<PAGE> PAGE 1
000 B000000 05/31/98
000 C000000 0000881636
000 D000000 N
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000 H000000 N
000 I000000 3.0.a
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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
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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
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SIGNATURE MIKE BEATTIE
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUND
<SERIES>
<NUMBER> 010
<NAME> ADJUSTABLE RATE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
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<INVESTMENTS-AT-VALUE> 125095
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</TABLE>
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<NAME> SHORT-TERM MATURITY
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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, 1998, we considered its internal
controls, including procedures 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 controls.
The management of CUFUND is responsible for establishing and
maintaining internal controls. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls 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 controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
controls 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 controls would not necessarily disclose all
matters in internal controls 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 one or more of the internal control components does not reduce
to a relatively low level the risk that errors or fraud 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 controls, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of May 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Philadelphia, PA
June 26, 1998
