CORTLAND TRUST INC
485BPOS, 1995-12-07
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                                                        Registration No. 2-94935



                       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. 22

                                     and/or

         REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

                                Amendment No. ____

                              CORTLAND TRUST, INC.
               (Exact Name of Registrant as Specified in Charter)

                     600 Fifth Avenue, New York, N.Y. 10020
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's Telephone Number, including Area Code: (212) 830-5220


                                 Steven W. Duff
                            c/o Cortland Trust, Inc.
                                600 Fifth Avenue
                            New York, New York 10020
                     (Name and address of agent for service)

                      COPY TO: Jules Buchwald,  Esq.
                               Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
                               919 Third Avenue
                               New York, N.Y. 10022

It is proposed that this filing will become effective (check appropriate box)

      [X]   immediately upon filing pursuant to paragraph (b)

      [ ]   on (date) pursuant to paragraph (b)

      [ ]   60 days after filing pursuant to paragraph (a)

      [ ]   on (date) pursuant to paragraph (a) of Rule 485

      [ ]   75 days after filing pursuant to paragraph (a)(2)

      [ ]   on (date) pursuant to paragraph (a)(2) of Rule 485


<PAGE>


   CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933

- ----------------------------------------------------------------------

                             Proposed        Proposed
                              Maximum        Maximum
Securities      Amount       Offering        Aggregate       Amount of
 Being          Being        Price per       Offering     Registration
Registered      Registered       Unit         Price            Fee


CAPITAL         215,529.885.00  $1.00*       215,529.885.00    $74,320.65**
STOCK


$.001 par value


- ----------------------------------------------------------------------


*    Estimated  solely  for  the  purposes  of  determining  the  amount  of the
     registration fee.


**   Calculated  pursuant to Rule 24e-2(a) under the  Investment  Company Act of
     1940.  5,429,093,383.42  shares were redeemed  during the fiscal year ended
     March  31,  1995,  none of which  are being  used for  "reduction"  in this
     amendment,  none of which were  previously  so used in filings  pursuant to
     Rule 24e-2(a) or 24f-2(c)  during the current  fiscal year ending March 31,
     1996.  Fee of  $74,320.65  was  previously  paid on  November  17, 1995 via
     Fedwire.


EXHIBIT: Opinion of Kramer, Levin,  Naftalis,  Nessen, Kamin & Frankel (filed as
     Exhibit A to Post-Effective  Amendment No. 21 to Registration  Statement on
     Form N-1A Reg. No. 2-94935 on November 17, 1995 and incorporated  herein by
     reference).


<PAGE>


                                   SIGNATURES


     Pursuant  to  the  requirements  of the  Securities  Act of  1933  and  the
Investment  Company Act of 1940, as amended,  the  Registrant  certifies that it
meets  all of the  requirements  for  effectiveness  of  this  Amendment  to its
Registration  Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Amendment to its Registration Statement to be signed on
its behalf by the  undersigned,  thereunto duly  authorized,  in the City of New
York, and State of New York, on the 7th day of December, 1995.


                                                  CORTLAND TRUST, INC.



                                                  By:  /S/Steven W. Duff
                                                       Steven W. Duff
                                                       President


     Pursuant to the  requirements of the Securities Act of 1933, this Amendment
to its Registration  Statement has been signed below by the following persons in
the capacities indicated below on December 7, 1995.


     SIGNATURE                               CAPACITY

(1) Principal Executive Officer


    /S/Steven W. Duff
    Steven W. Duff                           President


(2) Principal Financial and Accounting Officer


    /S/Richard De Sanctis
    Richard De Sanctis                       Vice Preisdent and Treasurer


(3) Majority of the Directors

    /S/Kenneth C. Ebbitt
    Kenneth C. Ebbitt                        Chariman and Director

*   Owen Daly II        Director
*   Albert R. Dowden    Director
    David C. Melnicoff  Director
*   James L. Schultz    Director


By:  /S/Jules Buchwald
     Jules Buchwald
     Attorney-in-Fact*


*    An  executed  copy of the  power of  attorney  was filed as an  Exhibit  to
     Post-Effective  Amendment No. 10 to  Registration  Statement No. 2-94935 on
     March 4, 1991.



