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Previous: TRUST FOR CREDIT UNION, NSAR-A, 1995-05-01 |
Next: EVERGREEN AMERICAN RETIREMENT TRUST, 485BPOS, 1995-05-01 |
<PAGE>
[LOGO OF TRUST FOR CREDIT UNIONS
APPEARS HERE]
SEMI-ANNUAL REPORT
------------------
FEBRUARY 28, 1995
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
MONEY MARKET PORTFOLIO
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY AMORTIZED
AMOUNT RATE DATE COST
- --------- -------- -------- ---------
<S> <C> <C> <C>
BANKERS' ACCEPTANCES (2.1%)
NationsBank of Florida, N.A.
$ 5,000 6.03%(b) 03/15/95 $ 4,988
-------
CERTIFICATES OF DEPOSIT (2.1%)
National Bank of Detroit
$ 5,000 6.03% 03/08/95 $ 5,000
-------
BANK NOTES (8.5%)
Fleet National Bank, Providence
$ 5,000 5.99%(a) 07/11/95 $ 4,998
Old Kent Bank And Trust Co.
15,000 6.09(a) 05/01/95 15,000
-------
Total Bank Notes.............................. $19,998
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY AMORTIZED
AMOUNT RATE DATE COST
--------- -------- -------- ---------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (87.6%)
Joint Repurchase Agreement Accounts
$131,000 6.11% 03/01/95 $131,000
75,000 6.14 03/01/95 75,000
--------
Total Repurchase Agreements.................. $206,000
--------
Total Investments............................ $235,986(c)
========
</TABLE>
(a) Variable rate security. Coupon rate disclosed is that which is in effect at
February 28, 1995.
(b) The rate disclosed for this security represents the yield to maturity.
(c) The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
The accompanying notes are an integral
part of these financial statements.
1
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS (70.8%)
Adjustable Rate Federal Home Loan Mortgage Corp. (FHLMC)(a) (15.0%)
$ 2,342 7.22% 04/01/18 $ 2,400
14,322 7.30 05/01/18 14,767
2,489 7.11 01/01/19 2,557
6,365 6.87 01/01/21 6,534
36,402 7.14 02/01/22 37,425
3,639 7.10 07/01/29 3,702
11,119 7.10 05/01/31 11,383
--------
Total Adjustable Rate FHLMC...................... $ 78,768
--------
Adjustable Rate Federal National Mortgage Association (FNMA)(a) (45.8%)
$ 6,973 6.73% 01/01/16 $ 7,021
5,298 5.85 03/01/17 5,307
3,513 6.98 11/01/17 3,580
6,105 7.00 12/01/17 6,215
2,166 6.88 11/01/18 2,207
32,955 6.90 06/01/19 33,489
3,613 6.84 07/01/19 3,675
9,228 7.00 12/01/19 9,205
5,756 7.28 03/01/20 5,934
3,084 6.76 05/01/20 3,151
22,638 6.82 04/01/21 23,059
42,932 6.92 09/01/21 44,120
3,255 6.87 10/01/21 3,296
2,408 7.38 11/01/21 2,453
3,423 7.43 02/01/22 3,523
9,262 6.99 09/01/22 9,530
7,173 6.73 07/01/27 7,319
5,109 7.11 10/01/27 5,200
44,250 7.00 01/01/31 45,563
17,700 5.86 02/01/31 17,590
--------
Total Adjustable Rate FNMA....................... $241,437
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Adjustable Rate Small Business Administration (SBA)(a) (3.2%)
$16,897 6.63% 09/25/17 $ 16,855
--------
Collateralized Mortgage Obligations (CMOs) (6.8%)
Adjustable Rate CMOs(a) (3.7%)
FNMA REMIC Trust 1990-145, Class A
$19,525 5.88% 12/25/20 $ 19,461
--------
Planned Amortization Class Interest Only (PAC IO) CMOs(b) (0.0%)
FNMA REMIC Trust 1991-120, Class H
$ 30 484.26% 06/25/00 $ 149
--------
Sequential Fixed Rate CMOs (0.8%)
FHLMC Series 1278, Class E
$ 567 7.00% 12/15/18 $ 566
FNMA REMIC Trust 1991-82, Class PH
3,484 8.00 11/25/18 3,484
--------
Total Sequential Fixed Rate CMOs................. $ 4,050
--------
Super Floater CMOs(a) (2.3%)
FNMA REMIC Trust 1992-157, Class FA
$12,858 3.19% 03/25/04 $ 12,102
--------
Total CMOs....................................... $ 35,762
--------
Total Mortgage Backed Obligations (identified
cost $379,926).................................. $372,822
--------
</TABLE>
The accompanying notes are an integral
part of these financial statements.
2
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
GOVERNMENT SECURITIES PORTFOLIO--(CONTINUED)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
--------- -------- -------- --------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (28.9%)
Joint Repurchase Agreement Account
$152,100 6.14% 03/01/95 $152,100
--------
Total Repurchase Agreements (identified cost
$152,100)..................................... $152,100
--------
Total Investments (identified cost
$532,026(c)).................................. $524,922
========
- ---------------------------------------------------------------------------------------------------
Federal Income Tax Information:
Gross unrealized gain for investments in which
value exceeds cost............................... $ 0
Gross unrealized loss for investments in which
cost exceeds value............................... (7,104)
--------
Net unrealized loss............................... $ (7,104)
========
- ---------------------------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security. Coupon rate disclosed is that which is in effect at
February 28, 1995.
(b) Represents security with notional or nominal principal amount. The actual
effective yield of this security is different than the stated rate due to
the amortization of related premiums.
(c) The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
The accompanying notes are an integral
part of these financial statements.
3
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
MORTGAGE SECURITIES PORTFOLIO
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS (87.0%)
Collateralized Mortgage Obligations (CMOs) (87.0%)
Adjustable Rate CMOs(a) (48.4%)
CMC Securities Corp. II 1993-H, Class A1
$ 7,431 6.74% 09/25/23 $ 7,476
CMC Securities Corp. II 1993-I, Class A2
7,314 6.25 09/25/23 7,291
Citicorp Mortgage Securities, Inc. 1992-17,
Class A
12,074 6.76 10/25/22 12,241
DLJ Mortgage Acceptance Corp. 1992-Q11,
Class A2
10,847 7.13 01/25/23 10,879
Independent National Mortgage Corp. 1994-W,
Class A1
11,807 6.75 12/25/24 12,036
Merrill Lynch Mortgage Investors, Inc. 1994-I,
Class A1
11,089 6.59 01/25/05 11,203
Prudential Home Mortgage 1991-15, Class A1
1,867 7.72 11/25/21 1,899
Prudential Home Mortgage 1992-24, Class A1
7,494 7.50 09/25/22 7,684
Resolution Trust Corp. 1992-4, Class B2
4,500 6.78 07/25/28 4,440
Resolution Trust Corp. 1992-11, Class A2
3,997 6.84 10/25/24 4,033
Resolution Trust Corp. 1992-11, Class B2
7,501 6.84 10/25/24 7,401
Resolution Trust Corp. 1994-1, Class M3
6,208 7.38 09/25/29 6,295
Ryland Mortgage Securities Corp. 1989-FN1,
Class A
2,170 6.77 11/01/18 2,172
Ryland Mortgage Securities Corp. 1991-7,
Class A1
2,768 6.15 06/25/21 2,753
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Ryland Mortgage Securities Corp. 1992-L10,
Class B
$ 5,000 7.36% 08/25/22 $ 4,957
Salomon Brothers Mortgage Securities
1994-20, Class A
9,841 6.37 08/01/24 10,021
Saxon Mortgage Securities Corp. 1994-12,
Class A
11,928 6.91 01/25/25 12,301
--------
Total Adjustable Rate CMOs..................... $125,082
--------
Inverse Floater CMOs(a) (0.1%)
FHLMC Series 1134, Class H
$ 246 16.16% 09/15/96 $ 263
--------
Planned Amortization Class (PAC) CMOs (12.7%)
FHLMC Series 1506, Class PD
$ 3,100 5.15% 03/15/03 $ 2,900
FHLMC Series 1512, Class DA
1,900 4.50 02/15/03 1,759
FNMA REMIC Trust 1993-59, Class D
1,500 5.00 11/25/03 1,388
FNMA REMIC Trust 1993-63, Class PD
1,800 5.75 12/25/02 1,711
FNMA REMIC Trust 1993-241, Class PD
4,299 8.61(b) 08/25/22 3,251
GE Capital Mortgage Services, Inc. 1994-11,
Class A1
14,941 6.50 03/25/24 14,492
Housing Securities, Inc. 1993-E, Class E8
6,957 10.00 02/25/08 7,237
--------
Total PAC CMOs................................. $ 32,738
--------
Regular Floater CMOs(a) (3.2%)
FHLMC Series 1333, Class F
$ 8,107 6.93% 07/15/22 $ 8,177
--------
</TABLE>
The accompanying notes are an integral
part of these financial statements.
