The TCU Short Duration Portfolio is designed to achieve high current income from investments in mortgage-backed securities. The Portfolio seeks to provide the investment characteristics and returns associated with a longer duration security, while providing the liquidity and flexibility of a mutual fund.

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

Fund Objective
The TCU Short Duration Portfolio seeks to achieve a high level of current income consistent with low volatility of principal. It invests primarily in privately issued mortgage-related securities rated AAf or better by Standard & Poor’s Ratings Group, and in mortgage-related securities issued by the U.S. government or its agencies or instrumentalities. All securities in the Portfolio are authorized under the Federal Credit Union Act.

Investor Profile
The Portfolio is intended for credit union investors who seek high current income from investments further out on the yield curve than the Trust’s other portfolios. It consists primarily of conventional mortgage-backed securities and obligations of the U.S. government.

Portfolio Benefits

Purchases/Redemptions

Purchases in the Short Duration Portfolio will be made at the 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.

Disclosures:

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 Annualized Yield 30-Day 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.

Callahan Financial Services, Inc. and Goldman, Sachs & Co. are co-distributors of the Trust for Credit Unions.

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

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.