<PAGE> PAGE 1
000 B000000 08/31/98
000 C000000 825759
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
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 3
019 C00AA00 FUNDSGROUP
020 C000001 0
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020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
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020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SALOMON
<PAGE> PAGE 3
022 B000001 13-3082694
022 C000001 11410253
022 D000001 14579
022 A000002 NOMURA SECURITIES, INC.
022 B000002 13-2642206
022 C000002 9667856
022 D000002 23453
022 A000003 LEHMAN BROTEHRS
022 B000003 13-2663822
022 C000003 8081690
022 D000003 70801
022 A000004 BEAR STEARNS COMPANIES, INC.
022 B000004 13-4946705
022 C000004 7621784
022 D000004 7305
022 A000005 DONALDSON, LUFKIN, JENRETTE
022 B000005 13-2741729
022 C000005 6608286
022 D000005 0
022 A000006 NATIONSBANK
022 C000006 5661764
022 D000006 20671
022 A000007 SWISS BANK
022 B000007 13-2639550
022 C000007 2441670
022 D000007 0
022 A000008 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000008 13-5659485
022 C000008 2322797
022 D000008 16444
022 A000009 J.P. MORGAN
022 C000009 2106821
022 D000009 21572
022 A000010 DEUTSCHE BANK
022 B000010 13-2730828
022 C000010 1730024
022 D000010 44956
023 C000000 63974964
023 D000000 63752589
026 A000000 N
026 B000000 N
026 C000000 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
<PAGE> PAGE 4
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
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042 A00AA00 0
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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
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077 Q010000 Y
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<PAGE> PAGE 5
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
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024 000100 Y
025 A000101 BANKER'S TRUST CO.
025 B000101 13-4941247
025 C000101 D
025 D000101 9998
025 A000102 MELLON BANK, N.A.
025 C000102 D
025 D000102 20000
025 A000103 J.P. MORGAN
025 B000103 13-2625764
025 C000103 D
025 D000103 125000
025 A000104 GOLDMAN, SACHS & CO.
025 B000104 13-5108880
025 C000104 D
025 D000104 100000
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<PAGE> PAGE 6
028 A040100 516044
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040 000100 N
041 000100 N
045 000100 Y
046 000100 N
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<PAGE> PAGE 7
048 I010100 0
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048 K020100 0.150
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050 000100 N
051 000100 N
052 000100 N
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055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
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060 B000100 Y
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062 A000100 Y
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062 E000100 0.0
062 F000100 10.3
062 G000100 0.0
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062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
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063 A000100 33
063 B000100 0.0
064 A000100 N
064 B000100 N
070 A010100 Y
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070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
<PAGE> PAGE 8
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
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072 K000100 0
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<PAGE> PAGE 9
072 S000100 27
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074 B000100 526800
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<PAGE> PAGE 10
076 000100 0.00
024 000200 N
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028 D040200 18700
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028 G010200 160552
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037 000200 N
038 000200 0
039 000200 N
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041 000200 N
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046 000200 N
047 000200 Y
<PAGE> PAGE 11
048 000200 0.200
048 A010200 0
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048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
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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 0.7
