<PAGE>
PRAIRIE FUNDS
--------------------------------
ASSET ALLOCATION FUNDS
The Managed Assets Income Fund
The Managed Assets Fund
EQUITY FUNDS
The Equity Income Fund
The Growth Fund
The Special Opportunities Fund
The International Equity Fund
BOND FUNDS
The Intermediate Bond Fund
The Bond Fund
The International Bond Fund
MUNICIPAL BOND FUNDS
The Intermediate Municipal Bond Fund
The Municipal Bond Fund
MONEY MARKET FUNDS
The U.S. Government Money Market Fund
The Money Market Fund
The Municipal Money Market Fund
THIS REPORT IS
NOT AUTHORIZED
FOR DISTRIBUTION
TO PROSPECTIVE
INVESTORS UNLESS
PRECEDED OR
ACCOMPANIED BY
A CURRENT
PROSPECTUS.
SEMI-ANNUAL REPORT
JUNE 30, 1995
<PAGE>
Table of Contents
1 Letter to Shareholders
3-10 Fund Highlights
11-94 Portfolio of Investments
96-103 Statement of Assets and Liabilities
104-107 Statement of Operations
108-122 Statement of Changes in Net Assets
123-141 Financial Highlights
142-150 Notes to Financial Statements
-------------------------------------------
PRAIRIE FUNDS
(800) 224-4800
INVESTMENT ADVISER
First Chicago Investment Management
Company (FCIMCO)
Three First National Plaza, MS 0334
Chicago, IL 60670-0334
DISTRIBUTOR
Concord Financial Group, Inc.
125 West 55th Street
New York, NY 10019
The Prairie Funds are
not insured or protected
by the FDIC or any
other governmental
agency, are not deposits
or obligations of The
First National Bank of
Chicage, are not
guaranteed by the bank,
and involve investment
risk, including the
possible loss of
principal.
<PAGE>
June 30, 1995
Dear Shareholder:
We are pleased to provide you the semi-annual report for the Prairie Funds.
This report contains a wealth of information about the funds which allows you to
monitor your investment:
o The FUND HIGHLIGHTS describes each fund's investment objective and
investment strategy, and profiles investors for which the fund may be
suitable. This section will help you determine whether the funds you
invested in are still appropriate given your financial goals or whether
perhaps a different combination of funds may better suit your needs.
o The PORTFOLIO OF INVESTMENTS lists all the securities held by each fund as
of June 30, 1995. Reviewing this list may help you appreciate in greater
detail the kind of investments being made by the portfolio manager of your
funds.
The last six months have been very exciting. We have introduced 7 new funds,
and have quadrupled our assets under management from about $500 million to just
over $2 billion. The Funds' investment adviser is now First Chicago Investment
Management Company, a newly formed company with over $25 billion in assets under
management which is dedicated to making available a comprehensive range of
global investment options. This new company builds on a long tradition of money
management at First Chicago--we started managing money in 1895 and are currently
celebrating our 100th anniversary.
None of this would have been possible without your cooperation. We appreciate
your patience in dealing with the sometimes confusing process of voting proxies
which make these changes possible.
On the following pages, we are pleased to introduce you to our newly expanded
fund family. Please take a moment to familiarize yourself with the investment
objectives of each fund in light of your financial goals. If you would like
further information on any of these funds, please call your investment
representative or 800-224-4800, or simply complete and mail the enclosed form
located at the back of this report.
We thank you for choosing the Prairie Funds for your investments, and will
continue to strive to provide you with superior investment performance.
Sincerely,
/s/ Marco Hanig
Marco Hanig
Managing Director, Mutual Funds
First Chicago Investment Management Company
1
<PAGE>
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2
<PAGE>
--------------------------------------------------------------------------------
FUND HIGHLIGHTS
--------------------------------------------------------------------------------
Prairie Funds can meet the diverse needs of investors who may be seeking to
build capital, preserve their assets, reduce their taxes or generate higher
income.
[ILLUSTRATION]
THE PRAIRIE FAMILY OF FUNDS
MONEY MARKET MUNICIPAL BOND BOND FUNDS ASSET EQUITY FUNDS
FUNDS FUNDS ALLOCATION
FUNDS
Money Market Municipal Bond International Managed Assets International
Fund Fund Bond Fund Fund Equity Fund
Municipal Money Intermediate Bond Fund Managed Assets Special
Market Fund Municipal Bond Income Fund Opportunities
Fund Fund
U.S. Intermediate Growth Fund
Government Bond Fund
Money Market
Fund
Equity Fund
The graphic has an arrow indicating that as you move from left to right
the relative risk increases. The graphic also shows a sloped line that
depicts that as the relative risk increases so does the potential return.
3
<PAGE>
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4
<PAGE>
PRAIRIE MANAGED ASSETS INCOME FUND
INVESTMENT OBJECTIVE: SEEKS TO MAXIMIZE CURRENT INCOME; CAPITAL APPRECIATION IS
A SECONDARY, BUT NONETHELESS IMPORTANT GOAL
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek current monthly income with a tilt towards growth
o do not have the time to adjust your investments to changing market conditions
o need a simple, efficient and affordable method to help meet asset allocation
goals
o like the lower weighting to stocks and the potentially lower price risk of an
income-oriented fund
FUND HIGHLIGHTS
The Managed Assets Income Fund follows an asset allocation strategy investing
in stocks, bonds, and cash. This strategy allows the Fund to reposition your
investments in a timely manner and to take full advantage of a well diversified
portfolio in changing market environments. The Managed Assets Income Fund:
o focuses on achieving current income with a secondary objective of growth
o has the flexibility to invest entirely in cash equivalent securities during
adverse market conditions as a means of protecting principal value
o invests primarily in dividend-paying equities, fixed income securities of
investment-grade quality, and shorter-term securities with maturities of three
years or less
PRAIRIE MANAGED ASSETS FUND
INVESTMENT OBJECTIVE: SEEKS TO MAXIMIZE TOTAL RETURN, CONSISTING OF CAPITAL
APPRECIATION AND CURRENT INCOME, WITHOUT ASSUMING UNDUE RISK
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek a mixture between growth and income
o do not have the time to adjust your investments to changing market conditions
o need a simple, efficient and affordable method to meet asset allocation goals
o want a convenient way to start a gifting program for children and
grandchildren
FUND HIGHLIGHTS
The Managed Assets Fund follows an asset allocation strategy investing in
stocks, bonds, and cash. This strategy allows the Fund to reposition your
investments in a timely manner and to take full advantage of a well diversified
portfolio in changing market environments. The Managed Assets Fund:
o focuses on achieving total return
o offers global exposure
o attempts to smooth out performance returns through prudent diversification
o invests primarily in equities with good growth expectations, fixed income
securities with investment-grade quality, and shorter-term securities with
maturities of three years or less
5
<PAGE>
PRAIRIE EQUITY INCOME FUND
INVESTMENT OBJECTIVES: SEEKS TO PROVIDE INCOME; CAPITAL APPRECIATION AND GROWTH
OF EARNINGS ARE SECONDARY, BUT NONETHELESS IMPORTANT GOALS
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek current monthly income, with the potential for future income growth
o like the potential capital appreciation of stock investments
o feel comfortable with the risks of investing in stocks, but would like to
invest in a relatively conservative stock fund
o want to complement a more aggressive stock fund investment
FUND HIGHLIGHTS
The Equity Income Fund invests primarily in stocks of companies paying above-
average dividends. In addition, the Fund looks for companies with attractive
values and with stable dividend growth. The Equity Income Fund:
o invests in companies which offer opportunities for earnings and dividend
growth
o may invest up to 35% of its assets in convertible debt securities, which offer
