625
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		2,545,015
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		5.000	%		03/01/2032		Aa3		250,000		311,388
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		1,158,020
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		5.000	%		03/01/2033		Aa3		200,000		249,078
Gregory-Portland Independent School District, (San Patricio County, Texas), Unlimited Tax School Building Bonds, Series 2018A		4.000	%		02/15/2034		AA		1,565,000		1,655,473
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		4.000	%		03/01/2034		Aa3		280,000		328,418
Gregory-Portland Independent School District, (San Patricio County, Texas), Unlimited Tax School Building Bonds, Series 2018A		4.000	%		02/15/2035		AA		2,710,000		2,863,792
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		4.000	%		03/01/2035		Aa3		200,000		234,210
Harris County, Texas, Toll Road First Lien Revenue and Refunding Bonds, Series 2021		4.000	%		08/15/2035		Aa2		1,000,000		1,233,140
City Of Beaumont, Texas, (A political subdivision of the State of Texas located within Jefferson County, Texas), Waterworks and Sewer System Revenue and Refunding Bonds, Series 2020A		4.000	%		09/01/2035		A1		1,515,000		1,834,347
City of Laredo, Texas, Waterworks and Sewer System Revenue Bonds, New Series 2019		4.000	%		03/01/2036		Aa3		325,000		379,828
Waco Education Finance Corporation, Revenue Refunding Bonds, Baylor University Issue, Series 2020A, (Tax-Exempt Fixed Rate Bonds)		4.000	%		03/01/2036		A+		750,000		898,177
Harris County, Texas, Toll Road First Lien Revenue and Refunding Bonds, Series 2021		4.000	%		08/15/2036		Aa2		1,000,000		1,229,480

36 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Texas (Cont.)
City Of Beaumont, Texas, (A political subdivision of the State of Texas located within Jefferson County, Texas), Waterworks and Sewer System Revenue and Refunding Bonds, Series 2020A		4.000	%		09/01/2036		A1	$	1,720,000	$	2,076,332
Waco Education Finance Corporation, Revenue Refunding Bonds, Baylor University Issue, Series 2020A, (Tax-Exempt Fixed Rate Bonds)		4.000	%		03/01/2037		A+		725,000		865,664
											19,686,987
Utah (0.93%)
Snyderville Basin Special Recreation District, Summit County, Utah, General Obligation Bonds, Series 2015A		3.000	%		12/15/2025		Aa1		1,260,000		1,369,507
Jordan Valley Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B		4.000	%		10/01/2033		AA+		1,000,000		1,170,410
The Central Utah Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B, (Crossover Refunding)		4.000	%		10/01/2033		AA+		2,500,000		2,951,100
Jordan Valley Water Conservancy District, Water Revenue Refunding Bonds, Series 2017B		4.000	%		10/01/2034		AA+		1,000,000		1,168,150
											6,659,167
Vermont (0.54%)
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2032		Aa3		175,000		223,206
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2033		Aa3		190,000		241,841
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2034		Aa3		255,000		324,108
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018B		5.000	%		11/01/2034		Aa3		410,000		521,114
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2035		Aa3		265,000		336,205
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018B		5.000	%		11/01/2035		Aa3		435,000		551,884
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018B		5.000	%		11/01/2036		Aa3		910,000		1,151,687
City of Burlington, Vermont, General Obligation Public Improvement Bonds, Series 2018A		5.000	%		11/01/2037		Aa3		440,000		555,562
											3,905,607
Virginia (0.57%)
Loudoun County Sanitation Authority (Virginia), Water and Sewer System Revenue and Refunding Bonds, Series 2013		4.000	%		01/01/2027		Aaa		650,000		687,655
County of Stafford, Virginia, General Obligation Public Improvement Bonds, Series 2013		4.000	%		07/01/2030		Aaa		1,205,000		1,296,218
Virginia Public School Authority, School Financing Bonds (1997 Resolution), Series 2012 D (Prerefunded to 08-01-2022 @ 100) (b)		4.000	%		08/01/2030		Aa1		2,000,000		2,090,700
											4,074,573
Washington (6.66%)
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		1,947,187
City of Spokane, Washington, Unlimited Tax General Obligation Bonds, 2015		3.000	%		12/01/2025		Aa2		1,295,000		1,406,046
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		2,270,080
State of Washington, Various Purpose General Obligation Refunding Bonds, Series R-2013C		4.000	%		07/01/2026		AA+		2,500,000		2,688,200
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.250	%		12/01/2027		Aa2		400,000		448,948

