USE AND ACCEPTANCE
This Web site and any tools and/or services offered and/or provided by Mellon Capital (including, but not limited to, information, data, reports, research papers, articles, product profiles, and client statements) through or as a result of your use of this Web site (collectively, the "Services") are offered to you conditioned upon your acceptance without modification of the terms, conditions, and notices contained herein and those contained in our Privacy Policy. We reserve the right to terminate any and all of the Services at any time. Please read these Terms of Use carefully. If you do not agree to these Terms of Use, you may not use this Web site or any Services offered or provided through this Web site.

MODIFICATION
The information on this Web site is provided "as is" and "as available" and may not be current or complete. Mellon Capital reserves the right to change the contents of this Web site, or the products described herein, at any time without notice.

Mellon Capital may update and change these Terms of Use from time to time without notice to you. You must review these Terms of Use each time you use this Web site or a Service to make sure you are still in agreement to abide by them. You agree that by using this Web site or its Services or engaging in any of the activities described in these Terms of Use after changes have been made to these Terms in Use, you accept and comply with those changes.

AUTHORITY
You agree that you have the legal right, authority, and ability to accept these Terms of Use and that you will use this Web site, the Services, and any products or services received as a result of your use of the Services in a manner consistent with these Terms of Use.

AUTHORIZED USE; COPYRIGHTS AND TRADEMARKS
The entire contents of this Web site, including the Services, images, text, and "look and feel" attributes, are © 2008 by Mellon Capital Management Corporation or its content providers. All rights reserved. If you download or print a hard copy of individual pages and/or sections of this Web site, you agree not to remove any copyright or other proprietary notices. Any downloading or otherwise copying from Mellon Capital's Web site will not transfer title to any software or material to anyone. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into, or use for any public or commercial purpose this Web site or the information contained herein without the prior written permission of Mellon Capital or its content provider; provided, however, that your client-specific reports may be printed and distributed by you for your internal business purposes.

In addition, this Web site and the Services contain trademarks and other proprietary material owned by Mellon Capital or its content providers. You may not modify, alter, revise, paraphrase, omit, or change any material or images on or from this Web site without the express written permission of Mellon Capital and/or its content providers. You may not create derivative works, whether based in whole or in part upon the information on this Web site or any portion thereof, except as expressly authorized. You may not modify, amend, reduce the size of, or in any way obliterate any warning, notice, liability limitation, or other license provision in material or images on or from this Web site and provided by Mellon Capital for itself or other content providers. You may not assign, sublicense, transfer, pledge, lease, rent, or share your rights under these Terms of Use, unless otherwise agreed to in writing by Mellon Capital. Nothing contained on this Web site and/or the Services should be construed as granting, by implication, estoppel, or otherwise, any license or right in or to Mellon Capital or its affiliates trademarks or copyrighted material of Mellon Capital or its affiliates or any third party without the express written permission of the applicable party. You also agree not to use the Web site and/or Services for any unlawful purpose. You agree to comply with reasonable written requests by Mellon Capital to protect the information providers and Mellon Capital's respective rights in the information contained in this Web site and/or as a part of the Services.

Mellon Capital reserves the right to prohibit access to individuals who Mellon Capital determines are violating these Terms of Use or are restricting or inhibiting any other user from using or enjoying the Web site, or whose conduct would constitute a criminal offense, give rise to civil liability, or otherwise violate any applicable local, state, national, or international law. Please note that unauthorized entry (commonly referred to as hacking) into any portion of the Web site may constitute a crime under state and/or federal law. Mellon Capital will prosecute these violations to the fullest extent permitted by law.

The following are registered or unregistered trademarks or service marks of Mellon Capital: Mellon Capital Management, the square Mellon Capital Management logo (with or without the Mellon Capital Management name included), GTAA, Global TAA, Tangent-Added, TAXTAA, Taxable Tactical Asset Allocation, Active Index Plus, Global Tactical Asset Allocation and Ideas That Set the Standard.

