<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> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> NOV-01-1999
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 20377
<INVESTMENTS-AT-VALUE> 20392
<RECEIVABLES> 290
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 6
<TOTAL-ASSETS> 20688
<PAYABLE-FOR-SECURITIES> 83
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28
<TOTAL-LIABILITIES> 111
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22170
<SHARES-COMMON-STOCK> 2196
<SHARES-COMMON-PRIOR> 4924
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1608)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15
<NET-ASSETS> 20577
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 873
<OTHER-INCOME> (6)
<EXPENSES-NET> 84
<NET-INVESTMENT-INCOME> 783
<REALIZED-GAINS-CURRENT> (535)
<APPREC-INCREASE-CURRENT> 302
<NET-CHANGE-FROM-OPS> 550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 811
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13
<NUMBER-OF-SHARES-REDEEMED> 2809
<SHARES-REINVESTED> 68
<NET-CHANGE-IN-ASSETS> (25875)
<ACCUMULATED-NII-PRIOR> 27
<ACCUMULATED-GAINS-PRIOR> (1074)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 105
<AVERAGE-NET-ASSETS> 32917
<PER-SHARE-NAV-BEGIN> 9.43
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.37
<EXPENSE-RATIO> 0.50
</TABLE>
