Spotlight Webcast Replay - High Yield Bonds: Does Dislocation Create Opportunity? Fund Closures: Payden Opportunity Bond Fund Payden Market Return Fund A Message from the President: September 18, 2008 A message to our clients and prospects... Research & Commentary Weekly Market Update: January 2, 2009 Market Levels Market Returns Economic Releases U.S. Treasury Bonds/Economics U.S. Equities   Point Of View: Fourth Quarter 2008 •Witness To History: 25 Years of Payden & Rygel and the Evolution of the Global Financial Markets • The First Steps Toward Crisis Resolution • Swimming the English Channel and the Art of Investment Management • A Contrarian View: The Credit Crisis as an Opportunity   Global Economic Review & Outlook: October 2008 • Global Policymakers Take The First Steps Toward Crisis Resolution • The Scale of the US Subprime Crisis Is Large, But the Losses Are Broadly Spread • Governments in the US and Europe Move to Recapitalize the Banking System • Action Comes Too Late To Avoid Global Recession