The following indexes may be referenced on this Web site. These indexes may be trademarks of their sponsoring companies. The companies sponsoring these indexes do not sponsor, endorse, sell, or promote the investment strategies or products mentioned on this Web site. They make no representation regarding the advisability of investing in the products or strategies described herein. "Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500®", "S&P Midcap 400 Index" and "Standard & Poor's Midcap 400 Index" are trademarks of McGraw-Hill, Inc. and have been licensed for use by Mellon Financial Corporation (together with its affiliates and subsidiaries). Frank Russell Company is the owner of the trademarks and copyrights for the "Russell 1000®", "Russell 2000®", "Russell 3000®", "Russell 1000® Growth", "Russell 1000® Value", "Russell 2000® Growth", and "Russell 2000® Value" indexes. "Wilshire 5000®" and "Wilshire 4500®" are trademarks of Wilshire Associates, Inc. The Wilshire 4500 is the Wilshire 5000 less those stocks listed in the S&P 500 Stock Index. The MSCI-EAFE® Index, the MSCI-EAFE® (Free) Index, the MSCI Emerging Markets Free Index, and the MSCI World Index are trademarks of Morgan Stanley Capital International. The Lehman Brothers Aggregate Index, Lehman Brothers Long-Term Treasury Index, Lehman Brothers Government/Credit Index, and Lehman Brothers Blended 3 and 5 Year Muni Index are trademarks of Lehman Brothers, Inc. Salomon Brothers 30-Day CD IndexSM and Salomon Brothers World Government Bond IndexSM are trademarks of Salomon Smith Barney Inc. or its affiliates. The Rodney Square Tax-Exempt Index is a trademark of Wilmington Trust Company. "Dow Jones," "Dow Jones Industrial AverageSM" and "DJIASM" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Mellon Capital. Certain of Mellon Capital's based on the Dow Jones Industrial AverageSM, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s).

NO SOLICITATION; NO RELIANCE
This Web site and/or the Services may not comply with the legal requirements of foreign countries; therefore, the Web site, its contents, and the Services are intended for the use of United States investors only and are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or that would subject Mellon Capital to any registration requirement within such jurisdiction or country. Nothing contained on this Web site shall constitute the provision of investment advice or an offer to sell, a solicitation of an offer to buy, or a recommendation to buy or sell any security. Mellon Capital is an investment advisor registered under the Investment Advisers Act of 1940 with the Securities and Exchange Commission. The persons or entities accessing this Web site are responsible for compliance with all laws and regulations.

Not all Services mentioned on this Web site may be available in all geographic areas. Your eligibility for particular products or Services is subject to final determination by Mellon Capital and/or the applicable content provider.

Not every investment product may be suitable for every investor. Please consult a Mellon Capital representative for more information to assist you in making an informed investment decision.

LIMITATION OF LIABILITY; FORCE MAJEURE
BY ACCESSING THIS WEB SITE AND/OR USING OR RECEIVING ANY SERVICES AND AS A CONDITION OF MELLON CAPITAL'S PROVIDING THE INFORMATION ON THIS WEB SITE, YOU AGREE TO HOLD HARMLESS AND WAIVE ALL CLAIMS AGAINST MELLON CAPITAL, ITS AFFILIATES, ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUPPLIERS OR OTHER PARTY INVOLVED IN CREATING, PRODUCING, OR DELIVERING THIS SITE OR ITS CONTENTS OR SERVICES (THE "COVERED PARTIES") REGARDING THE INFORMATION PROVIDED ON THIS WEB SITE AND ANY INFORMATION RECEIVED BY YOU AS A RESULT OF USING THE SERVICES, AND ANY USE BY YOU OF SUCH INFORMATION. YOU AGREE THAT UNDER NO CIRCUMSTANCES SHALL THE COVERED PARTIES BE LIABLE TO YOU FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOSS OF GOODWILL, BUSINESS INTERRUPTION, USE, DATA, EQUIPMENT, OR OTHER INTANGIBLE LOSSES (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, ARISING OUT OF OR IN CONNECTION WITH THE ACCESS OF, USE OF, PERFORMANCE OF, BROWSING IN, OR LINKING TO OTHER WEB SITES FROM THE MELLON CAPITAL WEB SITE) THAT RESULT FROM (1) THE USE OF OR INABILITY TO USE THIS SITE OR ANY SERVICES, INCLUDING, BUT NOT LIMITED TO, DELAY, COMPUTER VIRUS, OR LINE OR SYSTEM FAILURE OR LOSS OF USE OF INFORMATION, OR FOR OMISSIONS OR INACCURACIES IN THE INFORMATION; (2) THE CONSEQUENCES OF ANY DECISION MADE OR ACTION OR NONACTION TAKEN BY YOU OR BY ANYONE TO WHOM YOU COMMUNICATE SUCH INFORMATION, OR FOR ANY ERRORS BY YOU IN COMMUNICATING SUCH INFORMATION; (3) THE COST OF SUBSTITUTE GOODS OR SERVICES; (4) RELIANCE ON THIS WEB SITE OR ANY INFORMATION CONTAINED HEREIN; OR (5) ANY OTHER MATTER RELATING TO THE CONTENT, SERVICES, OR DISTRIBUTION OF SERVICES THROUGH THIS SITE. THE COVERED PARTIES SHALL NOT BE LIABLE FOR DAMAGE OR INJURY TO PERSONS OR PROPERTY ARISING FROM ANY USE OF ANY PRODUCT, INFORMATION, PROCEDURE, OR SERVICE OBTAINED THROUGH THIS WEB SITE. PLEASE CONTACT A MELLON CAPITAL REPRESENTATIVE IF YOU WISH TO VERIFY ANY OF THE INFORMATION CONTAINED HEREIN.

