<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000826302
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PRAIRIE MUNICIPAL BOND FUND, INC.
001 B000000 811-5414
001 C000000 6144708000
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FIRST CHICAGO INVESTMENT MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-47947
008 D010001 CHICAGO
008 D020001 IL
008 D030001 60670
010 A000001 FIRST CHICAGO INVESTMENT MANAGEMENT COMPANY
010 B000001 801-47947
010 C010001 CHICAGO
010 C020001 IL
010 C030001 60670
011 A000001 CONCORD FINANCIAL GROUP, INC.
011 B000001 8-37601
011 C010001 COLUMBUS
011 C020001 OH
011 C030001 43219
012 A000001 PRIMARY FUNDS SERVICE CORPORATION
012 B000001 84-74528
012 C010001 FRANKLIN
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02038
013 A000001 ERNST & YOUNG LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 CONCORD FINANCIAL GROUP
014 B000001 8-37601
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 LEHMAN BROTHERS HOLDINGS, INC.
022 C000001 93574
022 D000001 74986
022 A000002 NUMEEN (JOHN) & CO., INC.
022 C000002 48816
022 D000002 54685
022 A000003 SIMON (WILLIAM E.) & SONS
022 C000003 38144
022 D000003 21647
022 A000004 MERRILL LYNCH & CO., INC.
022 C000004 16785
022 D000004 25134
022 A000005 GOLDMAN SACHS & CO.
022 C000005 32919
022 D000005 800
022 A000006 WILLIAMS (A.H.) & CO., INC.
022 C000006 2825
022 D000006 26788
022 A000007 J.P. MORGAN SECURITIES, INC.
022 C000007 21051
022 D000007 0
022 A000008 BEAR STEARNS & CO., INC.
022 C000008 2441
<PAGE> PAGE 3
022 D000008 16514
022 A000009 OPPENHEIMER & CO., INC.
022 C000009 8404
022 D000009 9888
022 A000010 RODMAN & RENSHAW, INC.
022 C000010 6229
022 D000010 8097
023 C000000 303830
023 D000000 297249
024 000000 N
027 000000 Y
028 A010000 1801
028 A020000 27
028 A030000 0
028 A040000 2023
028 B010000 1530
028 B020000 26
028 B030000 0
028 B040000 3198
028 C010000 1606
028 C020000 27
028 C030000 0
028 C040000 1841
028 D010000 3485
028 D020000 26
028 D030000 0
028 D040000 5582
028 E010000 -809
028 E020000 28
028 E030000 0
028 E040000 4744
028 F010000 760
028 F020000 3700
028 F030000 0
028 F040000 1993
028 G010000 8373
028 G020000 3834
028 G030000 0
028 G040000 19381
028 H000000 499
029 000000 Y
030 A000000 18
030 B000000 4.50
030 C000000 0.00
031 A000000 1
031 B000000 0
032 000000 17
033 000000 0
034 000000 Y
035 000000 0
036 A000000 Y
<PAGE> PAGE 4
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.400
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
055 A000000 N
055 B000000 N
<PAGE> PAGE 5
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 98.9
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 13.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
<PAGE> PAGE 6
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 524277
071 B000000 2256
071 C000000 237126
071 D000000 1
072 A000000 10
072 B000000 11367
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 829
072 G000000 311
072 H000000 0
072 I000000 22
072 J000000 43
072 K000000 0
072 L000000 26
072 M000000 3
072 N000000 95
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 57
072 S000000 0
072 T000000 16
072 U000000 0
072 V000000 0
072 W000000 11
072 X000000 1413
072 Y000000 278
072 Z000000 10232
072AA000000 5021
072BB000000 0
<PAGE> PAGE 7
072CC010000 11042
072CC020000 0
072DD010000 269
072DD020000 3
072EE000000 4545
073 A010000 0.4800
073 A020000 0.3400
073 B000000 0.2400
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 244999
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 109
074 L000000 4346
074 M000000 26
074 N000000 249480
074 O000000 0
074 P000000 106
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1551
074 S000000 0
074 T000000 247823
074 U010000 171
074 U020000 6
074 V010000 11.32
074 V020000 10.81
074 W000000 0.0000
074 X000000 206
074 Y000000 0
075 A000000 0
075 B000000 247344
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
080 A000000 VIGILANT INSURANCE COMPANY
080 C000000 6000
081 A000000 Y
081 B000000 3
082 A000000 Y
082 B000000 25
<PAGE> PAGE 8
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE WENDY SWONGER
TITLE REPORTING SUPERVISOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000826302
<NAME> PRAIRIE FUNDS
<SERIES>
<NUMBER> 1
<NAME> PRAIRIE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> MAR-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 231324230
<INVESTMENTS-AT-VALUE> 244998503
<RECEIVABLES> 4455465
<ASSETS-OTHER> 26223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249480191
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1657041
<TOTAL-LIABILITIES> 1657041
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233941006
<SHARES-COMMON-STOCK> 19617499
<SHARES-COMMON-PRIOR> 18826960
