FIRST PRAIRIE DIVERSIFIED ASSET FUND
485APOS, 1995-09-25
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                                                Registration Nos. 2-95547
                                                                 811-4210
==========================================================================
                     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. 13                           

                     and
                                                                        
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940      
                                                                        
           Amendment No. 13                                           

              (Check appropriate box or boxes)

                    FIRST PRAIRIE DIVERSIFIED ASSET FUND
             (Exact Name of Registrant as Specified in Charter)

The First National Bank of Chicago
Three First National Plaza                            60670
Chicago, Illinois                                  (Zip Code)

Registrant's Telephone Number, including Area Code:  (312) 732-4231

                             Bradford M. Markham
                         Three First National Plaza
                           Chicago, Illinois 60670
                   (Name and Address of Agent for Service)
                                      

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

                 immediately upon filing pursuant to paragraph (b)

           ____ on (date) pursuant to paragraph (b)

            X   60 days after filing pursuant to paragraph (a)(i)

           ____ on (date) pursuant to paragraph (a)(i)

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

           ____ 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 previously filed post-effective amendment.

Registrant has registered an indefinite number of shares of its beneficial
interest under the Securities Act of 1933 pursuant to Section 24(f) of the
Investment Company Act of 1940.  Registrant's Rule 24f-2 Notice for period
of
January 1, 1995 through March 3, 1995 was filed on May 25, 1995.  Registrant
hereby terminates its election to register an indefinite number of shares of
its beneficial interest under the Securities Act of 1993 pursuant to Rule
24f-2(b)(3) under the Investment Company Act of 1940.


                           SIGNATURES


          Pursuant to the requirements of the Securities Act of
1933 and the Investment Company Act of 1940, the Registrant
certifies that it has duly caused this Amendment to the
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 20th day of September, 1995.

                         FIRST PRAIRIE DIVERSIFIED ASSET FUND


                         BY:    /s/Ann E. Bergin             
                              Ann E. Bergin, Principal
                                Executive Officer


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

Signature             Title                        Date

/s/Ann E. Bergin    
   Ann E. Bergin       Principal Executive,
                       Financial and       
                       Accounting Officer         September 20, 1995


/s/John P. Gould*  
   John P. Gould            Trustee               September 20, 1995


/s/Marilyn McCoy*  
   Marilyn McCoy             Trustee               September 20, 1995

/s/Raymond D. Oddi*
   Raymond D. Oddi            Trustee              September 20, 1995

*By: /s/Ann E. Bergin       
     Ann E. Bergin
     Attorney-in-Fact         



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