SCHWAB CHARLES FAMILY OF FUNDS
485B24E, 1995-12-20
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<PAGE>   1

   
    As filed with the Securities and Exchange Commission on December 20, 1995
    

                         File Nos. 33-31894 and 811-5954

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                                    FORM N-1A
   
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 21                                              /X/
                                       and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 23                                                             /X/
    
                                 --------------

                       THE CHARLES SCHWAB FAMILY OF FUNDS
                -------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)

             101 Montgomery Street, San Francisco, California 94104
             ------------------------------------------------------
                    (Address of Principal Executive Offices)

               Registrant's Telephone Number, including Area Code:
                                 (415) 627-7000
                                 --------------

   
                         Timothy F. McCarthy, President
                       The Charles Schwab Family of Funds
             101 Montgomery Street, San Francisco, California 94104
             ------------------------------------------------------
                     (Name and Address of Agent for Service)
    

                          Copies of communications to:
Martin E. Lybecker, Esq.              Frances Cole, Esq.
Ropes & Gray                          Charles Schwab Investment Management, Inc.
Suite 1200 South                      101 Montgomery Street
1001 Pennsylvania Avenue, N.W.        San Francisco, CA  94104
Washington, D.C.  20004

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)(1) 

   / / On (date) pursuant to paragraph (a)(1) 

   / / 75 days after filing pursuant to paragraph (a)(2) 

   / / On (date) pursuant to paragraph (a)(2) of Rule 485

if appropriate, check appropriate box:

   / / This post-effective amendment designates a new effective date for a 
       previously filed post-effective amendment

   
    


<PAGE>   2

        CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933*
   
<TABLE>
<CAPTION>
===================================================================================================================
Title of securities    Amount being        Proposed maximum         Proposed maximum aggregate   Amount of
being registered       registered          offering price per unit  offering price               registration fee**
===================================================================================================================
<S>                    <C>                 <C>                      <C>                          <C>           
SHARES OF                        
BENEFICIAL INTEREST    8,000,000,000       $1.00                    $8,000,000,000               $1,600,000
===================================================================================================================
</TABLE>
    

   
*  Registrant has also registered an indefinite number or amount of securities
under the Securities Act of 1933 pursuant to Section (a)(1) of Rule 24f-2 of the
Investment Company Act of 1940, as amended (the "1940 Act"). The Rule 24f-2
Notice for Registrant's fiscal year ended December 31, 1994 was filed on
February 23, 1995.

** Fee calculated based on one-fiftieth of one percent.
    


<PAGE>   3

                                   SIGNATURES

   
     Pursuant to the requirements of the Securities Act of 1933, as amended (the
"1933 Act"), and the Investment Company Act of 1940, as amended, Registrant
certifies that it meets all the requirements for effectiveness of this
Post-Effective Amendment No. 21 to the Registrant's Registration Statement on
Form N-1A pursuant to Rule 485(b) of the 1933 Act and has duly caused this
Post-Effective Amendment No. 21 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of San Francisco, State of California, on
20th day of December 1995.
    

                                 THE CHARLES SCHWAB FAMILY OF FUNDS
                                 Registrant

                                            Charles R. Schwab*
                                            ---------------------------
                                            Charles R. Schwab, Chairman

   
     Pursuant to the requirements of the 1933 Act, this Post-Effective Amendment
No. 21 to Registrant's Registration Statement on Form N-1A has been signed below
by the following persons in the capacities indicated this 20th day of December
1995.
    

   
<TABLE>
<CAPTION>
Signature                         Title
- ---------                         -----
<S>                               <C>
Charles R. Schwab*                Chairman and Trustee
- --------------------------
Charles R. Schwab

Timothy F. McCarthy*              President and Trustee
- --------------------------
Timothy F. McCarthy

William J. Klipp*                 Senior Vice President, Chief
- --------------------------        Operating Officer, and Trustee
William J. Klipp                  

Donald F. Dorward*                Trustee
- --------------------------
Donald F. Dorward

Robert G. Holmes*                 Trustee
- --------------------------
Robert G. Holmes

Donald R. Stephens*               Trustee
- --------------------------
Donald R. Stephens

Michael W. Wilsey*                Trustee
- --------------------------
Michael W. Wilsey

A. John Gambs*                    Principal Financial Officer
- --------------------------
A. John Gambs

*By: /s/ Alan G. Priest
    -----------------------------------------
    Alan G. Priest, Attorney-in-Fact pursuant
    to Powers of Attorney filed herewith.
</TABLE>
    

<PAGE>   4

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                      /s/ Charles R. Schwab
                                      --------------------------------------
                                      Charles R. Schwab, Trustee and Officer
    

   
    

