TRUST FOR CREDIT UNIONS

/s/ Jay Johnson

Jay Johnson

Attorney-in-fact

0001193125-13-017200.txt : 20130118 0001193125-13-017200.hdr.sgml : 20130118 20130118135623 ACCESSION NUMBER: 0001193125-13-017200 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUST FOR CREDIT UNIONS CENTRAL INDEX KEY: 0000825759 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05407 FILM NUMBER: 13537006 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT SERVICING STREET 2: 4400 COMPUTER DRIVE CITY: WESTBOROUGH STATE: MA ZIP: 01581 BUSINESS PHONE: 800 342 5828 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT SERVICING STREET 2: 4400 COMPUTER DRIVE CITY: WESTBOROUGH STATE: MA ZIP: 01581 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUST FOR CREDIT UNIONS CENTRAL INDEX KEY: 0000825759 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-18781 FILM NUMBER: 13537007 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT SERVICING STREET 2: 4400 COMPUTER DRIVE CITY: WESTBOROUGH STATE: MA ZIP: 01581 BUSINESS PHONE: 800 342 5828 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT SERVICING STREET 2: 4400 COMPUTER DRIVE CITY: WESTBOROUGH STATE: MA ZIP: 01581

0000825759 S000009982 Money Market Portfolio

C000027605 Institutional TCUXX

C000116692 Investor Shares

0000825759 S000009983 Ultra-Short Duration Government Portfolio

C000027607 Institutional TCUUX

C000116693 Investor Shares

0000825759 S000009984 Short Duration Portfolio

C000027609 Institutional TCUDX

C000116694 Investor Shares

485BPOS 1 d458009d485bpos.htm TRUST FOR CREDIT UNIONS TRUST FOR CREDIT UNIONS

As filed with the Securities and Exchange Commission on January 18, 2013

Securities Act File No. 033-18781

Investment Company Act File No. 811-5407

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*		x
		Pre-effective Amendment No.		¨
		Post-effective Amendment No. 43		x

and/or

REGISTRATION STATEMENT

UNDER


		*THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 45		x

TRUST FOR CREDIT UNIONS

(Exact Name of Registrant as Specified in Charter)

4400 Computer Drive,

Westborough, MA 01581

(Address of Principal Executive Offices)

(800) 342-5828

(Registrant’s Telephone Number, including Area Code)

Jay Johnson

Callahan Financial Services, Inc.

1001 Connecticut Avenue NW, Suite 1001,

Washington, DC 20036

(Name and Address of Agent for Service)

With Copies to:

Mary Jo Reilly, Esq.

Drinker Biddle & Reath LLP

One Logan Square

Ste. 2000

Philadelphia, PA 19103-6996

It is proposed that this filing will become effective (check appropriate box):

immediately upon filing pursuant to paragraph (b)

on pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 (the “Securities Act”) and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 43 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Washington, D.C. on the 18^th day of January, 2013.


TRUST FOR CREDIT UNIONS

By:		/s/ Jay Johnson
		Jay Johnson
		Treasurer

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 43 to the Registration Statement has been signed below by the following persons in the capacities indicated on January 18, 2013.


Name	Title	Date

*Rudolf J. Hanley
Rudolf J. Hanley	Chairman and Trustee	January 18, 2013

/s/ Chip Filson
Charles W. Filson	President (Principal Executive Officer)	January 18, 2013

/s/ Jay Johnson	Treasurer (Principal Financial and
Jay Johnson	Accounting Officer)	January 18, 2013

*James C. Barr
James C. Barr	Trustee	January 18, 2013

*Robert M. Coen
Robert M. Coen	Trustee	January 18, 2013

*Stanley C. Hollen
Stanley C. Hollen	Vice Chairman and Trustee	January 18, 2013

*Gary Oakland
Gary Oakland	Trustee	January 18, 2013

/s/ James F. Regan
James F. Regan	Trustee	January 18, 2013

*Eugene A. O’Rourke
Eugene A. O’Rourke	Trustee	January 18, 2013

*Wendell A. Sebastian
Wendell A. Sebastian	Trustee	January 18, 2013

*	Pursuant to a power of attorney incorporated by reference (Accession No. 0000950123-10-094632).

