Asset Class: 100% Cash Equivalents Benchmark: Lipper* Money Market Index Management Style: Active

The MMBB Money Market Fund seeks stability and preservation of your original investment.

This fund invests in a broadly diversified portfolio of high-quality, short-term money market securities. Examples include bank deposits, certificates of deposit, U.S. Treasury bills, repurchase agreements and asset-backed securities, domestic and dollar-denominated foreign commercial paper, and other short-term corporate obligations, including those with floating or variable rates of interest. The average maturity of the fund's holdings will be 90 days or less.

• With this fund, you have little investment risk. Investment risk is the chance of losing any of your original investment, even over short periods of time.
  
  
• This fund also has little market risk — the chance of wide ups and downs in short-term return when markets rise or fall. However, falling interest rates may reduce income from this fund.
  
  
• Because fund investments are for such short periods of time, the fund has little credit risk. This means that the risk of lenders failing to make interest or principal payments on time — or at all — is small. Bonds issued by the U.S. government and its agencies carry the highest level of credit protection and the least credit risk.
  
  
• The greatest risk with this fund is inflation risk. Investments in this fund will not provide long-term growth of capital and may not keep pace with inflation. Although you are unlikely to lose money you invest in this fund, you are likely to lose buying power over long periods of time.
  

The MMBB Money Market Fund is managed by Mellon Bond Associates Employee Benefit Temporary Investment Fund.

As of December 31, 2007, 0.69% which includes the 0.40% administration fee.