4
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
MORTGAGE SECURITIES PORTFOLIO--(CONTINUED)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Sequential Fixed Rate CMOs (22.6%)
CMC Securities Corp. 1993-C, Class C3
$ 4,897 9.55% 04/25/08 $ 5,174
FHLMC Series 42, Class A
1,590 9.00 02/15/19 1,586
FHLMC Series 65, Class D
1,876 9.30 10/15/19 1,911
FHLMC Series 95, Class C
3,736 9.00 11/15/20 3,786
FHLMC Series 172, Class H
7,880 9.00 05/15/20 8,019
FNMA REMIC Trust 1989-33, Class D
1,128 9.15 09/25/18 1,166
Housing Securities, Inc. 1992-F, Class F3
1,715 5.50 08/25/03 1,703
Prudential Home Mortgage 1992-39, Class A3
8,000 5.80 12/25/07 7,728
Prudential Home Mortgage 1992-A, Class B1-1
9,493 7.20 04/28/22 9,280
Prudential Home Mortgage 1993-38, Class A4
12,806 9.55 09/25/23 13,349
Residential Funding Mortgage Securities
1992-S36, Class A2
4,820 5.70 11/25/07 4,651
Structured Mortgage Asset Residential Trust
1992-4B, Class BH
204 8.50 12/25/21 204
--------
Total Sequential Fixed Rate CMOs................. $ 58,557
--------
Total CMOs....................................... $224,817
--------
Total Mortgage Backed Obligations (identified
cost $226,312).................................. $224,817
--------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS (11.8%)
United States Treasury Notes
$ 9,800 6.50% 05/15/97 $ 9,734
15,500 6.75 06/30/99 15,347
1,800 6.38 08/15/02 1,715
4,000 6.25 02/15/03 3,774
--------
Total U.S. Treasury Obligations (identified cost
$30,141)........................................ $ 30,570
--------
REPURCHASE AGREEMENTS (0.6%)
Joint Repurchase Agreement Account
$ 1,600 6.14% 03/01/95 $ 1,600
--------
Total Repurchase
Agreements (identified cost $1,600)............. $ 1,600
--------
Total Investments (identified cost
$258,053(c)).................................... $256,987
========
- -----------------------------------------------------------------------------------
Federal Income Tax Information:
Gross unrealized gain for investments in which value
exceeds cost....................................... $ 1,931
Gross unrealized loss for investments in which cost
exceeds value...................................... (3,000)
--------
Net unrealized loss................................. $ (1,069)
========
- -----------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security. Coupon rate disclosed is that which is in effect
at February 28, 1995.
(b) The rate disclosed for this security represents the yield to maturity.
(c) The aggregate cost for federal income tax purposes is $258,056.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
The accompanying notes are an integral
part of these financial statements.
5
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
TARGET MATURITY PORTFOLIO (1996)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- ------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS (79.1%)
Collateralized Mortgage Obligations (CMOs) (79.1%)
Adjustable Rate CMOs(a) (42.3%)
CMC Securities Corp. 1993-2F, Class FA
$3,339 6.82% 05/25/22 $3,361
Capstead Securities Corp. 1992-14, Class A
2,624 6.56 10/25/22 2,632
Chase Mortgage Finance Corp. 1990-E, Class A1
3,549 6.20 11/25/20 3,565
Citicorp Mortgage Securities, Inc. 1992-17,
Class A
5,214 6.76 10/25/22 5,286
Housing Securities, Inc. 1992-SL1, Class A1
2,189 7.92 05/25/16 2,244
Independent National Mortgage Corp. 1994-V, Class A1
4,940 6.43 12/25/24 5,041
Prudential Home Mortgage Securities Corp. 1992-24,
Class A1
3,385 7.50 09/25/22 3,470
Residential Funding Mortgage Securities 1993-S38, Class
A
1,816 6.71 09/25/23 1,836
Resolution Trust Corp. 1992-11, Class B2
3,700 6.84 10/25/24 3,651
Salomon Brothers Mortgage Securities 1990-3A, Class 1
3,347 6.24 11/25/20 3,310
Salomon Brothers Mortgage Securities 1992-6, Class A1
4,005 6.62 11/25/22 4,035
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Saxon Mortgage Securities Corp. 1992-1, Class B1
$4,400 6.91% 09/25/22 $ 4,388
Saxon Mortgage Securities Corp. 1992-4, Class A
1,617 6.86 12/25/22 1,639
Saxon Mortgage Securities Corp. 1992-6, Class A
2,098 7.14 01/25/23 2,133
Saxon Mortgage Securities Corp. 1994-11,
Class A
3,711 6.50 12/25/24 3,783
Sears Mortgage Securities 1993-8, Class A
2,952 6.64 08/25/23 2,979
-------
Total Adjustable Rate CMOs....................... $53,353
-------
Inverse Floater CMOs(a) (0.1%)
Lehman Brothers Mortgage Trust 1992-M1,
Class A1I
$ 105 7.44% 11/25/01 $ 104
-------
Planned Amortization Class (PAC) CMOs (6.7%)
Housing Securities, Inc. 1993-E, Class E8
$8,133 10.00% 02/25/08 $ 8,461
-------
Regular Floater CMOs(a) (8.6%)
Capstead Securities Corp. 1993-1, Class F
$1,922 6.81% 03/01/18 $ 1,927
FHLMC Series 1333, Class F
3,982 6.93 07/15/22 4,017
Merrill Lynch Trust 11, Class D
4,939 6.91 10/20/17 4,944
-------
Total Regular Floater CMOs....................... $10,888
-------
</TABLE>
The accompanying notes are an integral
part of these financial statements.
6
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
TARGET MATURITY PORTFOLIO (1996)--(CONTINUED)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Sequential Fixed Rate CMOs (21.4%)
FHLMC Series 172, Class H
$3,940 9.00% 05/15/20 $ 4,010
FHLMC Series 1028, Class F
5,950 9.30 05/15/05 6,067
FHLMC Series 1056, Class G
2,589 8.00 12/15/18 2,606
FNMA REMIC Trust 1990-135, Class H
2,434 9.00 11/25/97 2,431
FNMA REMIC Trust 1990-142, Class J
2,775 9.25 12/25/03 2,805
Prudential Home Mortgage Securities Corp. 1993-38,
Class A4
5,000 9.55 09/25/23 5,212
Residential Resources, Inc. 15, Class C
3,628 9.75 11/20/18 3,691
Structured Mortgage Asset Residential Trust 1992-4B,
Class BH
110 8.50 12/25/21 110
-------
Total Sequential Fixed Rate CMOs................. $26,932
-------
Total CMOs....................................... $99,738
-------
Total Mortgage Backed Obligations (identified
cost $99,852)................................... $99,738
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- --------
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS (16.2%)
United States Treasury Notes
$20,000 4.25% 05/15/96 $ 19,460
1,000 6.38 08/15/02 954
--------
Total U.S. Treasury Obligations (identified cost
$20,341)........................................ $ 20,414
--------
REPURCHASE AGREEMENTS (6.2%)
Joint Repurchase Agreement Account
$ 7,800 6.14% 03/01/95 $ 7,800
--------
Total Repurchase Agreements (identified cost
$7,800)......................................... $ 7,800
--------
Total Investments (identified cost $127,993(b)).. $127,952
========
- -----------------------------------------------------------------------------------
Federal Income Tax Information:
Gross unrealized gain for investments in which value
exceeds cost....................................... $ 585
Gross unrealized loss for investments in which cost
exceeds value...................................... (626)
--------
Net unrealized loss................................. (41)
========
- -----------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security. Coupon rate disclosed is that which is in effect at
February 28, 1995.
