Washington, D.C. 20549
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission
to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and
the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control
number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has
reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Annual Report to Shareholders is attached herewith.
Money Market Portfolio
Ultra-Short Duration Government Portfolio
Short Duration Portfolio
Annual Report
August 31,
2013
The reports concerning the Trust for Credit Unions (TCU or the Trust)
Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio managements predictions
and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world
events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause
adjustments in portfolio management strategies from those currently expected to be employed.
TCU files the complete schedule of
portfolio holdings of each Portfolio with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form
N-Q.
The Portfolios Forms
N-Q
are available on the SECs website at http://www.sec.gov and may be reviewed and copied at the SECs Public Reference Room in Washington, D.C. Information on the operation of the SECs Public
Reference Room may be obtained by calling
I-800-SEC-0330.
An investment in a TCU Portfolio is not a credit union deposit and is not insured or guaranteed by the National
Credit Union Share Insurance Fund, the National Credit Union Administration, or any other government agency.
An
investment in the TCU Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Portfolio.
The TCU Ultra-Short Duration Government
Portfolio and the TCU Short Duration Portfolio are not money market funds. Investors in these Portfolios should understand that the net asset values of the Portfolios will fluctuate, which may result in a loss of the principal amount invested. The
Portfolios net asset values and yields are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Investments in fixed income securities are subject to the risks associated with debt securities
including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Portfolios if held to maturity and not to the value of the Portfolios shares. The Portfolios
investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility.
Holdings and allocations shown may not be representative of current or future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or
investment advice regarding particular securities.
This material is not authorized for distribution unless preceded or accompanied by
a current Prospectus. Investors should consider a Portfolios objectives, risks, and charges and expenses, and read the Prospectus carefully before investing or sending money. The Prospectus contains this and other information about the
Portfolios.
Callahan Financial Services, Inc. is the distributor of the TCU Portfolios.
This report is for the information of the
shareholders of the Trust. Its use in connection with any offering of shares of the Trust is authorized only in the case of a concurrent or prior delivery of the Trusts current Prospectus.
Dear Credit Union Shareholders,
For the first time since 2008, loan growth is outpacing share growth at credit unions. Loan originations are surpassing 2012s record pace with every category posting higher activity. Credit unions are lending
$1 billion a day to their 96 million member-owners in 2013.
As lending picks up, growth in the $402 billion credit union investment
portfolio slowed to 2.8% over the past year, down from a double-digit pace in 2012. Agency securities are the dominant investment vehicle for credit unions, followed by certificates of deposits at banks and S&Ls.
Credit unions have gradually lengthened the maturity structure of their investment portfolios as the low interest rate environment persists. The
upward shift in longer-term rates that started in the second quarter of 2013 also resulted in callable and some other securities extending their maturities. As of mid-year, over 31% of the portfolios are in instruments that mature in more than three
years, up from 20% as of mid-year 2010.
The effects of the change in the yield curve on the maturity structure of credit unions
investment portfolios highlight the value of the target duration mutual funds offered by the Trust for Credit Unions (TCU). The three portfolios in the TCU family of mutual funds complement each other with different objectives and
duration targets. Each provides daily pricing and same-day or next-day liquidity. The TCU Portfolios are rebalanced on an ongoing basis to ensure that each Portfolios duration is within its stated target. As a result, each Portfolio can
provide a steady duration component within a Portfolio strategy.
TCU has an over 25-year history of offering investment alternatives
that respond to the balance sheet needs of the industry. The support of the 36 credit unions in the Callahan Credit Union Financial Services LLLP partnership as well as other TCU investors is essential to our success. We are excited to begin working
with new credit union partners this year as EasCorp Federal Credit Union, Missouri Corporate Credit Union, Xtend, Inc. and CUSO Financial Services, L.P. are now providing shareholder support services for TCU.
The TCU Money Market Portfolios yield reflects the Federal Reserves continued policy of maintaining the Federal Funds rate at historical
lows. For the 12-month period ended August 31, 2013, TCU Shares had a one-year simple average yield of 0.08%. The Portfolios standardized 7-day current and effective yields, with fee waivers, as of August 31, 2013 were 0.03%.
The Ultra-Short Duration and Short Duration Portfolios are utilized by credit unions looking to hold longer duration investments, and both were
affected by yield curve moves during the year. The cumulative total return was -0.08% for TCU shares of the Ultra-Short Duration Portfolio and -0.19% for TCU shares of the Short Duration Portfolio for the 12-month period ended August 31, 2013.
Please visit our website, www.TrustCU.com, for the most current information on the performance and portfolio holdings of the TCU
Portfolios. We appreciate your investment in TCU. Let us know if there are other ways in which we can help complement your credit unions investment strategy.
Sincerely,
Jay E. Johnson
President and
Treasurer
Trust for Credit Unions
1
INVESTMENT ADVISERS DISCUSSION AND ANALYSIS
TCU MONEY MARKET PORTFOLIO
Investment Objective
The objective of the TCU Money Market Portfolio (MMP or the Portfolio) is to maximize current income to the extent consistent with the preservation of capital and the maintenance of
liquidity by investing in high quality money market instruments authorized under the Federal Credit Union Act.
Portfolio Management Discussion and
Analysis
Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Portfolios performance and positioning for the
Reporting Period.
Q. How did the Portfolio perform during the Reporting Period?
For the 12-month period ended August 31, 2013, MMP had a one-year simple average yield of 0.08% for TCU shares. This compared to the 0.04% simple average yield for the iMoneyNet First Tier -Institutional Only
Average for the same period.
As of August 31, 2013, the Portfolio had standardized 7-day current and effective yields, with fee waivers, of 0.03%. As of
that date, the Portfolios standardized 7-day current and effective yields, without fee waivers, would have been -0.52%. The standardized 7-day current and effective yields are calculated in accordance with industry regulations and do not
include capital gains. The standardized 7-day current yield may differ slightly from the actual distribution rate because of the exclusion of distributed capital gains, which are non-recurring. The standardized 7-day effective yield assumes
reinvestment of all dividends.
The yields represent past performance. Past performance does not guarantee future results. Current performance may be
lower or higher than the performance quoted above. Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Portfolio. Unless otherwise noted, performance reflects fee waivers in
effect. In their absence, performance would be reduced.
Q. How did you manage the Portfolio during the Reporting Period?
Given the extremely flat yield curve and our bias that the front end of the yield curve is subject to further compression risk, we favored extending the weighted
average maturity (WAM) during the Reporting Period, averaging between 45 days and 55 days. Overall, the Portfolio has been engaged in a barbell strategy by holding high levels of liquidity in overnight repurchase agreements and taking
duration through one-year U.S government debt.
Q. How was the Portfolio invested?
During the Reporting Period, the Portfolio had investments in Treasury securities, government agency securities, repurchase agreements, government guaranteed paper and certificates of deposits. A meaningful portion
of the Portfolio was invested in overnight repurchase agreements and bills maturing within one week, giving daily liquidity to the Portfolio.
Q. Did
you make any changes to the Portfolio during the Reporting Period?
As mentioned earlier, we made adjustments to the Portfolios WAM based on
then-current market conditions and our near-term view,
as well as our anticipated and actual Federal Reserve Board (the Fed) monetary policy statements.
Q. What is the Portfolios tactical view and strategy for the months ahead?
We see the first signs of a
gradual withdrawal of liquidity in the U.S. with the Fed tilting toward a reduction in asset purchases later this year. Though rate hikes are unlikely until at least 2015, this first modest step toward monetary tightening in the U.S. has pushed
fixed income yields higher across the board. We expect choppy conditions in the short term as markets adjust to the prospect of a shift in Fed policy.
Policy tightening remains the dominant downside risk to growth and the U.S. now faces the prospect of tightening on the monetary as well as the fiscal front. We
think the Fed is likely to start stepping down its $85 billion of monthly asset purchases. However, the process will be data-dependent and we think quantitative easing (QE) will remain in place well into 2014. By this stage,
we expect fiscal policy will be more growth-neutral. The debt ceiling debate could be disruptive heading into the fourth quarter of 2013, but the fiscal drag peaked in the second quarter of the year and will decline steadily from here.
As it relates to money market fund reform, the Financial Stability Oversight Committees (FSOC) recommendation, comprised of three alternative
proposals, neither constitutes a final rule nor requires the Security and Exchange Commission (SEC) to take action. Rather it is a proposal for public consideration. While the announcement of the recommendation signals the beginning of a
process by the FSOC, the potential timeline is lengthy, allowing the public and industry to express their concerns or support. Goldman Sachs Asset Management (GSAM) remains supportive of reform that strengthens the money market industry
and that is in the best interest of money market fund shareholders. As such, we intend to remain actively engaged with regulators and industry peers regarding the future of the money market fund industry.
On June 5, 2013, the SEC unanimously voted to release for public comment two primary proposals for amendments (alternative proposals) to Rule 2a-7. The
proposals could be adopted alone or in combination. The proposed rule release does not constitute a final rule. It could likely take many months, if not years, before any changes are implemented.
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Alternative One: Floating Net Asset Value (NAV) for Prime Institutional Funds:
Prime institutional money market funds would be required to
transact at a floating NAV, not at a $1.00 stable share price.
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Alternative Two: Liquidity Fees and Redemption Gates:
Money market funds would continue to transact at a stable share price, but would be able to use
liquidity fees and redemption gates in times of stress.
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If the SEC combined both alternative proposals, prime institutional funds
would be required to transact at a floating NAV and all funds other than government money market funds would be able to impose liquidity fees or gates in certain circumstances.
The SEC also recommended proposals for additional disclosure requirements, that is, further stress testing, diversification and disclosure measures that would be applied regardless of which of the two alternative
proposals was adopted.
2
INVESTMENT ADVISERS DISCUSSION AND ANALYSIS
TCU MONEY MARKET PORTFOLIO
Following 90-day comment period, the SEC will consider public feedback and, if it determines to pursue a final rule,
draft a final rule. The SEC would need three of five Commissioners to approve a final rule before it could be released publicly. In a final rule release, the SEC would specify an implementation timeline for any new requirements. The SEC indicated
that implementation of the rule proposal would be in stages and the process could take from nine months to two years from the date the final rule is adopted.
Source: GSAM. As of June 5, 2013. For further details on the rule proposals, see
http://www.sec.gov/rules/proposed/2013/33-9408.pdf
Benchmark Definition
iMoneyNet First Tier Institutional Average
iMoneyNet First Tier Institutional Average (the Average) is a widely recognized composite of institutional money market funds that invest in securities
rated in the highest category by at least two recognized rating agencies. The number of funds in the Average varies.
3
PORTFOLIO COMPOSITION
TCU MONEY MARKET PORTFOLIO (Unaudited)
August 31, 2013*
August 31, 2012*
*
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These percentages reflect portfolio holdings as a percentage of net assets. Figures in the above charts may not sum to 100% due to the exclusion of other assets and liabilities.
Holdings and allocations may not be representative of current or future investments. Holdings and allocations may not include the Portfolios entire investment portfolio, which may change at any time. Portfolio holdings should not be relied on
in making investment decisions and should not be construed as research or investment advice regarding particular securities.
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4
INVESTMENT ADVISERS DISCUSSION AND ANALYSIS
TCU ULTRA-SHORT DURATION GOVERNMENT PORTFOLIO
Investment Objective
The TCU Ultra-Short Duration Government Portfolio (USDGP or the Portfolio) seeks to achieve a high level of current income, consistent with low volatility of principal, by investing in
obligations authorized under the Federal Credit Union Act. Under normal circumstances, at least 80% of the net assets (measured at the time of purchase) of USDGP will be invested in securities issued or guaranteed by the U.S. government, its
agencies, instrumentalities or sponsored enterprises. The Portfolio expects that a substantial portion of these securities will be mortgage-related securities. While there will be fluctuations in the net asset value (NAV) of the USDGP,
the Portfolio is expected to have less interest rate risk and asset value fluctuation than funds investing primarily in longer-term mortgage-backed securities paying a fixed rate of interest. An investment in the Portfolio is neither insured nor
guaranteed by the U.S. government. USDGPs maximum duration is equal to that of a Two-Year U.S. Treasury Security, and its target duration is to be no shorter than that of the Six-Month U.S. Treasury Bill Index and no longer than that of the
One-Year U.S. Treasury Note Index, each as reported by BofA Merrill Lynch.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Portfolio Management Team discusses the Portfolios performance and positioning for the Reporting Period.
Q. How did the Portfolio perform during the Reporting Period?
For the 12-month period ended August 31, 2013, the cumulative total return of USDGP was -0.08% for TCU shares versus a 0.24% cumulative total return of the Portfolios blended benchmark, the Nine-Month U.S.
Treasury Index (weighted average return of the Six-Month U.S. Treasury Bill Index (50%) and the One-Year U.S. Treasury Note Index (50%), as reported by BofA Merrill Lynch). The cumulative total returns for the Six-Month U.S. Treasury Bill Index and
the One-Year U.S. Treasury Note Index were 0.20% and 0.28%, respectively. The Portfolios NAV per share at the end of the Reporting Period was $9.58, versus $9.64 on August 31, 2012.
Q. What key factors were responsible for the Portfolios performance during the Reporting Period?
Both
top-down and bottom-up strategies had an impact on the Portfolios performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from performance. Our cross-sector strategy
also detracted from the Portfolios relative returns during the Reporting Period. Bottom-up individual issue selection, particularly within the collateralized and government/agency sectors, contributed to results.
Q. Which fixed income market sectors most significantly affected Portfolio performance?
The Portfolios sector positioning relative to the benchmark detracted from performance during the Reporting Period. Our overweight exposure to agency mortgage-backed securities (MBS) detracted
from returns, as the sector underperformed duration-neutral U.S. Treasury securities. Federal Reserve Board (Fed) purchases continued to support the sector during the first half of the Reporting Period. However, prepayment risk remained
elevated amid historically low mortgage rates, rising home prices and increasing lender loan origination capacity. During April and May 2013, agency MBS spreads widened materially, as they
suffered from multiple policy risks. Lower coupon MBS, which are the focus of Feds purchases in their quantitative easing (QE) program, have seen their spreads widen due to market uncertainty about future central bank policy.
Higher coupon MBS spreads have widened due to concerns of expanded borrower eligibility for the very effective Home Affordable Refinance Program (HARP).
The Portfolios security selection strategies contributed to returns, with the majority of performance coming from collateralized and government strategies. Within governments, selection of short-dated U.S.
Treasury securities added to relative returns. The impact, however, was slightly offset by exposure to agency debentures. The Portfolios collateralized selection, primarily from collateralized mortgage obligations (CMOs) and
adjustable rate mortgages (ARMs) had a positive impact on performance.
Q. Did the Portfolios duration and yield curve positioning
strategy help or hurt its results during the Reporting Period?
The Portfolios duration and term structure positioning had a significant
negative impact on performance during the Reporting Period. Rates rose sharply over the Reporting Period and the U.S. yield curve steepened. The U.S. 10-year yield ended the Reporting Period 124 basis points higher at 2.79%. In the overnight repo
market, the secular themes of continued reserve creation by the Fed and a scarcity of high quality assets remained in place throughout most of the Reporting Period. Opportunities to add yield in any meaningful way were constrained by a lack of
available supply. With respect to the portion of the yield curve one year and in, yields trended into low single digits, as the Feds policy statement indicated extraordinarily low rates.
Q. Were there any notable changes in the Portfolios weightings during the Reporting Period?
During the
Reporting Period, the largest changes in the Portfolios allocation were increases in its U.S. Treasury, agency CMOs and cash positions. A corresponding decrease in allocation was concentrated in agency non-government guaranteed securities.
Q. How was the Portfolio positioned at the end of August 2013?
At the end of the Reporting Period, the Portfolios largest allocations were in cash, U.S. Treasury securities and agency collateralized mortgage obligations.
Nine-Month U.S. Treasury Index
The Nine-Month U.S. Treasury
Index (6M T-Bill (50%)/1Y T-Note (50%)) is an equal weight blend of the Six-Month U.S. Treasury Bill Index and the One-Year U.S. Treasury Note Index.
Six-Month U.S. Treasury-Bill Index and One-Year U.S. Treasury-Note Index
The Six-Month U.S. Treasury Bill Index and One-Year U.S. Treasury Note Index, as reported by BofA Merrill Lynch, do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an
unmanaged index.
5
PORTFOLIO COMPOSITIONSECTOR ALLOCATION
TCU ULTRA-SHORT DURATION GOVERNMENT PORTFOLIO (Unaudited)
August 31, 2013*
August 31, 2012*
6
PORTFOLIO COMPOSITIONISSUER ALLOCATION
TCU ULTRA-SHORT DURATION GOVERNMENT PORTFOLIO (Unaudited)
August 31, 2013*
August 31, 2012*
*
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These percentages reflect Portfolio holdings as a percentage of net assets. Figures in the above charts may not sum to 100% due to the exclusion of other assets and liabilities.
Holdings and allocations may not be representative of current or future investments. Holdings and allocations may not include the Portfolios entire investment portfolio, which may change at any time. Portfolio holdings should not be relied on
in making investment decisions and should not be construed as research or investment advice regarding particular securities.
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7
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INTENTIONALLY BLANK
INVESTMENT ADVISERS DISCUSSION AND ANALYSIS
TCU SHORT DURATION PORTFOLIO
Investment Objective
The TCU Short Duration Portfolio (SDP or the Portfolio) seeks to achieve a high level of current income, consistent with relatively low volatility of principal, by investing in obligations
authorized under the Federal Credit Union Act. During normal market conditions, SDP intends to invest a substantial portion of its assets in mortgage-related securities issued or guaranteed by the U.S. government, its agencies,
instrumentalities or sponsored enterprises. Mortgage-related securities held by SDP may include adjustable rate and fixed rate mortgage pass-through securities, collateralized mortgage obligations and other multi-class mortgage-related securities,
as well as other securities that are collateralized by or represent direct or indirect interests in mortgage-related securities or mortgage loans. An investment in the Portfolio is neither insured nor guaranteed by the U.S. government. SDP
invests in obligations authorized under the Federal Credit Union Act with a maximum portfolio duration not to exceed that of a Three-Year U.S. Treasury Security and a target duration equal to that of its benchmark, the BofA Merrill Lynch Two-Year
U.S. Treasury Note Index.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs U.S. Fixed Income Portfolio Management Team discusses the Portfolios performance and positioning for the Reporting Period.
Q. How did the Portfolio perform during the Reporting Period?
The Portfolios cumulative total return for
the 12-month period ended August 31, 2013, was -0.19% for TCU shares, versus a 0.10% cumulative total return for the BofA Merrill Lynch Two-Year U.S. Treasury Note Index. The Portfolios net asset value per share closed the Reporting Period at
$9.74, versus $9.82 on August 31, 2012.
Q. What key factors were responsible for the Portfolios performance during the Reporting Period?
The Portfolios performance was driven primarily by individual security selection strategies, with the majority of outperformance coming from
collateralized and government selection strategies. The Portfolios cross-sector positioning, as well as duration and term structure positioning, detracted from excess returns. With respect to security selection strategies, the Portfolios
adjustable-rate mortgages (ARMs), collateralized mortgage obligations (CMOs) and U.S. Treasuries were all positive contributors to performance.
Q. Which fixed income market sectors most significantly affected Portfolio performance?
The Portfolios
sector positioning detracted from relative performance during the Reporting Period. Our overweight exposure to agency mortgage-backed securities (MBS) detracted from returns, as the sector underperformed duration-neutral U.S. Treasuries.
Federal Reserve Board (Fed) purchases continued to support the sector throughout the first half of the Reporting Period. However, prepayment risk remained elevated amid historically low mortgage rates, rising home prices and increasing
lender loan origination capacity. During April and May 2013, agency MBS
spreads widened materially as they suffered from multiple policy risks. Lower coupon MBS, which are the focus of Feds purchases in their quantitative easing (QE) program, have
seen their spreads widen due to market uncertainty about future central bank policy. Higher coupon MBS spreads widened based on concerns of expanded borrower eligibility for the very effective Home Affordable Refinance Program (HARP).