IN ADDITION, THE COVERED PARTIES SHALL NOT BE LIABLE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH THE COVERED PARTIES DO NOT HAVE DIRECT CONTROL, INCLUDING BUT NOT LIMITED TO: (1) FAILURE OF THE INTERNET, MECHANICAL EQUIPMENT, OR COMMUNICATION LINES; (2) TELEPHONE OR OTHER INTERCONNECT PROBLEMS; (3) BUGS, ERRORS, CONFIGURATION PROBLEMS, OR INCOMPATIBILITY OF COMPUTER HARDWARE OR SOFTWARE; (4) FAILURE OR UNAVAILABILITY OF INTERNET ACCESS; (5) PROBLEMS WITH INTERNET PROVIDERS OR OTHER EQUIPMENT RELATING TO THE USER'S COMPUTER; (6) PROBLEMS WITH INTERMEDIATE OR TELEPHONE SERVICES; OR (7) UNAUTHORIZED ACCESS, THEFT, OPERATOR ERRORS, SEVERE WEATHER, EARTHQUAKES, OR LABOR DISPUTES. FURTHER, THE COVERED PARTIES SHALL NOT BE LIABLE FOR ANY LOSS RESULTING FROM ANY EVENTS THAT ARE BEYOND THE REASONABLE CONTROL OF THE COVERED PARTIES, INCLUDING BUT NOT LIMITED TO: (1) NATIONALIZATION, STRIKES, EXPROPRIATION, SEIZURE, OR SIMILAR ACTION BY ANY GOVERNMENTAL AUTHORITY, DE FACTO OR DE JURE; (2) ACTS OF WAR, TERRORISM, INSURRECTION, OR REVOLUTION; (3) ACTS OF GOD; OR (4) ANY OTHER SIMILAR EVENT.

YOUR EXCLUSIVE REMEDY WITH RESPECT TO ANY DISPUTE OR CLAIM RELATED TO THESE TERMS OF USE, ANY SERVICES, OR THE PRIVACY POLICY IS YOUR CESSATION OF THE USE OF THIS WEB SITE AND/OR ANY AND ALL SERVICES. BECAUSE SOME STATES DO NOT ALLOW THE EXCLUSION OF LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, IN SUCH STATES LIABILITY IS LIMITED TO THE FULLEST EXTENT PERMITTED BY LAW.

DISCLAIMER
SOME OF THE CONTENT ON THIS WEB SITE AND/OR THE SERVICES MAY BE PROVIDED BY THIRD-PARTY CONTENT PROVIDERS AND USERS. MELLON CAPITAL IS A DISTRIBUTOR AND NOT A PUBLISHER OF SUCH CONTENT AND HAS NO EDITORIAL CONTROL OVER IT. ANY OPINIONS, ADVICE, STATEMENTS, SERVICES, OFFERS, OR OTHER INFORMATION GIVEN OR PROVIDED BY THIRD PARTIES (INCLUDING MERCHANTS AND LICENSORS) ARE THOSE OF THE RESPECTIVE AUTHORS OR DISTRIBUTORS OF SUCH CONTENT AND NOT OF MELLON CAPITAL.

