<PAGE> PAGE 1
000 A000000 02/28/97
000 C000000 825759
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 TRUST FOR CREDIT UNIONS
001 B000000 811-5407
001 C000000 8003425828
002 A000000 4900 SEARS TOWER
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
002 D020000 6303
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 GOVERNMENT SECURITIES PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 MORTGAGE SECURITIES PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C020500 TCU TARGET MATURITY PORTFOLIO (FEB 97)
007 C030500 Y
007 C010600 6
007 C020600 TCU TARGET MATURITY PORTFOLIO (MAY 97)
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 GOLDMAN SACHS & CO.
008 B00AA01 A
008 C00AA01 801-16048
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10004
010 A00AA01 CALLAHAN CREDIT UNION FINANCIAL SERVICES LTD
010 C01AA01 WASHINGTON
<PAGE> PAGE 2
010 C02AA01 DC
010 C03AA01 20036
010 C04AA01 5504
011 A00AA01 CALLAHAN FINANCIAL SERVICES, INC.
011 B00AA01 8-37809
011 C01AA01 WASHINGTON
011 C02AA01 DC
011 C03AA01 20036
011 C04AA01 5504
011 A00AA02 GOLDMAN, SACHS & CO.
011 B00AA02 8-129
011 C01AA02 NEW YORK
011 C02AA02 NY
011 C03AA02 10004
012 A00AA01 GOLDMAN, SACHS & CO.
012 B00AA01 84-01100
012 C01AA01 CHICAGO
012 C02AA01 IL
012 C03AA01 60606
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 CALLAHAN FINANCIAL SERVICES, INC.
014 B00AA01 8-37809
014 A00AA02 GOLDMAN, SACHS & CO.
014 B00AA02 8-129
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
015 A00AA02 THE NORTHERN TRUST COMPANY
015 B00AA02 S
015 C01AA02 CHICAGO
015 C02AA02 IL
015 C03AA02 60675
015 E01AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 57
019 C00AA00 FUNDSGROUP
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
<PAGE> PAGE 3
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 BEAR STEARNS COMPANIES, INC.
022 B000001 13-4946705
022 C000001 8057266
022 D000001 18987
022 A000002 LEHMAN BROTHERS
022 B000002 13-2663822
022 C000002 7099013
022 D000002 17144
022 A000003 NOMURA SECURITIES, INC.
022 B000003 13-2642206
022 C000003 3739592
022 D000003 13824
022 A000004 CHASE MANHATTAN SECURITIES
022 B000004 13-3112952
022 C000004 2805102
022 D000004 7933
022 A000005 UNION BANK OF SWITZERLAND
022 B000005 94-1234979
022 C000005 2152554
022 D000005 0
022 A000006 SWISS BANK CORP.
022 B000006 13-2639550
022 C000006 1770589
022 D000006 0
022 A000007 MORGAN STANLEY GROUP, INC.
022 B000007 13-2655990
022 C000007 1566287
022 D000007 13778
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008 1523490
022 D000008 0
022 A000009 DAIWA SECURITIES
022 B000009 13-5680329
022 C000009 1482390
022 D000009 0
022 A000010 CS FIRST BOSTON CORP.
022 B000010 13-5659485
022 C000010 921591
022 D000010 60199
023 C000000 35432198
023 D000000 456493
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
<PAGE> PAGE 5
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB GROUP
080 B00AA00 N/A
080 C00AA00 1250
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 GOLDMAN, SACHS & CO.