<TABLE> <S> <C>

<ARTICLE>           6
<LEGEND>            The  schedule   contains   summary   financial   information
                    extracted  from  the  financial  statements  and  supporting
                    schedules  as of the end of the most  current  period and is
                    qualified in its  entirety by  reference  to such  financial
                    statements.
</LEGEND>
<CIK>               0000759699
<NAME>              Cortland Trust, Inc.
<SERIES>
<NUMBER>            1
<NAME>              Cortland General Money Market Fund
       
<S>                               <C>    
<FISCAL-YEAR-END>             MAR-31-1995
<PERIOD-START>                APR-01-1994
<PERIOD-END>                  MAR-31-1995
<PERIOD-TYPE>                 YEAR
<INVESTMENTS-AT-COST>         1001734602
<INVESTMENTS-AT-VALUE>        1001734602
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<ASSETS-OTHER>                0
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<TOTAL-ASSETS>                1004988986
<PAYABLE-FOR-SECURITIES>      10005509
<SENIOR-LONG-TERM-DEBT>       0
<OTHER-ITEMS-LIABILITIES>     1129516
<TOTAL-LIABILITIES>           11135025
<SENIOR-EQUITY>               0
<PAID-IN-CAPITAL-COMMON>      996409993
<SHARES-COMMON-STOCK>         996409993
<SHARES-COMMON-PRIOR>         926399816
<ACCUMULATED-NII-CURRENT>     15947
<OVERDISTRIBUTION-NII>        0
<ACCUMULATED-NET-GAINS>       0
<OVERDISTRIBUTION-GAINS>      0
<ACCUM-APPREC-OR-DEPREC>      0
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<DIVIDEND-INCOME>             0
<INTEREST-INCOME>             45166079
<OTHER-INCOME>                0
<EXPENSES-NET>                9522092
<NET-INVESTMENT-INCOME>       35643987
<REALIZED-GAINS-CURRENT>      (7013370)
<APPREC-INCREASE-CURRENT>     0
<NET-CHANGE-FROM-OPS>         28630617
<EQUALIZATION>                0
<DISTRIBUTIONS-OF-INCOME>     35628040
<DISTRIBUTIONS-OF-GAINS>      0
<DISTRIBUTIONS-OTHER>         0
<NUMBER-OF-SHARES-SOLD>       3635190794
<NUMBER-OF-SHARES-REDEEMED>   3600735365
<SHARES-REINVESTED>           35554748
<NET-CHANGE-IN-ASSETS>        67454145
<ACCUMULATED-NII-PRIOR>       0
<ACCUMULATED-GAINS-PRIOR>     0
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<AVERAGE-NET-ASSETS>          924660422
<PER-SHARE-NAV-BEGIN>         1.00
<PER-SHARE-NII>               .04
<PER-SHARE-GAIN-APPREC>       0
<PER-SHARE-DIVIDEND>          .04
<PER-SHARE-DISTRIBUTIONS>     0
<RETURNS-OF-CAPITAL>          0
<PER-SHARE-NAV-END>           1.00
<EXPENSE-RATIO>               1.03
<AVG-DEBT-OUTSTANDING>        0
<AVG-DEBT-PER-SHARE>          0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>           6
<LEGEND>            The  schedule   contains   summary   financial   information
                    extracted  from  the  financial  statements  and  supporting
                    schedules  as of the end of the most  current  period and is
                    qualified in its  entirety by  reference  to such  financial
                    statements.
</LEGEND>
<CIK>               0000759699
<NAME>              Cortland Trust, Inc.
<SERIES>            
<NUMBER>            2
<NAME>              U.S. Government Fund
       