(b) The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
The accompanying notes are an integral
part of these financial statements.
7
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
TARGET MATURITY PORTFOLIO (FEB 97)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS (85.7%)
Collateralized Mortgage Obligations (CMOs) (85.7%)
Adjustable Rate CMOs(a) (38.7%)
Chase Mortgage Financing Corp. 1990-E,
Class A1
$2,777 6.20% 11/25/20 $ 2,790
DLJ Mortgage Acceptance Corp. 1992-Q11,
Class A2
3,957 7.13 01/25/23 3,968
Independent National Mortgage Corp.
1994-W, Class A1
4,231 6.75 12/25/24 4,313
Merrill Lynch Mortgage Investors, Inc.
1994-I, Class A1
4,059 6.59 01/25/05 4,101
Resolution Trust Corp. 1992-11, Class B2
2,700 6.84 10/25/24 2,664
Resolution Trust Corp. 1994-1, Class M3
2,243 7.38 09/25/29 2,274
Salomon Brothers Mortgage Securities
1994-20, Class A
3,539 6.37 08/01/24 3,603
Saxon Mortgage Securities Corp.
1992-4, Class A
1,212 6.86 12/25/22 1,230
Saxon Mortgage Securities Corp.
1992-6, Class A
1,836 7.14 01/25/23 1,867
Saxon Mortgage Securities Corp.
1994-11, Class A
2,832 6.50 12/25/24 2,887
Saxon Mortgage Securities Corp.
1994-12, Class A
4,261 6.91 01/25/25 4,394
Sears Mortgage Securities Corp.
1993-8, Class A
2,249 6.64 08/25/23 2,270
-------
Total Adjustable Rate CMOs....................... $36,361
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Regular Floater CMOs(a) (3.5%)
FHLMC Series 1333, Class F
$3,271 6.93% 07/15/22 $ 3,300
-------
Sequential Fixed Rate CMOs (43.5%)
FHLMC Series 65, Class D
$1,876 9.30% 10/15/19 $ 1,911
FHLMC Series 172, Class H
2,955 9.00 05/15/20 3,007
FNMA REMIC Trust 89-24, Class X
6,111 9.20 04/25/16 6,281
FNMA REMIC Trust 89-80, Class E
8,000 9.00 09/25/18 8,241
FNMA REMIC Trust 90-142, Class J
2,800 9.25 12/25/03 2,830
FNMA REMIC Trust 91-G35, Class K
4,118 8.00 06/25/20 4,132
Prudential Home Mortgage Securities
1993-38, Class A4
4,600 9.55 09/25/23 4,795
Ryland Acceptance Corp. 1989, Class C
5,000 8.88 11/01/12 5,087
Salomon Brothers Mortgage Securities
1994-6, Class A1
4,693 7.02 05/25/24 4,536
-------
Total Sequential Fixed Rate CMOs................. $40,820
-------
Total CMOs....................................... $80,481
-------
Total Mortgage Backed Obligations (identified
cost $80,585)................................... $80,481
-------
</TABLE>
The accompanying notes are an integral
part of these financial statements.
8
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
TARGET MATURITY PORTFOLIO (FEB 97)--(CONTINUED)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
U.S. TREASURY OBLIGATIONS (13.1%)
<S> <C> <C> <C>
United States Treasury Notes
$7,400 6.50% 05/15/97 $ 7,350
1,900 6.75 06/30/99 1,881
1,200 6.38 08/15/02 1,145
2,000 6.25 02/15/03 1,887
-------
Total U.S. Treasury
Obligations (identified
cost $12,124)............. $12,263
-------
REPURCHASE AGREEMENTS (1.4%)
Joint Repurchase Agreement Account
$1,300 6.14% 03/01/95 $ 1,300
-------
Total Repurchase
Agreements (identified
cost $1,300).............. $ 1,300
-------
Total Investments
(identified cost
$94,009(b))............... $94,044
=======
- ----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Federal Income Tax
Information:
Gross unrealized gain for
investments in which value
exceeds cost................. $670
Gross unrealized loss for
investments in which
cost exceeds value........... (676)
----
Net unrealized loss........... $ (6)
====
- ----------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security. Coupon rate disclosed is that which is in effect
at February 28, 1995.
(b) The aggregate cost for federal income tax purposes is $94,050.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
The accompanying notes are an integral
part of these financial statements.
9
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
TARGET MATURITY PORTFOLIO (MAY 97)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS (79.2%)
Collateralized Mortgage Obligations (CMOs) (79.2%)
Adjustable Rate CMOs(a) (43.9%)
Citicorp Mortgage Securities, Inc.
1992-17, Class A
$2,744 6.76% 10/25/22 $ 2,782
DLJ Mortgage Acceptance Corp.
1992-Q11, Class A2
2,797 7.13 01/25/23 2,805
Independent National Mortgage Corp.
1994-W, Class A1
2,952 6.75 12/25/24 3,009
Merrill Lynch Mortgage Investors, Inc.
1994-I, Class A1
2,970 6.59 01/25/05 3,001
Prudential Home Mortgage Securities
1992-24, Class A1
1,934 7.50 09/25/22 1,983
Resolution Trust Corp. 1992-11, Class A2
2,855 6.84 10/25/24 2,880
Resolution Trust Corp. 1994-1, Class M3
1,596 7.38 09/25/29 1,619
Salomon Brothers Mortgage Securities Inc.
1994-20, Class A
2,460 6.37 08/01/24 2,505
Saxon Mortgage Securities Corp. 1992-4,
Class A
1,421 6.86 12/25/22 1,441
Saxon Mortgage Securities Corp. 1992-6,
Class A
1,115 7.14 01/25/23 1,134
Saxon Mortgage Securities Corp. 1994-11,
Class A
1,953 6.50 12/25/24 1,991
Saxon Mortgage Securities Corp. 1994-12,
Class A
2,973 6.91 01/25/25 3,066
Sears Mortgage Securities Corp. 1993-8,
Class A
1,616 6.64 08/25/23 1,631
-------
Total Adjustable Rate CMOs....................... $29,847
-------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
MORTGAGE BACKED OBLIGATIONS--(CONTINUED)
Sequential Fixed Rate CMOs (33.4%)
FHLMC Series 172, Class H
$2,247 9.00% 05/15/20 $ 2,286
FNMA REMIC Trust 1988-2, Class Z
2,730 10.10 02/25/18 2,930
FNMA REMIC Trust 1990-24, Class E
3,500 9.00 03/25/20 3,637
FNMA REMIC Trust 1990-135, Class H
2,147 9.00 11/25/97 2,145
Prudential Home Mortgage Securities
1993-32, Class A3
2,673 6.50 08/25/23 2,534
Prudential Home Mortgage Securities
1993-38, Class A4
3,300 9.55 09/25/23 3,440
Residential Funding Mortgage Securities
1992-S36, Class A2
2,629 5.70 11/25/07 2,537
Salomon Brothers Mortgage Securities, Inc.
1994-6, Class A1
3,285 7.02 05/25/24 3,175
-------
Total Sequential Fixed Rate CMOs................. $22,684
-------
Targeted Amortization Class (TAC) CMOs (1.9%)
FNMA REMIC Trust 88-25, Class B
$1,237 9.25% 10/25/18 $ 1,268
-------
Total CMOs....................................... $53,799
-------
Total Mortgage Backed Obligations (identified
cost $53,352)................................... $53,799
-------
</TABLE>
The accompanying notes are an integral
part of these financial statements.
