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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
AFD Exchange Reserves
1345 Avenue of the Americas
New York, NY 10105
2. Name of each series or class of funds for which this notice
is filed:
Class A
Class B
Class C
3. Investment Company Act File Number:
811-8294
Securities Act File Number:
33-74230
4. Last day of fiscal year for which this notice is filed:
September 30, 1996
5. Check the box if this notice is being filed more than 180
days after the close of the issuer's fiscal year for purposes
of reporting securities sold after the close of the fiscal
year but before termination of the issuer's 24f-2
declaration:
[ ]
6. Date of termination of issuer's declaration under Rule
24f-2(a)(1),
if applicable (see instruction A.6):
7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to Rule 24f-2 in a prior fiscal year, but
which remained unsold at the beginning of the fiscal year:
-0- shares
$-0-
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8. Number and amount of securities registered during the fiscal
year other than pursuant to rule 24f-2:
-0- shares
$-0-
9. Number and aggregate sale price of securities sold during the
fiscal year:
640,775,373 shares
$640,775,373
10. Number and aggregate sale price of securities sold during the
fiscal year in reliance upon registration pursuant to Rule
24f-2:
640,775,373 shares
$640,775,373
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable (see instruction B.7):
4,590,571 shares
$4,590,571
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
640,775,373 shares
$640,775,373
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if
applicable):
4,590,571 shares
$4,590,571
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
641,604,183 shares
$641,604,183
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees
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pursuant to rule 24e-2 (if applicable):
-0- shares
$-0-
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus line (iv)]
(if applicable):
3,761,761 shares
$3,761,761
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation (see
instruction C.6):
x 1/3300
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]:
$1,140
13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rules of Informal and Other Procedures (17 CFR
202.3a).
[X]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
November 14, 1996
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SIGNATURE
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
By (Signature and Title)*
\s\ Edmund P. Bergan, Jr.
Edmund P. Bergan, Jr.
Secretary
Date: November 14, 1996
* Please print the name and title of the signing officer below
the signature.
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00250163.AJ2
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SEWARD & KISSEL
One Battery Park Plaza
New York, New York 10004
Telephone (212) 574-1200
November 15, 1996
AFD Exchange Reserves
1345 Avenue of the Americas
New York, New York 10105
Dear Sirs:
We have acted as counsel for AFD Exchange Reserves,
a Massachusetts business trust (the "Company"), in
connection with the Company's Rule 24f-2 Notice to be filed
pursuant to Rule 24f-2 under the Investment Company Act of
1940, as amended, to report the sale of 640,775,373 shares
of beneficial interest of the Company, par value $.001 per
share, during the fiscal year of the Company ended September
30, 1996, in reliance upon that Rule and pursuant to the
registration of an indefinite number of such shares under
the Securities Act of 1933, as amended.
As counsel for the Company, we have examined and
relied upon such records of the Company and other documents
and certificates as to factual matters as we have deemed to
be necessary to render the opinion set forth below.
Based on that examination we are of the opinion
that the 640,775,373 shares so sold in reliance upon Rule
24f-2 were duly authorized and legally issued and, upon
their issuance, were fully paid and nonassessable shares of
beneficial interest of the Company under the laws of the
Commonwealth of Massachusetts.
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00250163.AJ2
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AFD Exchange Reserves 2 November 15, 1996
Our opinion above stated is expressed as members of
the bar of the State of New York.
We hereby consent to the filing of this opinion
with the Securities and Exchange Commission as an exhibit to
the above-referenced Rule 24f-2 Notice.
Very truly yours,
/s/ Seward & Kissel
00250163.AJ2
