FIRST PRAIRIE CASH MANAGEMENT
N-30D, 1995-03-08
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LETTER TO SHAREHOLDERS
Dear Shareholder:
    The annualized yield for First Prairie Cash Management was 4.51% for the
six-month period ended December 31, 1994. After taking into account the
effect of compounding, the annualized effective yield was 4.61%.*
    The Federal Reserve Board has been unflinching in its determination to
quash incipient inflationary pressures in the U.S. economy. Toward that end,
its campaign of increasing short-term rates continued throughout the period.
During the six-month period ended December 31, 1994, the Fed increased the
Federal Funds rate by 1.25%. This, of course, put pressure on other
short-term rates, with the yield on the three-month Treasury bill increasing
1.39% during the same six-month period.
    We initially had our doubts about both the Fed's determination to take
the actions necessary to head off inflation and the willingness of Congress
and the executive branch to accede to such actions. However, both the Fed's
rhetoric and its actions have proven that it will do whatever is necessary to
maintain the purchasing power of the dollar; indeed, it has even expressed
its intention to do whatever it can to prevent the economy from growing at a
rate which it feels is not compatible with price stability. Chairman Alan
Greenspan's traditional gradualist approach has been abandoned in the
anti-inflation crusade. Furthermore, protests from Congress and the
Administration about the Fed's action have been few and muted.
    The economy continues to grow at a rate that the Fed deems unacceptable.
Capacity utilization is very high and the falling unemployment rate makes the
Fed nervous. Key commodity prices are increasing at double-digit rates. The
dollar remains under pressure. Therefore, we feel that we have not seen the
end of this latest round of Fed tightening.
    We currently plan to keep our maturities short in order to take the
fullest possible advantage of the increasing rate environment. We do not
believe investing long makes sense at a time when the probability of
increasing interest rates is very high. We also plan to concentrate our
investments in high quality, liquid securities which will afford us the
maximum amount of agility in executing our strategy.
    During the six month period ended December 31, 1994, an affiliate of The
First National Bank of Chicago purchased certain securities from the Fund at
an amount in excess of the securities' fair market value. See Note 2(c) to the
financial statements that follow.
    Pursuant to shareholder approval at a meeting held in December 1994, on
January 17, 1995, the Fund's assets were transferred to the Cash Management
Fund of the newly formed Prairie Institutional Funds. Accordingly, the next
Annual Report you receive will reflect such new name and structure.
    We thank you for the confidence that you have expressed in us by
investing in our Fund. We plan to continue to earn your trust by pursuing a
strategy which will seek to provide the highest yield consistent with
protecting the value of your principal.
                              Sincerely,
                             (Mark M. Quinn Signature Logo)
                              Mark M. Quinn
                              Managing Director, Fixed Income
                              First Prairie Funds
January 25, 1995
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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<CAPTION>

FIRST PRAIRIE CASH MANAGEMENT
STATEMENT OF INVESTMENTS                                                                  DECEMBER 31,1994 (UNAUDITED)
                                                                                          PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--30.7%                                              AMOUNT           VALUE
                                                                                        -------------- -------------
<S>                                                                                      <C>           <C>
Bank of Tokyo Ltd. (Yankee)
    5.88%,1/23/95...........................................................             $  10,000,000 $  10,000,055
Banque Nationale de Paris (Yankee)
    5.05%,1/9/95............................................................                10,000,000     9,999,997
Bayerische Hypotheken-und Wechsel-Bank AG (Yankee)
    5.54%,2/1/95............................................................                10,000,000    10,000,078
Canadian Imperial Bank of Commerce (Yankee)
    5.96%,1/19/95...........................................................                10,000,000    10,000,000
Commerzbank AG (Yankee)
    5.41%,1/13/95...........................................................                10,000,000    10,000,099
Credit Suisse (Yankee)
    5.49%,1/24/95...........................................................                10,000,000    10,000,000
Royal Bank of Canada (Yankee)
    5.57%,10/16/95 (a)......................................................                10,000,000    10,000,750
Societe Generale (Yankee)
    5.07%,1/17/95...........................................................                10,000,000    10,000,343
                                                                                                        --------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
    (cost $80,001,322)......................................................                            $ 80,001,322
                                                                                                        ============
COMMERCIAL PAPER--29.1%
AIG Funding Inc.
    6.06%,2/22/95...........................................................             $  10,000,000  $  9,913,333
Allomon Funding Corp.
    5.85%,2/3/95............................................................                 5,192,000     5,164,491
Banc One Corp.
    5.90%,2/10/95...........................................................                10,000,000     9,935,222
Barclays Bank of Canada
    5.85%,2/17/95...........................................................                10,000,000     9,924,800
Dresdner U.S. Finance Inc.
    5.84%,2/17/95...........................................................                10,000,000     9,924,931
Ford Motor Credit Co.
    6.05%,1/17/95...........................................................                10,000,000     9,973,244
Receivables Capital Corp.
    6.17%,2/6/95............................................................                 6,039,000     6,002,162
Seagram (Joseph E.) & Sons Inc.
    5.85%,2/8/95............................................................                10,000,000     9,939,094
Toyota Motor Credit Corp.
    5.70%,4/10/95...........................................................                 5,000,000     4,923,687
                                                                                                        -------------
TOTAL COMMERCIAL PAPER
    (cost $75,700,964)......................................................                           $  75,700,964
                                                                                                       =============
CORPORATE NOTES--3.8%
Merrill Lynch & Co. Inc.
    5.79%,6/7/95 (a)
    (cost $10,000,000)......................................................             $  10,000,000 $  10,000,000
                                                                                                       =============