See accompanying notes to financial statements. 37

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(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	$	1,242,164
City of Camas, Washington, Water and Sewer Revenue and Refunding Bonds, 2015		4.000	%		12/01/2028		Aa3		1,050,000		1,206,660
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, 2016A		3.250	%		12/01/2028		Aa2		350,000		390,649
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		1,158,050
Public Utility District No. 1 of Pend Oreille County, Washington, Electric Revenue Refunding Bonds, 2019		3.000	%		01/01/2029		Baa2		895,000		956,361
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2029		A1		1,000,000		1,116,940
City of Everett, Washington, Water and Sewer Revenue Refunding Bonds, 2016		3.125	%		12/01/2029		AA+		2,000,000		2,222,800
City of Tacoma, Washington, Solid Waste Revenue Refunding Bonds, 2016B		5.000	%		12/01/2029		A1		1,525,000		1,833,584
Public Utility District No. 1 of Clark County, Washington, Water System Revenue Bonds, Series 2014		5.000	%		01/01/2030		AA-		985,000		1,096,689
Public Utility District No. 1 Of Pend Oreille County, Washington, Electric Revenue Refunding Bonds, 2019		3.000	%		01/01/2030		Baa2		920,000		974,133
Energy Northwest, Columbia Generating Station Electric Revenue and Refunding Bonds, Series 2015-A		5.000	%		07/01/2030		AA-		5,000,000		5,872,500
Public Utility District No. 1 of Cowlitz County, Washington, Production System Revenue Refunding Bonds, 2014		5.000	%		09/01/2030		A1		2,100,000		2,344,356
Public Utility District No. 1 Of Pend Oreille County, Washington, Electric Revenue Refunding Bonds, 2019		3.000	%		01/01/2031		Baa2		945,000		991,702
Bainbridge Island School District No. 303, Kitsap County, Washington, Unlimited Tax General Obligation Bonds, 2017A		4.000	%		12/01/2033		Aa2		840,000		983,489
Bellevue School District No 405, King County, Washington, Unlimited Tax General Obligation Bonds, 2019		3.000	%		12/01/2033		AA+		5,095,000		5,627,122
Lake Washington School District No. 414, King County, Washington, Unlimited Tax General Obligation Bonds, 2017		4.000	%		12/01/2033		AA+		5,000,000		5,854,100
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		1,210,121
Bainbridge Island School District No. 303, Kitsap County, Washington, Unlimited Tax General Obligation Bonds, 2017A		4.000	%		12/01/2034		Aa2		510,000		596,114
Selah School District No. 119, Yakima and Kittitas Counties, Washington, Unlimited Tax General Obligation Bonds, 2018		4.375	%		12/01/2034		A1		1,040,000		1,250,590
Public Utility District No. 1 of Okanogan County, Washington, Electric System Revenue Bonds, 2020 Series A		4.000	%		12/01/2035		A1		500,000		602,210
Public Utility District No. 1 of Okanogan County, Washington, Electric System Revenue Bonds, 2020 Series A		4.000	%		12/01/2036		A1		400,000		480,268
Public Utility District No. 1 of Okanogan County, Washington, Electric System Revenue Bonds, 2020 Series A		4.000	%		12/01/2037		A1		800,000		957,760
											47,728,823
West Virginia (1.43%)
West Virginia University Board of Governors, University Improvement Revenue Bonds (West Virginia University Projects), 2011 Series B (Prererfunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2023		A3		2,510,000		2,550,888
West Virginia University Board of Governors, University Improvement Revenue Bonds (West Virginia University Projects), 2011 Series B (Prerefunded to 10-01-2021 @ 100) (b)		5.000	%		10/01/2024		Aa3		3,200,000		3,252,128
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012 (Prerefunded to 05-01-2022 @ 100) (b)		4.000	%		05/01/2025		AA-		1,105,000		1,144,040
The Board of Education of the County of Braxton (West Virginia), Public School Refunding Bonds, Series 2016		4.000	%		05/01/2026		AA-		250,000		288,132
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		135,566