the income potential of bonds and the capital appreciation potential of stocks
o has the flexibility to invest in a defensive cash position during adverse
market conditions
PRAIRIE GROWTH FUND
INVESTMENT OBJECTIVE: SEEKS LONG-TERM CAPITAL APPRECIATION
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek to beat inflation with the potential capital appreciation of stock
investments
o want to add a growth component to your investment portfolio
o have a long-term investment goal for housing, education, or retirement
o recognize the potential volatility of stock investments
FUND HIGHLIGHTS
The Prairie Growth Fund invests primarily in large capitalized companies
believed to have above-average growth opportunities, with no restrictions to
specific industries or sectors. Factors considered before investing in companies
include:
o the development of new or improved products or services
o patterns of increasing sales or earnings
o the probability of increased operating efficiencies
o favorable cyclical conditions
6
<PAGE>
PRAIRIE SPECIAL OPPORTUNITIES FUND
INVESTMENT OBJECTIVE: SEEKS LONG-TERM CAPITAL APPRECIATION
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek to beat inflation with the potential capital appreciation of stock
investments
o want to add an aggressive growth component to your investment portfolio
o have a long-term investment horizon and can tolerate the short-term
fluctuations of common stock investing
FUND HIGHLIGHTS
The Prairie Special Opportunities Fund is managed to capture the potential
value found in the small capitalization sector of the market. In searching for
attractive companies, the Investment Adviser seeks to uncover emerging growth
opportunities believed to be undervalued in the marketplace. Factors considered
before investing in companies include:
o high quality management
o a leading position in a major product line
o sound financial health and a relatively high rate of return on invested
capital
o anticipated earnings acceleration due to changes in the competitive
environment
PRAIRIE INTERNATIONAL EQUITY FUND
INVESTMENT OBJECTIVE: SEEKS LONG-TERM CAPITAL APPRECIATION
INVESTOR PROFILE
You should consider investing in this Fund if you:
o want to capture the potential growth opportunities of foreign stock investing
o feel comfortable with the somewhat higher risk of foreign investing
o seek to potentially smooth out the volatility of your investment portfolio by
complementing a domestic stock investment
FUND HIGHLIGHTS
According to research conducted as of September 30, 1994 by the World Markets
Company, PLC, when managers of international equity funds pick individual stocks
within a country, they tend to under-perform the stock index of that country on
average.* Thus, the Fund:
o focuses on selecting the right countries rather than picking individual stocks
o within each country, buys stocks designed to replicate the performance of that
country's stock market index
o seeks to outperform the EAFE Index, an unmanaged index, which is composed of
approximately 1,000 European, Australian, and Far Eastern stocks
o shifts its holdings most actively between the four countries which comprise
about 75% of the EAFE Index: Japan, United Kingdom, France, and Germany. The
stocks of these countries are highly liquid, thus keeping trading costs
relatively low.
International investing is subject to special risks, such as currency
fluctuations, political risks, and differences in accounting standards.
* Past performance is no guarantee of future results.
7
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
INVESTMENT OBJECTIVE: SEEKS AS HIGH A LEVEL OF CURRENT INCOME AS IS CONSISTENT
WITH PRESERVATION OF CAPITAL
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek current monthly income
o want a portfolio of investment-grade fixed income securities
o like the relative share price stability of an intermediate term fund
FUND HIGHLIGHTS
The Intermediate Bond Fund is managed for investors who like the idea of
monthly income but do not want to be subject to the principal fluctuation of
longer term fixed income securities. The Fund is conservatively managed with
quality investment grade securities focused on the intermediate maturity range.
The Intermediate Bond Fund:
o invests only in investment grade securities
o currently has approximately 48% of its assets invested in U.S. Government
securities
o invests in a portfolio with an expected dollar weighted average maturity
ranging from 3 to 10 years
o does not 'reach for income' by risking principal
PRAIRIE BOND FUND
INVESTMENT OBJECTIVE: SEEKS AS HIGH A LEVEL OF CURRENT INCOME AS IS CONSISTENT
WITH PRESERVATION OF CAPITAL
INVESTOR PROFILE
You should consider investing in this Fund if you:
o seek steady monthly income
o want a portfolio of primarily investment-grade fixed income securities
o are comfortable with the potentially higher share price fluctuation of a
longer term bond fund
FUND HIGHLIGHTS
The Bond Fund is actively managed with fixed income securities such as
corporate bonds, mortgage pass-throughs, and U.S. Government bonds. Securities
are selected for quality and high current income without restrictions on
maturity.
The Bond Fund:
o invests primarily in investment grade securities
o currently has over 50% of its assets invested in U.S. Government securities
o is free to seek the most attractively valued fixed income securities without
regard to maturity
o does not 'reach for income' by risking principal
8
<PAGE>
PRAIRIE INTERNATIONAL BOND FUND
INVESTMENT OBJECTIVE: SEEKS LONG TERM CAPITAL APPRECIATION AND CURRENT INCOME
THROUGH DEBT SECURITIES OF FOREIGN ISSUERS.
INVESTOR PROFILE
You should consider investing in this Fund if you:
o want an investment for current monthly income
o like the idea of globally diversifying fixed-income investments
o seek to diversify inflation risk across many different world regions
FUND HIGHLIGHTS
The Prairie International Bond Fund is an internationally diversified
portfolio of fixed-income securities. The ability to spread investments across
many different countries offers an opportunity to protect against inflation
risk. The two most important decisions in the management of the Fund are country
selection and maturity selection. The International Bond Fund:
o primarily invests in investment grade quality securities
o may seek opportunities to profit from currency exchange rates
o seeks securities in countries with favorable inflation adjusted, interest rate
outlooks
o may invest in developing countries which may be more volatile but could
provide higher rates of return than markets of more mature economies
PRAIRIE INTERMEDIATE MUNICIPAL BOND FUND
INVESTMENT OBJECTIVE: SEEKS AS HIGH A LEVEL OF CURRENT INCOME EXEMPT FROM
FEDERAL INCOME TAX AS IS CONSISTENT WITH THE PRESERVATION OF CAPITAL
INVESTOR PROFILE
You should consider investing in this Fund if you:
o want a portfolio of investment-grade municipal obligations
o seek current monthly income exempt from Federal income taxation
o like the lower level of price fluctuation relative to long-term bonds
FUND HIGHLIGHTS
The appeal of the Intermediate Municipal Bond Fund is its emphasis on
generating a high level of tax-free income while managing for interest rate
risk. By restricting its average portfolio maturity to ten years or less and by
performing independent credit quality analysis, the Fund seeks to protect
investors from the risks of long term fixed-income investing. The Intermediate
Municipal Bond Fund:
o invests only in investment-grade securities
o has excellent historical performance over the past five years compared to many
other municipal funds in its category*
o invests in a portfolio with an expected dollar-weighted average maturity of
between three to ten years
* Ranked by Lipper Analytical. Rankings are based on total return and do not
reflect sales charges. Past performance is no guarantee of future results. The
Prairie Intermediate Municipal Bond Fund ranked 30 out of 103 and 3 out of 31
intermediate municipal debt funds for the 1-year and 5-year periods ending
6/30/95.
Certain investors may be subject to the Alternative Minimum Tax and to certain
state and local taxes.