FIRST PRAIRIE CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED)                                                   DECEMBER 31,1994 (UNAUDITED)
                                                                                          PRINCIPAL
SHORT-TERM BANK NOTES--1.9%                                                                 AMOUNT           VALUE
                                                                                        -------------- -------------
PNC Bank NA
    3.63%,1/20/95
    (cost $4,999,800).......................................................            $    5,000,000 $   4,999,800
                                                                                                       =============
U.S. GOVERNMENT AGENCIES--11.5%
Agency for International Development
Floating Rate Notes
    6.84%,5/1/23 (a)........................................................            $    5,000,000 $   5,000,000
Student Loan Marketing Association
Floating Rate Notes
    4.69%,6/8/95 (a)........................................................                25,000,000    25,000,000
                                                                                                       -------------
TOTAL U.S. GOVERNMENT AGENCIES
    (cost $30,000,000)......................................................                           $  30,000,000
                                                                                                       =============
REPURCHASE AGREEMENTS--23.1%
Barclays De Zoette Wedd.,5.50%
    dated 12/30/94 due 1/3/95 in the amount of
    $10,006,111 (fully collateralized by
    $10,160,000 U.S. Treasury Bills, due 2/9/95,
    value $10,105,813)......................................................             $  10,000,000 $  10,000,000
National Westminster Bank USA.,5.40%
    dated 12/30/94, due 1/3/95 in the amount of
    $50,030,000 (fully collateralized by
    $51,210,000 U.S. Treasury Notes 5.125%-6.875%,
    due from 3/31/97 to 12/31/98, value $50,872,774)........................                50,000,000    50,000,000
                                                                                                        --------------
TOTAL REPURCHASE AGREEMENTS
    (cost $60,000,000)......................................................                           $  60,000,000
                                                                                                       =============
TOTAL INVESTMENTS
    (cost $260,702,086)..........................................            100.1%                     $260,702,086
                                                                             ======                    =============
LIABILITIES, LESS CASH AND RECEIVABLES...........................              (.1%)                   $    (154,627)
                                                                             ======                    =============
NET ASSETS  ................................................                 100.0%                     $260,547,459
                                                                             ======                    =============
NOTE TO STATEMENT OF INVESTMENTS;
    (a)  Variable interest rate - subject to periodic change.


See notes to financial statements.
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FIRST PRAIRIE CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES                                                 DECEMBER 31, 1994 (UNAUDITED)
ASSETS:
    <S>                                                                                   <C>           <C>
    Investments in securities, at value
      (including repurchase agreements of $60,000,000)_Note 1 (a,b).........                            $260,702,086
    Interest receivable.....................................................                               1,244,187
    Prepaid expenses........................................................                                  55,907
                                                                                                        --------------
                                                                                                         262,002,180
LIABILITIES:
    Due to The First National Bank of Chicago...............................              $     69,967
    Due to Custodian........................................................                 1,348,544
    Accrued expenses and other liabilities..................................                    36,210     1,454,721
                                                                                          ------------ -------------
NET ASSETS  ................................................................                            $260,547,459
                                                                                                       =============
REPRESENTED BY:
    Paid-in capital.........................................................                            $262,385,692
    Accumulated net realized (loss) on investments..........................                              (1,838,233)
                                                                                                        --------------
NET ASSETS at value applicable to 260,717,192 outstanding shares of
    Beneficial Interest, equivalent to $1.00 per share (unlimited number of
    $.001 par value shares authorized)......................................                            $260,547,459
                                                                                                       =============
NET ASSET VALUE, offering and redemption price per share
    ($260,547,459 / 260,717,192 shares).....................................                                   $1.00
                                                                                                               =====

See notes to financial statements.
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<CAPTION>