025 B000101 13-5108880
025 C000101 D
025 D000101 50000
025 A000102 BEAR STEARNS COMPANIES, INC.
025 B000102 13-4946705
025 C000102 D
025 D000102 90360
025 A000103 CS FIRST BOSTON CORP.
025 B000103 13-5659485
025 C000103 D
<PAGE> PAGE 6
025 D000103 31091
025 A000104 CHASE MANHATTAN SECURITIES
025 B000104 13-3112952
025 C000104 D
025 D000104 59300
025 A000105 DAIWA SECURITIES
025 B000105 13-5680329
025 C000105 D
025 D000105 29650
025 A000106 SWISS BANK CORP.
025 B000106 13-2639550
025 C000106 D
025 D000106 48365
025 A000107 NOMURA SECURITIES, INC.
025 B000107 13-2642206
025 C000107 D
025 D000107 7530
025 A000108 DELETE
025 D000108 0
025 A000109 DELETE
025 D000109 0
025 D000110 0
025 D000111 0
025 D000112 0
025 D000113 0
025 D000114 0
025 D000115 0
025 D000116 0
028 A010100 299215
028 A020100 1010
028 A030100 0
028 A040100 342519
028 B010100 311168
028 B020100 917
028 B030100 0
028 B040100 354175
028 C010100 384339
028 C020100 852
028 C030100 0
028 C040100 312422
028 D010100 270476
028 D020100 808
028 D030100 0
028 D040100 355208
028 E010100 444724
028 E020100 816
028 E030100 0
028 E040100 317552
028 F010100 517541
028 F020100 847
028 F030100 0
<PAGE> PAGE 7
028 F040100 393236
028 G010100 2227463
028 G020100 5250
028 G030100 0
028 G040100 2075112
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
041 000100 N
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 300000
048 A020100 0.200
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 300000
048 K020100 0.150
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
<PAGE> PAGE 8
060 B000100 Y
061 000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 8.6
062 D000100 68.0
062 E000100 0.0
062 F000100 9.4
062 G000100 1.7
062 H000100 3.8
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 8.5
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 14
063 B000100 0.0
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
<PAGE> PAGE 9
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 10397
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 217
072 G000100 96
072 H000100 0
072 I000100 0
072 J000100 42
072 K000100 0
072 L000100 6
072 M000100 9
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 13
072 S000100 16
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 15
072 X000100 414
072 Y000100 30
072 Z000100 10013
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 10013
072DD020100 0
072EE000100 0
073 A010100 0.0258
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 75
<PAGE> PAGE 10
074 B000100 397600
074 C000100 187024
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 30
074 L000100 1476
074 M000100 6
074 N000100 586211
074 O000100 0
074 P000100 56
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1844
074 S000100 0
074 T000100 584311
074 U010100 584311
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 229
074 Y000100 0
075 A000100 387259
075 B000100 0
076 000100 0.00
024 000200 Y
025 A000201 BEAR STEARNS COMPANIES, INC.
025 B000201 13-4946705
025 C000201 D
025 D000201 18000
025 A000202 CS FIRST BOSTON CORP.
025 B000202 13-5659485
025 C000202 D
025 D000202 417
025 A000203 NOMURA SECURITIES, INC.
025 B000203 13-2642206
025 C000203 D
025 D000203 1500
025 A000204 DELETE
025 D000204 0
025 A000205 DELETE
025 D000205 0
025 D000206 0
025 D000207 0
<PAGE> PAGE 11
025 D000208 0
028 A010200 0
028 A020200 388
028 A030200 0
028 A040200 1064
028 B010200 0
028 B020200 389
028 B030200 0
028 B040200 7527
028 C010200 5000
028 C020200 388
028 C030200 0
028 C040200 5413
028 D010200 5000
028 D020200 435
028 D030200 0
028 D040200 9697
028 E010200 0
028 E020200 442
028 E030200 0
028 E040200 1379
028 F010200 11444
028 F020200 411
028 F030200 0
028 F040200 4073
028 G010200 21444
028 G020200 2453
028 G030200 0
028 G040200 29153
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.200
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
<PAGE> PAGE 12
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 3.7
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 18.7
062 N000200 79.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.7
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
<PAGE> PAGE 13
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 252779
071 B000200 266170
071 C000200 521352
071 D000200 49
072 A000200 6
072 B000200 16818
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 525
072 G000200 263
072 H000200 0
072 I000200 2
072 J000200 39
072 K000200 0
072 L000200 6
072 M000200 9
072 N000200 0
072 O000200 0
072 P000200 0
<PAGE> PAGE 14
072 Q000200 0
072 R000200 24
072 S000200 16
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 15
072 X000200 899
072 Y000200 0
072 Z000200 15919
072AA000200 0
072BB000200 987
072CC010200 2753
072CC020200 0
072DD010200 15756
072DD020200 0
072EE000200 0
073 A010200 0.2945
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 81