<S>                               <C>    
<FISCAL-YEAR-END>             MAR-31-1995
<PERIOD-START>                APR-01-1994
<PERIOD-END>                  MAR-31-1995
<PERIOD-TYPE>                 YEAR
<INVESTMENTS-AT-COST>         218607165
<INVESTMENTS-AT-VALUE>        218607165
<RECEIVABLES>                 140738
<ASSETS-OTHER>                0
<OTHER-ITEMS-ASSETS>          0
<TOTAL-ASSETS>                218747903
<PAYABLE-FOR-SECURITIES>      0
<SENIOR-LONG-TERM-DEBT>       0
<OTHER-ITEMS-LIABILITIES>     440768
<TOTAL-LIABILITIES>           440768
<SENIOR-EQUITY>               0
<PAID-IN-CAPITAL-COMMON>      218984180
<SHARES-COMMON-STOCK>         218984180
<SHARES-COMMON-PRIOR>         234082321
<ACCUMULATED-NII-CURRENT>     0
<OVERDISTRIBUTION-NII>        0
<ACCUMULATED-NET-GAINS>       0
<OVERDISTRIBUTION-GAINS>      0
<ACCUM-APPREC-OR-DEPREC>      0
<NET-ASSETS>                  218307135
<DIVIDEND-INCOME>             0
<INTEREST-INCOME>             10486729
<OTHER-INCOME>                0
<EXPENSES-NET>                2287435
<NET-INVESTMENT-INCOME>       8199294
<REALIZED-GAINS-CURRENT>      (2047537)
<APPREC-INCREASE-CURRENT>     0
<NET-CHANGE-FROM-OPS>         6151757
<EQUALIZATION>                0
<DISTRIBUTIONS-OF-INCOME>     8199294
<DISTRIBUTIONS-OF-GAINS>      0
<DISTRIBUTIONS-OTHER>         0
<NUMBER-OF-SHARES-SOLD>       896820365
<NUMBER-OF-SHARES-REDEEMED>   920104435
<SHARES-REINVESTED>           8185929
<NET-CHANGE-IN-ASSETS>        (15775186)
<ACCUMULATED-NII-PRIOR>       0
<ACCUMULATED-GAINS-PRIOR>     0
<OVERDISTRIB-NII-PRIOR>       0
<OVERDIST-NET-GAINS-PRIOR>    0
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<INTEREST-EXPENSE>            0
<GROSS-EXPENSE>               2305309
<AVERAGE-NET-ASSETS>          219214430
<PER-SHARE-NAV-BEGIN>         1.00
<PER-SHARE-NII>               .04
<PER-SHARE-GAIN-APPREC>       0
<PER-SHARE-DIVIDEND>          .04
<PER-SHARE-DISTRIBUTIONS>     0
<RETURNS-OF-CAPITAL>          0
<PER-SHARE-NAV-END>           1.00
<EXPENSE-RATIO>               1.04
<AVG-DEBT-OUTSTANDING>        0
<AVG-DEBT-PER-SHARE>          0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE>           6
<LEGEND>            The  schedule   contains   summary   financial   information
                    extracted  from  the  financial  statements  and  supporting
                    schedules  as of the end of the most  current  period and is
                    qualified in its  entirety by  reference  to such  financial
                    statements.
</LEGEND>
<CIK>               0000759699
<NAME>              Cortland Trust, Inc.
<SERIES>
<NUMBER>            3
<NAME>              Municipal Money Market Fund
       
<S>                               <C>    
<FISCAL-YEAR-END>             MAR-31-1995
<PERIOD-START>                APR-01-1994
<PERIOD-END>                  MAR-31-1995
<PERIOD-TYPE>                 YEAR
<INVESTMENTS-AT-COST>         221647356
<INVESTMENTS-AT-VALUE>        221647356
<RECEIVABLES>                 2671290
<ASSETS-OTHER>                0
<OTHER-ITEMS-ASSETS>          0
<TOTAL-ASSETS>                3218747903
<PAYABLE-FOR-SECURITIES>      0
<SENIOR-LONG-TERM-DEBT>       0
<OTHER-ITEMS-LIABILITIES>     277686
<TOTAL-LIABILITIES>           277686
<SENIOR-EQUITY>               0
<PAID-IN-CAPITAL-COMMON>      224068398
<SHARES-COMMON-STOCK>         224068398
<SHARES-COMMON-PRIOR>         240596908
<ACCUMULATED-NII-CURRENT>     0
<OVERDISTRIBUTION-NII>        0
<ACCUMULATED-NET-GAINS>       0
<OVERDISTRIBUTION-GAINS>      0
<ACCUM-APPREC-OR-DEPREC>      0
<NET-ASSETS>                  224040960
<DIVIDEND-INCOME>             0
<INTEREST-INCOME>             7982225
<OTHER-INCOME>                0
<EXPENSES-NET>                2245432
<NET-INVESTMENT-INCOME>       5736793
<REALIZED-GAINS-CURRENT>      (754)
<APPREC-INCREASE-CURRENT>     0
<NET-CHANGE-FROM-OPS>         5736039
<EQUALIZATION>                0
<DISTRIBUTIONS-OF-INCOME>     5736793
<DISTRIBUTIONS-OF-GAINS>      0
<DISTRIBUTIONS-OTHER>         0
<NUMBER-OF-SHARES-SOLD>       885996924
<NUMBER-OF-SHARES-REDEEMED>   908253584
<SHARES-REINVESTED>           5728150
<NET-CHANGE-IN-ASSETS>        (16529264)
<ACCUMULATED-NII-PRIOR>       0
<ACCUMULATED-GAINS-PRIOR>     0
<OVERDISTRIB-NII-PRIOR>       0
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<PER-SHARE-NAV-END>           1.00
<EXPENSE-RATIO>               .99
<AVG-DEBT-OUTSTANDING>        0
<AVG-DEBT-PER-SHARE>          0
        

</TABLE>


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