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 207871
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13674273
<NET-ASSETS> 247823150
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11366541
<OTHER-INCOME> 0
<EXPENSES-NET> 1134642
<NET-INVESTMENT-INCOME> 10231899
<REALIZED-GAINS-CURRENT> 5020578
<APPREC-INCREASE-CURRENT> 11041965
<NET-CHANGE-FROM-OPS> 26294442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10231899
<DISTRIBUTIONS-OF-GAINS> 4545103
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34482785
<NUMBER-OF-SHARES-REDEEMED> 29087068
<SHARES-REINVESTED> 3928330
<NET-CHANGE-IN-ASSETS> 20840947
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 260986
<GROSS-ADVISORY-FEES> 829219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1413194
<AVERAGE-NET-ASSETS> 247343757
<PER-SHARE-NAV-BEGIN> 12.06<F1>
<PER-SHARE-NII> .48<F1>
<PER-SHARE-GAIN-APPREC> .82<F1>
<PER-SHARE-DIVIDEND> .48<F1>
<PER-SHARE-DISTRIBUTIONS> .24<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.64<F1>
<EXPENSE-RATIO> .89<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000826302
<NAME> PRAIRIE FUNDS
<SERIES>
<NUMBER> 1.1
<NAME> PRAIRIE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> FEB-4-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 231324230
<INVESTMENTS-AT-VALUE> 244998503
<RECEIVABLES> 4455465
<ASSETS-OTHER> 26223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249480191
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1657041
<TOTAL-LIABILITIES> 1657041
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233941006
<SHARES-COMMON-STOCK> 19617499
<SHARES-COMMON-PRIOR> 18826960
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 207871
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13674273
<NET-ASSETS> 247823150
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11366541
<OTHER-INCOME> 0
<EXPENSES-NET> 1134642
<NET-INVESTMENT-INCOME> 10231899
<REALIZED-GAINS-CURRENT> 5020578
<APPREC-INCREASE-CURRENT> 11041965
<NET-CHANGE-FROM-OPS> 26294442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10231899
<DISTRIBUTIONS-OF-GAINS> 4545103
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34482785
<NUMBER-OF-SHARES-REDEEMED> 29087608
<SHARES-REINVESTED> 3928330
<NET-CHANGE-IN-ASSETS> 20840947
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 260986
<GROSS-ADVISORY-FEES> 829219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1413194
<AVERAGE-NET-ASSETS> 247343757
<PER-SHARE-NAV-BEGIN> 12.17<F1>
<PER-SHARE-NII> .34<F1>
<PER-SHARE-GAIN-APPREC> .72<F1>
<PER-SHARE-DIVIDEND> .34<F1>
<PER-SHARE-DISTRIBUTIONS> .24<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.65<F1>
<EXPENSE-RATIO> 1.66<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000826302
<NAME> PRAIRIE FUNDS
<SERIES>
<NUMBER> 1.2
<NAME> PRAIRIE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> MAR-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 231324230
<INVESTMENTS-AT-VALUE> 244998503
<RECEIVABLES> 4455465
<ASSETS-OTHER> 26223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249480191
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1657041
<TOTAL-LIABILITIES> 1657041
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233941006
<SHARES-COMMON-STOCK> 19617499
<SHARES-COMMON-PRIOR> 18826960
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 207871
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13674273
<NET-ASSETS> 247823150
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11366541
<OTHER-INCOME> 0
<EXPENSES-NET> 1134642
<NET-INVESTMENT-INCOME> 10231899
<REALIZED-GAINS-CURRENT> 5020578
<APPREC-INCREASE-CURRENT> 11041965
<NET-CHANGE-FROM-OPS> 26294442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10231899
<DISTRIBUTIONS-OF-GAINS> 4545103
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34482785
<NUMBER-OF-SHARES-REDEEMED> 29087608
<SHARES-REINVESTED> 3928330
<NET-CHANGE-IN-ASSETS> 20840947
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 260986
<GROSS-ADVISORY-FEES> 829219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1413194
<AVERAGE-NET-ASSETS> 247343757
<PER-SHARE-NAV-BEGIN> 12.06<F1>
<PER-SHARE-NII> .52<F1>
<PER-SHARE-GAIN-APPREC> .81<F1>
<PER-SHARE-DIVIDEND> .52<F1>
<PER-SHARE-DISTRIBUTIONS> .24<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.63<F1>
<EXPENSE-RATIO> .54<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class I Shares
</FN>
</TABLE>
JOINT SPECIAL MEETING OF STOCKHOLDERS, NOVEMBER 28, 1995
A Special Meeting of the stockholders of the Prairie Funds, Prairie
Institutional Funds, Prairie Intermediate Bond Fund and Prairie Municipal Bond
Fund, Inc. was held on November 28, 1995 at 3435 Stelzer Road, Columbus Ohio,
pursuant to notice given to all stockholders of record on September 15, 1995.
