<PAGE> PAGE 1
000 A000000 02/28/98
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 3
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 C010600 6
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
010 C02AA01 DC
010 C03AA01 20036
010 C04AA01 5504
011 A00AA01 CALLAHAN FINANCIAL SERVICES, INC.
<PAGE> PAGE 2
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 62
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
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 BEAR STEARNS COMPANIES, INC.
<PAGE> PAGE 3
022 B000001 13-4946705
022 C000001 6308161
022 D000001 0
022 A000002 LEHMAN BROTHERS
022 B000002 13-2663822
022 C000002 6245587
022 D000002 37755
022 A000003 NOMURA SECURITIES, INC.
022 B000003 13-2642206
022 C000003 3701783
022 D000003 0
022 A000004 SALOMON
022 B000004 13-3082694
022 C000004 2591370
022 D000004 20680
022 A000005 SWISS BANK
022 B000005 13-2639550
022 C000005 2469206
022 D000005 49652
022 A000006 DONALDSON, LUFKIN, JENRETTE
022 B000006 13-2741729
022 C000006 2036545
022 D000006 0
022 A000007 DEUTSCHE BANK
022 B000007 13-2730828
022 C000007 1839335
022 D000007 76549
022 A000008 CS FIRST BOSTON CORPORATION
022 B000008 13-5659485
022 C000008 1726652
022 D000008 49594
022 A000009 J.P. MORGAN
022 C000009 1630657
022 D000009 0
022 A000010 SMITH BARNEY SHEARSON
022 B000010 13-1912900
022 C000010 1119692
022 D000010 0
023 C000000 35462051
023 D000000 394145
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
<PAGE> PAGE 4
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 N
078 000000 N
080 A00AA00 CHUBB GROUP
080 B00AA00 N/A
080 C00AA00 1500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
<PAGE> PAGE 5
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 BANKER'S TRUST CO.