SCHEDULE OF EXHIBITS TO FORM N-1A

Trust for Credit Unions


Exhibit Number		Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 tfcu3-20121228.xml XBRL INSTANCE DOCUMENT 0000825759 2011-12-29 2012-12-28 0000825759 tfcu3:S000009982Member tfcu3:TcuMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:TcuMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:TcuMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009982Member tfcu3:TcuMember tfcu3:C000027605Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:TcuMember tfcu3:C000027607Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:TcuMember tfcu3:C000027609Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:TcuMember tfcu3:BofaMerrillLynchSixMonthUSTreasuryBillIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:TcuMember tfcu3:BofaMerrillLynchOneYearUSTreasuryNoteIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:TcuMember tfcu3:BarclaysCapitalMutualFundShortOneTwoYearGovernmentIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:TcuMember tfcu3:BofaMerrillLynchTwoYearUSTreasuryNoteIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:TcuMember tfcu3:BarclaysCapitalMutualFundShortOneThreeYearGovernmentIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009982Member tfcu3:InvestorSharesMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009982Member tfcu3:InvestorSharesMember tfcu3:C000116692Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:InvestorSharesMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009982Member tfcu3:InvestorSharesMember tfcu3:C000027605Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:InvestorSharesMember tfcu3:C000116694Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:InvestorSharesMember tfcu3:C000027609Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:InvestorSharesMember tfcu3:BofaMerrillLynchTwoYearUSTreasuryNoteIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009984Member tfcu3:InvestorSharesMember tfcu3:BarclaysCapitalMutualFundShortOneThreeYearGovernmentIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:InvestorSharesMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:InvestorSharesMember tfcu3:C000027607Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:InvestorSharesMember tfcu3:C000116693Member 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:InvestorSharesMember tfcu3:BofaMerrillLynchSixMonthUSTreasuryBillIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:InvestorSharesMember tfcu3:BofaMerrillLynchOneYearUSTreasuryNoteIndexMember 2011-12-29 2012-12-28 0000825759 tfcu3:S000009983Member tfcu3:InvestorSharesMember tfcu3:BarclaysCapitalMutualFundShortOneTwoYearGovernmentIndexMember 2011-12-29 2012-12-28 pure iso4217:USD 485BPOS 2012-08-31 TRUST FOR CREDIT UNIONS 0000825759 false 2012-12-28 2012-12-28 2012-12-28 INVESTMENT OBJECTIVE 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. PORTFOLIO FEES AND EXPENSES Ultra-Short Duration Government Portfolio INVESTMENT OBJECTIVE The Ultra-Short Duration Government 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. Summary Section Money Market Portfolio This table describes the fees and expenses that you may pay if you buy and hold TCU Shares* of the Portfolio. * Prior to October 1, 2012, the Money Market Portfolio offered only one class of shares, which have been redesignated as TCU Shares. PORTFOLIO FEES AND EXPENSES Short Duration Portfolio INVESTMENT OBJECTIVE The Short Duration 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. This table describes the fees and expenses that you may pay if you buy and hold TCU Shares* of the Portfolio. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. PORTFOLIO FEES AND EXPENSES 0 Shareholder Fees (fees paid directly from your investment): 0 0 0 0 0 0 0 0 0 0 0 Shareholder Fees (fees paid directly from your investment): Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0.0019 0.0005 0.0014 0.0034 Shareholder Fees (fees paid directly from your investment): Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXAMPLE 0.002 0.0028 0.001 0.0018 This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in TCU Shares of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses for TCU Shares of the Portfolio remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0048 35 109 -0.0028 191 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.002 431 0.0015 0.002 0.0005 0.0015 EXAMPLE 0.0035 PORTFOLIO TURNOVER This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in TCU Shares of the Portfolio for the time periods indicated and then redeem all of your TCU Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses for TCU Shares of the Portfolio remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: EXAMPLE This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in TCU Shares of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses for TCU Shares of the Portfolio remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1.05 36 PRINCIPAL INVESTMENT STRATEGIES 113 197 443 20 126 241 577 PRINCIPAL INVESTMENT STRATEGIES This table describes the fees and expenses that you may pay if you buy and hold TCU Shares* of the Portfolio. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 173% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES Investments: The Portfolio invests exclusively in:<ul type="square"><li style="margin-left:-20px">Securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”) and related custodial receipts</li><li style="margin-left:-20px">U.S. dollar-denominated obligations issued or guaranteed by U.S. banks with total assets exceeding $1 billion (including obligations issued by foreign branches of such banks), but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder</li><li style="margin-left:-20px">Repurchase agreements related to the securities described above</li><li style="margin-left:-20px">Federal funds</li></ul>The Portfolio’s securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”). Under Rule 2a-7, the Portfolio may invest only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including conditions relating to maturity, portfolio diversification, portfolio liquidity and credit quality. The Portfolio seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. Pursuant to an order of the Securities and Exchange Commission (“SEC”), the Portfolio may enter into principal transactions in certain taxable money market instruments, including repurchase agreements, with Goldman, Sachs & Co. (“Goldman Sachs”), an affiliate of the Portfolio’s investment adviser. PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. PERFORMANCE <ul type="square"><li style="margin-left:-20px">Credit/Default Risk—The risk that an issuer or guarantor of a security, or a bank (or a foreign branch of a U.S. bank) or other financial institution that has entered into a repurchase agreement with the Portfolio, may default on its obligations to pay interest and repay principal. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant NAV deterioration.</li><li style="margin-left:-20px">Interest Rate Risk—The risk that during periods of rising interest rates, the Portfolio’s yield (and the market value of its fixed-income securities) will tend to be lower than prevailing market rates. A low interest rate environment poses additional risks to the Portfolio, because low yields on the Portfolio’s holdings may have an adverse impact on the Portfolio’s ability to provide a positive yield to its shareholders, pay expenses out of Portfolio assets, or, at times, maintain a stable $1.00 share price.</li><li style="margin-left:-20px">Liquidity Risk—The risk that the Portfolio may make investments that may become less liquid in response to market developments or adverse investor perception. Illiquid investments may be more difficult to value. While the Portfolio endeavors to maintain a high level of liquidity, the liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors or due to general market conditions and a lack of willing buyers. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell one or more portfolio positions can adversely affect the Portfolio’s ability to maintain a $1.00 share price or prevent the Portfolio from being able to take advantage of other investment opportunities. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the time period stated in the Prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Certain shareholders may own or control a significant percentage of the Portfolio’s shares, and redemptions by these shareholders of their Portfolio shares may further increase the Portfolio’s liquidity risk and may adversely impact the Portfolio’s NAV.</li><li style="margin-left:-20px">Management Risk—The risk that a strategy used by the Portfolio’s investment adviser may fail to produce the intended results.</li><li style="margin-left:-20px">Market Risk—The risk that the value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions.</li><li style="margin-left:-20px">Regulatory Risk—The SEC has recently adopted amendments to money market fund regulations, imposing new liquidity, credit quality, and maturity requirements on all money market funds, and may adopt additional amendments in the future. These changes may adversely affect the Portfolio’s return potential.</li><li style="margin-left:-20px">Stable NAV Risk—The risk that the Portfolio will not be able to maintain a NAV per share of $1.00 at all times. Shareholders of the Portfolio should not rely on or expect the investment adviser or an affiliate to purchase distressed assets from the Portfolio, make capital infusions into the Portfolio, enter into capital support agreements with the Portfolio or take other actions to help the Portfolio maintain a stable $1.00 share price.</li><li style="margin-left:-20px">U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many types of U.S. government securities may be purchased by the Portfolio, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by a Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.</li></ul>An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, the National Credit Union Administration (“NCUA”), the Federal Deposit Insurance Corporation or any other governmental 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. Investments: The Portfolio invests exclusively in:<ul type="square"><li style="margin-left:-20px">U.S. Government Securities and related custodial receipts </li><li style="margin-left:-20px">Repurchase agreements related to the securities described above </li><li style="margin-left:-20px">Short-term obligations that are permitted investments for the Money Market Portfolio, such as U.S. Government Securities and related custodial receipts, and U.S. dollar-denominated obligations issued or guaranteed by U.S. banks with total assets exceeding $1 billion (including obligations issued by foreign branches of such banks), but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder</li></ul>Under normal circumstances, at least 80% of the net assets (measured at the time of purchase) of the Portfolio will be invested in U.S. Government Securities, including mortgage-related securities representing an interest in or collateralized by other mortgage-related securities and/or in repurchase agreements collateralized by U.S. Government Securities. The Portfolio expects that a substantial portion of its assets will be invested in mortgage-related securities. While there will be fluctuations in the NAV of the Portfolio, 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. Portfolio Duration (under normal interest rate conditions): The Portfolio’s target duration is that of the BofA Merrill Lynch Six-Month U.S. Treasury Bill Index to the BofA Merrill Lynch One-Year U.S. Treasury Note Index and its maximum duration is that of a Two-Year U.S. Treasury Security (the Portfolio’s duration approximates its price sensitivity to changes in interest rates). Over the past ten years, the duration of the BofA Merrill Lynch Six-Month U.S. Treasury Bill Index, the BofA Merrill Lynch One-Year U.S. Treasury Note Index and a Two-Year U.S. Treasury Security have been approximately 0.48, 0.98, and 1.92 respectively. Expected Approximate Interest Rate Sensitivity: Nine-Month Treasury Bill Credit Quality: U.S. Government Securities Benchmarks: BofA Merrill Lynch Six-Month U.S. Treasury Bill Index and BofA Merrill Lynch One-Year U.S. Treasury Note Index Investment Adviser’s Investment Philosophy: Global fixed income markets are constantly evolving and are highly diverse—with myriad sectors, issuers and securities. The Investment Adviser believes that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, the Investment Adviser believes it is critical to:<ul type="square"><li style="margin-left:-20px">Thoughtfully combine diversified sources of return by employing multiple investment strategies </li><li style="margin-left:-20px">Take a global perspective to uncover relative value opportunities </li><li style="margin-left:-20px">Employ focused specialist teams to identify short-term mispricings and incorporate long-term views </li><li style="margin-left:-20px">Emphasize a risk-aware approach as the Investment Adviser views risk management as both an offensive and defensive tool </li><li style="margin-left:-20px">Build a strong team of skilled investors who excel on behalf of our clients</li></ul> 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. PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, the National Credit Union Administration (“NCUA”), the Federal Deposit Insurance Corporation or any other governmental agency. December 31, 2013 PERFORMANCE During normal market conditions, the Portfolio intends to invest a substantial portion of its assets in mortgage-related securities, which include privately-issued mortgage-related securities rated, at the time of purchase, in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) and mortgage-related securities that are U.S. Government Securities. Mortgage-related securities held by the Portfolio may include both adjustable rate and fixed rate mortgage pass-through securities, collateralized mortgage obligations and other multiclass 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. The Portfolio may also invest in:<ul type="square"><li style="margin-left:-20px">Other U.S. Government Securities and related custodial receipts </li><li style="margin-left:-20px">Repurchase agreements related to the securities described above </li><li style="margin-left:-20px">Short-term obligations that are permitted investments for the Money Market Portfolio, such as U.S. Government Securities and related custodial receipts, and U.S. dollar-denominated obligations issued or guaranteed by U.S. banks with total assets exceeding $1 billion (including obligations issued by foreign branches of such banks), but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder</li></ul>The Portfolio will attempt, through the purchase of securities with short or negative durations, to limit the effect of interest rate fluctuations on the Portfolio’s NAV. Portfolio Duration (under normal interest rate conditions): The Portfolio’s target duration is equal to that of the BofA Merrill Lynch Two-Year U.S. Treasury Note Index and its maximum duration is that of a Three-Year U.S. Treasury Security (the Portfolio’s duration approximates its price sensitivity to changes in interest rates). Over the past ten years, the duration of the BofA Merrill Lynch Two-Year U.S. Treasury Note Index and a Three-Year U.S. Treasury Security have been approximately 1.92 and 2.78, respectively. Expected Approximate Interest Rate Sensitivity: Two-Year U.S. Treasury Note Credit Quality: Privately issued mortgage securities rated AAA or Aaa or AA or Aa by a NRSRO at the time of purchase; U.S. Government Securities Benchmark: The BofA Merrill Lynch Two-Year U.S. Treasury Note Index Investment Adviser’s Investment Philosophy: Global fixed income markets are constantly evolving and are highly diverse—with myriad sectors, issuers and securities. The Investment Adviser believes that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, the Investment Adviser believes it is critical to:<ul type="square"><li style="margin-left:-20px">Thoughtfully combine diversified sources of return by employing multiple investment strategies</li><li style="margin-left:-20px">Take a global perspective to uncover relative value opportunities</li><li style="margin-left:-20px">Employ focused specialist teams to identify short-term mispricings and incorporate long-term views</li><li style="margin-left:-20px">Emphasize a risk-aware approach as the Investment Adviser views risk management as both an offensive and defensive tool</li><li style="margin-left:-20px">Build a strong team of skilled investors who excel on behalf of our clients</li></ul> The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of TCU Shares of the Portfolio from year to year for the last ten calendar years; and (b) the average annual total returns of TCU Shares of the Portfolio for the 1-year, 5-year, 10-year and since inception periods*. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. 1-800-342-5828 or 1-800-237-5678 0.0168 0.0106 0.0126 0.0315 0.0503 0.0516 0.0221 0.0022 0.0009 0.0002 TOTAL RETURN CALENDAR YEAR <ul type="square"><li style="margin-left:-20px">Call Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities.</li><li style="margin-left:-20px">Credit/Default Risk—An issuer or guarantor of fixed income securities held by the Portfolio may default on its obligation to pay interest and repay principal. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant NAV deterioration. </li><li style="margin-left:-20px">Extension Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Portfolio will also suffer from the inability to invest in higher yielding securities. </li><li style="margin-left:-20px">Interest Rate Risk—The risk that when interest rates increase, fixed income securities held by the Portfolio will generally decline in value. Long-term fixed income securities will normally have more price volatility because of this risk than short-term fixed income securities. </li><li style="margin-left:-20px">Liquidity Risk—The risk that the Portfolio may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</li><li style="margin-left:-20px">Management Risk—The risk that a strategy used by the Portfolio’s investment adviser may fail to produce the intended results. </li><li style="margin-left:-20px">Market Risk—The risk that the value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions. Price changes may be temporary or last for extended periods. The Portfolio’s investments may be overweighted from time to time in one or more industry sectors or countries, which will increase the Portfolio’s exposure to risk of loss from adverse developments affecting those sectors or countries.</li><li style="margin-left:-20px">Mortgage-Backed Securities Risk—Mortgage-related securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Portfolio to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. </li><li style="margin-left:-20px">Portfolio Turnover Rate Risk—A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders.</li><li style="margin-left:-20px">U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many types of U.S. government securities may be purchased by the Portfolio, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by a Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.</li></ul>As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of TCU Shares of the Portfolio from year to year for the last ten calendar years; and (b) the average annual total returns of TCU Shares of the Portfolio for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices*. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available and may be obtained on the Fund’s website at www.trustcu.com and/or by calling 1-800-342-5828 or 1-800-237-5678. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. The total return for the 9-month period ended 2012-09-30 0.0005 Best Quarter 2006-12-31 0.0132 Worst Quarter 2011-12-31 0 TOTAL RETURN CALENDAR YEAR AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 The total return for the 9-month period ended September 30, 2012 was 0.61%. Best Quarter Q4 ‘08            +1.75% Worst Quarter Q2 ‘04             −0.13% 0.0002 0.0152 0.0197 0.041 0.0401 0.0161 0.0164 0.03 0.0474 0.0553 0.0421 1988-05-17 0.0227 0.0079 0.0067 The total return for the 9-month period ended 2012-09-30 0.0061 Best Quarter 2008-12-31 0.0175 Worst Quarter 2004-06-30 -0.0013 1-800-342-5828 or 1-800-237-5678 www.trustcu.com <ul type="square"><li style="margin-left:-20px">Call Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities.</li><li style="margin-left:-20px">Credit/Default Risk—An issuer or guarantor of fixed income securities held by the Portfolio may default on its obligation to pay interest and repay principal. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant NAV deterioration.</li><li style="margin-left:-20px">Extension Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Portfolio will also suffer from the inability to invest in higher yielding securities.</li><li style="margin-left:-20px">Interest Rate Risk—The risk that when interest rates increase, fixed income securities held by the Portfolio will generally decline in value. Long-term fixed income securities will normally have more price volatility because of this risk than short-term fixed income securities.</li><li style="margin-left:-20px">Liquidity Risk—The risk that the Portfolio may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</li><li style="margin-left:-20px">Management Risk—The risk that a strategy used by the Portfolio’s investment adviser may fail to produce the intended results.</li><li style="margin-left:-20px">Market Risk—The risk that the value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions. Price changes may be temporary or last for extended periods. The Portfolio’s investments may be overweighted from time to time in one or more industry sectors or countries, which will increase the Portfolio’s exposure to risk of loss from adverse developments affecting those sectors or countries.</li><li style="margin-left:-20px">Mortgage-Backed Securities Risk—Mortgage-related securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Portfolio to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities.</li><li style="margin-left:-20px">Portfolio Turnover Rate Risk—A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders.</li><li style="margin-left:-20px">U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many types of U.S. government securities may be purchased by the Portfolio, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by a Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.</li></ul>As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of TCU Shares of the Portfolio from year to year for the last ten calendar years; and (b) the average annual total returns of TCU Shares of the Portfolio for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices*. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available and may be obtained on the Fund’s website at www.trustcu.com and/or by calling 1-800-342-5828 or 1-800-237-5678. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. 0.0067 0.0027 0.0057 0.0101 0.0268 0.0206 0.0328 0.0255 0.0283 0.0229 0.0249 0.0304 0.0346 0.0375 0.0409 0.044 TOTAL RETURN CALENDAR YEAR 1991-07-10 The total return for the 9-month period ended September 30, 2012 was 1.07%. Best Quarter Q2 ‘02            +2.37% Worst Quarter Q2 ‘04             −0.77% 0.0584 0.0284 0.024 0.0186 0.048 0.0547 0.0277 0.0427 0.028 0.0144 The total return for the 9-month period ended September 30, 2012 was 0.05%. Best Quarter Q4 ‘06            +1.32% Worst Quarter Q4 ‘11            +0.00% AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 0.0144 0.0146 0.0156 0.0334 0.039 0.038 0.0344 0.0345 0.0338 0.0424 0.0448 0.0466 <div style="display:none">~ http://www.trustcu.com/role/ScheduleShareholderFeesUltra-ShortDurationGovernmentPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualFundOperatingExpensesUltra-ShortDurationGovernmentPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleExpenseExampleTransposedUltra-ShortDurationGovernmentPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAverageAnnualTotalReturnsTransposedUltra-ShortDurationGovernmentPortfolio column period compact * ~</div> AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of TCU Shares of the Portfolio from year to year for the last ten calendar years; and (b) the average annual total returns of TCU Shares of the Portfolio for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices*. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. INVESTMENT OBJECTIVE 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. This table describes the fees and expenses that you may pay if you buy and hold Investor Shares of the Portfolio. Shareholder Fees (fees paid directly from your investment): Summary Section Money Market Portfolio 0 0 0 0 0 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.002 0.0028 0.001 0.0018 0.0048 -0.0028 0.002 December 31, 2013 EXAMPLE This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Shares of the Portfolio for the time periods indicated and then redeem all of your Investor Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses for Investor Shares of the Portfolio remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investments:  The Portfolio invests exclusively in:<ul type="square"><li style="margin-left:-20px">Securities issued or guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”) and related custodial receipts </li><li style="margin-left:-20px">U.S. dollar-denominated obligations issued or guaranteed by U.S. banks with total assets exceeding $1 billion (including obligations issued by foreign branches of such banks), but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder </li><li style="margin-left:-20px">Repurchase agreements related to the securities described above </li><li style="margin-left:-20px">Federal funds </li></ul>The Portfolio’s securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”). Under Rule 2a-7, the Portfolio may invest only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including conditions relating to maturity, portfolio diversification, portfolio liquidity and credit quality. The Portfolio seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. Pursuant to an order of the Securities and Exchange Commission (“SEC”), the Portfolio may enter into principal transactions in certain taxable money market instruments, including repurchase agreements, with Goldman, Sachs & Co. (“Goldman Sachs”), an affiliate of the Portfolio’s investment adviser. PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO <ul type="square"><li style="margin-left:-20px">Credit/Default Risk—The risk that an issuer or guarantor of a security, or a bank (or a foreign branch of a U.S. bank) or other financial institution that has entered into a repurchase agreement with the Portfolio, may default on its obligations to pay interest and repay principal. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant NAV deterioration.</li><li style="margin-left:-20px">Interest Rate Risk—The risk that during periods of rising interest rates, the Portfolio’s yield (and the market value of its fixed-income securities) will tend to be lower than prevailing market rates. A low interest rate environment poses additional risks to the Portfolio, because low yields on the Portfolio’s holdings may have an adverse impact on the Portfolio’s ability to provide a positive yield to its shareholders, pay expenses out of Portfolio assets, or, at times, maintain a stable $1.00 share price.</li><li style="margin-left:-20px">Liquidity Risk—The risk that the Portfolio may make investments that may become less liquid in response to market developments or adverse investor perception. Illiquid investments may be more difficult to value. While the Portfolio endeavors to maintain a high level of liquidity, the liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors or due to general market conditions and a lack of willing buyers. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Portfolio may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell one or more portfolio positions can adversely affect the Portfolio’s ability to maintain a $1.00 share price or prevent the Portfolio from being able to take advantage of other investment opportunities. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the time period stated in the Prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Certain shareholders may own or control a significant percentage of the Portfolio’s shares, and redemptions by these shareholders of their Portfolio shares may further increase the Portfolio’s liquidity risk and may adversely impact the Portfolio’s NAV.</li><li style="margin-left:-20px">Management Risk—The risk that a strategy used by the Portfolio’s investment adviser may fail to produce the intended results.</li><li style="margin-left:-20px">Market Risk—The risk that the value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions.</li><li style="margin-left:-20px">Regulatory Risk—The SEC has recently adopted amendments to money market fund regulations, imposing new liquidity, credit quality, and maturity requirements on all money market funds, and may adopt additional amendments in the future. These changes may adversely affect the Portfolio’s return potential.</li><li style="margin-left:-20px">Stable NAV Risk—The risk that the Portfolio will not be able to maintain a NAV per share of $1.00 at all times. Shareholders of the Portfolio should not rely on or expect the investment adviser or an affiliate to purchase distressed assets from the Portfolio, make capital infusions into the Portfolio, enter into capital support agreements with the Portfolio or take other actions to help the Portfolio maintain a stable $1.00 share price.</li><li style="margin-left:-20px">U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many types of U.S. government securities may be purchased by the Portfolio, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by a Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.</li></ul>An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, the National Credit Union Administration (“NCUA”), the Federal Deposit Insurance Corporation or any other governmental 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. 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. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, the National Credit Union Administration (“NCUA”), the Federal Deposit Insurance Corporation or any other governmental agency. PERFORMANCE Short Duration Portfolio INVESTMENT OBJECTIVE The Short Duration 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. PORTFOLIO FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold Investor Shares of the Portfolio. Shareholder Fees (fees paid directly from your investment): Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXAMPLE This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Shares of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses for Investor Shares of the Portfolio remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PORTFOLIO TURNOVER PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO PERFORMANCE TOTAL RETURN CALENDAR YEAR AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the Portfolio’s performance from year to year for the last ten calendar years; and (b) the Portfolio’s average annual total returns for the 1-year, 5-year, 10-year and since inception periods. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. You may obtain the Portfolio’s current yield by calling 1-800-342-5828 or 1-800-237-5678. As of the date of this Prospectus, Investor Shares of the Portfolio had been offered to investors for less than one calendar year. The returns below represent the returns for TCU Shares of the Portfolio which are offered in a separate prospectus. TCU Shares and Investor Shares of the Portfolio should have returns that are substantially the same because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the Portfolio’s performance from year to year for the last ten calendar years; and (b) the Portfolio’s average annual total returns for the 1-year, 5-year, 10-year and since inception periods. