The Payden/Kravitz Cash Balance Plan Fund

CASH BALANCE PLAN FUND ABOUT THE FUND The Payden/Kravitz Cash Balance Plan Fund is the first and only mutual fund designed exclusively for Cash Balance Pension Plans. It is designed to offer Cash Balance Plan sponsors and their advisors access to a strategic investment solution. The Fund goes one step beyond current solutions by offering an institutionally managed investment strategy specifically developed for Cash Balance Plans with the convenience and ease of a mutual fund. For retirement plan intermediaries and Cash Balance Plan sponsors, the new fund removes the burden of investing for a very complex pension plan while simplifying performance monitoring. The Payden/Kravitz Cash Balance Plan Fund is appropriate for Cash Balance Plans that follow a calendar plan year

and use the 30-year Treasury Securities Interest Rate*, which is published by the Internal Revenue Service, for the plan’s Interest Credit Rate. Most Cash Balance Plans fall into this category. The Interest Credit Rate is the rate used for crediting interest to participants’ accounts. The 30-year Treasury Securities Interest Rate* is the average of the daily yield on the 30-year U.S. Treasury Bond in December of the previous year. The Payden/Kravitz Cash Balance Plan Fund, each year, seeks to earn a net rate of return, after expenses, that is equivalent to the 30-year Treasury Securities Interest Rate* with as little deviation as possible. Investment performance that deviates from this rate results in uncertainty in future contributions for the Cash Balance Plan. The more the deviation, the greater the uncertainty in future contributions. Future performance is not guaranteed. For institutional use only. A retirement plan can be tailored for the unique goals and objectives of any business. THE CASH BALANCE INVESTMENT SOLUTION Successful investment management of a cash balance plan requires an understanding of the complex relationship between risk and return. * As defined by the IRS Highly Diversified Institutionally Managed Targets Consistent Return Seeks to Minimize Financial Surprises 333 South Grand Avenue | Los Angeles, California 90071 800 5 PAYDEN | payden.com *12 month average of June 30, 2008 **As of December 31, 2007 For more information and to obtain a prospectus call 800 5-PAYDEN. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the fund, which is contained in this document. Investment in foreign securities offers different rewards and challenges from investing in domestic securities, including changes in exchange rates, political changes, differences in reporting standards, and, for emerging-market securities, higher volatility. The Paydenfunds are distributed by Payden & Rygel Distributors, member FINRA. Kravitz is the marketing name for the businesses of Louis Kravitz & Associates, Inc. and Kravitz Davis Sansone Inc. Louis Kravitz & Associates, Inc. provides actuarial and consulting advice on the design and administration of retirement plans. Kravitz Davis Sansone Inc. is a registered investment advisory firm that provides investment advice and asset management. KRAVITZ Since 1977, Kravitz has been using its extensive knowledge of retirement plan design and administration to meet its clients’ unique business objectives and to ease the burden of administration. Kravitz is a leader in cutting edge retirement plans, like Cash Balance Plans,...

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