FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-42637
November 7, 1994
FIRST PRAIRIE CASH MANAGEMENT
Supplement to Prospectus
Dated October 31, 1994
The Fund's Board has approved, subject to shareholder
approval, the reorganization of the Fund as a separate series of
Prairie Institutional Funds named Cash Management Fund (the "New
Series"). Prairie Institutional Funds is a newly-formed
registered
investment company. If the transaction is consummated, former
Fund
shareholders will receive the same number of shares of the New
Series as they owned of the Fund immediately before the
transaction
was consummated. These shares initially will have the same net
asset value as the shares of the Fund 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 Fund 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 December 16,
1994.
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 November 14, 1994. The Proxy
Statement/Prospectus will provide further information regarding
the proposed transaction and the New Series.
