Standard & Poor’s Rating: AAAf (The fund’s portfolio holdings provide extremely strong protection against losses from credit defaults.)

Fund Objective
Short duration fund developed for credit unions only.

The Portfolio seeks to achieve a high level of current income consistent with low volatility of principal. It invests primarily in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities that are authorized under the Federal Credit Union Act. Specifically, the Portfolio invests in Adjustable Rate Mortgages (ARMs) issued or guaranteed by FNMA, FHLMC, GNMA. The balance of the portfolio is invested in U.S. Treasury Notes, Collateralized Mortgage Obligations (CMOs) and cash.

Investor Profile

The Portfolio is intended for credit union investors who seek a high level of current income consistent with low volatility of principal through investment primarily in short duration government securities.

Portfolio Benefits

Purchases/Redemptions

Purchases in the Ultra-Short Government Portfolio will be made at NAV next determined after the order is received. If the order is received before 4:00 p.m. EST then the order will be made and begin earning income the following business day.

Redemptions may be placed through the Account Administration Desk or the SmartPlus system. If redemption requests in the GSP are received before 4:00 p.m. EST, federal funds will be received the following business day at the designated institution.

To view a current Prospectus or to order a printed Prospectus which includes more complete fund information, including investment policies, risk considerations, charges and expenses, please click here. Please read the prospectus carefully before investing.

For answers to your questions or more information about the Trust for Credit Unions, call Callahan Financial Services at 1-800-CFS-5678, or call Goldman Sachs Asset Management at 1-800-DIAL-TCU.

A Powerful Partnership Working to Meet Your Needs

• Callahan Financial Services, Inc.
• Callahan Credit Union Financial Services Limited Partnership (CUFSLP)
• Goldman, Sachs & Co.

Not FDIC-Insured

May Lose Value

No Bank Guarantee

NEW INVESTOR APPLICATION

The TCU Ultra-Short Government Portfolio's net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. All performance figures represent past performance and in no way guarantee future results, which will fluctuate as market conditions change.

Units of the portfolios are not endorsed by, insured by, obligations of, or otherwise supported by the U.S. government, the NCUSIF, the NCUA or any other governmental agency. An investment in the portfolios involves risk including possible loss of principal.

Callahan Financial Services, Inc. and Goldman, Sachs & Co. are co-distributors of the TCU Portfolios.

Annualized Total Returns are average annual total returns or cumulative total returns (only if performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value.

The Standardized 30-Day yield is calculated by dividing the net investment income per unit (as defined by the securities industry regulations) earned by the Portfolio over a 30-day period (ending on the stated month-end date) by the NAV per unit of the Portfolio on the last day of the period. This number is compounded semiannually and then annualized. This yield does not necessarily reflect income actually earned and distributed by the Portfolio and, therefore, may not be correlated to the dividends or other distributions paid to unitholders.