TRUST FOR CREDIT UNIONS
Ultra-Short Duration Portfolio
Portfolio of Investments – May 31, 2022 (Unaudited)
Par Value				Value
BANK NOTES - 0.75%
			Financials - 0.75%
$	3,975,000		Citizens Bank NA,
			3 Month LIBOR USD + 0.950%
			1.933%, 03/29/23 (a)	$	3,986,483
5,000,000			Truist Bank,
			SOFR + 0.730%
			1.169%, 03/09/23 (a)	5,008,969
			Total Bank Notes	8,995,452
			(Cost $8,996,849)
ASSET BACKED SECURITIES* - 0.03%
			Federal National Mortgage Association REMIC - 0.03%
35,965			Series 2001-W4, Class AV1
			1 Month LIBOR USD + 0.140%
			0.948%, 02/25/32 (a)	35,669
49,872			Series 2002-W2, Class AV1
			1 Month LIBOR USD + 0.130%
			0.928%, 06/25/32 (a)	48,556
269,911			Series 2002-T7, Class A1
			1 Month LIBOR USD + 0.220%
			1.226%, 07/25/32 (a)	265,202
			Total Asset Backed Securities	349,427
			(Cost $355,747)
COLLATERALIZED MORTGAGE OBLIGATIONS - 63.78%
			Federal Home Loan Mortgage Corporation REMIC - 6.05%
610			Series 1448, Class F
			1 Month LIBOR USD + 1.400%
			2.275%, 12/15/22 (a)(b)	611
210,293			Series 2977, Class M
			5.000%, 05/15/25 (c)	213,768
934,063			Series 3702, Class FG
			1 Month LIBOR USD + 0.450%
			1.325%, 08/15/32 (a)(d)	935,229
975,387			Series 3346, Class FT
			1 Month LIBOR USD + 0.350%
			1.225%, 10/15/33 (a)(c)(d)	972,778
690,556			Series 3208, Class FH
			1 Month LIBOR USD + 0.400%
			1.275%, 08/15/36 (a)	689,641
54,312			Series 3231, Class FB
			1 Month LIBOR USD + 0.350%
			1.225%, 10/15/36 (a)	54,095
34,225			Series 3314, Class FC
			1 Month LIBOR USD + 0.400%
			1.275%, 12/15/36 (a)	34,169
538,620			Series 4248, Class QF
			1 Month LIBOR USD + 0.500%
			1.375%, 06/15/39 (a)(d)	539,926
117,642			Series 3545, Class FA
			1 Month LIBOR USD + 0.850%
			1.725%, 06/15/39 (a)	120,029
8,777,526			Series 4942, Class FB
			1 Month LIBOR USD + 0.500%
			1.375%, 04/15/40 (a)(d)	8,797,029
213,529			Series 3827, Class KF
			1 Month LIBOR USD + 0.370%
			1.245%, 03/15/41 (a)	213,262
31,806			Series 3868, Class FA
			1 Month LIBOR USD + 0.400%
			1.275%, 05/15/41 (a)	31,742
52,389			Series 4109, Class EC
			2.000%, 12/15/41 (b)(d)	42,807
5,370,370			Series 4606, Class FL
			1 Month LIBOR USD + 0.500%
			1.375%, 12/15/44 (a)(d)	5,369,030
1,702,962			Series 4566, Class FA
			1 Month LIBOR USD + 0.500%
			1.375%, 04/15/46 (a)	1,709,490
1,965,734			Series 4689, Class FD
			1 Month LIBOR USD + 0.350%
			1.225%, 06/15/47 (a)	1,949,617
2,328,100			Series 4748, Class DF
			1 Month LIBOR USD + 0.300%
			1.175%, 08/15/47 (a)(c)	2,305,749
2,381,876			Series 4735, Class FB
			1 Month LIBOR USD + 0.350%
			1.225%, 12/15/47 (a)	2,367,519
4,602,385			Series 4795, Class FB
			1 Month LIBOR USD + 0.300%
			1.175%, 06/15/48 (a)	4,548,856
4,447,113			Series 4907, Class AF
			1 Month LIBOR USD + 0.500%
			1.506%, 09/25/48 (a)(d)	4,454,724
2,674,207			Series 4875, Class F
			1 Month LIBOR USD + 0.450%
			1.325%, 04/15/49 (a)(c)	2,672,883
6,387,626			Series 4980, Class FP
			1 Month LIBOR USD + 0.400%
			1.406%, 07/25/49 (a)	6,360,762
3,464,462			Series 4906, Class QF
			1 Month LIBOR USD + 0.450%
			1.456%, 09/25/49 (a)	3,460,920
4,582,036			Series 4937, Class MF
			1 Month LIBOR USD + 0.450%
			1.456%, 12/25/49 (a)	4,575,231
6,776,605			Series 4981, Class GF
			1 Month LIBOR USD + 0.400%
			1.406%, 06/25/50 (a)	6,745,257
3,640,774			Series 4981, Class JF
			1 Month LIBOR USD + 0.400%
			1.406%, 06/25/50 (a)	3,632,219
3,516,182			Series 4982, Class F
			1 Month LIBOR USD + 0.450%
			1.456%, 06/25/50 (a)(c)	3,527,656
6,215,921			Series 4336, Class FA
			1 Month LIBOR USD + 0.550%
			1.425%, 02/15/54 (a)(d)	6,184,351
				72,509,350
			Federal National Mortgage Association REMIC - 6.71%
894			Series 1992-137, Class F
			1 Month LIBOR USD + 1.000%
			2.006%, 08/25/22 (a)	894
5,311			Series 1993-27, Class F
			1 Month LIBOR USD + 1.150%
			2.156%, 02/25/23 (a)(e)	5,330
8,047			Series 1998-21, Class F
			H15T1Y + 0.350%
			1.900%, 03/25/28 (a)	8,039
75,196			Series 2000-16, Class ZG
			8.500%, 06/25/30 (b)	85,924
69,235			Series 2000-32, Class Z
			7.500%, 10/18/30	77,062
95,352			Series 2006-45, Class TF
			1 Month LIBOR USD + 0.400%
			1.406%, 06/25/36 (a)	95,246
137,398			Series 2006-76, Class QF
			1 Month LIBOR USD + 0.400%
			1.406%, 08/25/36 (a)(c)	137,250
134,327			Series 2006-79, Class PF
			1 Month LIBOR USD + 0.400%
			1.406%, 08/25/36 (a)(c)	134,172
306,894			Series 2006-111, Class FA
			1 Month LIBOR USD + 0.380%
			1.386%, 11/25/36 (a)	306,175
125,487			Series 2007-75, Class VF
			1 Month LIBOR USD + 0.450%
			1.456%, 08/25/37 (a)	125,639
116,471			Series 2007-92, Class OF
			1 Month LIBOR USD + 0.570%
			1.576%, 09/25/37 (a)	117,126
125,127			Series 2007-86, Class FC
			1 Month LIBOR USD + 0.570%
			1.576%, 09/25/37 (a)	125,935
286,738			Series 2007-85, Class FC
			1 Month LIBOR USD + 0.540%
			1.546%, 09/25/37 (a)	288,187
163,593			Series 2007-99, Class FD
			1 Month LIBOR USD + 0.600%
			1.606%, 10/25/37 (a)	164,683
15,199			Series 2009-84, Class WF