9
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
INVESTMENT OBJECTIVE: SEEKS AS HIGH A LEVEL OF CURRENT INCOME EXEMPT FROM
FEDERAL INCOME TAX AS IS CONSISTENT WITH THE PRESERVATION OF CAPITAL
INVESTOR PROFILE
You should consider investing in this Fund if you:
o want a portfolio of investment-grade municipal obligations
o seek current monthly income exempt from Federal income taxation
o recognize the potential fluctuation in principal value of a flexible-maturity
fund
FUND HIGHLIGHTS
Longer maturity bonds typically offer higher yields than those of shorter
maturity bonds, but their principal value may have greater fluctuation. The
Municipal Bond Fund, Inc. has the flexibility to invest in municipal bonds of
any maturity. This flexibility benefits the investor by allowing the Fund to
seek the highest level of current income as is consistent with the preservation
of principal. The Municipal Bond Fund, Inc.:
o invests only in investment-grade securities
o has excellent historical performance over the past one, three, and five years
compared to many other municipal funds in its category*
o currently has an average maturity of between 8-15 years; average duration of
6-10 years
* Ranked by Lipper Analytical. Rankings are based on total return and do not
reflect sales charges. Past performance is no guarantee of future results. The
Prairie Municipal Bond Fund ranked 4 out of 201,
3 out of 114, and 4 out of 95 general municipal debt funds for the 1-year,
3-year and 5-year periods
ending 6/30/95.
Certain investors may be subject to the Alternative Minimum Tax and to certain
state and local taxes.
10
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------------- ------ ---------- --------- -----------
<S> <C> <C> <C> <C>
CORPORATE OBLIGATIONS--28.4%
AUTOMOBILES--1.0%
Hertz Corp., Junior Subordinate Note........... 6.625% 7/15/2000 $ 500 $ 498,978
-----------
BANKING--2.7%
Citicorp, Subordinate Capital Note............. 9.75% 8/01/1999 250 277,590
Citicorp, Subordinate Debenture................ 8.625% 12/01/2002 350 385,302
NationsBank Corp., Subordinate Debenture....... 8.125% 6/15/2002 350 373,558
Westpac Banking Limited, Subordinate
Debenture.................................... 9.125% 8/15/2001 250 278,630
-----------
1,315,080
-----------
BEVERAGES, FOOD AND TOBACCO--5.3%
Grand Metro Investment Corp., Guaranteed
Debenture, Yankee Bond....................... 9.00% 8/15/2011 250 288,743
Philip Morris Cos., Inc., Corporate Note....... 8.625% 3/01/1999 500 532,985
Philip Morris Cos., Inc., Corporate Note....... 7.125% 10/01/2004 250 252,549
RJR Nabisco, Inc., Corporate Note.............. 8.625% 12/01/2002 700 722,640
RJR Nabisco, Inc., Senior Note................. 8.30% 4/15/1999 750 790,346
-----------
2,587,263
-----------
CONSUMER GOODS AND SERVICES--1.1%
Time Warner, Inc., Corporate Note.............. 7.95% 2/01/2000 500 515,980
-----------
ENERGY--3.4%
Burlington Resources, Inc., Corporate Note..... 8.50% 10/01/2001 250 275,057
Coastal Corp., Senior Debenture................ 10.25% 10/15/2004 500 598,858
Occidental Petroleum Corp., Senior Note........ 11.125% 8/01/2010 400 545,737
Shell Canada Limited, Corporate Note........... 7.375% 6/01/1999 250 259,121
-----------
1,678,773
-----------
FINANCIAL SERVICES--10.2%
Barclays American Corp., Senior Debentures..... 9.125% 12/01/1997 750 796,141
Chemical Banking Corp., Subordinate Note....... 7.625% 1/15/2003 500 520,601
Discover Credit Corp., Medium Term Note........ 8.37% 4/28/1999 250 264,470
General Motors Acceptance Corp., Corporate
Note......................................... 7.75% 4/15/1997 250 253,744
General Motors Acceptance Corp., Corporate
Note......................................... 7.00% 3/01/2000 500 506,237
General Motors Acceptance Corp.,
Medium Term Note............................. 8.65% 5/29/1996 400 408,529
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------------- ------ ---------- --------- -----------
FINANCIAL SERVICES (CONTINUED)
<S> <C> <C> <C> <C>
International Lease Finance, Corporate Note.... 8.35% 10/01/1998 $ 500 $ 526,772
KFW International Finance, Inc., Guaranteed
Note......................................... 8.85% 6/15/1999 250 272,293
Progressive Corp., Ohio, Corporate Note........ 6.60% 1/15/2004 500 486,794
Salomon Inc., Senior Note...................... 7.50% 2/01/2003 500 493,623
Wells Fargo & Co., Subordinate Note............ 8.375% 5/15/2002 400 432,907
-----------
4,962,111
-----------
HEALTH CARE AND HOSPITAL MANAGEMENT--0.5%
Multicare Cos., Inc.,
Subordinate Debenture, 144A*................. 7.00% 3/15/2003 250 242,500
-----------
RETAIL STORES--0.6%
May Department Stores Co., Medium Term Note.... 9.45% 2/02/1999 250 271,844
-----------
STEEL--1.0%
USX--Marathon Group, Corporate Note............ 6.375% 7/15/1998 500 492,926
-----------
TECHNOLOGY INDUSTRIES--1.0%
Digital Equipment Corp., Debentures............ 8.625% 11/01/2012 500 510,739
-----------
UTILITIES--1.6%
Commonwealth Edison Co., First Mortgage,
Series 81, Corporate Note.................... 8.625% 2/01/2022 250 263,046
Pacific Bell, Corporate Note................... 7.00% 7/15/2004 500 506,829
-----------
769,875
-----------
TOTAL CORPORATE OBLIGATIONS
(COST $13,587,700)............................. 13,846,069
-----------
U.S. GOVERNMENT OBLIGATIONS--3.3%
U.S. TREASURY NOTES--3.3%
U.S. Treasury Note............................. 8.50% 5/15/1997 100 104,656
U.S. Treasury Note............................. 8.125% 2/15/1998 500 527,030
U.S. Treasury Note............................. 8.00% 5/15/2001 500 547,813
U.S. Treasury Note............................. 6.25% 5/31/2000 450 455,202
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(COST $1,556,520).............................. 1,634,701
-----------
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------------- ------ ---------- --------- -----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS--2.0%
<S> <C> <C> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION--2.0%
Federal National Mortgage Association.......... 8.35% 11/10/1999 $ 500 $ 543,773
Federal National Mortgage Association.......... 7.60% 1/10/1997 400 410,917
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $900,182)................................ 954,690
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
-------
<S> <C> <C>
PREFERRED CONVERTIBLE STOCK--7.4%
AUTOMOBILES--3.3%
Ford Motor Company,
Series A, $4.20.............................. 9,000 874,125
General Motors Corporation,
Series C, $3.25.............................. 12,000 756,000
-----------
1,630,125
-----------
BANKING AND FINANCE--4.1%
Citicorp, Series 13, $5.375.................... 6,000 956,250
First USA, Inc., 6.25%......................... 15,000 607,500
National City Corp., 8.00%..................... 6,000 423,000
-----------
1,986,750
-----------
TOTAL PREFERRED CONVERTIBLE STOCK
(COST $2,643,539).............................. 3,616,875
-----------
COMMON STOCK--39.8%
AUTOMOBILES--1.7%
Ford Motor Company............................. 4,000 119,000
General Motors Corporation..................... 14,886 697,781
-----------
816,781
-----------
BANKING AND FINANCE--4.7%
Bank of Boston Corp............................ 21,000 787,500
Citicorp....................................... 4,280 247,705
First Union Corp............................... 11,000 497,750
NationsBank Corp............................... 13,912 746,031
-----------
2,278,986
-----------
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------------- ------- -----------
<S> <C> <C>
BEVERAGE, FOOD AND TOBACCO--3.0%
Philip Morris Companies, Inc................... 20,000 $ 1,487,500
-----------
ELECTRICAL AND ELECTRONIC EQUIPMENT--0.6%
Hubbell, Inc., Class B......................... 5,000 282,500
-----------
HEALTH INDUSTRIES--3.4%
National Health Investors, Inc................. 61,000 1,662,250
-----------
INSURANCE--2.7%
AON Corporation................................ 28,500 1,061,625
Excel Limited.................................. 5,200 270,400
-----------
1,332,025
-----------
OIL & GAS--3.9%
Atlantic Richfield Co.......................... 5,000 548,750
British Petroleum PLC ADR...................... 9,000 770,625
Texaco, Inc.................................... 9,000 590,625
-----------
1,910,000
-----------
PHARMACEUTICALS--5.2%
Bristol Myers Squibb Co........................ 8,000 545,000
Johnson & Johnson.............................. 8,000 541,000
Pfizer, Inc.................................... 10,000 923,750
Warner Lambert Co.............................. 6,000 518,250
-----------
2,528,000
-----------
REAL ESTATE DEVELOPMENT--2.1%
Amli Residential Property Trust................ 55,000 1,045,000
-----------
TELECOMMUNICATIONS--5.8%
British Telecom PLC ADR........................ 10,000 627,500
GTE Corp....................................... 26,000 887,250
Sprint Corp.................................... 20,000 672,500
US West, Inc................................... 15,000 624,375
-----------
2,811,625
-----------
UTILITIES--6.7%
Detroit Edison Company......................... 20,000 590,000
Entergy Corp................................... 20,000 482,500
Peco Energy Co................................. 25,000 690,625
Texas Utilities Co............................. 30,000 1,031,250
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------------- ------- -----------
UTILITIES (CONTINUED)
<S> <C> <C>
United Illuminating Company.................... 14,000 $ 462,000
-----------
3,256,375
-----------
TOTAL COMMON STOCKS
(COST $17,046,252)............................. 19,411,042
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Maturity Amount
Rate Date (000)
------ ---------- ---------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT--18.1%
U.S. TREASURY BILL--18.1%
U.S. Treasury Bill (cost $8,819,183)........... 5.51%** 8/31/1995 $ 8,900 8,822,392
-----------
TOTAL INVESTMENTS
(COST $44,553,376)--99.0%...................... 48,285,769
Other assets in excess of liabilities--1.0%...... 511,055
-----------
NET ASSETS--100.0%............................... $48,796,824
-----------
-----------
</TABLE>
------------------
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration
normally to qualified institutional buyers. At June 30, 1995, these securities
amounted to $242,000 or 0.5% of net assets.
