SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
RULE 24F-2 NOTICE
FOR
TRUST FOR CREDIT UNIONS
(Name of Registrant)
4900 Sears Tower
Chicago, Illinois 60606
(Address of principal executive office)
MONEY MARKET PORTFOLIO UNITS, $.001 par value per unit
GOVERNMENT SECURITIES PORTFOLIO UNITS, $.001 par value per unit
MORTGAGE SECURITIES PORTFOLIO UNITS, $.001 par value per unit
TARGET MATURITY PORTFOLIO (1996) UNITS, $.001 par value per unit
TARGET MATURITY PORTFOLIO (FEB 97) UNITS, $.001 par value per unit
TARGET MATURITY PORTFOLIO (MAY 97) UNITS, $.001 par value per unit
(Title of securities with respect to which Notice is filed)
File No. 33-18781
1. Fiscal year for which Notice is filed: Fiscal year ended
August 31, 1995.
2. Number or amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to Rule 24f-2 but which remained unsold at
the beginning of such fiscal year:
None
3. Number or amount of securities, if any, registered during such
fiscal year other than pursuant to Rule 24f-2:
Units Amount($)
436,161,698 690,405,720
4. Number or amount of securities sold during such fiscal year:
Units Amount($)
Money Market Portfolio Units 3,043,450,086* 3,043,450,086*
Government Securities Portfolio
Units 2,179,482* 21,279,121*
Mortgage Securities Portfolio
Units 807,374* 7,814,480*
Target Maturity Portfolio
(1996) Units 0* 0*
Target Maturity Portfolio
(Feb 97) Units 0* 0*
Target Maturity Portfolio
(May 97) Units 0* 0*
TOTAL 3,046,436,942* 3,072,543,687*
<PAGE>
5. Number or amount of securities sold during such fiscal year in
reliance upon registration pursuant to Rule 24f-2:
Units Amount($)
Money Market Portfolio Units 2,885,160,983 2,885,160,983
Government Securities Portfolio
Units 9,662,680 93,957,586
Mortgage Securities Portfolio
Units 3,664,116 34,931,625
Target Maturity Portfolio
(1996) Units 50,000 465,411
Target Maturity Portfolio
(Feb 97) Units 300,000 2,821,023
Target Maturity Portfolio
(May 97) Units 600,000 5,964,428
TOTAL 2,899,437,779 3,023,301,056
6. Number or amount of securities redeemed during such fiscal
year:
Units Amount($)
Money Market Portfolio Units 2,885,160,983 2,885,160,983
Government Securities Portfolio
Units 9,662,680 93,957,586
Mortgage Securities Portfolio
Units 3,664,116 34,931,625
Target Maturity Portfolio
(1996) Units 50,000 465,411
Target Maturity Portfolio
(Feb 97) Units 300,000 2,821,023
Target Maturity Portfolio
(May 97) Units 600,000 5,964,428
TOTAL 2,899,437,779 3,023,301,056
* Excludes Units issued upon reinvestment of dividends.
(a) For the fiscal year ended August 31, 1995, the actual
aggregate sales price for which such securities of the
Registrant were sold was $3,072,543,687. For the fiscal
year ended August 31, 1995, the actual aggregate
redemption price of securities of the Registrant
redeemed by the Registrant was $3,023,301,056.
$3,023,301,056 of such aggregate redemption price is
herewith being used for the reduction contemplated by
Rule 24f-2(c). $49,242,631 in 24(e)(1) units is being
used by the Registrant to reduce fees otherwise payable
under Rule 24f-2(c). Pursuant to Rule 24f-2(c), the
registration fee with respect to the securities sold is
calculated as follows:
Trust for Credit Unions:
[($3,023,301,056 - $3,023,301,056) / 2900] = $0
<PAGE>
(b) The required opinion of counsel is attached hereto.
Dated: October 20, 1995
TRUST FOR CREDIT UNIONS
Scott M. Gilman
By: Scott M. Gilman
Treasurer
HALE AND DORR
COUNSELLORS AT LAW
60 STATE STREET
BOSTON, MASSACHUSETTS 02109
617-526-6000
Fax 617-526-5000
October 26, 1995
Trust for Credit Unions
4900 Sears Tower
Chicago, Illinois 60606
Re: Rule 24f-2 Notice
Gentlemen:
Trust for Credit Unions (the "Trust") is a Massachusetts
business trust created under a written Declaration of Trust dated
September 24, 1987, and executed and delivered in Boston,
Massachusetts on that date, as amended and restated on December 1,
1987, as amended on April 20, 1988, October 1, 1992, March 29, 1993
and December 13, 1993 (as so amended and restated the "Declaration
of Trust"). The beneficial interests thereunder are represented by
transferable units with $.001 par value.
