As filed with the Securities and Exchange Commission on August 12, 1998
File Nos. 333-08045
811-07705
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 4
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 4
Kayne Anderson Mutual Funds
(Exact Name of Registrant as Specified in its Charter)
1800 Avenue of the Stars, 2nd Floor
Los Angeles, California 90067
(Address of Principal Executive Office)
(310) 556-2721
(Registrant's Telephone Number, Including Area Code)
William T. Miller
1800 Avenue of the Stars, 2nd Floor
Los Angeles, California 90067
(Name and Address of Agent for Service)
_________________________
Approximate Date of Proposed Public Offering:
As soon as practicable after the effective date hereof.
It is proposed that this filing will become effective:
___ immediately upon filing pursuant to Rule 485(b)
___ on , pursuant to Rule 485(b)
_X_ 60 days after filing pursuant to Rule 485(a)
___ on _______________, pursuant to Rule 485(a)
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the
Registrant has registered an indefinite number of securities under the
Securities Act of 1933.
__________
Please Send Copy of Communications to:
DAVID A. HEARTH, ESQ.
Paul, Hastings, Janofsky & Walker, LLP
345 California Street, 29th Floor
San Francisco, California 94104
(415) 835-1600
<PAGE>
Kayne Anderson Mutual Funds
CONTENTS OF REGISTRATION STATEMENT
This registration statement contains the following documents:
Facing Sheet
Contents of Registration Statement
Prospectus Supplement
Part C - Other Information
Signature Page
<PAGE>
---------------------------------------------------------------------
PART A
COMBINED PROSPECTUS
Kayne Anderson Mutual Funds
Kayne Anderson Rising Dividends Fund
Kayne Anderson Small-Mid Cap Rising Dividends Fund
Kayne Anderson International Rising Dividends Fund
Kayne Anderson Intermediate Total Return Bond Fund
Kayne Anderson Intermediate Tax-Free Bond Fund
---------------------------------------------------------------------
Incorporated by Reference to Registrant's Post-Effective Amendment Number 3
Filed with the Commission on April 30, 1998
<PAGE>
KAYNE ANDERSON MUTUAL FUNDS
Supplement dated October __, 1998
to Prospectus dated May 1, 1998
For shareholders and prospective shareholders of
the Kayne Anderson Small-Mid Cap Rising Dividends Fund only:
Beginning October __, 1998, this Fund changed its name to the Kayne
Anderson Small Cap Rising Dividends Fund. This Fund's investment objective of
long-term capital appreciation, with dividend income as a secondary
consideration, has not changed. The Adviser will continue to follow its "rising
dividends" philosophy for this Fund.
Under normal conditions, the Fund will now seek to maintain a weighted
average market capitalization within the range for small capitalization
companies, but typically at the very highest segment of that range. As stated in
the prospectus, the Adviser currently considers small cap companies to be those
companies having market capitalizations up to approximately $1 billion.
Because the Fund will seek to maintain an average market capitalization
for its portfolio companies of approximately $1 billion, fluctuations in the
market value for some or all of those portfolio companies may cause this Fund to
exceed (or fall below) that target temporarily. The Fund remains able to invest
in companies having market capitalizations of up to $3 billion (at the time of
investment) while being mindful of its target portfolio average of approximately
$1 billion.
<PAGE>
------------------------------------------------------------
PART B
COMBINED STATEMENT OF ADDITIONAL INFORMATION
Kayne Anderson Mutual Funds
Kayne Anderson Rising Dividends Fund
Kayne Anderson Small-Mid Cap Rising Dividends Fund
Kayne Anderson International Rising Dividends Fund
Kayne Anderson Intermediate Total Return Bond Fund
Kayne Anderson Intermediate Tax-Free Bond Fund
------------------------------------------------------------
Incorporated by Reference to Registrant's Post-Effective Amendment Number 3
Filed with the Commission on April 30, 1998
<PAGE>
----------------------------------------------------
PART C
OTHER INFORMATION
---------------------------------------------------
<PAGE>
KAYNE ANDERSON MUTUAL FUNDS
______________
FORM N-1A
______________
PART C
______________
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
(1) Independent Auditor's Report dated as of January 27,
1998, Statement of Assets and Liabilities as of
December 31, 1997, Statements of Operations and Notes
to Financial Statements for the Kayne Anderson Mutual
Funds are incorporated in Part B by reference to
Registrant's Annual Report to Shareholders for the
fiscal year ended December 31, 1997.
(b) Exhibits:
(1) Agreement and Declaration of Trust.(1)
(2) By-Laws.(1)
(3) Voting Trust Agreement - Not applicable.
(4) Specimen Share Certificate - Not applicable.
(5) Form of Investment Management Agreement.(1)
(6) Form of Underwriting Agreement.(3)
(7) Benefit Plan(s) - Not applicable.