			1 Month LIBOR USD + 1.100%
			2.106%, 10/25/39 (a)	15,692
286,240			Series 2010-123, Class FL
			1 Month LIBOR USD + 0.430%
			1.436%, 11/25/40 (a)(c)	286,530
569,495			Series 2011-110, Class FE
			1 Month LIBOR USD + 0.400%
			1.406%, 04/25/41 (a)(c)	569,377
286,308			Series 2011-63, Class FG
			1 Month LIBOR USD + 0.450%
			1.456%, 07/25/41 (a)	286,486
294,505			Series 2012-38, Class JE
			3.250%, 04/25/42 (c)	283,075
1,790,625			Series 2013-92, Class FA
			1 Month LIBOR USD + 0.550%
			1.556%, 09/25/43 (a)	1,800,021
680,705			Series 2013-118, Class FB
			1 Month LIBOR USD + 0.520%
			1.526%, 12/25/43 (a)	684,161
1,136,776			Series 2015-30, Class AB
			3.000%, 05/25/45	1,113,488
2,770,350			Series 2016-62, Class FH
			1 Month LIBOR USD + 0.400%
			1.406%, 09/25/46 (a)	2,766,366
7,017,306			Series 2016-83, Class FK
			1 Month LIBOR USD + 0.500%
			1.506%, 11/25/46 (a)	7,041,482
1,863,600			Series 2017-39, Class FT
			1 Month LIBOR USD + 0.400%
			1.406%, 05/25/47 (a)	1,854,963
2,437,948			Series 2017-112, Class FC
			1 Month LIBOR USD + 0.350%
			1.356%, 01/25/48 (a)	2,417,936
792,777			Series 2008-22, Class FD
			1 Month LIBOR USD + 0.840%
			1.846%, 04/25/48 (a)(d)	811,230
4,589,838			Series 2019-25, Class PF
			1 Month LIBOR USD + 0.450%
			1.456%, 06/25/49 (a)(c)	4,588,213
4,482,089			Series 2019-33, Class CF
			1 Month LIBOR USD + 0.470%
			1.476%, 07/25/49 (a)	4,480,253
1,207,410			Series 2019-35, Class EF
			1 Month LIBOR USD + 0.450%
			1.456%, 07/25/49 (a)	1,205,782
5,012,418			Series 2019-50, Class CF
			1 Month LIBOR USD + 0.450%
			1.456%, 09/25/49 (a)(c)	5,007,292
3,531,002			Series 2019-61, Class F
			1 Month LIBOR USD + 0.500%
			1.506%, 11/25/49 (a)(c)	3,537,046
2,368,997			Series 2020-17, Class PF
			1 Month LIBOR USD + 0.450%
			1.456%, 03/25/50 (a)(c)	2,364,493
6,335,105			Series 2020-26, Class GF
			1 Month LIBOR USD + 0.500%
			1.506%, 05/25/50 (a)(c)	6,349,286
7,510,809			Series 2020-38, Class NF
			1 Month LIBOR USD + 0.450%
			1.456%, 06/25/50 (a)	7,503,412
14,664,510			Series 2020-34, Class F
			1 Month LIBOR USD + 0.450%
			1.456%, 06/25/50 (a)	14,649,666
3,229,482			Series 2017-96, Class FA
			1 Month LIBOR USD + 0.400%
			1.406%, 12/25/57 (a)	3,219,214
5,994,798			Series 2018-72, Class FB
			1 Month LIBOR USD + 0.350%
			1.356%, 10/25/58 (a)	5,953,412
				80,460,538
			Government National Mortgage Association - 51.02%
3,980,981			Series 2019-54, Class HF
			1 Month SOFR + 0.400%
			0.916%, 04/20/44 (a)	3,908,107
2,638,933			Series 2017-H07, Class FC
			1 Month LIBOR USD + 0.520%
			0.958%, 03/20/67 (a)	2,624,964
5,843,669			Series 2017-H11, Class FV
			1 Month LIBOR USD + 0.500%
			0.938%, 05/20/67 (a)	5,810,517
3,017,479			Series 2018-H01, Class FC
			1 Month LIBOR USD + 0.400%
			0.838%, 01/20/68 (a)	2,991,439
2,589,471			Series 2019-H04, Class FB
			1 Month LIBOR USD + 0.550%
			0.988%, 03/20/69 (a)	2,563,488
4,958,304			Series 2020-H04, Class FL
			1 Month LIBOR USD + 0.500%
			0.938%, 05/20/69 (a)	4,926,871
2,499,069			Series 2019-H15, Class NF
			1 Month LIBOR USD + 0.630%
			1.068%, 05/20/69 (a)	2,484,225
5,218,890			Series 2019-H10, Class FC
			1 Month LIBOR USD + 0.650%
			1.088%, 06/20/69 (a)	5,195,917
2,997,178			Series 2019-H15, Class EF
			1 Month LIBOR USD + 0.630%
			1.068%, 09/20/69 (a)	2,986,454
3,403,001			Series 2019-H19, Class FC
			1 Month LIBOR USD + 0.750%
			1.188%, 10/20/69 (a)	3,412,330
3,278,285			Series 2019-H16, Class FA
			1 Month LIBOR USD + 0.700%
			1.138%, 10/20/69 (a)	3,276,046
6,196,510			Series 2019-H20, Class AF
			1 Month LIBOR USD + 0.650%
			1.088%, 11/20/69 (a)	6,170,379
13,063,064			Series 2020-H04, Class FH
			1 Month LIBOR USD + 0.600%
			1.038%, 02/20/70 (a)	12,947,513
8,909,334			Series 2020-H04, Class AF
			1 Month LIBOR USD + 0.750%
			1.188%, 02/20/70 (a)	8,908,679
5,716,268			Series 2020-H05, Class FK
			1 Month LIBOR USD + 0.610%
			1.048%, 03/20/70 (a)	5,682,928
35,565,531			Series 2021-H03, Class FA
			30-day Average SOFR + 0.380%
			0.879%, 04/20/70 (a)	35,388,874
10,816,918			Series 2020-H09, Class FD
			1 Month LIBOR USD + 0.800%
			1.238%, 05/20/70 (a)	10,850,683
9,667,482			Series 2020-H10, Class FA
			1 Month LIBOR USD + 0.550%
			0.988%, 06/20/70 (a)	9,601,112
12,454,694			Series 2020-H12, Class GF
			1 Month LIBOR USD + 0.530%
			0.968%, 07/20/70 (a)	12,357,735
4,395,276			Series 2020-H13, Class FK
			1 Month LIBOR USD + 0.500%
			0.938%, 07/20/70 (a)	4,374,037
14,392,224			Series 2020-H16, Class LF
			1 Month LIBOR USD + 1.050%
			1.488%, 09/20/70 (a)	14,660,736
19,480,552			Series 2020-H16, Class FK
			1 Month LIBOR USD + 0.450%
			0.888%, 09/20/70 (a)	19,244,498
9,678,641			Series 2020-H22, Class HF
			2.424%, 10/20/70 (a)	10,302,488
10,636,001			Series 2021-H01, Class F
			1 Month LIBOR USD + 0.400%
			0.838%, 11/20/70 (a)	10,479,518
20,351,061			Series 2021-H04, Class FD
			30-day Average SOFR + 1.150%
			1.649%, 12/20/70 (a)	20,923,791