38 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
West Virginia (Cont.)
The Board of Education of the County of Manongalia (West Virginia), Public School Refunding Bonds, Series 2012 (Prerefunded to 05-01-2022 @ 100) (b)		4.000	%		05/01/2026		AA-	$	2,180,000	$	2,257,019
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		625,782
											10,253,555
Wisconsin (6.19%)
Milwaukee Metropolitan Sewerage District, General Obligation Sewerage System Refunding Bonds, Series 2015C		2.500	%		10/01/2024		Aa1		2,000,000		2,144,020
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		1,003,440
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		2,754,904
City of Oshkosh, Wisconsin, (Winnebago County), General Obligation Refunding Bonds, Series 2016H		2.000	%		08/01/2026		Aa3		1,090,000		1,132,717
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds (Prerefunded to 04-01-2024 @ 100) (b)		4.000	%		04/01/2027		Aa3		340,000		376,244
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds (Prerefunded to 04-01-2024 @ 100) (b)		4.000	%		04/01/2028		Aa3		275,000		304,315
Ellsworth Community School District, Pierce County, Wisconsin, General Obligation Refunding Bonds (Prerefunded to 04-01-2024 @ 100) (b)		4.000	%		04/01/2029		Aa3		400,000		442,640
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2029		A		1,000,000		1,149,740
School District of Wisconsin Dells, Adams, Columbia, Juneau, Marquette and Sauk Counties, Wisconsin, General Obligation Refunding Bonds		3.125	%		03/01/2030		AA-		1,595,000		1,734,164
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2030		A		2,000,000		2,299,480
School District of Wisconsin Dells, Adams, Columbia, Juneau, Marquette and Sauk Counties, Wisconsin, General Obligation Refunding Bonds		3.250	%		03/01/2031		AA-		1,395,000		1,522,796
Waupaca County, Wisconsin, General Obligation Highway Facility Building Bonds, Series 2018A		3.250	%		03/01/2031		Aa2		1,160,000		1,281,046
Burlington Area School District, Racine, Walworth and Kenosha Counties, Wisconsin, General Obligation Refunding Bonds		3.125	%		04/01/2031		A+		1,000,000		1,086,810
D.C. Everest Area School District, Marathon County, Wisconsin, General Obligation School Building and Improvement Bonds, Series 2018		3.375	%		04/01/2031		AA		3,900,000		4,292,691
School District of Poynette, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.000	%		04/01/2031		AA		850,000		922,837
City of Muskego, Waukesha County, Wisconsin, General Obligation Refunding Bonds, Series 2018A		4.000	%		06/01/2031		Aa2		300,000		350,904
Central Brown County Water Authority, Wisconsin, Water System Revenue Refunding Bonds, Series 2014A		5.000	%		11/01/2031		A		2,200,000		2,528,614
Calumet County, Wisconsin, General Obligation County Building Bonds		3.000	%		12/01/2031		AA+		1,300,000		1,472,705
Burlington Area School District, Racine, Walworth and Kenosha Counties, Wisconsin, General Obligation Refunding Bonds		3.250	%		04/01/2032		A+		1,120,000		1,222,245
Hamilton School District, Waukesha County, Wisconsin, General Obligation School Building and Improvement Bonds		3.250	%		04/01/2032		Aa1		3,390,000		3,696,253
School District of Poynette, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.125	%		04/01/2032		AA		1,520,000		1,652,650
Western Technical College District, Wisconsin, General Obligation Refunding Bonds, Series 2017F		3.000	%		04/01/2032		AA+		2,240,000		2,385,846
City of Muskego, Waukesha County, Wisconsin, General Obligation Refunding Bonds, Series 2018A		4.000	%		06/01/2032		Aa2		675,000		786,179
Calumet County, Wisconsin, General Obligation County Building Bonds		3.000	%		12/01/2032		AA+		1,325,000		1,496,375
Calumet County, Wisconsin, General Obligation County Building Bonds		3.000	%		12/01/2033		AA+		1,375,000		1,547,934
City of Muskego, Waukesha County, Wisconsin, General Obligation Refunding Bonds, Series 2018A		4.000	%		06/01/2034		Aa2		1,390,000		1,609,050

See accompanying notes to financial statements. 39

STATE FARM ASSOCIATES’ FUNDS TRUST MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

May 31, 2021

(Unaudited)