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 173% of the average value of its portfolio. 1-800-342-5828 or 1-800-237-5678 As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. TOTAL RETURN CALENDAR YEAR The total return for the 9-month period ended September 30, 2012 was 0.05%. Best Quarter Q4 ‘06            +1.32% Worst Quarter Q4 ‘11            +0.00% AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 The total return for the 9-month period ended 2012-09-30 0.0005 Best Quarter 0.0015 0.0003 0.002 0.0005 0.0015 2006-12-31 0.0038 Worst Quarter 0.0132 2011-12-31 0 0.0144 0.0146 0.0156 0.0334 0.039 0.038 0.0344 0.0345 0.0338 0.0424 0.0448 0.0466 1.73 1992-10-09 1992-11-01 0.0584 0.0284 0.024 0.048 0.0547 0.0277 0.0427 Ultra-Short Duration Government Portfolio INVESTMENT OBJECTIVE PORTFOLIO FEES AND EXPENSES Shareholder Fees (fees paid directly from your investment): During normal market conditions, the Portfolio intends to invest a substantial portion of its assets in mortgage-related securities, which include privately-issued mortgage-related securities rated, at the time of purchase, in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) and mortgage-related securities that are U.S. Government Securities. Mortgage-related securities held by the Portfolio may include both adjustable rate and fixed rate mortgage pass-through securities, collateralized mortgage obligations and other multiclass 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. The Portfolio may also invest in: <ul type="square"><li style="margin-left:-20px">Other U.S. Government Securities and related custodial receipts</li> <li style="margin-left:-20px">Repurchase agreements related to the securities described above</li> <li style="margin-left:-20px">Short-term obligations that are permitted investments for the Money Market Portfolio, such as U.S. Government Securities and related custodial receipts, and U.S. dollar-denominated obligations issued or guaranteed by U.S. banks with total assets exceeding $1 billion (including obligations issued by foreign branches of such banks), but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder</li></ul> The Portfolio will attempt, through the purchase of securities with short or negative durations, to limit the effect of interest rate fluctuations on the Portfolio’s NAV. Portfolio Duration (under normal interest rate conditions): The Portfolio’s target duration is equal to that of the BofA Merrill Lynch Two-Year U.S. Treasury Note Index and its maximum duration is that of a Three-Year U.S. Treasury Security (the Portfolio’s duration approximates its price sensitivity to changes in interest rates). Over the past ten years, the duration of the BofA Merrill Lynch Two-Year U.S. Treasury Note Index and a Three-Year U.S. Treasury Security have been approximately 1.92 and 2.78, respectively. Expected Approximate Interest Rate Sensitivity: Two-Year U.S. Treasury Note Credit Quality:  Privately issued mortgage securities rated AAA or Aaa or AA or Aa by a NRSRO at the time of purchase; U.S. Government Securities Benchmark:  The BofA Merrill Lynch Two-Year U.S. Treasury Note Index Investment Adviser’s Investment Philosophy: Global fixed income markets are constantly evolving and are highly diverse—with myriad sectors, issuers and securities. The Investment Adviser believes that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, the Investment Adviser believes it is critical to: <ul type="square"><li style="margin-left:-20px">Thoughtfully combine diversified sources of return by employing multiple investment strategies</li> <li style="margin-left:-20px">Take a global perspective to uncover relative value opportunities</li> <li style="margin-left:-20px">Employ focused specialist teams to identify short-term mispricings and incorporate long-term views</li> <li style="margin-left:-20px">Emphasize a risk-aware approach as the Investment Adviser views risk management as both an offensive and defensive tool</li> <li style="margin-left:-20px">Build a strong team of skilled investors who excel on behalf of our clients</li></ul> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): EXAMPLE PORTFOLIO TURNOVER PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO PERFORMANCE TOTAL RETURN CALENDAR YEAR AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2011 The Ultra-Short Duration Government 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. This table describes the fees and expenses that you may pay if you buy and hold Investor Shares of the Portfolio. This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Shares of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses for Investor Shares of the Portfolio remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 105% of the average value of its portfolio. Investments:  The Portfolio invests exclusively in:<ul type="square"><li style="margin-left:-20px">U.S. Government Securities and related custodial receipts </li><li style="margin-left:-20px">Repurchase agreements related to the securities described above </li><li style="margin-left:-20px">Short-term obligations that are permitted investments for the Money Market Portfolio, such as U.S. Government Securities and related custodial receipts, and U.S. dollar-denominated obligations issued or guaranteed by U.S. banks with total assets exceeding $1 billion (including obligations issued by foreign branches of such banks), but only to the extent permitted under the Federal Credit Union Act and the rules and regulations thereunder</li></ul>Under normal circumstances, at least 80% of the net assets (measured at the time of purchase) of the Portfolio will be invested in U.S. Government Securities, including mortgage-related securities representing an interest in or collateralized by other mortgage-related securities and/or in repurchase agreements collateralized by U.S. Government Securities. The Portfolio expects that a substantial portion of its assets will be invested in mortgage-related securities. While there will be fluctuations in the NAV of the Portfolio, 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. Portfolio Duration (under normal interest rate conditions): The Portfolio’s target duration is that of the BofA Merrill Lynch Six-Month U.S. Treasury Bill Index to the BofA Merrill Lynch One-Year U.S. Treasury Note Index and its maximum duration is that of a Two-Year U.S. Treasury Security (the Portfolio’s duration approximates its price sensitivity to changes in interest rates). Over the past ten years, the duration of the BofA Merrill Lynch Six-Month U.S. Treasury Bill Index, the BofA Merrill Lynch One-Year U.S. Treasury Note Index and a Two-Year U.S. Treasury Security have been approximately 0.48, 0.98, and 1.92 respectively. Expected Approximate Interest Rate Sensitivity:  Nine-Month Treasury Bill Credit Quality:  U.S. Government Securities Benchmarks:  BofA Merrill Lynch Six-Month U.S. Treasury Bill Index and BofA Merrill Lynch One-Year U.S. Treasury Note Index Investment Adviser’s Investment Philosophy: Global fixed income markets are constantly evolving and are highly diverse—with myriad sectors, issuers and securities. The Investment Adviser believes that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, the Investment Adviser believes it is critical to:<ul type="square"><li style="margin-left:-20px">Thoughtfully combine diversified sources of return by employing multiple investment strategies </li><li style="margin-left:-20px">Take a global perspective to uncover relative value opportunities</li><li style="margin-left:-20px">Employ focused specialist teams to identify short-term mispricings and incorporate long-term views</li><li style="margin-left:-20px">Emphasize a risk-aware approach as the Investment Adviser views risk management as both an offensive and defensive tool</li><li style="margin-left:-20px">Build a strong team of skilled investors who excel on behalf of our clients</li></ul> <ul type="square"><li style="margin-left:-20px">Call Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities.</li><li style="margin-left:-20px">Credit/Default Risk—An issuer or guarantor of fixed income securities held by the Portfolio may default on its obligation to pay interest and repay principal. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant NAV deterioration.</li><li style="margin-left:-20px">Extension Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Portfolio will also suffer from the inability to invest in higher yielding securities.</li><li style="margin-left:-20px">Interest Rate Risk—The risk that when interest rates increase, fixed income securities held by the Portfolio will generally decline in value. Long-term fixed income securities will normally have more price volatility because of this risk than short-term fixed income securities.</li><li style="margin-left:-20px">Liquidity Risk—The risk that the Portfolio may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</li><li style="margin-left:-20px">Management Risk—The risk that a strategy used by the Portfolio’s investment adviser may fail to produce the intended results.</li><li style="margin-left:-20px">Market Risk—The risk that the value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions. Price changes may be temporary or last for extended periods. The Portfolio’s investments may be overweighted from time to time in one or more industry sectors or countries, which will increase the Portfolio’s exposure to risk of loss from adverse developments affecting those sectors or countries.</li><li style="margin-left:-20px">Mortgage-Backed Securities Risk—Mortgage-related securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Portfolio to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities.</li><li style="margin-left:-20px">Portfolio Turnover Rate Risk—A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders.</li><li style="margin-left:-20px">U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many types of U.S. government securities may be purchased by the Portfolio, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by a Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.</li></ul>As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the Portfolio’s performance from year to year for the last ten calendar years; and (b) the Portfolio’s average annual total returns for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available and may be obtained on the Fund’s website at www.trustcu.com and/or by calling 1-800-342-5828 or 1-800-237-5678. As of the date of this Prospectus, Investor Shares of the Portfolio had been offered to investors for less than one calendar year. The returns below represent the returns for TCU Shares of the Portfolio which are offered in a separate prospectus. TCU Shares and Investor Shares of the Portfolio should have returns that are substantially the same because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses. The total return for the 9-month period ended September 30, 2012 was 0.61%. Best Quarter Q4 ‘08            +1.75% Worst Quarter Q2 ‘04            –0.13% 0.0401 0.0161 0.0164 0.03 0.0474 0.0553 0.0421 0.0227 0.0079 0.0067 0 0 0 0 0 0 <ul type="square"><li style="margin-left:-20px">Call Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities.</li> <li style="margin-left:-20px">Credit/Default Risk—An issuer or guarantor of fixed income securities held by the Portfolio may default on its obligation to pay interest and repay principal. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Portfolio’s liquidity and cause significant NAV deterioration.</li> <li style="margin-left:-20px">Extension Risk—The risk that an issuer will exercise its right to pay principal on an obligation held by the Portfolio (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Portfolio will also suffer from the inability to invest in higher yielding securities.</li> <li style="margin-left:-20px">Interest Rate Risk—The risk that when interest rates increase, fixed income securities held by the Portfolio will generally decline in value. Long-term fixed income securities will normally have more price volatility because of this risk than short-term fixed income securities.</li> <li style="margin-left:-20px">Liquidity Risk—The risk that the Portfolio may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</li> <li style="margin-left:-20px">Management Risk—The risk that a strategy used by the Portfolio’s investment adviser may fail to produce the intended results.</li> <li style="margin-left:-20px">Market Risk—The risk that the value of the securities in which the Portfolio invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions. Price changes may be temporary or last for extended periods. The Portfolio’s investments may be overweighted from time to time in one or more industry sectors or countries, which will increase the Portfolio’s exposure to risk of loss from adverse developments affecting those sectors or countries.</li> <li style="margin-left:-20px">Mortgage-Backed Securities Risk—Mortgage-related securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Portfolio to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities.</li> <li style="margin-left:-20px">Portfolio Turnover Rate Risk—A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders.</li> <li style="margin-left:-20px">U.S. Government Securities Risk—The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many types of U.S. government securities may be purchased by the Portfolio, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by a Portfolio may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.</li></ul>As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the Portfolio’s performance from year to year for the last ten calendar years; and (b) the Portfolio’s average annual total returns for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available and may be obtained on the Fund’s website at www.trustcu.com and/or by calling 1-800-342-5828 or 1-800-237-5678. As of the date of this Prospectus, Investor Shares of the Portfolio had been offered to investors for less than one calendar year. The returns below represent the returns for TCU Shares of the Portfolio which are offered in a separate prospectus. TCU Shares and Investor Shares of the Portfolio should have returns that are substantially the same because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses. 1-800-342-5828 or 1-800-237-5678 The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the Portfolio’s performance from year to year for the last ten calendar years; and (b) the Portfolio’s average annual total returns for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices. www.trustcu.com The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. The total return for the 9-month period ended September 30, 2012 was 1.07%. Best Quarter Q2 ‘02            +2.37% Worst Quarter Q2 ‘04             –0.77% The total return for the 9-month period ended 2012-09-30 0.0107 Best Quarter 2002-06-30 0.0237 Worst Quarter 2004-06-30 -0.0077 0.0015 0.0003 0.0019 0.0005 0.0014 0.0037 38 119 208 468 0.0067 0.0027 0.0057 0.0101 0.0268 0.0206 0.0255 0.0328 0.0283 0.0229 0.0249 0.0304 0.0346 0.0375 0.0409 0.044 1991-07-10 1.05 As with any mutual fund, it is possible to lose money on an investment in the Portfolio. An investment in the Portfolio is not a deposit of any credit union and is not insured or guaranteed by the National Credit Union Share Insurance Fund, NCUA or any other governmental agency. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the Portfolio’s performance from year to year for the last ten calendar years; and (b) the Portfolio’s average annual total returns for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices. 1-800-342-5828 or 1-800-237-5678 www.trustcu.com The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. 