NPORT-EX 2 tcu_nport53122.htm NPORT-EX

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.