FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-46407
November 7, 1994
FIRST PRAIRIE MUNICIPAL BOND FUND
INTERMEDIATE SERIES
Supplement to Prospectus
Dated June 27, 1994
The Fund's Board has approved, subject to shareholder
approval, the reorganization of the Intermediate Series as a
separate series of Prairie Funds named Intermediate Municipal
Bond Fund (the "New Series"). Prairie Funds is a newly-formed
registered investment company. If the transaction is
consummated, former Intermediate Series shareholders will
receive the same number of shares of the New Series as they
owned of the Intermediate Series immediately before the
transaction was consummated. These shares initially will have
the same net asset value as the shares of the Intermediate
Series owned before the transaction was consummated. The
transaction is expected to be tax free for Federal income tax
purposes. If the transaction is consummated, the Intermediate
Series will be liquidated and its existence terminated.
A meeting of the Fund's shareholders to consider the
transaction is scheduled to be held on or about January 15,
1995. A Proxy Statement/Prospectus with respect to the proposed
transaction will be mailed prior to the shareholders' meeting to
Fund shareholders of record as of December 5, 1994. The Proxy
Statement/Prospectus will provide further information regarding
the proposed transaction and the New Series.
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FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-46407
November 7, 1994
FIRST PRAIRIE MUNICIPAL BOND FUND
INSURED SERIES
Supplement to Prospectus Dated June 27, 1994
Effective January 15, 1995, the Insured Series will no
longer be required to invest at least 65% of its total assets in
Municipal Obligations that are insured as to timely payment of
principal and interest by recognized insurers of Municipal
Obligations. The Series will continue to invest in Municipal
Obligations rated at least investment grade by a nationally
recognized statistical rating organization. In addition,
effective on such date, the Insured Series is expected to be the
only series of the Fund and will adopt the Fund's name, which
will be changed to Prairie Municipal Bond Fund.
