<PAGE> PAGE 1
000 A000000 11/30/97
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
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 157504
022 D000001 225
022 A000002 CS FIRST BOSTON
022 B000002 13-5659485
022 C000002 97849
022 D000002 1799
022 A000003 PAINE WEBBER
022 B000003 13-2760086
022 C000003 61675
022 D000003 0
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004 52474
<PAGE> PAGE 2
022 D000004 7507
022 A000005 SALOMON BROTHERS
022 B000005 13-3082694
022 C000005 6617
022 D000005 0
022 A000006 DONALDSON, LUFKIN, & JENRETTE
022 B000006 13-2741729
022 C000006 5557
022 D000006 0
022 A000007 PRUDENTIAL SECURITIES
022 B000007 22-2347336
022 C000007 3536
022 D000007 0
022 A000008 FIRST TENNESSEE BANK BOND DIVISION
022 C000008 727
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 406884
023 D000000 31404
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
077 A000000 N
024 000100 Y
025 A000101 DLJ MORTGAGE
025 B000101 13-2741729
025 C000101 D
025 D000101 1793
025 A000102 MERRILL LYNCH MORTGAGE
025 B000102 13-5674085
025 C000102 D
025 D000102 14232
<PAGE> PAGE 3
025 A000103 PRUDENTIAL HOME MORTGAGE
025 B000103 22-2347336
025 C000103 D
025 D000103 6698
025 A000104 SALOMON BROTHERS MORTGAGE
025 B000104 13-3082694
025 C000104 D
025 D000104 6188
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 13000
028 B010100 0
028 B020100 46
028 B030100 0
028 B040100 908
028 C010100 0
028 C020100 49
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 48
028 D030100 0
028 D040100 0
028 E010100 400
028 E020100 47
028 E030100 0
028 E040100 5991
028 F010100 0
028 F020100 97
028 F030100 0
028 F040100 0
028 G010100 400
028 G020100 287
028 G030100 0
028 G040100 19899
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 11.3
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
<PAGE> PAGE 4
062 K000100 0.0
062 L000100 2.9
062 M000100 0.0
062 N000100 54.6
062 O000100 0.0
062 P000100 0.0
062 Q000100 31.6
062 R000100 0.0
063 A000100 0
063 B000100 2.1
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
<PAGE> PAGE 5
070 R010100 N
070 R020100 N
071 A000100 1843
071 B000100 26221
071 C000100 102159
071 D000100 2
072 A000100 6
072 B000100 3990
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 217
072 G000100 89
072 H000100 0
072 I000100 0
072 J000100 7
072 K000100 0
072 L000100 13
072 M000100 23
072 N000100 2
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 15
072 S000100 21
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 393
072 Y000100 130
072 Z000100 3727
072AA000100 0
072BB000100 16
072CC010100 311
072CC020100 0
072DD010100 3832
072DD020100 0
072EE000100 0
073 A010100 0.2837
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 14728
074 D000100 111975
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
<PAGE> PAGE 6
074 I000100 3735
074 J000100 173
074 K000100 0
074 L000100 554
074 M000100 30
074 N000100 131195
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1257
074 S000100 0
074 T000100 129938
074 U010100 12964
074 U020100 0
074 V010100 10.02
074 V020100 0.00
074 W000100 0.0000
074 X000100 12
074 Y000100 0
075 A000100 0
075 B000100 135463
076 000100 0.00
024 000200 Y
025 A000201 PRUDENTIAL HOME MORTGAGE
025 B000201 22-2347336
025 C000201 D
025 D000201 4163
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 9
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 11
028 C030200 0
028 C040200 0
028 D010200 0
028 D020200 11
028 D030200 0
028 D040200 286
028 E010200 0
028 E020200 9
028 E030200 0
028 E040200 0
028 F010200 0
<PAGE> PAGE 7
028 F020200 18
028 F030200 0
028 F040200 0
028 G010200 0
028 G020200 58
028 G030200 0
028 G040200 286
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 22.1
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.7
062 M000200 6.9
062 N000200 50.3
062 O000200 0.0
062 P000200 0.0
062 Q000200 25.7
062 R000200 0.0
063 A000200 0
063 B000200 1.1
064 A000200 Y
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
<PAGE> PAGE 8
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 3022
071 B000200 4381
071 C000200 14995
071 D000200 20
072 A000200 6
072 B000200 856
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 48
072 G000200 18
072 H000200 0
072 I000200 0
072 J000200 1
072 K000200 0
072 L000200 3
072 M000200 5
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 3
072 S000200 5
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 2
072 X000200 85
072 Y000200 28
072 Z000200 799
072AA000200 0
<PAGE> PAGE 9
072BB000200 0
072CC010200 143
072CC020200 0
072DD010200 800
072DD020200 0
072EE000200 0
073 A010200 0.2651
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 28
074 B000200 0
074 C000200 6541
074 D000200 24527
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 206
074 J000200 36
074 K000200 0
074 L000200 140
074 M000200 0
074 N000200 31478
074 O000200 1745
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 151
074 S000200 0
074 T000200 29582
074 U010200 3004
074 U020200 0
074 V010200 9.85
074 V020200 0.00
074 W000200 0.0000
074 X000200 9
074 Y000200 0
075 A000200 0
075 B000200 29688
076 000200 0.00
SIGNATURE STEVE MEYER
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUND
<SERIES>
<NUMBER> 011
<NAME> SHORT TERM MATURITY PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 31296
<INVESTMENTS-AT-VALUE> 31274
<RECEIVABLES> 176
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 31478
<PAYABLE-FOR-SECURITIES> 1745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151
<TOTAL-LIABILITIES> 1896
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30426
<SHARES-COMMON-STOCK> 3003
<SHARES-COMMON-PRIOR> 3027
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2
<ACCUMULATED-NET-GAINS> 820
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (22)
<NET-ASSETS> 29582
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 856
<OTHER-INCOME> 0
<EXPENSES-NET> (57)
<NET-INVESTMENT-INCOME> 799
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 143
<NET-CHANGE-FROM-OPS> 942
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (800)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 29
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> (228)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 85
<AVERAGE-NET-ASSETS> 29688
<PER-SHARE-NAV-BEGIN> 9.80
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> .39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUND
<SERIES>
<NUMBER> 021
<NAME> ADJUSTABLE RATE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 129613
<INVESTMENTS-AT-VALUE> 130438
<RECEIVABLES> 727
<ASSETS-OTHER> 30
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131195
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1257
<TOTAL-LIABILITIES> 1257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129929
<SHARES-COMMON-STOCK> 12964
<SHARES-COMMON-PRIOR> 14882
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 142
<ACCUMULATED-NET-GAINS> (674)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 825
<NET-ASSETS> 129938
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3990
<OTHER-INCOME> 0
<EXPENSES-NET> (263)
<NET-INVESTMENT-INCOME> 3727
<REALIZED-GAINS-CURRENT> (16)
<APPREC-INCREASE-CURRENT> 311
<NET-CHANGE-FROM-OPS> 4022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3832)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40
<NUMBER-OF-SHARES-REDEEMED> (1986)
<SHARES-REINVESTED> 28
<NET-CHANGE-IN-ASSETS> (19022)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 37
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 217
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 393
<AVERAGE-NET-ASSETS> 135463
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> .39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
