SOMERSET EXCHANGE FUND
NSAR-A, 1997-08-26
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000 C000000 0001018128
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011 B000001 8-7221
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SIGNATURE   GERARD M. RICHARD                            
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001018128
<NAME> SOMERSET EXCHANGE FUND
       
<S>                             <C>
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<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
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</TABLE>


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