(8) Form of Custodian Agreement.(2)
(9) Form of Administration Services Agreement.(3)
(10) Consent and Opinion of Counsel as to legality of
shares.(2)
(11) Consent of Independent Public Accountants.(4)
(11a) Consent of Tait, Weller & Baker
(11b) Consent of Briggs, Bunting & Dougherty, LLP
(12) Financial Statements omitted from Item 23 - Not
applicable.
(13) Subscription Agreement.(3)
(14) Model Retirement Plan Documents.(4)
(15) Rule 12b-1 Plan - Not Applicable.
(16) Performance Computation.(4)
(27) Financial Data Schedule.
<PAGE>
- ----------
(1) Incorporated by reference to the Form N-1A Registration Statement filed
on July 12, 1996.
(2) Incorporated by reference to Pre-Effective Amendment No. 1 to the Form
N-1A Registration Statement filed on September 18, 1996.
(3) Incorporated by reference to Pre-Effective Amendment No. 2 to the Form
N1-A Registration Statement filed on September 26, 1996.
(4) Incorporated by reference to Post-Effective Amendment No. 3 to the Form
N1-A Registration Statement filed on April 30, 1998.
<PAGE>
Item 25. Persons Controlled by or Under Common Control with Registrant.
Kayne Anderson Investment Management, LLC, a California
limited liability company, is the manager of each series of the Registrant.
Richard A. Kayne and Allan M. Rudnick are managers of Kayne Anderson Investment
Management, LLC and John Edward Anderson is a member. Collectively, Messrs.
Kayne, Rudnick and Anderson own 89.5% of the equity interests in Kayne Anderson
Investment Management, LLC.
Messrs. Kayne and Anderson also are the sole shareholders and
directors of Kayne Anderson Investment Management, Inc., a California
corporation, the general partner of KAIM NonTraditional, L.P., a California
limited partnership and a registered investment adviser. As the sole
shareholders of Kayne Anderson Investment Management, Inc., Messrs. Kayne and
Anderson together indirectly own 84.9% of the partnership interests in KAIM
Non-Traditional, L.P.
Messrs. Kayne and Anderson together hold 86.3% of the
outstanding voting stock of KA Associates, Inc., a California corporation and a
registered broker-dealer.
Item 26. Number of Holders of Securities
As of July 31, 1998 there were 254 shareholders in the Rising
Dividends Fund, 92 shareholders in the Small-Mid Cap Rising Dividends Fund, 97
shareholders in the International Rising Dividends Fund, 8 shareholders in the
Intermediate Total Return Bond Fund and 9 shareholders in the Intermediate
Tax-Free Bond Fund.
Item 27. Indemnification
Article VII of the Agreement and Declaration of Trust empowers
the Trustees of the Trust, to the full extent permitted by law, to purchase with
Trust assets insurance for indemnification from liability and to pay for all
expenses reasonably incurred or paid or expected to be paid by a Trustee or
officer in connection with any claim, action, suit or proceeding in which he or
she becomes involved by virtue of his or her capacity or former capacity with
the Trust.
Article VI of the By-Laws of the Trust provides that the Trust
shall indemnify any person who was or is a party or is threatened to be made a
party to any proceeding by reason of the fact that such person is and other
amounts or was an agent of the Trust, against expenses, judgments, fines,
settlement and other amounts actually and reasonable incurred in connection with
such proceeding if that person acted in good faith and reasonably believed his
or her conduct to be in the best interests of the Trust. Indemnification will
not be provided in certain circumstances, however, including instances of
willful misfeasance, bad faith, gross negligence, and reckless disregard of the
duties involved in the conduct of the particular office involved.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to the Trustees, officers and
controlling persons of the Registrant pursuant to the foregoing provisions or
otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable in the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a Trustee, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such Trustee, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue.
<PAGE>
Item 28. Business and Other Connections of Investment Adviser.
Information about Richard A. Kayne, Allan M. Rudnick, and
William T. Miller is set forth in Part B under "Management of the Funds."
John Edward Anderson is a member of Kayne Anderson Investment
Management, LLC and a shareholder and director of Kayne Anderson Investment
Management, Inc., the general partner of KAIM Non-Traditional, L.P. Mr. Anderson
has been involved with these organizations (or their predecessors) as an equity
owner and director since 1984. Since May, 1992, Mr. Anderson has been the Chief
Executive Officer and President of Topa Equities, Ltd., a holding company for a
thrift institution.
Item 29. Principal Underwriter.
(a) First Fund Distributors, Inc. is the principal underwriter for
the following investment companies or series thereof:
Advisors Series Trust
Guinness Flight Investment Funds
Fleming Funds, Inc.
Fremont Mutual Funds, Inc.
Jurika & Voyles Fund Group
Masters Select Investment Trust
O'Shaughnessy Funds, Inc.