18,420,117			Series 2021-H11, Class FA
			30-day Average SOFR + 1.500%
			1.999%, 12/20/70 (a)	19,254,209
12,243,666			Series 2021-H03, Class JF
			30-day Average SOFR + 1.250%
			1.749%, 01/20/71 (a)	12,686,063
14,661,941			Series 2021-H05, Class HF
			30-day Average SOFR + 0.550%
			1.049%, 02/20/71 (a)	14,624,079
16,871,242			Series 2021-H03, Class FJ
			30-day Average SOFR + 1.150%
			1.649%, 02/20/71 (a)	17,317,327
20,303,107			Series 2021-H04, Class FC
			30-day Average SOFR + 1.150%
			1.649%, 02/20/71 (a)	20,898,585
17,901,618			Series 2021-H04, Class FB
			30-day Average SOFR + 1.200%
			1.699%, 02/20/71 (a)	18,503,297
13,340,008			Series 2021-H04, Class FA
			30-day Average SOFR + 1.250%
			1.749%, 02/20/71 (a)	13,808,502
28,064,511			Series 2021-H05, Class FJ
			30-day Average SOFR + 0.750%
			1.249%, 03/20/71 (a)	28,241,177
23,226,968			Series 2021-H06, Class LF
			30-day Average SOFR + 1.500%
			1.999%, 03/20/71 (a)	24,394,648
18,906,604			Series 2021-H05, Class JF
			30-day Average SOFR + 0.750%
			1.249%, 03/20/71 (a)	19,049,080
10,183,274			Series 2021-H05, Class FK
			30-day Average SOFR + 0.730%
			1.229%, 03/20/71 (a)	10,255,644
22,710,089			Series 2021-H08, Class FP
			30-day Average SOFR + 1.500%
			1.999%, 04/20/71 (a)	23,556,491
25,434,675			Series 2021-H08, Class NF
			30-day Average SOFR + 1.500%
			1.999%, 04/20/71 (a)	26,699,445
22,544,432			Series 2021-H06, Class PF
			30-day Average SOFR + 1.500%
			1.999%, 04/20/71 (a)	23,691,905
21,598,526			Series 2021-H07, Class FL
			30-day Average SOFR + 0.950%
			1.449%, 04/20/71 (a)	21,976,293
22,883,077			Series 2021-H09, Class GF
			30-day Average SOFR + 1.500%
			1.999%, 04/20/71 (a)	23,749,110
18,639,365			Series 2021-H06, Class FN
			30-day Average SOFR + 0.900%
			1.399%, 04/20/71 (a)	18,926,460
24,250,966			Series 2021-H10, Class FB
			30-day Average SOFR + 1.500%
			1.999%, 06/20/71 (a)	25,523,795
24,686,171			Series 2021-H11, Class FM
			30-day Average SOFR + 1.500%
			1.999%, 07/20/71 (a)	25,997,596
				611,227,035
			Total Collateralized Mortgage Obligations	764,196,923
			(Cost $773,325,927)
MORTGAGE-BACKED OBLIGATIONS - 11.39%
			Federal Home Loan Mortgage Corporation - 0.01%
470			6 Month LIBOR USD + 1.625%
			2.375%, 11/01/22 (a)	470
742			6 Month LIBOR USD + 1.095%
			1.254%, 11/01/22 (a)	740
5,528			6 Month LIBOR USD + 2.237%
			2.980%, 10/01/24 (a)	5,511
147,666			H15T3Y + 2.541%
			2.932%, 08/01/28 (a)	146,724
27,979			H15T1Y + 1.920%
			3.045%, 05/01/31 (a)	27,958
				181,403
			Federal Home Loan Mortgage Corporation Gold - 0.00%
283			3.500%, 10/01/22	286
62			4.500%, 07/01/23	64
				350
			Federal National Mortgage Association - 10.70%
29,554			5.000%, 03/01/27	30,311
12,256			COFI + 1.254%
			2.162%, 07/01/27 (a)	12,292
30,395			COFI + 1.504%
			4.685%, 01/01/29 (a)	30,855
4,833			COFI + 1.504%
			4.670%, 02/01/29 (a)	4,906
5,000,000			1 Month LIBOR USD + 0.520%
			1.323%, 05/01/29 (a)	4,998,922
5,000,000			1 Month LIBOR USD + 0.580%
			1.383%, 06/01/29 (a)	4,999,024
5,897			COFI + 1.695%
			1.937%, 08/01/29 (a)	5,890
31,131,000			30-day Average SOFR + 0.390%
			0.677%, 12/01/30 (a)	31,124,269
30,870,000			30-day Average SOFR + 0.350%
			0.637%, 01/01/31 (a)	30,861,754
3,675,000			30-day Average SOFR + 0.380%
			0.667%, 01/01/31 (a)	3,674,210
28,150,000			30-day Average SOFR + 0.390%
			0.677%, 01/01/31 (a)	28,144,405
20,100,000			30-day Average SOFR + 0.250%
			0.537%, 04/01/31 (a)	20,090,884
38,384			12 Month LIBOR USD + 1.755%
			2.005%, 07/01/32 (a)	38,262
7,369			6.000%, 08/01/32	7,780
147,257			H15T1Y + 2.625%
			2.998%, 09/01/32 (a)	146,967
9,751			12 Month LIBOR USD + 1.225%
			1.475%, 01/01/33 (a)	9,700
10,398			H15T1Y + 2.182%
			2.463%, 06/01/33 (a)	10,718
200,487			COFI + 1.254%
			4.592%, 08/01/33 (a)	223,990
1,037			6.000%, 11/01/33	1,120
117,764			H15T1Y + 2.042%
			3.042%, 04/01/34 (a)	123,178
353,639			12 Month US Treasury Average + 1.144%
			1.363%, 08/01/34 (a)	355,301
25,933			6.000%, 09/01/34	27,385
121,071			12 Month LIBOR USD + 1.713%
			1.993%, 07/01/37 (a)	125,097
54,282			6.500%, 11/01/37	55,069
13,858			6.000%, 06/01/38	14,626
17,488			6.000%, 09/01/38	18,518
7,049			6.000%, 09/01/38	7,643
5,781			6.000%, 11/01/38	6,099
1,512			6.000%, 10/01/39	1,595
923,735			12 Month LIBOR USD + 1.717%
			1.973%, 07/01/40 (a)	945,899
1,441,323			12 Month LIBOR USD + 1.755%
			2.123%, 02/01/42 (a)	1,488,284
257,263			12 Month LIBOR USD + 1.745%
			2.198%, 05/01/42 (a)	264,463
296,168			12 Month US Treasury Average + 1.153%
			1.372%, 08/01/44 (a)	297,483
				128,146,899
			Government National Mortgage Association - 0.68%
5,220			7.000%, 04/15/26	5,410
70,180			H15T1Y + 2.000%
			2.375%, 04/20/34 (a)	69,888
239,981			H15T1Y + 1.500%
			1.875%, 06/20/34 (a)	241,730
361,940			H15T1Y + 1.500%
			1.625%, 08/20/34 (a)	362,513
15,457			H15T1Y + 1.500%
			1.875%, 05/20/42 (a)	15,657
13,160			H15T1Y + 1.500%
			1.875%, 06/20/42 (a)	13,331
74,956			H15T1Y + 1.500%
