FEDERATED EXCHANGE FUND LTD
NSAR-B, 1995-03-01
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<PAGE>      PAGE  2
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     FEDERATED EXCHANGE FUND, LTD.                  
                                                                               
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Dec-31-1994                                    
<PERIOD-END>                    Dec-31-1994                                    
<INVESTMENTS-AT-COST>           67,643,476                                     
<INVESTMENTS-AT-VALUE>          82,429,212                                     
<RECEIVABLES>                   212,253                                        
<ASSETS-OTHER>                  4,220                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  82,645,685                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
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<TOTAL-LIABILITIES>             1,268,668                                      
<SENIOR-EQUITY>                 0                                              
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<SHARES-COMMON-PRIOR>           1,245,908                                      
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<OVERDISTRIBUTION-NII>          0                                              
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<OVERDISTRIBUTION-GAINS>        0                                              
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<NET-ASSETS>                    81,377,017                                     
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<OTHER-INCOME>                  0                                              
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<NET-CHANGE-FROM-OPS>           (274,271)                                      
<EQUALIZATION>                  0                                              
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<DISTRIBUTIONS-OTHER>           0                                              
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<INTEREST-EXPENSE>              0                                              
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<PER-SHARE-NAV-BEGIN>           71.390                                         
<PER-SHARE-NII>                 1.180                                          
<PER-SHARE-GAIN-APPREC>         (1.390)                                        
<PER-SHARE-DIVIDEND>            1.140                                          
<PER-SHARE-DISTRIBUTIONS>       1.200                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             68.840                                         
<EXPENSE-RATIO>                 115                                            
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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