CU FUND
NSAR-A, 2000-01-28
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<PAGE>      PAGE  1
000 A000000 11/30/1999
000 C000000 0000881636
000 D000000 N
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000 F000000 Y
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000 I000000 6.1
000 J000000 U
001 A000000 CUFUND
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001 C000000 8003425734
002 A000000 7920 BELTLINE ROAD, SUITE 1100
002 B000000 DALLAS
002 C000000 TX
002 D010000 75240
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
015 A00AA01 FIRST UNION BANK
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19106
015 E01AA01 X
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022 A000003 PAINE WEBBER
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<PAGE>      PAGE  2
022 A000004 BANK OF AMERICA
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022 A000005 SEI CORP
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SIGNATURE   JOHN LEVEN
TITLE       CONTROLLER



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUND
<SERIES>
   <NUMBER> 010
   <NAME> ADJUSTABLE RATE MORTGAGE
<MULTIPLIER> 1000

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-2000
<PERIOD-START>                             JUN-01-1999
<PERIOD-END>                               NOV-30-1999
<INVESTMENTS-AT-COST>                           117166
<INVESTMENTS-AT-VALUE>                          116415
<RECEIVABLES>                                      543
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  116958
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          605
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        117743
<SHARES-COMMON-STOCK>                         11746830
<SHARES-COMMON-PRIOR>                         11823033
<ACCUMULATED-NII-CURRENT>                           37
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                         (676)
<ACCUM-APPREC-OR-DEPREC>                         (751)
<NET-ASSETS>                                    116353
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (230)
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (2957)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                      (104)
<SHARES-REINVESTED>                                 28
<NET-CHANGE-IN-ASSETS>                          (1228)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                          (659)
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<PER-SHARE-NAV-BEGIN>                             9.94
<PER-SHARE-NII>                                   0.26
<PER-SHARE-GAIN-APPREC>                         (0.04)
<PER-SHARE-DIVIDEND>                            (0.25)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.91
<EXPENSE-RATIO>                                   0.39



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000881636
<NAME> CUFUND
<SERIES>
   <NUMBER> 020
   <NAME> SHORT TERM PORTFOLIO
<MULTIPLIER> 1000

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-2000
<PERIOD-START>                             JUN-01-1999
<PERIOD-END>                               NOV-30-1999
<INVESTMENTS-AT-COST>                            28386
<INVESTMENTS-AT-VALUE>                           28125
<RECEIVABLES>                                      157
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   28282
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          139
<TOTAL-LIABILITIES>                                139
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         29101
<SHARES-COMMON-STOCK>                          2870543
<SHARES-COMMON-PRIOR>                          2867476
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                            (35)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                         (662)
<ACCUM-APPREC-OR-DEPREC>                         (261)
<NET-ASSETS>                                     28143
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  792
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (55)
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<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                        (197)
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<OVERDIST-NET-GAINS-PRIOR>                       (662)
<GROSS-ADVISORY-FEES>                               45
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<AVERAGE-NET-ASSETS>                             28201
<PER-SHARE-NAV-BEGIN>                             9.88
<PER-SHARE-NII>                                   0.26
<PER-SHARE-GAIN-APPREC>                         (0.08)
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<PER-SHARE-NAV-END>                               9.80
<EXPENSE-RATIO>                                    .39


</TABLE>


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