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Objective

Seeks to preserve capital through active management of high-quality, short-term money market securities.

Strategy

The Money Market Fund invests in a broadly diversified portfolio of high-quality, investment grade, short-term money market securities. This fund typically holds bank deposits, certificates of deposit, 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 tends to be 90 days or less. The net return will be the result of general money market performance, plus or minus the manager’s active performance, less investment and administration expenses.

The Money Market Fund is one of the most conservative of MMBB’s investment options. There is a high probability that returns will be consistently positive. There is very little risk of loss of your original investment, over either the short term or the long term. Note, however, that “little risk” does not mean “no risk.” See the Risks section for more information on this topic.

All securities investments risk the loss of capital.

This fund is unlikely to provide meaningful long-term growth of capital.

Although there is a high probability of returns being consistently positive, over time returns are likely to be considerably lower than other investment options.

The return of this fund may not keep pace with inflation, eroding purchasing power of the original investment.

In a declining interest rate environment, the return generated by this fund will be reduced. It is possible that the fund can experience negative returns as a result of 1) interest income being insufficient to offset expenses of the fund, and/or 2) the downgrading of credit-type investments such as corporate bonds, and/or 3) the inability of issuers to meet the obligations of the short-term securities that they have issued.

One of the Money Market Fund’s primary risks is an extremely low interest rate environment. In 2009 and 2010, for example, short-term interest rates were nearly zero. During this time period fund expenses outweighed investment return and the fund actually experienced slightly negative net performance. In response, MMBB voluntarily waived its 50 basis point (0.50%) administrative charge. Had MMBB not waived its administrative charge, performance would have been less than reported in the Fund Performance tab. There is a risk that should a similarly low interest rate environment occur in the future MMBB might not elect to waive its administrative charge. In such a case, expenses could outweigh income, resulting in a member’s account value declining.

*If you are uncomfortable with the risks associated with the Money Market Fund, you may want to consider another MMBB investment option.*

Below is the performance of the Money Market Fund for varying lengths of time. The longer the time period, the more likely it encompasses varying economic and market conditions.

TOTAL RETURN AS OF March 31, 2017
1-Mo YTD 1-Yr 3-Yrs 5-Yrs 8-Yrs 10-Yrs
Money Market Fund 0.05% 0.11% 0.34% 0.16% 0.11% 0.04% 0.64%
Citigroup 30 Day Treasury Bill 0.02% 0.11% 0.27% 0.11% 0.10% 0.08% 0.54%

While it is valuable to view investment performance over long-term time horizons, looking at shorter time periods can give one insight as to how returns may fluctuate over shorter time periods. The table below displays calendar year returns.

CALENDAR YEAR RETURNS
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Money Market 4.69% 2.47% 0.01% -0.16% 0.00% 0.11% 0.05% 0.03% 0.05% 0.30%
Citigroup 30 Day T-Bill 4.56% 1.34% 0.09% 0.12% 0.05% 0.05% 0.03% 0.02% 0.02% 0.21%

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; performance through the current date may be lower or higher than displayed above due to market fluctuations, manager performance or other reasons.

From time to time MMBB contracts with one or more external managers to execute the investment strategy for the Money Market Fund. Recently the roster for this investment option included:

Dreyfus

Annual Expenses (As of December 31, 2016)

Fund Expenses — Year 2016
Investment Management Fees0.20%
MMBB Administrative ChargeTemporarily waived*
Other ExpensesTemporarily waived*
Sales Charge (Load) on PurchasesNone
Deferred Sales Charge (Load)None
Short-term or Other Redemption FeeNone
Distribution, or 12b-1, FeeNone
Dealer Commission (percent of offering price)None
Low Balance Account Service FeeNone
Total Annual Operating Expenses0.20%

* Due to the exceptionally low interest rate environment MMBB has temporarily waived administrative expenses associated with the Money Market Fund. Had these expenses not been waived, the total fund expenses would have been as follows:

Investment Management Fees0.20%
MMBB Administrative Charge0.50%
Other Expenses0.13%
Total Annual Operating Expenses0.83%