<PAGE> PAGE 1
000 B000000 05/31/97
000 C000000 0000881636
000 D000000 N
000 E000000 NF
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000 H000000 N
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000 J000000 U
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002 C000000 MA
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003 000000 N
004 000000 N
005 000000 N
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007 C010100 1
007 C020100 ADJUSTABLE RATE PORTFOLIO
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007 C020200 SHORT TERM MATURITY PORTFOLIO
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011 A00AA01 SEI INVESTMENTS DISTRIBUTION CO.
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
070 I020100 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
SIGNATURE STEVE MEYER
TITLE CONTROLLER
<TABLE> <S> <C>
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<CIK> 0000881636
<NAME> CUFUND
<SERIES>
<NUMBER> 011
<NAME> SHORT TERM MATURITY
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<S> <C>
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<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
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</TABLE>
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<CIK> 0000881636
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<NAME> ADJUSTABLE RATE MORTGAGE
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
CUFUND:
In planning and performing our audit of the financial statements
of CUFUND for the year ended May 31, 1997, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of CUFUND is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
benefits and related costs of control activities. Generally, control
activities that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those control activities include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which
the design or operation of any specific internal control components
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control, including control activities for safeguarding
securities, that we consider to be material weaknesses as defined
above as of May 31, 1997.
This report is intended solely for the information and use of
management, the Board of Trustees, and the Securities and Exchange
Commission and should not be used for any other purpose.
Philadelphia, PA
July 2, 1997
