MELLON STABLE VALUE FUND

Mellon Stable Value Fund
As is the case with bank sponsored collective funds, the Fund is not a
deposit of, and is not insured or guaranteed by, any bank, financial
institution, the FDIC or any other government agency, and participants
may lose money. Also, a Fund unit's principal value and investment
return will fluctuate, so that when a unit is redeemed, it may be worth
more or less than the original investment.
FEES AND EXPENSES
The Fund has been established with four share classes, of which two
have sub-classes. Each class or sub-class of units of the Fund will be
charged such fees and expenses as are permitted by the Declaration
of Trust, and are subject to change. Subject to acceptance of
investments by the Trustee, each plan sponsor must determine which
class or sub-class its plan will purchase based on the plan sponsor’s
evaluation of the fee charged, services provided to the plan and the
amount of the fee to be paid by the Trustee to the plan’s service
provider. The Trustee may pay a portion of the fees described below in
this section to a service provider of a participating plan for services
rendered to such plan, which will serve to reduce direct plan expense.
Participating plans may contact their service providers to determine
whether the service provider receives such payments, and if so, the
amount of such payment as it relates to the plan. The Trustee may in
its discretion and with prior notice to the sponsors of affected plans
from time to time add, delete, amend or otherwise modify a class or
sub-class of units of the Fund, and will only be obligated to notify the
current unitholders in the affected class or sub-class.
Class Z: Units in Class Z will be offered gross of fees and will not
include a management fee charge. The management fee will be
charged to the unit holder at a mutually agreed upon rate at the
account level.
Class M: The asset based fee will be 15 basis points and retained by
the Trustee for administrative, custody and investment management
services. No portion of this fee may be used by the defined
contribution plan sponsor to offset plan expenses.
Class J: The asset based fee will be 30 basis points, of which a portion
will be retained by the Trustee for administrative, custody and
investment management services, and the rest will be paid to the
service provider and may be used by the defined contribution plan
sponsor to offset plan expenses, such as recordkeeping or other third
party administrator charges.
Sub-Class Ja –15 basis points each to Trustee and service provider.
Sub-Class Jb - 20 basis points to Trustee and 10 basis points to the
service provider.
Class I: The asset based fee will be 50 basis points, of which a portion
will be retained by the Trustee for administrative, custody and
investment management services, and the rest will be paid to the
service provider and may be used by the defined contribution plan
sponsor to offset plan expenses, such as recordkeeping or other third
party administrator charges.
Sub-Class Ia – Of the 50 basis points, 15 basis points to the Trustee
and 35 basis points to the service provider.
Sub-Class Ib - Of the 50 basis points, 20 basis points to the Trustee
and 30 basis points to the service provider.
PERFORMANCE
The Fund’s performance data represents past performance and
should not be considered indicative of how the Fund will perform in
the future. You should not assume that future investment decisions
will be profitable or will equal past investment performance. The
Fund does not promise or guarantee that its performance will achieve
a participant’s objective or retirement needs. Fund portfolio
statistics and asset allocations change over time. Performance
results for less than one year are not annualized. Many factors affect
performance including changes in market conditions and interest
rates and changes in response to other economic, political, or
financial developments.
INDEX
The Fund’s performance is compared to an index described below. An
index does not incur management fees, costs, and expenses, and
cannot be invested in directly. An index is an unmanaged portfolio of
specified securities. A Fund’s portfolio may differ significantly from
the securities in the index.
The BofA ML US 3-Month Treasury Bill Index is comprised of a single
issue purchased at the beginning of the month and held for a full
month. At the end of the month that issue is sold and rolled into a
newly selected issue. The issue selected at each month-end
rebalancing is the outstanding Treasury Bill that matures closest to,
but not beyond, three months from the rebalancing date. To qualify for
selection, an issue must have settled on or before the month-end
rebalancing date. While the index will often hold the Treasury Bill
issued at the most recent 3-month auction, it is also possible for a
seasoned 6-month Bill to be selected. Any indices are trademarks
used for comparative purposes only. None of the owners of the
trademarks sponsor, endorse, sell or promote the Fund, or make any
representation regarding the advisability of investing in the products
or strategies described. Redistribution of this information may be
prohibited by the terms of the license.
RESTRICTIONS ON PURCHASES OR REDEMPTIONS
Participants in a plan or trust invested in this Fund are prohibited
from directing investments into a competing fund without first
investing in a non-competing fund for at least ninety (90) days. A noncompeting
fund is any fund that is not a competing fund. A competing
fund includes a money market fund, bank deposit, GIC, short-term
bond fund, self-directed brokerage account or other fixed income
investment vehicle whose average duration is three and one half
years or less. Employer-directed transfers and withdrawals may be
made subject to the provisions of the Declaration of Trust, including
any notice requirements. However, BNY Mellon may, in its sole
discretion, defer payment of withdrawals proceeds over such period
of time, generally not to exceed twelve (12) months (subject to
administrative considerations and compliance with the terms of any
investment contract purchased by the Fund), as BNY Mellon may
determine is necessary for a fair and orderly liquidation of all or a
portion of the assets comprising the Fund, or may, if a particular plan
or trust consents in writing, effect the withdrawal but reduce the
value of the units being withdrawn by the adjustment in value of
investment contracts held by the Fund created by the withdrawal.
In addition, BNY Mellon may suspend the valuation of units of any
class or the right to make purchases and redemptions of units of any
class at any time in its sole discretion under circumstances described
in the Declaration of Trust, including when such suspension is in the
best interests of the class or the Fund unitholders, or is necessary or
advisable in order to accord fair and equitable treatment to all Fund
unitholders.
CONTACT INFORMATION
If you are an investor in the Fund and would like more information,
contact BNY Mellon toll free at 877-499-4136 or your benefits
administration department. For marketing information please
contact Julie Carney at jcarney@standish.com.