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CUFUND
SHORT-TERM MATURITY PORTFOLIO
ADJUSTABLE RATE PORTFOLIO
SUPPLEMENT DATED APRIL 15, 1998 TO THE
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 30, 1997
THE COMBINED PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION IS AMENDED AND
SUPPLEMENTED TO REFLECT A CHANGE IN THE PORTFOLIO MANAGER OF THE SHORT-TERM
MATURITY PORTFOLIO. THE COMBINED PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION IS AMENDED AND SUPPLEMENTED AS FOLLOWS:
James F. Dykstal no longer serves as a portfolio manager to the Short-Term
Maturity Portfolio. Accordingly, the fourth and fifth paragraphs under the
section "The Adviser" on page 8 are deleted and replaced with the following:
Maurice A. Kerins III, Senior Investment Adviser, joined the Adviser in
October 1996. Mr. Kerins manages the daily cash positions of the Short-Term
Maturity and Adjustable Rate Portfolios and, in conjunction with Mr. Fox,
determines the overall strategy of the Portfolios. Mr. Kerins has managed
the Short-Term Maturity Portfolio since March 1, 1998 and the Adjustable
Rate Portfolio since October 1996. He also advises 25 portfolios of member
credit unions under the Network Investment Advisory Service. He has worked
in the fixed income markets since 1983.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
CUF-A-008-03
