CUNA MUTUAL FUNDS INC
485BPOS, 1995-07-28
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          PAGE 1
                                      Registration No.: 811-07105/033-50549

                          SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D. C. 20549
                                      FORM N-1A

          REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933    / X /

               Post-Effective Amendment No. 2                        / X /

          REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF
          1940                                                       / X /

               Amendment No. 7                                       / X /


                               CUNA MUTUAL FUNDS, INC.
                          _________________________________
                  (Exact Name of Registrant as Specified in Charter)


               100 East Pratt Street, Baltimore, Maryland     21202
               __________________________________________   __________
               (Address of Principal Executive Offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code   410-547-2000
                                                               ____________

                                   Henry H. Hopkins
                                100 East Pratt Street
                              Baltimore, Maryland 21202
                       _______________________________________
                       (Name and Address of Agent for Service)


               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)(i)

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



















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

               / /  on (date) pursuant to paragraph (a)(ii) of Rule 485

               If appropriate, check the following box:

               / /  this post-effective amendment designates a new
               effective date for a previous filed post-effective
               amendment.

          CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933+
          _________________________________________________________________
          The Registrant hereby revokes its registration of an indefinite
          number of securities under Section 24f-2 of the Investment
          Company Act of 1940, and Securities Act of 1933. A final 24f-2
          notice was filed on May 25, 1995.

          +Not applicable, as no securities are being registered by this
          Post-Effective Amendment No. 2 to the Registration Statement.














































          PAGE 3
               Pursuant to the requirements of the Securities Act of 1933,
          as amended, and the Investment Company Act of 1940, as amended,
          the Registrant certifies that it meets all of the requirements
          for effectiveness of this Registration Statement pursuant to Rule
          485(b) under the Securities Act of 1933 and has duly caused this
          Registration Statement to be signed on its behalf by the
          undersigned, thereunto duly authorized, in the City of Baltimore,
          State of Maryland, this 28th day of July, 1995.

                                        CUNA MUTUAL FUNDS, INC.

                                             /s/James S. Riepe
                                        By:  James S. Riepe, President and
                                             Director
                                  
               Pursuant to the requirements of the Securities Act of 1933,
          as amended, this Registration Statement has been signed below by
          the following persons in the capacities and on the dates
          indicated:

          SIGNATURE                       TITLE                DATE
          _________                      ______                _____

          /s/James S. Riepe           President and        July 28, 1995
          James S. Riepe                Director

          /s/Carmen F. Deyesu     Treasurer (Principal     July 28, 1995
          Carmen F. Deyesu           Financial Officer)

          /s/Roger P. Hauck
          Roger P. Hauck                Director           July 28, 1995

          /s/Richard M. Heins
          Richard M. Heins              Director           July 28, 1995

          /s/Emmett J. Rice
          Emmett J. Rice                Director           July 28, 1995




























          

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          <ARTICLE> 6
          <CIK> 0000913205
          <NAME> CUNA MUTUAL FUNDS, INC.
          <SERIES>
             <NUMBER> 2
             <NAME> CUNA MUTUAL U.S. GOVERNMENT FUND
                 
          <S>                             <C>
          <PERIOD-TYPE>                   12-MOS
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          <INTEREST-INCOME>                               188836
          <OTHER-INCOME>                                       0
          <EXPENSES-NET>                                   25478
          <NET-INVESTMENT-INCOME>                         163357
          <REALIZED-GAINS-CURRENT>                       (94557)
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          <NET-CHANGE-FROM-OPS>                           155984
          <EQUALIZATION>                                       0
          <DISTRIBUTIONS-OF-INCOME>                       124209
          <DISTRIBUTIONS-OF-GAINS>                             0


















          <DISTRIBUTIONS-OTHER>                            38901
          <NUMBER-OF-SHARES-SOLD>                          79643
          <NUMBER-OF-SHARES-REDEEMED>                     104075
          <SHARES-REINVESTED>                              14573
          <NET-CHANGE-IN-ASSETS>                         2214095
          <ACCUMULATED-NII-PRIOR>                           2967
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          <OVERDISTRIB-NII-PRIOR>                              0
          <OVERDIST-NET-GAINS-PRIOR>                       15601
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          <GROSS-EXPENSE>                                  25478
          <AVERAGE-NET-ASSETS>                           2240200
          <PER-SHARE-NAV-BEGIN>                             9.54
          <PER-SHARE-NII>                                    .67
          <PER-SHARE-GAIN-APPREC>                          (.06)
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          <PER-SHARE-DISTRIBUTIONS>                            0
          <RETURNS-OF-CAPITAL>                               .17
          <PER-SHARE-NAV-END>                               9.49
          <EXPENSE-RATIO>                                   1.15
          <AVG-DEBT-OUTSTANDING>                               0
          <AVG-DEBT-PER-SHARE>                                 0
                  










































          

<TABLE> <S> <C>


          <ARTICLE> 6
          <CIK> 0000913205
          <NAME> CUNA MUTUAL FUNDS, INC.
          <SERIES>
             <NUMBER> 1
             <NAME> CUNA MUTUAL CORNERSTONE FUND
                 
