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<PAGE> PAGE 2
013 B020001 TX
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<PAGE> PAGE 3
022 C000007 11704
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
SIGNATURE TANYA LODEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000783743
<NAME> AC FEDERAL MORTGAGE TRUST
<SERIES>
<NUMBER> 1
<NAME> CLASS A SHARES
<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> 61,367,542
<INVESTMENTS-AT-VALUE> 61,974,329
<RECEIVABLES> 2,585,871
<ASSETS-OTHER> 2,230
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,562,430
<PAYABLE-FOR-SECURITIES> 1,924,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 714,795
<TOTAL-LIABILITIES> 2,639,032
<SENIOR-EQUITY> 50,423
<PAID-IN-CAPITAL-COMMON> 77,070,618
<SHARES-COMMON-STOCK> 3,429,522
<SHARES-COMMON-PRIOR> 3,465,620
<ACCUMULATED-NII-CURRENT> 146,632
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,928,071)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 583,796
<NET-ASSETS> 61,923,398
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,272,288
<OTHER-INCOME> 0
<EXPENSES-NET> 556,162
<NET-INVESTMENT-INCOME> 1,716,126
<REALIZED-GAINS-CURRENT> 444,847
<APPREC-INCREASE-CURRENT> 1,502,536
<NET-CHANGE-FROM-OPS> 3,663,509
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,116,987
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 665,698
<NUMBER-OF-SHARES-REDEEMED> 767,325
<SHARES-REINVESTED> 65,529
<NET-CHANGE-IN-ASSETS> (3,509,621)
<ACCUMULATED-NII-PRIOR> 49,506
<ACCUMULATED-GAINS-PRIOR> (16,372,918)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 161,952
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 556,162
<AVERAGE-NET-ASSETS> 42,306,116
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> .34
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<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.45<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000783743
<NAME> AC FEDERAL MORTGAGE TRUST
<SERIES>
<NUMBER> 2
<NAME> CLASS B SHARES
<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> 0
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<SHARES-COMMON-STOCK> 1,199,762
<SHARES-COMMON-PRIOR> 1,541,528
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 369,313
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,169
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<SHARES-REINVESTED> 20,650
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 16,566,555
<PER-SHARE-NAV-BEGIN> 11.91
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .361
<PER-SHARE-DIVIDEND> .271
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.29
<EXPENSE-RATIO> 2.22<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000783743
<NAME> AC FEDERAL MORTGAGE TRUST
<SERIES>
<NUMBER> 3
<NAME> CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
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<AVERAGE-NET-ASSETS> 5,907,965
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<FN>
<F1>expense ratio is annualized
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</TABLE>