** Average yield of multiple purchases.
ADR--American Depository Receipts.
See Notes to Financial Statements.
15
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
----------------------------------------------------- ------ -----------
<S> <C> <C>
COMMON STOCKS--54.6%
ALUMINUM--1.5%
Aluminum Company of America........................ 1,100 $ 55,138
-----------
AUTOMOBILES--1.0%
Ford Motor Company................................. 1,300 38,675
-----------
BANKING--3.4%
BankAmerica Corp................................... 1,300 68,412
NationsBank Corp................................... 1,100 58,988
-----------
127,400
-----------
BEVERAGE, FOOD AND TOBACCO--5.2%
Anheuser-Busch Companies, Inc...................... 800 45,500
Coca-Cola Co....................................... 1,300 82,875
Philip Morris Companies, Inc....................... 900 66,937
-----------
195,312
-----------
BUSINESS AND DATA PROCESSING EQUIPMENT--2.3%
International Business Machines.................... 900 86,400
-----------
CHEMICALS--3.5%
E.I. Du Pont de Nemours & Co....................... 1,000 68,750
Monsanto Company................................... 700 63,088
-----------
131,838
-----------
CONGLOMERATES--6.1%
Allied Signal, Inc................................. 1,200 53,400
General Electric Company........................... 1,600 90,200
ITT Corp........................................... 700 82,250
-----------
225,850
-----------
CONSUMER GOODS--1.8%
Service Corp. International........................ 2,100 66,412
-----------
ELECTRICAL EQUIPMENT--2.3%
Emerson Electric Company........................... 1,200 85,800
-----------
ELECTRONIC EQUIPMENT--1.8%
Motorola, Inc...................................... 1,000 67,125
-----------
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
----------------------------------------------------- ------ -----------
FINANCE COMPANIES--1.1%
<S> <C> <C>
Federal Home Loan Mortgage Corp.................... 600 $ 41,250
-----------
LEISURE AND ENTERTAINMENT--1.5%
Walt Disney Co..................................... 1,000 55,625
-----------
OIL--DOMESTIC--2.9%
Chevron Corp....................................... 2,300 107,237
-----------
OIL--INTERNATIONAL--2.3%
Royal Dutch Petroleum Co........................... 700 85,313
-----------
PHARMACEUTICALS--4.0%
Bristol Myers Squibb Co............................ 1,100 74,938
Merck & Co., Inc................................... 1,500 73,500
-----------
148,438
-----------
POLLUTION CONTROL--1.2%
WMX Technologies, Inc.............................. 1,600 45,400
-----------
RAILROADS--1.6%
CSX Corp........................................... 800 60,100
-----------
RESTAURANTS--1.4%
McDonalds Corporation.............................. 1,300 50,863
-----------
RETAIL--3.2%
May Department Stores Company...................... 1,300 54,112
Wal Mart Stores, Inc............................... 2,500 66,875
-----------
120,987
-----------
TELEPHONE--6.5%
AT&T Corp.......................................... 1,500 79,688
GTE Corp........................................... 1,700 58,012
NYNEX Corp......................................... 1,400 56,350
Pacific Telesis Group.............................. 1,800 48,150
-----------
242,200
-----------
TOTAL COMMON STOCKS
(COST $1,969,904).................................. 2,037,363
-----------
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
---------------------------------------------- ---- ---------- --------- -----------
<S> <C> <C> <C> <C>
U.S GOVERNMENT OBLIGATIONS--41.8%
U.S. TREASURY NOTES--41.8%
U.S. Treasury Note.......................... 7.50% 11/15/2001 $ 700 $ 751,187
U.S. Treasury Note.......................... 6.25% 5/31/2000 800 809,249
-----------
TOTAL U.S. TREASURY NOTES
(COST $1,541,263)........................... 1,560,436
-----------
SHORT-TERM INVESTMENT--1.6%
U.S. TREASURY BILL--1.6%
U.S. Treasury Bill (cost $59,451)........... 5.53%* 8/31/1995 60 59,477
-----------
TOTAL INVESTMENTS
(COST $3,570,618)--98.0%.................... 3,657,276
Other assets in excess of liabilities--2.0%... 72,759
-----------
NET ASSETS--100.0%............................ $ 3,730,035
-----------
-----------
</TABLE>
------------------
* Yield at purchase.
See Notes to Financial Statements.