	Coupon rate			Maturity date		Rating (a)		Principal amount		Value
Long-term Municipal Bonds (Cont.)
Wisconsin (Cont.)
Sun Prarie Area School District, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.000	%		03/01/2035		AA	$	1,405,000	$	1,529,385
Sun Prarie Area School District, Dane and Columbia Counties, Wisconsin, General Obligation Refunding Bonds		3.000	%		03/01/2036		AA		1,535,000		1,667,470
											44,393,454
Total Long-term Municipal Bonds
(cost $651,823,636)											694,456,141
								Shares		Value
Short-term Investments (2.19%)
JPMorgan U.S. Government Money Market Fund Capital Shares, 0.03% (d)									15,677,224		15,677,224
Total Short-term Investments
(cost $15,677,224)											15,677,224
TOTAL INVESTMENTS (99.04%)
(cost $667,500,860)											710,133,365
OTHER ASSETS, NET OF LIABILITIES (0.96%)											6,872,815
NET ASSETS (100.00%)										$	717,006,180

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

(d) Rate shown is the 7-day yield as of May 31, 2021.

NR - Not Rated

40 See accompanying notes to financial statements.

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41

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF ASSETS AND LIABILITIES

May 31, 2021

(Unaudited)

	Growth Fund		Balanced Fund		Interim Fund		Municipal Bond Fund
Assets
Investments in securities at identified cost	$	1,458,561,180		1,030,542,793		459,164,055		667,500,860
Investments in securities at market value	$	6,731,981,863		2,408,552,110		465,920,080		710,133,365
Cash		1,915,607		1,915,682		—		—
Receivables:
Dividends and interest		15,967,306		7,470,308		2,059,403		7,096,240
Shares of the Fund sold		2,689,948		1,296,660		98,761		265,263
SFIMC		35,333		13,506		2,875		4,287
Due from bank		0		150		0		0
Prepaid expenses		98,168		47,155		12,428		17,519
Total assets		6,752,688,225		2,419,295,571		468,093,547		717,516,674
Liabilities and Net Assets
Distributions to shareholders		—		—		39,586		356,774
Payables:
Shares of the Fund redeemed		1,708,705		1,271,316		239,496		8,806
Trustees’ fees and expenses		20,083		8,087		1,748		2,634
Due to bank		150		0		0		0
Due to affiliates		561,715		226,459		51,349		86,639
Accrued liabilities		157,128		102,134		56,634		55,641
Total liabilities		2,447,781		1,607,996		388,813		510,494
Net assets applicable to shares outstanding of common stock	$	6,750,240,444		2,417,687,575		467,704,734		717,006,180
Fund shares outstanding (no par value, unlimited number of shares authorized)		59,240,928		26,508,009		45,636,928		80,012,581
Net asset value, offering price and redemption price per share	$	113.95		91.21		10.25		8.96
Analysis of Net Assets
Paid-in-capital	$	1,342,422,223		940,816,316		461,221,443		674,054,129
Total distributable earnings (loss)		5,407,818,221		1,476,871,259		6,483,291		42,952,051
Net assets applicable to shares outstanding	$	6,750,240,444		2,417,687,575		467,704,734		717,006,180

42 See accompanying notes to financial statements.

STATE FARM ASSOCIATES’ FUNDS TRUST

STATEMENTS OF OPERATIONS

May 31, 2021

(Unaudited)

	Growth Fund			Balanced Fund			Interim Fund			Municipal Bond Fund
Investment Income:
Dividends	$	66,075,475			17,400,669			—			—
Interest		4,638			8,219,847			2,947,035			11,444
Tax-exempt interest		—			—			—			9,211,086
		66,080,113			25,620,516			2,947,035			9,222,530
Less: foreign withholding taxes		(554,428	)		(248,971	)		—			—
Total investment income		65,525,685			25,371,545			2,947,035			9,222,530
Expenses:
Investment advisory and management fees		3,188,030			1,246,002			278,954			400,015
Trustees’ fees and expenses		164,206			63,567			14,733			20,056
Reports to shareholders		76,162			16,754			9,619			8,766
Professional fees		48,740			27,266			3,694			5,774
Audit fees		40,594			40,194			40,360			40,205
Errors and omissions insurance		32,050			15,570			6,159			7,114
Custodian fees		73,854			38,582			7,359			5,564
ICI dues		40,048			15,631			3,462			5,291
Regulatory Fees		18,813			12,719			16,035			12,367
Fidelity bond expense		1,351			620			141			213
Securities valuation fees		5,026			84,350			13,846			88,002
Total expenses		3,688,874			1,561,255			394,362			593,367
Less: expense reimbursement from SFIMC		(35,631	)		(13,506	)		(2,875	)		(4,287	)
Net expenses		3,653,243			1,547,749			391,487			589,080
Net investment income		61,872,442			23,823,796			2,555,548			8,633,450
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		75,128,604			76,700,685			118,270			274,004
Net realized gain (loss) on foreign currency transactions		(12,366	)		(4,088	)		—			—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		946,525,776			204,825,149			(5,819,117	)		(6,211,222	)
Net realized and unrealized gain (loss) on investments		1,021,642,014			281,521,746			(5,700,847	)		(5,937,218	)
Net change in net assets resulting from operations	$	1,083,514,456			305,345,542			(3,145,299	)		2,696,232

