<PAGE> PAGE 1
000 A000000 11/30/1999
000 C000000 0000881636
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 CUFUND
001 B000000 811-6488
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
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 CS FIRST BOSTON
022 B000001 13-5659485
022 C000001 60273
022 D000001 0
022 A000002 SALOMON SMITH BARNEY
022 B000002 13-1912900
022 C000002 28808
022 D000002 31343
022 A000003 PAINE WEBBER
022 B000003 13-2760086
022 C000003 49491
022 D000003 1144
<PAGE> PAGE 2
022 A000004 BANK OF AMERICA
022 C000004 3010
022 D000004 0
022 A000005 SEI CORP
022 C000005 710
022 D000005 1572
022 A000006 FIRST TENNESSEE
022 C000006 848
022 D000006 0
022 A000007 GOLDMAN SACHS
022 B000007 13-5108880
022 C000007 0
022 D000007 262
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 172445
023 D000000 34320
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
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
077 A000000 Y
077 B000000 Y
025 A000101 DONALDSON, LUFKIN, JENRETTE
025 B000101 13-2741729
025 C000101 D
025 D000101 616
025 A000102 MERRILL LYNCH
025 C000102 D
025 D000102 2799
025 A000103 SALOMON BROTHERS
025 C000103 D
025 D000103 2061
<PAGE> PAGE 3
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 0
028 A020100 43
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 44
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 44
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 46
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 47
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 52
028 F030100 0
028 F040100 1031
028 G010100 0
028 G020100 276
028 G030100 0
028 G040100 1031
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 5.2
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
062 K000100 0.0
062 L000100 0.7
062 M000100 1.6
062 N000100 85.2
062 O000100 0.0
062 P000100 7.4
062 Q000100 0.0
<PAGE> PAGE 4
062 R000100 0.0
063 A000100 0
063 B000100 1.9
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 6308
071 B000100 19474
071 C000100 41952
071 D000100 15
072 A000100 6
072 B000100 3256
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 188
072 G000100 99
072 H000100 0
072 I000100 2
072 J000100 7
072 K000100 0
072 L000100 26
072 M000100 8
072 N000100 3
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 2
072 S000100 32
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 373
072 Y000100 143
072 Z000100 3026
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 542
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 5
074 B000100 0
<PAGE> PAGE 5
074 C000100 116466
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 24
074 M000100 463
074 N000100 116958
074 O000100 540
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 65
074 S000100 0
074 T000100 116353
074 U010100 11747
074 U020100 0
074 V010100 9.91
074 V020100 0.00
074 W000100 0.0000
074 X000100 8
074 Y000100 0
075 A000100 0
075 B000100 117403
076 000100 0.00
024 000200 N
028 A010200 0
028 A020200 5
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 5
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 5
028 C030200 0
028 C040200 0
028 D010200 0
028 D020200 5
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 5
028 E030200 0
<PAGE> PAGE 6
028 E040200 0
028 F010200 0
028 F020200 5
028 F030200 0
028 F040200 0
028 G010200 0
028 G020200 30
028 G030200 0
028 G040200 0
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 12.3
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 4.9
062 M000200 3.3
062 N000200 75.0
062 O000200 0.0
062 P000200 4.4
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 1.2
064 A000200 Y
064 B000200 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
070 I010200 N
070 I020200 N
070 J010200 Y
<PAGE> PAGE 7
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 6126
071 B000200 5759
071 C000200 12574
071 D000200 46
072 A000200 6
072 B000200 792
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 45
072 G000200 27
072 H000200 0
072 I000200 0
072 J000200 2
072 K000200 0
072 L000200 6
072 M000200 2
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 8
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 92
072 Y000200 37
072 Z000200 737
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 261
<PAGE> PAGE 8
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.2600
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 28125
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 5
074 M000200 152
074 N000200 28282
074 O000200 123
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 16
074 S000200 0
074 T000200 28143
074 U010200 2871
074 U020200 0
074 V010200 9.80
074 V020200 0.00
074 W000200 0.0000
074 X000200 7
074 Y000200 0
075 A000200 0
075 B000200 28201
076 000200 0.00
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
<TOTAL-LIABILITIES> 605
<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
<INTEREST-INCOME> 3256
<OTHER-INCOME> 0
<EXPENSES-NET> (230)
<NET-INVESTMENT-INCOME> 3026
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (542)
<NET-CHANGE-FROM-OPS> 2484
<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)
<OVERDIST-NET-GAINS-PRIOR> (2)
<GROSS-ADVISORY-FEES> 188
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 373
<AVERAGE-NET-ASSETS> 117403
<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)
<NET-INVESTMENT-INCOME> 737
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (197)
<NET-CHANGE-FROM-OPS> 540
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (753)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (183)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (19)
<OVERDIST-NET-GAINS-PRIOR> (662)
<GROSS-ADVISORY-FEES> 45
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 92
<AVERAGE-NET-ASSETS> 28201
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.80
<EXPENSE-RATIO> .39
</TABLE>