PIC Investment Trust
Professionally Managed Portfolios -
- Academy Value Fund
- Avondale Total Return Fund
- Boston Balanced Fund
- Osterweis Fund
- Perkins Discovery Fund
- Perkins Opportunity Fund
- ProConscience Womens Equity Fund
- Trent Equity Fund
- Leonetti Balanced Fund
- Lighthouse Contrarian Fund
- U.S. Global Leaders Growth Fund
- Harris, Bretall, Sullivan & Smith Funds
- Pzena Focused Value Fund
- Titan Financial Services Fund
- PGP Korea Growth Fund
- PGP Asia Growth Fund
The Purisima Funds
Rainier Investment Management Mutual Funds
RNC Mutual Fund Group, Inc.
UBS Private Investor Funds
(b) The following information is furnished with respect to the
officers of First Fund Distributors, Inc.:
<TABLE>
<CAPTION>
Name and Principal Position and Offices with First Positions and Offices
Business Address* Fund Distributors, Inc. with Registrant
- ------------------ ------------------------------- ---------------------
<S> <C> <C>
Robert H. Wadsworth President and Treasurer Assistant Secretary
Steven J. Paggioli Vice President and Secretary None
Eric M. Banhazl Vice President Assistant Treasurer
</TABLE>
<PAGE>
* The principal business address of persons and entities listed is 4455
East Camelback Road, Suite 261E, Phoenix, AZ 85018.
Item 30. Location of Accounts and Records.
The accounts, books, or other documents required to be
maintained by Section 31(a) of the Investment Company Act of 1940 will be kept
by the Registrant's Transfer Agent, Investors Bank & Trust Company, 200
Clarendon Street, Boston, Massachusetts 02116, except those records relating to
portfolio transactions and the basic organizational and Trust documents of the
Registrant (see Subsections (2)(iii), (4), (5), (6), (7), (9), (10) and (11) of
Rule 31a-1(b)), which will be kept by the Registrant at 1800 Avenue of the
Stars, 2nd Floor, Los Angeles, California 90067
Item 31. Management Services.
There are no management-related service contracts not
discussed in Parts A and B.
Item 32. Undertakings.
(a) Registrant has undertaken to comply with Section 16(a) of
the Investment Company Act of 1940, as amended, which requires the prompt
convening of a meeting of shareholders to elect trustees to fill existing
vacancies in the Registrant's Board of Trustees in the event that less than a
majority of the trustees have been elected to such position by shareholders.
Registrant has also undertaken promptly to call a meeting of shareholders for
the purpose of voting upon the question of removal of any Trustee or Trustees
when requested in writing to do so by the record holders of not less than 10
percent of the Registrant's outstanding shares and to assist its shareholders in
communicating with other shareholders in accordance with the requirements of
Section 16(c) of the Investment Company Act of 1940, as amended.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and
the Investment Company Act of 1940, the Registrant has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, and State of California on the 11th
day of August, 1998.
Kayne Anderson Mutual Funds
By: Allan M. Rudnick*
---------------------------
Allan M. Rudnick
Principal Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following person in the
capacities and on the date indicated.
<TABLE>
<S> <C> <C>
/s/Richard Alan Kayne* Chairman of the Board of August 11, 1998
- ---------------------- Trustees
Richard Alan Kayne
/s/Allan M. Rudnick* President, Principal Executive August 11, 1998
- ---------------------- Officer and Trustee
Allan M. Rudnick
/s/William T. Miller* Principal Financial and August 11, 1998
- ---------------------- Accounting Officer, and
William T. Miller Trustee
/s/Carl D. Covitz* Trustee August 11, 1998
- ----------------------
Carl D. Covitz
/s/ Arnold Brustin* Trustee August 11, 1998
- ----------------------
Arnold Brustin
/s/ Gerald I. Isenberg* Trustee August 11, 1998
- -----------------------
Gerald I. Isenberg
/s/ William H. Waldorf* Trustee August 11, 1998
- -----------------------
William H. Waldorf
* By: /s/ Eric M. Banhazl
------------------------
Eric M. Banhazl, pursuant
to a Power of Attorney as filed
with post-effective Amendment No. 3
</TABLE>
<PAGE>
File Nos. 333-08045
811-07705
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
EXHIBITS
to
FORM N-1A
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
and
under
THE INVESTMENT COMPANY ACT OF 1940
-------------------------
Kayne Anderson Mutual Funds
(Exact Name of Registrant as Specified in its Charter)
<PAGE>
Exhibit(s) Index
Exhibit No. Document Page No.
- ----------- -------- --------
(27) Financial Data Schedules ________
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<NAME> Kayne Anderson Mutual Funds
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<NAME> Kayne Anderson Mutual Funds
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<NAME> Kayne Anderson Mutual Funds
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<TABLE> <S> <C>
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<NAME> Kayne Anderson Mutual Funds
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<NAME> Kayne Anderson Intermediate Tax-Free Bond Fund
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<S> <C>
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