10
<PAGE>
TRUST FOR CREDIT UNIONS
---------------
TARGET MATURITY PORTFOLIO (MAY 97)--(CONTINUED)
STATEMENT OF INVESTMENTS
FEBRUARY 28, 1995
(UNAUDITED)
($ IN THOUSANDS)
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE VALUE
- --------- -------- -------- -------
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS (15.2%)
United States Treasury Notes
$7,800 6.50% 05/15/97 $ 7,748
2,700 6.38 08/15/02 2,577
-------
Total U.S. Treasury Obligations (identified cost
$10,220)........................................ $10,325
-------
REPURCHASE AGREEMENTS (5.2%)
Joint Repurchase Agreement Account
$3,500 6.14% 03/01/95 $ 3,500
-------
Total Repurchase Agreements (identified cost
$3,500)......................................... $ 3,500
-------
Total Investments (identified cost $67,072(b))... $67,624
=======
- ----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Federal Income Tax Information:
Gross unrealized gain for investments
in which value exceeds cost........................ $640
Gross unrealized loss for investments in which
cost exceeds value................................. (88)
----
Net unrealized gain................................. $552
====
- ----------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security. Coupon rate disclosed is that which is in effect
at February 28, 1995.
(b) The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
The accompanying notes are an integral
part of these financial statements.
11
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
TARGET TARGET TARGET
MONEY GOVERNMENT MORTGAGE MATURITY MATURITY MATURITY
MARKET SECURITIES SECURITIES PORTFOLIO PORTFOLIO PORTFOLIO
PORTFOLIO PORTFOLIO PORTFOLIO (1996) (FEB 97) (MAY 97)
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in
securities, at value
(identified cost:
$235,985,924,
$532,025,729,
$258,052,723,
$127,992,426,
$94,008,787 and
$67,071,995,
respectively).......... $235,985,924 $524,921,852 $256,987,274 $127,951,525 $94,043,658 $67,624,008
Cash.................... 11,841 66,955 68,797 88,118 1,400 175,251
Receivables:
Investment securities
sold.................. -- 1,152,736 2,442,812 765,222 -- 51,859
Interest............... 150,263 2,628,099 1,842,233 847,743 805,601 485,907
Deferred organization
expenses, net.......... -- 9,399 23,601 18,033 7,429 4,035
Other assets............ 8,702 51,681 -- 8,110 6,124 --
------------ ------------ ------------ ------------ ----------- -----------
Total assets....... 236,156,730 528,830,722 261,364,717 129,678,751 94,864,212 68,341,060
------------ ------------ ------------ ------------ ----------- -----------
LIABILITIES
Payables:
Investment securities
purchased............. -- -- 1,719,219 2,957,178 477,561 --
Fund units repurchased. -- 66,252 -- -- -- --
Dividends.............. 949,273 1,711,765 982,414 481,362 383,980 342,207
Advisory fees.......... 32,821 80,999 19,631 22,122 17,164 12,913
Administration fees.... 8,314 40,497 9,825 4,811 3,572 2,583
Accrued expenses and
other liabilities...... 45,558 98,884 78,125 56,624 56,016 50,484
------------ ------------ ------------ ------------ ----------- -----------
Total liabilities.. 1,035,966 1,998,397 2,809,214 3,522,097 938,293 408,187
------------ ------------ ------------ ------------ ----------- -----------
NET ASSETS
Paid-in capital......... 235,120,764 548,837,347 272,215,779 133,083,394 98,297,717 68,532,036
Accumulated
undistributed
(distributions in
excess of) net
investment income...... -- (669,385) (1,788,451) 277,350 261,977 (156,012)
Accumulated net realized
loss on investment
transactions........... -- (14,231,760) (10,806,376) (7,163,189) (4,668,646) (995,164)
Net unrealized gain
(loss) on investments.. -- (7,103,877) (1,065,449) (40,901) 34,871 552,013
------------ ------------ ------------ ------------ ----------- -----------
Net assets......... $235,120,764 $526,832,325 $258,555,503 $126,156,654 $93,925,919 $67,932,873
============ ============ ============ ============ =========== ===========
Net asset value per unit
(net assets/units
outstanding)........... $1.00 $9.75 $9.61 $9.49 $9.57 $9.92
===== ===== ===== ===== ===== =====
Redemption price per
unit (Note 7).......... $1.00 $9.75 $9.61 $9.44 $9.53 $9.87
===== ===== ===== ===== ===== =====
UNITS OUTSTANDING
Total units outstanding,
$0.001 par value
(unlimited number of
units authorized)...... 235,120,764 54,036,217 26,894,791 13,300,010 9,809,980 6,850,000
============ ============ ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
TARGET TARGET TARGET
MONEY GOVERNMENT MORTGAGE MATURITY MATURITY MATURITY
MARKET SECURITIES SECURITIES PORTFOLIO PORTFOLIO PORTFOLIO
PORTFOLIO(a) PORTFOLIO PORTFOLIO(b) (1996) (FEB 97) (MAY 97)
------------ ----------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income........ $4,847,563 $15,105,840 $8,438,726 $4,265,007 $3,450,715 $2,368,039
---------- ----------- ---------- ---------- ---------- ----------
EXPENSES:
Advisory fees, net of
fees waived........... 126,252 547,648 244,590 143,691 112,742 83,824
Administration fees,
net of fees waived.... 15,105 273,824 66,066 31,273 23,537 16,765
Custodian fees......... 16,184 43,202 27,373 19,637 19,280 15,948
Professional fees...... 20,295 39,175 28,266 23,506 22,514 21,521
Trustees' fees......... 3,888 11,664 5,554 2,777 2,221 1,666
Amortization of
deferred organization
expenses.............. -- 2,266 4,482 6,688 2,184 909
Transfer agent fees.... -- 2,143 744 387 297 238
Other expenses......... 14,555 30,494 22,241 12,177 8,219 6,958
---------- ----------- ---------- ---------- ---------- ----------
Total expenses........ 196,279 950,416 399,316 240,136 190,994 147,829
Less--Expenses
reimbursable by GSAM... 54,922 -- -- -- -- --
---------- ----------- ---------- ---------- ---------- ----------
Net expenses.......... 141,357 950,416 399,316 240,136 190,994 147,829
---------- ----------- ---------- ---------- ---------- ----------
NET INVESTMENT INCOME... 4,706,206 14,155,424 8,039,410 4,024,871 3,259,721 2,220,210
NET REALIZED LOSS ON
INVESTMENT
TRANSACTIONS........... -- (4,380,437) (4,561,391) (2,692,958) (2,017,788) (666,026)
NET CHANGE IN UNREALIZED
GAIN (LOSS) ON
INVESTMENTS............ -- 3,355,869 4,832,438 1,986,916 1,622,860 698,866
---------- ----------- ---------- ---------- ---------- ----------
NET INCREASE IN NET
ASSETS RESULTING FROM
OPERATIONS............. $4,706,206 $13,130,856 $8,310,457 $3,318,829 $2,864,793 $2,253,050
========== =========== ========== ========== ========== ==========
</TABLE>
- --------
(a) For the six months ended February 28, 1995, the investment adviser and the
administrator waived fees of $59,478 and $77,760, respectively.
(b) For the six months ended February 28, 1995, the investment adviser waived
fees of $19,675.