18
<PAGE>
PRAIRIE FUNDS
EQUITY INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
-------------------------------------------- ---- ---------- --------- ------------
<S> <C> <C> <C> <C>
CONVERTIBLE BONDS--7.2%
BANKS--2.8%
Bank of New York, Inc., Subordinate
Convertible Debenture................... 7.50% 8/15/2001 $ 3,139 $ 6,512,935
------------
COMPUTER SOFTWARE AND PERIPHERALS--1.0%
Seagate Technology, Convertible
Debenture............................... 6.75% 5/01/2012 2,285 2,387,502
------------
HEALTH INDUSTRIES--1.1%
Genesis Health Ventures, Inc., Convertible
Senior Subordinate Debentures........... 6.00% 11/30/2003 1,177 1,531,619
Multicare Cos., Inc., Debentures 144A*.... 7.00% 3/15/2003 1,000 970,000
------------
2,501,619
------------
HOMEBUILDERS--0.5%
Toll Corp., Guaranteed Senior Subordinate
Convertible Note........................ 4.75% 1/15/2004 1,177 1,084,345
------------
RESTAURANTS--1.0%
Starbucks Corp., Convertible Subordinate
Debentures.............................. 4.50% 8/01/2003 1,785 2,190,708
------------
TELECOMMUNICATIONS--0.8%
California Microwave, Inc., Convertible
Subordinate Note........................ 5.25% 12/15/2003 1,700 1,793,500
------------
TOTAL CONVERTIBLE BONDS
(COST $14,087,886)........................ 16,470,609
------------
<CAPTION>
Shares
---------
<S> <C> <C>
CONVERTIBLE PREFERRED STOCKS--10.5%
AUTOMOBILES--2.8%
Ford Motor Company, Series A, $4.20....... 66,699 6,478,140
------------
BANKS--2.5%
Citicorp, Series 13, $5.375............... 17,000 2,709,375
Citicorp, Series 15, $1.217............... 143,486 2,905,592
------------
5,614,967
------------
CONSUMER GOODS AND SERVICES--0.9%
Sci Finance LLC, Series A, $3.125......... 35,000 2,126,250
------------
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
PRAIRIE FUNDS
EQUITY INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
--------------------------------------------------- ------- ------------
<S> <C> <C>
FINANCE--1.5%
First U.S.A., Inc., 6.25%........................ 82,393 $ 3,336,917
------------
BEVERAGES, FOOD AND TOBACCO--1.2%
Conagra, Inc., Series E, $1.6875................. 80,000 2,830,000
------------
INSURANCE--0.7%
Conseco, Inc., Series D, 6.50%................... 39,235 1,711,627
------------
STEEL--0.9%
WHX Corp., Series B, $3.75....................... 45,694 1,993,401
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(COST $21,024,089)............................... 24,091,302
------------
COMMON STOCKS--74.3%
AUTOMOBILES--2.8%
Ford Motor Company............................... 140,000 4,165,000
General Motors Corporation....................... 47,081 2,206,922
------------
6,371,922
------------
AUTOMOTIVE PARTS & EQUIPMENT--2.0%
Echlin, Inc. .................................... 135,000 4,691,250
------------
BANKS--4.9%
Citicorp......................................... 40,305 2,332,652
First Union Corp. ............................... 100,000 4,525,000
NationsBank Corp................................. 82,392 4,418,271
------------
11,275,923
------------
BEVERAGES, FOOD AND TOBACCO--2.1%
Hershey Foods Corporation........................ 20,000 1,105,000
Philip Morris Companies, Inc..................... 50,841 3,781,299
------------
4,886,299
------------
COMPUTER SOFTWARE AND PERIPHERALS--4.3%
International Business Machines.................. 73,000 7,008,000
Salomon, Inc. HWP ELK............................ 15,000 1,440,000
Salomon, Inc. MSFT ELK........................... 13,000 1,314,625
------------
9,762,625
------------
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
PRAIRIE FUNDS
EQUITY INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
--------------------------------------------------- ------- ------------
CONSUMER PRODUCTS--3.6%
<S> <C> <C>
Clorox Company................................... 94,006 $ 6,133,892
Southern Company................................. 100,000 2,237,500
------------
8,371,392
------------
ELECTRICAL EQUIPMENT--2.0%
Emerson Electric Company......................... 48,000 3,432,000
Hubbell, Inc., Class B........................... 20,000 1,130,000
------------
4,562,000
------------
INSURANCE--4.0%
AON Corporation.................................. 147,130 5,480,592
Excel Limited.................................... 24,900 1,294,800
FPL Group, Inc................................... 60,000 2,317,500
------------
9,092,892
------------
OIL & GAS--14.0%
Atlantic Richfield Co............................ 32,000 3,512,000
British Petroleum PLC ADR........................ 64,000 5,480,000
Mobil Corp....................................... 105,000 10,080,000
Occidental Petroleum Corporation................. 156,938 3,589,957
Texaco, Inc. .................................... 100,000 6,562,500
Unocal Corp...................................... 98,000 2,707,250
------------
31,931,707
------------
PHARMACEUTICALS--8.2%
Bristol Myers Squibb Co. ........................ 50,000 3,406,250
Pfizer, Inc...................................... 85,000 7,851,875
Warner Lambert Co. .............................. 86,000 7,428,250
------------
18,686,375
------------
REAL ESTATE INVESTMENT TRUSTS--1.9%
Amli Residential Property Trust.................. 110,000 2,090,000
National Health Investors, Inc................... 80,000 2,180,000
------------
4,270,000
------------
RETAIL STORES--3.8%
Dayton Hudson Corp............................... 30,000 2,152,500
May Department Stores Company.................... 156,938 6,532,544
------------
8,685,044
------------
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
PRAIRIE FUNDS
EQUITY INCOME FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
--------------------------------------------------- ------- ------------
TELECOMMUNICATIONS--9.8%
<S> <C> <C>
British Telecom PLC ADR.......................... 55,000 $ 3,451,250
GTE Corp. ....................................... 210,000 7,166,250
Sprint Corp. .................................... 156,938 5,277,040
U.S. West, Inc................................... 156,938 6,532,544
------------
22,427,084
------------
UTILITIES--10.9%
Cinergy Corp..................................... 130,000 3,412,500
Detroit Edison Company........................... 196,173 5,787,104
Pacific Gas & Electric Company................... 54,928 1,592,912
Peco Energy Co. ................................. 129,769 3,584,869
Texas Utilities Co. ............................. 156,938 5,394,744
United Illuminating Company...................... 156,938 5,178,954
------------
24,951,083
------------
TOTAL COMMON STOCKS
(COST $155,145,732).............................. 169,965,596
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Maturity Amount
Rate Date (000)
----- ---------- ---------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT--12.2%
EURO TIME DEPOSIT--12.2%
Mitsubishi Bank Limited
(cost $27,829,000)..................... 6.375% 7/03/1995 $ 27,829 27,829,000
------------
TOTAL INVESTMENTS
(COST $218,086,707)--104.2%.............. 238,356,507
Liabilities in excess of other
assets--(4.2%)........................... (9,622,720)
------------
NET ASSETS--100.0%......................... $228,733,787
------------
------------
</TABLE>
------------------
* Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At June 30, 1995, these securities
amounted to $970,000 or 0.4% of net assets.
ADR--American Depository Receipts.
ELK--Equity-Linked Securities.
See Notes to Financial Statements.