<PAGE>   5

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint Frances Cole,
Martin E. Lybecker and Alan G. Priest, and each of them singly, my true and
lawful attorneys, with full power to them and each of them, to sign for me and
in my name and in the capacity listed below, any and all amendments to the
Registration Statement on Form N-1A of each Trust, and to file the same with all
exhibits thereto, and other documents in connection thereunder, with the
Securities and Exchange Commission, granting unto my said attorneys, and each of
them acting alone, full power and authority to do and perform each and every act
and thing requisite or necessary to be done in the premises, as fully as to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys or any of them may lawfully do or cause
to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                       /s/ William J. Klipp
                                       -------------------------------------
                                       William J. Klipp, Trustee and Officer
    

   
    

<PAGE>   6

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                    /s/ Donald F. Dorward
                                    --------------------------
                                    Donald F. Dorward, Trustee
    

   
    

<PAGE>   7

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                            /s/ Robert G. Holmes
                                            -------------------------
                                            Robert G. Holmes, Trustee
    

   
    

<PAGE>   8

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                      /s/ Timothy F. McCarthy
                                      ----------------------------------------
                                      Timothy F. McCarthy, Trustee and Officer
    

   
    

<PAGE>   9

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                        /s/ Donald R. Stephens
                                        ---------------------------
                                        Donald R. Stephens, Trustee
    

   
    

<PAGE>   10

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                            /s/ Michael W. Wilsey
                                            --------------------------
                                            Michael W. Wilsey, Trustee
    

   
    

<PAGE>   11

                                POWER OF ATTORNEY

   
     I, the undersigned trustee and officer of The Charles Schwab Family of
Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and
Schwab Advantage Trust (each a "Trust" and collectively the "Trusts"),
Massachusetts business trusts, do hereby constitute and appoint William J.
Klipp, Frances Cole, Martin E. Lybecker and Alan G. Priest, and each of them
singly, my true and lawful attorneys, with full power to them and each of them,
to sign for me and in my name and in the capacity listed below, any and all
amendments to the Registration Statement on Form N-1A of each Trust, and to file
the same with all exhibits thereto, and other documents in connection
thereunder, with the Securities and Exchange Commission, granting unto my said
attorneys, and each of them acting alone, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in the
premises, as fully as to all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorneys or any of
them may lawfully do or cause to be done by virtue thereof.
    

   
     WITNESS my hand on the date set forth below.
    

   
November 8, 1995                            /s/ A. John Gambs
                                            ---------------------------
                                            A. John Gambs
                                            Principal Financial Officer
    

   
    
<PAGE>   12
                                                                Exhibit 10

                                            December 20, 1995

The Charles Schwab Family of Funds
c/o Charles Schwab
Investment Management, Inc.
101 Montgomery Street, Suite 1M-19
San Francisco, CA  94104

Ladies and Gentlemen:

   
         You have informed us that you intend to file a Post-Effective Amendment
No. 21 to the Registration Statement of The Charles Schwab Family of Funds
pursuant to Section 24(e)(1) of the Investment Company Act of 1940, as amended,
with the Securities and Exchange Commission (the "Commission") to increase by
8,000,000,000 the number of shares registered to the following series of The
Charles Schwab Family of Funds: the Schwab Money Market Fund, the Schwab
Government Money Fund, the Schwab U.S. Treasury Money Fund, the Schwab
Tax-Exempt Money Fund, the Schwab California Tax-Exempt Money Fund, the Schwab
Retirement Money Fund, the Schwab Institutional Advantage Money Fund, the Schwab
New York Tax-Exempt Money Fund, and the Schwab Value Advantage Money Fund (the
"Shares")
    

         We have examined your Declaration of Trust on file in the office of the
Secretary of The Commonwealth of Massachusetts and the Clerk of the City of
Boston. We are familiar with the action taken by your Trustees to authorize the
issue and sale from time to time of your authorized and unissued Shares at not
less than the public offering price, and have assumed that the Shares have been
issued and sold in accordance with such actions, and that appropriate action has
been taken to qualify or register the sale of the Shares under any applicable
state laws regulating offerings and sales of securities. We have also examined a
copy of your Bylaws and such other documents as we have deemed necessary for the
purposes of this opinion. You are from time to time referred to herein as the
"Trust."

         Based on the foregoing, we are of the opinion that the Shares have been
duly authorized and validly issued and are fully paid and non-asssessable.

         The Trust is an entity of the type commonly known as a
"Massachusetts business trust."  Under Massachusetts law, shareholders could,
under certain circumstances, be held personally liable for the obligations of
the Trust.  However, the Declaration of Trust disclaims shareholder liability
for acts or obligations of the Trust and requires that notice of such
disclaimer be given in each agreement, obligation or instrument entered into or
executed by the Trust or its Trustees. The Declaration of Trust provides for
indemnification out of the property of the Trust for all loss and expense of
any shareholder of the Trust held personally liable solely by reason of his
being or having been a shareholder. Thus, the risk of a shareholder incurring
financial loss on account of being a shareholder is limited to circumstances in
which the Trust itself would be unable to meet its obligations.
        
         We consent to this opinion accompanying Post-Effective Amendment No. 21
to the Registration Statement of The Charles Schwab Family of Funds then filed
with the Commission.

Very truly yours,

/s/ Ropes & Gray
- -----------------------------

Ropes & Gray




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