Trust for Credit Unions
Money Market Portfolio
Supplement dated October 4, 1996
to the Prospectus dated December 1, 1995
The following paragraph on page 11 of the Prospectus has been
deleted:
It is the intent of the Fund that more than 25% of the value
of the total assets of the Money Market Portfolio will be
invested in bank obligations, except that if adverse economic
conditions prevail in the banking industry the Money Market
Portfolio may, for defensive purposes, temporarily invest less
than 25% of the value of its total assets in bank obligations.
See "Description of Investments - Bank Obligations."
<PAGE>
Trust for Credit Unions
Money Market Portfolio
Supplement dated October 4, 1996
to the Statement of Additional Information
dated December 1, 1995
Paragraph (1) under the Investment Restrictions on page B-39
has been amended to read as follows:
(1) Invest any one Portfolio in the instruments of issuers
conducting their principal business activity in the same
industry if immediately after such investment the value of
such Portfolio's investments in such industry would exceed
25% of the value of its total assets; provided that there is
no limitation with respect to or arising out of (a) in the
case of the Mortgage Securities Portfolio, investments in
obligations issued or guaranteed by the U.S. Government or
its agencies or instrumentalities or repurchase agreements
by such Portfolio of securities collateralized by such
obligations; or (b) in the case of the Government Securities
Portfolio, investments in obligations issued or guaranteed
by the U.S. Government or its agencies or instrumentalities,
repurchase agreements by such Portfolio of securities
collateralized by such obligations or by cash, certificates
of deposit, bankers' acceptances and bank repurchase
agreements; or (c) in the case of the Money Market
Portfolio, investments in obligations issued or guaranteed
by the U.S. Government or its agencies or instrumentalities,
repurchase agreements by such Portfolio of securities
collateralized by such obligations or by cash, certificates
of deposit, bankers' acceptances, bank repurchase agreements
and other obligations issued or guaranteed by banks (except
commercial paper); and provided further that during normal
market conditions the Mortgage Securities Portfolio intends
to invest at least 25% of the value of its total assets in
mortgage-related securities. The current position of the
staff of the SEC is that only the Money Market Portfolio may
reserve freedom of action to concentrate in bank obligations
and that the exclusion with respect to bank instruments
referred to above may only be applied to instruments of
domestic banks. For this purpose, the staff also takes the
position that foreign branches of domestic banks may, if
certain conditions are met, be treated as domestic banks.
The Fund intends to consider only obligations of domestic
banks (as construed to include foreign branches of domestic
banks to the extent they satisfy the above-referenced
conditions) to be within this exclusion until such time, if
ever, that the SEC staff modifies its position.