22
<PAGE>
PRAIRIE FUNDS
GROWTH FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------------------ ------- ------------
<S> <C> <C>
COMMON STOCKS--95.3%
ADVERTISING AND MARKETING SERVICES--0.8%
Interpublic Group of Companies, Inc. ............... 35,000 $ 1,312,500
Omnicom Group....................................... 20,000 1,212,500
------------
2,525,000
------------
APPAREL--0.2%
Tommy Hilfiger Corp................................. 22,400 627,200
------------
AUTOMOTIVE PARTS AND EQUIPMENT--0.8%
Echlin, Inc......................................... 70,000 2,432,500
------------
BEVERAGES, FOOD AND TOBACCO--17.5%
Coca Cola Co........................................ 80,000 5,100,000
Conagra, Inc........................................ 200,000 6,975,000
Dean Foods Co....................................... 80,000 2,240,000
General Mills, Inc.................................. 110,000 5,651,250
Hershey Foods Corporation........................... 100,000 5,525,000
Hormel Foods Corp................................... 44,624 1,165,801
Hudson Foods, Inc., Class A......................... 100,000 1,387,500
Nabisco Holdings Corp., Class A..................... 50,000 1,350,000
Pepsico, Inc........................................ 150,000 6,843,750
Philip Morris Companies, Inc........................ 130,000 9,668,750
Sara Lee Corp....................................... 250,000 7,125,000
------------
53,032,051
------------
CHEMICALS--2.7%
Airgas, Inc......................................... 40,000 1,075,000
Eastman Chemical Co................................. 60,000 3,570,000
Praxair, Inc........................................ 140,000 3,500,000
------------
8,145,000
------------
COMPUTER SOFTWARE AND PERIPHERALS--8.1%
Automatic Data Processing, Inc...................... 85,000 5,344,375
Compaq Computer Corp................................ 30,000 1,361,250
Computer Associates International, Inc.............. 40,000 2,710,000
First Data Corp..................................... 90,000 5,118,750
Intel Corporation................................... 55,000 3,482,188
International Business Machines..................... 70,000 6,720,000
------------
24,736,563
------------
CONSUMER GOODS AND SERVICES--11.1%
American Home Products Corporation.................. 80,000 6,190,000
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
PRAIRIE FUNDS
GROWTH FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------------------ ------- ------------
CONSUMER GOODS AND SERVICES (CONTINUED)
<S> <C> <C>
Clorox Company...................................... 100,000 $ 6,525,000
Hillenbrand Industries, Inc......................... 75,000 2,334,375
Kimberly-Clark Corp................................. 120,000 7,185,000
Procter & Gamble Co................................. 25,000 1,796,875
Service Corp. International......................... 250,000 7,906,250
Stewart Enterprises, Inc., Class A.................. 52,000 1,742,000
------------
33,679,500
------------
CONSUMER NON-DURABLES--0.5%
Alberto-Culver Co., Class A......................... 60,000 1,545,000
------------
ELECTRONICS--3.2%
General Electric Company............................ 130,000 7,328,750
Molex, Inc., Class A................................ 25,000 912,500
Sanmina Corp........................................ 35,000 1,330,000
------------
9,571,250
------------
ENTERTAINMENT AND LEISURE--1.6%
Time Warner, Inc.................................... 120,000 4,935,000
------------
FINANCE--3.1%
Citicorp............................................ 30,000 1,736,250
Southern National Corp.............................. 60,000 1,440,000
State Street Bank of Boston Corp.................... 130,000 4,793,750
Sunamerica, Inc..................................... 30,000 1,530,000
------------
9,500,000
------------
FOREST AND PAPER PRODUCTS--1.3%
Union Camp Corporation.............................. 70,000 4,051,250
------------
HEALTH INDUSTRIES--4.7%
American Medical Response, Inc...................... 50,000 1,400,000
Amerisource Health Corp., Class A................... 60,000 1,368,750
Emphesys Financial Group, Inc....................... 60,000 1,417,500
Genesis Health Ventures, Inc........................ 34,000 1,007,250
Healthcare & Retirement Corp........................ 20,000 585,000
Horizon Healthcare Corp............................. 130,000 2,323,750
Multicare Cos., Inc................................. 60,000 1,042,500
Rural/Metro Corp.................................... 65,000 1,446,250
Sofamor/Danek Group, Inc............................ 100,000 2,262,500
Sullivan Dental Products, Inc....................... 29,500 250,750
Summit Care Corp.................................... 59,643 1,088,485
------------
14,192,735
------------
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
PRAIRIE FUNDS
GROWTH FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------------------ ------- ------------
INSURANCE--9.3%
<S> <C> <C>
Ace Limited......................................... 40,000 $ 1,160,000
Aflac, Inc.......................................... 40,000 1,750,000
American International Group, Inc................... 60,000 6,840,000
American Re Corp.................................... 30,000 1,117,500
AON Corporation..................................... 160,000 5,960,000
Chubb Corporation................................... 65,000 5,208,125
General Re Corp..................................... 25,000 3,346,875
Integon Corp........................................ 80,200 1,363,400
National Re Corporation............................. 40,000 1,340,000
------------
28,085,900
------------
MANUFACTURING--2.0%
Corning, Inc........................................ 185,000 6,058,750
------------
OIL & GAS--3.3%
British Petroleum PLC ADR........................... 80,000 6,850,000
Unocal Corp......................................... 110,000 3,038,750
------------
9,888,750
------------
PHARMACEUTICALS--9.4%
AL Pharmaceuticals, Inc............................. 60,000 1,125,000
Elan Corp. PLC ADR.................................. 40,000 1,630,000
Ivax Corp........................................... 100,000 2,462,500
Johnson & Johnson................................... 110,000 7,438,750
Pfizer, Inc......................................... 80,000 7,390,000
Warner Lambert Co................................... 100,000 8,637,500
------------
28,683,750
------------
POLLUTION CONTROL--2.3%
Waste Management International PLC ADR.............. 75,000 712,500
WMX Technologies, Inc............................... 225,000 6,384,375
------------
7,096,875
------------
RESTAURANTS--0.9%
IHOP Corp........................................... 50,000 1,287,500
Starbucks Corp...................................... 40,000 1,425,000
------------
2,712,500
------------
RETAIL STORES--2.0%
Eckerd Corp......................................... 60,000 1,920,000
May Department Stores Company....................... 100,000 4,162,500
------------
6,082,500
------------
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
PRAIRIE FUNDS
GROWTH FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------------------ ------- ------------
TELECOMMUNICATIONS--9.9%
<S> <C> <C>
AT&T Corp........................................... 150,000 $ 7,968,750
Century Telephone Enterprises, Inc.................. 60,000 1,702,500
DSC Communications Corp............................. 40,000 1,860,000
General Instruments Corp............................ 75,000 2,878,125
MCI Communications Corp............................. 280,000 6,160,000
Sprint Corp......................................... 150,000 5,043,750
U.S. West, Inc...................................... 110,000 4,578,750
------------
30,191,875
------------
UTILITIES--0.6%
Aes Corporation..................................... 90,000 1,710,000
------------
TOTAL COMMON STOCKS
(COST $264,958,026)................................. 289,483,949
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Maturity Amount
Rate Date (000)
----- --------- ---------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT--2.2%
EURO TIME DEPOSIT--2.2%
Mitsubishi Bank Limited (cost
$6,785,000).............................. 6.375% 7/03/1995 $ 6,785 6,785,000
------------
TOTAL INVESTMENTS
(COST $271,743,026)--97.5%................. 296,268,949
Other assets in excess of
liabilities--2.5%.......................... 7,430,134
------------
NET ASSETS--100.0%........................... $303,699,083
------------
------------
</TABLE>
------------------
ADR--American Depository Receipts.
See Notes to Financial Statements.
26
<PAGE>
PRAIRIE FUNDS
SPECIAL OPPORTUNITIES FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ --------- -----------
<S> <C> <C>
COMMON STOCKS--95.6%
ADVERTISING AND MARKETING SERVICES--1.4%
Interpublic Group of Companies, Inc. ... 12,000 $ 450,000
Omnicom Group........................... 10,000 606,250
-----------
1,056,250
-----------
APPAREL--1.1%
Tommy Hilfiger Corp. ................... 24,100 674,800
Nautica Enterprises, Inc................ 2,800 101,500
-----------
776,300
-----------
AUTOMOTIVE PARTS AND EQUIPMENT--0.8%
Armor All Products Corp. ............... 12,068 208,173
Superior Industries International,
Inc. ................................. 12,000 373,500
-----------
581,673
-----------
BEVERAGES, FOOD AND TOBACCO--3.4%
Dean Foods Co........................... 35,000 980,000
Hudson Foods, Inc., Class A............. 110,000 1,526,250
-----------
2,506,250
-----------
BIOTECHNOLOGY--0.3%
Calgene, Inc. .......................... 31,200 216,450
-----------
BROADCASTING--1.6%
Infinity Broadcasting Corp., Class A.... 34,500 1,151,438
-----------
BUSINESS EQUIPMENT AND SERVICES--3.1%
Infocus Systems, Inc. .................. 45,000 1,215,000
Proxima Corp. .......................... 45,000 1,074,375
-----------
2,289,375
-----------
CHEMICALS--3.3%
Airgas, Inc. ........................... 45,000 1,209,375
Material Sciences Corp. ................ 60,000 1,222,500
-----------
2,431,875
-----------
CONSUMER GOODS AND SERVICES--1.9%
Service Corp. International............. 45,000 1,423,125
-----------
CONSUMER NON-DURABLES--1.9%
Alberto-Culver Co., Class A............. 55,000 1,416,250
-----------
</TABLE>
See Notes to Financial Statements.
