<PAGE>
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10105
February 7, 2000
Securities and Exchange Commission
450 Fifth Avenue, N.W.
Washington, D.C. 20549
Re: AFD Exchange Reserves
(File Nos. 33-74230 and 811-08294)
Dear Sirs:
This letter is filed pursuant to Rule 497(j) under
the Securities Act of 1933 and is certification that the
Prospectus of the above referenced fund does not differ from
that included in the most recent post-effective amendment to
the fund's registration statement, the text of which was
filed electronically.
Very truly yours,
/s/ Janet R. Murtha
00250163.AS1