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, 2021 (Unaudited) and the year ended November 30, 2020	2021			2020
From operations:
Net investment income	$	61,872,442			122,110,348
Net realized gain (loss)		75,116,238			50,580,861
Change in net unrealized appreciation or depreciation		946,525,776			495,954,432
Net change in net assets resulting from operations		1,083,514,456			668,645,641
Distributions to shareholders from and in excess of:
Distributions (Net investment income, Net realized gain)		(107,166,262	)		(181,531,414	)
Total distributions to shareholders		(107,166,262	)		(181,531,414	)
From Fund share transactions:
Proceeds from shares sold		159,554,690			245,052,230
Reinvestment of distributions		100,311,561			170,226,604
		259,866,251			415,278,834
Less payments for shares redeemed		(305,737,138	)		(585,160,917	)
Net increase (decrease) in net assets from Fund share transactions		(45,870,887	)		(169,882,083	)
Total increase (decrease) in net assets		930,477,307			317,232,144
Net assets:
Beginning of period		5,819,763,137			5,502,530,993
End of period	$	6,750,240,444			5,819,763,137
Share Information
Sold		1,498,724			2,888,825
Issued in reinvestment of distributions		1,009,985			1,943,120
Redeemed		(2,881,858	)		(6,785,766	)
Net increase (decrease)		(373,149	)		(1,953,821	)

44 See accompanying notes to financial statements.

Balanced Fund						Interim Fund						Municipal Bond Fund
2021			2020			2021			2020			2021			2020
	23,823,796			47,326,599			2,555,548			5,811,934			8,633,450			18,120,053
	76,696,597			17,222,752			118,270			(4,405	)		274,004			671,779
	204,825,149			163,695,182			(5,819,117	)		9,183,914			(6,211,222	)		18,059,864
	305,345,542			228,244,533			(3,145,299	)		14,991,443			2,696,232			36,851,696
	(39,455,571	)		(55,983,773	)		(2,555,548	)		(5,811,934	)		(9,259,687	)		(18,438,528	)
	(39,455,571	)		(55,983,773	)		(2,555,548	)		(5,811,934	)		(9,259,687	)		(18,438,528	)
	77,432,247			133,601,946			73,754,040			272,566,071			38,962,061			78,430,037
	37,548,870			53,290,330			2,108,204			5,716,538			6,582,023			15,338,456
	114,981,117			186,892,276			75,862,244			278,282,609			45,544,084			93,768,493
	(214,244,550	)		(229,868,707	)		(97,629,539	)		(142,990,378	)		(62,984,478	)		(82,077,036	)
	(99,263,433	)		(42,976,431	)		(21,767,295	)		135,292,231			(17,440,394	)		11,691,457
	166,626,538			129,284,329			(27,468,142	)		144,471,740			(24,003,849	)		30,104,625
	2,251,061,037			2,121,776,708			495,172,876			350,701,136			741,010,029			710,905,404
	2,417,687,575			2,251,061,037			467,704,734			495,172,876			717,006,180			741,010,029
	893,323			1,807,747			7,115,629			26,310,110			4,209,678			8,786,824
	455,635			717,928			239,890			552,545			848,750			1,714,383
	(2,406,652	)		(3,118,768	)		(9,496,361	)		(13,820,577	)		(7,020,507	)		(9,318,579	)
	(1,057,694	)		(593,093	)		(2,140,842	)		13,042,078			(1,962,079	)		1,182,628

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, 2021. 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, 2021, the Municipal Bond Fund did not have any when-issued securities.

New Accounting Pronouncements

In August 2018, FASB issued Accounting Standards Update No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which removes, modifies, and adds certain fair value disclosure requirements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Funds applied the amendments beginning with the fiscal period ended November 30, 2021. This change had no impact on the Trust’s financial statements.

