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Previous: INDEPENDENCE ONE MUTUAL FUNDS, 24F-2NT, 1995-06-15 |
Next: SEARS MUNICIPAL TRUST INSURED CALIFORNIA SERIES 43, 485BPOS, 1995-06-15 |
1933 Act File No.33-26516
1940 Act File No.811-5752
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
Pre-Effective Amendment No.
Post-Effective Amendment No. 13 x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No.
INDEPENDENCE ONE MUTUAL FUNDS
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire, Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
x immediately upon filing pursuant to paragraph (b)
on _________________ pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a)
on pursuant to paragraph (a) of Rule 485.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
x filed the Notice required by that Rule on June 15th; or
intends to file the Notice required by that Rule on or about
___________; or
during the most recent fiscal year did not sell any securities pursuant
to Rule 24f-2 under the Investment Company Act of 1940, and, pursuant
to Rule 24f-2(b)(2), need not file the Notice.
Copies to:
Charles H. Morin, Esquire
Dickstein, Shapiro & Morin
2101 L Street, N.W.
Washington, D.C. 20037
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares of 197,610,816 $1.00 197,610,816
$100.00
Beneficial
Interest
(No par value)
*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940. The total amount of
securities redeemed during the previous fiscal year was 4,193,268,159. The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 3,995,657,343. The amount of redeemed securities being
used for reduction of the registration fee in this Amendment is
197,610,816.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 13 to the Registration Statement of
INDEPENDENCE ONE MUTUAL FUNDS is comprised of the following papers and
documents:
1. The facing sheet to register a definite
number of shares of beneficial interest,
no par value, of INDEPENDENCE ONE MUTUAL FUNDS;
2. The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3. Signature page.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant, INDEPENDENCE ONE MUTUAL
FUNDS, 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 Pittsburgh and Commonwealth of
Pennsylvania on the 15th day of June, 1995.
INDEPENDENCE ONE MUTUAL FUNDS
BY: /s/Jay S. Neuman
Jay S. Neuman, Secretary
Attorney in Fact for John F. Donahue
June 15, 1995
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/Jay S. Neuman
Jay S. Neuman Attorney In Fact June 15, 1995
Secretary For the Persons
Listed Below
NAME TITLE
Edward C. Gonzales President and Treasurer
(Principal Executive, Financial and
Accounting Officer)
Jay S. Neuman Secretary
Robert E. Baker* Trustee
Harold Berry* Trustee
Clarence G. Frame* Trustee
Harry J. Nederlander* Trustee
Thomas S. Wilson* Trustee
* By Power of Attorney
Federated Administrative
Services
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
June 15, 1995
Independence One Mutual Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the registration by
Independence One Mutual Funds ("Trust") of an additional 197,610,816 Shares of
Beneficial Interest ("Shares") pursuant to Post-effective Amendment No. 13 to
the Trust's registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933 (File No. 33-26516). The subject
Post-effective Amendment will be filed pursuant to Paragraph (b) of Rule 485
and become effective pursuant to said Rule immediately upon filing.
As counsel I have participated in the preparation and filing of the
Trust's amended registration statement under the Securities Act of 1933
referred to above. Further, I have examined and am familiar with the
provisions of the Declaration of Trust dated January 9, 1989, ("Declaration of
Trust"), the Bylaws of the Trust and such other documents and records deemed
relevant. I have also reviewed questions of law and consulted with counsel
thereon as deemed necessary or appropriate by me for the purposes of this
opinion.
On the basis of the foregoing, it is my opinion that:
1. The Trust is duly organized and validly existing under the laws of
the Commonwealth of Massachusetts.
2. The Shares which are currently being registered by the
Registration Statement referred to above may be legally and validly issued
from time to time in accordance with the Declaration of Trust upon receipt of
consideration sufficient to comply with the Declaration of Trust and subject
to compliance with the Securities Act of 1933, as amended, the Investment
Company Act of 1940, as amended, and applicable state laws regulating the sale
of securities. Such Shares, when so issued, will be fully paid and non-
assessable by the Trust.
I hereby consent to the filing of this opinion as a part of the Trust's
registration statement referred to above and as a part of any application or
registration statement filed under the securities laws of the States of the
United States.
States
States and the laws of the Commonwealth of Massachusetts, and I am expressing
no opinion as to the effect of the laws of any other jurisdiction.
