** Only available to shareholders with account registrations established prior to 5/01/06.

• Asset Type -- Stocks
• Rates High on the Risk Chart (PDF 20 KB)
• Fund Fact Sheet - Class A&B (PDF 54 KB) and R1,R2,R3 (PDF 46 KB)

Investor profile: You may want to invest in the S&P 500 Index Fund if you can tolerate the price fluctuations and volatility that are inherent in investing in a broad based stock mutual fund, want to invest in stocks - but with an indexing approach, want to diversify your investments, are seeking a growth investment as part of an asset allocation program, and/or are investing for retirement or other goals that are many years in the future. You can open an account in this fund with a minimum initial investment of $250 ($50 by automatic investment).

You may not want to invest in the S&P 500 Index Fund if you are investing with a shorter investment time horizon in mind, are seeking income rather than capital appreciation, or are uncomfortable with an investment whose value is likely to vary substantially.

Investment objective: Seeks to provide investment results that correspond to the total return of publicly traded common stocks in the aggregate, as represented by the S&P 500 Composite Stock Price Index (the "S&P 500®* Index").

Investment strategy: The S&P 500 Index Fund invests all of its assets in a separate series of an unaffiliated mutual fund called Master Investment Portfolio (the "Master Fund"). That series, called the S&P 500 Index Master Portfolio, holds each of the stocks that make up the S&P 500 Index. The S&P 500 Index Master Portfolio and the S&P 500 Index Fund have substantially similar investment objectives. Barclays Global Fund Advisors is the investment advisor to the S&P 500 Index Master Portfolio.

The S&P 500 Index is a widely used measure of large U.S.-company stock performance. S&P selects stocks for the S&P 500 Index based upon the following factors:

• market value
• trading activity, to ensure ample liquidity and efficient share pricing
• industry group classification (so that the S&P 500 Index represents a broad range of industry segments within the U.S. economy)
• fundamental analysis, to ensure that companies in the index are stable

The S&P 500 Index Master Portfolio pursues its investment objective by:

• investing in all of the securities that make up the S&P 500 Index
• investing in these securities in proportions that match the weightings of the S&P 500 Index

Under normal operating conditions, the S&P 500 Index Master Portfolio seeks to invest at least 90% of its total assets in stocks that are represented in the S&P 500 Index.

*"Standard & Poor's®, "S&P®,""S&P 500®,""Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. that the State Farm Mutual Fund Trust has licensed for use. The S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representations regarding this advisability of investing in the S&P 500 Index Fund. For more information regarding the S&P 500 Index, see the Trust's Statement of Additional Information.

Please read the Prospectus for more detailed information on expenses.

Risks
The main risks of investing in the S&P 500 Index Fund are the same as the main risks of investing in the S&P 500 Index Master Portfolio.

• Market risk
• Indexing risk
• Management risk

An investment in the S&P 500 Index Fund is not a deposit of any bank or other insured depository institution and is not insured or guaranteed by the FDIC or any other government agency. You can lose money by investing in the Fund.

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

An automatic investment plan does not assure a profit and does not protect against loss in declining markets.  An automatic investment plan involves continuous investment in securities regardless of fluctuating prices.  You should consider your financial ability to continue purchases through periods of high or low price levels.

It is important to note that diversification does not assure a profit or protect against loss in a declining market.

It is not possible to invest directly in an index.

State Farm VP Management Corp Risk/Important Disclosures. State Farm Mutual Funds Prospectus. The State Farm College Savings Plan Enrollment Handbook (PDF 553 KB) .

Need Assistance? 1-800-447-4930

AP2009/10/9806