3. Securities Valuation

Investments are valued at fair value pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board”). The Board assigns 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.

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.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

	Investments in Securities
Fund	Level 1			Level 2		Level 3		Total
Growth Fund
Common Stocks (a)	$	6,628,987,880		$	—	$	—	$	6,628,987,880
Short-term Investments		102,993,983			—		—		102,993,983
Balanced Fund
Common Stocks (a)		1,717,311,510			—		—		1,717,311,510
Corporate Bonds		—			391,318,062		—		391,318,062
Foreign Government Bonds		—			2,147,320		—		2,147,320
Agency Commercial Mortgage-Backed
Securities		—			78,753,496		—		78,753,496
U.S. Treasury Obligations		—			167,711,881		—		167,711,881
Short-term Investments		51,309,841			—		—		51,309,841
Interim Fund
U.S. Treasury Obligations		—			460,817,453		—		460,817,453
Short-term Investments		5,102,627			—		—		5,102,627
Municipal Bond Fund
Long-term Municipal Bonds		—			694,456,141		—		694,456,141
Short-term Investments		15,677,224			—		—		15,677,224
(a)   Industry classification is disclosed in the Schedules of Investments.

The Funds did not hold any Level 3 securities or derivative instruments as of November 30, 2020 or for the six months ended May 31, 2021.

48

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

4. Proposed Reorganizations with Advisers Investment Trust

At a special meeting held on March 11, 2021, the Board of Trustees of State Farm Associates’ Funds Trust approved an Agreement and Plan of Reorganization for each of the funds of State Farm Associates’ Funds Trust pursuant to which each fund (each, a “Target Fund” and collectively, the “Target Funds”) would be reorganized (each, a “Reorganization” and collectively, the “Reorganizations”) into newly created corresponding series (each, an “Acquiring Fund”) of Advisers Investment Trust, a Delaware statutory trust (the “AIT Trust”). At a special joint meeting held on June 17, 2021, the shareholders of each Target Fund approved the Agreement and Plan of Reorganization. The Reorganizations are subject to the completion of certain conditions.

Target Funds (each a series of State Farm Associates’ Funds Trust)	Acquiring Funds (each a series of Advisers Investment Trust)
State Farm Growth Fund	State Farm Growth Fund
State Farm Balanced Fund	State Farm Balanced Fund
State Farm Interim Fund	State Farm Interim Fund
State Farm Municipal Bond Fund	State Farm Municipal Bond Fund

With respect to each Target Fund, the Agreement and Plan of Reorganization provides for: (i) the acquisition by AIT Trust, on behalf of each of its series, of all of the assets of a corresponding Target Fund, in exchange for shares of the corresponding Acquiring Fund (“Acquiring Fund Shares”), and the assumption by the AIT Trust, on behalf of each Acquiring Fund, of the liabilities of each corresponding Target Fund; (ii) the distribution of Acquiring Fund Shares to the shareholders of each corresponding Target Fund according to their respective interests in the Target Fund in complete liquidation of the Target Funds; and (iii) the dissolution of each Target Fund as soon as practicable after the closing of the Reorganizations.

It is anticipated that the closing date for the Reorganizations will be during the third calendar quarter of 2021. Each Reorganization is proposed to be conducted separately from the others, and a Fund that is not a party to a Reorganization will incur no obligations, duties or liabilities with respect to such Reorganization by reason of being a party to the Plan. If any one or more Reorganizations should fail to be consummated, such failure will not affect the other Reorganizations in any way. No Reorganization of any Target Fund is conditioned upon the Reorganization of any other Target Fund.

5. Income Taxes and Distributions to Shareholders

As of May 31, 2021, 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, 2020, 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, 2020.

As of May 31, 2021, 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	$	1,458,561,180	$	5,311,870,394	$	(38,449,711	)	$	5,273,420,683
Balanced Fund		1,030,542,793		1,398,949,905		(20,940,588	)		1,378,009,317
Interim Fund		459,164,055		9,194,875		(2,438,850	)		6,756,025
Municipal Bond Fund		667,500,860		42,726,041		(93,536	)		42,632,505

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.

49

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

On June 24, 2021, the Growth Fund declared an ordinary income dividend of $1.02 per share to shareholders of record on June 23, 2021 (reinvestment date June 24, 2021).