          <S>                             <C>
          <PERIOD-TYPE>                   12-MOS
          <FISCAL-YEAR-END>                          MAY-26-1995
          <PERIOD-END>                               MAY-26-1995
          <INVESTMENTS-AT-COST>                                0
          <INVESTMENTS-AT-VALUE>                               0
          <RECEIVABLES>                                     1077
          <ASSETS-OTHER>                                     742
          <OTHER-ITEMS-ASSETS>                                 0
          <TOTAL-ASSETS>                                    1819
          <PAYABLE-FOR-SECURITIES>                             0
          <SENIOR-LONG-TERM-DEBT>                              0
          <OTHER-ITEMS-LIABILITIES>                            0
          <TOTAL-LIABILITIES>                                  0
          <SENIOR-EQUITY>                                      0
          <PAID-IN-CAPITAL-COMMON>                             0
          <SHARES-COMMON-STOCK>                                0
          <SHARES-COMMON-PRIOR>                           254522
          <ACCUMULATED-NII-CURRENT>                          738
          <OVERDISTRIBUTION-NII>                               0
          <ACCUMULATED-NET-GAINS>                         133215
          <OVERDISTRIBUTION-GAINS>                             0
          <ACCUM-APPREC-OR-DEPREC>                             0
          <NET-ASSETS>                                      1819
          <DIVIDEND-INCOME>                                25686
          <INTEREST-INCOME>                               107939
          <OTHER-INCOME>                                     448
          <EXPENSES-NET>                                   40525
          <NET-INVESTMENT-INCOME>                          93548
          <REALIZED-GAINS-CURRENT>                        136784
          <APPREC-INCREASE-CURRENT>                        70045
          <NET-CHANGE-FROM-OPS>                           300378
          <EQUALIZATION>                                    8754
          <DISTRIBUTIONS-OF-INCOME>                        94723
          <DISTRIBUTIONS-OF-GAINS>                          9919


















          <DISTRIBUTIONS-OTHER>                                0
          <NUMBER-OF-SHARES-SOLD>                         150245
          <NUMBER-OF-SHARES-REDEEMED>                     410401
          <SHARES-REINVESTED>                               9791
          <NET-CHANGE-IN-ASSETS>                       (2624018)
          <ACCUMULATED-NII-PRIOR>                           9695
          <ACCUMULATED-GAINS-PRIOR>                         6350
          <OVERDISTRIB-NII-PRIOR>                              0
          <OVERDIST-NET-GAINS-PRIOR>                           0
          <GROSS-ADVISORY-FEES>                               36
          <INTEREST-EXPENSE>                                   0
          <GROSS-EXPENSE>                                     40
          <AVERAGE-NET-ASSETS>                           1515067
          <PER-SHARE-NAV-BEGIN>                             9.75
          <PER-SHARE-NII>                                    .35
          <PER-SHARE-GAIN-APPREC>                            .58
          <PER-SHARE-DIVIDEND>                               .30
          <PER-SHARE-DISTRIBUTIONS>                          .03
          <RETURNS-OF-CAPITAL>                                 0
          <PER-SHARE-NAV-END>                              10.82
          <EXPENSE-RATIO>                                   1.39
          <AVG-DEBT-OUTSTANDING>                               0
          <AVG-DEBT-PER-SHARE>                                 0
                  










































          

<TABLE> <S> <C>


          <ARTICLE> 6
          <CIK> 0000913205
          <NAME> CUNA MUTUAL FUNDS, INC.
          <SERIES>
             <NUMBER> 3
             <NAME> CUNA MUTUAL FAX-FREE INTERMEDIATE-TERM FUND
                 
          <S>                             <C>
          <PERIOD-TYPE>                   12-MOS
          <FISCAL-YEAR-END>                          MAY-26-1995
          <PERIOD-END>                               MAY-26-1995
          <INVESTMENTS-AT-COST>                                0
          <INVESTMENTS-AT-VALUE>                               0
          <RECEIVABLES>                                        0
          <ASSETS-OTHER>                                   (552)
          <OTHER-ITEMS-ASSETS>                                 0
          <TOTAL-ASSETS>                                   (552)
          <PAYABLE-FOR-SECURITIES>                             0
          <SENIOR-LONG-TERM-DEBT>                              0
          <OTHER-ITEMS-LIABILITIES>                            0
          <TOTAL-LIABILITIES>                                  0
          <SENIOR-EQUITY>                                      0
          <PAID-IN-CAPITAL-COMMON>                         84508
          <SHARES-COMMON-STOCK>                                0
          <SHARES-COMMON-PRIOR>                           228218
          <ACCUMULATED-NII-CURRENT>                            0
          <OVERDISTRIBUTION-NII>                               0
          <ACCUMULATED-NET-GAINS>                              0
          <OVERDISTRIBUTION-GAINS>                         54282
          <ACCUM-APPREC-OR-DEPREC>                             0
          <NET-ASSETS>                                     (552)
          <DIVIDEND-INCOME>                                    0
          <INTEREST-INCOME>                               114663
          <OTHER-INCOME>                                       0
          <EXPENSES-NET>                                   19686
          <NET-INVESTMENT-INCOME>                          94977
          <REALIZED-GAINS-CURRENT>                       (30356)
          <APPREC-INCREASE-CURRENT>                        41787
          <NET-CHANGE-FROM-OPS>                           106408
          <EQUALIZATION>                                       0
          <DISTRIBUTIONS-OF-INCOME>                        94977
          <DISTRIBUTIONS-OF-GAINS>                             0


















          <DISTRIBUTIONS-OTHER>                                0
          <NUMBER-OF-SHARES-SOLD>                          76050
          <NUMBER-OF-SHARES-REDEEMED>                      97914
          <SHARES-REINVESTED>                               8453
          <NET-CHANGE-IN-ASSETS>                         2180023
          <ACCUMULATED-NII-PRIOR>                              0
          <ACCUMULATED-GAINS-PRIOR>                            0
          <OVERDISTRIB-NII-PRIOR>                              0
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          <GROSS-ADVISORY-FEES>                                0
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          <GROSS-EXPENSE>                                  19686
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          <PER-SHARE-NII>                                    .40
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          <EXPENSE-RATIO>                                    .90
          <AVG-DEBT-OUTSTANDING>                               0
          <AVG-DEBT-PER-SHARE>                                 0
                  










































          


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