CUNA MUTUAL FUNDS, INC.
_________________________________________________________________
CUNA Mutual Cornerstone Fund
Supplement to Prospectus dated December 30, 1993
_________________________________________________________________
Financial The following table provides information about the
Fund's financial history.
Highlights It is based on a single share outstanding for the
period December 30, 1993 (commencement of
operations) to May 31, 1994. The table is part of
the Fund's financial statements which are included
in the Fund's annual report and incorporated by
reference into the Statement of Additional
Information, which is available to shareholders.
The financial statements in the annual report have
been audited by Price Waterhouse, independent
accountants, whose unqualified report covers the
period shown.
_________________________________________________________________
Investment Activities Distributions
_________________________________________________________________
Net Realized Total
and from
Net Asset NetUnrealized Invest- Net
Value, Invest-Gain/(Loss)ment Invest- Net Total
Period Ended,Beginning ment on Activi- mentRealizedDistri-
May 31 of Period IncomeInvestmentsties Income Gain butions
_________________________________________________________________
1994 $10.00 $.08 $(.28) $(.20) $(.05) -- $(.05)
_________________________________________________________________
End of Period
_________________________________________________________________
Ratio
Total of Net
Net Asset Return Ratio ofInvestment
Period Value, (Includes Expenses Income Portfolio
Ended, End of Reinvested to Averageto AverageTurnover
May 31 Period Dividends)Net AssetsNet AssetsNet AssetsRate
_________________________________________________________________
1994 $9.75 (2.00)% $2,481,943 1.50%* 2.23%* 308.5%*
_________________________________________________________________
* Annualized.
Beginning April 1, 1994, the minimum initial deposit requirement
for systematic investing, described on page 23 of the prospectus,
will be $1,000 ($500 for IRAs), with a minimum of $100 per month
thereafter.
_________________________________________________________________
The date of this Supplement is August 10, 1994.
_________________________________________________________________
CUNA MUTUAL FUNDS, INC.
_________________________________________________________________
CUNA Mutual U.S. Government Income Fund
Supplement to Prospectus dated December 30, 1993
_________________________________________________________________
Financial The following table provides information about the
Fund's financial history.
Highlights It is based on a single share outstanding for the
period December 30, 1993 (commencement of
operations) to May 31, 1994. The table is part of
the Fund's financial statements which are included
in the Fund's annual report and incorporated by
reference into the Statement of Additional
Information, which is available to shareholders.
The financial statements in the annual report have
been audited by Price Waterhouse, independent
accountants, whose unqualified report covers the
period shown.
_________________________________________________________________
Investment Activities Distributions
_________________________________________________________________
Net Realized Total
and from
Net Asset NetUnrealized Invest- Net
Value, Invest-Gain/(Loss)ment Invest- Net Total
Period Ended,Beginning ment on Activi- mentRealizedDistri-
May 31 of Period IncomeInvestmentsties Income Gain butions
_________________________________________________________________
1994 $10.00 $.27 $(.46) $(.19) $(.27) -- $(.27)
_________________________________________________________________
End of Period
_________________________________________________________________
Ratio
Total of Net
Net Asset Return Ratio ofInvestment
Period Value, (Includes Expenses Income Portfolio
Ended, End of Reinvested to Averageto AverageTurnover
May 31 Period Dividends)Net AssetsNet AssetsNet AssetsRate
_________________________________________________________________
1994 $9.54 (1.93)% $2,214,095 1.25%* 6.67%* 195.5%*
_________________________________________________________________
* Annualized.
Beginning April 1, 1994, the minimum initial deposit requirement
for systematic investing, described on page 22 of the prospectus,
will be $1,000 ($500 for IRAs), with a minimum of $100 per month
thereafter.
_________________________________________________________________
The date of this Supplement is August 10, 1994.
_________________________________________________________________
CUNA MUTUAL FUNDS, INC.
_________________________________________________________________
CUNA Mutual Tax-Free Intermediate-Term Fund
Supplement to Prospectus dated December 30, 1993
_________________________________________________________________
Financial The following table provides information about the
Fund's financial history.
Highlights It is based on a single share outstanding for the
period December 30, 1993 (commencement of
operations) to May 31, 1994. The table is part of
the Fund's financial statements which are included
in the Fund's annual report and incorporated by
reference into the Statement of Additional
Information, which is available to shareholders.
The financial statements in the annual report have
been audited by Price Waterhouse, independent
accountants, whose unqualified report covers the
period shown.