074 B000200 19900
074 C000200 0
074 D000200 520255
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 13968
074 K000200 0
074 L000200 4608
074 M000200 92
074 N000200 558904
074 O000200 24351
074 P000200 121
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2056
074 S000200 0
074 T000200 532376
074 U010200 54338
074 U020200 0
074 V010200 9.80
074 V020200 0.00
074 W000200 0.0000
074 X000200 246
074 Y000200 0
<PAGE> PAGE 15
075 A000200 0
075 B000200 529538
076 000200 0.00
024 000300 Y
025 A000301 BEAR STEARNS COMPANIES, INC.
025 B000301 13-4946705
025 C000301 D
025 D000301 3017
025 A000302 CS FIRST BOSTON CORP.
025 B000302 13-5659485
025 C000302 D
025 D000302 17
025 A000303 NOMURA SECURITIES, INC.
025 B000303 13-2642206
025 C000303 D
025 D000303 60
025 A000304 DELETE
025 D000304 0
025 A000305 DELETE
025 D000305 0
025 A000306 DELETE
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 5
028 A020300 308
028 A030300 0
028 A040300 0
028 B010300 5
028 B020300 313
028 B030300 0
028 B040300 7564
028 C010300 105
028 C020300 304
028 C030300 0
028 C040300 350
028 D010300 5
028 D020300 315
028 D030300 0
028 D040300 4904
028 E010300 2009
028 E020300 358
028 E030300 0
028 E040300 0
028 F010300 3505
028 F020300 329
028 F030300 0
028 F040300 0
028 G010300 5634
028 G020300 1927
028 G030300 0
<PAGE> PAGE 16
028 G040300 12818
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.200
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.2
<PAGE> PAGE 17
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 14.2
062 N000300 20.7
062 O000300 0.0
062 P000300 0.0
062 Q000300 60.6
062 R000300 0.0
063 A000300 0
063 B000300 1.8
064 A000300 N
064 B000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 Y
070 Q010300 N
<PAGE> PAGE 18
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 188668
071 B000300 201866
071 C000300 323588
071 D000300 58
072 A000300 6
072 B000300 11366
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 326
072 G000300 81
072 H000300 0
072 I000300 1
072 J000300 30
072 K000300 0
072 L000300 5
072 M000300 5
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 23
072 S000300 10
072 T000300 0
072 U000300 5
072 V000300 0
072 W000300 9
072 X000300 495
072 Y000300 0
072 Z000300 10871
072AA000300 368
072BB000300 0
072CC010300 2002
072CC020300 0
072DD010300 10592
072DD020300 0
072EE000300 0
073 A010300 0.3217
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 47
074 B000300 800
074 C000300 0
074 D000300 315045
074 E000300 0
074 F000300 0
074 G000300 0
<PAGE> PAGE 19
074 H000300 0
074 I000300 0
074 J000300 14220
074 K000300 0
074 L000300 2176
074 M000300 9
074 N000300 332297
074 O000300 958
074 P000300 63
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1339
074 S000300 0
074 T000300 329937
074 U010300 33904
074 U020300 0
074 V010300 9.73
074 V020300 0.00
074 W000300 0.0000
074 X000300 77
074 Y000300 0
075 A000300 0
075 B000300 328621
076 000300 0.00
024 000500 N
025 A000501 DELETE
025 D000501 0
025 A000502 DELETE
025 D000502 0
025 A000503 DELETE
025 D000503 0
025 A000504 DELETE
025 D000504 0
025 A000505 DELETE
025 D000505 0
025 A000506 DELETE
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
<PAGE> PAGE 20
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 0
028 F020500 0
028 F030500 0
028 F040500 94490
028 G010500 0
028 G020500 0
028 G030500 0
028 G040500 94490
028 H000500 0
037 000500 Y
038 000500 0
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 75000
048 A020500 0.250
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 75000
048 K020500 0.200
049 000500 N
<PAGE> PAGE 21
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
064 A000500 N
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
<PAGE> PAGE 22
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 19486
071 B000500 94373
071 C000500 37435
071 D000500 52
072 A000500 6
072 B000500 3045
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 112
072 G000500 18
072 H000500 0
072 I000500 0
072 J000500 18
072 K000500 0
072 L000500 4
072 M000500 1
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 23
072 S000500 3
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 6
072 X000500 187
072 Y000500 0
072 Z000500 2858
072AA000500 6
<PAGE> PAGE 23
072BB000500 0
072CC010500 236
072CC020500 0
072DD010500 3337
072DD020500 0
072EE000500 0
073 A010500 0.3402
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 44
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 0
074 N000500 44
074 O000500 0
074 P000500 20
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 24
074 S000500 0
074 T000500 0
074 U010500 0
074 U020500 0
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 0
074 Y000500 0
075 A000500 0
075 B000500 94848
076 000500 0.00
024 000600 Y
025 A000601 BEAR STEARNS COMPANIES, INC.
025 B000601 13-4946705
025 C000601 D