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
TRUST FOR CREDIT UNIONS
-----------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
TARGET TARGET TARGET
MONEY GOVERNMENT MORTGAGE MATURITY MATURITY MATURITY
MARKET SECURITIES SECURITIES PORTFOLIO PORTFOLIO PORTFOLIO
PORTFOLIO PORTFOLIO PORTFOLIO (1996) (FEB 97) (MAY 97)
--------------- ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income.. $ 4,706,206 $ 14,155,424 $ 8,039,410 $ 4,024,871 $ 3,259,721 $ 2,220,210
Net realized loss on
investment
transactions........... -- (4,380,437) (4,561,391) (2,692,958) (2,017,788) (666,026)
Net change in
unrealized gain (loss)
on investments......... -- 3,355,869 4,832,438 1,986,916 1,622,860 698,866
--------------- ------------ ------------ ------------ ----------- -----------
Net increase in net
assets resulting from
operations............. 4,706,206 13,130,856 8,310,457 3,318,829 2,864,793 2,253,050
--------------- ------------ ------------ ------------ ----------- -----------
DISTRIBUTIONS TO
UNITHOLDERS:
From net investment
income................. (4,657,924) (14,531,405) (8,039,410) (4,319,626) (3,498,132) (2,220,210)
In excess of net
investment income...... -- (669,385) (821,360) -- -- (1,121)
--------------- ------------ ------------ ------------ ----------- -----------
Total distributions to
unitholders............ (4,657,924) (15,200,790) (8,860,770) (4,319,626) (3,498,132) (2,221,331)
--------------- ------------ ------------ ------------ ----------- -----------
FROM UNIT TRANSACTIONS:
Proceeds from sale of
units.................. 1,297,686,575 2,272,118 1,785,272 -- -- --
Reinvestment of
dividends.............. 2,313,792 5,240,052 2,962,721 -- -- --
Cost of units
repurchased............ (1,281,916,750) (72,941,072) (29,528,597) (465,411) (2,821,023) (965,548)
--------------- ------------ ------------ ------------ ----------- -----------
Increase (decrease) in
net assets from unit
transactions........... 18,083,617 (65,428,902) (24,780,604) (465,411) (2,821,023) (965,548)
--------------- ------------ ------------ ------------ ----------- -----------
Additional paid-in
capital................. -- -- -- 68,281 -- --
--------------- ------------ ------------ ------------ ----------- -----------
Total increase
(decrease)............. 18,131,899 (67,498,836) (25,330,917) (1,397,927) (3,454,362) (933,829)
NET ASSETS:
Beginning of period.... 216,988,865 594,331,161 283,886,420 127,554,581 97,380,281 68,866,702
--------------- ------------ ------------ ------------ ----------- -----------
End of period.......... $ 235,120,764 $526,832,325 $258,555,503 $126,156,654 $93,925,919 $67,932,873
=============== ============ ============ ============ =========== ===========
ACCUMULATED
UNDISTRIBUTED
(DISTRIBUTIONS IN EXCESS
OF) NET INVESTMENT
INCOME.................. $ -- $ (669,385) $ (1,788,451) $ 277,350 $ 261,977 $ (156,012)
=============== ============ ============ ============ =========== ===========
SUMMARY OF UNIT
TRANSACTIONS:
Units sold............. 1,297,686,575 233,972 187,964 -- -- --
Reinvestment of
dividends.............. 2,313,792 539,914 311,212 -- -- --
Units repurchased...... (1,281,916,750) (7,510,830) (3,112,445) (50,000) (300,000) (100,000)
--------------- ------------ ------------ ------------ ----------- -----------
Increase (decrease) in
units outstanding...... 18,083,617 (6,736,944) (2,613,269) (50,000) (300,000) (100,000)
=============== ============ ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
TRUST FOR CREDIT UNIONS
---------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED AUGUST 31, 1994(a)
<TABLE>
<CAPTION>
TARGET TARGET TARGET
MONEY GOVERNMENT MORTGAGE MATURITY MATURITY MATURITY
MARKET SECURITIES SECURITIES PORTFOLIO PORTFOLIO PORTFOLIO
PORTFOLIO PORTFOLIO PORTFOLIO (1996) (FEB 97)(A) (MAY 97)(A)
--------------- ------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income.. $ 13,359,541 $ 34,984,779 $ 16,116,670 $ 7,674,729 $ 3,360,096 $ 1,107,903
Net realized gain
(loss) on investment
transactions........... 64,113 (3,444,347) (5,968,515) (4,530,665) (2,650,858) (329,138)
Net change in
unrealized loss on
investments............ -- (12,596,598) (7,965,845) (2,125,231) (1,587,989) (146,853)
--------------- ------------- ------------ ------------ ----------- -----------
Net increase (decrease)
in net assets resulting
from operations........ 13,423,654 18,943,834 2,182,310 1,018,833 (878,751) 631,912
--------------- ------------- ------------ ------------ ----------- -----------
DISTRIBUTIONS TO
UNITHOLDERS:
From net investment
income................. (13,367,335) (34,473,092) (16,524,091) (7,021,439) (2,865,059) (1,107,903)
In excess of net
investment income...... (48,282) -- (980,012) -- -- (157,307)
From net realized gain
on investment
transactions........... (80,063) -- -- (409,166) -- --
In excess of net
realized gain on
investment
transactions........... -- -- (106,925) -- -- --
--------------- ------------- ------------ ------------ ----------- -----------
Total distributions to
unitholders............ (13,495,680) (34,473,092) (17,611,028) (7,430,605) (2,865,059) (1,265,210)
--------------- ------------- ------------ ------------ ----------- -----------
FROM UNIT TRANSACTIONS:
Proceeds from sale of
units.................. 4,632,526,155 270,324,927 165,304,632 -- 101,599,800 69,500,000
Reinvestment of
dividends and
distributions.......... 7,931,835 17,390,685 9,430,698 -- -- --
Cost of units
repurchased............ (5,039,626,380) (800,339,049) (88,930,101) -- (475,709) --
--------------- ------------- ------------ ------------ ----------- -----------
Increase (decrease) in
net assets from unit
transactions........... (399,168,390) (512,623,437) 85,805,229 -- 101,124,091 69,500,000
--------------- ------------- ------------ ------------ ----------- -----------
Total increase
(decrease)............. (399,240,416) (528,152,695) 70,376,511 (6,411,772) 97,380,281 68,866,702
NET ASSETS:
Beginning of year...... 616,229,281 1,122,483,856 213,509,909 133,966,353 -- --
--------------- ------------- ------------ ------------ ----------- -----------
End of year............ $ 216,988,865 $ 594,331,161 $283,886,420 $127,554,581 $97,380,281 $68,866,702
=============== ============= ============ ============ =========== ===========
ACCUMULATED
UNDISTRIBUTED
(DISTRIBUTIONS IN EXCESS
OF) NET INVESTMENT
INCOME.................. $ (48,282) $ 375,981 $ (971,373) $ 565,617 $ 498,404 $ (155,599)
=============== ============= ============ ============ =========== ===========
SUMMARY OF UNIT
TRANSACTIONS:
Units sold............. 4,632,526,155 27,232,221 16,491,479 -- 10,159,980 6,950,000
Reinvestment of
dividends and
distributions.......... 7,931,835 1,759,454 958,468 -- -- --
Units repurchased...... (5,039,626,380) (80,790,850) (9,011,149) -- (50,000) --
--------------- ------------- ------------ ------------ ----------- -----------
Increase (decrease) in
units outstanding...... (399,168,390) (51,799,175) 8,438,798 -- 10,109,980 6,950,000
=============== ============= ============ ============ =========== ===========
</TABLE>
- ----
(a) For the periods from February 15, 1994 and May 23, 1994, (commencement of
operations for the Target Maturity Portfolio (Feb 97) and Target Maturity
Portfolio (May 97), respectively) to August 31, 1994.