Underperformance was partially offset by the Portfolios exposure to non-agency MBS securities. The sector rallied on the announcement of a third round of QE, combined with further signs of stabilization and potential recovery in the U.S.
housing sector, as well as favorable supply/demand dynamics. Furthermore, the technical dynamics remained strong, with investor demand for higher yielding assets persisting.
The Portfolios security selection strategies contributed to excess returns, with the majority of performance coming from collateralized and government strategies. Within governments, selection of short-dated
U.S. Treasuries added to relative returns. The impact, however, was slightly offset by exposure to agency debentures. The Portfolios collateralized selection, primarily from CMOs, ARMs, and MBS passthroughs had a positive impact on
performance.
Q. Did the Portfolios duration and yield curve positioning strategy help or hurt its results during the Reporting Period?
The Portfolios duration and term structure positioning had a significant negative impact on performance during the Reporting Period. Rates
rose sharply over the Reporting Period and the U.S. yield curve steepened. The U.S. 10-year yield ended the Reporting Period 124 basis points higher at 2.79%. The U.S. yield curve steepened, as the market priced in better long-term growth, coupled
with the possibility of the Feds early withdrawal from its QE program. In the overnight repo market, the secular themes of continued reserve creation by the Fed and a scarcity of high quality assets remained in place throughout most of the
Reporting Period. With respect to the portion of the yield curve one year and in, yields trended into low single digits, constrained by a lack of available supply.
Q. Were there any notable changes in the Portfolios weightings during the Reporting Period?
A modest
decrease in agency non-government guaranteed securities was offset by increased allocations to domestic sovereign securities and agency collateralized mortgage obligations.
Q. How was the Portfolio positioned relative to its benchmark index at the end of August 2013?
At the end of
the Reporting Period, the Portfolios largest allocations were in domestic sovereign securities, agency adjustable-rate mortgage securities, agency collateralized mortgage obligations and agency passthroughs.
Two-Year U.S. Treasury Note Index
The Two-Year U.S. Treasury
Note Index, as reported by BofA Merrill Lynch, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
9
PORTFOLIO COMPOSITIONSECTOR ALLOCATION
TCU SHORT DURATION PORTFOLIO (Unaudited)
August 31, 2013*
August 31, 2012*
10
PORTFOLIO COMPOSITIONISSUER ALLOCATION
TCU SHORT DURATION PORTFOLIO (Unaudited)
August 31, 2013*
August 31, 2012*
*
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These percentages reflect Portfolio holdings as a percentage of net assets. Figures in the above charts may not sum to 100% due to the exclusion of other assets and liabilities.
Holdings and allocations may not be representative of current or future investments. Holdings and allocations may not include the Portfolios entire investment portfolio, which may change at any time. Portfolio holdings should not be relied on
in making investment decisions and should not be construed as research or investment advice regarding particular securities.
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11
PERFORMANCE COMPARISON
TCU MONEY MARKET PORTFOLIO (Unaudited)
The following data for the Money Market Portfolio is supplied for the period ended August 31, 2013. The Portfolio is compared to its benchmark assuming the following initial investment:
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Portfolio
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Initial
Investment
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Compare to:
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Money Market (MMP)
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$10,000
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iMoney Net First Tier Institutional Only (iMoney Net)
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Money Market Portfolios TCU Shares 10 Year Performance
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Average Annual Total Return
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One Year
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Five Year
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Ten Year
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Since Inception
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TCU Shares
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0.08%
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0.18%
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1.74%
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3.83%
(b)
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Investor Shares
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0.01%
(c)
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(a)
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For comparative purposes, the initial investment is assumed to have been made on September 1, 2003.
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(b)
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The Money Market Portfolios TCU Shares commenced operations on May 17, 1988.
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(c)
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The Money Market Portfolios Investor Shares commenced operations on May 15, 2013.
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All performance data shown represents past performance and should not be considered indicative of future performance, which will fluctuate as market conditions
change. Investments in the TCU Money Market Portfolio are not insured or guaranteed by the National Credit Union Administration, the Federal Deposit Insurance Corporation, or any other government agency. Although the Portfolio seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. The chart and table above assume reinvestment of dividends and distributions. In addition to the investment advisers decisions regarding
issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows
affecting a portfolio. Please call
1-800-342-5828
or
1-800-CFS-5678
for the most recent
month-end
returns.
12
PERFORMANCE COMPARISON
TCU ULTRA-SHORT DURATION GOVERNMENT PORTFOLIO (Unaudited)
In accordance with the requirements of the Securities and Exchange Commission, the following data for the Ultra-Short Duration Government Portfolio is supplied for the period ended August 31, 2013. The
Portfolio is compared to its benchmarks assuming the following initial investment:
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Portfolio
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Initial
Investment
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Compare to:
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Ultra-Short Duration Government (USDGP)
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$10,000
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Barclays Capital Mutual Fund Short (1-2 year) Government Index (Barclays 1-2 Govt Index); BofA Merrill Lynch
One-Year
U.S. Treasury
Note Index (1-year T-Note); BofA Merrill Lynch 6-Month U.S. Treasury Bill Index
(6-month
T-Bill).
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Ultra-Short Duration Government Portfolios TCU Shares 10 Year Performance
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Average Annual Total Return
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One Year
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Five Year
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Ten Year
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Since Inception
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TCU Shares
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0.08%
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1.21%
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2.40%
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3.22%
(b)
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Investor
Shares
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0.25%
(c)
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(a)
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For comparative purposes, the initial investment is assumed to have been made on September 1, 2003.
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(b)
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The Ultra-Short Duration Government Portfolios TCU Shares commenced operations on July 10, 1991.
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(c)
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The Ultra-Short Duration Government Portfolios Investor Shares commenced operations on November 30, 2012.
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The BofA Merrill Lynch
Six-Month
U.S. Treasury Bill Index and the BofA Merrill Lynch
One-Year
U.S. Treasury Note Index do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. The TCU Ultra-Short Duration Government Portfolio is not
a money market fund. Investors in this Portfolio should understand that the net asset value of the Portfolio will fluctuate, which may result in a loss of the principal amount invested. The Portfolios net asset value and yield are not
guaranteed by the U.S. government, the National Credit Union Administration, or any other U.S. government agency, instrumentality or sponsored enterprise. Investments in fixed income securities are subject to the risks associated with debt
securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Portfolio if held to maturity and not to the value of the Portfolios shares. The Portfolios
investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility.
All performance
data shown represents past performance and should not be considered indicative of future performance, which will fluctuate as market conditions change. The investment return and principal value of an investment will fluctuate with changes in market
conditions so that an investors shares, when redeemed, may be worth more or less than their original cost. The chart and table above assume reinvestment of dividends and distributions. In addition to the investment advisers decisions
regarding issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption
cash flows affecting a portfolio. Please call
1-800-342-5828
or
1-800-CFS-5678
for the most recent
month-end
returns.
13
PERFORMANCE COMPARISON
TCU SHORT DURATION PORTFOLIO (Unaudited)
In accordance with the requirements of the Securities and Exchange Commission, the following data for the Short Duration Portfolio is supplied for the period ended August 31, 2013. The Portfolio is compared to
its benchmarks assuming the following initial investment:
|
|
|
|
|
Portfolio
|
|
Initial
Investment
|
|
Compare to:
|
Short Duration (SDP)
|
|
$10,000
|
|
Barclays Capital Mutual Fund Short (1-3 year) Government Index (Barclays 1-3 Govt Index); BofA Merrill Lynch 2-Year U.S. Treasury Note Index (2-year
T-Note).
|
Short Duration Portfolios TCU Shares 10 Year Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Return
|
|
|
One Year
|
|
Five Year
|
|
Ten Year
|
|
Since Inception
|
TCU Shares
|
|
0.19%
|
|
2.14%
|
|
2.81%
|
|
3.93%
(b)
|
Investor
Shares
|
|
|
|
|
|
|
|
0.37
(c)
|
(a)
|
For comparative purposes, the initial investment is assumed to have been made on September 1, 2003.
|
(b)
|
The Short Duration Portfolios TCU Shares commenced operations on October 9, 1992.
|
(c)
|
The Short Duration Portfolios Investor Shares commenced operations on November 30, 2012.
|
The BofA Merrill Lynch
Two-Year
U.S. Treasury Note Index does not reflect any deduction for fees, expenses or taxes. It is
not possible to invest directly in an unmanaged index. The TCU Short Duration Portfolio is not a money market fund. Investors in this Portfolio should understand that the net asset value of the Portfolio will fluctuate, which may result in a loss of
the principal amount invested. The Portfolios net asset value and yield are not guaranteed by the U.S. government, the National Credit Union Administration, or any other U.S. government agency, instrumentality or sponsored enterprise.
Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Portfolio if held
to maturity and not to the value of the Portfolios shares. The Portfolios investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility.
All performance data shown represents past performance and should not be considered indicative of future performance, which will fluctuate as market conditions
change. The investment return and principal value of an investment will fluctuate with changes in market conditions so that an investors shares, when redeemed, may be worth more or less than their original cost. The chart and table above
assume reinvestment of dividends and distributions. In addition to the investment advisers decisions regarding issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are
not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio. Please call
1-800-342-5828
or
1-800-CFS-5678
for the most recent
month-end
returns.
14
TRUST FOR CREDIT UNIONS
Money Market Portfolio
Portfolio of Investments August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
U.S. GOVERNMENT AGENCY SECURITIES - 53.08%
|
|
|
|
|
|
Federal Farm Credit Bank - 2.07%
|
|
$
|
1,700,000
|
|
|
0.164%, 09/15/13 (a)
|
|
$
|
1,699,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank - 35.32%
|
|
|
500,000
|
|
|
0.210%, 10/01/13
|
|
|
499,995
|
|
|
200,000
|
|
|
0.210%, 10/10/13
|
|
|
199,999
|
|
|
70,000
|
|
|
0.300%, 10/18/13
|
|
|
70,007
|
|
|
7,050,000
|
|
|
0.375%, 10/18/13
|
|
|
7,051,307
|
|
|
6,385,000
|
|
|
3.625%, 10/18/13
|
|
|
6,413,236
|
|
|
1,200,000
|
|
|
0.140%, 01/08/14
|
|
|
1,199,946
|
|
|
5,000,000
|
|
|
0.154%, 09/24/13 (a)
|
|
|
4,998,762
|
|
|
6,500,000
|
|
|
0.164%, 09/27/13 (a)
|
|
|
6,499,185
|
|
|
1,000,000
|
|
|
0.190%, 07/25/14
|
|
|
1,000,068
|
|
|
1,000,000
|
|
|
0.245%, 07/25/14
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,932,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation - 5.31%
|
|
|
80,000
|
|
|
0.375%, 10/15/13
|
|
|
80,015
|
|
|
70,000
|
|
|
0.875%, 10/28/13
|
|
|
70,072
|
|
|
2,200,000
|
|
|
0.375%, 10/30/13
|
|
|
2,200,903
|
|
|
2,000,000
|
|
|
0.130%, 02/07/14
|
|
|
1,999,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,350,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal National Mortgage Association - 10.38%
|
|
|
2,600,000
|
|
|
1.000%, 09/23/13
|
|
|
2,601,399
|
|
|
3,500,000
|
|
|
1.050%, 10/22/13
|
|
|
3,504,584
|
|
|
2,400,000
|
|
|
Zero coupon, 10/25/13 (b)
|
|
|
2,399,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,505,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government Agency Securities
|
|
|
43,488,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $43,488,419)
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 0.86%
|
|
|
|
|
|
United States Treasury Notes & Bonds - 0.86%
|
|
|
400,000
|
|
|
0.125%, 09/30/13
|
|
|
399,974
|
|
|
300,000
|
|
|
3.125%, 09/30/13
|
|
|
300,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
700,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
|
|
|
700,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $700,669)
|
|
|
|
|
|
|
U.S. GOVERNMENT-BACKED OBLIGATION - 3.05%
|
|
|
2,500,000
|
|
|
Wells Fargo Bank 0.322%, 09/19/14 (a)
|
|
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government-Backed Obligation
|
|
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $2,500,000)
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS - 44.68%
|
|
|
10,000,000
|
|
|
Barclays, 0.040%, Dated 8/30/13,
matures 09/03/13, repurchase
price $10,000,044 (collateralized by
$8,853,100 par amount of a
U.S.Government Obligation with
an
interest rate of 4.500% due 08/15/39,
total market value $10,200,075)
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
BNP Paribas, 0.050%, Dated 8/30/13,
matures 09/03/13, repurchase price
$10,000,056 (collateralized by $11,376,777
par amount of a U.S. Government Obligation
with an
interest rate of 3.000% due 12/20/42,
total market value $10,200,000)
|
|
|
10,000,000
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
$
|
16,600,000
|
|
|
Deutsche Bank, 0.070%, Dated 8/30/13, matures 09/03/13, repurchase price $16,000,129 (collateralized by
$16,657,100 par amount of
U.S. Treasury Notes with interest
rates of
0.000% to 1.250%
due 07/31/15 to 08/31/15,
total market value $16,932,027)
|
|
$
|
16,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreements
|
|
|
36,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $36,600,000)
|
|
|
|
|
|
|
|
|
Total Investments - 101.67%
|
|
|
83,289,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $83,289,088) (c)
|
|
|
|
|
|
|
|
|
Net Other Assets and Liabilities - (1.67)%
|
|
|
(1,368,631
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
$
|
81,920,457
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Variable rate securities. Interest rates disclosed are those which are in effect at August 31, 2013. Maturity date shown is the date of the next coupon rate reset.
|
(b)
|
Discount Note. Rate shown is yield at time of purchase.
|
(c)
|
At August 31, 2013, cost is identical for book and federal income tax purposes.
|
See
accompanying notes to financial statements.
15
TRUST FOR CREDIT UNIONS
Ultra-Short Duration Government Portfolio
Portfolio of Investments August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
ASSET-BACKED SECURITIES - 0.22%
|
|
|
|
|
|
Federal National Mortgage Association - 0.22%
|
|
$
|
158,430
|
|
|
Series 2001-W4, Class AV1
0.464%, 02/25/32 (a)
|
|
$
|
148,354
|
|
|
237,730
|
|
|
Series 2002-W2, Class AV1
0.444%, 06/25/32 (a)
|
|
|
232,510
|
|
|
1,133,791
|
|
|
Series 2002-T7, Class A1
0.404%, 07/25/32 (a)
|
|
|
1,021,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
|
|
|
1,401,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,530,065)
|
|
|
|
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 32.06%
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation REMIC - 14.75%
|
|
|
18,713
|
|
|
Series 1009, Class D
0.784%, 10/15/20 (a)
|
|
|
18,825
|
|
|
49,618
|
|
|
Series 1066, Class P
1.084%, 04/15/21 (a)
|
|
|
50,274
|
|
|
71,695
|
|
|
Series 1222, Class P
2.240%, 03/15/22 (a) (b)
|
|
|
74,211
|
|
|
151,017
|
|
|
Series 1250, Class J
7.000%, 05/15/22 (b)
|
|
|
165,361
|
|
|
72,206
|
|
|
Series 1448, Class F
1.584%, 12/15/22 (a) (d)
|
|
|
74,169
|
|
|
1,416,404
|
|
|
Series 3777, Class DA
3.500%, 10/15/24 (d)
|
|
|
1,471,897
|
|
|
5,473,076
|
|
|
Series 3694, Class AG
3.500%, 11/15/27 (d)
|
|
|
5,549,472
|
|
|
6,889,121
|
|
|
Series 3346, Class FT
0.534%, 10/15/33 (a) (b)
|
|
|
6,911,882
|
|
|
1,176,836
|
|
|
Series 3084, Class FN
0.684%, 12/15/34 (a) (d)
|
|
|
1,185,586
|
|
|
4,094,431
|
|
|
Series 3033, Class CI
5.500%, 01/15/35 (b)
|
|
|
4,316,116
|
|
|
5,588,023
|
|
|
Series 3208, Class FH
0.584%, 08/15/36 (a)
|
|
|
5,604,106
|
|
|
519,928
|
|
|
Series 3231, Class FB
0.534%, 10/15/36 (a)
|
|
|
521,574
|
|
|
747,526
|
|
|
Series 3827, Class J
4.000%, 11/15/36 (d)
|
|
|
751,962
|
|
|
446,557
|
|
|
Series 3314, Class FC
0.584%, 12/15/36 (a)
|
|
|
448,772
|
|
|
19,470,390
|
|
|
Series 4174, Class FB
0.484%, 05/15/39 (a) (d)
|
|
|
19,514,685
|
|
|
4,616,431
|
|
|
Series 3545, Class FA
1.034%, 06/15/39 (a)
|
|
|
4,657,116
|
|
|
9,762,967
|
|
|
Series 4097, Class AF
0.584%, 07/15/39 (a) (d)
|
|
|
9,750,320
|
|
|
13,503,899
|
|
|
Series 4103, Class DF
0.534%, 09/15/40 (a) (d)
|
|
|
13,562,209
|
|
|
1,141,499
|
|
|
Series 3830, Class FD
0.544%, 03/15/41 (a)
|
|
|
1,147,464
|
|
|
1,161,341
|
|
|
Series 3827, Class KF
0.554%, 03/15/41 (a)
|
|
|
1,165,487
|
|
|
405,720
|
|
|
Series 3868, Class FA
0.584%, 05/15/41 (a)
|
|
|
407,554
|
|
|
9,569,407
|
|
|
Series 4109, Class EC
2.000%, 12/15/41 (d)
|
|
|
9,677,179
|
|
|
7,015,671
|
|
|
Series 4039, Class FA
0.684%, 05/15/42 (a)
|
|
|
7,101,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,127,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal National Mortgage Association REMIC - 16.00%
|
|
$
|
43,948
|
|
|
Series 1993-225, Class WC
6.500%, 12/25/13 (b)
|
|
$
|
44,178
|
|
|
2,500,000
|
|
|
Series 2009-M2, Class A2
3.334%, 01/25/19 (d)
|
|
|
2,581,771
|
|
|
328,347
|
|
|
Series 1990-145, Class A
1.115%, 12/25/20 (a)
|
|
|
334,849
|
|
|
406,521
|
|
|
Series 1991-67, Class J
7.500%, 08/25/21 (b)
|
|
|
457,295
|
|
|
325,416
|
|
|
Series 1992-137, Class F
1.184%, 08/25/22 (a)
|
|
|
330,511
|
|
|
401,430
|
|
|
Series 1993-27, Class F
1.334%, 02/25/23 (a) (c)
|
|
|
408,489
|
|
|
215,901
|
|
|
Series 1998-21, Class F
0.470%, 03/25/28 (a)
|
|
|
215,035
|
|
|
3,795,087
|
|
|
Series 2011-137, Class A
4.000%, 06/25/29 (d)
|
|
|
3,920,712
|
|
|
355,240
|
|
|
Series 2000-16, Class ZG
8.500%, 06/25/30 (d)
|
|
|
418,886
|
|
|
389,133
|
|
|
Series 2000-32, Class Z
7.500%, 10/18/30
|
|
|
450,372
|
|
|
3,292,195
|
|
|
Series 2005-65, Class WL
5.500%, 07/25/34 (b)
|
|
|
3,379,032
|
|
|
1,285,161
|
|
|
Series 2005-102, Class DF
0.484%, 11/25/35 (a)
|
|
|
1,284,887
|
|
|
758,689
|
|
|
Series 2006-45, Class TF
0.584%, 06/25/36 (a)
|
|
|
763,292
|
|
|
778,794
|
|
|
Series 2006-76, Class QF
0.584%, 08/25/36 (a) (b)
|
|
|
785,093
|
|
|
1,043,135
|
|
|
Series 2006-79, Class PF
0.584%, 08/25/36 (a) (b)
|
|
|
1,051,609
|
|
|
1,770,811
|
|
|
Series 2006-111, Class FA
0.564%, 11/25/36 (a)
|
|
|
1,779,802
|
|
|
685,104
|
|
|
Series 2007-75, Class VF
0.634%, 08/25/37 (a)
|
|
|
688,381
|
|
|
1,743,235
|
|
|
Series 2007-85, Class FC
0.724%, 09/25/37 (a)
|
|
|
1,762,121
|
|
|
1,048,258
|
|
|
Series 2007-86, Class FC
0.754%, 09/25/37 (a)
|
|
|
1,059,884
|
|
|
1,006,247
|
|
|
Series 2007-92, Class OF
0.754%, 09/25/37 (a)
|
|
|
1,018,030
|
|
|
2,620,103
|
|
|
Series 2007-91, Class FB
0.784%, 10/25/37 (a)
|
|
|
2,645,106
|
|
|
1,189,004
|
|
|
Series 2007-99, Class FD
0.784%, 10/25/37 (a)
|
|
|
1,198,410
|
|
|
1,975,370
|
|
|
Series 2010-89, Class CF
0.634%, 02/25/38 (a)
|
|
|
1,974,282
|
|
|
5,381,273
|
|
|
Series 2012-63, Class FE
0.584%, 06/25/38 (a) (d)
|
|
|
5,389,370
|
|
|
9,838,366
|
|
|
Series 2012-56, Class FG
0.684%, 03/25/39 (a) (d)
|
|
|
9,861,835
|
|
|
1,339,345
|
|
|
Series 2012-93, Class KF
0.584%, 05/25/39 (a) (d)
|
|
|
1,337,279
|
|
|
340,832
|
|
|
Series 2009-84, Class WF
1.284%, 10/25/39 (a)
|
|
|
344,825
|
|
|
3,455,165
|
|
|
Series 2012-103, Class GF
0.584%, 02/25/40 (a) (d)
|
|
|
3,450,344
|
|
|
3,928,474
|
|
|
Series 2010-123, Class FL
0.614%, 11/25/40 (a)
|
|
|
3,934,878
|
|
|
9,004,889
|
|
|
Series 2011-110, Class FE
0.584%, 04/25/41 (a) (b)
|
|
|
9,021,808
|
|
|
1,265,273
|
|
|
Series 2011-59, Class FW
0.544%, 07/25/41 (a)
|
|
|
1,271,104
|
|
See
accompanying notes to financial statements.