On June 24, 2021, the Balanced Fund declared an ordinary income dividend of $0.87 per share to shareholders of record on June 23, 2021 (reinvestment date June 24, 2021).

For the year ended November 30, 2020, the following Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains realized after November 30, 2020, 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 2020		Short-term		Long-term		Total
Interim Fund	$	—	$	6,148	$	384,855	$	391,003

As of November 30, 2020, 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	$	53,683,961	$	50,874,602	$	4,326,911,464	$	—		$	4,431,470,027
Balanced Fund		20,512,978		17,279,057		1,173,189,253		—			1,210,981,288
Interim Fund		—		—		12,575,142		(391,003	)		12,184,139
Municipal Bond Fund		—		671,779		48,705,924		—			49,377,703

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, 2020, these reclassifications were as follows:

Fund	Paid in Capital		Accumulated Net Realized Gain (Loss) (a)		Accumulated Undistributed Net Investment Income (Loss) (a)
Growth Fund	$	—	$	293,741	$	(293,741	)
Balanced Fund		—		56,305		(56,305	)
(a)   These components are each included as part of total distributable earnings (loss) within the Statements of Assets and Liabilities.

The tax character of distributions was designated as follows for the year ended November 30,2020.

2020	Tax-Exempt Income		Ordinary Income		Long-term Capital Gain		Total
Growth Fund	$	—	$	129,137,348	$	52,394,066	$	181,531,414
Balanced Fund		—		49,929,057		6,054,716		55,983,773
Interim Fund		—		5,811,934		—		5,811,934
Municipal Bond Fund		18,201,882		56,101		180,545		18,438,528

50

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

6. 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 $25 million at any one time to the Funds. Under the agreement, a Fund will pay interest to Auto Company on any outstanding loan at a benchmark interest rate that approximates the rate that creditworthy corporate issuers pay on short-term commercial paper. The Funds did not borrow under the Line of Credit Agreement during the six months ended May 31, 2021.

7. Investment Transactions

For the six months ended May 31, 2021, 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	$	—	$	178,461,093	$	—	$	—
Balanced Fund		9,958,392		155,413,520		9,765,234		15,000,000
Interim Fund		—		—		28,129,844		49,669,883
Municipal Bond Fund		34,326,199		42,915,760		—		—

51

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

8. Principal Risks

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

Management Risk

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

Market Risk

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

Interest Rate Risk and Call Risk

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

Credit Risk

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

Municipal Bond Risk

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

Inflation Risk

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

Liquidity Risk

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

Tax Risk

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

Long-term Ownership Strategy Risk

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

Income Risk

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

52

STATE FARM ASSOCIATES’ FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

9. Coronavirus Disease 2019

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

53

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, 2021 (Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	97.62			89.37			81.06			80.41			70.41			73.38
Income from Investment Operations
Net investment income (a)		1.04			1.99			2.13			1.93			1.84			1.75
Net gain (loss) on investments (both realized and unrealized)		17.10			9.22			9.30			1.51			10.50			4.15
Total from investment operations		18.14			11.21			11.43			3.44			12.34			5.90
Less Distributions
Net investment income		(0.95	)		(2.11	)		(2.09	)		(1.90	)		(1.78	)		(1.76	)
Net realized gain		(0.86	)		(0.85	)		(1.03	)		(0.89	)		(0.56	)��		(7.11	)
Total distributions		(1.81	)		(2.96	)		(3.12	)		(2.79	)		(2.34	)		(8.87	)
Net asset value, end of period	$	113.95			97.62			89.37			81.06			80.41			70.41
Total Return		18.85	%(b)		12.96	%		14.91	%		4.41	%		17.91	%		9.54	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	6,750.2			5,819.8			5,502.5			4,992.6			4,960.5			4,296.6
Average net asset ratios
Expenses		0.12	%(c)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Net investment income		1.99	%(c)		2.29	%		2.62	%		2.42	%		2.46	%		2.59	%
Portfolio turnover rate (d)		0	%(c)		0	%		1	%		0	%		1	%		0	%

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

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

(c) Determined on an annualized basis.