			1.625%, 07/20/42 (a)	75,429
7,567			H15T1Y + 1.500%
			1.750%, 10/20/42 (a)	7,599
14,777			H15T1Y + 1.500%
			1.750%, 12/20/42 (a)	14,837
1,394,557			12 Month LIBOR USD + 1.705%
			1.978%, 11/20/68 (a)	1,425,687
2,959,701			12 Month LIBOR USD + 1.878%
			2.400%, 06/20/69 (a)	3,072,150
2,788,341			12 Month LIBOR USD + 1.509%
			1.869%, 09/20/69 (a)	2,845,351
				8,149,582
			Total Mortgage-Backed Obligations	136,478,234
			(Cost $136,575,414)
AGENCY DEBENTURES - 0.10%
			Other Agency Debentures - 0.10%
1,250,000			Sri Lanka Government AID Bond
			3 Month LIBOR USD + 0.300%
			1.635%, 11/01/24 (a)(f)(g)	1,250,000
			Total Agency Debentures	1,250,000
			(Cost $1,250,000)
U.S. TREASURY OBLIGATIONS - 1.29%
			United States Treasury Notes & Bonds - 1.29%
15,500,000			1.296%, 10/20/22 (h)	15,419,819
			Total U.S. Treasury Obligations	15,419,819
			(Cost $15,422,505)
U.S. GOVERNMENT-BACKED OBLIGATIONS - 7.89%
			FHLMC, Multifamily Structured Pass Through Certificates
414,972			Series K-F29, Class A
			1 Month LIBOR USD + 0.360%
			1.163%, 02/25/24 (a)(d)	415,103
253,033			Series K-BF1, Class A
			1 Month LIBOR USD + 0.390%
			1.193%, 07/25/24 (a)(d)	252,773
2,607,645			Series K-F49, Class A
			1 Month LIBOR USD + 0.340%
			1.143%, 06/25/25 (a)(d)	2,605,415
6,189,322			Series K-F55, Class A
			1 Month LIBOR USD + 0.510%
			1.313%, 11/25/25 (a)(d)	6,207,275
2,709,904			Series K-F62, Class A
			1 Month LIBOR USD + 0.480%
			1.283%, 04/25/26 (a)(d)	2,717,657
5,426,379			Series K-F77, Class AL
			1 Month LIBOR USD + 0.700%
			1.503%, 02/25/27 (a)(d)	5,461,360
153,277			Series K-F30, Class A
			1 Month LIBOR USD + 0.370%
			1.173%, 03/25/27 (a)(d)	152,971
1,729,461			Series K-F81, Class AS
			30-day Average SOFR + 0.400%
			0.687%, 06/25/27 (a)(d)	1,726,406
4,447,185			Series K-F81, Class AL
			1 Month LIBOR USD + 0.360%
			1.163%, 06/25/27 (a)(d)	4,443,271
716,802			Series K-F86, Class AS
			30-day Average SOFR + 0.320%
			0.607%, 08/25/27 (a)(d)	715,131
1,691,271			Series K-F50, Class A
			1 Month LIBOR USD + 0.400%
			1.203%, 07/25/28 (a)(d)	1,690,368
3,748,125			Series K-F66, Class A
			1 Month LIBOR USD + 0.520%
			1.323%, 07/25/29 (a)(d)	3,746,997
5,000,000			Series K-S13, Class A
			1 Month LIBOR USD + 0.660%
			1.463%, 09/25/29 (a)(d)	5,044,902
15,000,000			Series K-L06, Class AFL
			1 Month LIBOR USD + 0.370%
			1.173%, 12/25/29 (a)(d)	15,010,044
5,977,359			Series K-F75, Class AL
			1 Month LIBOR USD + 0.510%
			1.313%, 12/25/29 (a)(d)	6,001,297
2,689,812			Series K-F75, Class AS
			SOFR + 0.550%
			0.837%, 12/25/29 (a)(d)	2,690,752
18,418,866			Series K-F87, Class AL
			1 Month LIBOR USD + 0.350%
			1.153%, 08/25/30 (a)	18,468,321
17,123,791			Series K-F92, Class AL
			1 Month LIBOR USD + 0.330%
			1.133%, 10/25/30 (a)(d)	17,174,375
			Total U.S. Government-Backed Obligations	94,524,418
			(Cost $94,302,324)
REPURCHASE AGREEMENTS - 14.61%
175,000,000			RBC Capital Markets, 1.070%, Dated 05/31/2022, matures 07/05/2022, repurchase price $175,182,049
			(collateralized by $177,370,000 par amount of Domestic Municipal Securities
			of 2.888% to 5.500% due 01/01/29 to 05/15/52, total market value $181,675,402)	175,000,000
			Total Repurchase Agreements	175,000,000
			(Cost $175,000,000)
			Total Investments - 99.84%	1,196,214,273
			(Cost $1,205,228,766)
			Net Other Assets and Liabilities - 0.16%	1,881,226
			Net Assets - 100.00%	$	1,198,095,499
		*	See Note A.
		(a)	Variable rate securities. Interest rates disclosed are those which are in effect at May 31, 2022. Maturity date shown is the date of the next coupon rate reset or actual maturity. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. For those variable rate securities which are based on published reference and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. See also, Explanation of Abbreviations and Acronyms below.
		(b)	The security has Sequential collateral.
		(c)	The security has PAC (Planned Amortization Class) collateral.
		(d)	The security has Structured collateral.
		(e)	The security has Support collateral.
		(f)	Security has been valued at fair market value as determned in good faith by or under the direction of the Board of Trustees of the Trust. As of May 31, 2022, the value of this security amounted to $1,250,000 or 0.10% of net assets. Investment categorized as a significant unobservable input (Level 3).
		(g)	Illiquid security.  The total market value of this security was $1,250,000, representing 0.10% of net assets.
		(h)	Discount Note. Rate shown is yield at time of purchase.
Explanation of Abbreviations and Acronyms:
COFI		11th District Cost of Funds Index
FHLMC		Federal Home Loan Mortgage Corporation
H15T1Y		1 Year US Treasury Yield Curve Constant Maturity Rate
H15T3Y		3 Year US Treasury Yield Curve Constant Maturity Rate
LIBOR		London Interbank Offered Rate
REMIC		Real Estate Mortgage Investment Conduit
SOFR		Secured Overnight Financing Rate
USD		U.S. Dollar

