The MMBB Balanced Fund seeks income and long-term growth of capital without undue risk to capital.

This fund invests among stocks of well-established domestic and foreign companies, bonds and alternative assets in proportions similar to the chart to the left. The alternative asset category may include hedge funds, limited partnerships and emerging markets; some alternative asset investments may not be liquid (immediately exchangeable for cash). The Balanced Fund uses both active and passive management styles.

• The Balanced Fund carries moderate investment risk. Investment in stocks and bonds means there is the possibility of losing some of your original investment, especially over a short period of time.
  
  
• This fund has moderate short-term market risk. There will be ups and downs in short-term return due to rising or falling stock and bond markets. However, the mixed investment holdings help offset this risk, because stocks and bonds often move in different directions in a given investment market.
  
  
• The Balanced Fund has low to moderate credit risk. For the portion of the fund that is invested in bonds, there is a risk that borrowers will fail to make interest or principal payments on time or at all. Bonds issued by the U.S. government and its agencies carry the highest level of credit protection and the least credit risk.
  
  
• Due to its balanced investment strategy, this fund is designed to provide some long-term growth of capital and to keep pace with or exceed the rate of inflation over time, and therefore has moderate inflation risk.