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

• Asset Type -- Stocks
• Rates High on the Risk Chart (PDF 334 KB)
• Fund Fact Sheet - Class A&B (PDF 57 KB) and R1,R2,R3 (PDF 45 KB)

* The inception date for Class A&B is 05/01/06. The inception date for Class R1, R2, and R3 is 09/13/04. The inception date for Legacy Class A&B is 12/18/00.

View total returns current to the most recent month-end.

This performance data represents past performance and does not guarantee future results. There is no guarantee that the circumstances leading to this performance will be replicated in the future. Investment return and principal value will fluctuate and fund shares, when redeemed, may be worth less than their original cost. Recent performance may be less than the figures shown.

Year-to-date and since inception total return are the compounded rate of change in value during a period of investment, including the value of shares acquired through reinvestment of all dividends and of all capital gain distributions for the period. These figures are based on an investment at the beginning of the period through the end of the period and reflect all applicable fees and expenses, including a maximum sales charge of 3% for Legacy A shares and maximum contingent deferred sales charges on Legacy B shares of 3% during year one, 2.75% in year two, 2.75% in year three, 2.50% in year four, 2.00% in year five, 1.00% in year six, and 0% in year seven. For Class A and B shares, figures are based on a maximum sales charge of 5% for Class A shares and maximum contingent deferred sales charges on Class B shares of 5% during year one, 4.25% in year two, 3.50% in year three, 2.75% in year four, 2.00% in year five, 1.00% in year six, and 0% in year seven as applicable. Neither the Class A Money Market Fund nor the Legacy Class A Money Market Fund has a sales load. NAV Total Return does not include any initial sales charge or contingent deferred sales charge. Class R shares do not include a sales charge.

Net Asset Value (NAV) is calculated by adding all of the assets of a fund, subtracting the fund’s liabilities, then dividing by the number of outstanding shares. A separate NAV is calculated for each class of each fund. NAV is calculated at the close of each business day.

¹ For the time period prior to May 1, 2006, the performance data quoted in this report for State Farm Class A shares is the performance for the Legacy Class A shares adjusted to include the maximum sales charge associated with Class A shares. Legacy Class A shares and Class A shares are comprised of the same underlying securities portfolio and have the same investment objectives and annual operating expenses. Legacy Class A shares have a maximum sales load of 3.00%. Class A shares have a maximum sales load of 5.00% except for the Bond Fund and the Tax Advantaged Bond Fund, which have a maximum sales load of 3.00%. Neither the Class A Money Market Fund nor the Legacy Class A Money Market Fund have a sales load. Class A shares have an inception date of May 1, 2006. Legacy Class A shares have an inception date of December 18, 2000, except for LifePath®  Funds, which have an inception date of May 9, 2003.

² For the time period prior to May 1, 2006, the performance data quoted in this report for State Farm Class B shares is the performance for the Legacy Class B shares adjusted to include the higher contingent deferred sales charges and the higher 12b-1 fees associated with Class B shares. Legacy Class B shares and Class B shares are comprised of the same underlying securities portfolio and have the same investment objectives and annual operating expenses, except for 12b-1 fees. The annual 12b-1 fee for Legacy Class B shares is .65% for all the funds except the Money Market Fund which is .55%.  The annual 12b-1 fee for Class B shares is .95% for all the funds except the Bond Fund and Tax Advantaged Bond Fund which are .65% and the Money Market Fund which is .55%.  Class B shares have an inception date of May 1, 2006. Legacy Class B shares have an inception date of December 18, 2000 except for LifePath® Funds, which have an inception date of May 9, 2003.

³ For the time period prior to September 13, 2004, the performance data quoted in this report for State Farm Class R-1, R-2, and R-3 shares is the performance for the Legacy Class A shares adjusted for annual expenses associated with Class R-1, R-2, and R-3 shares. Class R-1, R-2, and R-3 shares are comprised of the same underlying securities portfolio and have the same investment objectives as Legacy Class A shares. Class R-1, R-2, and R-3 shares have an inception date of September 13, 2004. Legacy Class A shares have an inception date of December 18, 2000, except for the LifePath® Funds, which have an inception date of May 9, 2003.

⁴State Farm Investment Management Corp., the investment adviser for each fund, has voluntarily agreed to reimburse each fund for certain annual operating expenses. This agreement may be eliminated at any time.

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 Equity 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.

State Farm VP Management Corp Risk/Important Disclosures. State Farm Mutual Funds Prospectus. The State Farm College Savings Plan Enrollment Handbook (PDF 260 KB) .

Need Assistance? 1-800-447-4930

AP2008/07/0789