_________________________________________________________________
Investment Activities Distributions
_________________________________________________________________
Net Realized Total
and from
Net Asset NetUnrealized Invest- Net
Value, Invest-Gain/(Loss)ment Invest- Net Total
Period Ended,Beginning ment on Activi- mentRealizedDistri-
May 31 of Period IncomeInvestmentsties Income Gain butions
_________________________________________________________________
1994 $10.00 $.14 $(.32) $(.18) $(.14) -- $(.14)
_________________________________________________________________
End of Period
_________________________________________________________________
Ratio
Total of Net
Net Asset Return Ratio ofInvestment
Period Value, (Includes Expenses Income Portfolio
Ended, End of Reinvested to Averageto AverageTurnover
May 31 Period Dividends)Net AssetsNet AssetsNet AssetsRate
_________________________________________________________________
1994 $9.68 (1.79)% $2,210,248 1.00%* 3.47%* 139.4%*
_________________________________________________________________
* Annualized.
Beginning April 1, 1994, the minimum initial deposit requirement
for systematic investing, described on page 23 of the prospectus,
will be $1,000, with a minimum of $100 per month thereafter.
_________________________________________________________________
The date of this Supplement is August 10, 1994.
_________________________________________________________________<PAGE>
CUNA MUTUAL FUNDS, INC.
_________________________________________________________________
CUNA Mutual Cornerstone Fund
Supplement to Statement of Additional Information dated December
30, 1993
_________________________________________________________________
The financial statements of the CUNA Mutual Cornerstone Fund
for the period December 30, 1993 (commencement of operations) to
May 31, 1994, is included in the Fund's Annual Report on pages 4
through 10 for the CUNA Mutual Cornerstone Fund. A copy of the
Annual Report accompanies this Statement of Additional Information.
The following financial statements and the report of independent
accountants appearing in the Annual Report for the period ended May
31, 1994, are incorporated into this Statement of Additional
Information by reference:
CUNA Mutual
Cornerstone Fund
Annual Report Page
Portfolio of Investments, May 31, 1994 4-6
Statement of Assets and Liabilities, May 31, 1994 6
Statement of Operations, December 30, 1993 (Commencement of7
Operations) to May 31, 1994
Statement of Changes in Net Assets, December 30, 19937
(Commencement of Operations) to May 31, 1994
Notes to Financial Statements, May 31, 1994 8-9
Financial Highlights, December 30, 1993 (Commencement10
of Operations) to May 31, 1994
Report of Independent Accountants 10
_________________________________________________________________
The date of this Supplement is August 10, 1994.
_________________________________________________________________
<PAGE>
CUNA MUTUAL FUNDS, INC.
_________________________________________________________________
CUNA Mutual U.S. Government Income Fund
Supplement to Statement of Additional Information dated December
30, 1993
_________________________________________________________________
The financial statements of the CUNA Mutual U.S. Government
Income Fund for the period December 30, 1993 (commencement of
operations) to May 31, 1994, is included in the Fund's Annual
Report on pages 4 through 7 for the CUNA Mutual U.S. Government
Income Fund. A copy of the Annual Report accompanies this
Statement of Additional Information. The following financial
statements and the report of independent accountants appearing in
the Annual Report for the period ended May 31, 1994, are
incorporated into this Statement of Additional Information by
reference:
CUNA Mutual U.S.
Government Income Fund
Annual Report Page
Statement of Net Assets, May 31, 1994 4
Statement of Operations, December 30, 1993 (Commencement of5
of Operations) to May 31, 1994
Statement of Changes in Net Assets, December 30, 19935
(Commencement of Operations) to May 31, 1994
Notes to Financial Statements, May 31, 1994 6
Financial Highlights, December 30, 1993 (Commencement7
of Operations) to May 31, 1994
Report of Independent Accountants 7
_________________________________________________________________
The date of this Supplement is August 10, 1994.
_________________________________________________________________
<PAGE>
CUNA MUTUAL FUNDS, INC.
_________________________________________________________________
CUNA Mutual Tax-Free Intermediate-Term Fund
Supplement to Statement of Additional Information dated December
30, 1993
_________________________________________________________________
The financial statements of the CUNA Mutual Tax-Free
Intermediate-Term Fund for the period December 30, 1993
(commencement of operations) to May 31, 1994, is included in the
Fund's Annual Report on pages 4 through 9 for the CUNA Mutual Tax-
Free Intermediate-Term Fund. A copy of the Annual Report
accompanies this Statement of Additional Information. The
following financial statements and the report of independent
accountants appearing in the Annual Report for the period ended May
31, 1994, are incorporated into this Statement of Additional
Information by reference:
CUNA Mutual Tax-Free
Intermediate-Term Fund
Annual Report Page
Statement of Net Assets, May 31, 1994 4-5
Statement of Operations, December 30, 1993 (Commencement of5
of Operations) to May 31, 1994
Statement of Changes in Net Assets, December 30, 19936
(Commencement of Operations) to May 31, 1994
Notes to Financial Statements, May 31, 1994 6-7
Financial Highlights, December 30, 1993 (Commencement8
of Operations) to May 31, 1994
Report of Independent Accountants 9
_________________________________________________________________
The date of this Supplement is August 10, 1994.
_________________________________________________________________