TRUST FOR CREDIT UNIONS
Short Duration Portfolio
Portfolio of Investments – May 31, 2022 (Unaudited)
Par Value				Value
BANK NOTES - 11.24%
			Financials - 11.24%
$	6,308,000		Citizens Bank NA,
			2.250%, 04/28/25	$	6,060,374
3,000,000			Discover Bank,
			4.200%, 08/08/23	3,033,126
20,000,000			2.450%, 09/12/24	19,484,625
3,100,000			First Republic Bank,
			SOFR + 0.620%
			1.912%, 02/12/24 (a)	3,071,621
20,562,000			First-Citizens Bank & Trust Co.,
			SOFR + 1.715%
			2.969%, 09/27/25 (a)	20,122,204
10,000,000			Huntington National Bank,
			SOFR + 1.205%
			4.008%, 05/16/25 (a)	10,061,638
5,200,000			Manufacturers & Traders Trust Co.,
			2.900%, 02/06/25	5,138,003
4,000,000			PNC Bank NA,
			2.500%, 08/27/24	3,950,510
			Total Bank Notes	70,922,101
			(Cost $74,167,231)
COLLATERALIZED MORTGAGE OBLIGATIONS - 26.06%
			Federal Home Loan Mortgage Corporation REMIC - 1.50%
			Series 1448, Class F
1,423			1 Month LIBOR USD + 1.400%
			2.275%, 12/15/22 (a)(b)	1,425
44,394			Series 2868, Class AV
			5.000%, 08/15/24 (b)(c)	45,088
60,132			Series 1980, Class Z
			7.000%, 07/15/27 (b)	63,914
809,218			Series 3346, Class FT
			1 Month LIBOR USD + 0.350%
			1.225%, 10/15/33 (a)(c)(d)	807,054
634,029			Series 3471, Class FB
			1 Month LIBOR USD + 1.000%
			1.875%, 08/15/35 (a)	648,782
1,039,994			Series 3208, Class FA
			1 Month LIBOR USD + 0.400%
			1.275%, 08/15/36 (a)	1,038,615
349,438			Series 3208, Class FH
			1 Month LIBOR USD + 0.400%
			1.275%, 08/15/36 (a)	348,975
241,814			Series 3367, Class YF
			1 Month LIBOR USD + 0.550%
			1.425%, 09/15/37 (a)	243,286
858,829			Series 3371, Class FA
			1 Month LIBOR USD + 0.600%
			1.475%, 09/15/37 (a)	866,295
338,052			Series 4248, Class QF
			1 Month LIBOR USD + 0.500%
			1.375%, 06/15/39 (a)(c)	338,872
133,979			Series 3827, Class KF
			1 Month LIBOR USD + 0.370%
			1.245%, 03/15/41 (a)	133,811
41,744			Series 4109, Class EC
			2.000%, 12/15/41 (b)(c)	34,109
731,101			Series 4272, Class FD
			1 Month LIBOR USD + 0.350%
			1.225%, 11/15/43 (a)	728,840
1,074,074			Series 4606, Class FL
			1 Month LIBOR USD + 0.500%
			1.375%, 12/15/44 (a)(c)	1,073,806
531,610			Series 4784, Class PK
			3.500%, 06/15/45 (d)	532,232
2,215,045			Series 4968, Class NP
			6.500%, 04/25/50 (d)	2,581,275
				9,486,379
			Federal National Mortgage Association REMIC - 4.14%
1,638,274			Series 2013-57, Class DK
			3.500%, 06/25/33	1,649,854
138,009			Series 2006-45, Class TF
			1 Month LIBOR USD + 0.400%
			1.406%, 06/25/36 (a)	137,856
162,568			Series 2006-76, Class QF
			1 Month LIBOR USD + 0.400%
			1.406%, 08/25/36 (a)(d)	162,392
94,115			Series 2007-75, Class VF
			1 Month LIBOR USD + 0.450%
			1.456%, 08/25/37 (a)	94,229
113,119			Series 2010-123, Class FL
			1 Month LIBOR USD + 0.430%
			1.436%, 11/25/40 (a)(d)	113,234
186,449			Series 2011-110, Class FE
			1 Month LIBOR USD + 0.400%
			1.406%, 04/25/41 (a)(d)	186,411
236,163			Series 2015-92, Class PA
			2.500%, 12/25/41 (c)(d)	227,320
236,221			Series 2012-38, Class JE
			3.250%, 04/25/42 (d)	227,053
594,482			Series 2012-71, Class FL
			1 Month LIBOR USD + 0.500%
			1.506%, 07/25/42 (a)	596,279
1,675,867			Series 2013-101, Class FE
			1 Month LIBOR USD + 0.600%
			1.606%, 10/25/43 (a)	1,690,291
2,475,240			Series 2013-101, Class CF
			1 Month LIBOR USD + 0.600%
			1.606%, 10/25/43 (a)	2,496,357
2,988,548			Series 2016-62, Class FH
			1 Month LIBOR USD + 0.400%
			1.406%, 09/25/46 (a)	2,984,250
3,245,106			Series 2016-83, Class FK
			1 Month LIBOR USD + 0.500%
			1.506%, 11/25/46 (a)	3,256,285
1,863,600			Series 2017-39, Class FT
			1 Month LIBOR USD + 0.400%
			1.406%, 05/25/47 (a)	1,854,963
2,036,244			Series 2017-112, Class FC
			1 Month LIBOR USD + 0.350%
			1.356%, 01/25/48 (a)	2,019,530
615,440			Series 2008-22, Class FD
			1 Month LIBOR USD + 0.840%
			1.846%, 04/25/48 (a)(c)	629,765
4,781,921			Series 2020-18, Class KD
			6.500%, 03/25/50	5,545,123
2,296,926			Series 2018-72, Class FB
			1 Month LIBOR USD + 0.350%
			1.356%, 10/25/58 (a)	2,281,069
				26,152,261
			Government National Mortgage Association - 20.42%
10,458,782			Series 2020-176, Class MT
			5.000%, 11/20/50	11,012,085
2,638,933			Series 2017-H07, Class FC
			1 Month LIBOR USD + 0.520%
			0.958%, 03/20/67 (a)	2,624,964
3,017,479			Series 2018-H01, Class FC
			1 Month LIBOR USD + 0.400%
			0.838%, 01/20/68 (a)	2,991,439
5,103,764			Series 2018-H09, Class FC
			12 Month LIBOR USD + 0.150%
			0.431%, 06/20/68 (a)	5,005,901
5,805,661			Series 2018-H11, Class FJ
			12 Month LIBOR USD + 0.080%
			0.327%, 06/20/68 (a)	5,705,176
5,218,890			Series 2019-H10, Class FC
			1 Month LIBOR USD + 0.650%
			1.088%, 06/20/69 (a)	5,195,917
17,782,766			Series 2021-H03, Class FA
			30-day Average SOFR + 0.380%
			0.879%, 04/20/70 (a)	17,694,437
3,605,468			Series 2020-H09, Class DF
