CUFUND
NSAR-A, 1996-01-22
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<PAGE>      PAGE  1
000 A000000 11/30/95
000 C000000 0000881636
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 CUFUND
001 B000000 811-6488
001 C000000 8003425734
002 A000000 2 OLIVER STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 ADJUSTABLE RATE PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 SHORT TERM MATURITY PORTFOLIO
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SOUTHWEST CORPORATE FEDERAL CREDIT UNION
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 FARMER'S BRANCH
008 D02AA01 TX
008 D03AA01 75240
022 A000001 FIRST BOSTON CORPORATION
022 B000001 13-5659485
022 C000001     87327
022 D000001         0
022 A000002 REGULATED INVESTMENT CORPORATION
022 C000002     37991
022 D000002     38454
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
<PAGE>      PAGE  2
022 C000003     46496
022 D000003         0
022 A000004 NATIONAL BANK NC
022 C000004     32451
022 D000004         0
022 A000005 NATIONS BANK
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022 C000005     21573
022 D000005         0
022 A000006 PAINE WEBBER
022 B000006 13-2760086
022 C000006     14463
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022 A000007 LEHMAN BROTHERS
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058 A00AA00 N
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024  000100 Y
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025 A000102 DLJ MORTGAGE ACCEPTANCE CORPORATION
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025 D000102    4980
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
066 A000100 N
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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062 A000200 Y
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062 L000200   9.5
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062 N000200  49.2
062 O000200   0.0
062 P000200  34.5
062 Q000200   0.0
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063 A000200   0
063 B000200  1.2
064 A000200 Y
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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076  000200     0.00
SIGNATURE   STEVE MEYER                                  
TITLE       CONTROLLER          
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUNDS
<SERIES>
   <NUMBER> 010
   <NAME> ADJUSTABLE RATE PORTFOLIO
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                           159503
<INVESTMENTS-AT-VALUE>                          159632
<RECEIVABLES>                                     1072
<ASSETS-OTHER>                                     173
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  160877
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          870
<TOTAL-LIABILITIES>                                870
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        160510
<SHARES-COMMON-STOCK>                           160019
<SHARES-COMMON-PRIOR>                            16314
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             (1)
<ACCUMULATED-NET-GAINS>                          (612)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           129
<NET-ASSETS>                                    160007
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 5187
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (312)
<NET-INVESTMENT-INCOME>                           4875
<REALIZED-GAINS-CURRENT>                            41
<APPREC-INCREASE-CURRENT>                          758
<NET-CHANGE-FROM-OPS>                             5674
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (4876)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                     (3298)
<SHARES-REINVESTED>                                360
<NET-CHANGE-IN-ASSETS>                          (2140)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              258
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    424
<AVERAGE-NET-ASSETS>                            161055
<PER-SHARE-NAV-BEGIN>                             9.94
<PER-SHARE-NII>                                    .30
<PER-SHARE-GAIN-APPREC>                            .05
<PER-SHARE-DIVIDEND>                             (.30)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.99
<EXPENSE-RATIO>                                    .39
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUNDS
<SERIES>
   <NUMBER> 020
   <NAME> SHORT TERM MATURITY PORTFOLIO
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                            34241
<INVESTMENTS-AT-VALUE>                           34026
<RECEIVABLES>                                      154
<ASSETS-OTHER>                                      22
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   34202
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          162
<TOTAL-LIABILITIES>                                162
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         34976
<SHARES-COMMON-STOCK>                             3468
<SHARES-COMMON-PRIOR>                             3603
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (721)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (215)
<NET-ASSETS>                                     34040
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  992
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (64)
<NET-INVESTMENT-INCOME>                            928
<REALIZED-GAINS-CURRENT>                           (1)
<APPREC-INCREASE-CURRENT>                          311
<NET-CHANGE-FROM-OPS>                             1238
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (926)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            600
<NUMBER-OF-SHARES-REDEEMED>                     (2000)
<SHARES-REINVESTED>                                 78
<NET-CHANGE-IN-ASSETS>                          (1010)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        (720)
<OVERDISTRIB-NII-PRIOR>                            (1)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               56
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     94
<AVERAGE-NET-ASSETS>                             34924
<PER-SHARE-NAV-BEGIN>                             9.73
<PER-SHARE-NII>                                    .26
<PER-SHARE-GAIN-APPREC>                            .09
<PER-SHARE-DIVIDEND>                             (.26)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.82
<EXPENSE-RATIO>                                    .37
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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