FIRST PRAIRIE CASH MANAGEMENT
STATEMENT OF OPERATIONS                                                SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
    <S>                                                                                       <C>         <C>
    INTEREST INCOME.........................................................                              $6,530,634
    EXPENSES:
      Management fee_Note 2(a)..............................................                  $469,858
      Professional fees.....................................................                    23,510
      Custodian fees........................................................                    20,474
      Registration fees.....................................................                    14,326
      Shareholder servicing costs...........................................                     8,285
      Prospectus and shareholders' reports..................................                     5,029
      Trustees' fees and expenses_Note 2(b).................................                     3,783
      Miscellaneous.........................................................                    34,223
                                                                                            ----------
                                                                                               579,488
      Less_reduction in management fee due
          to undertaking_Note 2(a)..........................................                   109,517
                                                                                            ----------
            TOTAL EXPENSES..................................................                                 469,971
                                                                                                           ------------
INVESTMENT INCOME--NET......................................................                               6,060,663
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)...............................                              (1,678,500)
                                                                                                           ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................                              $4,382,163
                                                                                                          =============


See notes to financial statements.
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<CAPTION>

FIRST PRAIRIE CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
                                                                                     YEAR ENDED      SIX MONTHS ENDED
                                                                                      JUNE 30,       DECEMBER 31, 1994
                                                                                        1994           (UNAUDITED)
                                                                                  ----------------    ---------------------
<S>                                                                               <C>              <C>
OPERATIONS:
    Investment income--net............................................            $     8,493,966  $       6,060,663
    Net realized (loss) on investments................................                   (136,023)        (1,678,500)
                                                                                  ----------------    ----------------
      NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............                  8,357,943          4,382,163
                                                                                  ----------------    ----------------
DIVIDENDS TO SHAREHOLDERS FROM;
    Investment income_net.............................................                 (8,493,966)        (6,060,663)
                                                                                  ----------------    ----------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
    Net proceeds from shares sold.....................................              2,167,517,783        602,493,285
    Dividends reinvested..............................................                    654,107            585,662
    Cost of shares redeemed...........................................             (2,099,928,742)      (586,341,412)
                                                                                  ----------------    ----------------
      INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....                 68,243,148         16,737,535
                                                                                  ----------------    ----------------
CAPITAL CONTRIBUTIONS FROM AN AFFILIATE
    OF THE ADVISER--Note 2(c).........................................                  ----               1,668,500
                                                                                  ----------------    ----------------
          TOTAL INCREASE IN NET ASSETS................................                 68,107,125         16,727,535
NET ASSETS:
    Beginning of period...............................................                175,712,799        243,819,924
                                                                                  ----------------    ----------------
    End of period.....................................................            $   243,819,924      $ 260,547,459
                                                                                  ===============     ==============

See notes to financial statements.
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<TABLE>
<CAPTION>


FIRST PRAIRIE CASH MANAGEMENT
FINANCIAL HIGHLIGHTS
    Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.

                                                                           YEAR ENDED JUNE 30,       SIX MONTHS ENDED
                                                                        -----------------------      DECEMBER 31, 1994
PER SHARE DATA:                                                          1993(1)         1994          (UNAUDITED)
                                                                        -------         -------        ------------
    <S>                                                                 <C>             <C>              <C>
    Net asset value, beginning of period.......................         $1.0000         $ .9999          $ .9993
                                                                       --------        --------           --------
    INVESTMENT OPERATIONS:
    Investment income_net......................................           .0297           .0333            .0227
    Net realized (loss) on investments.........................          (.0001)         (.0006)          (.0064)
                                                                       --------        --------            --------
      TOTAL FROM INVESTMENT OPERATIONS.........................           .0296           .0327            .0163
                                                                       --------        --------           --------
    DISTRIBUTIONS;
    Dividends from investment income_net.......................          (.0297)         (.0333)          (.0227)
                                                                       --------        --------           --------
    CAPITAL CONTRIBUTIONS FROM AN AFFILIATE OF THE ADVISER.....           --              --               .0064
                                                                       --------        --------           --------
    Net asset value, end of period.............................         $ .9999         $ .9993          $ .9993
                                                                        =======         =======          =======
TOTAL INVESTMENT RETURN........................................          3.25%(2)        3.38%            4.56%(2,3)
RATIOS/SUPPLEMENTAL DATA:
    Ratio of expenses to average net assets ...................           .05%(2)         .31%             .35%(2)
    Ratio of net investment income to average net assets ......          3.19%(2)        3.33%            4.51%(2)
    Decrease reflected in above expense ratios due to undertakings
      by the Manager ..........................................           .51%(2)         .12%             .08%(2)
    Net Assets, end of period (000's omitted)..................         $175,713       $243,820           $260,547
(1)    From July 30, 1992 (commencement of operations) to June 30, 1993.
(2)    Annualized.
(3)    Had the Fund not had a capital contribution by the Adviser during the period, the total return would have been 2.58%.