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. As of the date of this Prospectus, Investor Shares of the Portfolio had been offered to investors for less than one calendar year. 0.0168 The returns below represent the returns for TCU Shares of the Portfolio which are offered in a separate prospectus. TCU Shares and Investor Shares of the Portfolio should have returns that are substantially the same because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses. 0.0106 0.0126 0.0315 0.0503 0.0516 0.0221 0.0022 0.0009 0.0002 0.0002 0.0152 0.0197 0.041 As of the date of this Prospectus, Investor Shares of the Portfolio had been offered to investors for less than one calendar year. The returns below represent the returns for TCU Shares of the Portfolio which are offered in a separate prospectus. TCU Shares and Investor Shares of the Portfolio should have returns that are substantially the same because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses. <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualTotalReturnsUltra-ShortDurationGovernmentPortfolioBarChart column period compact * ~</div> 0.0186 0.0144 The total return for the 9-month period ended 2012-09-30 0.0061 Best Quarter 2008-12-31 0.0175 Worst Quarter 2004-06-30 -0.0013 0.028 1988-05-17 The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 105% of the average value of its portfolio. The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of TCU Shares of the Portfolio from year to year for the last ten calendar years; and (b) the average annual total returns of TCU Shares of the Portfolio for the 1-year, 5-year, 10-year and since inception periods*. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. You may obtain the Portfolio’s current yield by calling 1-800-342-5828 or 1-800-237-5678. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. 0 2012-09-30 0.0107 The total return for the 9-month period ended Best Quarter 2002-06-30 0.0237 Worst Quarter 2004-06-30 -0.0077 <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualTotalReturnsMoneyMarketPortfolioInvestorSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleShareholderFeesUltra-ShortDurationGovernmentPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualFundOperatingExpensesUltra-ShortDurationGovernmentPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleExpenseExampleTransposedUltra-ShortDurationGovernmentPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualTotalReturnsUltra-ShortDurationGovernmentPortfolioInvestorSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAverageAnnualTotalReturnsTransposedUltra-ShortDurationGovernmentPortfolioInvestorShares column period compact * ~</div> PORTFOLIO FEES AND EXPENSES <div style="display:none">~ http://www.trustcu.com/role/ScheduleShareholderFeesMoneyMarketPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAverageAnnualTotalReturnsTransposedMoneyMarketPortfolioInvestorShares column period compact * ~</div> 1992-10-09 1-800-342-5828 or 1-800-237-5678 www.trustcu.com The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of TCU Shares of the Portfolio from year to year for the last ten calendar years; and (b) the average annual total returns of TCU Shares of the Portfolio for the 1-year, 5-year, 10-year and since inception periods and how such returns compare to those of broad-based securities market indices*. * Prior to October 1, 2012, the Portfolio offered only one class of shares, which have been redesignated as TCU Shares. The Portfolio’s past performance is not necessarily an indication of how it will perform in the future. <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualFundOperatingExpensesMoneyMarketPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualFundOperatingExpensesShortDurationPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleExpenseExampleTransposedShortDurationPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualTotalReturnsShortDurationPortfolioBarChart column period compact * ~</div> PERFORMANCE <div style="display:none">~ http://www.trustcu.com/role/ScheduleAverageAnnualTotalReturnsTransposedShortDurationPortfolio column period compact * ~</div> 20 126 241 577 PORTFOLIO TURNOVER <div style="display:none">~ http://www.trustcu.com/role/ScheduleExpenseExampleTransposedMoneyMarketPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAverageAnnualTotalReturnsTransposedMoneyMarketPortfolio column period compact * ~</div> 1991-08-01 1991-08-01 1992-11-01 1991-08-01 1991-08-01 1992-11-01 <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualFundOperatingExpensesShortDurationPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleExpenseExampleTransposedShortDurationPortfolioInvestorShares column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualTotalReturnsShortDurationPortfolioInvestorSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAverageAnnualTotalReturnsTransposedShortDurationPortfolioInvestorShares column period compact * ~</div> 1992-11-01 1.73 39 122 213 480 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. As of the date of this Prospectus, Investor Shares of the Portfolio had been offered to investors for less than one calendar year. The returns below represent the returns for TCU Shares of the Portfolio which are offered in a separate prospectus. TCU Shares and Investor Shares of the Portfolio should have returns that are substantially the same because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses. <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualFundOperatingExpensesMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleExpenseExampleTransposedMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleAnnualTotalReturnsMoneyMarketPortfolioBarChart column period compact * ~</div> 1992-10-09 1992-10-09 0 0 0 0 0 0 0 0 0 0 0 0 0 <div style="display:none">~ http://www.trustcu.com/role/ScheduleShareholderFeesMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleShareholderFeesShortDurationPortfolio column period compact * ~</div> <div style="display:none">~ http://www.trustcu.com/role/ScheduleShareholderFeesShortDurationPortfolioInvestorShares column period compact * ~</div> Since August 1, 1991. Since November 1, 1992. During the fiscal year ended August 31, 2004, one of the principal investment strategies of the Portfolio was revised to provide that the Portfolio intends to invest a substantial portion (formerly 80%) of its net assets in mortgage-related securities. The Administrator has agreed to reduce or limit "Total Annual Portfolio Operating Expenses" of TCU Shares of the Portfolio (excluding interest, taxes, brokerage and extraordinary expenses) such that the "Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement" for TCU Shares of the Portfolio is not more than 0.20% of the average daily net assets attributable to TCU Shares of the Portfolio. This expense reduction/limitation will remain in effect through at least December 31, 2013 and, prior to such date, the Administrator may not terminate the arrangement without the approval of the Trust for Credit Unions' Board of Trustees. The Administrator has agreed to reduce or limit "Total Annual Portfolio Operating Expenses" of Investor Shares of the Portfolio (excluding distribution and service (12b-1) fees, interest, taxes, brokerage and extraordinary expenses) such that the "Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement" for Investor Shares of the Portfolio is not more than 0.20% of the average daily net assets attributable to Investor Shares of the Portfolio. This expense reduction/limitation will remain in effect through at least December 31, 2013 and, prior to such date, the Administrator may not terminate the arrangement without the approval of the Trust for Credit Unions' Board of Trustees. Since November 1, 1992 Since August 1, 1991. 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