27
<PAGE>
PRAIRIE FUNDS
SPECIAL OPPORTUNITIES FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ --------- -----------
ELECTRONICS--4.0%
<S> <C> <C>
Check Point Systems..................... 6,000 $ 133,500
Methode Electronics, Inc., Class A...... 25,000 487,500
Molex, Inc. ............................ 20,000 775,000
Sanmina Corp. .......................... 40,000 1,520,000
-----------
2,916,000
-----------
ENTERTAINMENT AND LEISURE--1.4%
Royal Caribbean Cruises Ltd............. 48,000 1,056,000
-----------
FINANCE--7.9%
First U.S.A., Inc. ..................... 40,000 1,485,000
Firstar Corp. .......................... 45,000 1,513,125
Old Kent Financial Corp. ............... 40,000 1,360,000
Southern National Corp. ................ 60,000 1,440,000
-----------
5,798,125
-----------
HEALTH INDUSTRIES--21.4%
American Medical Response, Inc. ........ 55,000 1,540,000
Amerisource Health Corp., Class A....... 60,000 1,368,750
Emphesys Financial Group, Inc. ......... 55,000 1,299,375
Genesis Health Ventures, Inc. .......... 40,000 1,185,000
Healthcare & Retirement Corp. .......... 45,000 1,316,250
Horizon Healthcare Corp. ............... 86,000 1,537,250
Multicare Cos., Inc. ................... 70,000 1,216,250
Quintiles Transnational Corp. .......... 17,353 780,885
Rural/Metro Corp. ...................... 80,000 1,780,000
Sofamor/Danek Group, Inc. .............. 95,000 2,149,375
Sullivan Dental Products, Inc. ......... 32,500 276,250
Summit Care Corp. ...................... 73,000 1,332,250
-----------
15,781,635
-----------
INSURANCE--11.7%
Ace Limited............................. 40,000 1,160,000
AMBAC, Inc. ............................ 35,000 1,404,375
American Re Corp. ...................... 35,000 1,303,750
Integon Corp. .......................... 85,000 1,445,000
National Re Corporation................. 45,000 1,507,500
Sphere Drake Holdings Ltd............... 68,024 1,045,869
Western National Corp. ................. 60,000 742,500
-----------
8,608,994
-----------
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
PRAIRIE FUNDS
SPECIAL OPPORTUNITIES FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ --------- -----------
<S> <C> <C>
INVESTMENT MANAGEMENT--0.9%
Duff and Phelps Corp. .................. 62,471 $ 671,563
-----------
NATURAL GAS--0.4%
Swift Energy Co. ....................... 30,000 273,750
-----------
PHARMACEUTICALS--7.4%
AL Pharmaceuticals, Inc. ............... 85,000 1,593,750
Elan Corp. PLC ADR...................... 50,000 2,037,500
Ivax Corp. ............................. 75,000 1,846,875
-----------
5,478,125
-----------
POLLUTION CONTROL--0.8%
Waste Management International PLC
ADR................................... 65,000 617,500
-----------
RAILROAD EQUIPMENT--1.4%
Johnstown America Industries, Inc. ..... 100,000 1,037,500
-----------
REAL ESTATE DEVELOPMENT--2.0%
Stewart Enterprises, Inc., Class A...... 45,000 1,507,500
-----------
RESTAURANTS--3.4%
IHOP Corp. ............................. 60,000 1,545,000
Starbucks Corp. ........................ 26,000 926,250
-----------
2,471,250
-----------
RETAIL AND WHOLESALE DISTRIBUTION--0.7%
Corporate Express, Inc. ................ 22,950 490,556
-----------
RETAIL STORES--3.2%
Eckerd Corp. ........................... 55,000 1,760,000
Officemax, Inc. ........................ 20,129 561,096
-----------
2,321,096
-----------
TELECOMMUNICATIONS--7.5%
Centennial Cellular Corp., Class A...... 30,000 502,500
Century Telephone Enterprises, Inc. .... 65,000 1,844,375
DSC Communications Corp. ............... 35,000 1,627,500
General Instruments Corp. .............. 40,000 1,535,000
-----------
5,509,375
-----------
UTILITIES--2.7%
Aes Corporation......................... 80,000 1,520,000
Public Service Co. of New Mexico........ 35,000 498,750
-----------
2,018,750
-----------
TOTAL COMMON STOCKS
(COST $66,757,428)...................... 70,406,705
-----------
</TABLE>
See Notes to Financial Statements.
29
<PAGE>
PRAIRIE FUNDS
SPECIAL OPPORTUNITIES FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------ ------ --------- --------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT--4.1%
EURO TIME DEPOSIT--4.1%
Mitsubishi Bank Limited (cost
$3,027,000)........................... 6.375% 7/03/1995 $ 3,027 $ 3,027,000
-----------
TOTAL INVESTMENTS
(COST $69,784,428)--99.7%............... 73,433,705
Other assets in excess of
liabilities--0.3%....................... 242,762
-----------
NET ASSETS--100.0%........................ $73,676,467
-----------
-----------
</TABLE>
------------------
ADR--American Depository Receipts.
See Notes to Financial Statements.
30
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
<S> <C> <C>
COMMON STOCK--80.4%
AUSTRALIA--2.6%
Adelaide Brighton Limited............... 1,400 $ 1,310
Amcor Limited........................... 12,700 93,442
Ashton Mining Limited................... 2,600 4,091
Australian National Industries
Limited............................... 7,300 6,312
Boral Limited........................... 13,600 33,932
Brambles Industries Limited............. 2,000 18,912
Broken Hill Proprietary Co.............. 26,400 324,110
Burns Philip & Co....................... 4,200 8,752
Coca Cola Amatil........................ 3,600 22,201
Coles Myer Limited...................... 25,600 80,023
CRA Limited............................. 10,200 138,383
CSR Limited............................. 8,800 27,446
Dominion Mining Limited................. 4,100 755
Email Limited........................... 2,600 6,303
Emperor Mines Limited................... 600 723
FAI Insurances.......................... 2,800 1,111
Fosters Brewing Group................... 38,900 34,465
General Property Trust.................. 5,900 9,953
Gold Mines of Kalgoorlie................ 8,900 7,949
Goodman Fielder Limited................. 11,200 9,288
Hardie (James) Industries............... 3,600 5,665
ICI Australia........................... 2,800 18,259
Lend Lease Corp......................... 6,000 76,468
MIM Holdings Limited.................... 14,900 18,376
National Australia Bank................. 21,500 169,465
Newcrest Mining Limited................. 2,200 9,310
News Corporation Limited................ 27,600 153,771
North Limited........................... 6,300 15,183
OPSM Protector Limited.................. 1,300 1,889
Pacific Dunlop Limited.................. 28,800 60,425
Pioneer International Limited........... 11,700 29,027
Rothman's Holdings Limited.............. 1,100 3,782
Santos Limited.......................... 21,000 50,312
Schroders Property Fund................. 2,800 4,267
Smith Howard Limited.................... 1,600 7,236
Sons of Gwalia Limited.................. 700 3,225
Southcorp Holdings...................... 23,400 46,608
Stockland Trust Group................... 2,900 6,742
</TABLE>
See Notes to Financial Statements.
