<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885709
<NAME> PAYDEN & RYGEL INVESTMENT GROUP
<SERIES>
<NUMBER> 2
<NAME> PAYDEN & RYGEL TAX EXEMPT BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> NOV-01-1999
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 23942
<INVESTMENTS-AT-VALUE> 24444
<RECEIVABLES> 377
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 24824
<PAYABLE-FOR-SECURITIES> 35
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 67
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25735
<SHARES-COMMON-STOCK> 2585
<SHARES-COMMON-PRIOR> 4924
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1479)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 501
<NET-ASSETS> 24757
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1511
<OTHER-INCOME> 0
<EXPENSES-NET> 151
<NET-INVESTMENT-INCOME> 1360
<REALIZED-GAINS-CURRENT> (406)
<APPREC-INCREASE-CURRENT> 789
<NET-CHANGE-FROM-OPS> 1743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1390
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 846
<NUMBER-OF-SHARES-REDEEMED> 3301
<SHARES-REINVESTED> 116
<NET-CHANGE-IN-ASSETS> (21695)
<ACCUMULATED-NII-PRIOR> 27
<ACCUMULATED-GAINS-PRIOR> (1074)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 199
<AVERAGE-NET-ASSETS> 29069
<PER-SHARE-NAV-BEGIN> 9.43
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> 0.52
</TABLE>