16
TRUST FOR CREDIT UNIONS
Ultra-Short Duration Government Portfolio
Portfolio of Investments (continued) August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal National Mortgage Association REMIC - (continued)
|
|
$
|
1,557,478
|
|
|
Series 2011-63, Class FG
0.634%, 07/25/41 (a)
|
|
$
|
1,570,328
|
|
|
768,843
|
|
|
Series 2011-86, Class DF
0.684%, 09/25/41 (a)
|
|
|
781,468
|
|
|
7,406,969
|
|
|
Series 2013-10, Class AF
0.534%, 03/25/42 (a) (d)
|
|
|
7,431,012
|
|
|
2,620,852
|
|
|
Series 2012-38, Class JE
3.250%, 04/25/42 (b)
|
|
|
2,663,939
|
|
|
4,264,193
|
|
|
Series 2012-65, Class FB
0.704%, 06/25/42 (a)
|
|
|
4,303,663
|
|
|
4,140,470
|
|
|
Series 2012-71, Class FL
0.684%, 07/25/42 (a)
|
|
|
4,153,772
|
|
|
7,096,314
|
|
|
Series 2012-82, Class FA
0.614%, 08/25/42 (a)
|
|
|
7,111,776
|
|
|
10,876,099
|
|
|
Series 2008-22, Class FD
1.024%, 04/25/48 (a)
|
|
|
10,964,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,144,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Credit Union Administration - 1.31%
|
|
|
897,485
|
|
|
Series 2010-R2, Class 1A
0.556%, 11/06/17 (a)
|
|
|
899,659
|
|
|
698,506
|
|
|
Series 2011-R1, Class 1A
0.636%, 01/08/20 (a)
|
|
|
702,926
|
|
|
2,315,385
|
|
|
Series 2011-R2, Class 1A
0.586%, 02/06/20 (a)
|
|
|
2,324,339
|
|
|
952,845
|
|
|
Series 2011-R4, Class 1A
0.565%, 03/06/20 (a)
|
|
|
955,115
|
|
|
1,090,787
|
|
|
Series 2011-R3, Class 1A
0.585%, 03/11/20 (a)
|
|
|
1,094,664
|
|
|
799,365
|
|
|
Series 2011-R5, Class 1A
0.566%, 04/06/20 (a)
|
|
|
801,020
|
|
|
482,833
|
|
|
Series 2011-R6, Class 1A
0.566%, 05/07/20 (a)
|
|
|
483,323
|
|
|
518,957
|
|
|
Series 2010-R1, Class 1A
0.636%, 10/07/20 (a)
|
|
|
521,997
|
|
|
118,580
|
|
|
Series 2010-R1, Class 2A
1.840%, 10/07/20 (d)
|
|
|
119,919
|
|
|
432,175
|
|
|
Series 2010-A1, Class A
0.535%, 12/07/20 (a)
|
|
|
433,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,336,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Collateralized Mortgage Obligations
|
|
|
204,608,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $204,588,560)
|
|
|
|
|
|
|
MORTGAGE-BACKED OBLIGATIONS - 15.87%
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation - 3.23%
|
|
|
82,169
|
|
|
1.477%, 02/01/18 (a)
|
|
|
82,589
|
|
|
189,252
|
|
|
2.911%, 11/01/18 (a)
|
|
|
192,924
|
|
|
877,776
|
|
|
6.876%, 11/01/19 (a)
|
|
|
939,768
|
|
|
50,739
|
|
|
1.611%, 11/01/22 (a)
|
|
|
51,552
|
|
|
119,392
|
|
|
1.688%, 11/01/22 (a)
|
|
|
121,088
|
|
|
24,733
|
|
|
2.726%, 10/01/24 (a)
|
|
|
25,743
|
|
|
136,910
|
|
|
3.184%, 10/01/25 (a)
|
|
|
139,694
|
|
|
558,189
|
|
|
3.392%, 08/01/28 (a)
|
|
|
586,677
|
|
|
67,790
|
|
|
1.738%, 07/01/29 (a)
|
|
|
69,408
|
|
|
265,991
|
|
|
2.865%, 05/01/31 (a)
|
|
|
280,054
|
|
|
9,568,415
|
|
|
2.381%, 03/01/35 (a)
|
|
|
10,133,861
|
|
|
3,119,832
|
|
|
2.412%, 04/01/35 (a)
|
|
|
3,303,637
|
|
|
4,414,413
|
|
|
2.671%, 06/01/37 (a)
|
|
|
4,681,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,608,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation Gold - 2.17%
|
|
$
|
140
|
|
|
6.500%, 09/01/13
|
|
$
|
140
|
|
|
2,181
|
|
|
6.500%, 10/01/13
|
|
|
2,191
|
|
|
2,889
|
|
|
6.500%, 05/01/14
|
|
|
2,901
|
|
|
9,780
|
|
|
6.500%, 06/01/14
|
|
|
9,983
|
|
|
21,681
|
|
|
6.000%, 12/01/14
|
|
|
21,836
|
|
|
68,791
|
|
|
8.000%, 12/01/15
|
|
|
71,673
|
|
|
81,556
|
|
|
6.000%, 03/01/16
|
|
|
86,635
|
|
|
12,822
|
|
|
6.500%, 07/01/16
|
|
|
12,877
|
|
|
190,264
|
|
|
5.000%, 10/01/17
|
|
|
201,345
|
|
|
228,891
|
|
|
5.000%, 11/01/17
|
|
|
242,216
|
|
|
2,558,391
|
|
|
4.500%, 05/01/18
|
|
|
2,691,800
|
|
|
4,423,660
|
|
|
4.500%, 06/01/18
|
|
|
4,654,425
|
|
|
162,456
|
|
|
5.500%, 01/01/20
|
|
|
174,370
|
|
|
9,676
|
|
|
3.500%, 08/01/20
|
|
|
10,175
|
|
|
28,333
|
|
|
3.500%, 09/01/20
|
|
|
29,795
|
|
|
11,868
|
|
|
3.500%, 10/01/20
|
|
|
12,481
|
|
|
4,028,927
|
|
|
4.500%, 10/01/20
|
|
|
4,240,268
|
|
|
90,188
|
|
|
3.500%, 11/01/20
|
|
|
94,840
|
|
|
72,558
|
|
|
3.500%, 12/01/20
|
|
|
75,926
|
|
|
16,512
|
|
|
3.500%, 01/01/21
|
|
|
17,364
|
|
|
17,714
|
|
|
3.500%, 03/01/21
|
|
|
18,503
|
|
|
33,287
|
|
|
3.500%, 04/01/21
|
|
|
35,005
|
|
|
185,620
|
|
|
3.000%, 09/01/21
|
|
|
191,733
|
|
|
12,961
|
|
|
3.500%, 09/01/21
|
|
|
13,630
|
|
|
35,521
|
|
|
3.500%, 10/01/21
|
|
|
37,354
|
|
|
677,449
|
|
|
3.500%, 11/01/21
|
|
|
712,395
|
|
|
70,725
|
|
|
3.000%, 12/01/21
|
|
|
73,054
|
|
|
53,580
|
|
|
3.500%, 10/01/22
|
|
|
56,299
|
|
|
68,360
|
|
|
3.000%, 06/01/23
|
|
|
70,613
|
|
|
4,299
|
|
|
4.500%, 07/01/23
|
|
|
4,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,866,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal National Mortgage Association - 9.90%
|
|
|
61,444
|
|
|
8.500%, 04/01/16
|
|
|
64,315
|
|
|
55,758
|
|
|
3.860%, 07/01/17 (a)
|
|
|
59,393
|
|
|
26,662
|
|
|
1.659%, 11/01/17 (a)
|
|
|
26,775
|
|
|
75,466
|
|
|
2.137%, 11/01/17 (a)
|
|
|
76,377
|
|
|
42,406
|
|
|
2.387%, 11/01/17 (a)
|
|
|
43,087
|
|
|
136,069
|
|
|
2.105%, 03/01/18 (a)
|
|
|
137,713
|
|
|
2,096,403
|
|
|
2.800%, 03/01/18
|
|
|
2,161,987
|
|
|
4,443,512
|
|
|
3.620%, 03/01/18
|
|
|
4,739,708
|
|
|
20,992
|
|
|
1.900%, 05/01/18 (a)
|
|
|
21,246
|
|
|
950,000
|
|
|
3.840%, 05/01/18
|
|
|
1,019,976
|
|
|
51,086
|
|
|
2.113%, 06/01/18 (a)
|
|
|
51,751
|
|
|
561,412
|
|
|
2.739%, 10/01/18 (a)
|
|
|
576,181
|
|
|
19,817
|
|
|
2.525%, 02/01/19 (a)
|
|
|
20,315
|
|
|
33,150
|
|
|
1.899%, 05/01/19 (a)
|
|
|
33,599
|
|
|
109,932
|
|
|
6.864%, 12/01/19 (a)
|
|
|
118,502
|
|
|
107,126
|
|
|
1.875%, 01/01/20 (a)
|
|
|
108,123
|
|
|
10,995
|
|
|
5.000%, 01/01/20
|
|
|
11,665
|
|
|
39,511
|
|
|
3.500%, 04/01/20
|
|
|
41,667
|
|
|
47,773
|
|
|
1.951%, 05/01/20 (a)
|
|
|
47,666
|
|
|
210,791
|
|
|
5.813%, 05/01/20 (a)
|
|
|
225,558
|
|
|
10,807
|
|
|
3.500%, 06/01/20
|
|
|
11,403
|
|
|
39,082
|
|
|
3.500%, 07/01/20
|
|
|
41,241
|
|
|
24,702
|
|
|
3.500%, 08/01/20
|
|
|
26,059
|
|
|
315,330
|
|
|
3.500%, 09/01/20
|
|
|
332,756
|
|
|
1,058,144
|
|
|
3.416%, 10/01/20
|
|
|
1,097,443
|
|
|
80,002
|
|
|
3.500%, 10/01/20
|
|
|
84,415
|
|
|
276,146
|
|
|
3.500%, 11/01/20
|
|
|
291,394
|
|
|
233,029
|
|
|
3.500%, 12/01/20
|
|
|
245,983
|
|
|
866,782
|
|
|
3.632%, 12/01/20
|
|
|
906,649
|
|
See
accompanying notes to financial statements.
17
TRUST FOR CREDIT UNIONS
Ultra-Short Duration Government Portfolio
Portfolio of Investments (continued) August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal National Mortgage Association - (continued)
|
|
$
|
46,829
|
|
|
3.500%, 01/01/21
|
|
$
|
49,562
|
|
|
362,976
|
|
|
3.500%, 02/01/21
|
|
|
383,018
|
|
|
72,319
|
|
|
3.500%, 03/01/21
|
|
|
76,319
|
|
|
111,739
|
|
|
3.500%, 04/01/21
|
|
|
117,903
|
|
|
230,341
|
|
|
3.500%, 05/01/21
|
|
|
243,514
|
|
|
1,779,846
|
|
|
4.375%, 06/01/21
|
|
|
1,921,778
|
|
|
4,025,006
|
|
|
3.500%, 07/01/21
|
|
|
4,246,949
|
|
|
22,605
|
|
|
3.500%, 08/01/21
|
|
|
23,856
|
|
|
35,209
|
|
|
3.500%, 09/01/21
|
|
|
37,152
|
|
|
23,600
|
|
|
3.500%, 12/01/21
|
|
|
24,903
|
|
|
39,356
|
|
|
3.500%, 01/01/22
|
|
|
41,536
|
|
|
58,714
|
|
|
3.500%, 02/01/22
|
|
|
61,970
|
|
|
345,119
|
|
|
6.623%, 02/01/22 (a)
|
|
|
369,493
|
|
|
71,334
|
|
|
3.500%, 10/01/22
|
|
|
75,297
|
|
|
43,999
|
|
|
3.020%, 01/01/23 (a)
|
|
|
44,940
|
|
|
110,557
|
|
|
2.957%, 03/01/24 (a)
|
|
|
112,342
|
|
|
30,548
|
|
|
2.860%, 04/01/25 (a)
|
|
|
32,446
|
|
|
40,308
|
|
|
5.919%, 10/01/25 (a)
|
|
|
43,155
|
|
|
306,408
|
|
|
3.162%, 02/01/27 (a)
|
|
|
313,794
|
|
|
943,045
|
|
|
5.000%, 03/01/27
|
|
|
1,012,729
|
|
|
101,806
|
|
|
1.969%, 07/01/27 (a)
|
|
|
103,936
|
|
|
173,140
|
|
|
2.322%, 07/01/27 (a)
|
|
|
178,262
|
|
|
199,037
|
|
|
4.657%, 01/01/29 (a)
|
|
|
217,355
|
|
|
45,832
|
|
|
4.654%, 02/01/29 (a)
|
|
|
50,050
|
|
|
2,816,628
|
|
|
2.707%, 08/01/29 (a)
|
|
|
2,881,039
|
|
|
84,830
|
|
|
2.263%, 07/01/31 (a)
|
|
|
89,347
|
|
|
90,313
|
|
|
2.380%, 07/01/32 (a)
|
|
|
95,706
|
|
|
62,738
|
|
|
2.505%, 07/01/32 (a)
|
|
|
66,585
|
|
|
17,564
|
|
|
6.000%, 08/01/32
|
|
|
19,188
|
|
|
276,921
|
|
|
2.751%, 09/01/32 (a)
|
|
|
296,478
|
|
|
349,307
|
|
|
2.452%, 01/01/33 (a)
|
|
|
366,518
|
|
|
88,075
|
|
|
2.341%, 06/01/33 (a)
|
|
|
92,387
|
|
|
1,329,985
|
|
|
4.611%, 08/01/33 (a)
|
|
|
1,452,385
|
|
|
11,891
|
|
|
6.000%, 11/01/33
|
|
|
13,076
|
|
|
812,795
|
|
|
2.196%, 04/01/34 (a)
|
|
|
854,052
|
|
|
2,786,099
|
|
|
6.000%, 05/01/34
|
|
|
3,083,834
|
|
|
529,577
|
|
|
2.201%, 07/01/34 (a)
|
|
|
556,055
|
|
|
536,693
|
|
|
2.201%, 08/01/34 (a)
|
|
|
563,600
|
|
|
272,265
|
|
|
6.000%, 09/01/34
|
|
|
297,326
|
|
|
4,919,846
|
|
|
2.367%, 10/01/34 (a)
|
|
|
5,204,954
|
|
|
8,516
|
|
|
6.000%, 10/01/34
|
|
|
9,427
|
|
|
4,987,485
|
|
|
2.401%, 11/01/34 (a)
|
|
|
5,293,291
|
|
|
124,866
|
|
|
6.000%, 05/01/35
|
|
|
136,316
|
|
|
1,802,390
|
|
|
2.336%, 06/01/35 (a)
|
|
|
1,899,966
|
|
|
10,139
|
|
|
6.000%, 07/01/36
|
|
|
11,083
|
|
|
2,244,261
|
|
|
2.644%, 12/01/36 (a)
|
|
|
2,373,394
|
|
|
1,127,819
|
|
|
2.617%, 07/01/37 (a)
|
|
|
1,207,471
|
|
|
4,946,551
|
|
|
2.615%, 09/01/37 (a)
|
|
|
5,224,463
|
|
|
395,655
|
|
|
6.500%, 11/01/37
|
|
|
440,483
|
|
|
2,835,060
|
|
|
2.614%, 01/01/38 (a)
|
|
|
3,007,821
|
|
|
92,804
|
|
|
6.000%, 06/01/38
|
|
|
101,314
|
|
|
328,694
|
|
|
6.000%, 09/01/38
|
|
|
358,963
|
|
|
28,511
|
|
|
6.000%, 11/01/38
|
|
|
31,282
|
|
|
2,905,282
|
|
|
2.232%, 05/01/39 (a)
|
|
|
3,054,686
|
|
|
14,262
|
|
|
6.000%, 10/01/39
|
|
|
15,763
|
|
|
1,000,000
|
|
|
4.000%, 09/01/43 TBA (e)
|
|
|
1,033,047
|
|
|
578,224
|
|
|
2.201%, 08/01/44 (a)
|
|
|
607,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,144,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association - 0.57%
|
|
|
54,138
|
|
|
7.000%, 04/15/26
|
|
|
62,524
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Government National Mortgage Association - (continued)
|
|
$
|
364,022
|
|
|
2.125%, 04/20/34 (a)
|
|
$
|
382,477
|
|
|
1,745,006
|
|
|
1.625%, 06/20/34 (a)
|
|
|
1,804,429
|
|
|
1,354,501
|
|
|
1.750%, 08/20/34 (a)
|
|
|
1,400,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,650,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mortgage-Backed Obligations
|
|
|
101,269,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $99,786,418)
|
|
|
|
|
|
|
AGENCY DEBENTURES - 12.14%
|
|
|
|
|
|
Federal Farm Credit Bank
|
|
|
|
|
|
45,000,000
|
|
|
0.154%, 10/28/13 (a)
|
|
|
45,004,365
|
|
|
|
|
|
Federal Farm Credit Bank
|
|
|
|
|
|
25,000,000
|
|
|
0.164%, 10/28/13 (a)
|
|
|
25,002,850
|
|
|
|
|
|
Federal Home Loan Mortgage Corp
|
|
|
|
|
|
1,700,000
|
|
|
0.375%, 11/27/13
|
|
|
1,701,170
|
|
|
|
|
|
Small Business Administration
|
|
|
|
|
|
26,488
|
|
|
1.075%, 03/25/14 (a)
|
|
|
26,463
|
|
|
|
|
|
Sri Lanka Government Aid Bond
|
|
|
|
|
|
5,750,000
|
|
|
0.564%, 11/01/24 (a) (f)
|
|
|
5,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Agency Debentures
|
|
|
77,484,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $77,472,458)
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 16.32%
|
|
|
|
|
|
United States Treasury Notes & Bonds - 16.32%
|
|
|
12,800,000
|
|
|
0.250%, 10/31/13
|
|
|
12,803,994
|
|
|
10,200,000
|
|
|
0.250%, 02/28/14
|
|
|
10,209,160
|
|
|
47,900,000
|
|
|
0.250%, 03/31/14
|
|
|
47,943,014
|
|
|
19,300,000
|
|
|
0.250%, 04/30/14
|
|
|
19,318,103
|
|
|
13,900,000
|
|
|
0.250%, 06/30/14
|
|
|
13,913,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
|
|
|
104,187,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $104,119,255)
|
|
|
|
|
|
|
U.S. GOVERNMENT-BACKED OBLIGATIONS - 2.02%
|
|
|
|
|
|
FDIC Structured Sale Guaranteed Notes
|
|
|
|
|
|
1,452,338
|
|
|
Series 2010-S1, Class 1A
0.736%, 02/25/48 (a)
|
|
|
1,447,289
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Through Certificates
|
|
|
|
|
|
1,758,519
|
|
|
Series K501, Class A1
1.337%, 06/25/16 (d)
|
|
|
1,764,028
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Through Certificates
|
|
|
|
|
|
5,300,000
|
|
|
Series K501, Class A2
1.655%, 11/25/16 (d)
|
|
|
5,341,173
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Through Certificates
|
|
|
|
|
|
1,700,000
|
|
|
Series K703, Class A2
2.699%, 05/25/18 (d)
|
|
|
1,742,582
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Through Certificates
|
|
|
|
|
|
2,619,428
|
|
|
Series KF01, Class A
0.545%, 04/25/19 (a)
|
|
|
2,621,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government-Backed Obligations
|
|
|
12,916,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $12,863,896)
|
|
|
|
|
See
accompanying notes to financial statements.
