FIRST PRAIRIE DIVERSIFIED ASSET FUND
NSAR-B, 1995-03-01
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<PAGE>      PAGE  1
000 B000000 12/31/94
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002 B000000 UNIONDALE
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002 D010000 11556
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
011 A000001 PREMIER MUTUAL FUND SERVICES, INC.
011 B000001 8-47312
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
020 A000001 FIDELITY BROKERAGE SERVICES, INC.
020 B000001 04-2653569
020 C000001     34
020 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000002 13-2741729
020 C000002      7
020 A000003 PRUDENTIAL SECURITIES INCORPORATED
020 B000003 22-2347336
020 C000003      3
020 A000004 LEHMAN BROTHERS INC.
020 B000004 13-2518466
020 C000004      1
020 A000005 KIDDER, PEABODY & CO. INCORPORATED
020 B000005 13-5650440
020 C000005      1
020 A000006 MERRILL LYNCH PIERCE, FENNER & SMITH INC.
020 B000006 13-5674085
020 C000006      1
020 A000007 COUNTY NATWEST SECURITIES USA
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020 C000007      0
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<PAGE>      PAGE  2
021  000000       47
022 A000001 FORD MOTOR CREDIT COMPANY
022 B000001 38-1612444
022 C000001    116358
022 D000001         0
022 A000002 PRUDENTIAL FUNDING CORPORATION
022 B000002 22-2231168
022 C000002     90182
022 D000002         0
022 A000003 GENERAL ELECTRIC CREDIT CORP.
022 B000003 13-1500700
022 C000003     89458
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022 B000004 11-1988350
022 C000004      4535
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022 A000007 FEDERAL HOME LOAN MORTGAGE CORP.
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<PAGE>      PAGE  6
080 A000000 NATIONAL UNION FIRE INS.CO. OF PITTSBURGH, PA
080 B000000 VIGILANT INSURANCE COMPANY
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085 A000000 Y
085 B000000 N
SIGNATURE   MARIE E. CONNOLLY                            
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000762126
<NAME> FIRST PRAIRIE DIVERSIFIED ASSET FUND
<SERIES>
   <NUMBER> 1
   <NAME> CLASS A
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                            43996
<INVESTMENTS-AT-VALUE>                           42873
<RECEIVABLES>                                     1615
<ASSETS-OTHER>                                     455
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   44943
<PAYABLE-FOR-SECURITIES>                           339
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          237
<TOTAL-LIABILITIES>                                576
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         45098
<SHARES-COMMON-STOCK>                             3659
<SHARES-COMMON-PRIOR>                             3935
<ACCUMULATED-NII-CURRENT>                          133
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            260
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (1124)
<NET-ASSETS>                                     44367
<DIVIDEND-INCOME>                                 1494
<INTEREST-INCOME>                                 1628
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     313
<NET-INVESTMENT-INCOME>                           2809
<REALIZED-GAINS-CURRENT>                           210
<APPREC-INCREASE-CURRENT>                       (4108)
<NET-CHANGE-FROM-OPS>                           (1089)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (2754)
<DISTRIBUTIONS-OF-GAINS>                          (19)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            442
<NUMBER-OF-SHARES-REDEEMED>                        904
<SHARES-REINVESTED>                                186
<NET-CHANGE-IN-ASSETS>                          (7219)
<ACCUMULATED-NII-PRIOR>                            110
<ACCUMULATED-GAINS-PRIOR>                           69
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              317
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    822
<AVERAGE-NET-ASSETS>                             48773
<PER-SHARE-NAV-BEGIN>                            13.11
<PER-SHARE-NII>                                   1.27
<PER-SHARE-GAIN-APPREC>                          (.98)
<PER-SHARE-DIVIDEND>                            (1.26)
<PER-SHARE-DISTRIBUTIONS>                        (.01)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.13
<EXPENSE-RATIO>                                   .006
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000762126
<NAME> FIRST PRAIRIE DIVERSIFIED ASSET FUND
<SERIES>
   <NUMBER> 2
   <NAME> CLASS B
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                            43996
<INVESTMENTS-AT-VALUE>                           42873
<RECEIVABLES>                                     1615
<ASSETS-OTHER>                                     455
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   44943
<PAYABLE-FOR-SECURITIES>                           339
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          237
<TOTAL-LIABILITIES>                                576
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         45098
<SHARES-COMMON-STOCK>                             3659
<SHARES-COMMON-PRIOR>                             3935
<ACCUMULATED-NII-CURRENT>                          133
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            260
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (1124)
<NET-ASSETS>                                     44367
<DIVIDEND-INCOME>                                 1494
<INTEREST-INCOME>                                 1628
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     313
<NET-INVESTMENT-INCOME>                           2809
<REALIZED-GAINS-CURRENT>                           210
<APPREC-INCREASE-CURRENT>                       (4108)
<NET-CHANGE-FROM-OPS>                           (1089)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         (35)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             91
<NUMBER-OF-SHARES-REDEEMED>                       (93)
<SHARES-REINVESTED>                                  2
<NET-CHANGE-IN-ASSETS>                          (7219)
<ACCUMULATED-NII-PRIOR>                            110
<ACCUMULATED-GAINS-PRIOR>                           69
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              317
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    822
<AVERAGE-NET-ASSETS>                             48773
<PER-SHARE-NAV-BEGIN>                            13.05
<PER-SHARE-NII>                                    .51
<PER-SHARE-GAIN-APPREC>                          (.91)
<PER-SHARE-DIVIDEND>                             (.54)
<PER-SHARE-DISTRIBUTIONS>                        (.01)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.10
<EXPENSE-RATIO>                                   .012
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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