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
TRUST FOR CREDIT UNIONS
------------
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
Income from Distributions to
investment operations unitholders
--------------------- -------------------------------------------
Net
realized From In excess
Net and In net of net
asset unreal- From excess real- real-
value at Net ized gain net of net ized ized Addi-
begin- invest- (loss) on invest- invest- gain on gain on tional
ning of ment invest- ment ment invest- invest- paid-in
Period period income ments(e) income income ments ments capital(f)
- ----------------------------- -------- --------- ----------- ----------- ---------- --------- ---------- ----------
MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Six months ended (unaudited):
2/28/95...................... $ 1.00 $0.0251 $ - $(0.0249) $ - $ - $ - $ -
Year ended:
8/31/94...................... 1.00 0.0329 0.0002 (0.0342) (0.0001) (0.0002) - -
8/31/93...................... 1.00 0.0305 0.0004 (0.0305) - (0.0005) - -
8/31/92...................... 1.00 0.0416 0.0008 (0.0416) - (0.0007) - -
8/31/91...................... 1.00 0.0641 - (0.0641) - - - -
8/31/90...................... 1.00 0.0824 - (0.0824) - - - -
8/31/89...................... 1.00 0.0899 - (0.0899) - - - -
5/17/88(c) to
8/31/88...................... 1.00 0.0214 - (0.0214) - - - -
GOVERNMENT SECURITIES PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.78 0.2489 (0.0114) (0.2553) (0.0122) - - -
Year ended:
8/31/94...................... 9.97 0.4286 (0.1974) (0.4212) - - - -
8/31/93...................... 10.03 0.4641 (0.0599) (0.4630) (0.0012) - - -
8/31/92...................... 10.00 0.5588 0.0311 (0.5594) - - - -
7/10/91(c) to
8/31/91...................... 10.00 0.0873 (0.0016) (0.0857) - - - -
MORTGAGE SECURITIES PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.62 0.2826 0.0238 (0.2826) (0.0338) - - -
Year ended:
8/31/94...................... 10.13 0.5533 (0.4530) (0.5719) (0.0340) - (0.0044) -
10/9/92(c) to
8/31/93...................... 10.00 0.4895 0.1144 (0.4702) - - - -
TARGET MATURITY PORTFOLIO (1996)
- --------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.55 0.3018 (0.0431) (0.3238) - - - 0.0051
Year ended:
8/31/94 ..................... 10.03 0.5750 (0.4983) (0.5261) - (0.0306) - -
7/1/93(c) to
8/31/93...................... 10.00 0.0774 0.0375 (0.0774) (0.0075) - - -
TARGET MATURITY PORTFOLIO (FEB 97)
- --------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.63 0.3288 (0.0372) (0.3516) - - - -
2/15/94(c) to
8/31/94...................... 10.00 0.3313 (0.4189) (0.2824) - - - -
TARGET MATURITY PORTFOLIO (MAY 97)
- --------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.91 0.3207 0.0106 (0.3207) (0.0006) - - -
5/23/94(c) to
8/31/94...................... 10.00 0.1594 (0.0674) (0.1594) (0.0226) - - -
</TABLE>
<TABLE>
<CAPTION>
Ratio information
assuming no waiver
Ratio of of fees or expense
net reimbursements
invest- -------------------------
Net ment Net Ratio of
asset Ratio of income Port- assets net
value net to folio at end Ratio of investment
at expenses average turn- of expenses to income
end of Total to average net over period average net to average
Period period return(a) net assets assets rate(d) (000's) assets net assets
- ----------------------------- ----------- ------------ ------------ ------------ ------- ---------- ------------ ------------
MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Six months ended (unaudited):
2/28/95...................... $ 1.00 5.14%(b) 0.15%(b) 5.07%(b) - % $ 235,121 0.36%(b) 4.86%(b)
Year ended:
8/31/94...................... 1.00 3.50 0.25 3.29 - 216,989 0.34 3.20
8/31/93...................... 1.00 3.14 0.25 3.05 - 616,229 0.33 2.97
8/31/92...................... 1.00 4.39 0.25 4.16 - 864,924 0.29 4.12
8/31/91...................... 1.00 6.93 0.25 6.41 - 654,977 0.25 6.41
8/31/90...................... 1.00 8.58 0.25 8.24 - 258,304 0.25 8.24
8/31/89...................... 1.00 9.28 0.25 8.99 - 167,331 0.25 8.99
5/17/88(c) to
8/31/88...................... 1.00 7.40(b) 0.25(b) 7.27(b) - 106,739 0.25(b) 7.27(b)
GOVERNMENT SECURITIES PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.75 2.49 0.35(b) 5.17(b) 0.00 526,832 0.35(b) 5.17(b)
Year ended:
8/31/94...................... 9.78 2.33 0.35 4.25 42.27 594,331 0.37 4.23
8/31/93...................... 9.97 4.06 0.34 4.58 67.38 1,122,484 0.47 4.45
8/31/92...................... 10.03 6.68 0.36 5.91 195.53 1,153,410 0.59 5.68
7/10/91(c) to
8/31/91...................... 10.00 7.02(b) 0.48(b) 7.16(b) 3.56 94,139 0.73(b) 6.91(b)
MORTGAGE SECURITIES PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.61 3.30 0.30(b) 6.09(b) 77.68 258,556 0.32(b) 6.07(b)
Year ended:
8/31/94...................... 9.62 1.00 0.28 5.66 188.58 283,886 0.29 5.65
10/9/92(c) to
8/31/93...................... 10.13 6.27 0.33(b) 5.64(b) 146.24 213,510 0.38(b) 5.59(b)
TARGET MATURITY PORTFOLIO (1996)
- --------------------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.49 2.74 0.38(b) 6.43(b) 135.93 126,157 0.38(b) 6.43(b)
Year ended:
8/31/94 ..................... 9.55 0.81 0.38 5.89 232.92 127,555 0.38 5.89
7/1/93(c) to
8/31/93...................... 10.03 1.19 0.43(b) 4.56(b) 143.44 133,966 0.43(b) 4.56(b)
TARGET MATURITY PORTFOLIO (FEB 97)
- --------------------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.57 3.15 0.41(b) 6.92(b) 122.90 93,926 0.41(b) 6.92(b)
2/15/94(c) to
8/31/94...................... 9.63 (0.83) 0.42(b) 6.30(b) 156.03 97,380 0.42(b) 6.30(b)
TARGET MATURITY PORTFOLIO (MAY 97)
- --------------------------------------------------------------------------------------------------------------------------------
Six months ended (unaudited):
2/28/95...................... 9.92 3.41 0.44(b) 6.62(b) 98.39 67,933 0.44(b) 6.62(b)
5/23/94(c) to
8/31/94...................... 9.91 0.92 0.48(b) 5.80(b) 74.68 68,867 0.48(b) 5.80(b)
</TABLE>
(a) Assumes investment at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions, a complete redemption of
the investment at the net asset value at the end of the period and no
redemption fee. For Target Maturity Portfolio (1996), Target Maturity
Portfolio (Feb 97) Target Maturity Portfolio (May 97), total return
would be reduced if a redemption fee were taken into account.
(b) Annualized.
(c) Date of commencement of operations.
(d) Includes effect of mortgage dollar roll transactions.
(e) Includes balancing effect of calculating per share amounts.
(f) See Note 9.
The accompanying notes are an integral
part of these financial statements.
16
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 1995
(UNAUDITED)
1. ORGANIZATION
Trust for Credit Unions (the "Fund") is a Massachusetts business trust
registered under the Investment Company Act of 1940, as amended, as an open-end
management investment company consisting of six diversified portfolios: the
Money Market Portfolio, Government Securities Portfolio, Mortgage Securities
Portfolio, Target Maturity Portfolio (1996), Target Maturity Portfolio (Feb 97)
and Target Maturity Portfolio (May 97). Units of the Fund are offered for sale
solely to state and federally chartered credit unions. Unless extended by
appropriate action of the Fund's Board of Trustees and by the unitholders,
Target Maturity Portfolio (1996), Target Maturity Portfolio (Feb 97) and Target
Maturity Portfolio (May 97) (the "Target Maturity Portfolios"), will be
liquidated on or about June 30, 1996, February 18, 1997 and May 15, 1997,
respectively, (the "Termination Date"), at which time, all units of these
Portfolios that are outstanding as of the close of business on the respective
Termination Date will be redeemed by the Fund at their net asset value.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund which are in conformity with those generally accepted in the investment
company industry:
A. Investment Valuation
-----------------------
For the Government Securities Portfolio, Mortgage Securities Portfolio, and
Target Maturity Portfolios, investments in portfolio securities for which
market quotations are readily available are valued on the basis of quotations
provided by dealers in such securities or furnished by a pricing service.