18
TRUST FOR CREDIT UNIONS
Ultra-Short Duration Government Portfolio
Portfolio of Investments (continued) August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
REPURCHASE AGREEMENT - 21.26%
|
|
$
|
135,700,000
|
|
|
Merrill Lynch, 0.030%, Dated 08/30/13, matures 09/03/13, repurchase price $135,700,452 (collateralized by $265,168,295 par amount of U.S. Treasury Notes with interest rates of
0.000% to 5.000% due 01/15/25 to 02/15/41, total market value $138,414,000) (g)
|
|
$
|
135,700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreement
|
|
|
135,700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $135,700,000)
|
|
|
|
|
|
|
|
|
Total Investments - 99.89%
|
|
|
637,568,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $636,060,652) (g)
|
|
|
|
|
|
|
|
|
Net Other Assets and
Liabilities - 0.11%
|
|
|
678,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
$
|
638,246,915
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Variable rate securities. Interest rates disclosed are those which are in effect at August 31, 2013. Maturity date shown is the date of the next coupon rate reset or
actual maturity.
|
(b)
|
The security has PAC (Planned Amortization Class) collateral.
|
(c)
|
The security has Support collateral.
|
(d)
|
This security has Sequential collateral.
|
(e)
|
Represents or includes a TBA transaction.
|
(f)
|
Security has been valued at fair market value as determined in good faith by or under the direction of the Board of Trustees of the Trust. As of August 31, 2013, this
security amounted to $5,750,000 or 0.9% of net assets.
|
(g)
|
A portion of this security has been pledged as collateral for TBA security.
|
(h)
|
Cost for U.S. federal income tax purposes is $636,439,353. As of August 31, 2013, the aggregate gross unrealized appreciation for all securities in which there was an
excess of value over tax cost was $2,227,154 and the aggregate gross unrealized depreciation for all securities in which was an excess of tax cost over value was $1,097,995. The net unrealized appreciation was $1,129,159.
|
See
accompanying notes to financial statements.
19
TRUST FOR CREDIT UNIONS
Short Duration Portfolio
Portfolio of Investments August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 19.30%
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation REMIC - 10.95%
|
|
$
|
168,481
|
|
|
Series 1448, Class F
1.584%, 12/15/22 (a) (c)
|
|
$
|
173,061
|
|
|
1,169,606
|
|
|
Series 3777, Class DA
3.500%, 10/15/24 (c)
|
|
|
1,215,430
|
|
|
391,855
|
|
|
Series 1980, Class Z
7.000%, 07/15/27 (c)
|
|
|
440,445
|
|
|
6,439,541
|
|
|
Series 3694, Class AG
3.500%, 11/15/27 (c)
|
|
|
6,529,427
|
|
|
2,249,911
|
|
|
Series 2236, Class Z
8.500%, 06/15/30 (c)
|
|
|
2,669,031
|
|
|
5,715,478
|
|
|
Series 3346, Class FT
0.534%, 10/15/33 (a) (b)
|
|
|
5,734,362
|
|
|
6,058,674
|
|
|
Series 3471, Class FB
1.184%, 08/15/35 (a)
|
|
|
6,117,213
|
|
|
8,415,697
|
|
|
Series 3208, Class FA
0.584%, 08/15/36 (a)
|
|
|
8,446,650
|
|
|
2,827,674
|
|
|
Series 3208, Class FH
0.584%, 08/15/36 (a)
|
|
|
2,835,813
|
|
|
598,429
|
|
|
Series 3827, Class J
4.000%, 11/15/36 (c)
|
|
|
601,981
|
|
|
2,359,364
|
|
|
Series 3367, Class YF
0.734%, 09/15/37 (a)
|
|
|
2,379,746
|
|
|
7,041,670
|
|
|
Series 3371 class FA
0.784%, 09/15/37 (a)
|
|
|
7,103,510
|
|
|
3,463,884
|
|
|
Series 4097, Class AF
0.584%, 07/15/39 (a) (c)
|
|
|
3,459,397
|
|
|
6,372,817
|
|
|
Series 4103, Class DF
0.534%, 09/15/40 (a) (c)
|
|
|
6,400,335
|
|
|
936,615
|
|
|
Series 3830, Class FD
0.544%, 03/15/41 (a)
|
|
|
941,509
|
|
|
952,895
|
|
|
Series 3827, Class KF
0.554%, 03/15/41 (a)
|
|
|
956,297
|
|
|
7,625,000
|
|
|
Series 4109, Class EC
2.000%, 12/15/41 (c)
|
|
|
7,710,874
|
|
|
2,762,075
|
|
|
Series 4039, Class FA
0.684%, 05/15/42 (a)
|
|
|
2,795,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,511,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal National Mortgage Association REMIC - 7.59%
|
|
|
64,211
|
|
|
Series 1988-12, Class A
3.825%, 02/25/18 (a)
|
|
|
67,385
|
|
|
332,869
|
|
|
Series G92-44, Class Z
8.000%, 07/25/22
|
|
|
361,685
|
|
|
2,652,046
|
|
|
Series 2005-65, Class WL
5.500%, 07/25/34 (b)
|
|
|
2,721,998
|
|
|
830,565
|
|
|
Series 2006-45, Class TF
0.584%, 06/25/36 (a)
|
|
|
835,604
|
|
|
852,014
|
|
|
Series 2006-76, Class QF
0.584%, 08/25/36 (a) (b)
|
|
|
858,905
|
|
|
685,103
|
|
|
Series 2007-75, Class VF
0.634%, 08/25/37 (a)
|
|
|
688,381
|
|
|
5,350,914
|
|
|
Series 2007-91, Class FB
0.784%, 10/25/37 (a)
|
|
|
5,401,978
|
|
|
1,977,733
|
|
|
Series 2012-63, Class FE
0.584%, 06/25/38 (a) (c)
|
|
|
1,980,709
|
|
|
1,151,367
|
|
|
Series 2012-93, Class KF
0.584%, 05/25/39 (a) (c)
|
|
|
1,149,591
|
|
|
2,964,905
|
|
|
Series 2012-103, Class GF
0.584%, 02/25/40 (a) (c)
|
|
|
2,960,768
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal National Mortgage Association REMIC - (continued)
|
|
$
|
1,552,490
|
|
|
Series 2010-123, Class FL
0.614%, 11/25/40 (a)
|
|
$
|
1,555,020
|
|
|
2,948,148
|
|
|
Series 2011-110, Class FE
0.584%, 04/25/41 (a) (b)
|
|
|
2,953,688
|
|
|
1,375,831
|
|
|
Series 2011-59, Class FW
0.544%, 07/25/41 (a)
|
|
|
1,382,171
|
|
|
600,072
|
|
|
Series 2011-86, Class DF
0.684%, 09/25/41 (a)
|
|
|
609,926
|
|
|
5,682,186
|
|
|
Series 2013-10, Class AF
0.534%, 03/25/42 (a) (c)
|
|
|
5,700,631
|
|
|
2,102,170
|
|
|
Series 2012-38, Class JE
3.250%, 04/25/42 (b)
|
|
|
2,136,729
|
|
|
1,567,470
|
|
|
Series 2012-65, Class FB
0.704%, 06/25/42 (a)
|
|
|
1,581,979
|
|
|
1,808,065
|
|
|
Series 2012-71, Class FL
0.684%, 07/25/42 (a)
|
|
|
1,813,874
|
|
|
2,800,000
|
|
|
Series 2013-96, Class FW
0.586%, 09/25/43 (a)
|
|
|
2,800,000
|
|
|
8,443,221
|
|
|
Series 2008-22, Class FD
1.024%, 04/25/48 (a)
|
|
|
8,511,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,072,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Credit Union Administration - 0.76%
|
|
|
1,122,611
|
|
|
Series 2011-R2, Class 1A
0.586%, 02/06/20 (a)
|
|
|
1,126,952
|
|
|
952,845
|
|
|
Series 2011-R4, Class 1A
0.565%, 03/06/20 (a)
|
|
|
955,115
|
|
|
1,219,115
|
|
|
Series 2011-R3, Class 1A
0.585%, 03/11/20 (a)
|
|
|
1,223,448
|
|
|
799,365
|
|
|
Series 2011-R5, Class 1A
0.566%, 04/06/20 (a)
|
|
|
801,020
|
|
|
482,833
|
|
|
Series 2011-R6, Class 1A
0.566%, 05/07/20 (a)
|
|
|
483,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,589,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Collateralized Mortgage Obligations
|
|
|
117,173,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $117,009,071)
|
|
|
|
|
|
|
MORTGAGE-BACKED OBLIGATIONS - 15.88%
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation - 1.22%
|
|
|
411,334
|
|
|
2.644%, 01/01/34 (a)
|
|
|
436,712
|
|
|
176,902
|
|
|
2.790%, 11/01/34 (a)
|
|
|
188,530
|
|
|
3,870,171
|
|
|
2.412%, 04/01/35 (a)
|
|
|
4,098,183
|
|
|
1,389,253
|
|
|
2.392%, 08/01/35 (a)
|
|
|
1,470,804
|
|
|
1,137,286
|
|
|
2.631%, 05/01/36 (a)
|
|
|
1,211,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,406,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation Gold - 4.05%
|
|
|
1,003
|
|
|
7.000%, 03/01/15
|
|
|
1,027
|
|
|
200,834
|
|
|
5.000%, 10/01/17
|
|
|
212,532
|
|
|
241,607
|
|
|
5.000%, 11/01/17
|
|
|
255,673
|
|
|
240,216
|
|
|
8.000%, 11/01/17
|
|
|
258,062
|
|
|
210,610
|
|
|
5.500%, 03/01/18
|
|
|
223,487
|
|
|
107,803
|
|
|
5.500%, 04/01/18
|
|
|
114,109
|
|
|
2,102,363
|
|
|
4.500%, 05/01/18
|
|
|
2,211,992
|
|
|
116,847
|
|
|
6.500%, 05/01/18
|
|
|
124,099
|
|
|
3,668,401
|
|
|
4.500%, 06/01/18
|
|
|
3,859,767
|
|
|
12,742
|
|
|
6.000%, 10/01/18
|
|
|
13,872
|
|
|
2,921
|
|
|
6.000%, 11/01/18
|
|
|
3,180
|
|
|
981,950
|
|
|
5.500%, 02/01/19
|
|
|
1,044,195
|
|
See
accompanying notes to financial statements.
20
TRUST FOR CREDIT UNIONS
Short Duration Portfolio
Portfolio of Investments (continued) August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation Gold - (continued)
|
|
$
|
172,013
|
|
|
5.500%, 01/01/20
|
|
$
|
184,627
|
|
|
2,702,309
|
|
|
5.000%, 04/01/20
|
|
|
2,867,779
|
|
|
2,018,294
|
|
|
3.500%, 08/01/20
|
|
|
2,122,406
|
|
|
23,452
|
|
|
3.500%, 09/01/20
|
|
|
24,662
|
|
|
3,336,718
|
|
|
4.500%, 10/01/20
|
|
|
3,511,749
|
|
|
74,650
|
|
|
3.500%, 11/01/20
|
|
|
78,501
|
|
|
60,056
|
|
|
3.500%, 12/01/20
|
|
|
62,844
|
|
|
13,667
|
|
|
3.500%, 01/01/21
|
|
|
14,372
|
|
|
14,662
|
|
|
3.500%, 03/01/21
|
|
|
15,315
|
|
|
27,477
|
|
|
3.500%, 04/01/21
|
|
|
28,896
|
|
|
150,503
|
|
|
3.000%, 09/01/21
|
|
|
155,459
|
|
|
10,728
|
|
|
3.500%, 09/01/21
|
|
|
11,282
|
|
|
29,401
|
|
|
3.500%, 10/01/21
|
|
|
30,918
|
|
|
560,728
|
|
|
3.500%, 11/01/21
|
|
|
589,652
|
|
|
58,937
|
|
|
3.000%, 12/01/21
|
|
|
60,878
|
|
|
44,348
|
|
|
3.500%, 10/01/22
|
|
|
46,599
|
|
|
58,594
|
|
|
3.000%, 06/01/23
|
|
|
60,525
|
|
|
575,618
|
|
|
5.000%, 08/01/35
|
|
|
615,971
|
|
|
67,901
|
|
|
5.000%, 12/01/35
|
|
|
72,661
|
|
|
743,580
|
|
|
5.000%, 03/01/37
|
|
|
794,603
|
|
|
1,335,352
|
|
|
5.000%, 05/01/37
|
|
|
1,426,980
|
|
|
994,470
|
|
|
5.000%, 02/01/38
|
|
|
1,062,708
|
|
|
318,431
|
|
|
5.000%, 03/01/38
|
|
|
340,281
|
|
|
300,000
|
|
|
5.000%, 09/01/38
|
|
|
320,585
|
|
|
1,000,000
|
|
|
5.000%, 12/01/38
|
|
|
1,068,774
|
|
|
664,648
|
|
|
5.000%, 01/01/39
|
|
|
710,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,601,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal National Mortgage Association - 10.61%
|
|
|
2,522
|
|
|
6.000%, 02/01/18
|
|
|
2,754
|
|
|
1,238,783
|
|
|
2.800%, 03/01/18
|
|
|
1,277,538
|
|
|
950,000
|
|
|
3.840%, 05/01/18
|
|
|
1,019,976
|
|
|
796,962
|
|
|
5.500%, 05/01/18
|
|
|
845,135
|
|
|
29,456
|
|
|
6.000%, 05/01/18
|
|
|
32,158
|
|
|
263,268
|
|
|
5.500%, 06/01/18
|
|
|
278,997
|
|
|
1,507
|
|
|
6.000%, 08/01/18
|
|
|
1,646
|
|
|
2,506
|
|
|
6.000%, 09/01/18
|
|
|
2,737
|
|
|
247,104
|
|
|
5.500%, 10/01/18
|
|
|
262,493
|
|
|
275,938
|
|
|
5.500%, 11/01/18
|
|
|
292,890
|
|
|
232,567
|
|
|
6.000%, 11/01/18
|
|
|
254,008
|
|
|
21,483
|
|
|
5.500%, 12/01/18
|
|
|
22,854
|
|
|
376,419
|
|
|
6.000%, 12/01/18
|
|
|
411,244
|
|
|
318,520
|
|
|
6.000%, 01/01/19
|
|
|
348,005
|
|
|
3,250,000
|
|
|
3.334%, 01/25/19 (c)
|
|
|
3,356,302
|
|
|
4,818
|
|
|
6.000%, 02/01/19
|
|
|
5,261
|
|
|
106,831
|
|
|
6.000%, 04/01/19
|
|
|
116,669
|
|
|
26,344
|
|
|
6.000%, 05/01/19
|
|
|
28,785
|
|
|
32,613
|
|
|
3.500%, 04/01/20
|
|
|
34,392
|
|
|
8,920
|
|
|
3.500%, 06/01/20
|
|
|
9,412
|
|
|
32,258
|
|
|
3.500%, 07/01/20
|
|
|
34,040
|
|
|
1,254,675
|
|
|
3.500%, 08/01/20
|
|
|
1,323,638
|
|
|
260,272
|
|
|
3.500%, 09/01/20
|
|
|
274,656
|
|
|
769,559
|
|
|
3.416%, 10/01/20
|
|
|
798,140
|
|
|
66,033
|
|
|
3.500%, 10/01/20
|
|
|
69,677
|
|
|
227,930
|
|
|
3.500%, 11/01/20
|
|
|
240,515
|
|
|
192,341
|
|
|
3.500%, 12/01/20
|
|
|
203,034
|
|
|
577,855
|
|
|
3.632%, 12/01/20
|
|
|
604,432
|
|
|
38,653
|
|
|
3.500%, 01/01/21
|
|
|
40,908
|
|
|
1,549,096
|
|
|
4.302%, 01/01/21
|
|
|
1,683,309
|
|
|
299,599
|
|
|
3.500%, 02/01/21
|
|
|
316,142
|
|
|
59,692
|
|
|
3.500%, 03/01/21
|
|
|
62,993
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal National Mortgage Association - (continued)
|
|
$
|
92,229
|
|
|
3.500%, 04/01/21
|
|
$
|
97,317
|
|
|
190,122
|
|
|
3.500%, 05/01/21
|
|
|
200,995
|
|
|
1,483,205
|
|
|
4.375%, 06/01/21
|
|
|
1,601,481
|
|
|
3,322,227
|
|
|
3.500%, 07/01/21
|
|
|
3,505,418
|
|
|
18,658
|
|
|
3.500%, 08/01/21
|
|
|
19,691
|
|
|
29,061
|
|
|
3.500%, 09/01/21
|
|
|
30,664
|
|
|
19,479
|
|
|
3.500%, 12/01/21
|
|
|
20,555
|
|
|
32,484
|
|
|
3.500%, 01/01/22
|
|
|
34,283
|
|
|
48,463
|
|
|
3.500%, 02/01/22
|
|
|
51,150
|
|
|
58,879
|
|
|
3.500%, 10/01/22
|
|
|
62,150
|
|
|
78,989
|
|
|
6.000%, 10/01/23
|
|
|
86,854
|
|
|
754,436
|
|
|
5.000%, 03/01/27
|
|
|
810,183
|
|
|
153,479
|
|
|
7.000%, 08/01/28
|
|
|
170,944
|
|
|
605,935
|
|
|
7.000%, 11/01/28
|
|
|
682,002
|
|
|
38,188
|
|
|
7.000%, 02/01/32
|
|
|
43,807
|
|
|
48,257
|
|
|
2.360%, 05/01/32 (a)
|
|
|
51,015
|
|
|
173,265
|
|
|
7.000%, 05/01/32
|
|
|
194,334
|
|
|
284,381
|
|
|
2.751%, 09/01/32 (a)
|
|
|
304,466
|
|
|
134,954
|
|
|
7.000%, 09/01/32
|
|
|
152,908
|
|
|
891,664
|
|
|
2.340%, 07/01/33 (a)
|
|
|
941,898
|
|
|
561,673
|
|
|
2.599%, 11/01/33 (a)
|
|
|
592,825
|
|
|
1,238,566
|
|
|
2.347%, 12/01/33 (a)
|
|
|
1,308,984
|
|
|
422,132
|
|
|
2.629%, 03/01/34 (a)
|
|
|
447,739
|
|
|
781,306
|
|
|
2.306%, 04/01/34 (a)
|
|
|
825,938
|
|
|
259,287
|
|
|
2.310%, 08/01/34 (a)
|
|
|
274,495
|
|
|
3,709
|
|
|
6.000%, 09/01/34
|
|
|
4,107
|
|
|
1,551,761
|
|
|
2.032%, 10/01/34 (a)
|
|
|
1,626,429
|
|
|
439,144
|
|
|
2.714%, 10/01/34 (a)
|
|
|
466,020
|
|
|
4,521,914
|
|
|
1.945%, 01/01/35 (a)
|
|
|
4,713,052
|
|
|
411,882
|
|
|
2.515%, 03/01/35 (a)
|
|
|
436,323
|
|
|
1,146,661
|
|
|
2.595%, 04/01/35 (a)
|
|
|
1,204,525
|
|
|
937,615
|
|
|
2.260%, 05/01/35 (a)
|
|
|
986,168
|
|
|
569,928
|
|
|
2.299%, 05/01/35 (a)
|
|
|
594,446
|
|
|
956,478
|
|
|
2.439%, 05/01/35 (a)
|
|
|
1,008,441
|
|
|
649,930
|
|
|
1.896%, 06/01/35 (a)
|
|
|
672,641
|
|
|
1,982,629
|
|
|
2.336%, 06/01/35 (a)
|
|
|
2,089,962
|
|
|
4,684,764
|
|
|
4.654%, 06/01/35 (a)
|
|
|
4,960,536
|
|
|
939,503
|
|
|
1.897%, 08/01/35 (a)
|
|
|
976,495
|
|
|
1,335,966
|
|
|
2.500%, 08/01/35 (a)
|
|
|
1,404,418
|
|
|
2,432,518
|
|
|
2.606%, 09/01/35 (a)
|
|
|
2,596,927
|
|
|
995,451
|
|
|
3.390%, 09/01/35 (a)
|
|
|
1,065,754
|
|
|
552,095
|
|
|
2.239%, 10/01/35 (a)
|
|
|
584,828
|
|
|
1,568,146
|
|
|
2.459%, 11/01/35 (a)
|
|
|
1,658,386
|
|
|
1,490,140
|
|
|
2.612%, 03/01/36 (a)
|
|
|
1,586,868
|
|
|
906,946
|
|
|
2.622%, 04/01/36 (a)
|
|
|
964,652
|
|
|
2,618,578
|
|
|
2.931%, 12/01/37 (a)
|
|
|
2,797,051
|
|
|
2,214,845
|
|
|
2.614%, 01/01/38 (a)
|
|
|
2,349,812
|
|
|
2,471,767
|
|
|
2.232%, 05/01/39 (a)
|
|
|
2,598,877
|
|
|
235,874
|
|
|
5.000%, 10/01/39
|
|
|
258,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,372,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mortgage-Backed Obligations
|
|
|
96,379,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $94,265,673)
|
|
|
|
|
|
|
AGENCY DEBENTURES - 2.95%
|
|
|
|
|
|
Federal Home Loan Mortgage Corporation - 1.97%
|
|
|
9,700,000
|
|
|
1.000%, 07/30/14
|
|
|
9,773,953
|
|
|
2,200,000
|
|
|
1.000%, 08/20/14
|
|
|
2,216,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,990,750
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes to financial statements.
