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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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048 E010500 0
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<PAGE> PAGE 21
048 K010500 1000000
048 K020500 0.250
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 2.4
062 M000500 46.2
062 N000500 34.0
062 O000500 0.0
062 P000500 15.2
062 Q000500 0.9
062 R000500 0.0
063 A000500 0
063 B000500 9.2
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
<PAGE> PAGE 22
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 44758
071 B000500 20700
071 C000500 8212
071 D000500 252
072 A000500 12
072 B000500 569
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 24
072 G000500 7
072 H000500 0
072 I000500 6
072 J000500 25
072 K000500 0
072 L000500 2
072 M000500 1
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072 R000500 0
072 S000500 16
072 T000500 0
072 U000500 1
072 V000500 0
072 W000500 -56
072 X000500 39
072 Y000500 0
072 Z000500 531
072AA000500 203
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072CC010500 601
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072DD010500 526
072DD020500 0
072EE000500 0
073 A010500 0.5747
073 A020500 0.0000
<PAGE> PAGE 23
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 25493
074 E000500 0
074 F000500 0
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074 H000500 0
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074 L000500 377
074 M000500 129
074 N000500 25998
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074 P000500 147
074 Q000500 0
074 R010500 0
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074 R040500 29
074 S000500 0
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075 B000500 8212
076 000500 0.00
028 A010600 6322
028 A020600 73
028 A030600 0
028 A040600 6387
028 B010600 6112
028 B020600 66
028 B030600 0
028 B040600 2974
028 C010600 2874
028 C020600 71
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028 C040600 3352
028 D010600 3764
028 D020600 79
028 D030600 0
028 D040600 1502
<PAGE> PAGE 24
028 E010600 4054
028 E020600 82
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028 E040600 2718
028 F010600 882
028 F020600 90
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028 F040600 2082
028 G010600 24008
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028 G040600 19015
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045 000600 Y
046 000600 N
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062 H000600 0.0
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062 L000600 3.9
<PAGE> PAGE 25
062 M000600 21.1
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062 P000600 9.0
062 Q000600 8.1
062 R000600 0.0
063 A000600 256
063 B000600 0.0
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 15496
071 B000600 12041
<PAGE> PAGE 26
071 C000600 7250
071 D000600 166
072 A000600 12
072 B000600 932
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<PAGE> PAGE 27
074 M000600 1
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028 A010700 236
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<PAGE> PAGE 28
046 000700 N
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048 A010700 500000
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062 A000700 Y
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062 L000700 0.7
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062 O000700 102.5
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063 B000700 3.5
066 A000700 N
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070 A010700 Y
<PAGE> PAGE 29
070 A020700 N
070 B010700 Y
070 B020700 N
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070 C020700 N
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070 D020700 N
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070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
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070 I020700 N
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070 J020700 N
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070 M010700 N
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070 O020700 N
070 P010700 N
070 P020700 N
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071 A000700 12851
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<PAGE> PAGE 30
072 M000700 2
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<PAGE> PAGE 31
074 V020700 0.00
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<PAGE> PAGE 32
074 O000800 0
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<PAGE> PAGE 33
048 B010900 0
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<PAGE> PAGE 34
070 D010900 N
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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028 A011000 10
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<PAGE> PAGE 37
048 I011000 0
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<PAGE> PAGE 38
070 K011000 Y
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070 Q021000 N
070 R011000 N
070 R021000 N
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<PAGE> PAGE 39
072DD021000 0
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SIGNATURE CHRISTOPHER N. ORNDORFF
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PAYDEN & RYGEL GLOBAL FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 519,340,501
<INVESTMENTS-AT-VALUE> 535,434,272
<RECEIVABLES> 12,907,651
<ASSETS-OTHER> 1,267,734
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 549,609,657
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,568,756
<TOTAL-LIABILITIES> 9,568,756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 533,630,212
<SHARES-COMMON-STOCK> (52,327,287)
<SHARES-COMMON-PRIOR> 44,045,982
<ACCUMULATED-NII-CURRENT> 10,588,183
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,226,044)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,733,666)
