FIRST PRAIRIE TAX EXEMPT BOND FUND INC
485B24E, 1994-12-13
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                                                                Page 1 of 9

                    File Nos. 811-5414 and 33-18954




                   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. 11                 [ X ]
    

                                  and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940     [ X ]
   

                               dment No. 11                         [ X ]


                  (Check appropriate box or boxes)

                   FIRST PRAIRIE MUNICIPAL BOND FUND
         (Exact Name of Registrant as Specified in Charter)

c/o The Dreyfus Corporation
200 Park Avenue, New York, New York  10166
(Address of Principal Executive Offices)  (Zip Code)

Registrant's Telephone Number, including Area Code:  (212) 922-6020

                          Daniel C. Maclean, Esq.
                              200 Park Avenue
                         New York, New York  10166
                 (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)

__X__ on  December 16, 1994  pursuant to paragraph (b)

_____ 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
    
   
Registrant has registered an indefinite number of shares of its Common Stock
under the Securities Act of 1933 pursuant to Sec. 24(f) of the Investment
Company Act of 1940.  Registrant's Rule 24f-2 Notice for the fiscal year ended
February 28, 1994 was filed April 27, 1994.
    

                                                                      Page 2

                      REGISTRATION STATEMENT FILE NOS. 811-5414 AND 33-18954

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

For Registration under the Securities Act of 1933 of Securities of Open-End
Management Investment Companies registered on Form N-1A.

A.     Exact name of Company specified in Charter:

       FIRST PRAIRIE MUNICIPAL BOND FUND - INSURED SERIES

B.     Complete address of Company's principal executive offices:

       c/o The Dreyfus Corporation, 200 Park Avenue, New York, NY  10166

C.     Name and complete address of agent for service:

       Daniel C. Maclean, Esq.
       The Dreyfus Corporation
       200 Park Avenue
       New York, NY  10166
   

D.     Title and amount of Securities being registered (number of shares or
       other units):

          191,690 Shares                                 (See Note Below)
    
   
E.     Proposed aggregate offering price to the public of the securities being
      registered:

       $290,004                        (Determined on the basis of the closing
                                       price on December 2, 1994; i.e. $11.44
                                       per share (See Note Below))
    

F.     Amount of filing fee, computed at one twenty-ninth of one percent of
       the proposed maximum aggregate offering price to the public:

       $100                            (See Note Below)

G.     Appropriate date of proposed public offering:

       As soon as practicable after the effective date of this
       Registration Statement, and thereafter from day to day

NOTE:  Shares to be registered pursuant to Rule 24e-2
                                                                   Aggregate
                                                                Offering Price
   

       Total Shares Registered:       191,690 X $11.44 =          $2,192,934

       Less Adjustment for Shares
       Redeemed in excess of Shares
       Sold during Fiscal Year
       ended February 28, 1994:       166,340 X $11.44 =          $1,902,930
                                       25,350 X $11.44 =          $  290,004

       Fee at 1/29 of 1%                                          $      100
                                                                      Page 3
    





                       CONSENT OF STROOCK & STROOCK & LAVAN




    The Consent of Stroock & Stroock & Lavan, counsel to the Registrant, has
been included in their Opinion filed as Exhibit 10 to this Amendment to the
Registration Statement.

                                                                      Page 4

                                   SIGNATURES

   

    Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all the
requirements for effectiveness of this Amendment to the Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and 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  12th day of December, 1994 .
    

                                 FIRST PRAIRIE MUNICIPAL BOND FUND

                            BY:   /s/ Marie E. Connolly*
                               MARIE E. CONNOLLY, PRESIDENT

    Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, 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/ Marie E. Connolly*           President and Treasurer
Marie E. Connolly                (Principal Executive and
                                   Financial Officer)


/s/ John P. Gould*               Director
David W. Burke


/s/ Marilyn McCoy*               Director
Marilyn McCoy


/s/ Raymond D. Oddi*             Director
Raymond D. Oddi





   

*BY: ___________________________________
     Eric B. Fischman, Attorney-in-Fact
                                                           Page 5
    
   

                              POWER OF ATTORNEY

    
   
     The undersigned hereby constitute and appoint Frederick C. Dey, Eric B.
Fischman, Ruth D. Leibert and John E. Pelletier and each of them, with full
power to act without the other, his or her true and lawful attorney-in-fact
and agent, with full power of substitution or resubstitution, for him or her
and in his or her name, place and stead, in any and all capaci-ties (until
revoked in writing) to sign any and all amendments to the Registration
Statement for each Fund listed on Schedule A attached hereto (including post-
effective amendments and amendments thereto), and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing ratifying and confirming all that said attorneys-in-fact
or agents or any of them, or their or his or her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.