Portfolio securities for which quotations are not readily available are valued
at fair value using methods determined in good faith under the supervision of
the Trustees and may include yield equivalents or a pricing matrix. Securities
of the Money Market Portfolio and short-term debt obligations maturing in sixty
days or less for the Government Securities Portfolio, Mortgage Securities
Portfolio and Target Maturity Portfolios are valued at amortized cost. Under
this method, all investments purchased at a discount or premium are valued by
amortizing the difference between the original purchase price and maturity
value of the issue over the period to maturity.
B. Security Transactions and Investment Income
----------------------------------------------
Security transactions are recorded on the trade date. Realized gains and
losses on sales of portfolio securities are calculated on the identified cost
basis. For the Money Market Portfolio, interest income is determined on the
basis of interest accrued, premium amortized and discount earned. The Mortgage
Security Portfolio and the Target Maturity Portfolios amortize market discounts
and premiums on certain mortgage backed securities and treasury obligations.
For the Government Securities Portfolio, Mortgage Securities Portfolio and
Target Maturity Portfolios, premiums on interest-only securities and on
collateralized mortgage obligations with
17
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FEBRUARY 28, 1995
(UNAUDITED)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
nominal principal amounts are amortized, on an effective yield basis, over the
expected life of the respective securities, taking into account actual
principal prepayment experience and estimates of future principal prepayments.
Certain mortgage security paydown gains and losses are taxable as ordinary
income. Such paydown gains and losses increase or decrease taxable ordinary
income available for distribution and are classified in interest income in the
accompanying Statements of Operations. Original issue discounts on debt
securities are amortized to interest income over the life of the security with
a corresponding increase in the cost basis of that security.
C. Federal Taxes
----------------
It is each portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
each year substantially all investment company taxable income to its
unitholders. Accordingly, no federal tax provisions are required. The
characterization of distributions to unitholders for financial reporting
purposes is determined in accordance with income tax rules. Therefore, in the
accompanying financial statements, the source of a portfolio's distributions
may be shown as (i) from net investment income, (ii) in excess of net
investment income, (iii) from net realized gains on investment transactions,
(iv) in excess of net realized gains on investment transactions, and/or (v)
from capital, depending on the type of book/tax differences that may exist, as
well as timing differences associated with having different book and tax year-
ends, as applicable.
D. Deferred Organization Expenses
---------------------------------
Organization-related costs are being amortized on a straight-line basis over
a period of five years for the Government Securities and Mortgage Securities
Portfolios, and over three years for
the Target Maturity Portfolios.
E. Expenses
-----------
Expenses incurred by the Fund that do not specifically relate to an
individual portfolio of the Fund are allocated to the portfolios based on each
portfolio's relative average net assets for the period.
3. AGREEMENTS
Goldman Sachs, through Goldman Sachs Asset Management ("GSAM"), a separate
operating division, acts as investment adviser pursuant to an Advisory
Agreement with the Fund. Under the Advisory Agreement, Goldman Sachs, subject
to general supervision of the Fund's Trustees, manages the Fund's portfolios
and provides certain administrative services for the Fund. As compensation for
services rendered under the Advisory Agreement and the assumption of the
18
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FEBRUARY 28, 1995
(UNAUDITED)
3. AGREEMENTS--(CONTINUED)
expenses related thereto, Goldman Sachs is entitled to a fee, computed daily
and payable monthly, at the following annual rates as a percentage of each
respective portfolio's average daily net assets:
<TABLE>
<CAPTION>
PORTFOLIO ASSET LEVELS FEE
--------------------------------------------- ------------------------- -----
<S> <C> <C>
Money Market................................. up to $300 million 0.20%
in excess of $300 million 0.15%
Government Securities........................ all 0.20%
Mortgage Securities.......................... all 0.20%
Target Maturity Portfolios................... up to $75 million 0.25%
in excess of $75 million 0.20%
</TABLE>
During the six months ended February 28, 1995, Goldman Sachs voluntarily
agreed to waive portions of the advisory fees incurred by the Money Market
Portfolio and Mortgage Securities Portfolio amounting to $59,478 and $19,675,
respectively. Goldman Sachs also serves as the Transfer Agent of the Fund for a
fee.
Callahan Credit Union Financial Services Limited Partnership ("CUFSLP")
serves as the Fund's administrator pursuant to an Administration Agreement.
Callahan Financial Services, Inc. serves as a general partner to CUFSLP, and 36
major credit unions are limited partners. Under the Administration Agreement,
CUFSLP, subject to general supervision of the Fund's Trustees, provides certain
administrative services to the Fund. As compensation for services rendered
under the Administration Agreement, CUFSLP is entitled to the following fees,
computed daily and payable monthly, at the following annual rates as a
percentage of each respective portfolio's average daily net assets:
<TABLE>
<CAPTION>
PORTFOLIO FEE
----------------------------------------------- -----
<S> <C>
Money Market....................................0.10%.
Government Securities...........................0.10%.
Mortgage Securities.............................0.05%.
Target Maturity Portfolios......................0.05%.
</TABLE>
During the six months ended February 28, 1995, CUFSLP voluntarily agreed to
waive portions of the administration fees incurred by the Money Market
Portfolio amounting to $77,760.
Goldman Sachs agreed to reimburse the Money Market Portfolio for all expenses
other than fees payable under the Administration Agreement or the Advisory
Agreement and other extraordinary expenses ("Other Expenses"). At February 28,
1995, amounts reimbursable to the Money Market Portfolio were approximately
$8,500 and are included in "Other assets" in the
19
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FEBRUARY 28, 1995
(UNAUDITED)
3. AGREEMENTS--(CONTINUED)
accompanying Statements of Assets and Liabilities. Additionally, effective
January 1, 1993 and until further notice, CUFSLP and Goldman Sachs have each
voluntarily agreed to limit portions of Other Expenses of the Government
Securities Portfolio.
Callahan Financial Services, Inc. and Goldman Sachs serve as exclusive
distributors of units of the Fund. During the six months ended February 28,
1995, neither received any compensation for this service.
4. INVESTMENT TRANSACTIONS
Purchases and proceeds of sales or maturities of long-term securities for the
Government Securities Portfolio, Mortgage Securities Portfolio, Target Maturity
Portfolio (1996), Target Maturity Portfolio (Feb 97) and Target Maturity
Portfolio (May 97), for the six months ended February 28, 1995, were as follows
($ in thousands):
<TABLE>
<CAPTION>
TARGET TARGET TARGET
GOVERNMENT MORTGAGE MATURITY MATURITY MATURITY
SECURITIES SECURITIES PORTFOLIO PORTFOLIO PORTFOLIO
PORTFOLIO PORTFOLIO (1996) (FEB 97) (MAY 97)
---------- ---------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Purchases of U.S.
Government and agency
obligations............. $ -- $115,021 $114,944 $ 71,346 $39,218
Purchases (excluding U.S.
Government and agency
obligations)............ -- 77,866 59,436 36,892 22,530
Sales or maturities of
U.S. Government and
agency obligations...... 182,239 160,050 133,214 104,153 57,634
Sales or maturities
(excluding U.S.
Government and agency
obligations)............ -- 24,740 18,369 1,061 7,633
</TABLE>
5. REPURCHASE AGREEMENTS
During the term of a repurchase agreement, the value of the underlying
securities, including accrued interest, is required to equal or exceed the
value of the repurchase agreement. The underlying securities for all repurchase
agreements are held in safekeeping in the customer-only account of State Street
Bank and Trust Company, the Fund's custodian, or at sub-custodians. GSAM
monitors the market value of the underlying securities by pricing them daily.
