Strategy. The Fund invests in common stocks and bonds in varying proportions. State Farm Investment Management Corp. (the Adviser), investment adviser to the Fund has selected Northern Trust Investments, Inc. (NTI or the Sub-Adviser) as sub-adviser to the Fund. Under normal market conditions, the Fund invests approximately 65% of its total assets in common stocks, and ordinarily limits its common stock investments to no more than 75% of its total assets. The Sub-Adviser believes this allocation is appropriate for investors seeking the Funds balanced approach to equity and fixed income exposures. The Sub-Adviser chooses stocks for the Funds portfolio for their long-term potential to generate capital gains, but may also consider a stocks long-term potential to generate income. Although there is … Show more… The Fund invests in common stocks and bonds in varying proportions. State Farm Investment Management Corp. (the Adviser), investment adviser to the Fund has selected Northern Trust Investments, Inc. (NTI or the Sub-Adviser) as sub-adviser to the Fund. Under normal market conditions, the Fund invests approximately 65% of its total assets in common stocks, and ordinarily limits its common stock investments to no more than 75% of its total assets. The Sub-Adviser believes this allocation is appropriate for investors seeking the Funds balanced approach to equity and fixed income exposures. The Sub-Adviser chooses stocks for the Funds portfolio for their long-term potential to generate capital gains, but may also consider a stocks long-term potential to generate income. Although there is no restriction on the size of companies in which the Fund may invest, ordinarily most of the Funds common stock investments include but are not limited to large capitalization (unadjusted market cap of $22.7 billion or greater) and mid-capitalization (unadjusted market cap of $8.0 billion to $22.7 billion) equity securities as defined by S&P Dow Jones Indices at the time of investment. The S&P Dow Jones Indices market capitalizations noted above are as of December 31, 2025. While the Fund seeks to maintain equity sector weights within 3% to 5% of each sectors weight in the S&P 500 Index, the Funds broad-based benchmark index, in making investment decisions on specific common stocks, the Sub-Adviser uses statistical modeling and research and looks for companies with one or more of the following characteristics: ? Strong profitability within their sector ? Strong cash flows within their sector ? Strong management efficiency ? The ability to lower the volatility of the Fund In assessing strong management efficiency (quality), NTI uses a proprietary quantitative ranking that is designed to provide exposure to quality characteristics. Beginning with a broad universe of liquid securities, NTI applies the proprietary quality score, which focuses on companies that are judicious users of capital and that do not exhibit excessive capital deployment. NTI then optimizes the remaining universe of securities for the appropriate quality and diversification goals. NTI also performs a risk management analysis in which risk exposures are measured and managed at the security, sector and portfolio levels. Under normal market conditions, the Fund invests approximately 35% and at least 25% of its total assets in a representative sample of fixed income securities in the Bloomberg Intermediate U.S. Government/Credit Bond Index (the Bond Index). The Fund will buy and sell fixed income securities with the goal of achieving an overall duration and total return similar to that of the Bond Index. The term duration means a measure of the sensitivity of market value to a change in interest rates. It is typically stated in years and represents the approximate percentage change in market value associated with a 100 basis point (1.00%) change in interest rates. As of December 31, 2025, the duration of the Bond Index was 3.73 years. The duration measurement pertains only to the fixed income portion of the Funds portfolio. The Funds investments in fixed income securities are passively managed. The Sub-Adviser attempts to replicate the investment composition and performance of the Bond Index by using computer programs and statistical procedures. In general, the Sub-Adviser employs a long-term ownership strategy, which emphasizes buying and holding securities as long-term investments. However, the Sub-Adviser may sell securities the Fund holds at any time and for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities (higher quality, higher yield and/or lower volatility). The Fund may use derivatives such as stock index futures to equitize cash and enhance portfolio liquidity. Accordingly, under normal market conditions, the Fund will limit its exposure to stock index futures to 5% of the value of the portfolio. Show less