			1 Month LIBOR USD + 0.640%
			1.078%, 05/20/70 (a)	3,590,124
9,973,698			Series 2021-H05, Class HF
			30-day Average SOFR + 0.550%
			1.049%, 02/20/71 (a)	9,947,943
9,540,686			Series 2021-H05, Class JF
			30-day Average SOFR + 0.750%
			1.249%, 03/20/71 (a)	9,612,583
17,998,772			Series 2021-H07, Class FL
			30-day Average SOFR + 0.950%
			1.449%, 04/20/71 (a)	18,313,577
10,081,093			Series 2021-H06, Class FN
			30-day Average SOFR + 0.900%
			1.399%, 04/20/71 (a)	10,236,368
19,305,597			Series 2021-H10, Class FB
			30-day Average SOFR + 1.500%
			1.999%, 06/20/71 (a)	20,318,865
6,240,907			Series 2021-H11, Class FM
			30-day Average SOFR + 1.500%
			1.999%, 07/20/71 (a)	6,572,448
				128,821,827
			Total Collateralized Mortgage Obligations	164,460,467
			(Cost $166,355,869)
MORTGAGE-BACKED OBLIGATIONS - 23.09%
			Federal Home Loan Mortgage Corporation - 0.68%
48,602			12 Month LIBOR USD + 1.840%
			2.370%, 11/01/34 (a)	48,400
1,343,424			3.000%, 11/01/34	1,337,124
94,050			H15T1Y + 2.250%
			2.510%, 08/01/35 (a)	97,614
127,755			12 Month LIBOR USD + 1.768%
			2.418%, 05/01/36 (a)	130,556
70,158			12 Month LIBOR USD + 1.890%
			2.627%, 03/01/42 (a)	71,933
2,717,199			3.000%, 02/01/47	2,633,693
				4,319,320
			Federal Home Loan Mortgage Corporation Gold - 1.75%
234			3.500%, 10/01/22	236
3,473,001			2.000%, 12/01/31	3,321,991
37,930			5.000%, 08/01/35	40,386
6,746			5.000%, 12/01/35	7,183
1,488,824			3.000%, 01/01/37	1,477,440
1,677,137			3.000%, 02/01/37	1,668,992
2,142,031			3.500%, 02/01/37	2,167,219
56,907			5.000%, 03/01/37	60,705
1,822,030			3.500%, 03/01/37	1,843,451
118,109			5.000%, 05/01/37	125,972
83,531			5.000%, 02/01/38	88,573
40,934			5.000%, 03/01/38	43,576
27,243			5.000%, 09/01/38	29,019
93,433			5.000%, 12/01/38	99,573
62,768			5.000%, 01/01/39	66,871
				11,041,187
			Federal National Mortgage Association - 8.17%
1,140,267			2.543%, 08/01/22 (a)	1,138,486
23,643			5.000%, 03/01/27	24,249
24,841			7.000%, 08/01/28	24,894
19,987			7.000%, 08/01/28	20,030
34,590			7.000%, 11/01/28	35,288
5,233,000			1 Month LIBOR USD + 0.520%
			1.323%, 05/01/29 (a)	5,231,872
52,062			2.500%, 02/01/32	51,225
7,131			7.000%, 02/01/32	7,514
58,039			7.000%, 05/01/32	60,974
151,224			H15T1Y + 2.625%
			2.998%, 09/01/32 (a)	150,926
2,887,174			4.000%, 04/01/33	2,960,823
150,880			H15T1Y + 2.215%
			2.215%, 07/01/33 (a)	158,697
123,119			12 Month LIBOR USD + 1.537%
			1.787%, 11/01/33 (a)	122,480
162,118			H15T1Y + 2.215%
			2.340%, 12/01/33 (a)	162,053
909,886			4.500%, 01/01/34	944,531
531,088			4.500%, 01/01/34	552,871
151,638			12 Month LIBOR USD + 1.533%
			2.699%, 04/01/34 (a)	150,765
56,944			H15T1Y + 2.185%
			2.185%, 08/01/34 (a)	57,080
466			6.000%, 09/01/34	498
71,052			12 Month LIBOR USD + 1.679%
			1.916%, 10/01/34 (a)	73,537
2,642,059			3.500%, 01/01/35	2,671,817
2,925,145			3.000%, 01/01/35	2,911,427
22,686			12 Month LIBOR USD + 1.670%
			2.295%, 03/01/35 (a)	22,577
2,408,487			2.500%, 03/01/35	2,345,588
42,545			12 Month LIBOR USD + 1.720%
			3.095%, 04/01/35 (a)	42,471
1,678,502			3.000%, 04/01/35	1,662,429
121,744			H15T1Y + 2.313%
			3.285%, 05/01/35 (a)	127,065
97,250			12 Month LIBOR USD + 1.413%
			2.059%, 05/01/35 (a)	99,566
52,729			6 Month LIBOR USD + 1.412%
			1.652%, 06/01/35 (a)	52,535
1,605,107			4.000%, 06/01/35	1,627,134
63,100			6 Month LIBOR USD + 1.498%
			1.909%, 08/01/35 (a)	63,327
156,573			12 Month LIBOR USD + 1.750%
			2.000%, 08/01/35 (a)	162,838
36,155			12 Month LIBOR USD + 2.435%
			2.685%, 09/01/35 (a)	36,314
75,200			H15T1Y + 2.085%
			2.085%, 10/01/35 (a)	75,258
283,037			12 Month LIBOR USD + 1.557%
			1.807%, 11/01/35 (a)	281,407
12,783,625			3.000%, 01/01/36	12,676,834
78,187			12 Month LIBOR USD + 1.737%
			2.487%, 03/01/36 (a)	77,815
6,913,126			2.000%, 03/01/36	6,539,939
104,942			12 Month US Treasury Average + 2.287%
			2.476%, 04/01/36 (a)	110,712
892,497			4.500%, 12/01/38	917,733
3,392,361			4.000%, 09/01/39	3,447,047
30,022			5.000%, 10/01/39	31,692
330,767			12 Month LIBOR USD + 1.745%
			2.198%, 05/01/42 (a)	340,024
84,614			12 Month LIBOR USD + 1.700%
			1.950%, 06/01/42 (a)	87,814
144,906			12 Month LIBOR USD + 1.685%
			1.935%, 10/01/42 (a)	147,438
216,296			12 Month LIBOR USD + 1.597%
			2.057%, 12/01/44 (a)	221,687
788,988			12 Month LIBOR USD + 1.610%
			3.146%, 04/01/47 (a)	786,111
730,395			12 Month LIBOR USD + 1.608%
			3.151%, 09/01/47 (a)	727,112
567,231			3.500%, 04/01/49	560,299
744,262			4.000%, 05/01/49	748,492
				51,531,295
			Government National Mortgage Association - 0.48%
17,022			H15T1Y + 1.500%
			1.875%, 05/20/42 (a)	17,242
14,976			H15T1Y + 1.500%
			1.875%, 06/20/42 (a)	15,170
83,016			H15T1Y + 1.500%
			1.625%, 07/20/42 (a)	83,540
8,611			H15T1Y + 1.500%
			1.750%, 10/20/42 (a)	8,647
16,530			H15T1Y + 1.500%
			1.750%, 12/20/42 (a)	16,598