ALTHOUGH MELLON CAPITAL USES REASONABLE EFFORTS TO PROVIDE ACCURATE AND UP-TO-DATE INFORMATION THROUGH THIS WEB SITE, MELLON CAPITAL AND SUCH CONTENT PROVIDERS DO NOT MAKE ANY WARRANTIES OR REPRESENTATIONS AS TO THE ACCURACY, RELIABILITY, TIMELINESS, OR COMPREHENSIVENESS OF CONTENT ON THIS WEB SITE AND ANY SERVICE OR ITS SUITABILITY FOR ANY PARTICULAR PURPOSES. MELLON CAPITAL EXPRESSLY DISCLAIMS, TO THE FULLEST EXTENT OF THE LAW, ANY WARRANTY OF ANY KIND WITH RESPECT TO INFORMATION CONTAINED ON THIS WEB SITE, ANY SERVICE, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT, AND ANY DUTY TO UPDATE SUCH INFORMATION. MELLON CAPITAL AND THE CONTENT PROVIDERS CANNOT AND DO NOT GUARANTEE OR WARRANT THAT THE FILES AVAILABLE FOR DOWNLOADING FROM THIS WEB SITE AND ANY SERVICE WILL BE FREE FROM INFECTIONS OR VIRUSES, WORMS, TROJAN HORSES, OR OTHER CODE THAT MANIFESTS CONTAMINATING OR DESTRUCTIVE PROPERTIES. MELLON CAPITAL CANNOT AND WILL NOT ASSUME ANY LIABILITY FOR UNAUTHORIZED OR FRAUDULENT USE OF THIS WEB SITE AND ANY SERVICES. YOU HEREBY AGREE TO RELEASE AND HOLD HARMLESS MELLON CAPITAL FROM ANY AND ALL CLAIMS, LOSSES, EXPENSES, OR DAMAGES RELATING TO ANY DISCLAIMED WARRANTY DESCRIBED IN THIS PARAGRAPH.

THE INFORMATION PROVIDED IN ANY SERVICE OR ON THIS SITE DOES NOT CONSTITUTE FINANCIAL OR LEGAL ADVICE. MELLON CAPITAL MAKES NO REPRESENTATION REGARDING THE ACCURACY OR IMPORTANCE OF ANY SERVICES. INFORMATION RECEIVED VIA THIS WEB SITE OR THE SERVICES SHOULD NOT BE RELIED UPON FOR PERSONAL, LEGAL, OR FINANCIAL DECISIONS, AND YOU SHOULD CONSULT AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE TAILORED TO YOUR SITUATION. CERTAIN SECTIONS OF THIS WEB SITE MAY INCLUDE STOCK QUOTES, STOCK CHARTS, SEC FILINGS, AND INVESTMENT-RELATED CONTENT (COLLECTIVELY, "INVESTOR MATERIALS"), AND SUCH INVESTOR MATERIALS ARE PUBLISHED SOLELY FOR INFORMATION PURPOSES AND ARE NOT A SOLICITATION NOR AN OFFER TO BUY OR SELL ANY STOCK, MUTUAL FUND, OR OTHER SECURITY. THE INVESTOR MATERIALS DO NOT ATTEMPT OR CLAIM TO BE A COMPLETE DESCRIPTION OF THE SECURITIES, MARKETS, OR DEVELOPMENTS REFERRED TO IN THE MATERIAL. ALL EXPRESSIONS OF OPINION ARE SUBJECT TO CHANGE WITHOUT NOTICE. THE INVESTOR MATERIALS ARE OBTAINED FROM INTERNAL AND EXTERNAL SOURCES THAT MELLON CAPITAL CONSIDERS RELIABLE, BUT MELLON CAPITAL HAS NOT INDEPENDENTLY VERIFIED SUCH INFORMATION, AND MELLON CAPITAL DOES NOT GUARANTEE THAT IT IS ACCURATE OR COMPLETE. MELLON CAPITAL DOES NOT UNDERTAKE TO ADVISE ANYONE. MELLON CAPITAL AND ITS EMPLOYEES AND/OR OFFICERS AND DIRECTORS MAY FROM TIME TO TIME HAVE POSITIONS IN THE SECURITIES MENTIONED AND MAY SELL OR BUY SUCH SECURITIES.