21
TRUST FOR CREDIT UNIONS
Short Duration Portfolio
Portfolio of Investments (continued) August 31, 2013
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
Federal National Mortgage Association - 0.98%
|
|
$
|
4,800,000
|
|
|
0.625%, 10/30/14
|
|
$
|
4,821,370
|
|
|
1,100,000
|
|
|
0.750%, 12/19/14
|
|
|
1,106,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,928,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Agency Debentures
|
|
|
17,918,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $17,804,734)
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 58.63%
|
|
|
|
|
|
United States Treasury Notes & Bonds - 58.63%
|
|
|
104,100,000
|
|
|
0.125%, 04/30/15
|
|
|
103,782,807
|
|
|
188,200,000
|
|
|
0.250%, 07/31/15
|
|
|
187,758,859
|
|
|
7,900,000
|
|
|
0.250%, 08/15/15
|
|
|
7,878,093
|
|
|
19,200,000
|
|
|
0.250%, 12/15/15
|
|
|
19,092,000
|
|
|
3,500,000
|
|
|
0.375%, 02/15/16
|
|
|
3,484,688
|
|
|
34,300,000
|
|
|
0.250%, 04/15/16
|
|
|
33,970,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355,966,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
|
|
|
355,966,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $356,536,076)
|
|
|
|
|
|
|
U.S. GOVERNMENT-BACKED OBLIGATIONS - 2.15%
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Thru Certificates
|
|
|
|
|
|
1,758,519
|
|
|
Series K501, Class A1
1.337%, 06/25/16 (c)
|
|
|
1,764,028
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Thru Certificates
|
|
|
|
|
|
5,200,000
|
|
|
Series K501, Class A2
1.655%, 11/25/16 (c)
|
|
|
5,240,396
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Thru Certificates
|
|
|
|
|
|
1,500,000
|
|
|
Series K703, Class A2
2.699%, 05/25/18 (c)
|
|
|
1,537,572
|
|
|
|
|
|
Federal Home Loan Mortgage Corp, Multifamily Structured Pass Thru Certificates
|
|
|
|
|
|
2,128,285
|
|
|
Series KF01, Class A
0.544%, 04/25/19 (a) (c)
|
|
|
2,130,251
|
|
|
|
|
|
National Credit Union Administration
|
|
|
|
|
|
2,300,000
|
|
|
3.000%, 06/12/19 (d)
|
|
|
2,388,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government-Backed Obligations
|
|
|
13,060,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $12,913,679)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value
|
|
|
|
|
Value
|
|
|
|
REPURCHASE AGREEMENT - 0.91%
|
|
$
|
5,500,000
|
|
|
UBS, 0.030%, Dated 08/30/13, matures
09/03/13, repurchase price $5,500,018
(collateralized by $5,873,500 par
amount a U.S. Treasury Note
with an interest rate of
1.375%
due 05/31/20, total market
value $5,610,001)
|
|
$
|
5,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreement
|
|
|
5,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $5,500,000)
|
|
|
|
|
|
|
|
|
Total Investments - 99.82%
|
|
|
605,999,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $604,029,233) (d)
|
|
|
|
|
|
|
|
|
Net Other Assets and
Liabilities - 0.18%
|
|
|
1,121,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
$
|
607,120,559
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Variable rate securities. Interest rates disclosed are those which are in effect at August 31, 2013. Maturity date shown is the date of the next coupon rate reset or
actual maturity.
|
(b)
|
The security has PAC (Planned Amortization Class) collateral.
|
(c)
|
This security has Sequential collateral.
|
(d)
|
Security has been valued at fair market value as determined in good faith by or under the direction of the Board of Trustees of the Trust. As of August 31, 2013,
this security amounted to $2,388,251 or 0.4% of net assets.
|
(e)
|
Cost for U.S. federal income tax purposes is $604,182,577. As of August 31, 2013, the aggregate gross unrealized appreciation for all securities in which there was an
excess of value over tax cost was $2,911,587 and the aggregate gross unrealized depreciation for all securities in which was an excess of tax cost over value was $1,094,691. The net unrealized appreciation was $1,816,896.
|
See
accompanying notes to financial statements.
22
TRUST FOR CREDIT UNIONS
Statements of Assets and Liabilities
August 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and repurchase agreements at cost
|
|
$
|
83,289,088
|
|
|
$
|
636,060,652
|
|
|
$
|
604,029,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value
|
|
$
|
46,689,088
|
|
|
$
|
501,868,512
|
|
|
$
|
600,499,473
|
|
Repurchase agreements at value
|
|
|
36,600,000
|
|
|
|
135,700,000
|
|
|
|
5,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments and repurchase agreements at value
|
|
|
83,289,088
|
|
|
|
637,568,512
|
|
|
|
605,999,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
23,452
|
|
|
|
585,432
|
|
|
|
518,133
|
|
|
|
|
|
RECEIVABLES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
132,104
|
|
|
|
559,295
|
|
|
|
554,150
|
|
Investment shares sold
|
|
|
|
|
|
|
662,196
|
|
|
|
1,349,787
|
|
Portfolio shares sold
|
|
|
455
|
|
|
|
300,000
|
|
|
|
1,200,000
|
|
Reimbursement from Adviser
|
|
|
12,636
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
5,980
|
|
|
|
35,010
|
|
|
|
28,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
83,463,715
|
|
|
|
639,710,445
|
|
|
|
609,649,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAYABLES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
693
|
|
|
|
128,997
|
|
|
|
125,914
|
|
Investment securities purchased
|
|
|
|
|
|
|
1,037,031
|
|
|
|
2,142,153
|
|
Portfolio shares repurchased
|
|
|
1,500,000
|
|
|
|
|
|
|
|
|
|
Advisory fees
|
|
|
3,583
|
|
|
|
89,680
|
|
|
|
78,729
|
|
Administration fees
|
|
|
|
|
|
|
29,606
|
|
|
|
25,990
|
|
Distribution fees
|
|
|
|
|
|
|
616
|
|
|
|
850
|
|
Accrued expenses
|
|
|
38,982
|
|
|
|
177,600
|
|
|
|
155,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
1,543,258
|
|
|
|
1,463,530
|
|
|
|
2,529,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
81,920,457
|
|
|
$
|
638,246,915
|
|
|
$
|
607,120,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS CONSIST OF:
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
81,913,211
|
|
|
$
|
645,442,728
|
|
|
$
|
621,880,235
|
|
Accumulated undistributed net investment income
|
|
|
7,246
|
|
|
|
1,205,430
|
|
|
|
324,661
|
|
Accumulated net realized gain (loss) on investment transactions
|
|
|
|
|
|
|
(9,909,103
|
)
|
|
|
(17,054,577
|
)
|
Net unrealized appreciation on investments
|
|
|
|
|
|
|
1,507,860
|
|
|
|
1,970,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET ASSETS
|
|
$
|
81,920,457
|
|
|
$
|
638,246,915
|
|
|
$
|
607,120,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCU Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
81,870,079
|
|
|
$
|
614,074,318
|
|
|
$
|
571,524,584
|
|
Total shares outstanding, $0.001 par value (unlimited number of shares authorized)
|
|
|
81,910,784
|
|
|
|
64,087,444
|
|
|
|
58,688,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, offering and redemption price per share (net assets/shares outstanding)
|
|
$
|
1.00
|
|
|
$
|
9.58
|
|
|
$
|
9.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
50,378
|
|
|
$
|
24,172,597
|
|
|
$
|
35,595,975
|
|
Total Shares outstanding, $0.001 par value (unlimited number of shares authorized)
|
|
|
50,378
|
|
|
|
2,523,275
|
|
|
|
3,655,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, offering and redemption price per share (net assets/shares outstanding)
|
|
$
|
1.00
|
|
|
$
|
9.58
|
|
|
$
|
9.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
23
TRUST FOR CREDIT UNIONS
Statements of Operations
For the Year Ended August 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
290,752
|
|
|
$
|
4,213,050
|
|
|
$
|
4,355,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees
|
|
|
301,773
|
|
|
|
1,092,268
|
|
|
|
887,554
|
|
Administration fees
|
|
|
150,887
|
|
|
|
360,561
|
|
|
|
292,947
|
|
Legal fees
|
|
|
47,622
|
|
|
|
168,357
|
|
|
|
135,080
|
|
Audit and tax fees
|
|
|
23,452
|
|
|
|
41,364
|
|
|
|
41,081
|
|
Custody fees
|
|
|
28,786
|
|
|
|
65,271
|
|
|
|
59,129
|
|
Accounting fees
|
|
|
45,985
|
|
|
|
234,829
|
|
|
|
193,557
|
|
Compliance fees
|
|
|
13,010
|
|
|
|
63,233
|
|
|
|
51,016
|
|
Trustees fees
|
|
|
32,919
|
|
|
|
106,764
|
|
|
|
87,290
|
|
Printing fees
|
|
|
14,062
|
|
|
|
29,311
|
|
|
|
24,832
|
|
Transfer agent fees
|
|
|
50,656
|
|
|
|
99,856
|
|
|
|
94,021
|
|
Registration fees
|
|
|
2,848
|
|
|
|
3,976
|
|
|
|
2,771
|
|
Distribution and Service (12b-1) Fees Investor Shares
|
|
|
|
|
|
|
7,404
|
|
|
|
5,159
|
|
Other expenses
|
|
|
11,520
|
|
|
|
153,260
|
|
|
|
115,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
723,520
|
|
|
|
2,426,454
|
|
|
|
1,989,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustees fees waived
|
|
|
(32,919
|
)
|
|
|
|
|
|
|
|
|
Advisory fees waived
|
|
|
(226,330
|
)
|
|
|
|
|
|
|
|
|
Administration fees waived
|
|
|
(150,887
|
)
|
|
|
|
|
|
|
|
|
Expenses reimbursed by administrator
|
|
|
(102,928
|
)
|
|
|
|
|
|
|
|
|
Compliance fees waived
|
|
|
(12,000
|
)
|
|
|
|
|
|
|
|
|
Legal fees waived
|
|
|
(47,622
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expense reductions
|
|
|
(572,686
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating expenses
|
|
|
150,834
|
|
|
|
2,426,454
|
|
|
|
1,989,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
139,918
|
|
|
|
1,786,596
|
|
|
|
2,366,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) on Investment Transactions
|
|
|
1,007
|
|
|
|
(1,065,876
|
)
|
|
|
(1,496,538
|
)
|
Net Change in Unrealized Appreciation (Depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
(1,725,394
|
)
|
|
|
(2,462,432
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Gain on Investments
|
|
|
1,007
|
|
|
|
(2,791,270
|
)
|
|
|
(3,958,970
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
|
|
$
|
140,925
|
|
|
$
|
(1,004,674
|
)
|
|
$
|
(1,592,938)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
24
TRUST FOR CREDIT UNIONS
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Portfolio
|
|
|
Ultra-Short Duration
Government
Portfolio
|
|
|
|
Year Ended
August 31, 2013
|
|
|
Year Ended
August 31, 2012
|
|
|
Year Ended
August 31, 2013
|
|
|
Year Ended
August 31, 2012
|
|
|
|
|
|
|
Investment Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
139,918
|
|
|
$
|
68,115
|
|
|
$
|
1,786,596
|
|
|
$
|
2,139,923
|
|
Net realized gain on investment transactions
|
|
|
1,007
|
|
|
|
7,732
|
|
|
|
(1,065,876
|
)
|
|
|
562,378
|
|
Net change in unrealized appreciation (depreciation) of investments
|
|
|
|
|
|
|
|
|
|
|
(1,725,394
|
)
|
|
|
844,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
140,925
|
|
|
|
75,847
|
|
|
|
(1,004,674
|
)
|
|
|
3,546,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCU Shares
|
|
|
(139,914
|
)
|
|
|
(68,656
|
)
|
|
|
(3,782,114
|
)
|
|
|
(2,099,327
|
)
|
Investor Shares
|
|
|
(4
|
)
|
|
|
|
|
|
|
(109,362
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions
|
|
|
(139,918
|
)
|
|
|
(68,656
|
)
|
|
|
(3,891,476
|
)
|
|
|
(2,099,327
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Shares Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCU Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
321,015,502
|
|
|
|
546,097,016
|
|
|
|
145,557,776
|
|
|
|
239,100,163
|
|
Reinvestment of dividends and distributions
|
|
|
101,276
|
|
|
|
47,482
|
|
|
|
1,743,391
|
|
|
|
739,429
|
|
Cost of shares repurchased
|
|
|
(413,369,904)
|
|
|
|
(553,232,954
|
)
|
|
|
(158,800,786
|
)
|
|
|
(174,194,138
|
)
|
Investor Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
51,378
|
|
|
|
|
|
|
|
89,249,275
|
|
|
|
|
|
Reinvestment of dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
66,691
|
|
|
|
|
|
Cost of shares repurchased
|
|
|
(1,000
|
)
|
|
|
|
|
|
|
(64,919,660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from unit transactions
|
|
|
(92,202,748
|
)
|
|
|
(7,088,456
|
)
|
|
|
12,896,687
|
|
|
|
65,645,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets
|
|
|
(92,201,741
|
)
|
|
|
(7,081,265
|
)
|
|
|
8,000,537
|
|
|
|
67,092,995
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
174,122,198
|
|
|
|
181,203,463
|
|
|
|
630,246,378
|
|
|
|
563,153,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
81,920,457
|
|
|
$
|
174,122,198
|
|
|
$
|
638,246,915
|
|
|
$
|
630,246,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Undistributed
(Distributions in excess of)
Net Investment Income
|
|
$
|
7,246
|
|
|
$
|
6,239
|
|
|
$
|
1,205,430
|
|
|
$
|
615,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Shares Transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCU Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
321,015,502
|
|
|
|
546,097,016
|
|
|
|
15,109,356
|
|
|
|
24,842,240
|
|
Reinvestment of dividends and distribution
|
|
|
101,276
|
|
|
|
47,482
|
|
|
|
181,254
|
|
|
|
76,804
|
|
Shares repurchased
|
|
|
(413,369,904
|
)
|
|
|
(553,232,954
|
)
|
|
|
(16,552,704
|
)
|
|
|
(18,104,122
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total TCU Share Transaction
|
|
|
(92,253,126
|
)
|
|
|
(7,088,456
|
)
|
|
|
(1,262,094
|
)
|
|
|
6,814,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Sold
|
|
|
51,378
|
|
|
|
|
|
|
|
9,279,335
|
|
|
|
|
|
Reinvestment of dividends and distribution
|
|
|
|
|
|
|
|
|
|
|
6,943
|
|
|
|
|
|
Shares repurchased
|
|
|
(1,000
|
)
|
|
|
|
|
|
|
(6,763,003
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investor Share Transaction
|
|
|
50,378
|
|
|
|
|
|
|
|
2,523,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding
|
|
|
(92,202,748
|
)
|
|
|
(7,088,456
|
)
|
|
|
1,261,181
|
|
|
|
6,814,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
25
TRUST FOR CREDIT UNIONS
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Short Duration Portfolio
|
|
|
|
Year Ended
August 31, 2013
|
|
|
Year Ended
August 31, 2012
|
|
|
|
|
Investment Activities:
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
2,366,032
|
|
|
$
|
2,986,420
|
|
Net realized gain/(loss) on investment transactions
|
|
|
(1,496,538
|
)
|
|
|
2,880,155
|
|
Net change in unrealized appreciation (depreciation) of investments
|
|
|
(2,462,432
|
)
|
|
|
(226,069
|
)
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
(1,592,938
|
)
|
|
|
5,640,506
|
|
|
|
|
|
|
|
|
|
|
Distributions to Shareholders:
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
|
|
|
|
|
|
TCU Shares
|
|
|
(3,557,980
|
)
|
|
|
(3,479,319
|
)
|
Investor Shares
|
|
|
(100,285
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions
|
|
|
(3,658,265
|
)
|
|
|
(3,479,319
|
)
|
|
|
|
|
|
|
|
|
|
From Shares Transactions:
|
|
|
|
|
|
|
|
|
TCU Shares:
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
80,514,717
|
|
|
|
205,242,653
|
|
Reinvestment of dividends and distributions
|
|
|
1,928,226
|
|
|
|
1,620,731
|
|
Cost of shares repurchased
|
|
|
(51,037,609
|
)
|
|
|
(141,156,247
|
)
|
Investor Shares:
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
35,746,283
|
|
|
|
|
|
Reinvestment of dividends and distributions
|
|
|
43,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from share transactions
|
|
|
67,195,322
|
|
|
|
65,707,137
|
|
|
|
|
|
|
|
|
|
|
Net change in net assets
|
|
|
61,944,119
|
|
|
|
67,868,324
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
545,176,440
|
|
|
|
477,308,116
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
607,120,559
|
|
|
$
|
545,176,440
|
|
|
|
|
|
|
|
|
|
|
Accumulated Undistributed
(Distributions in excess of)
Net Investment Income
|
|
$
|
324,661
|
|
|
$
|
(269,097
|
)
|
|
|
|
|
|
|
|
|
|
Other Information:
|
|
|
|
|
|
|
|
|
Summary of Shares Transactions:
|
|
|
|
|
|
|
|
|
TCU Shares:
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
8,225,902
|
|
|
|
20,968,535
|
|
Reinvestment of dividends and distribution
|
|
|
196,916
|
|
|
|
165,563
|
|
Shares repurchased
|
|
|
(5,228,833
|
)
|
|
|
(14,412,429
|
)
|
|
|
|
|
|
|
|
|
|
Total TCU Share Transaction
|
|
|
3,193,985
|
|
|
|
6,721,669
|
|
|
|
|
|
|
|
|
|
|
Investor Shares:
|
|
|
|
|
|
|
|
|
Shares Sold
|
|
|
3,650,737
|
|
|
|
|
|
Reinvestment of dividends and distribution
|
|
|
4,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investor Share Transaction
|
|
|
3,655,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in shares outstanding
|
|
|
6,849,197
|
|
|
|
6,721,669
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
26
TRUST FOR CREDIT UNIONS
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Portfolio TCU Shares
|
|
|
|
Years Ended August 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net Asset Value,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
(0.01
|
)
|
Return of capital
|
|
|
|
|
|
|
|
|
|
|
0.00
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
(c)
|
|
|
0.08
|
%
|
|
|
0.05
|
%
|
|
|
0.05
|
%
|
|
|
0.11
|
%
|
|
|
0.63
|
%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets at the end of period (in thousands)
|
|
$
|
81,870
|
|
|
$
|
174,122
|
|
|
$
|
181,203
|
|
|
$
|
239,848
|
|
|
$
|
944,997
|
|
Ratios to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses net of waivers and reimbursements
|
|
|
0.10
|
%
|
|
|
0.14
|
%
|
|
|
0.18
|
%
|
|
|
0.20
|
%
|
|
|
0.20
|
%
(d)
|
Expenses before waivers and reimbursements
|
|
|
0.48
|
%
|
|
|
0.48
|
%
|
|
|
0.50
|
%
|
|
|
0.40
|
%
|
|
|
0.36
|
%
|
Net investment income (net of waivers
and reimbursements)
|
|
|
0.09
|
%
|
|
|
0.05
|
%
|
|
|
0.04
|
%
|
|
|
0.11
|
%
|
|
|
0.52
|
%
|
Net investment income (before waivers
and reimbursements)
|
|
|
(0.29
|
)%
|
|
|
(0.30
|
)%
|
|
|
(0.28
|
)%
|
|
|
(0.08
|
)%
|
|
|
0.36
|
%
|
(a)
|
|
Calculated based on average shares outstanding.