025 B000101 13-4941247
025 C000101 D
025 D000101 10000
025 A000102 CORESTATES BANK, N.A.
025 C000102 D
025 D000102 13001
025 A000103 MELLON BANK, N.A.
025 C000103 D
025 D000103 19951
025 A000104 BEAR STEARNS COMPANIES, INC.
025 B000104 13-4946705
025 C000104 D
025 D000104 116025
025 A000105 LEHMAN BROTHERS
025 B000105 13-2518466
025 C000105 D
025 D000105 22150
025 A000106 NOMURA SECURITIES
025 B000106 13-2642206
025 C000106 D
025 D000106 132900
025 A000107 SALOMON BROTHERS
025 B000107 13-3082694
025 C000107 D
025 D000107 56785
025 A000108 DELETE
025 D000108 0
025 A000109 DELETE
025 D000109 0
025 A000110 DELETE
025 D000110 0
025 A000111 DELETE
025 D000111 0
<PAGE> PAGE 6
025 A000112 DELETE
025 D000112 0
025 D000113 0
025 D000114 0
025 D000115 0
025 D000116 0
028 A010100 428500
028 A020100 1109
028 A030100 0
028 A040100 487640
028 B010100 553918
028 B020100 952
028 B030100 0
028 B040100 452552
028 C010100 396533
028 C020100 999
028 C030100 0
028 C040100 397445
028 D010100 508907
028 D020100 1032
028 D030100 0
028 D040100 554829
028 E010100 729512
028 E020100 1120
028 E030100 0
028 E040100 465837
028 F010100 590932
028 F020100 1303
028 F030100 0
028 F040100 405239
028 G010100 3208302
028 G020100 6515
028 G030100 0
028 G040100 2763542
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
<PAGE> PAGE 7
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
060 B000100 Y
061 000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 64.9
062 E000100 0.0
062 F000100 10.7
062 G000100 0.0
062 H000100 2.3
062 I000100 0.0
062 J000100 1.7
062 K000100 0.0
062 L000100 21.1
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 21
063 B000100 0.0
<PAGE> PAGE 8
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
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 14581
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 461
072 G000100 258
072 H000100 0
072 I000100 0
<PAGE> PAGE 9
072 J000100 46
072 K000100 0
072 L000100 5
072 M000100 12
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 15
072 S000100 16
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 19
072 X000100 832
072 Y000100 512
072 Z000100 14261
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 14261
072DD020100 0
072EE000100 0
073 A010100 0.0274
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 53
074 B000100 579300
074 C000100 319428
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1991
074 M000100 6
074 N000100 900778
074 O000100 4998
074 P000100 46
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 3255
074 S000100 0
074 T000100 892479
<PAGE> PAGE 10
074 U010100 892479
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0000
074 X000100 128
074 Y000100 0
075 A000100 520083
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 9315
025 A000202 NOMURA SECURITIES INC.
025 B000202 13-2642206
025 C000202 D
025 D000202 12420
025 A000203 LEHMAN BROTHERS
025 B000203 13-2518466
025 C000203 D
025 D000203 4140
025 A000204 SALOMON BROTHERS INC.
025 B000204 13-3082694
025 C000204 D
025 D000204 2556
025 A000205 DELETE
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 4100
028 A020200 664
028 A030200 0
028 A040200 8514
028 B010200 2500
028 B020200 639
028 B030200 0
028 B040200 16778
028 C010200 32000
028 C020200 604
028 C030200 0
028 C040200 31482
028 D010200 45500
028 D020200 612
028 D030200 0
028 D040200 59823
028 E010200 3500
028 E020200 605
028 E030200 0
<PAGE> PAGE 11
028 E040200 6900
028 F010200 38700
028 F020200 566
028 F030200 0
028 F040200 3500
028 G010200 126300
028 G020200 3690
028 G030200 0
028 G040200 126997
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
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
<PAGE> PAGE 12
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 7.0
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 15.4
062 N000200 76.6
062 O000200 0.0
062 P000200 0.0
062 Q000200 1.8
062 R000200 0.0
063 A000200 0
063 B000200 0.9
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
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
<PAGE> PAGE 13
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 262910
071 B000200 288911
071 C000200 537075
071 D000200 49
072 A000200 6
072 B000200 17471
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 545
072 G000200 272
072 H000200 0
072 I000200 2
072 J000200 55
072 K000200 0
072 L000200 2
072 M000200 12
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 19
072 S000200 9
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 13
072 X000200 930
072 Y000200 0
072 Z000200 16541
072AA000200 1123
072BB000200 0
072CC010200 0
072CC020200 1849
072DD010200 16456
072DD020200 0
072EE000200 0
073 A010200 0.2951
073 A020200 0.0000
073 B000200 0.0000
<PAGE> PAGE 14
073 C000200 0.0000
074 A000200 5
074 B000200 39700
074 C000200 0
074 D000200 531571
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 1683
074 K000200 0
074 L000200 14446
074 M000200 79
074 N000200 587484
074 O000200 18387
074 P000200 125
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1977
074 S000200 0
074 T000200 566995
074 U010200 57708
074 U020200 0
074 V010200 9.83
074 V020200 0.00
074 W000200 0.0000
074 X000200 86
074 Y000200 0
075 A000200 0
075 B000200 549110
076 000200 0.00
024 000300 Y
025 A000301 BEAR STEARNS COMPANIES, INC.
025 B000301 13-4946705
025 C000301 D
025 D000301 12042
025 A000302 NOMURA SECURITIES INC.
025 B000302 13-2642206
025 C000302 D
025 D000302 13440
025 A000303 LEHMAN BROTHERS
025 B000303 13-2518466
025 C000303 D
025 D000303 2240
025 A000304 MERRILL LYNCH
025 B000304 13-5674085
025 C000304 D
025 D000304 4788
<PAGE> PAGE 15
025 A000305 PRUDENTIAL
025 B000305 22-2347336
025 C000305 D
025 D000305 23703
025 A000306 PAINE WEBBER
025 B000306 13-2638166
025 C000306 D
025 D000306 10474
025 A000307 SALOMON BROTHERS
025 B000307 13-3082694
025 C000307 D
025 D000307 14938
025 D000308 0
028 A010300 453
028 A020300 500
028 A030300 0
028 A040300 2049
028 B010300 3200
028 B020300 475
028 B030300 0
028 B040300 2887
028 C010300 0
028 C020300 456
028 C030300 0
028 C040300 5144
028 D010300 0
028 D020300 462
028 D030300 0
028 D040300 196
028 E010300 8000
028 E020300 474
028 E030300 0
028 E040300 20287
028 F010300 37020
028 F020300 445
028 F030300 0
028 F040300 2148
028 G010300 48673