INVESTMENT SERVICES OR PRODUCTS DESCRIBED ON THIS WEB SITE ARE NOT BANK DEPOSITS OR OBLIGATIONS OF MELLON BANK, N.A. OR ANY OTHER BANK, AND THE INVESTMENT SERVICES PRODUCTS ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR OTHER ENTITY AND ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF PRINCIPAL. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

SOME JURISDICTIONS DO NOT ALLOW LIMITATIONS ON HOW LONG IMPLIED WARRANTIES LAST, OR THE EXCLUSION OF CERTAIN IMPLIED WARRANTIES, SO THAT THESE DISCLAIMERS AND LIMITATIONS MAY NOT APPLY TO YOU. IN SUCH EVENT, SUCH DISCLAIMERS SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.

INDEMNIFICATION
YOU AGREE TO INDEMNIFY AND HOLD MELLON CAPITAL AND ALL THIRD-PARTY CONTENT PROVIDERS THAT PROVIDE CONTENT FOR THIS WEB SITE AND/OR THE SERVICES (EITHER THROUGH LINKS OR OTHERWISE) HARMLESS FROM ANY CLAIM OR DEMAND, INCLUDING REASONABLE ATTORNEYS' FEES, MADE BY ANY THIRD PARTY DUE TO OR ARISING OUT OF CONTENT YOU SUBMIT, POST TO, OR TRANSMIT THROUGH THIS WEB SITE, YOUR USE OF THE SITE OR THE SERVICES, YOUR CONNECTION TO THE SITE, YOUR VIOLATION OF THE TERMS OF USE, OR YOUR VIOLATION OF ANY RIGHTS OF ANOTHER USER.

SEVERABILITY
If a court determines that any Term of Use is illegal or unenforceable, then such term will be eliminated and the remaining Terms of Use will remain in force and effect.

ENTIRE AGREEMENT; JURISDICTION, CHOICE OF LAW AND FORUM
These Terms of Use and the Privacy Policy constitute your entire agreement with Mellon Capital regarding this Web site and any Services, and supersede all prior or contemporaneous communications and proposals, whether electronic, oral, or written, between you and Mellon Capital with respect to the Web site or the Services. These Terms of Use are governed by and construed in accordance with the laws of the State of California, without giving effect to any principles of conflicts of law. You expressly and irrevocably agree that exclusive jurisdiction and venue for any claim or dispute with Mellon Capital or its employees, contractors, officers, directors, or content providers or relating in any way to your use of this Web Site and/or the Services resides in the United States District Court for the Northern District of California (if federal jurisdiction exists) or the courts of the State of California, and you further irrevocably agree and expressly and irrevocably consent to the exercise of personal jurisdiction in those courts over any action brought under those Terms of Use.

E-MAIL COMMUNICATIONS
Mellon Capital may contact you by e-mail to:
· respond to any questions or submissions you may send us,
· send you e-mail communications about information we think you will find useful, including announcements about new products and services, or
· communicate other information as necessary to administer the Web site and its Services.

SUBMISSIONS
You agree to provide true, accurate, current, and complete information about yourself if and when you elect to provide personal information to us. You also agree to maintain and promptly update any such information to keep it accurate. Other than personally identifiable information, which is addressed under our Privacy Policy, any and all comments, suggestions, ideas, graphics, or other information that you transmit or post to the Web site become and will remain the property of Mellon Capital and may be used by Mellon Capital anywhere, anytime, and for any reason whatsoever. Except as may be provided in the Privacy Policy, any information or materials submitted to Mellon Capital will be treated as nonconfidential and nonproprietary, and Mellon Capital will not have any obligation to use or evaluate any information we receive from you. Mellon Capital will not have to pay you or anyone else for using any ideas or other materials that you may transmit to or post on the Web site.

