Legacy Class B shares

Contingent deferred sales charge

Unlike an initial sales charge, which is paid when you purchase shares, a contingent deferred sales charge is only paid if you sell your shares during a certain period of time. Legacy Class B shares are offered at net asset value without an initial sales charge, but subject to a contingent deferred sales charge as set forth in the applicable schedule below. Purchases of $25,000 or more are not accepted in Legacy Class B shares; instead, you will be issued Legacy Class A shares in these cases.

Grandfathered shareholders may purchase Legacy Class A and Legacy Class B shares whereas shareholders who are not grandfathered may purchase Class A or Class B shares.

You are a grandfathered shareholder if you satisfy one or more of the following criteria:

• Your account holding Legacy Class A or Legacy Class B shares was established before May 1, 2006.
  
  
• Your account holding Legacy Class A or Legacy Class B shares was established after April 30, 2006, as a result of the death or divorce of one or more individual shareholders who had a grandfathered account.
  
  
• Your account holding Legacy Class A or Legacy Class B shares was established after April 30, 2006, as a result of a conversion or re-characterization of a grandfathered IRA account.
  
  
• You are a trust that obtained Legacy Class A or Legacy Class B shares from another grandfathered account.

In determining whether or not you must pay a contingent deferred sales charge on the redemption of your Legacy Class B shares, the calculation will be made in a manner that results in the lowest possible charge. Contingent deferred sales charges are not paid when you exchange your shares for the shares of another fund, nor are they paid when you redeem shares you received as a reinvestment of dividends or capital gains distribution.

Distribution and shareholder servicing fees
Legacy Class B shares of each Fund are subject to a Total 12b-1 Distribution and Service fee, of up to 0.95% (0.55% for the Money Market Fund) per year of the Fund's average daily net assets. The distribution fee is payable to State Farm VP Management Corp. to reimburse it for services and expenses incurred in connection with the distribution of Fund shares. In addition, Legacy Class B shares of each Fund pay a shareholder servicing fee of up to 0.25% per year of the Fund's average daily net assets. Please read the prospectus for complete information on the Funds' fees and expenses.

State Farm VP Management Corp Risk/Important Disclosures. State Farm Mutual Funds Prospectus. The State Farm College Savings Plan Enrollment Handbook (PDF 269 KB) .

It is important to note that there is market risk involved when investing in mutual funds, including possible loss of principal.

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AP2008/01/9858