<PAGE> PAGE 1
000 A000000 07/31/94
000 C000000 0000885122
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND
001 B000000 811-6595
001 C000000 2129226796
002 A000000 144 GLENN CURTISS BOULEVARD
002 B000000 UNIONDALE
002 C000000 NY
002 D010000 11556
002 D020000 0144
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001 2311
022 D000001 193
022 A000002 MESIROW FINANCIAL, INC.
022 B000002 36-3194849
022 C000002 0
022 D000002 508
022 A000003 G.X. CLARKE & CO.
022 B000003 13-2969143
022 C000003 0
022 D000003 329
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
<PAGE> PAGE 2
022 C000010 0
022 D000010 0
023 C000000 2311
023 D000000 1030
028 A01AA00 2
028 A02AA00 829
028 A03AA00 0
028 A04AA00 0
028 B01AA00 0
028 B02AA00 907
028 B03AA00 0
028 B04AA00 113
028 C01AA00 0
028 C02AA00 880
028 C03AA00 0
028 C04AA00 203
028 D01AA00 200
028 D02AA00 878
028 D03AA00 0
028 D04AA00 0
028 E01AA00 0
028 E02AA00 878
028 E03AA00 0
028 E04AA00 69
028 F01AA00 0
028 F02AA00 863
028 F03AA00 0
028 F04AA00 9
028 G01AA00 202
028 G02AA00 5235
028 G03AA00 0
028 G04AA00 394
028 H00AA00 0
030 A00AA00 0
030 B00AA00 3.00
030 C00AA00 1.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
038 00AA00 0
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
<PAGE> PAGE 3
044 00AA00 0
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 Y
062 B00AA00 0.0
062 C00AA00 11.4
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 69.5
062 N00AA00 15.8
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 5.4
071 A00AA00 379
071 B00AA00 1049
071 C00AA00 4528
071 D00AA00 8
072 A00AA00 6
072 B00AA00 166
072 C00AA00 0
072 D00AA00 0
072 E00AA00 0
072 F00AA00 14
072 G00AA00 0
072 H00AA00 0
072 I00AA00 4
072 J00AA00 1
072 K00AA00 0
072 L00AA00 9
072 M00AA00 3
072 N00AA00 2
072 O00AA00 1
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 11
072 S00AA00 24
072 T00AA00 0
072 U00AA00 5
072 V00AA00 0
<PAGE> PAGE 4
072 W00AA00 1
072 X00AA00 75
072 Y00AA00 75
072 Z00AA00 164
072AA00AA00 1
072BB00AA00 25
072CC01AA00 0
072CC02AA00 227
072DD01AA00 2
072DD02AA00 164
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 545
074 D00AA00 4054
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 149
074 L00AA00 60
074 M00AA00 53
074 N00AA00 4861
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 106
074 S00AA00 0
074 T00AA00 4755
074 U01AA00 8
074 U02AA00 598
074 V01AA00 7.85
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 45
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 4847
076 00AA00 0.00
077 A000000 Y
077 I000000 Y
077 Q010000 Y
<PAGE> PAGE 5
SIGNATURE JEFFREY NACHMAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885122
<NAME> FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND
<SERIES>
<NUMBER> 01
<NAME> CLASS A, INTERMEDIATE SERIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1994
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> 4,617
<INVESTMENTS-AT-VALUE> 4,599
<RECEIVABLES> 60
<ASSETS-OTHER> 202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,861
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,795
<SHARES-COMMON-STOCK> 8
<SHARES-COMMON-PRIOR> 8
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18)
<NET-ASSETS> 64
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 166
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 166
<REALIZED-GAINS-CURRENT> (24)
<APPREC-INCREASE-CURRENT> (227)
<NET-CHANGE-FROM-OPS> (85)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (438)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75
<AVERAGE-NET-ASSETS> 63
<PER-SHARE-NAV-BEGIN> 8.25
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.85
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885122
<NAME> FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND
<SERIES>
<NUMBER> 02
<NAME> CLASS B, INTERMEDIATE SERIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1994
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> 4,617
<INVESTMENTS-AT-VALUE> 4,599
<RECEIVABLES> 60
<ASSETS-OTHER> 202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,861
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,795
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18)
<NET-ASSETS> 2
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 166
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 166
<REALIZED-GAINS-CURRENT> (24)
<APPREC-INCREASE-CURRENT> (227)
<NET-CHANGE-FROM-OPS> (85)
<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> (438)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75
<AVERAGE-NET-ASSETS> 2
<PER-SHARE-NAV-BEGIN> 8.16
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.32)
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.84
<EXPENSE-RATIO> .005
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885122
<NAME> FIRST PRAIRIE U.S. GOVERNMENT INCOME FUND
<SERIES>
<NUMBER> 03
<NAME> CLASS F, INTERMEDIATE SERIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1994
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> 4,617
<INVESTMENTS-AT-VALUE> 4,599
<RECEIVABLES> 60
<ASSETS-OTHER> 202
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,861
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,795
<SHARES-COMMON-STOCK> 598
<SHARES-COMMON-PRIOR> 622
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18)
<NET-ASSETS> 4,689
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 166
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 166
<REALIZED-GAINS-CURRENT> (24)
<APPREC-INCREASE-CURRENT> (227)
<NET-CHANGE-FROM-OPS> (85)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 163
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26
<NUMBER-OF-SHARES-REDEEMED> 50
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (438)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75
<AVERAGE-NET-ASSETS> 4,782
<PER-SHARE-NAV-BEGIN> 8.25
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.41)
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.84
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>