The first item was the approval of a new Investment Management
agreement between the Funds and First Chicago Investment Management Company.
Such approval was necessary because of the merger agreement between First
Chicago Corporation and NBD Bancorp, Inc.
PRAIRIE FUNDS
(a) Managed Assets Income Fund:
3,484,255 of the total shares outstanding voted in favor of
approval,
29,569 voted against and 48,108 abstained.
(b) Managed Assets Fund:
338,203 of the total shares outstanding voted in favor of
approval,
0 voted against and 1,984 abstained.
(c) Equity Income Fund:
20,277,924 of the total shares outstanding voted in favor of
approval,
289,304 voted against and 1,689,065 abstained.
(d) Growth Fund:
23,688,705 of the total shares outstanding voted in favor of
approval,
159,270 voted against and 151,624 abstained.
(e) Special Opportunities Fund:
6,783,521 of the total shares outstanding voted in favor of
approval,
0 voted against and 646,622 abstained.
(f) International Equity Fund:
7,743,043 of the total shares outstanding voted in favor of
approval,
0 voted against and 3,978 abstained.
(g) Bond Fund:
9,402,335 of the total shares outstanding voted in favor of
approval,
242,037 voted against and 1,301,595 abstained.
(h) International Bond Fund:
1,063,692 of the total shares outstanding voted in favor of
approval,
0 voted against and 47,663 abstained.
(i) Intermediate Municipal Bond Fund:
30,202,480 of the total shares outstanding voted in favor of
approval,
23,546 voted against and 215,217 abstained.
(j) U.S. Government Money Market Fund:
26,654,820 of the total shares outstanding voted in favor of
approval,
473,493 voted against and 1,021,928 abstained.
(k) Money Market Fund:
88,655,004 of the total shares outstanding voted in favor of
approval,
509,609 voted against and 3,096,509 abstained.
(l) Municipal Money Market Fund:
130,175,915 of the total shares outstanding voted in favor of
approval,
939,563 voted against and 4,252,834 abstained.
PRAIRIE INSTITUTIONAL FUNDS
(a) Cash Management Fund:
272,674,617 of the total shares outstanding voted in favor of
approval,
313,088 voted against and 23,536,693 abstained.
(b) Treasury Prime Cash Management Fund:
7,658,819 of the total shares outstanding voted in favor of
approval,
<PAGE>
0 voted against and 0 abstained.
(c) U.S. Government Securities Cash Management Fund:
268,544,652 of the total shares outstanding voted in favor
of approval,
0 voted against and 196,765 abstained.
PRAIRIE INTERMEDIATE BOND FUND
21,827,738 of the total shares outstanding voted in favor
of approval,
96,649 voted against and 519,659 abstained.
PRAIRIE MUNICIPAL BOND FUND, INC.
18,802,091 of the total shares outstanding voted in favor
of approval,
76,798 voted against and 633,190 abstained.
The second item was the approval of a new Sub-Investment Advisory
Agreement between First Chicago Investment Management Company and ANB
Investment Management and Trust Company with respect to the International
Equity Fund of Prairie Funds only. Such approval was necessary because of the
merger agreement between First Chicago Corporation and NBD Bancorp, Inc.
International Equity Fund:
7,747,021 of the total shares outstanding voted in favor
of approval,
0 voted against and 0 abstained.
<PAGE>