062 C000200 0.0
062 D000200 12.6
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 11.3
062 N000200 77.7
<PAGE> PAGE 12
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
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 557865
071 B000200 527175
071 C000200 562176
071 D000200 94
072 A000200 12
072 B000200 36484
072 C000200 0
<PAGE> PAGE 13
072 D000200 0
072 E000200 0
072 F000200 1181
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072 X000200 2030
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073 A020200 0.0000
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074 B000200 82300
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<PAGE> PAGE 14
074 R010200 0
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024 000300 Y
025 A000301 BEAR STEARNS COMPANIES, INC.
025 B000301 13-4946705
025 C000301 D
025 D000301 1582
025 A000302 MERRILL LYNCH
025 B000302 13-5674085
025 C000302 D
025 D000302 3346
025 A000303 PRUDENTIAL
025 B000303 22-2347336
025 C000303 D
025 D000303 5033
025 A000304 PAINE WEBBER
025 B000304 13-2638166
025 C000304 D
025 D000304 11328
025 A000305 SALOMON BROTHERS
025 B000305 13-3082694
025 C000305 D
025 D000305 9967
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<PAGE> PAGE 15
028 C020300 536
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038 000300 0
039 000300 N
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<PAGE> PAGE 16
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
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061 000300 0
062 A000300 Y
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063 A000300 0
063 B000300 1.7
064 A000300 N
064 B000300 N
070 A010300 Y
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070 B020300 N
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070 D020300 N
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070 E020300 N
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070 F020300 N
070 G010300 N
070 G020300 N
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<PAGE> PAGE 17
070 H020300 N
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070 I020300 N
070 J010300 Y
070 J020300 N
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070 L020300 N
070 M010300 N
070 M020300 N
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070 N020300 N
070 O010300 Y
070 O020300 N
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070 P020300 Y
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070 Q020300 N
070 R010300 N
070 R020300 N
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072 A000300 12
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<PAGE> PAGE 18
072AA000300 2639
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074 B000300 11200
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SIGNATURE DEBORAH FARRELL
TITLE LEGAL ASSISTANT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Trust
for Credit Unions annual report dated August 31, 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> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 971,765,293
<INVESTMENTS-AT-VALUE> 971,765,293
<RECEIVABLES> 5,925,075
<ASSETS-OTHER> 54,802
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 977,745,170
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,888,394
<TOTAL-LIABILITIES> 4,888,394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 972,856,776
<SHARES-COMMON-STOCK> 972,856,776
<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> 972,856,776
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 44,828,905
<OTHER-INCOME> 0
<EXPENSES-NET> (870,945)
<NET-INVESTMENT-INCOME> 43,957,960
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 43,957,960
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,957,960)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,453,527,751
<NUMBER-OF-SHARES-REDEEMED> (6,942,217,385)
<SHARES-REINVESTED> 20,341,734
<NET-CHANGE-IN-ASSETS> 531,652,100
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,343,962
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,374,101
<AVERAGE-NET-ASSETS> 795,974,353
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .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 the
Trust for Credit Unions annual report dated August 31, 1998 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Gov. Securities Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 670,366,424
<INVESTMENTS-AT-VALUE> 669,436,734
<RECEIVABLES> 9,482,492
<ASSETS-OTHER> 105,014
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 679,024,240
<PAYABLE-FOR-SECURITIES> 20,607,533
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,764,165
<TOTAL-LIABILITIES> 24,371,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 675,112,823
<SHARES-COMMON-STOCK> 66,893,980
<SHARES-COMMON-PRIOR> 57,397,464
<ACCUMULATED-NII-CURRENT> (1,343,152)
<OVERDISTRIBUTION-NII> (762,530)
<ACCUMULATED-NET-GAINS> (18,187,439)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (929,690)
<NET-ASSETS> 654,652,542
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,483,752
<OTHER-INCOME> 0
<EXPENSES-NET> (2,029,967)
<NET-INVESTMENT-INCOME> 34,453,785
<REALIZED-GAINS-CURRENT> 276,048
<APPREC-INCREASE-CURRENT> (2,665,524)
<NET-CHANGE-FROM-OPS> 32,064,309
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,453,785)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,195,793
<NUMBER-OF-SHARES-REDEEMED> (20,521,732)
<SHARES-REINVESTED> 822,455
<NET-CHANGE-IN-ASSETS> 90,010,781
<ACCUMULATED-NII-PRIOR> (580,622)
<ACCUMULATED-GAINS-PRIOR> (18,463,487)
<OVERDISTRIB-NII-PRIOR> (184,815)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,181,065
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,029,967
<AVERAGE-NET-ASSETS> 590,525,236
<PER-SHARE-NAV-BEGIN> 9.84
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.79
<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
Trust for Credit Unions annual report dated August 31, 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> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 448,334,331
<INVESTMENTS-AT-VALUE> 452,437,485
<RECEIVABLES> 15,279,044
<ASSETS-OTHER> 80,938
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 467,797,467
<PAYABLE-FOR-SECURITIES> 23,228,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,019,527
<TOTAL-LIABILITIES> 25,247,671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 446,672,853
<SHARES-COMMON-STOCK> 44,704,857
<SHARES-COMMON-PRIOR> 35,925,213
<ACCUMULATED-NII-CURRENT> (608,717)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,617,494)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,103,154
<NET-ASSETS> 442,549,796
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,294,156
<OTHER-INCOME> 0
<EXPENSES-NET> (1,184,434)
<NET-INVESTMENT-INCOME> 25,109,722
<REALIZED-GAINS-CURRENT> 2,639,413
<APPREC-INCREASE-CURRENT> 2,780,412
<NET-CHANGE-FROM-OPS> 30,529,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24,417,759)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,565,758
<NUMBER-OF-SHARES-REDEEMED> (4,391,995)
<SHARES-REINVESTED> 605,881
<NET-CHANGE-IN-ASSETS> 92,234,577
<ACCUMULATED-NII-PRIOR> (1,300,680)
<ACCUMULATED-GAINS-PRIOR> (10,256,907)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 779,686
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,184,434
<AVERAGE-NET-ASSETS> 389,844,441
<PER-SHARE-NAV-BEGIN> 9.75
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.62)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