<NET-ASSETS> 540,040,901
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,075,849
<OTHER-INCOME> 0
<EXPENSES-NET> 2,372,393
<NET-INVESTMENT-INCOME> 28,703,456
<REALIZED-GAINS-CURRENT> 27,506,560
<APPREC-INCREASE-CURRENT> 9,681,400
<NET-CHANGE-FROM-OPS> 65,891,416
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41,196,930
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,968,947
<NUMBER-OF-SHARES-REDEEMED> 6,519,538
<SHARES-REINVESTED> 3,831,846
<NET-CHANGE-IN-ASSETS> 109,830,962
<ACCUMULATED-NII-PRIOR>
281,597 <ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES>
1,533,836 <INTEREST-EXPENSE> 0
<GROSS-EXPENSE>
2,372,393 <AVERAGE-NET-ASSETS>
474,037,473 <PER-SHARE-NAV-BEGIN>
9.77
<PER-SHARE-NII>
0.89
<PER-SHARE-GAIN-APPREC>
0.53
<PER-SHARE-DIVIDEND>
0.87
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END>
10.32
<EXPENSE-RATIO>
0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> PAYDEN & RYGEL TAX-EXEMPT BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 38,512,498
<INVESTMENTS-AT-VALUE> 39,604,148
<RECEIVABLES> 678,374
<ASSETS-OTHER> 199,802
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,482,324
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 430,656
<TOTAL-LIABILITIES> 430,656
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,137,709
<SHARES-COMMON-STOCK> 4,177,567
<SHARES-COMMON-PRIOR> 2,861,275
<ACCUMULATED-NII-CURRENT> 5,164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,307,292)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,216,087
<NET-ASSETS> 40,051,668
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,685,457
<OTHER-INCOME> 0
<EXPENSES-NET> 139,824
<NET-INVESTMENT-INCOME> 1,545,633
<REALIZED-GAINS-CURRENT> (216,473)
<APPREC-INCREASE-CURRENT> 2,443,288
<NET-CHANGE-FROM-OPS> 3,772,448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,550,994
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,570,000
<NUMBER-OF-SHARES-REDEEMED> 412,149
<SHARES-REINVESTED> 158,441
<NET-CHANGE-IN-ASSETS> 14,577,943
<ACCUMULATED-NII-PRIOR> 10,525
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99,303
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 228,633
<AVERAGE-NET-ASSETS> 31,072,267
<PER-SHARE-NAV-BEGIN> 8.90
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> 0.69
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.59
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> PAYDEN & RYGEL SHORT BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 18,675,599
<INVESTMENTS-AT-VALUE> 18,855,613
<RECEIVABLES> 349,861
<ASSETS-OTHER> 133,920
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,339,394
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182,608
<TOTAL-LIABILITIES> 182,608
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,958,028
<SHARES-COMMON-STOCK> 1,907,327
<SHARES-COMMON-PRIOR> 267,604
<ACCUMULATED-NII-CURRENT> 4,716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 180,014
<NET-ASSETS> 19,156,786
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 613,611
<OTHER-INCOME> 0
<EXPENSES-NET> 40,090
<NET-INVESTMENT-INCOME> 573,521
<REALIZED-GAINS-CURRENT> 59,994
<APPREC-INCREASE-CURRENT> 201,029
<NET-CHANGE-FROM-OPS> 834,544
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 570,116
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,270,630
<NUMBER-OF-SHARES-REDEEMED> 688,181
<SHARES-REINVESTED> 57,274
<NET-CHANGE-IN-ASSETS> 16,565,222
<ACCUMULATED-NII-PRIOR> 1,311
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,936
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103,041
<AVERAGE-NET-ASSETS> 10,022,526
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PAYDEN & RYGEL INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 33,109,393
<INVESTMENTS-AT-VALUE> 34,039,185
<RECEIVABLES> 488,974
<ASSETS-OTHER> 135,186
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,663,345
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 272,422
<TOTAL-LIABILITIES> 272,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,196,940
<SHARES-COMMON-STOCK> 3,490,147
<SHARES-COMMON-PRIOR> 1,538,681
<ACCUMULATED-NII-CURRENT> 7,265
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 256,926
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 929,792
<NET-ASSETS> 34,390,923
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,664,292
<OTHER-INCOME> 0
<EXPENSES-NET> 114,373
<NET-INVESTMENT-INCOME> 1,549,919
<REALIZED-GAINS-CURRENT> 471,047
<APPREC-INCREASE-CURRENT> 1,010,731
<NET-CHANGE-FROM-OPS> 3,031,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,549,848
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,074,179
<NUMBER-OF-SHARES-REDEEMED> 218,888
<SHARES-REINVESTED> 96,175
<NET-CHANGE-IN-ASSETS> 20,079,052
<ACCUMULATED-NII-PRIOR> 7,194
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71,012
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,507
<AVERAGE-NET-ASSETS> 25,416,388
<PER-SHARE-NAV-BEGIN> 9.30
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> 0.57
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> PAYDEN & RYGEL OPPORTUNITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 24,892,746
<INVESTMENTS-AT-VALUE> 25,492,578
<RECEIVABLES> 376,906
<ASSETS-OTHER> 128,947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,998,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,460
<TOTAL-LIABILITIES> 176,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,202,615
<SHARES-COMMON-STOCK> 2,591,405
<SHARES-COMMON-PRIOR> 333,492
<ACCUMULATED-NII-CURRENT> 6,090
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43,434
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 599,772
<NET-ASSETS> 25,821,911
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 569,456
<OTHER-INCOME> 0
<EXPENSES-NET> 38,515
<NET-INVESTMENT-INCOME> 530,941
<REALIZED-GAINS-CURRENT> 202,864
<APPREC-INCREASE-CURRENT> 600,568