Very truly yours,
/s/ Jay S. Neuman
Jay S. Neuman
Fund Attorney
<TABLE> <S> <C>
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<NUMBER> 1
<NAME> INDEPENDENCE ONE U.S. TREASURY MONEY
MARKET FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 245,471,986
<INVESTMENTS-AT-VALUE> 245,471,986
<RECEIVABLES> 77,180
<ASSETS-OTHER> 445
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 245,549,611
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 662,422
<TOTAL-LIABILITIES> 662,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 244,887,189
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<SHARES-COMMON-PRIOR> 215,832,309
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 244,887,189
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,377,029
<OTHER-INCOME> 0
<EXPENSES-NET> 1,549,423
<NET-INVESTMENT-INCOME> 10,827,606
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,827,606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,827,606
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,859,720,057
<NUMBER-OF-SHARES-REDEEMED> 1,835,916,082
<SHARES-REINVESTED> 5,250,905
<NET-CHANGE-IN-ASSETS> 29,054,880
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 983,049
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,549,423
<AVERAGE-NET-ASSETS> 245,762,331
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INDEPENDENCE ONE PRIME MONEY MARKET FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 232,772,608
<INVESTMENTS-AT-VALUE> 232,772,608
<RECEIVABLES> 1,473,825
<ASSETS-OTHER> 486,296
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 234,732,729
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,125,881
<TOTAL-LIABILITIES> 1,125,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,606,848
<SHARES-COMMON-STOCK> 233,606,848
<SHARES-COMMON-PRIOR> 310,588,452
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 233,606,848
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,656,886
<OTHER-INCOME> 0
<EXPENSES-NET> 1,628,031
<NET-INVESTMENT-INCOME> 12,028,855
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,028,855
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,028,855
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,885,542,162
<NUMBER-OF-SHARES-REDEEMED> 1,968,503,461
<SHARES-REINVESTED> 5,979,695
<NET-CHANGE-IN-ASSETS> (76,981,604)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,066,096
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,628,031
<AVERAGE-NET-ASSETS> 266,523,893
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INDEPENDENCE ONE MICHIGAN MUNICIPAL CASH
FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 64,834,630
<INVESTMENTS-AT-VALUE> 64,834,630
<RECEIVABLES> 3,602,998
<ASSETS-OTHER> 2,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,440,498
<PAYABLE-FOR-SECURITIES> 1,510,755
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,340
<TOTAL-LIABILITIES> 1,584,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,856,403
<SHARES-COMMON-STOCK> 66,856,403
<SHARES-COMMON-PRIOR> 55,013,446
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 66,856,403
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,110,862
<OTHER-INCOME> 0
<EXPENSES-NET> 369,162
<NET-INVESTMENT-INCOME> 1,741,700
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,741,700
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,741,700
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 397,857,305
<NUMBER-OF-SHARES-REDEEMED> 387,290,113
<SHARES-REINVESTED> 1,275,765
<NET-CHANGE-IN-ASSETS> 11,842,957
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 248,836
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 497,573
<AVERAGE-NET-ASSETS> 62,208,976
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> INDEPENDENCE ONE U.S. GOVERNMENT
SECURITIES FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 61,715,151
<INVESTMENTS-AT-VALUE> 61,916,709
<RECEIVABLES> 920,047
<ASSETS-OTHER> 19,325
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,856,081
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<TOTAL-LIABILITIES> 341,938
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,112,985
<SHARES-COMMON-STOCK> 6,382,809
<SHARES-COMMON-PRIOR> 7,406,453
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,800,400)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,558
<NET-ASSETS> 62,514,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,306,816
<OTHER-INCOME> 0
<EXPENSES-NET> 231,651
<NET-INVESTMENT-INCOME> 4,075,165
<REALIZED-GAINS-CURRENT> (1,670,661)
<APPREC-INCREASE-CURRENT> 1,212,851
<NET-CHANGE-FROM-OPS> 3,617,355
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,075,165
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 534,859
<NUMBER-OF-SHARES-REDEEMED> 1,558,503
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,352,025
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (129,739)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 458,170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 689,821
<AVERAGE-NET-ASSETS> 65,605,823
<PER-SHARE-NAV-BEGIN> 9.840
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.600
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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