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

54 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, 2021 (Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	81.66			75.35			68.52			68.84			63.19			66.38
Income from Investment Operations
Net investment income (a)		0.86			1.69			1.81			1.70			1.65			1.63
Net gain (loss) on investments (both realized and unrealized)		10.13			6.62			7.30			(0.03	)		5.75			1.76
Total from investment operations		10.99			8.31			9.11			1.67			7.40			3.39
Less Distributions
Net investment income		(0.81	)		(1.78	)		(1.79	)		(1.68	)		(1.63	)		(1.69	)
Net realized gain		(0.63	)		(0.22	)		(0.49	)		(0.31	)		(0.12	)		(4.89	)
Total distributions		(1.44	)		(2.00	)		(2.28	)		(1.99	)		(1.75	)		(6.58	)
Net asset value, end of period	$	91.21			81.66			75.35			68.52			68.84			63.19
Total Return		13.64	%(b)		11.31	%		13.82	%		2.49	%		11.93	%		5.83	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	2,417.7			2,251.1			2,121.8			1,935.4			1,951.1			1,766.3
Average net asset ratios
Expenses		0.13	%(c)		0.14	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		2.03	%(c)		2.27	%		2.59	%		2.50	%		2.52	%		2.63	%
Portfolio turnover rate		2	%(c)		3	%		4	%		5	%		4	%		4	%

(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. 55

STATE FARM ASSOCIATES’ FUNDS TRUST INTERIM FUND

(For a share outstanding throughout each period)

				Year ended November 30,
	Six months ended May 31, 2021 (Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	10.36			10.10			9.76			9.87			9.92			9.99
Income from Investment Operations
Net investment income		0.05			0.14			0.17			0.14			0.12			0.12
Net gain (loss) on investments (both realized and unrealized)		(0.11	)		0.26			0.34			(0.11	)		(0.05	)		(0.07	)
Total from investment operations		(0.06	)		0.40			0.51			0.03			0.07			0.05
Less Distributions
Net investment income		(0.05	)		(0.14	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)
Net realized gain		—			—			—			—			—			—
Total distributions		(0.05	)		(0.14	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)
Net asset value, end of period	$	10.25			10.36			10.10			9.76			9.87			9.92
Total Return		(0.55	)%(a)		4.02	%		5.26	%		0.33	%		0.71	%		0.45	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	467.7			495.2			350.7			337.9			360.4			396.3
Average net asset ratios
Expenses		0.16	%(b)		0.16	%		0.17	%		0.17	%		0.16	%		0.16	%
Net investment income		1.06	%(b)		1.38	%		1.71	%		1.45	%		1.21	%		1.15	%
Portfolio turnover rate		12	%(b)		20	%		20	%		16	%		13	%		13	%

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

(b) Determined on an annualized basis.

56 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, 2021 (Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	9.04			8.80			8.44			8.61			8.53			8.80
Income from Investment Operations
Net investment income		0.10			0.23			0.24			0.25			0.26			0.26
Net gain (loss) on investments (both realized and unrealized)		(0.07	)		0.24			0.36			(0.17	)		0.08			(0.27	)
Total from investment operations		0.03			0.47			0.60			0.08			0.34			(0.01	)
Less Distributions
Net investment income		(0.10	)		(0.23	)		(0.24	)		(0.25	)		(0.26	)		(0.26	)
Net realized gain(a)		(0.01	)		—			—			—			—			—
Total distributions		(0.11	)		(0.23	)		(0.24	)		(0.25	)		(0.26	)		(0.26	)
Net asset value, end of period	$	8.96			9.04			8.80			8.44			8.61			8.53
Total Return		0.34	%(b)		5.40	%		7.19	%		0.99	%		3.99	%		(0.16	)%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	717.0			741.0			710.9			675.4			698.6			704.1
Average net asset ratios
Expenses		0.16	%(c)		0.16	%		0.16	%		0.16	%		0.15	%		0.16	%
Net investment income		2.38	%(c)		2.53	%		2.74	%		2.93	%		2.98	%		2.95	%
Portfolio turnover rate		10	%(c)		10	%		14	%		12	%		9	%		7	%

(a) Net realized gain distributions represent less than $0.01 per share for the years ended November 30, 2020, 2019 and 2018.

(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. 57

ITEM 2. CODE OF ETHICS.

Disclosure information pursuant to Item 2 is not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer evaluated the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report (the “Evaluation Date”), and based on their evaluation as of the Evaluation Date of these controls and procedures as required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (as applicable), concluded that the registrant’s disclosure controls and procedures are effective. (b) No change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

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

SIGNATURES

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

State Farm Associates’ Funds Trust

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

Date   July 23, 2021

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 23, 2021

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

Date   July 23, 2021