025 D000601 15840
025 A000602 CS FIRST BOSTON CORP.
025 B000602 13-5659485
025 C000602 D
<PAGE> PAGE 24
025 D000602 367
025 A000603 NOMURA SECURITIES, INC.
025 B000603 13-2642206
025 C000603 D
025 D000603 1320
025 A000604 DELETE
025 D000604 0
025 A000605 DELETE
025 D000605 0
025 A000606 DELETE
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 0
028 G020600 0
028 G030600 0
028 G040600 0
028 H000600 0
037 000600 Y
038 000600 0
039 000600 N
040 000600 N
041 000600 N
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.000
<PAGE> PAGE 25
048 A010600 75000
048 A020600 0.250
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 75000
048 K020600 0.200
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000000
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 27.7
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 30.9
062 O000600 0.0
<PAGE> PAGE 26
062 P000600 0.0
062 Q000600 39.5
062 R000600 0.0
063 A000600 0
063 B000600 0.4
064 A000600 N
064 B000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 Y
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 51709
071 B000600 62618
071 C000600 52499
071 D000600 98
072 A000600 6
072 B000600 2216
072 C000600 0
072 D000600 0
<PAGE> PAGE 27
072 E000600 0
072 F000600 78
072 G000600 16
072 H000600 0
072 I000600 0
072 J000600 18
072 K000600 0
072 L000600 1
072 M000600 1
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 25
072 S000600 2
072 T000600 0
072 U000600 1
072 V000600 0
072 W000600 3
072 X000600 145
072 Y000600 0
072 Z000600 2071
072AA000600 55
072BB000600 0
072CC010600 0
072CC020600 1
072DD010600 2080
072DD020600 0
072EE000600 0
073 A010600 0.3249
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 25
074 B000600 17500
074 C000600 0
074 D000600 44501
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 1297
074 K000600 0
074 L000600 276
074 M000600 2
074 N000600 63601
074 O000600 27
074 P000600 15
074 Q000600 0
074 R010600 0
<PAGE> PAGE 28
074 R020600 0
074 R030600 0
074 R040600 344
074 S000600 0
074 T000600 63215
074 U010600 6350
074 U020600 0
074 V010600 9.96
074 V020600 0.00
074 W000600 0.0000
074 X000600 25
074 Y000600 0
075 A000600 0
075 B000600 63299
076 000600 0.00
SIGNATURE VICKI PAYNE
TITLE ADMIN. ASSISTANT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM TRUST FOR
CREDIT UNIONS' SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 584,623,679
<INVESTMENTS-AT-VALUE> 584,623,679
<RECEIVABLES> 1,475,972
<ASSETS-OTHER> 111,229
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 586,210,880
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,899,750
<TOTAL-LIABILITIES> 1,899,750
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 584,311,130
<SHARES-COMMON-STOCK> 584,311,130
<SHARES-COMMON-PRIOR> 426,709,826
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 584,311,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,397,220
<OTHER-INCOME> 0
<EXPENSES-NET> (384,154)
<NET-INVESTMENT-INCOME> 10,013,066
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,013,066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,013,066)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,227,463,412
<NUMBER-OF-SHARES-REDEEMED> (2,075,111,618)
<SHARES-REINVESTED> 5,249,510
<NET-CHANGE-IN-ASSETS> 157,601,304
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 362,811
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 656,445
<AVERAGE-NET-ASSETS> 387,258,881
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.026)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM TRUST FOR
CREDIT UNIONS' SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 541,444,726
<INVESTMENTS-AT-VALUE> 540,155,463
<RECEIVABLES> 18,576,014
<ASSETS-OTHER> 172,662
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 558,904,139
<PAYABLE-FOR-SECURITIES> 24,350,984
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,177,247
<TOTAL-LIABILITIES> 26,528,231
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 551,877,124
<SHARES-COMMON-STOCK> 54,337,557
<SHARES-COMMON-PRIOR> 54,874,828
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (232,535)
<ACCUMULATED-NET-GAINS> (17,979,418)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,289,263)
<NET-ASSETS> 532,375,908
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,817,830
<OTHER-INCOME> 0
<EXPENSES-NET> (898,976)
<NET-INVESTMENT-INCOME> 15,918,854
<REALIZED-GAINS-CURRENT> (987,012)
<APPREC-INCREASE-CURRENT> 2,753,159
<NET-CHANGE-FROM-OPS> 17,685,001
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,755,582)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,184,672
<NUMBER-OF-SHARES-REDEEMED> (2,972,135)
<SHARES-REINVESTED> 250,192
<NET-CHANGE-IN-ASSETS> (3,326,527)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,992,406)
<OVERDISTRIB-NII-PRIOR> (395,807)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 525,186
