Trust for Credit Unions Money Market Portfolio Update:
Discontinuation of the U.S. Treasury Temporary Guarantee Program
On April 9, 2009, the Board of Trustees of Trust for Credit Unions, after consultation with Goldman Sachs Asset Management, L.P., Trust for Credit Union’s investment adviser, decided, effective April 30, 2009, to discontinue the participation of the Trust for Credit Union’s Money Market Portfolio in the Temporary Guarantee Program for Money Market Funds established by the United States Department of the Treasury.
December 11, 2008
Trust for Credit Unions Money Market Portfolio Update:
Extension of the U.S. Treasury Temporary Guarantee Program
On November 24, 2008, the U.S. Treasury Department announced an extension of its Temporary Guarantee Program for Money Market Funds from December 19, 2008 through April 30, 2009 to support ongoing stability in this market.
Trust for Credit Unions is supportive of this Program extension and has filed a notice with the Treasury relating to the TCU Money Market Portfolio’s continuing participation in the Program. Under the Program, unit amounts held by investors in the Portfolio as of the close of business on September 19, 2008 are guaranteed against loss in the event the market-based net asset value per unit is less than $0.995 (i.e., does not round to $1.00) (a “guarantee event”) and the Portfolio subsequently liquidates. The Program only covers the amount a unitholder held in the Portfolio as of the close of business on September 19, 2008 or the amount the unitholder holds if and when a guarantee event occurs, whichever is less.
• Any increase in the number of units held in a unitholder account after the close of business on September 19, 2008 will not be covered under the Program.
• If a unitholder closes its account, any future investments in the Portfolio will not be covered under the Program.
• If the number of units held by a unitholder fluctuates over the term of the Program, the unitholder will be covered only for the number of units held as of the close of business on September 19, 2008 or the amount the unitholder holds if and when a guarantee event occurs, whichever is less.
The Treasury Secretary has the option to further extend the Program through September 18, 2009, although there is no guarantee that the Treasury Secretary will extend the Program or that the TCU Money Market Portfolio will elect or be entitled to participate in the Program if extended beyond April 30, 2009. For full details on the Program, please contact Trust for Credit Unions at 1-800-CFS-5678.
http://www.treasury.gov/press/releases/hp1163.htm
http://www.ici.org/home/faqs_guaranty_plan.html#TopOfPage
A prospectus for the TCU Money Market Portfolio containing more complete information may be obtained by calling Callahan Financial Services at 1-800-CFS-5678. Please consider the Portfolio’s objective, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other important information about the Portfolio. An investment in the TCU Money Market Portfolio is not insured or guaranteed by the National Credit Union Share Insurance Fund, the National Credit Union Administration, or any other government agency. Although the TCU Money Market Portfolio seeks to preserve the value of an investment at $1.00 per unit, it is possible to lose money by investing in the Portfolio.