    
   


/s/ John P. Gould                  /s/ Marilyn McCoy
John P. Gould, Board Member        Marilyn McCoy, Board Member



                        /s/ Raymond D. Oddi
                        Raymond D. Oddi, Board Member

    

   


August 26, 1994

    


   
                                                                     Page 6

                              POWER OF ATTORNEY

    
   
     The undersigned hereby constitutes and appoints Frederick C. Dey, Eric
B. Fischman, Ruth D. Leibert and John E. Pelletier and each of them, with full
power to act without the other, her true and lawful attorney-in-fact and
agent, with full power of substitution or resubstitution, for her and in her
name, place and stead, in any and all capacities (until revoked in writing)
to sign any and all amendments to the Registration Statement for each Fund
listed on Schedule A attached hereto (including post-effective amendments and
amendments thereto), and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
ratifying and confirming all that said attorneys-in-fact or agents or any of
them, or their or his or her substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.

    
   

/s/ Marie E. Connolly
Marie E. Connolly, President and Treasurer

    
   




Dated: November 4, 1994
    


                                                                    Page 7
   


                                SCHEDULE A


             First Prairie Diversified Asset Fund
             First Prairie U.S. Treasury Securities Cash Management
             First Prairie Cash Management
             First Prairie Money Market Fund
             First Prairie Municipal Money Market Fund
             First Prairie Municipal Bond Fund
             First Prairie U.S. Government Income Fund


    




<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000826302
<NAME> FIRST PRARIE MUNICIPAL BOND FUND
<SERIES>
   <NUMBER> 1
   <NAME> INSURED SERIES-CLASS A
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          FEB-28-1994
<PERIOD-END>                               FEB-28-1994
<INVESTMENTS-AT-COST>                            9,605
<INVESTMENTS-AT-VALUE>                           9,613
<RECEIVABLES>                                    1,126
<ASSETS-OTHER>                                     101
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  10,840
<PAYABLE-FOR-SECURITIES>                         1,584
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           20
<TOTAL-LIABILITIES>                              1,604
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         9,235
<SHARES-COMMON-STOCK>                              761
<SHARES-COMMON-PRIOR>                              852
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             (6)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             7
<NET-ASSETS>                                     9,234
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  497
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                            497
<REALIZED-GAINS-CURRENT>                           607
<APPREC-INCREASE-CURRENT>                        (728)
<NET-CHANGE-FROM-OPS>                              376
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          497
<DISTRIBUTIONS-OF-GAINS>                           724
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            275
<NUMBER-OF-SHARES-REDEEMED>                      (442)
<SHARES-REINVESTED>                                 76
<NET-CHANGE-IN-ASSETS>                          (2054)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          111
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               41
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    147
<AVERAGE-NET-ASSETS>                            10,247
<PER-SHARE-NAV-BEGIN>                            13.25
<PER-SHARE-NII>                                    .63
<PER-SHARE-GAIN-APPREC>                          (.15)
<PER-SHARE-DIVIDEND>                             (.63)
<PER-SHARE-DISTRIBUTIONS>                        (.97)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.13
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000826302
<NAME> YEAR
<SERIES>
   <NUMBER> 2
   <NAME> INSURED SERIES- CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          FEB-28-1994
<PERIOD-END>                               FEB-28-1994
<INVESTMENTS-AT-COST>                            9,605
<INVESTMENTS-AT-VALUE>                           9,613
<RECEIVABLES>                                    1,126
<ASSETS-OTHER>                                     101
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  10,840
<PAYABLE-FOR-SECURITIES>                         1,584
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           20
<TOTAL-LIABILITIES>                              1,604
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         9,235
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                              852
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             (6)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             7
<NET-ASSETS>                                         2
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  497
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                            497
<REALIZED-GAINS-CURRENT>                           607
<APPREC-INCREASE-CURRENT>                        (728)
<NET-CHANGE-FROM-OPS>                              376
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         (2,054)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                          111
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               41
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    147
<AVERAGE-NET-ASSETS>                                 2
<PER-SHARE-NAV-BEGIN>                            12.37
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                          (.23)
<PER-SHARE-DIVIDEND>                             (.03)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.14
<EXPENSE-RATIO>                                   .005
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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