<NET-CHANGE-FROM-OPS> 1,334,373
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 526,378
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,588,864
<NUMBER-OF-SHARES-REDEEMED> 385,105
<SHARES-REINVESTED> 54,154
<NET-CHANGE-IN-ASSETS> 22,791,945
<ACCUMULATED-NII-PRIOR> 1,527
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 94,590
<AVERAGE-NET-ASSETS> 8,558,933
<PER-SHARE-NAV-BEGIN> 9.09
<PER-SHARE-NII> 0.57
<PER-SHARE-GAIN-APPREC> 0.87
<PER-SHARE-DIVIDEND> 0.57
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> PAYDEN & RYGEL LIMITED MATURITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-21-1994
<INVESTMENTS-AT-COST> 18,149,147
<INVESTMENTS-AT-VALUE> 18,210,081
<RECEIVABLES> 267,561
<ASSETS-OTHER> 142,805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,620,447
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 206,144
<TOTAL-LIABILITIES> 206,144
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,351,052
<SHARES-COMMON-STOCK> 1,830,050
<SHARES-COMMON-PRIOR> 1,424,310
<ACCUMULATED-NII-CURRENT> 4,869
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,552)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,934
<NET-ASSETS> 18,414,303
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 931,604
<OTHER-INCOME> 0
<EXPENSES-NET> 52,456
<NET-INVESTMENT-INCOME> 879,148
<REALIZED-GAINS-CURRENT> 999
<APPREC-INCREASE-CURRENT> 91,216
<NET-CHANGE-FROM-OPS> 971,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 881,648
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,067,449
<NUMBER-OF-SHARES-REDEEMED> 2,748,189
<SHARES-REINVESTED> 86,480
<NET-CHANGE-IN-ASSETS> 4,166,414
<ACCUMULATED-NII-PRIOR> 7,369
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44,030
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 130,478
<AVERAGE-NET-ASSETS> 15,736,570
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0.57
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 0.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> PAYDEN & RYGEL SHORT DURATION TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 16,401,224
<INVESTMENTS-AT-VALUE> 16,537,022
<RECEIVABLES> 734,627
<ASSETS-OTHER> 117,843
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,389,492
<PAYABLE-FOR-SECURITIES> 1,151,386
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219,488
<TOTAL-LIABILITIES> 1,370,874
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,848,471
<SHARES-COMMON-STOCK> 1,589,820
<SHARES-COMMON-PRIOR> 2,861,275
<ACCUMULATED-NII-CURRENT> 1,672
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32,677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135,798
<NET-ASSETS> 16,018,618
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 819,153
<OTHER-INCOME> 0
<EXPENSES-NET> 80,725
<NET-INVESTMENT-INCOME> 738,428
<REALIZED-GAINS-CURRENT> 33,670
<APPREC-INCREASE-CURRENT> 227,515
<NET-CHANGE-FROM-OPS> 999,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 743,140
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,745,760
<NUMBER-OF-SHARES-REDEEMED> 2,253,593
<SHARES-REINVESTED> 67,925
<NET-CHANGE-IN-ASSETS> (4,131,471)
<ACCUMULATED-NII-PRIOR> 6,384
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,405
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 163,369
<AVERAGE-NET-ASSETS> 17,939,020
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 0.15
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> PAYDEN & RYGEL U.S. TREASURY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 10,376,263
<INVESTMENTS-AT-VALUE> 10,706,637
<RECEIVABLES> 212,993
<ASSETS-OTHER> 78,137
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,997,767
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103,499
<TOTAL-LIABILITIES> 103,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,525,971
<SHARES-COMMON-STOCK> 1,026,380
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,473
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 330,374
<NET-ASSETS> 10,894,268
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 381,053
<OTHER-INCOME> 0
<EXPENSES-NET> 25,363
<NET-INVESTMENT-INCOME> 355,690
<REALIZED-GAINS-CURRENT> 34,473
<APPREC-INCREASE-CURRENT> 330,374
<NET-CHANGE-FROM-OPS> 920,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 352,240
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,121,118
<NUMBER-OF-SHARES-REDEEMED> 128,393
<SHARES-REINVESTED> 33,655
<NET-CHANGE-IN-ASSETS> 10,894,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103,714
<AVERAGE-NET-ASSETS> 6,834,929
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> 0.53
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> PAYDEN & RYGEL INTERNATIONAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 18,843,771
<INVESTMENTS-AT-VALUE> 18,892,282
<RECEIVABLES> 571,690
<ASSETS-OTHER> 1,700,867
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,164,839
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,970,552
<TOTAL-LIABILITIES> 1,970,552
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,377,706
<SHARES-COMMON-STOCK> 1,912,673
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (495,367)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (166,848)
<NET-ASSETS> 19,194,287
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 419,843
<OTHER-INCOME> 0
<EXPENSES-NET> 49,457
<NET-INVESTMENT-INCOME> 370,386
<REALIZED-GAINS-CURRENT> (98,063)
<APPREC-INCREASE-CURRENT> (166,848)
<NET-CHANGE-FROM-OPS> 105,475
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 219,289
<DISTRIBUTIONS-OF-GAINS> 53,034
<DISTRIBUTIONS-OTHER> 16,571
<NUMBER-OF-SHARES-SOLD> 1,886,243
<NUMBER-OF-SHARES-REDEEMED> 198
<SHARES-REINVESTED> 26,628
<NET-CHANGE-IN-ASSETS> 19,194,287
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116,216
<AVERAGE-NET-ASSETS> 12,222,291
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 0.04
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
