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SIGNATURE WENDY SWONGER
TITLE REPORTING SUPERVISOR
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[logo] ERNST & YOUNG LLP 787 Seventh Avenue Phone 212 773 3000
New York, New York 10019
Board of Trustees
Prairie Intermediate Bond Fund
In planning and performing our audit of the financial statements of Prairie
Intermediate Bond Fund for the period February 1, 1995 to December 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Prairie Intermediate Bond Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
February 22, 1996
<PAGE>
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>
