<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018128
<NAME> SOMERSET EXCHANGE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 97630673
<INVESTMENTS-AT-VALUE> 135763361
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<TOTAL-ASSETS> 136445864
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<SENIOR-LONG-TERM-DEBT> 25500000
<OTHER-ITEMS-LIABILITIES> 686905
<TOTAL-LIABILITIES> 26186905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73543421
<SHARES-COMMON-STOCK> 149183
<SHARES-COMMON-PRIOR> 149287
<ACCUMULATED-NII-CURRENT> 1299977
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2726187)
<OVERDISTRIBUTION-GAINS> (7257)
<ACCUM-APPREC-OR-DEPREC> 38149008
<NET-ASSETS> 110258959
<DIVIDEND-INCOME> 1762468
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<OTHER-INCOME> 15483
<EXPENSES-NET> (1449098)
<NET-INVESTMENT-INCOME> 328853
<REALIZED-GAINS-CURRENT> (316835)
<APPREC-INCREASE-CURRENT> (3161969)
<NET-CHANGE-FROM-OPS> (3149951)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (242018)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (104)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3470719)
<ACCUMULATED-NII-PRIOR> 1213139
<ACCUMULATED-GAINS-PRIOR> (2409352)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7257)
<GROSS-ADVISORY-FEES> 327889
<INTEREST-EXPENSE> 869134
<GROSS-EXPENSE> 1449098
<AVERAGE-NET-ASSETS> 109914234
<PER-SHARE-NAV-BEGIN> 761.82
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<PER-SHARE-DISTRIBUTIONS> 0
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<EXPENSE-RATIO> 2.64
</TABLE>