PASSWORD-PROTECTED AREAS
Some areas of this Web site are available only through the use of a user ID and password issued by Mellon Capital. You agree to request user IDs and passwords only for yourself and for those persons authorized by you to access this Web site. You also represent to Mellon Capital that you, and any person designated by you as authorized to access the Web site, are duly authorized to accept these Terms of Use on behalf of your organization. By accepting a user ID and password, you agree to provide true, accurate, current, and complete information about yourself and any of your authorized persons in the application for a user ID and password, and Mellon Capital is entitled to rely on any such information. You also agree not to distribute your user ID and password to any other person. If you are using an area of this Web site that requires a user ID and password, you must log off when you are done viewing information or anytime you leave your computer. You agree to notify Mellon Capital if a user ID or password needs to be terminated; for example, due to a user's departure from the company or change in job role. Finally, you must keep any correspondence you receive relating to this Web site or the Services (including, but not limited to, your user ID, your password, other registration information, e-mails, order information, or any other information) confidential and in a safe place.

LINKS TO OTHER WEB SITES
This Web site may provide links to other sites for your convenience. Please note that when you click on one of these links, you may be moving to another provider's web site. Mellon Capital does not maintain or control those other sites, and Mellon Capital is not responsible for the contents or the proper operation of any of those linked Web sites, including without limitation any link contained in such a linked Web site, or any changes or updates to a linked Web site. The inclusion of any link does not imply endorsement by Mellon Capital or any association with its operations. Mellon Capital cannot control the activities of any such provider once a user leaves this Web site. Accordingly, Mellon Capital expressly disclaims any responsibility for the content of those other Web sites, the accuracy of the information contained therein, and the products and services described therein. We encourage you to read the terms of use and privacy statements of those linked Web sites, as their policies may differ from ours.

PROTECTING YOUR INFORMATION
Mellon Capital utilizes reasonable security technologies to protect confidential information. However, the security of this information depends in part on the security of the computer you use to communicate with Mellon Capital, the security you use to protect user IDs and passwords, and the security provided by your Internet access services provider. Mellon Capital is not responsible for the security of your Internet access services provider; you should review the security and privacy policies of your Internet access services provider carefully. Moreover, information that you pull up via this Web site may be cached or stored during your session for your convenience; therefore, if others have access to your computer or your user ID and password, they may be able to access this information. Mellon Capital is not responsible for the security or privacy of information communicated to or from such a computer.

PRODUCT INFORMATION
Portfolio composition and statistical information regarding the various investment products displayed on this Web site (Top Ten Holdings, Sector Weightings, Regional Weightings, Investment Characteristics, Maturity Allocation, Asset Allocation) is based in most cases on a representative account included in the composite. In other cases this information is based on a bank collective trust fund managed by Mellon Bank, NA, a subsidiary of Mellon Financial Corporation, as trustee, using the same portfolio management personnel and the same investment style and strategies as are employed by Mellon Capital for its managed accounts. In managing these mutual funds or bank collective trust funds, such portfolio managers are acting in their capacities as officers of The Dreyfus Corporation or Mellon Bank, NA, as the case may be. See "Assets Under Management and Additional Affiliations" below. Individual portfolios may differ in both composition and holdings from the information displayed. Portfolio composition and statistical information displayed in the "Benchmark" column is based on the product's benchmark as shown on the previous page under "Key Product Attributes."

The listing of a product's "Top Ten Holdings" should not be considered a recommendation to buy or sell any particular security. A product's "Top Ten Holdings" do not represent its entire portfolio and, in the aggregate, may represent only a small percentage of its portfolio. There is no assurance that any security listed will remain in a product's portfolio. It should not be assumed that any security listed in the "Top Ten Holdings" has been, or will be, profitable.

ASSETS UNDER MANAGEMENT AND ADDITIONAL AFFILIATIONS
For purposes of AIMR, the firm is defined as Mellon Capital with respect to total assets under management and firmwide compliance. Total assets under management include assets managed by Mellon Capital officers as dual officers of Mellon Bank, NA and The Dreyfus Corporation. In compliance with AIMR, Mellon Capital makes a complete list of composites available to clients and prospective clients upon request. As dual officers, certain portfolio managers may have portfolio management responsibility for one or more fiduciary accounts managed by Mellon Bank, NA, such as bank collective trust funds and/or one or more mutual funds managed by The Dreyfus Corporation.

Last updated: June 30, 2003