See notes to financial statements.
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FIRST PRAIRIE CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
    The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. The First National
Bank of Chicago ("Manager") serves as the Fund's investment adviser. The
Dreyfus Corporation ("Dreyfus") provides certain administrative services to
the Fund-see Note 2(a). Dreyfus Service Corporation, until August 24, 1994,
acted as the exclusive distributor of the Fund's shares, which are sold
without a sales charge. Dreyfus Service Corporation is a wholly-owned
subsidiary of The Dreyfus Corporation. Effective August 24, 1994, Dreyfus
became a direct subsidiary of Mellon Bank, N.A.
    On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
    It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
    (A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
    (B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income is recognized on the accrual basis. Cost of investments represent
amortized cost.
    The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodian and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will require the seller to
deposit additional collateral by the next business day. If the request for
additional collateral is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the underlying securities at
market value and may claim any resulting loss against the seller.
    (C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
    (D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with applicable provisions
of the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise
taxes.

FIRST PRAIRIE CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
    The Fund has an unused capital loss carryover of approximately $19,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through December 31, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, the carryover expires in
fiscal 2002.
    At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
    (A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .35 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
further provides that if in any full fiscal year the aggregate expenses of
the Fund exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund, the Fund may deduct from the payments to be made
to the Manager, or the Manager will bear such excess to the extent required
by state law. The most stringent state expense limitation applicable to the
Fund presently requires reimbursement of expenses in any full fiscal year
that such expenses (excluding certain expenses as described above) exceed 2
1/2% of the first $30 million, 2% of the next $70 million and 1 1/2% of the
excess over $100 million of the average value of the Fund's net assets in
accordance with California "blue sky" regulations.
    The Manager has engaged Dreyfus to assist it in providing certain
administrative services for the Fund pursuant to a Master Administration
Agreement between the Manager and Dreyfus. Pursuant to its agreement with
Dreyfus, the Manager has agreed to pay Dreyfus a monthly fee at the annual
rate of .05 of 1% of the value of the Fund's average daily net assets. During
the six months ended December 31, 1994, $67,123 is payable to Dreyfus by the
Manager pursuant to the agreement.
    The Manager has undertaken from July 1, 1994 to assume all expenses of
the Fund in excess of an annual rate of .35 of 1% of the Fund's average daily
net assets. The reduction in management fee, pursuant to the undertaking,
amounted to $109,517, for the six months ended December 31, 1994.
    The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
    (B) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $1,500 and an attendance fee of $250 per meeting.
    (C) During the six months ended December 31, 1994, an affiliate of the
Fund's adviser purchased securities from the Fund at an amount in excess of
the securities' fair market value. The Fund recorded a realized loss on these
sales, and an offsetting capital contribution from the affiliate, in the
amount of $1,668,500.
NOTE 3--SUBSEQUENT EVENTS
    Pursuant to shareholder approval, on January 17, 1995 the Fund's assets
were transferred to the Cash Management Fund, a series of a newly formed
investment company named Prairie Institutional Funds, in exchange for shares
of the Cash Management Fund. First Chicago Investment Management Company
("FCIMCO"), a newly formed registered investment adviser and a wholly-owned
subsidiary of The First
FIRST PRAIRIE CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
National Bank of Chicago, serves as investment adviser and administrator to
Prairie Institutional Funds. In addition, FCIMCO has entered into a master
sub-administration agreement with Concord Holding Corporation ("Concord")
pursuant to which FCIMCO will pay Concord a portion of its administration fee
in consideration of Concord's providing sub-administrative services to
Prairie Institutional Funds. Prairie Institutional Funds has agreed to pay
FCIMCO a monthly advisory and administration fee at the annual rate of .20%
and .15%, respectively, of the value of the Cash Management Fund's average
daily net assets.
    Concord Financial Group, Inc. a wholly-owned subsidiary of Concord,
serves as distributor to the Prairie Institutional Funds.


FIRST PRAIRIE
CASH MANAGEMENT
200 PARK AVENUE
NEW YORK, NY 10166
INVESTMENT ADVISER
THE FIRST NATIONAL BANK
OF CHICAGO
THREE FIRST NATIONAL PLAZA
CHICAGO, IL 60670
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. BOX 9671
PROVIDENCE, RI 02940



FURTHER INFORMATION IS CONTAINED
IN THE PROSPECTUS, WHICH MUST
PRECEDE OR ACCOMPANY THIS REPORT.



PRINTED IN U.S.A.                             370SA9412

FIRST
(First Prairie Logo)
PRAIRIE
CASH
MANAGEMENT

SEMI-ANNUAL REPORT
DECEMBER 31, 1994



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