AFD EXCHANGE RESERVES INC
NSAR-A, 1999-05-24
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SIGNATURE   JOSEPH REZABEK
TITLE       ASST. VICE PRESIDENT


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000917713
<NAME> AFD EXCHANGE RESERVES, INC.
<SERIES>
   <NUMBER> 001
   <NAME> AFD EXCHANGE RESERVES, INC.

<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000917713
<NAME> AFD EXCHANGE RESERVES, INC.
<SERIES>
   <NUMBER> 002
   <NAME> AFD EXCHANGE RESERVES, INC.

<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000917713
<NAME> AFD EXCHANGE RESERVES, INC.
<SERIES>
   <NUMBER> 003
   <NAME> AFD EXCHANGE RESERVES, INC.

<S>                             <C>
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[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000917713
<NAME> AFD EXCHANGE RESERVES, INC.
<SERIES>
   <NUMBER> 004
   <NAME> AFD EXCHANGE RESERVES, INC.

<S>                             <C>
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</TABLE>


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