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 898,976
<AVERAGE-NET-ASSETS> 529,538,433
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> 0.295
<PER-SHARE-GAIN-APPREC> 0.037
<PER-SHARE-DIVIDEND> (0.292)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.80
<EXPENSE-RATIO> 0.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM TRUST FOR CREDIT
UNIONS'S SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> MORTGAGE SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 314,960,404
<INVESTMENTS-AT-VALUE> 315,844,529
<RECEIVABLES> 16,395,991
<ASSETS-OTHER> 56,235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 332,296,755
<PAYABLE-FOR-SECURITIES> 958,491
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,400,808
<TOTAL-LIABILITIES> 2,359,299
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 340,839,680
<SHARES-COMMON-STOCK> 33,904,064
<SHARES-COMMON-PRIOR> 34,443,586
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (995,703)
<ACCUMULATED-NET-GAINS> (10,790,646)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 884,125
<NET-ASSETS> 329,937,456
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,365,659
<OTHER-INCOME> 0
<EXPENSES-NET> (495,051)
<NET-INVESTMENT-INCOME> 10,870,608
<REALIZED-GAINS-CURRENT> 367,910
<APPREC-INCREASE-CURRENT> 2,001,845
<NET-CHANGE-FROM-OPS> 13,240,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,592,410)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 577,738
<NUMBER-OF-SHARES-REDEEMED> (1,314,894)
<SHARES-REINVESTED> 197,634
<NET-CHANGE-IN-ASSETS> (2,608,974)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (11,158,556)
<OVERDISTRIB-NII-PRIOR> (1,273,901)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 325,920
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495,051
<AVERAGE-NET-ASSETS> 328,621,044
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> 0.322
<PER-SHARE-GAIN-APPREC> 0.072
<PER-SHARE-DIVIDEND> (0.314)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM TRUST FOR
CREDIT UNIONS' SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> TARGET MATURITY PORTFOLIO (FEBRUARY 1997)
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 44,472
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,472
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,472
<TOTAL-LIABILITIES> 44,472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 9,809,980
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,044,702
<OTHER-INCOME> 0
<EXPENSES-NET> (186,335)
<NET-INVESTMENT-INCOME> 2,858,367
<REALIZED-GAINS-CURRENT> 5,647
<APPREC-INCREASE-CURRENT> 235,748
<NET-CHANGE-FROM-OPS> 3,099,762
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,336,890)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (9,809,980)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (94,726,855)
<ACCUMULATED-NII-PRIOR> 628,878
<ACCUMULATED-GAINS-PRIOR> (4,285,823)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 112,042
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 186,335
<AVERAGE-NET-ASSETS> 94,847,792
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.63
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM TRUST FOR
CREDIT UNIONS' SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1997 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 06
<NAME> TARGET MATURITY PORTFOLIO (MAY 1997)
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 61,860,056
<INVESTMENTS-AT-VALUE> 62,001,200
<RECEIVABLES> 1,573,316
<ASSETS-OTHER> 26,327
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,600,843
<PAYABLE-FOR-SECURITIES> 27,069
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 358,960
<TOTAL-LIABILITIES> 386,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,532,452
<SHARES-COMMON-STOCK> 6,350,000
<SHARES-COMMON-PRIOR> 6,350,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (39,650)
<ACCUMULATED-NET-GAINS> (419,132)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 141,144
<NET-ASSETS> 63,214,814
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,215,847
<OTHER-INCOME> 0
<EXPENSES-NET> (144,623)
<NET-INVESTMENT-INCOME> 2,071,224
<REALIZED-GAINS-CURRENT> 55,113
<APPREC-INCREASE-CURRENT> (959)
<NET-CHANGE-FROM-OPS> 2,125,378
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,079,533)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 45,845
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (474,245)
<OVERDISTRIB-NII-PRIOR> (31,341)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78,473
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,623
<AVERAGE-NET-ASSETS> 63,298,624
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> 0.326
<PER-SHARE-GAIN-APPREC> 0.011
<PER-SHARE-DIVIDEND> (0.328)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 0.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
