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>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 512,036,728
<INVESTMENTS-AT-VALUE> 512,036,728
<RECEIVABLES> 495,517,148
<ASSETS-OTHER> 1,181,177
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,008,735,053
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,885,663
<TOTAL-LIABILITIES> 28,885,663
<SENIOR-EQUITY> 979,804
<PAID-IN-CAPITAL-COMMON> 978,824,335
<SHARES-COMMON-STOCK> 128,783,050
<SHARES-COMMON-PRIOR> 128,302,922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45,251
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 979,849,390
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 44,262,169
<OTHER-INCOME> 0
<EXPENSES-NET> (8,462,934)
<NET-INVESTMENT-INCOME> 35,799,235
<REALIZED-GAINS-CURRENT> 38,934
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 35,838,169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,661,494)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,783,586,471
<NUMBER-OF-SHARES-REDEEMED> (3,787,767,837)
<SHARES-REINVESTED> 4,661,494
<NET-CHANGE-IN-ASSETS> 282,786,947
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,937
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,815,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,463,000
<AVERAGE-NET-ASSETS> 96,075,045
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>