2,828,922			12 Month LIBOR USD + 1.509%
			1.869%, 09/20/69 (a)	2,886,761
				3,027,958
			Uniform Mortgage Backed Securities - 12.01%
50,000,000			3.500%, 06/15/26 TBA (e)	50,331,054
25,000,000			4.500%, 06/15/41 TBA (e)	25,440,430
				75,771,484
			Total Mortgage-Backed Obligations	145,691,244
			(Cost $146,464,942)
MUNICIPAL BONDS - 0.97%
			City of New Orleans LA Sewerage Service Revenue
400,000			0.589%, 06/01/24	378,975
500,000			0.808%, 06/01/25	460,170
500,000			0.958%, 06/01/26	446,822
			City of New Orleans LA Water System Revenue
500,000			0.465%, 12/01/23	481,230
500,000			0.858%, 12/01/25	452,462
315,000			1.008%, 12/01/26	277,124
			City of New York NY
4,000,000			1.216%, 08/01/26	3,632,350
			Total Municipal Bonds	6,129,133
			(Cost $6,767,817)
U.S. GOVERNMENT-BACKED OBLIGATIONS - 34.42%
			FHLMC, Multifamily Structured Pass Through Certificates
4,167,000			Series K-031, Class A2
			3.300%, 04/25/23 (a)(b)(c)	4,191,210
172,377			Series K-727, Class A1
			2.632%, 10/25/23 (b)(c)	172,412
414,972			Series K-F29, Class A
			1 Month LIBOR USD + 0.360%
			1.163%, 02/25/24 (a)(c)	415,103
5,000,000			Series K-726, Class AM
			2.985%, 04/25/24 (b)(c)	4,980,140
604,034			Series K-J27, Class A1
			2.092%, 07/25/24 (b)(c)	603,077
1,408,418			Series K-F49, Class A
			1 Month LIBOR USD + 0.340%
			1.143%, 06/25/25 (a)(c)	1,407,214
5,000,000			Series K-734, Class AM
			3.435%, 02/25/26 (a)(b)(c)	5,046,283
3,000,000			Series K-055, Class A2
			2.673%, 03/25/26 (b)(c)	2,950,692
50,657			Series K-F27, Class A
			1 Month LIBOR USD + 0.420%
			1.223%, 12/25/26 (a)(c)	50,657
7,783,855			Series K-S10, Class A10
			1 Month LIBOR USD + 0.610%
			1.413%, 10/25/28 (a)(c)	7,808,695
1,009,455			Series K-091, Class A1
			3.339%, 10/25/28 (b)(c)	1,016,992
21,792,413			Series K-F125, Class AS
			30-day Average SOFR + 0.220%
			0.507%, 10/25/28 (a)(c)	21,728,627
3,330,740			Series K-F59, Class A
			1 Month LIBOR USD + 0.540%
			1.343%, 02/25/29 (a)(c)	3,322,855
5,000,000			Series K-S13, Class A
			1 Month LIBOR USD + 0.660%
			1.463%, 09/25/29 (a)(c)	5,044,902
17,123,791			Series K-F92, Class AL
			1 Month LIBOR USD + 0.330%
			1.133%, 10/25/30 (a)(c)	17,174,374
16,900,409			Series K-F91, Class AS
			30-day Average SOFR + 0.380%
			0.667%, 10/25/30 (a)(c)	16,875,638
13,078,004			Series K-F97, Class AS
			30-day Average SOFR + 0.250%
			0.537%, 12/25/30 (a)(c)	13,028,904
21,432,143			Series K-103, Class AS
			30-day Average SOFR + 0.240%
			0.527%, 01/25/31 (a)(c)	21,350,414
			FNMA
1,022,767			Series 2013-M6, Class 2A
			2.576%, 03/25/23 (a)	1,022,618
			GNMA
22,500,124			Series 2021-51, Class AC
			1.500%, 05/16/55 (b)	20,362,664
23,965,341			Series 2021-40, Class AD
			1.500%, 05/16/61 (b)	21,699,835
20,501,352			Series 2021-52, Class A
			1.500%, 05/16/61 (b)	18,531,830
13,895,669			Series 2021-68, Class AB
			1.500%, 12/16/61 (b)	12,530,746
17,325,100			Series 2020-132, Class AD
			2.200%, 09/16/62 (b)	15,897,907
			Total U.S. Government-Backed Obligations	217,213,789
			(Cost $228,241,075)
REPURCHASE AGREEMENTS - 11.77%
74,250,000			INTL FCStone Financial, Inc., 0.910%, Dated 05/31/2022, matures 06/01/2022,
			repurchase price $74,251,877 (collateralized by $608,563,680 par amount of
			Government Agencies, GNMA, FNMA, and FHLMC securities of
			0.250% to 9.500% due 10/15/22 to 09/20/70, total market value
			$76,016,347)	74,250,000
			Total Repurchase Agreements	74,250,000
			(Cost $74,250,000)
REGISTERED INVESTMENT COMPANY - 0.08%
481,196			First American Government Obligations Fund - Class X
			0.657%, 12/01/31 (f)	481,196
			Total Registered Investment Company	481,196
			(Cost $481,196)
			Total Investments - 107.63%	679,147,930
			(Cost $696,728,130)
			Net Other Assets and Liabilities - (7.63)%	(48,137,619)
			Net Assets - 100.00%	$	631,010,311
		(a)	Variable rate securities. Interest rates disclosed are those which are in effect at May 31, 2022. Maturity date shown is the date of the next coupon rate reset or actual maturity. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. For those variable rate securities which are based on published reference and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. See also, Explanation of Abbreviations and Acronyms below.
		(b)	The security has Sequential collateral.
		(c)	The security has Structured collateral.
		(d)	The security has PAC (Planned Amortization Class) collateral.
		(e)	Represents or includes a TBA (To Be Announced) transaction.
		(f)	Seven day yield as of May 31, 2022.
Explanation of Abbreviations and Acronyms:
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
H15T1Y		1 Year US Treasury Yield Curve Constant Maturity Rate
LIBOR		London Interbank Offered Rate
REMIC		Real Estate Mortgage Investment Conduit
SOFR		Secured Overnight Financing Rate
USD		U.S. Dollar