|
(b)
|
|
Amount is less than $0.005 per share.
|
(c)
|
|
Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset
value at the end of the year.
|
(d)
|
|
The Money Market Portfolios participation in the U.S. Treasury Departments Temporary Guarantee Program for Money Market Funds represented an expense of 0.02%
for the year ended August 31, 2009.
|
See accompanying notes to financial statements.
27
TRUST FOR CREDIT UNIONS
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
|
|
|
|
|
|
|
Money Market
Portfolio
Investor Shares
|
|
|
|
For the
Period
May 15,
2013
(a)
to August 31,
2013
|
|
Net Asset Value,
|
|
|
|
|
Beginning of period
|
|
$
|
1.00
|
|
|
|
|
|
|
Income from Investment Operations:
|
|
|
|
|
Net investment income
(b)
|
|
|
0.00
|
(c)
|
|
|
|
|
|
Total income from investment operations
|
|
|
0.00
|
|
|
|
|
|
|
Less Distributions from:
|
|
|
|
|
Investment income
|
|
|
0.00
|
(c)
|
|
|
|
|
|
Total Distributions
|
|
|
0.00
|
|
|
|
|
|
|
Net Asset Value,
|
|
|
|
|
End of period
|
|
$
|
1.00
|
|
|
|
|
|
|
Total Return
(d)
|
|
|
0.01
|
%
(f)
|
Ratios/Supplemental Data:
|
|
|
|
|
Net Assets at the end of period (in thousands)
|
|
$
|
50
|
|
Ratios to average net assets:
|
|
|
|
|
Expenses net of waivers and reimbursements
|
|
|
0.10
|
%
(e)
|
Expenses before waivers and reimbursements
|
|
|
0.48
|
%
(e)
|
Net investment income (net of waivers
and reimbursements)
|
|
|
0.09
|
%
(e)
|
Net investment income (before waivers
and reimbursements)
|
|
|
(0.29
|
)%
(e)
|
(a)
|
|
Commencement of operations.
|
(b)
|
|
Calculated based on average shares outstanding.
|
(c)
|
|
Amount is less than $0.005 per share.
|
(d)
|
|
Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset
value at the end of the period.
|
See accompanying notes to financial statements.
28
TRUST FOR CREDIT UNIONS
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultra-Short Duration Government Portfolio TCU Shares
|
|
|
|
Years Ended August 31,
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net Asset Value,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
$
|
9.64
|
|
|
$
|
9.62
|
|
|
$
|
9.61
|
|
|
$
|
9.61
|
|
|
$
|
9.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)(b)
|
|
|
0.02
|
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
0.09
|
|
|
|
0.19
|
|
Net realized and unrealized gain/(loss) on investment transactions
|
|
|
(0.03
|
)
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
(0.01
|
)
|
|
|
0.06
|
|
|
|
0.06
|
|
|
|
0.11
|
|
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
(b)
|
|
|
(0.05
|
)
|
|
|
(0.04
|
)
|
|
|
(0.05
|
)
|
|
|
(0.11
|
)
|
|
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions
|
|
|
(0.05
|
)
|
|
|
(0.04
|
)
|
|
|
(0.05
|
)
|
|
|
(0.11
|
)
|
|
|
(0.20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
9.58
|
|
|
$
|
9.64
|
|
|
$
|
9.62
|
|
|
$
|
9.61
|
|
|
$
|
9.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
(c)
|
|
|
(0.08
|
)%
|
|
|
0.58
|
%
|
|
|
0.64
|
%
|
|
|
1.11
|
%
|
|
|
3.85
|
%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets at the end of period (in thousands)
|
|
$
|
614,074
|
|
|
$
|
630,246
|
|
|
$
|
563,153
|
|
|
$
|
348,810
|
|
|
$
|
362,641
|
|
Ratios to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
0.34
|
%
|
|
|
0.34
|
%
|
|
|
0.36
|
%
|
|
|
0.35
|
%
|
|
|
0.35
|
%
|
Net investment income
|
|
|
0.25
|
%
|
|
|
0.38
|
%
|
|
|
0.44
|
%
|
|
|
0.99
|
%
|
|
|
1.96
|
%
|
Portfolio Turnover Rate
|
|
|
224
|
%
|
|
|
105
|
%
|
|
|
193
|
%
|
|
|
237
|
%
|
|
|
179
|
%
|
(a)
|
|
Calculated based on average shares outstanding.
|
(b)
|
|
Net investment income per share differs from Distributions to Shareholders from net investment income primarily due to book/tax differences on treatment of paydown gains
and losses, market discounts and market premiums.
|
(c)
|
|
Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset
value at the end of the year.
|
See
accompanying notes to financial statements.
29
TRUST FOR CREDIT UNIONS
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
|
|
|
|
|
|
|
Ultra-Short
Duration
Government
Portfolio
Investor Shares
|
|
|
|
For
the
Period
November 30,
2012
(a)
to August 31,
2013
|
|
|
Net Asset Value,
|
|
|
|
|
Beginning of period
|
|
$
|
9.64
|
|
|
|
|
|
|
Income from Investment Operations:
|
|
|
|
|
Net investment income
(b)(c)
|
|
|
0.02
|
|
Net realized and unrealized (loss) on investment transactions
|
|
|
(0.04
|
)
|
|
|
|
|
|
Total income from investment operations
|
|
|
(0.02
|
)
|
|
|
|
|
|
Less Distributions from:
|
|
|
|
|
Investment income
|
|
|
(0.04
|
)
|
|
|
|
|
|
Total Distributions
|
|
|
(0.04
|
)
|
|
|
|
|
|
Net Asset Value,
|
|
|
|
|
End of period
|
|
$
|
9.58
|
|
|
|
|
|
|
Total Return
(c)
|
|
|
(0.25
|
)%
(e)
|
Ratios/Supplemental Data:
|
|
|
|
|
Net Assets at the end of period (in thousands)
|
|
$
|
24,173
|
|
Ratios to average net assets:
|
|
|
|
|
Expenses
|
|
|
0.37
|
%
(d)
|
Net investment income
|
|
|
0.22
|
%
(d)
|
Portfolio Turnover Rate
|
|
|
224
|
%
(e)
|
(a)
|
|
Commencement of operations.
|
(b)
|
|
Calculated based on average shares outstanding.
|
(c)
|
|
Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset
value at the end of the period.
|
See accompanying notes to financial statements.
30
TRUST FOR CREDIT UNIONS
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration Portfolio TCU Shares
|
|
|
|
Years Ended August 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
Net Asset Value,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
$
|
9.82
|
|
|
$
|
9.79
|
|
|
$
|
9.76
|
|
|
$
|
9.58
|
|
|
$
|
9.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Investment Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)(b)
|
|
|
0.04
|
|
|
|
0.06
|
|
|
|
0.10
|
|
|
|
0.19
|
|
|
|
0.27
|
|
Net realized and unrealized gain (loss) on investment transactions
|
|
|
(0.06
|
)
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
0.18
|
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from investment operations
|
|
|
(0.02
|
)
|
|
|
0.10
|
|
|
|
0.14
|
|
|
|
0.37
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
(b)
|
|
|
(0.06
|
)
|
|
|
(0.07
|
)
|
|
|
(0.11
|
)
|
|
|
(0.19
|
)
|
|
|
(0.29
|
)
|
Return of capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions
|
|
|
(0.06
|
)
|
|
|
(0.07
|
)
|
|
|
(0.11
|
)
|
|
|
(0.19
|
)
|
|
|
(0.29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
9.74
|
|
|
$
|
9.82
|
|
|
$
|
9.79
|
|
|
$
|
9.76
|
|
|
$
|
9.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
(d)
|
|
|
(0.19
|
)%
|
|
|
1.02
|
%
|
|
|
1.49
|
%
|
|
|
3.86
|
%
|
|
|
4.60
|
%
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets at the end of period (in thousands)
|
|
$
|
571,525
|
|
|
$
|
545,176
|
|
|
$
|
477,308
|
|
|
$
|
339,138
|
|
|
$
|
386,244
|
|
Ratios to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
0.34
|
%
|
|
|
0.35
|
%
|
|
|
0.36
|
%
|
|
|
0.35
|
%
|
|
|
0.34
|
%
|
Net investment income
|
|
|
0.40
|
%
|
|
|
0.60
|
%
|
|
|
1.03
|
%
|
|
|
1.91
|
%
|
|
|
2.87
|
%
|
Portfolio Turnover Rate
|
|
|
229
|
%
|
|
|
173
|
%
|
|
|
283
|
%
|
|
|
280
|
%
|
|
|
293
|
%
|
(a)
|
|
Calculated based on average shares outstanding.
|
(b)
|
|
Net investment income per share differs from Distributions to Shareholders from net investment income primarily due to book/tax differences on treatment of paydown gains
and losses, market discounts and market premiums.
|
(c)
|
|
Amount is less than $0.005 per share.
|
(d)
|
|
Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset
value at the end of the year.
|
See
accompanying notes to financial statements.
31
TRUST FOR CREDIT UNIONS
Financial Highlights
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
|
|
|
|
|
|
|
Short Duration
Portfolio
Investor Shares
|
|
|
|
For
the
Period
November 30,
2012
(a)
to August 31,
2013
|
|
|
|
Net Asset Value,
|
|
|
|
|
Beginning of period
|
|
$
|
9.82
|
|
|
|
|
|
|
Income from Investment Operations:
|
|
|
|
|
Net investment income
(b)(c)
|
|
|
0.03
|
|
Net realized and unrealized gain (loss) on investment transactions
|
|
|
(0.07
|
)
|
|
|
|
|
|
Total income from investment operations
|
|
|
(0.04
|
)
|
|
|
|
|
|
Less Distributions from:
|
|
|
|
|
Investment income
(c)
|
|
|
(0.04
|
)
|
|
|
|
|
|
Total Distributions
|
|
|
(0.04
|
)
|
|
|
|
|
|
Net Asset Value,
|
|
|
|
|
End of period
|
|
$
|
9.74
|
|
|
|
|
|
|
Total Return
(d)
|
|
|
(0.37
|
)%
(f)
|
Ratios/Supplemental Data:
|
|
|
|
|
Net Assets at the end of period (in thousands)
|
|
$
|
35,596
|
|
Ratios to average net assets:
|
|
|
|
|
Expenses
|
|
|
0.37
|
%
(e)
|
Net investment income
|
|
|
0.37
|
%
(e)
|
Portfolio Turnover Rate
|
|
|
229
|
%
(f)
|
(a)
|
|
Commencement of operations.
|
(b)
|
|
Calculated based on average shares outstanding.
|
(c)
|
|
Net investment income per share differs from Distributions to Shareholders from net investment income primarily due to book/tax differences on treatment of paydown gains
and losses, market discounts and market premiums.
|
(d)
|
|
Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset
value at the end of the period.
|
See accompanying notes to financial statements.
32
TRUST FOR CREDIT UNIONS
Notes to Financial Statements
Year Ended August 31, 2013
Note 1. Organization
Trust for Credit Unions (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the Act), as an
open-end
management investment company consisting of three diversified portfolios: Money Market Portfolio, Ultra-Short Duration Government Portfolio and Short Duration Portfolio (collectively, the
Portfolios or individually, a Portfolio). Shares of the Portfolios are offered for sale solely to state and federally chartered credit unions.
On October 1, 2012, the Trust began offering a second class of shares, known as Investor Shares, in each of the Portfolios and the existing shares in each Portfolio were redesignated as TCU Shares. Investor
Shares and TCU Shares of each Portfolio should have returns that are substantially the same because they represent interests in the same Portfolio and differ only to the extent that they have different class specific expenses. Effective
October 1, 2012, TCU Shares of each Portfolio are only available to those shareholders that have open accounts in the particular Portfolio as of such date. The Investor Shares commenced operations on May 15, 2013 for the Money Market
Portfolio and November 30, 2012 for the Ultra-Short Duration Government and Short Duration Portfolios.
The Money Market Portfolio seeks to maximize
current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing in high quality money market instruments authorized under the Federal Credit Union Act. The Ultra-Short Duration Government and
Short Duration Portfolios seek to achieve a high level of current income, consistent with low volatility of principal and relatively low volatility of principal, respectively, by investing in obligations authorized under the Federal Credit Union
Act.
Note 2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Portfolios. The preparation of financial statements in conformity with U.S. generally accepted accounting principles
(U.S. GAAP) requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.
A. Investment Valuation
For the Ultra-Short Duration Government and Short Duration Portfolios, investments in
mortgage-backed, asset-backed and U.S. Treasury obligations for which accurate market quotations are readily available are valued on the basis of quotations furnished by a pricing service or provided by dealers in such securities. The pricing
services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating,
interest rate and maturity date, to determine current value. Securities of the Money Market Portfolio and short-term debt obligations maturing in sixty days or less for the Ultra-Short Duration Government Portfolio and Short Duration Portfolio are
valued at amortized cost, which approximates market value. Portfolio securities for which accurate market quotations are not readily available due to, among other factors, current market trading activity, credit quality and default rates, are valued
based on
yield equivalents, pricing matrices or other sources, under valuation procedures established by the Portfolios Board of Trustees.
The Portfolios are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to
the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
|
|
|
|
|
Level 1
|
|
|
|
quoted prices in active markets for identical securities
|
|
|
|
Level 2
|
|
|
|
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
|
|
|
|
Level 3
|
|
|
|
significant unobservable inputs (including the Portfolios own assumptions in determining the fair value of
investments)
|
At the end of each calendar quarter, management evaluates the Level 2 and Level 3 assets and liabilities, if any, for changes
in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market.
Additionally, management evaluates Level 1 and Level 2 assets and liabilities, if any, on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments
that do not have a readily available market value, the fair value of the Portfolios investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used
had a ready market existed for such investments and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than
publicly traded securities. Transfers in and out of Level 1, Level 2 and Level 3 are based on values at the end of the period. For the year ended August 31, 2013, there were no transfers between Level 1, Level 2 and Level 3
for the Portfolios.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities.
The summary of inputs used to value each Portfolios net assets as of August 31, 2013 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Portfolio
|
|
|
|
Total Market
Value
at
8/31/13
|
|
|
Level 1
Quoted
Price
|
|
|
Level
2
Significant
Observable
Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Total
Investments*
|
|
$
|
83,289,088
|
|
|
$
|
|
|
|
$
|
83,289,088
|
|
|
$
|
|
|
|
|
|
|
|
*
|
Please refer to Schedule of Investments for security type breakout.
|
33
TRUST FOR CREDIT UNIONS
Notes to Financial Statements
Year Ended August 31, 2013 (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultra-Short Duration Government Portfolio
|
|
|
Total Market
Value
at
8/31/13
|
|
Level 1
Quoted
Price
|
|
Level
2
Significant
Observable
Inputs
|
|
Level 3
Significant
Unobservable
Inputs
|
Asset-Backed Securities
|
|
|
$
|
1,401,993
|
|
|
|
$
|
|
|
|
|
$
|
1,401,993
|
|
|
|
$
|
|
|
Collateralized Mortgage Obligations
|
|
|
|
204,608,351
|
|
|
|
|
|
|
|
|
|
204,608,351
|
|
|
|
|
|
|
Mortgage-Backed Obligations
|
|
|
|
101,269,091
|
|
|
|
|
|
|
|
|
|
101,269,091
|
|
|
|
|
|
|
Agency Debentures
|
|
|
|
77,484,848
|
|
|
|
|
|
|
|
|
|
71,734,848
|
|
|
|
|
5,750,000
|
|
U.S. Treasury Obligations
|
|
|
|
104,187,309
|
|
|
|
|
|
|
|
|
|
104,187,309
|
|
|
|
|
|
|
U.S. Government-Backed Obligations
|
|
|
|
12,916,920
|
|
|
|
|
|
|
|
|
|
12,916,920
|
|
|
|
|
|
|
Repurchase Agreement
|
|
|
|
135,700,000
|
|
|
|
|
|
|
|
|
|
135,700,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
637,568,512
|
|
|
|
$
|
|
|
|
|
$
|
631,818,512
|
|
|
|
$
|
5,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration Government Portfolio
|
|
|
|
Total Market
Value at
8/31/13
|
|
|
Level 1
Quoted
Price
|
|
|
Level
2
Significant
Observable
Inputs
|
|
|
Level 3
Significant
Unobservable
Inputs
|
|
Collateralized Mortgage Obligations
|
|
$
|
117,173,865
|
|
|
$
|
|
|
|
$
|
117,173,865
|
|
|
$
|
|
|
Mortgage-Backed Obligations
|
|
|
96,379,471
|
|
|
|
|
|
|
|
96,379,471
|
|
|
|
|
|
Agency Debentures
|
|
|
17,918,781
|
|
|
|
|
|
|
|
17,918,781
|
|
|
|
|
|
U.S. Treasury Obligations
|
|
|
355,966,858
|
|
|
|
|
|
|
|
355,966,858
|
|
|
|
|
|
U.S.Government-Backed Obligations
|
|
|
13,060,498
|
|
|
|
|
|
|
|
10,672,247
|
|
|
|
2,388,251
|
|
Repurchase Agreement
|
|
|
5,500,000
|
|
|
|
|
|
|
|
5,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
605,999,473
|
|
|
$
|
|
|
|
$
|
603,611,222
|
|
|
$
|
2,388,251
|
|
|
|
|
|
|
The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair
value as of August 31, 2013:
Ultra-Short Duration Government Portfolio
|
|
|
|
|
Fair Value, beginning of period
|
|
$
|
6,218,750
|
|
Transfers into Level 3
|
|
|
|
|
Transfers out of Level 3
|
|
|
|
|
Gross purchases
|
|
|
|
|
Gross sales
|
|
|
(250,000
|
)
|
Total net realized gains (losses)
|
|
|
|
|
Total change in unrealized appreciation (depreciation)
|
|
|
(218,750
|
)
|
|
|
|
|
|
Fair Value, end of period
|
|
$
|
5,750,000
|
|
|
|
|
|
|
Short Duration Government Portfolio
|
|
|
|
|
Fair Value, beginning of period
|
|
$
|
|
|
Transfers into Level 3
|
|
|
2,491,866
|
|
Transfers out of Level 3
|
|
|
|
|
Gross purchases
|
|
|
|
|
Gross sales
|
|
|
|
|
Total net realized gains (losses)
|
|
|
|
|
Total change in unrealized appreciation (depreciation)
|
|
|
(103,615
|
)
|
|
|
|
|
|
Fair Value, end of period
|
|
$
|
2,388,251
|
|
|
|
|
|
|
Investments designated as Level 3 may include assets valued using quotes or indications furnished by brokers which are based on models or estimates and may not be executable prices. In light of
the developing market conditions, the Investment Adviser continues to search for observable data points and evaluate broker quotes and indications received for Portfolio investments.
