State Farm Mutual Fund Trust ANNUAL REPORT 2011

December31,2011 StateFarmMutualFundTrust ClassAShares ClassBShares LegacyClassAShares LegacyClassBShares InstitutionalShares ClassR-1,R-2andR-3Shares StateFarmEquityFund StateFarmSmall/MidCapEquityFund StateFarmInternationalEquityFund StateFarmS&P500IndexFund StateFarmSmallCapIndexFund StateFarmInternationalIndexFund StateFarmEquityandBondFund StateFarmBondFund StateFarmTaxAdvantagedBondFund StateFarmMoneyMarketFund StateFarmLifePath® RetirementFund StateFarmLifePath2020® Fund StateFarmLifePath2030® Fund StateFarmLifePath2040® Fund StateFarmLifePath2050® Fund ANNUAL REPORT Toenrollinelectronic deliveryofmutualfunds documents,goto statefarm.com®, logintoyouraccount, scrolldowntoState FarmMutualFunds, andthenclickon ElectronicDelivery. STATE FARM MUTUAL FUND TRUST State Farm Tax Advantaged Bond Fund June 1, 2012 Supplement to State Farm Mutual Fund Trust Annual Report dated December 31, 2011 The information in this supplement is an amendment to the State Farm Mutual Fund Trust Annual Report dated December 31, 2011. On page 48 of the State Farm Mutual Fund Trust Annual Report dated December 31, 2011, in the table providing the Fund’s Average Annual Total Return as of December 31, 2011 for Class B shares, the 5 YEAR return was originally reported as 3.44%. With this amendment, the State Farm Tax Advantaged Bond Fund’s Average Annual Total Return for Class B shares for the 5 YEAR period ended December 31, 2011 should read 4.81%. Page 1 of 1 Table of Contents Message to Shareholders. . . . . . . . . . . . . . . . . . . . . . . 1 Management’s Discussions (unaudited) State Farm Equity Fund . . . . . . . . . . . . . . . . . . . . . 3 State Farm Small/MId Cap Equity Fund. . . . . . . . . . 9 State Farm International Equity Fund . . . . . . . . . . . 15 State Farm S&P 500 Index Fund. . . . . . . . . . . . . . . 20 State Farm Small Cap Index Fund. . . . . . . . . . . . . . 25 State Farm International Index Fund. . . . . . . . . . . . 30 State Farm Equity and Bond Fund. . . . . . . . . . . . . . 35 State Farm Bond Fund. . . . . . . . . . . . . . . . . . . . . . 42 State FarmTaxAdvantaged Bond Fund. . . . . . . . . . 46 State Farm Money Market Fund. . . . . . . . . . . . . . . 51 State Farm LifePath® Funds. . . . . . . . . . . . . . . . . . 52 Report on Shareholder Meeting . . . . . . . . . . . . . . . . . 75 Expense Example (unaudited) . . . . . . . . . . . . . . . . . . 76 Schedule of Investments State Farm Equity Fund . . . . . . . . . . . . . . . . . . . . . 85 State Farm Small/Mid Cap Equity Fund. . . . . . . . . . 87 State Farm International Equity Fund . . . . . . . . . . . 90 State Farm Small Cap Index Fund. . . . . . . . . . . . . . 93 State Farm International Index Fund. . . . . . . . . . . . 112 State Farm Equity and Bond Fund. . . . . . . . . . . . . . 123 State Farm Bond Fund. . . . . . . . . . . . . . . . . . . . . . 124 State FarmTaxAdvantaged Bond Fund. . . . . . . . . . 132 State Farm Money Market Fund. . . . . . . . . . . . . . . 142 Financial Statements Statements ofAssets and Liabilities . . . . . . . . . . . . 144 Statements of Operations . . . . . . . . . . . . . . . . . . . 148 Statements of Changes in NetAssets . . . . . . . . . . . 150 Notes to Financial Statements . . . . . . . . . . . . . . . . 156 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . 182 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . 212 Change In Independent Registered Public Accounting Firm (unaudited). . . . . . . . . . . . . . . . . 213 Management Information (unaudited) . . . . . . . . . . . . 214 Master Investment Portfolio S&P 500 Stock Master Portfolio Master Portfolio Information. . . . . . . . . . . . . . . . . . 217 Schedule of Investments . . . . . . . . . . . . . . . . . . . . 218 Statement ofAssets and Liabilities. . . . . . . . . . . . . 226 Statement of Operations . . . . . . . . . . . . . . . . . . . . 227 Statement of Changes in NetAssets. . . . . . . . . . . . 228 Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . 229 Notes to Financial Statements . . . . . . . . . . . . . . . . 230 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . 234 LifePath Retirement,LifePath 2020,LifePath 2030, LifePath 2040,LifePath 2050,Active Stock,and CoreAlpha Bond Master Portfolios Master Portfolio Information. . . . . . . . . . . . . . . . . . 235 Schedules of Investments . . . . . . . . . . . . . . . . . . . 238 Statements ofAssets and Liabilities . . . . . . . . . . . . 266 Statements of Operations . . . . . . . . . . . . . . . . . . . 269 Statements of Changes in NetAssets . . . . . . . . . . . 272 Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . 276 Notes to Financial Statements . . . . . . . . . . . . . . . . 281 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . 290 Officers and Trustees . . . . . . . . . . . . . . . . . . . . . 291 Investment return and principal value will flucuate and Fund shares,when redeemed,may be worth more or less than their original cost.Recent performance may be less than the figures shown in this report.Obtain total returns for the Funds current to the most recent month-end at statefarm.com® under the Mutual Funds tab or by calling our Securities Response Center at 1.800.447.4930. Before investing,consider the Funds’ investment objectives,risks,charges and expenses.Contact State Farm VP Management Corp.(1-800-447-4930) for a prospectus or summary prospectus containing this and other information.Read it carefully. Investing involves risk,including potential for loss. 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 1-800-447-4930 and at“http://www.sec.gov.” The Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q.The Funds’ Forms N-Q are available on the Commission’s website at“http://www.sec.gov.”The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room inWashington,D.C.,and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.The Funds make the information on Form N-Q available to shareholders upon request without charge at 1-800-447-4930. 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. The Funds may send one copy of each annual report,semi-annual report,prospectus,and proxy statement to an address shared by more than one shareholder,a practice commonly referred to as householding delivery of these documents.If the Fund documents you receive are being householded but you would like to receive individual copies of these documents,contact us to request individual delivery by writing to State Farm Investment Management Corp.,P.O.Box 219548,Kansas City,Missouri 64121-9548 or by calling us at 1-800-447-4930.We will begin sending individual copies within 30 days after we receive notice that you have revoked your consent. State Farm LifePath Funds are target-date portfolios that provide a diversified exposure to stocks,bonds,and/or cash for those investors who have a specific date in mind (in this case years 2020,2030,2040,or 2050) for retirement or another goal.The target date is the approximate date when investors plan to start withdrawing assets.The investment objectives of each LifePath Fund are adjusted over time to become more conservative as the target date approaches.The principal value of the LifePath Fund(s) is not guaranteed at any time,including at the target date. Service is only a phone call away Contact your local Registered State FarmAgent or call our Securities Products Department toll free,at 1-800-447-4930. Fund prices are available to you 24 hours a day,7 days a week. Securities Products Response Center Representatives are available 8 a.m.–6 p.m.CentralTime Monday through Friday (except holidays) 1-800-447-4930 Visit our website www.statefarm.com® ... - --nqh--