NOTES TO PORTFOLIO OF INVESTMENTS

May 31, 2022 (Unaudited)

A. Investment Valuation

For the Ultra-Short Duration and Short Duration Portfolios (collectively, the “Portfolios” or individually, a “Portfolio”) investments in mortgage-backed, asset-backed (to the extent that obligations authorized under the Federal Credit Union Act are categorized as asset-backed obligations), and U.S. Treasury obligations for which accurate market quotations are readily available are valued on the basis of quotations furnished by a pricing service or provided by dealers in such securities. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Portfolio securities for which accurate market quotations are not readily available due to, among other factors, current market trading activity, credit quality and default rates, are valued based on yield equivalents, pricing matrices or other sources, under valuation procedures established by the Board of Trustees of Trust for Credit Unions.

The Portfolios are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

Level 1	–	quoted prices in active markets for identical securities
Level 2	–	significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3	–	significant unobservable inputs (including each Portfolio’s own assumptions in determining the fair value of investments)

At the end of each calendar quarter, management evaluates the Level 2 and Level 3 assets and liabilities, if any, for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and Level 2 assets and liabilities, if any, on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Portfolios’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The summary of inputs used to value each Portfolio’s net assets as of May 31, 2022 is as follows:
	Ultra-Short Duration Portfolio
	Total Market Value at 5/31/2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Bank Notes	$	8,995,452		$	-	$	8,995,452	$	-
Asset Backed Securities		349,427			-		349,427		-
Collateralized Mortgage Obligations		764,196,923			-		764,196,923		-
Mortgage-Backed Obligations		136,478,234			-		136,478,234		-
Agency Debentures		1,250,000			-		-		1,250,000
U.S. Treasury Obligations		15,419,819			-		15,419,819		-
U.S. Government-Backed Obligations		94,524,418			-		94,524,418		-
Repurchase Agreements		175,000,000			-		175,000,000		-
	$	1,196,214,273		$	-	$	1,194,964,273	$	1,250,000
	Short Duration Portfolio
	Total Market Value at 5/31/2022			Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Bank Notes	$	70,922,101		$	-	$	70,922,101	$	-
Collateralized Mortgage Obligations		164,460,467			-		164,460,467		-
Mortgage-Backed Obligations		145,691,244			-		145,691,244		-
Municipal Bonds		6,129,133			-		6,129,133		-
U.S. Government-Backed Obligations		217,213,789			-		217,213,789		-
Repurchase Agreements		74,250,000			-		74,250,000		-
Registered Investment Company		481,196			481,196		-		-
	$	679,147,930		$	481,196	$	678,666,734	$	-
The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair
value as of May 31, 2022:
	Ultra-Short Duration Portfolio
Fair Value, as of August 31, 2021		1,750,000
Gross sales		(500,000	)
Fair Value, as of May 31, 2022		1,250,000

For additional information regarding the Portfolios’ policy for valuation of investments or other significant accounting policies, please refer to the Portfolios’ most recent Semi-Annual or Annual Report.

B. Security Transactions and Investment Income

Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

C. Repurchase Agreements and Reverse Repurchase Agreements

Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Portfolios, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Portfolios may be delayed or limited and there may be a decline in the value of the collateral during the period while the Portfolios seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolios’ regular custodian or at a custodian specifically designated for purposes of the repurchase agreement under triparty repurchase agreements. The Portfolios may also engage in reverse repurchase transactions in which a Portfolio sells its securities and simultaneously agrees to repurchase the securities at a specified time and price. Reverse repurchase transactions are considered to be borrowings by a Portfolio.

D. When-Issued Securities

Consistent with National Credit Union Administration rules and regulations, the Portfolios may purchase or sell when-issued securities, including TBA (To Be Announced) securities that have been authorized, but not yet issued in the market. The value of a when-issued security sale is recorded as an asset and a liability on the Portfolios’ records with the difference between its market value and expected cash proceeds recorded as an unrealized gain or loss. Gains or losses are realized upon delivery of the security sold. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction. All settlements in connection with purchases and sales of when-issued securities must be by regular way (i.e., the normal security settlement time, which may vary according to security type). When purchasing a security on a when-issued basis, the Portfolios must set aside liquid assets, or engage in other appropriate measures to cover the obligations under the contract. At May 31, 2022, the Ultra-Short Duration Portfolio and the Short Duration Portfolio held TBA securities of $0 and $75,771,484 respectively.

E. LIBOR Transition

The Portfolios invest in financial instruments with payment obligations, financing terms, hedging strategies or investment values based on floating rates, such as London Interbank Offered Rate (“LIBOR”). LIBOR is the offered rate for short-term Eurodollar deposits between major international banks.

ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. The transition away from LIBOR poses a number of other risks, including changed values of LIBOR-related investments, which may adversely affect the Portfolios’ performance.