B. Security Transactions and Investment Income
Security transactions are reflected for financial reporting
purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.
All paydown gains and losses are classified as interest income in the accompanying Statements of Operations in accordance with U.S. GAAP. Market
discounts, original issue discounts and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding increase in the cost basis of that security.
C. Distribution to Shareholders
Each Portfolio intends to
distribute to its shareholders substantially all of its investment income and capital gains. The Portfolios declare dividends from net investment income daily and pay such dividends monthly. Each Portfolio makes distributions of net realized capital
gains, if any, at least annually. Income distributions and capital gain distributions are determined in accordance with income tax regulations.
D.
Allocations
Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for a Portfolio are allocated
daily to each class of shares based upon its proportionate share of total net assets of the Portfolio. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class,
are allocated daily to each class of shares based upon their proportionate share of total net assets of the Portfolio. Expenses not directly charged to a Portfolio are allocated proportionally among all the Portfolios in the Trust, daily in relation
to the net assets of each Portfolio or another reasonable measure.
E. Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.
F. Federal Taxes
It is each Portfolios policy to comply with the requirements of the Internal Revenue
Code of 1986, as amended, (the Code) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax
provisions are required. Income distributions to shareholders are recorded on the
ex-dividend
date, declared daily
34
TRUST FOR CREDIT UNIONS
Notes to Financial Statements
Year Ended August 31, 2013 (continued)
and paid monthly by the Portfolios. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of
capital loss carryforwards may reduce the requirement of future capital gain distributions.
The characterization of distributions to shareholders for
financial reporting purposes is determined in accordance with U.S. federal income tax rules, which may differ from U.S. GAAP. Therefore, the source of each Portfolios distributions may be shown in the accompanying financial statements as
either from net investment income, net realized gains or as a tax return of capital.
Generally, paydown gains and losses are recorded as increases
(paydown gains) or decreases (paydown losses) against capital gains for tax purposes. The Ultra-Short Duration Government and Short Duration Portfolios have elected to accrete and amortize market discounts and premiums on portfolio securities for
tax purposes based on the securities yield to maturity. For the current year, net amortization is reducing ordinary income available for distribution.
Management has analyzed the Portfolios tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax
is required in the Portfolios financial statements. The Portfolios federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the
Internal Revenue Service and state departments of revenue.
G. Expenses
Expenses incurred by the Portfolios that do not specifically relate to an individual Portfolio are generally allocated to the Portfolios based on each Portfolios relative average net assets for the period or
in such other manner as the Board of Trustees deems fair or equitable depending upon the nature of the expenses. In addition, expenses incurred by a Portfolio that do not specifically relate to a particular class of shares of the Portfolio are
generally allocated to the appropriate classes based on each class relative average net assets or in such other manner as the Board of Trustees deems fair and equitable. Expenses that specifically relate to a particular class of shares of a
Portfolio are allocated to that class.
The Portfolios pay compensation to the independent Trustees of the Trust in the form of a retainer, attendance
fees, and additional compensation to Board and Committee chairpersons. The Portfolios do not pay compensation to Trustees or officers of the Trust who are also officers of the Trusts investment adviser or administrator.
H. Repurchase Agreements
Repurchase agreements involve the
purchase of securities subject to the sellers agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of
the Portfolios, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Portfolios may be delayed or
limited and there may be a decline in the value of the collateral during the period while the Portfolios seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at
the Portfolios regular custodian or at a custodian specifically designated for purposes of the repurchase agreement under triparty repurchase agreements.
I. When-Issued Securities
Consistent with National Credit
Union Administration (NCUA) rules and regulations, the Ultra-Short Duration Government and Short Duration Portfolios may purchase or sell when-issued securities that have been authorized but not yet issued in the market. The value of a
when-issued security sale is recorded as an asset and a liability on the Portfolios records with the difference between its market value and expected cash proceeds recorded as an unrealized gain or loss. Gains or losses are realized upon
delivery of the security sold. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction. All settlements in connection with purchases and sales of when-issued
securities must be by regular way (i.e., the normal security settlement time, which may vary according to security type). When purchasing a security on a when-issued basis, the Portfolios must set aside liquid assets, or engage in other appropriate
measures to cover the obligations under the contract.
J. Mortgage Dollar Rolls
The Ultra-Short Duration Government and Short Duration Portfolios may enter into mortgage dollar rolls in which the Portfolios sell securities in the current month for delivery and
simultaneously contract with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. For financial reporting and tax reporting purposes, the Portfolios treat mortgage
dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale. During the settlement period between the sale and repurchase, the Portfolios will not be entitled to accrue interest
and/or receive principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolios may decline below the repurchase price of those securities. In the event the buyer of
the securities under a dollar roll transaction files for bankruptcy or becomes insolvent, the Portfolios use of proceeds of the transaction may be restricted pending a determination by, or with respect to, the other party.
K. New Accounting Pronouncement
In June 2013, the Financial
Accounting Standards Board issued guidance that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure non-controlling ownership interest in other
investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment
companys investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the
Funds financial statement disclosures.
Note 3. Agreements and 12b-1 Plan
A. Advisory Agreement
Goldman Sachs Asset Management, L.P. (GSAM), an affiliate of Goldman,
Sachs & Co. (Goldman Sachs), serves as investment adviser pursuant to an Advisory Agreement (the Agreement) with
35
TRUST FOR CREDIT UNIONS
Notes to Financial Statements
Year Ended August 31, 2013 (continued)
the Trust on behalf of the Portfolios. Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trusts Board of Trustees. As compensation for services
rendered pursuant to the Agreement and the assumption of the expenses related thereto, GSAM is entitled to a fee (advisory fee), computed daily and payable monthly, at the following annual rates as a percentage of each respective
Portfolios average daily net assets:
|
|
|
|
|
|
|
Portfolio
|
|
Asset Level
|
|
Contractual
Rate
|
|
Money Market
|
|
up to $300 million
|
|
|
0.20
|
%
|
|
|
in excess of $300 million
|
|
|
0.15
|
|
|
|
|
Ultra-Short Duration
|
|
first $250 million
|
|
|
0.18
|
|
Government and
|
|
next $250 million
|
|
|
0.16
|
|
Short
Duration
(1)
|
|
in excess of $500 million
|
|
|
0.14
|
|
(1)
|
|
Advisory fee rate is based on the aggregate average net assets of the Ultra-Short Duration Government and Short Duration Portfolios. Fees are charged on a pro
rata basis between the Portfolios.
|
Effective April 6, 2011, GSAM has voluntarily agreed to limit its advisory fee with respect to
the Money Market Portfolio to 0.05% of average daily net assets through August 31, 2014. This voluntary limitation may be modified or eliminated by GSAM in the future at its discretion. For the year ended August 31, 2013, GSAM waived advisory
fees amounting to $226,330.
B. Administration Agreement
Callahan Credit Union Financial Services Limited Liability Limited Partnership (CUFSLP) serves as the Portfolios administrator pursuant to an Administration Agreement. Callahan Financial Services,
Inc. (CFS) serves as a general partner to CUFSLP, which includes 36 major credit unions that are limited partners. As compensation for services rendered pursuant to such Agreement, CUFSLP is entitled to fees, computed daily and payable
by the Portfolios monthly, at the following annual rates as a percentage of each respective Portfolios average daily net assets:
|
|
|
|
|
Portfolio
|
|
CUFSLP
Fee
|
|
Money Market
|
|
|
0.10
|
%
|
Ultra-Short Duration Government
|
|
|
0.05
|
|
Short Duration
|
|
|
0.05
|
|
Effective April 8, 2011, CUFSLP has voluntarily agreed to waive its entire administration fee with respect to the Money Market
Portfolio through August 31, 2014. This voluntary waiver may be modified or eliminated by CUFSLP in the future at its discretion. For the year ended August 31, 2013, CUFSLP waived administration fees amounting to $150,887.
BNY Mellon Investment Servicing (US) Inc. (BNY Mellon), an indirect wholly owned subsidiary of The Bank of New York Mellon Corporation, provides
additional administrative services to the Portfolios pursuant to an Administration and Accounting Services Agreement. As compensation for services rendered pursuant to such Agreement, effective February 1, 2013 BNY Mellon is entitled to the
following fees, computed daily and payable by the Portfolios monthly, at the following annual rates as a percentage of the aggregate average net assets.
|
|
|
|
|
Asset Level
|
|
Contractual
Rate
(1)
|
|
up to $200 million
|
|
|
0.035
|
%
|
from $200 to $500 million
|
|
|
0.030
|
|
from $500 to $1 billion
|
|
|
0.025
|
|
in excess of $1 billion
|
|
|
0.020
|
|
(1)
|
|
Portfolios are subject to an aggregate minimum annual base fee of $75,000. In addition, each Portfolio is subject to annual base fees for Financial Reporting,
Tax and Regulatory Administration services.
|
Prior to February 1, 2013, BNY Mellon was entitled to fees, computed daily and payable by the Portfolios monthly, at the following annual rates as a percentage
of each respective Portfolios average daily net assets:
|
|
|
|
|
Portfolio
|
|
BNY
Mellon
Fee
(1)
(2)
|
|
Money Market
|
|
|
0.0206
|
%
|
Ultra-Short Duration Government
|
|
|
0.0206
|
|
Short Duration
|
|
|
0.0206
|
|
(1
)
|
|
In addition, there was an annual base fee of $10,300 for the Money Market Portfolio. For the Ultra-Short Duration Government and Short Duration Portfolios, there
were annual base fees of $51,500 for each Portfolio through September 30, 2012 and of $36,050 for each Portfolio from October 1, 2012 through January 31, 2013.
|
(2)
|
|
Prior to April 1, 2012, the BNY Mellon fee was 0.02%.
|
C. Other Agreements
Effective May 23, 2012, CUFSLP has agreed voluntarily that to the extent that the
total annualized expenses of each class (excluding interest, taxes, brokerage and extraordinary expenses) of the Money Market Portfolio exceed 0.10% of the average daily net assets, CUFSLP will either reduce the administration fee otherwise payable
or pay such expenses of the Money Market Portfolio. This voluntary waiver may be modified or eliminated by CUFSLP in the future at its discretion. In addition, the Money Market Portfolio is not obligated to reimburse CUFSLP for prior fiscal year
expense reimbursements, if any. For the year ended August 31, 2013, CUFSLP reimbursed Portfolio expenses amounting to $102,928.
CFS serves as exclusive
distributor of shares of the Portfolios. CFS did not receive any compensation under the Distribution Agreement during the year ended August 31, 2013. CFS received $1,466 from the Portfolios under the Distribution Plan, as described below.
BNY Mellon serves as transfer agent of the Portfolios and receives a fee (transfer agent fee) from each Portfolio. The transfer agent fee is
calculated monthly based on a fixed amount and is assessed on the number of accounts serviced during the month.
Effective April 11, 2011, the Board of
Trustees of the Trust voluntarily agreed to waive 15% of its fees. The waived fees are allocated to the Money Market Portfolio through August 31, 2014. For the year ended August 31, 2013, the board waived Trustees fees amounting to $32,919.
Effective April 11, 2011, Drinker, Biddle & Reath, LLP (DBR), counsel to the Trust, and Nisen & Elliott, LLC, counsel to the
independent Trustees of the Trust, voluntarily agreed to waive 15%
36
TRUST FOR CREDIT UNIONS
Notes to Financial Statements
Year Ended August 31, 2013 (continued)
of their legal fees. The waived fees are allocated to the Money
Market Portfolio through August
31, 2014. For the year ended August 31, 2013, DBR and Nisen & Elliott, LLC waived legal fees amounting to $45,930 and $1,692, respectively.
Effective April 11, 2011, Vigilant Compliance Services voluntarily agreed to reduce its fee by 10%. The fee reduction is allocated to the Money Market Portfolio
through August 31, 2014. For the year ended August 31, 2013, Vigilant Compliance Services waived compliance fees amounting to $12,000.
The Trust has
adopted a Distribution Plan (the 12b-1 Plan) with respect to Investor Shares of the Portfolios. Under the 12b-1 Plan, the Trust may pay the distributor (or any other person) an amount of up to 0.25% annually of the average daily net
assets attributable to Investor Shares of each Portfolio in consideration for expenses and activities primarily intended to result in the sale of Investor Shares and/or for administrative support services. The Trust is not currently charging a fee
under the 12b-1 Plan with respect to Investor Shares of the Money Market Portfolio and is currently limiting the fee payable under the 12b-1 Plan with respect to Investor Shares of each of the Ultra-Short Duration Portfolio and Short Duration
Portfolio to 0.03% of the average daily net assets attributable to Investor Shares of each such Portfolio. For the year ended August 31, 2013, the Ultra-Short Duration Government Portfolio and Short Duration Portfolio incurred fees under the
12b-1 Plan of $7,404 and $5,159, respectively.
Note 4. Investment Transactions
The cost of purchases and proceeds from sales and maturities of long-term securities for the Ultra-Short Duration Government and Short Duration Portfolios for the year ended August 31, 2013 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
Purchases of U.S. Government and agency obligations
|
|
$
|
1,244,640,192
|
|
|
$
|
1,321,146,194
|
|
Purchases (excluding U.S. Government and agency obligations)
|
|
|
119,420,485
|
|
|
|
62,694,791
|
|
Sales or maturities of U.S. Government and agency obligations
|
|
|
1,395,477,012
|
|
|
|
1,258,728,976
|
|
Sales or maturities (excluding U.S. Government and agency obligations)
|
|
|
72,708,406
|
|
|
|
50,474,281
|
|
Note 5. Other Matters
Exemptive Order Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Money
Market Portfolio may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.
Note 6. Tax Information
The tax character of distributions paid for the fiscal year ended August 31, 2013 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
143,573
|
|
|
$
|
3,888,020
|
|
|
$
|
3,635,405
|
|
Long Term Capital Gains
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total taxable distributions
|
|
$
|
143,573
|
|
|
$
|
3,888,020
|
|
|
$
|
3,635,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The tax character of distributions paid for the fiscal year ended August 31, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
Distributions paid from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
65,260
|
|
|
$
|
2,106,931
|
|
|
$
|
3,644,807
|
|
Long Term Capital Gains
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total taxable distributions
|
|
$
|
65,260
|
|
|
$
|
2,106,931
|
|
|
$
|
3,644,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of August 31, 2013, the components of accumulated earnings (losses) on a tax basis for the Money Market Portfolio, the
Ultra-Short Duration Government Portfolio and the Short Duration Portfolio were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
Undistributed ordinary incomenet
|
|
$
|
7,939
|
|
|
$
|
1,712,611
|
|
|
$
|
603,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total undistributed earnings
|
|
$
|
7,939
|
|
|
$
|
1,712,611
|
|
|
$
|
603,919
|
|
Capital loss
carryforward
(1)
|
|
|
|
|
|
|
(6,074,939
|
)
|
|
|
(14,040,096
|
)
|
Timing differences (dividends payable and late-year losses)
|
|
|
(693
|
)
|
|
|
(3,962,644
|
)
|
|
|
(3,140,395
|
)
|
Unrealized gainsnet
|
|
|
|
|
|
|
1,129,159
|
|
|
|
1,816,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total accumulated lossesnet
|
|
$
|
7,246
|
|
|
$
|
(7,195,813
|
)
|
|
$
|
(14,759,676
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The amount and year of expiration for each capital loss carryforward is indicated below. Expiration occurs on August 31 of the year indicated.
|
37
TRUST FOR CREDIT UNIONS
Notes to Financial Statements
Year Ended August 31, 2013 (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
2013
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
2014
|
|
|
|
|
|
|
(3,307,602
|
)
|
|
|
(4,961,384
|
)
|
2015
|
|
|
|
|
|
|
(1,903,494
|
)
|
|
|
(5,253,669
|
)
|
2016
|
|
|
|
|
|
|
(199,455
|
)
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
(3,825,043
|
)
|
2019
|
|
|
|
|
|
|
(163,234
|
)
|
|
|
|
|
No Expiration Long Term
|
|
|
|
|
|
|
(380,815
|
)
|
|
|
|
|
No Expiration Short Term
|
|
|
|
|
|
|
(120,339
|
)
|
|
|
|
|
During the fiscal year ended August 31, 2013, the Short Duration Portfolio utilized $45,699 of capital loss carryforwards.
Net capital and foreign currency losses incurred after October 31 and certain ordinary losses incurred after December 31 may be deferred and treated as
occurring on the first day of the following fiscal year. For the year ended August 31, 2013, the Portfolios deferred to September 1, 2013 late year capital and ordinary losses of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market
Portfolio
|
|
|
Ultra-Short
Duration
Government
Portfolio
|
|
|
Short
Duration
Portfolio
|
|
Late Year Capital Losses
|
|
$
|
|
|
|
$
|
3,833,647
|
|
|
$
|
3,014,481
|
|
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 was enacted to modernize several of the
federal income and excise tax provisions related to regulated investment companies. Under
pre-enactment
law, capital losses could be carried forward for eight years following the loss, and such carryforward is
treated as a short-term capital loss in each of those years, irrespective of the character of the original loss. Net capital losses (earned in taxable years beginning after December 22, 2010) (post2010 losses) may be carried
forward indefinitely and must retain the character of the original loss. Such post2010 losses generally must be used by a regulated investment company before it uses any net capital losses incurred in taxable years beginning on or before
December 22, 2010. This increases the likelihood that net capital losses incurred in taxable years beginning on or before December 22, 2010 will expire unused.
The difference between book-basis and
tax-basis
unrealized gains (losses) is attributable primarily to accretion of market discounts, amortization of market premiums, and
wash sale deferrals.
In order to present certain components of the Portfolios capital accounts on a tax basis, certain reclassifications have been
recorded to the Portfolios accounts. These reclassifications have no impact on the net asset value of the Portfolios. Reclassifications result primarily from the difference in the tax treatment of paydown gains and losses, distribution
redesignations, market discounts and market premiums and expiration of capital loss carryforwards.
