** 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 53 KB) and R1,R2,R3 (PDF 45 KB)

Investor profile: You may want to invest in the Small Cap Index Fund if you can tolerate the price fluctuations and volatility that are inherent in investing in a broad based small cap 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 Small Cap 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 match as closely as practicable, before fees and expenses, the performance of the Russell 2000® Index* (the "Russell 2000 Index").

Investment strategy: The Small Cap Index Fund invests all of its assets in a separate series of the Master Fund, called the Russell 2000 Index Master Portfolio. The Russell 2000 Index Master Portfolio and the Small Cap Index Fund have substantially similar investment objectives. Northern Trust Investments, N.A. ("Northern Trust") is the investment adviser to the Russell 2000 Index Master Portfolio.

Under normal operating conditions, the Russell 2000 Index Master Portfolio seeks to invest at least 90% of its total assets in stocks that are represented in the Russell 2000 Index.

*The Russell 2000® Index is a trademark/service mark, and Russell is a trademark, of the Frank Russell Company. The Small Cap Index Fund is not sponsored, endorsed, sold or promoted by, nor in any way affiliated with, the Frank Russell Company, and the Frank Russell Company makes no representation regarding the advisability of investing in the Small Cap Index Fund. Frank Russell Company is not responsible for and has not reviewed the Small Cap Index Fund nor any associated literature or publications and Frank Russell Company makes no representation or warranty, expressed or implied, as to their accuracy, completeness or otherwise. For more information regarding the Russell 2000 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 Small Cap Index Fund are the same as the main risks of investing in the Russell 2000 Index Master Portfolio.

• Market risk
• Smaller company size risk
• Management risk

An investment in the Small Cap 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.

The stocks of small companies are more volatile than the stocks of larger, more established companies.

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) .

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AP2009/10/9808