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001 A000000 PRAIRIE FUNDS-INTERMEDIATE MUNICIPAL BOND FD
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE Richard A. Fabietti
TITLE Treasurer
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the annual
report dated February 28, 1995 and is qualified in its entirety by reference to
such financial statement[s].
</LEGEND>
<CIK> 0000932063
<NAME> PRAIRIE INTERMEDIATE MUNICIPAL BOND FUND
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<NAME> CLASS A
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
The schedule contains summary financial information extracted from the annual
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such financial statement[s].
</LEGEND>
<CIK> 0000932063
<NAME> PRAIRIE INTERMEDIATE MUNICIPAL BOND FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the annual
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such financial statement[s].
</LEGEND>
<CIK> 0000932063
<NAME> PRAIRIE INTERMEDIATE MUNICIPAL BOND FUND
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<NUMBER> 109
<NAME> CLASS I
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 325,102
<SHARES-REINVESTED> 1,737
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<PER-SHARE-NAV-BEGIN> 11.57
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</TABLE>
[LETTERHEAD OF ERNST & YOUNG]
Shareholders and Board of Trustees
Prairie Intermediate Municipal Bond Fund
In planning and performing our audit of the financial statements of Prairie
Intermediate Municipal Bond Fund for the year ended February 28, 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 Municipal 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
February 28, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
ERNST & YOUNG LLP
April 21, 1995
Exhibit Q77C
At a Special Meeting of Stockholders held on January 23, 1995, stockholders
of First Prairie Municipal Bond Fund's Intermediate Series (the "Series") voted
to approve an Agreement and Plan of Exchange (the "Plan") providing for the
transfer of all or substantially all of the Series' assets, subject to its
liabilities, to the Intermediate Municipal Bond Fund (the "Fund"), a series of
Prairie Funds. Under the Plan, the Series received, in exchange (the
"Exchange") for its assets attributable to its Class A shares, Class A shares of
beneficial interest of the Fund. The Fund shares received in the Exchange were
distributed by the Series to its shareholders in liquidation of the Series.
Proxy materials for the meeting were filed with the Commission on November 21,
1994.