028 G020300 2812
028 G030300 0
028 G040300 32711
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
<PAGE> PAGE 16
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 11.6
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 20.7
062 N000300 18.7
062 O000300 0.0
<PAGE> PAGE 17
062 P000300 0.0
062 Q000300 56.8
062 R000300 0.0
063 A000300 0
063 B000300 1.6
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
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 196581
071 B000300 172362
071 C000300 340852
071 D000300 51
072 A000300 6
072 B000300 11968
072 C000300 0
072 D000300 0
<PAGE> PAGE 18
072 E000300 0
072 F000300 345
072 G000300 86
072 H000300 0
072 I000300 1
072 J000300 38
072 K000300 0
072 L000300 3
072 M000300 7
072 N000300 1
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 19
072 S000300 9
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 17
072 X000300 526
072 Y000300 0
072 Z000300 11442
072AA000300 1697
072BB000300 0
072CC010300 592
072CC020300 0
072DD010300 11064
072DD020300 0
072EE000300 0
073 A010300 0.3125
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 40
074 B000300 43000
074 C000300 0
074 D000300 357701
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 49
074 K000300 0
074 L000300 7260
074 M000300 1
074 N000300 408051
074 O000300 34953
074 P000300 66
074 Q000300 0
074 R010300 0
<PAGE> PAGE 19
074 R020300 0
074 R030300 0
074 R040300 1276
074 S000300 0
074 T000300 371756
074 U010300 37844
074 U020300 0
074 V010300 9.82
074 V020300 0.00
074 W000300 0.0000
074 X000300 43
074 Y000300 0
075 A000300 0
075 B000300 347657
076 000300 0.00
SIGNATURE DEBORAH FARRELL
TITLE ADMIN. ASSISTANT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 898,727,622
<INVESTMENTS-AT-VALUE> 898,727,622
<RECEIVABLES> 1,990,801
<ASSETS-OTHER> 59,952
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 900,778,375
<PAYABLE-FOR-SECURITIES> 4,997,605
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,301,357
<TOTAL-LIABILITIES> 8,298,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 892,479,413
<SHARES-COMMON-STOCK> 892,479,413
<SHARES-COMMON-PRIOR> 441,204,676
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 892,479,413
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,580,601
<OTHER-INCOME> 0
<EXPENSES-NET> (319,562)
<NET-INVESTMENT-INCOME> 14,261,039
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 14,261,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,261,039)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,208,301,663
<NUMBER-OF-SHARES-REDEEMED> (2,763,542,192)
<SHARES-REINVESTED> 6,515,266
<NET-CHANGE-IN-ASSETS> 451,274,737
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 461,240
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 832,383
<AVERAGE-NET-ASSETS> 520,082,965
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.027
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.027)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 571,384,125
<INVESTMENTS-AT-VALUE> 571,271,017
<RECEIVABLES> 16,129,688
<ASSETS-OTHER> 82,818
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 587,483,523
<PAYABLE-FOR-SECURITIES> 18,387,024
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,101,795
<TOTAL-LIABILITIES> 20,488,819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 584,943,365
<SHARES-COMMON-STOCK> 57,708,132
<SHARES-COMMON-PRIOR> 57,397,464
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (495,125)
<ACCUMULATED-NET-GAINS> (17,340,428)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (113,108)
<NET-ASSETS> 566,994,704
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,471,175
<OTHER-INCOME> 0
<EXPENSES-NET> (929,888)
<NET-INVESTMENT-INCOME> 16,541,287
<REALIZED-GAINS-CURRENT> 1,123,059
<APPREC-INCREASE-CURRENT> (1,848,942)
<NET-CHANGE-FROM-OPS> 15,815,400
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,455,790)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,833,045
<NUMBER-OF-SHARES-REDEEMED> (12,897,177)
<SHARES-REINVESTED> 374,800
<NET-CHANGE-IN-ASSETS> 2,352,943
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,463,487)
<OVERDISTRIB-NII-PRIOR> (580,622)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 544,597
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 929,888
<AVERAGE-NET-ASSETS> 549,109,835
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> 0.297
<PER-SHARE-GAIN-APPREC> (0.012)
<PER-SHARE-DIVIDEND> (0.295)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.83
<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 EXTRACTED FROM THE
SEMI-ANNUAL REPORT DATED FEBRUARY 28, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> MORTGAGE SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 398,786,000
<INVESTMENTS-AT-VALUE> 400,700,836
<RECEIVABLES> 7,309,205
<ASSETS-OTHER> 40,968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 408,051,009
<PAYABLE-FOR-SECURITIES> 34,952,735
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,342,230
<TOTAL-LIABILITIES> 36,294,965
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 379,323,706
<SHARES-COMMON-STOCK> 37,843,661
<SHARES-COMMON-PRIOR> 35,925,213
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (922,509)
<ACCUMULATED-NET-GAINS> (8,559,989)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,914,836
<NET-ASSETS> 371,756,044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,968,189
<OTHER-INCOME> 0
<EXPENSES-NET> (526,248)
<NET-INVESTMENT-INCOME> 11,441,941
<REALIZED-GAINS-CURRENT> 1,696,918
<APPREC-INCREASE-CURRENT> 592,094
<NET-CHANGE-FROM-OPS> 13,730,953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,063,770)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,949,256
<NUMBER-OF-SHARES-REDEEMED> (3,317,314)
<SHARES-REINVESTED> 286,506
<NET-CHANGE-IN-ASSETS> 21,440,825
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,256,907)
<OVERDISTRIB-NII-PRIOR> (1,300,680)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 344,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526,248
<AVERAGE-NET-ASSETS> 347,656,733
<PER-SHARE-NAV-BEGIN> 9.75
<PER-SHARE-NII> 0.324
<PER-SHARE-GAIN-APPREC> 0.058
<PER-SHARE-DIVIDEND> (.313)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 0.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>