<PAGE> PAGE 1
000 A000000 02/29/2000
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010 A00AA01 CALLAHAN CREDIT UNION FINANCIAL SERVICES LTD
010 C01AA01 WASHINGTON
010 C02AA01 DC
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010 C04AA01 5504
011 A00AA01 CALLAHAN FINANCIAL SERVICES, INC.
<PAGE> PAGE 2
011 B00AA01 8-37809
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011 C02AA01 DC
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011 A00AA02 GOLDMAN, SACHS & CO.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
031 A00AA00 0
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
064 A000100 N
064 B000100 N
070 A010100 Y
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070 F020100 N
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070 G020100 N
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070 H020100 N
070 I010100 N
070 I020100 N
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070 J020100 N
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070 L010100 N
070 L020100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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050 000200 N
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<PAGE> PAGE 12
060 B000200 Y
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070 A010200 Y
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070 G020200 N
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<PAGE> PAGE 13
070 N020200 N
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<PAGE> PAGE 14
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024 000300 Y
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
074 Y000300 0
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SIGNATURE DEBORAH FARRELL
TITLE LEGAL ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Trust
for Credit Unions Annual Report dated August 31, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> TCU Money Market Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 784,065,754
<INVESTMENTS-AT-VALUE> 784,065,754
<RECEIVABLES> 4,509,733
<ASSETS-OTHER> 6,315
<OTHER-ITEMS-ASSETS> 65,409
<TOTAL-ASSETS> 788,647,211
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,100,327
<TOTAL-LIABILITIES> 2,100,327
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 786,546,884
<SHARES-COMMON-STOCK> 786,546,884
<SHARES-COMMON-PRIOR> 1,068,368,513
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 786,546,884
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,616,480
<OTHER-INCOME> 0
<EXPENSES-NET> (534,283)
<NET-INVESTMENT-INCOME> 23,082,197
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,082,197
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,082,197)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,425,657,712
<NUMBER-OF-SHARES-REDEEMED> (4,721,370,128)
<SHARES-REINVESTED> 13,890,787
<NET-CHANGE-IN-ASSETS> (281,821,629)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 718,533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,295,647
<AVERAGE-NET-ASSETS> 863,308,199
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Trust
for Credit Unions Annual Report dated August 31, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> TCU Government Securities Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 632,190,567
<INVESTMENTS-AT-VALUE> 628,144,804
<RECEIVABLES> 14,257,639
<ASSETS-OTHER> 4,527
<OTHER-ITEMS-ASSETS> 15,334
<TOTAL-ASSETS> 642,422,304
<PAYABLE-FOR-SECURITIES> 47,790,002
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,486,394
<TOTAL-LIABILITIES> 50,276,396
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 621,029,975
<SHARES-COMMON-STOCK> 61,282,182
<SHARES-COMMON-PRIOR> 71,799,371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (514,290)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (24,324,014)
<ACCUM-APPREC-OR-DEPREC> (4,045,763)
<NET-ASSETS> 592,145,908
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,601,020
<OTHER-INCOME> 0
<EXPENSES-NET> (1,060,093)
<NET-INVESTMENT-INCOME> 18,540,927
<REALIZED-GAINS-CURRENT> (1,411,710)
<APPREC-INCREASE-CURRENT> 859,595
<NET-CHANGE-FROM-OPS> 17,988,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,495,606)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 813,367
<NUMBER-OF-SHARES-REDEEMED> (11,714,235)
<SHARES-REINVESTED> 383,679
<NET-CHANGE-IN-ASSETS> (101,011,168)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1,559,611)
<OVERDIST-NET-GAINS-PRIOR> (22,912,304)
<GROSS-ADVISORY-FEES> 622,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,060,093
<AVERAGE-NET-ASSETS> 626,325,251
<PER-SHARE-NAV-BEGIN> 9.65
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> 0.34
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Trust
for Credit Unions Annual Report dated August 31, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> TCU Mortgage Securities Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1999
<PERIOD-END> FEB-29-2000
<INVESTMENTS-AT-COST> 499,098,502
<INVESTMENTS-AT-VALUE> 490,153,738
<RECEIVABLES> 3,446,868
<ASSETS-OTHER> 3,763
<OTHER-ITEMS-ASSETS> 96,960
<TOTAL-ASSETS> 493,701,329
<PAYABLE-FOR-SECURITIES> 11,833,043
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,064,564
<TOTAL-LIABILITIES> 13,897,607
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 503,069,757
<SHARES-COMMON-STOCK> 50,489,338
<SHARES-COMMON-PRIOR> 51,467,874
<ACCUMULATED-NII-CURRENT> 542,151
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,863,422)
<ACCUM-APPREC-OR-DEPREC> (8,944,764)
<NET-ASSETS> 479,803,722
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,254,217
<OTHER-INCOME> 0
<EXPENSES-NET> (721,878)
<NET-INVESTMENT-INCOME> 15,532,339
<REALIZED-GAINS-CURRENT> (2,986,619)
<APPREC-INCREASE-CURRENT> (1,376,163)
<NET-CHANGE-FROM-OPS> 11,169,557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,821,029)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,569,623
<NUMBER-OF-SHARES-REDEEMED> (2,901,138)
<SHARES-REINVESTED> 352,979
<NET-CHANGE-IN-ASSETS> (12,800,811)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (169,159)
<OVERDIST-NET-GAINS-PRIOR> (11,876,803)
<GROSS-ADVISORY-FEES> 495,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 721,878
<AVERAGE-NET-ASSETS> 498,345,899
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.50
<EXPENSE-RATIO> 0.29
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SUB-ITEM 77K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On November 1, 1999 the Board of Trustees of the Funds, upon the recommendation
of the Board's Audit Committee, determined not to retain Arthur Andersen LLP and
approved a change in the Funds' independent auditors to PricewaterhouseCoopers,
LLP. For the fiscal years ended August 31, 1999 and August 31, 1998, Arthur
Andersen LLP's audit reports contained no adverse opinion or disclaimer of
opinion; nor were their reports qualified or modified as to uncertainty, audit
scope or accounting principles. Further, there were no disagreements between the
Fund and Arthur Andersen LLP on accounting principles or practices, financial
statement disclosure or audit scope or procedure, which if not resolved to the
satisfaction of Arthur Andersen LLP would have caused them to make reference to
the disagreement in their report.
In addition, there were no reportable events of the kind described in Item
304(1)(v) of Regulation S-K under the Securities and Exchange Act of 1934, as
amended.
Prior to the engagement of PricewaterhouseCoopers LLP as independent auditors of
the Funds and during the fiscal year ended August 31, 1999 and August 31, 1998
neither the Funds nor anyone on its behalf consulted PricewarterhouseCoopers LLP
regarding either (i) the application of accounting principales to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Funds' financial statements or (ii) any matter that was
either the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item
304 of Regulation S-K) or a reportable event (as described in paragraph
(a)(1)(v) of said Item 304).
ARTHUR ANDERSEN LLP LETTERHEAD
April 28, 2000
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir:
We have read and agree with the statements contained in Sub-Item 77k of
Form N-SAR of the Trust for Credit Unions Funds.
Very truly yours,
Arthur Andersen LLP
Arthur Andersen LLP
