SOMERSET EXCHANGE FUND
NSAR-A, 1999-08-25
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001018128
<NAME> SOMERSET EXCHANGE FUND

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
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</TABLE>


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