6. JOINT REPURCHASE AGREEMENT ACCOUNTS
The portfolios, together with other registered investment companies having
advisory agreements with GSAM, transfer uninvested cash balances into joint
accounts, the daily aggregate balances of which are invested in repurchase
agreements. The underlying securities for the repurchase agreements include
U.S. Treasury obligations and mortgage-related securities issued by the U.S.
Government, its agencies or instrumentalities.
20
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FEBRUARY 28, 1995
(UNAUDITED)
6. JOINT REPURCHASE AGREEMENT ACCOUNTS--(CONTINUED)
As of February 28, 1995, the Money Market Portfolio had a 5.05% undivided
interest in the repurchase agreements in the following joint account which
equalled $131,000,000 in principal amount. As of February 28, 1995, the
repurchase agreements in this joint account, along with the corresponding
underlying securities (including the type of security, principal amount,
interest rate and maturity date) were as follows ($ in thousands):
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY AMORTIZED
AMOUNT RATE DATE COST
--------- -------- -------- ----------
<S> <C> <C> <C> <C>
Barclays de Zoete Wedd Government
Securities, dated 02/28/95, repurchase
price $110,019 (U.S. Treasury Bill:
$21,777, 06/01/95) (U.S. Treasury
Notes: $90,241, 5.13-9.25%, 05/15/95-
12/31/99) (U.S. Treasury Principal-Only
Strip, $182, 02/15/99)................. $110,000 6.10% 03/01/95 $ 110,000
Barclays de Zoete Wedd Government
Securities, dated 02/28/95, repurchase
price $110,019 (U.S. Treasury Bill:
$7,619, 06/01/95) (U.S. Treasury Notes:
$104,582, 4.38-11.25%, 05/15/95-
11/15/01).............................. 110,000 6.13 03/01/95 110,000
Bear Stearns Companies, dated 02/28/95,
repurchase price $600,102 (U.S.
Treasury Interest-Only Strips:
$620,150, 05/15/96-02/15/01)........... 600,000 6.11 03/01/95 600,000
Daiwa Securities, dated 02/28/95,
repurchase price $250,042 (U.S Treasury
Notes: $254,710, 5.13-8.63%, 07/15/97-
11/30/98).............................. 250,000 6.10 03/01/95 250,000
First Boston Corporation, dated
02/28/95, repurchase price $405,069
(U.S. Treasury Bills: $345,409,
03/09/95-07/27/95) (U.S. Treasury Note:
$68,700, 4.00%, 01/31/96).............. 330,000 6.10 03/01/95 330,000
75,000 6.22 03/01/95 75,000
Merrill Lynch Government Securities,
dated 02/28/95, repurchase price
$719,622 (U.S. Treasury Bills:
$639,451, 03/23/95-08/17/95) (U.S.
Treasury Principal-Only Strips:
$94,440, 05/15/95-11/15/99)............ 719,500 6.10 03/01/95 719,500
Morgan Stanley & Company, Inc., dated
02/28/95, repurchase price $200,034,
(U.S. Treasury Bills: $204,014,
07/20/95-08/17/95)..................... 200,000 6.10 03/01/95 200,000
Smith Barney, Inc., dated 02/28/95,
repurchase price $200,034 (U.S.
Treasury Notes: $166,417, 5.50-10.50%,
08/15/95-05/15/01) (U.S. Treasury
Interest-Only Strips: $26,951,
11/15/96-08/15/98) (U.S. Treasury
Principal-Only Strips: $10,632,
11/15/00-05/15/01)..................... 200,000 6.15 03/01/95 200,000
----------
Total Joint Repurchase Agreement Account.......................... $2,594,500
==========
</TABLE>
21
<PAGE>
TRUST FOR CREDIT UNIONS
----------------
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
FEBRUARY 28, 1995
(UNAUDITED)
6. JOINT REPURCHASE AGREEMENT ACCOUNTS--(CONTINUED)
As of February 28, 1995, the Money Market, Government Securities, Mortgage
Securities, Target Maturity (1996), Target Maturity (Feb 97), and Target
Maturity (May 97) Portfolios had a 5.93%, 12.02%, .13%, .62%, .10%, and .28%
undivided interest, respectively, in the repurchase agreements in the following
joint account, which equalled $75,000,000, $152,100,000, $1,600,000,
$7,800,000, $1,300,000, and $3,500,000 in principal amount, respectively. As of
February 28, 1995, the repurchase agreements in this joint account, along with
the corresponding underlying securities (including the type of security,
principal amount, interest rate and maturity date) were as follows ($ in
thousands):
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY AMORTIZED
AMOUNT RATE DATE COST
--------- -------- -------- ----------
<S> <C> <C> <C> <C>
Merrill Lynch Government Securities,
dated 02/28/95, repurchase price
$285,048 (U.S. Treasury Bills:
$235,269, 08/17/95-09/21/95) (U.S.
Treasury Principal-Only Strips:
$55,434, 02/15/01-11/15/01)........... $285,000 6.10% 03/01/95 $ 285,000
Salomon Brothers, Inc., dated 02/28/95,
repurchase price $980,968 (U.S.
Treasury Bills: $239,146, 03/02/95-
02/08/96) (U.S. Treasury Notes:
$761,318, 6.50-8.50%, 05/15/95-
02/28/97)............................. 980,800 6.15 03/01/95 980,800
----------
Total Joint Repurchase Agreement Account......................... $1,265,800
==========
</TABLE>
7. REDEMPTION OF UNITS
Unitholders of the Target Maturity Portfolios who redeem their units prior to
the respective Termination Date will be charged a redemption fee equal to .50%
of the net asset value of the redeemed units at the time of the redemption. The
redemption fee is not a sales charge, but is kept by the respective portfolio
for the benefit of continuing unitholders.
8. CERTAIN RECLASSIFICATIONS
In accordance with Statement of Position 93-2, the Mortgage Securities,
Target Maturity (1996), Target Maturity (Feb 97) and Target Maturity (May 97)
portfolios have reclassified $4,282, $6,488, $1,984, and $708, respectively,
from paid-in capital to accumulated undistributed net investment income. These
reclassifications have no impact on the net asset value of the respective
portfolio and are designed to present such portfolio's capital accounts on a
tax basis.
9. OTHER MATTERS
During the six months ended February 28, 1995, Goldman Sachs contributed
additional paid-in capital to the Target Maturity Portfolio (1996) as reflected
in the accompanying Statements of Changes in Net Assets.
22
<PAGE>
THIS SEMI-ANNUAL REPORT IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS ONLY WHEN PRECEDED OR ACCOMPANIED BY THE TRUST FOR CREDIT UNIONS
PROSPECTUS WHICH CONTAINS FACTS CONCERNING THE FUND'S OBJECTIVES AND POLICIES,
MANAGEMENT, EXPENSES AND OTHER INFORMATION.
<PAGE>
[LOGO OF
GOLDMAN SACHS
APPEARS HERE]
TCUSEM95
[LOGO OF
TRUST FOR
CREDIT UNIONS
APPEARS HERE]
[Art]
TRUSTEES
John L. Ostby, Chairman
Rudolf J. Hanley, Vice-Chairman
Gene R. Artemenko
James C. Barr
Edgar F. Callahan
Robert M. Coen
John T. Collins
Thomas S. Condit
Wendell A. Sebastian
OFFICERS
Marcia L. Beck
President
Charles W. Filson
Vice President
John W. Mosior
Vice President
Nancy L. Mucker
Vice President
Pauline Taylor
Vice President
Scott M. Gilman
Treasurer
Michael J. Richman
Secretary
William F. Connors
Assistant Secretary
Howard B. Surloff
Assistant Secretary
ADMINISTRATOR
Callahan Credit Union Financial Services
Limited Partnership
INVESTMENT ADVISER
Goldman Sachs Asset Management
TRANSFER AGENT
Goldman, Sachs & Co.
DISTRIBUTORS
Callahan Financial Services, Inc.
Goldman, Sachs & Co.
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