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<PAGE> PAGE 8
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SIGNATURE TANYA LODEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000005100
<NAME> AC EXCHANGE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 8,914,432
<INVESTMENTS-AT-VALUE> 45,653,099
<RECEIVABLES> 252,065
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,724
<TOTAL-LIABILITIES> 215,945
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (33,936,450)
<SHARES-COMMON-STOCK> 316,324
<SHARES-COMMON-PRIOR> 327,142
<ACCUMULATED-NII-CURRENT> 2,312,017
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40,577,237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,738,667
<NET-ASSETS> 45,691,471
<DIVIDEND-INCOME> 410,317
<INTEREST-INCOME> 25,048
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 256,578
<REALIZED-GAINS-CURRENT> 875,401
<APPREC-INCREASE-CURRENT> 8,406,764
<NET-CHANGE-FROM-OPS> 9,538,743
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 11,024
<SHARES-REINVESTED> 206
<NET-CHANGE-IN-ASSETS> 7,952,401
<ACCUMULATED-NII-PRIOR> 2,262,091
<ACCUMULATED-GAINS-PRIOR> 39,701,835
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 103,973
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178,787
<AVERAGE-NET-ASSETS> 41,589,166
<PER-SHARE-NAV-BEGIN> 115.36
<PER-SHARE-NII> .80
<PER-SHARE-GAIN-APPREC> 28.93
<PER-SHARE-DIVIDEND> .640
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 144.45
<EXPENSE-RATIO> .86<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