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
|
|
Paid-in
Capital
|
|
|
Accumulated
Undistributed
Net
Investment
Income
|
|
|
Accumulated
Net
Realized
Gain/Loss
|
|
Money Market
|
|
$
|
|
|
|
$
|
1,007
|
|
|
$
|
(1,007
|
)
|
Ultra-Short Duration Government
|
|
|
(18,759,627
|
)
|
|
|
2,695,035
|
|
|
|
16,064,592
|
|
Short Duration
|
|
|
|
|
|
|
1,885,991
|
|
|
|
(1,885,991
|
)
|
Note 7. Credit and Concentration Risk
The Portfolios may invest a portion of their assets in securities of issuers that hold mortgage securities, including residential mortgages. The value of these securities is sensitive to changes in economic
conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the markets perception of the issuers and changes in the interest rates.
The Ultra-Short Duration Government and Short Duration Portfolios may also invest in multiple class mortgage-related securities, including collateralized mortgage obligations and REMIC pass-through or participation
certificates (collectively, CMOs). These multiple class securities may be mortgage-related securities issued by the U.S. Government, its agencies, instrumentalities or sponsored enterprises, including the Federal National Mortgage
Association and Federal Home Loan Mortgage Corp. In general, CMOs represent direct ownership interests in a pool of residential mortgage loans or mortgage pass-through securities (the Mortgage Assets), the payments on which are used to
make payments on the CMOs. Investors may purchase beneficial interests in CMOs, which are known as regular interests or residual interests. The Portfolios may not purchase residual interests, but may purchase other types of
interests. Each class of a CMO, often referred to as a tranche, is issued at a specific adjustable or fixed interest rate and must be fully retired no later than its final distribution date. Principal prepayments on the Mortgage Assets
underlying a CMO may cause some or all of the classes of the CMO to be retired substantially earlier than its final distribution date. The principal of and interest on the Mortgage Assets may be allocated among several classes of a CMO in various
ways.
On August 5, 2011, Standard & Poors lowered the long-term sovereign credit rating of U.S. Government debt obligations from AAA
to AA+. Shortly thereafter, S&P also downgraded the long-term credit ratings of U.S. government-sponsored enterprises. These actions initially have had an adverse effect on financial markets. It is possible that the downgrade of the U.S.
Governments credit rating may create broader financial turmoil and uncertainty, which would weigh heavily on the global financial system. The downgrade could, for example, disrupt money markets and long-term or short-term fixed income markets.
These consequences could adversely affect returns on the Portfolios investments and their ability to continue to acquire targeted assets on attractive terms. It is not possible to precisely predict the longer-term impact of the downgrade on
the financial markets and the participants therein.
Note 8. Subsequent Event
Management has evaluated the impact of all subsequent events on the Portfolios through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
38
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of
Trust for Credit Unions:
We have audited the accompanying
statements of assets and liabilities of the Trust for Credit Unions (the Trust), comprising respectively, the Money Market Portfolio, Ultra-Short Duration Government Portfolio and Short Duration Portfolio, including the portfolios of
investments as of August 31, 2013, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years
in the period then ended. These financial statements and financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on those financial statements and financial highlights based on our
audit. The financial highlights for each of the years in the two-year period ended August 31, 2010 were audited by other auditors whose report dated October 26, 2010, expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control
over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2013, by
correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of the Money
Market Portfolio, Ultra-Short Duration Government Portfolio and Short Duration Portfolio as of August 31, 2013, the results of their operations for the year then ended, and the changes in their net assets for each of the two years in the period then
ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
October 29, 2013
39
TRUST FOR CREDIT UNIONS
Additional Information (Unaudited)
Tax Information
For the year ended August 31, 2013, the Portfolios had no long-term capital gain distributions.
Expenses Six-Month Period Ended August 31, 2013
As a shareholder of the Portfolios, you incur
ongoing costs, including management fees, administration fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the
entire period from March 1, 2013 through August 31, 2013.
Actual Expenses The first line of the table below provides information about
actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled
Expenses Paid to estimate the expenses you paid on your account for this period.
Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical
expenses based on the Portfolios actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual
ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples
that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs
only. As a shareholder of the Portfolios, you do not incur any transaction costs, such as sales charges (loads), redemption fees or exchange fees, but shareholders of other funds may incur such costs. The second line of the table is useful in
comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds whose shareholder may incur transaction costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Portfolio
|
|
|
Ultra-Short Duration Government
Portfolio
|
|
|
Short Duration Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
Account
Value
3/1/13
|
|
|
Ending
Account
Value
8/31/13
|
|
|
Expenses
Paid for the
6 months
ended
8/31/13*
|
|
|
Beginning
Account
Value
3/1/13
|
|
|
Ending
Account
Value
8/31/13
|
|
|
Expenses
Paid for the
6 months
ended
8/31/13*
|
|
|
Beginning
Account
Value
3/1/13
|
|
|
Ending
Account
Value
8/31/13
|
|
|
Expenses
Paid for the
6 months
ended
8/31/13*
|
|
TCU Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
$
|
1,000.00
|
|
|
$
|
1,000.30
|
|
|
$
|
0.50
|
|
|
$
|
1,000.00
|
|
|
$
|
998.20
|
|
|
$
|
1.71
|
|
|
$
|
1,000.00
|
|
|
$
|
996.90
|
|
|
$
|
1.71
|
|
Hypothetical 5% Return
|
|
|
1,000.00
|
|
|
|
1,024.70
|
+
|
|
|
0.51
|
|
|
|
1,000.00
|
|
|
|
1,023.49
|
+
|
|
|
1.73
|
|
|
|
1,000.00
|
|
|
|
1,023.49
|
+
|
|
|
1.73
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
|
1,000.00
|
**
|
|
|
1,000.10
|
**
|
|
|
0.30
|
**
|
|
|
1,000.00
|
|
|
|
998.00
|
|
|
|
1.86
|
|
|
|
1,000.00
|
|
|
|
996.80
|
|
|
|
1.86
|
|
Hypothetical 5% Return
|
|
|
1,000.00
|
|
|
|
1,024.70
|
++
|
|
|
0.51
|
|
|
|
1,000.00
|
|
|
|
1,023.34
|
+
|
|
|
1.89
|
|
|
|
1,000.00
|
|
|
|
1,023.34
|
+
|
|
|
1.89
|
|
*
|
|
Expenses are equal to the Funds annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year
period). The annualized net expense ratios for the period were 0.10%, 0.34% and 0.34% for the Money Market Portfolio, Ultra-Short Duration Government Portfolio, and Short Duration Portfolio, respectively.
|
**
|
|
The Money Market Portfolio began issuing Investor Shares on May 15, 2013. Expenses are equal to the Portfolios annualized expense ratio multiplied by the expense
ratio multiplied by the average account value over the period, multiplied by 109/365 (to reflect the number of days in the period). The annualized net expense ratios for the period were 0.10% for the Investor
Shares.
|
+
|
|
Hypothetical expenses are based on the Portfolios actual annualized expense ratios and an assumed rate of return of 5% per year before expenses.
|
++
|
|
Hypothetical expense is as if the Investor Shares had been in existence from March 1, 2013, and are equal to the Investors Shares annualized expense ratios, multiplied
by 184/365 (to reflect the one-half year period).
|
40
TRUST FOR CREDIT UNIONS
Additional Information (Unaudited) (continued)
Statement Regarding Basis for Approval of Advisory Agreement
The Trustees oversee the management of Trust for Credit Unions (the Trust), and review the investment performance and expenses of the investment
portfolios covered by this Report (the Portfolios) at quarterly meetings held during the Portfolios fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trusts investment advisory
agreement (the Advisory Agreement) with Goldman Sachs Asset Management, L.P. (the Investment Adviser) for the Portfolios.
The
Advisory Agreement was most recently approved by the Trustees, all of whom are not parties to the Advisory Agreement or interested persons (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the
Independent Trustees), on March 21, 2013 (the Annual Contract Meeting).
At the Annual Contract Meeting the Trustees reviewed
matters that included: (a) the Portfolios investment advisory fee arrangements; (b) the Portfolios investment performance; (c) the quality of the Investment Advisers services; (d) the structure, staff and
capabilities of the Investment Adviser and its portfolio management team; (e) the Investment Advisers financial resources; (f) the terms of the Advisory Agreement; (g) the statutory and regulatory requirements applicable to the approval and
continuation of mutual fund investment advisory agreements; and (h) the Investment Advisers money market investment process and fixed income investment process, credit research process, compliance policies and procedures, trade aggregation and
allocation policies and employee trading practices. At the Annual Contract Meeting, the Trustees also considered the expenses paid by the Portfolios and the Portfolios expense trends over time.
In connection with the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their
independent legal counsel regarding their responsibilities under applicable law. During the course of their deliberations, the Independent Trustees met in executive session without employees of the Investment Adviser present.
In evaluating the Advisory Agreement at the Annual Contract Meeting, the Trustees relied upon their knowledge of the Investment Advisers services and the
Portfolios resulting from their meetings and other interactions throughout the year with the Investment Adviser. At those meetings the Trustees received materials relating to the Investment Advisers investment management services under the
Advisory Agreement, including: (a) information on the investment performance of the Portfolios in comparison to other mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Portfolios
invest; (c) compliance reports; and (d) expenses borne by the Portfolios.
In connection with their approval of the Advisory Agreement, the
Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser.
The Trustees concluded that the Investment Adviser had substantial resources to provide services to the Trust; that the Investment Advisers services had been acceptable; and that the Investment Adviser had been responsive to requests made by
the Trustees and to regulatory and industry changes.
Information on the Portfolios investment performance was provided for one, three, five and ten year periods.
The Trustees considered the Portfolios investment performance in light of their performance benchmarks and the performance of other unaffiliated mutual funds, the investment objectives and credit parameters applicable to the Portfolios and the
current economic environment. The Trustees concluded that the investment performance of each of the Portfolios as compared to their respective benchmarks and such other unaffiliated mutual funds was acceptable.
The Trustees also considered the contractual fee rates payable by the Portfolios under the Advisory Agreement. In this regard, information on the fees paid by the
Portfolios and the Portfolios total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for other unaffiliated mutual funds. Most of the comparisons of the Portfolios
fee rates and total operating expense ratios were prepared by Lipper, Inc. (Lipper), a third-party consultant selected by management of the Trust. The Trustees found the peer group and category universe comparisons to be helpful in their
deliberations.
The Trustees also reviewed analyses prepared by Lipper of the expense rankings of the Portfolios. The analyses provided a comparison of
the Portfolios management fees to relevant peer groups and category universes; expense analyses which compared each Portfolios expenses to a peer group and category universe; and a five-year history of each Portfolios expenses.
The Trustees also considered information prepared by the Investment Adviser as to meaningful differences in the investment policies and risk profiles of
the Ultra-Short Duration Portfolio and Short Duration Portfolio and certain of the unaffiliated mutual funds selected by management of the Trust from the Portfolios respective peer groups. In particular, the Trustees considered the
restrictions in the Federal Credit Union Act and related rules and regulations on the investments permitted for the Ultra-Short Duration Portfolio and Short Duration Portfolio.
In addition, the Trustees reviewed information regarding the Investment Advisers potential economies of scale, and whether the Portfolios and their unitholders were participating in the benefits of these
economies. In this regard, the Trustees considered the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and the profits realized by it, and information comparing the contractual
fee rates charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other mutual funds. In this connection, the Trustees noted that the current investment advisory fee for the Money Market Portfolio had a
breakpoint at the $300 million asset level (from 0.20% to 0.15%), although the Investment Adviser was currently waiving voluntarily its investment advisory fee to a lower level (0.05%). In addition, the Trustees noted that the aggregate investment
advisory fee for the Ultra-Short Duration Government Portfolio and Short Duration Portfolio had breakpoints at the $250 million and $500 million asset levels (from 0.18% to 0.16% and from 0.16% to 0.14%). The Trustees further noted that the
Portfolios investment advisory fee rates and ordinary operating expense ratios were among the lowest in the mutual fund industry, which would appear to indicate that the Ultra Short Duration Government and Short Duration Portfolios were
sharing in economies of scale at their current asset levels. The Trustees noted that economies of scale were not relevant to the Money Market Portfolio given its current asset level.
41
TRUST FOR CREDIT UNIONS
Additional Information (Unaudited) (continued)
The Trustees also considered the ancillary benefits derived by the Investment Adviser and its affiliates from the
Portfolios. In addition, the Trustees reviewed the Investment Advisers methodologies used to allocate its costs in determining profitability, a description of revenue and expense components in the Investment Advisers profitability
analysis, and schedules showing the Investment Advisers revenues, expenses and pre-tax profits in managing the Portfolios.
After reviewing the
information regarding the Investment Advisers costs, profitability and economies of scale, and after considering the Investment Advisers services, the Trustees concluded that the investment advisory fees paid by the Portfolios were fair
and reasonable and that the Advisory Agreement should be approved and continued.
42
TRUST FOR CREDIT UNIONS
Additional Information (Unaudited) (continued)
Trustees and Officers (unaudited)
1
|
|
|
|
|
|
|
|
|
|
|
Name, Age and Address
2
|
|
Position(s) Held
with Trust
|
|
Term of
Office and
Length of
Time
Served
3
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Portfolios in
Fund
Complex
Overseen by
Trustee
4
|
|
Other
Directorships
Held by
Trustee
5
|
|
|
|
|
|
|
Independent Trustees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
James C. Barr
Age: 77
|
|
Chairman and
Trustee
|
|
Since
1989
|
|
Licensed Realtor, Commonwealth of Virginia (2003-Present); Managing Member, J.C.B. Enterprises, L.L.C. (March 1997-Present); Chief Executive Officer, National Milk Producers Federation (March
1985-March 1997).
|
|
3
|
|
None
|
|
|
|
|
|
|
Robert M. Coen
Age: 74
|
|
Trustee
|
|
Since
1989
|
|
Professor Emeritus of Economics, Northwestern University (September 2007-Present); Professor of Economics, Northwestern University (September 1975 to August 2007).
|
|
3
|
|
None
|
|
|
|
|
|
|
Rudolf J. Hanley
Age: 70
|
|
Trustee
|
|
Since
2003
|
|
President and Chief Executive Officer, SchoolsFirst Federal Credit Union (September 1982-Present).
|
|
3
|
|
None
|
|
|
|
|
|
|
Stanley C. Hollen
Age: 63
|
|
Vice Chairman
and Trustee
|
|
Since
December
2007
|
|
President and Chief Executive Officer, Co- Op Financial Services (credit union-owned electronic funds transfer network and processor) (June 2005-Present); President and Chief Executive
Officer, Liberty Enterprises (credit union-focused check printing, payment systems, marketing and technology solution provider) (September 2002 to June 2005).
|
|
3
|
|
None
|
|
|
|
|
|
|
Gary Oakland
Age: 60
|
|
Trustee
|
|
Since
1999
|
|
President and Chief Executive Officer, Boeing Employees Credit Union (July 1986-June 2012).
|
|
3
|
|
None
|
|
|
|
|
|
|
Eugene A. ORourke
Age: 68
|
|
Trustee
|
|
Since
December
2007
|
|
Managing Director, ORourke & Associates (executive search and human resources consulting firm) (2006-Present), Chief Executive Officer (1980-2006); Director, RSM McGladrey
Consultants (accounting and consulting to credit unions) (1974-2010), Executive Managing Director (1980-2005).
|
|
3
|
|
None
|
|
|
|
|
|
|
James F. Regan
Age: 47
|
|
Trustee
|
|
Since
January
2013
|
|
President and Chief Executive Officer (since 2009), Vice President and Chief Financial Officer (1996-2008), Digital Federal Credit Union.
|
|
3
|
|
None
|
|
|
|
|
|
|
Wendell A. Sebastian
Age: 69
|
|
Trustee
|
|
Since
1989
|
|
Executive Director, National Credit Union Foundation (June 2010-June 2013); President and Chief Executive Officer, GTE Federal Credit Union (January 1998- December 2009).
|
|
3
|
|
None
|
1
|
The Portfolios Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, upon
request, by calling
1-800-342-5828
or
1-800-237-5678.
|
2
|
Each Trustee may be contacted by writing to the Trustee, c/o Callahan Credit Union Financial Services LLP, 1001 Connecticut Avenue, N.W., Suite 1001, Washington,
D.C. 20036-5504.
|
3
|
Except in the event of resignation or removal, each Trustee holds office until the next meeting of shareholders called for the purpose of electing Trustees, and
until the election and qualification of his successor.
|
4
|
The Fund Complex includes all registered investment companies that are advised by GSAM or one of its affiliates.
|
5
|
Directorships of companies required to report to the Securities and Exchange Commission under the Securities and Exchange Act of 1934 (i.e., public
companies) or other investment companies registered under the 1940 Act.
|
43
TRUST FOR CREDIT UNIONS
Additional Information (Unaudited) (continued)
Trustees and Officers (unaudited) (continued)
|
|
|
|
|
|
|
Name, Age and Address
|
|
Position(s) Held
with Trust
|
|
Term of
Office and
Length of
Time
Served
1
|
|
Principal Occupation(s) During Past 5 Years
|
|
|
|
|
Officers of the Trust:
|
|
|
|
|
|
|
|
|
|
|
Jay E. Johnson, 45
1001 Connecticut Ave.,
N.W.
Suite 1001
Washington, D.C. 20036
|
|
President and
Treasurer
|
|
Since
2013 and
2008
|
|
Executive Vice President, Callahan Financial Services, Inc. (CFS) (December 2001-Present).
|
|
|
|
|
Jonathan K. Jeffreys, 34
1001 Connecticut Ave.,
N.W.
Suite 1001
Washington, D.C. 20036
|
|
Vice President
and Assistant
Treasurer
|
|
Since
2008 and
2013
|
|
Vice President, CFS (June 2001-Present).
|
|
|
|
|
Mary Jo Reilly, 64
Drinker Biddle & Reath
LLP
One Logan Square,
Suite 2000
Philadelphia, PA 19103-6996
|
|
Secretary
|
|
Since
2008
|
|
Partner, Drinker Biddle & Reath LLP (law firm) (1998-Present).
|
|
|
|
|
Colleen Cummings, 41
BNY Mellon Investment
Servicing (US) Inc. (BNY) (formerly PNC Global Investment Servicing (U.S.) Inc. (PNC))
4400 Computer Drive
Westborough, MA 01581
|
|
Assistant
Treasurer
|
|
Since
2008
|
|
Vice President and Senior Director, Fund Accounting and Administration, BNY (formerly PNC) (January 2008-Present); Vice President and Director, PNC (2004-2007); Manager, PNC
(1998-2004).
|
|
|
|
|
Nigel Linssen, 39
BNY
760 Moore Road
King of Prussia, PA 19406
|
|
Assistant
Secretary
|
|
Since
2011
|
|
Vice President and Counsel, Regulatory Administration, BNY (February 2011-Present); Attorney, Montgomery, McCracken, Walker & Rhoads, LLP (2007-2009); Attorney, Corsell Law Group, Ltd.
(2006-2007).
|
1
|
Each officer is elected by the Board of Trustees of the Trust and holds office at the pleasure of the Board of Trustees or until his or her successor shall have
been duly elected and qualified.
|
44
Trustees
James C. Barr,
Chairman
Stanley Hollen,
Vice Chairman
Robert M. Coen
Rudolf J. Hanley
Gary Oakland
Eugene A. ORourke
James F. Regan
Wendell A. Sebastian
Officers
Jay E. Johnson,
President and Treasurer
Jonathan K. Jeffreys,
Vice
President and Assistant Treasurer
Mary Jo Reilly,
Secretary
Salvatore Faia, JD, CPA,
Chief Compliance Officer
Administrator
Callahan Credit Union Financial Services Limited Liability
Limited Partnership
Investment Adviser
Goldman Sachs Asset Management, L.P., an affiliate of Goldman, Sachs & Co.
Administrative & Fund Accounting Agent/Transfer Agent
BNY Mellon
Investment Servicing (US) Inc.
Distributor
Callahan Financial Services, Inc.
Independent Registered Public Accounting
Firm
Tait,Weller & Baker LLP