FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-56217
PRAIRIE FUNDS
Supplement to Prospectus dated December 13, 1994
FOR INVESTORS ELIGIBLE TO PURCHASE CLASS A SHARES AT NET ASSET
VALUE
The following information supplements and should be read in
conjunction with the information contained in the Prospectus
under the caption "Highlights--Historical Performance
Information."
Composite Performance for the Funds or predecessor funds, as the
case may be, for various periods ended December 31, 1994. The
calculations are based on net asset value per share and do not
reflect the deduction of the applicable sales charge which, if
reflected, would reduce the performance quoted.
<TABLE>
<CAPTION>
Class A Shares<F1>
Average Annual Total Return
1 Year 3 Years 5 Years 10 Years
ASSET ALLOCATION FUNDS:
<S> <C> <C> <C> <C>
Managed Assets Fund(1) N/A N/A N/A N/A
Managed Assets Income Fund(2) -1.92% 5.65% 8.69% 10.16%(3)
EQUITY FUNDS:
Equity Income Fund(4) -2.99% 5.74% 7.28% 11.21%
Growth Fund(4) -1.81% 6.28% 9.36% 12.42%
Special Opportunities Fund(4) -5.52% 7.10% 12.27% 12.51%
International Equity Fund(1) N/A N/A N/A N/A
BOND FUNDS:
Bond Fund(4) -3.02% 3.70% 5.80% 8.75%
Intermediate Bond Fund(5) -0.98% 1.51%(6) N/A N/A
International Bond Fund(4) 5.67% 7.57% 9.60% N/A
MUNICIPAL BOND FUNDS:
Municipal Bond Fund(5) -2.00% 5.91% 7.44% 7.83%(7)
Intermediate Municipal Bond
Fund(2) -2.40% 4.85% 6.76% 7.22%(7)
MONEY MARKET FUNDS:
U.S. Government Money Market
Fund(2) 3.86% 3.08% 4.33% 5.39%(9)
Money Market Fund(2) 3.62% 3.19% 4.53% 5.62%(10)
Municipal Money Market Fund(2) 2.36% 2.17% 3.21% 3.93%(10)
<FN>
<F1> See "Highlights--Historical Performance Information" in Prospectus
for the text of footnotes.
</TABLE>