The Trustees have the powers set forth in the Declaration of
Trust, subject to the terms, provisions and conditions therein
provided. Under Article IV, Section 4.1 of the Declaration of
Trust, it is provided that the number of units of beneficial
interest authorized to be issued is unlimited and that the Trustees
are authorized to divide the units into one or more series.
Article IV, Section 4.1 also provides that the Trustees may issue
units of any series for such consideration and on such terms as
they may determine (or for no consideration if pursuant to a unit
dividend or split-up) without action or approval of unitholders.
Pursuant to Article IV, Section 4.2 of the Declaration of
Trust, the Trustees established eight separate series of units
designated the "Money Market Portfolio", "Government Securities
Portfolio", "Mortgage Securities Portfolio", "Target Maturity
Portfolio (1996)", "Target Maturity Portfolio (Feb 97)", "Target
Maturity Portfolio (May 97)", "Target Maturity Portfolio
(Aug 97)" and "Target Maturity Portfolio (Nov 97)".
By vote adopted December 14, 1992, the Trustees authorized the
officers of the Trust to issue and sell to the public an unlimited
number of units of beneficial interest of the Trust.
We understand that, pursuant to Rule 24f-2 under the
<PAGE>
Investment Company Act of 1940, the Trust has registered an
indefinite number of units of beneficial interest under the
Securities Act of 1933.
We understand that you are about to file with the Securities
and Exchange Commission a notice pursuant to Rule 24f-2 (the
"Rule 24f-2 Notice") making definite the registration of
2,899,437,779 units of beneficial interest of the Trust (the
"Units") sold in reliance upon said Rule 24f-2 during the fiscal
year ended August 31, 1995, consisting of 2,885,160,983 units of
the Money Market Portfolio, 9,662,680 units of the Government
Securities Portfolio, 3,664,116 units of the Mortgage Securities
Portfolio, 50,000 units of the Target Maturity Portfolio (1996),
300,000 units of the Target Maturity Portfolio (Feb 97) and 600,000
units of the Target Maturity Portfolio (May 97).
We have examined the Declaration of Trust, resolutions of the
Board of Trustees, a certificate of the Treasurer of the Trust to
the effect that the Trust or its agent received the consideration
for each of the Units in accordance with the terms of the
Declaration of Trust, and such other documents as we have deemed
necessary or appropriate for the purposes of this opinion. In our
examination of the above documents, we have assumed the genuineness
of all signatures, the authenticity of all documents submitted to
us as originals and the conformity to original documents of all
documents submitted to us as certified or photostatic copies.
We express no opinion as to compliance with any state or
federal securities laws, including the securities laws of The
Commonwealth of Massachusetts. For purposes of this opinion
letter, we have not made an independent review of the laws of any
state or jurisdiction other than The Commonwealth of Massachusetts
and express no opinion with respect to the laws of any jurisdiction
other than the laws of The Commonwealth of Massachusetts.
Our opinion below, as it relates to the nonassessability of
the Units of the Trust, is qualified to the extent that under
Massachusetts law, unitholders of a Massachusetts business trust
may be held personally liable for the obligations of the Trust.
In this regard however, please be advised that the Declaration of
Trust disclaims unitholder liability for acts or obligations of the
Trust and requires that notice of such disclaimer be given in each
note, bond, contract, certificate or undertaking made or issued by
the Trustees or officers of the Trust. Also, the Declaration of
Trust provides for indemnification out of Trust property for all
loss and expense of any unitholder held personally liable for the
obligations of the Trust.
We are of the opinion that all necessary Trust action
precedent to the issuance of the Units has been duly taken, and
that the Units were legally and validly issued, and are fully paid
and non-assessable by the Trust, subject to compliance with the
Securities Act of 1933, the Investment Company Act of 1940 and the
applicable state laws regulating the sale of securities.
<PAGE>
We consent to your filing this opinion with the Securities and
Exchange Commission together with the Rule 24f-2 Notice referred to
above. Except as provided in this paragraph, this opinion may not
be relied upon by, or filed with, any other parties or used for any
other purpose.
Very truly yours,
Hale and Dorr
Hale and Dorr