31
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
AUSTRALIA (CONTINUED)
<S> <C> <C>
TNT Limited............................. 5,300 $ 6,950
Tubemakers of Australia Limited......... 2,600 6,174
Western Mining Corp..................... 20,600 112,871
Westfield Trust......................... 7,600 13,252
Westpac Banking Corp.................... 33,000 119,061
-----------
1,767,779
-----------
FRANCE--5.7%
Accor................................... 100 13,327
Air Liquide............................. 250 39,969
Alcatel Alsthom......................... 1,700 153,184
AXA..................................... 600 32,429
Banque Nationale de Paris............... 4,500 217,225
BIC..................................... 50 8,252
Bouygues................................ 100 11,986
Carnaudmetalbox......................... 3,300 147,589
Carrefour............................... 150 76,895
Casino Guich-Perr....................... 250 7,297
Chargeurs............................... 50 9,747
Club Mediterranee....................... 50 5,101
Compagnie Bancaire...................... 1,210 144,775
Compagnie de Suez....................... 2,400 133,627
Compagnie Geophysique................... 50 2,981
Comptoirs Modern........................ 50 15,420
Credit Local de France.................. 2,000 185,662
CSF (Thomson)........................... 450 10,091
Docks de France......................... 50 7,622
Dollfus-Mieg & Cie PV................... 50 2,816
Eaux-Cie Generale....................... 2,700 300,773
ELF-Aquitane............................ 3,300 244,053
Eridania Beghin-Say..................... 100 15,431
Essilor International................... 50 9,097
Europe 1................................ 25 5,946
Groupe Danone........................... 250 42,083
GTM Entrepose........................... 50 3,942
Imetal.................................. 50 5,879
Lafarge................................. 300 23,344
Lagardere Groupe........................ 350 7,256
Legrand................................. 500 79,422
L'oreal................................. 250 62,764
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
FRANCE (CONTINUED)
<S> <C> <C>
LVMH Moet Hennessy...................... 1,600 $ 288,148
Lyonnais Des Eaux-Dumez................. 100 9,465
Michelin, Class B....................... 2,300 101,964
Moulinex................................ 100 2,420
Nord Est................................ 50 1,271
Peugeot SA.............................. 1,300 180,484
Pinault-Printemps....................... 100 21,454
Promodes................................ 50 11,398
Rhone Poulenc, Series A................. 1,250 28,184
Sanofi.................................. 3,000 166,168
Schneider SA............................ 250 19,789
Sefimeg................................. 50 3,332
Seita................................... 200 6,016
Simco................................... 50 4,342
Societe Generale........................ 2,500 292,418
Sodexho................................. 50 11,295
St. Louis............................... 50 15,472
St. Gobain.............................. 2,300 278,040
Total, Class B.......................... 4,800 289,138
Union de Assur.......................... 3,600 94,465
Union Immobiliere de France............. 50 4,807
-----------
3,856,055
-----------
GERMANY--5.7%
Allianz AG Holding...................... 200 358,205
AMB AAchener & Muench................... 50 34,679
BASF AG................................. 600 127,966
Bayer AG................................ 600 148,990
Bayer Motoren Werke AG.................. 300 164,509
Bayerische Vereinsbank.................. 300 90,816
Beiersdorf AG, Series ABC............... 50 39,628
Bilfinger & Berger...................... 50 23,083
Brau Und Brunnen........................ 50 9,627
Bremer Vulkan AG........................ 150 8,724
Colonia Konzern AG...................... 50 45,083
Commerzbank AG.......................... 500 119,751
Continental AG.......................... 100 14,674
Daimler Benz AG......................... 350 160,950
Degussa AG.............................. 100 31,211
Deutsche Bank AG........................ 8,000 388,982
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
GERMANY (CONTINUED)
<S> <C> <C>
Deutsche Lufthansa AG................... 400 $ 57,885
Didier-Werke AG......................... 50 4,281
FAG Kugelfischer Georg.................. 50 6,809
Heidelberg Zement....................... 50 42,807
Hochtief AG............................. 100 55,992
Hoechst AG.............................. 600 129,396
Kaufhof Holding AG...................... 300 107,722
Kloeckner-Humboldt Deutz................ 100 3,287
Linde AG................................ 100 59,171
Linotype Hell AG........................ 50 11,090
MAN AG.................................. 100 25,684
Mannesmann AG........................... 450 137,361
Muenchener Ruckvers..................... 100 218,911
Preussag AG............................. 800 239,285
P.W.A Papier Waldhof.................... 50 9,031
RWE AG.................................. 300 104,145
SAP AG.................................. 50 66,432
Schering AG............................. 1,000 69,864
Siemens AG.............................. 650 321,825
Thyssen AG.............................. 350 65,164
Veba AG................................. 700 274,615
Volkswagon AG........................... 200 57,582
-----------
3,835,217
-----------
HONG KONG--2.8%
Bank of East Asia....................... 6,000 18,068
Cathay Pacific Airway................... 23,000 33,589
Cheung Kong Holdings.................... 18,000 89,098
China Light and Power Co., Limited...... 60,000 308,622
Chinese Estates Holdings................ 12,000 8,606
Dickson Concepts International
Limited............................... 5,000 2,989
Giordano International Holdings......... 4,000 2,972
Hang Lung Development Co................ 10,000 15,896
Hang Seng Bank Limited.................. 21,800 166,227
Hong Kong Aircraft...................... 1,200 3,117
Hong Kong Telecom....................... 106,400 210,385
Hopewell Holdings....................... 35,000 29,628
Hutchison Whampoa....................... 68,000 328,678
Hysan Development Limited............... 8,000 18,300
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
HONG KONG--2.8% (CONTINUED)
<S> <C> <C>
Johnson Electric Holdings............... 3,000 $ 6,048
Kumagai Gumi............................ 3,000 2,559
Lai Sun Garment International........... 2,000 2,081
Miramar Hotel & Investment.............. 4,000 8,168
New World Development Co................ 13,000 43,263
Oriental Press Group.................... 12,000 4,846
Peregrine Investment Holdings........... 4,000 5,686
Playmate Toys Holdings.................. 4,000 1,124
Regal Hotel Holdings.................... 22,000 4,349
Shangri-La Asia......................... 8,000 9,512
Shun Tak Holdings Limited............... 12,000 9,538
South China Morning Post................ 12,000 7,211
Sun Hung Kai Properties................. 25,000 184,975
Swire Pacific Limited................... 32,000 244,003
Television Broadcasts Limited........... 3,000 10,546
Wharf Holdings Limited.................. 39,000 127,269
Wing Lung Bank.......................... 1,200 6,777
Winsor Industrial Corp. Limited......... 2,000 2,662
-----------
1,916,792
-----------
JAPAN--46.9%
Advantest Corp.......................... 1,000 37,691
Ajinomoto Co., Inc...................... 8,000 82,073
Alps Electric Co........................ 1,000 10,459
Amada Co................................ 28,000 239,103
Asahi Bank Limited...................... 33,000 351,767
Asahi Breweries......................... 5,000 57,538
Asahi Chemical Industries............... 27,000 177,136
Asahi Glass Co.......................... 33,000 363,815
Ashikaga Bank........................... 7,000 49,470
Bank of Tokyo........................... 29,000 464,545
Bank of Yokohama........................ 15,000 127,208
Banyu Pharmaceutical.................... 1,000 11,767
Bridgestone Corp........................ 8,000 117,786
Canon, Inc.............................. 24,000 390,106
Casio Computer Co....................... 1,000 9,011
Chiba Bank.............................. 10,000 90,694
Chichibu Onoda Cement................... 4,000 18,186
Chugai Pharmaceutical Co................ 1,000 10,106
Citizen Watch Co. Limited............... 19,000 117,490
</TABLE>
See Notes to Financial Statements.
35
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
JAPAN (CONTINUED)
<S> <C> <C>
Cosmo Oil Co............................ 3,000 $ 16,926
Credit Saison........................... 1,000 21,555
Daicel Chemical Industries.............. 13,000 66,453
Daiei, Inc.............................. 6,000 72,791
Dai-Ichi Kangyo Bank*................... 46,000 828,975
Daiichi Pharmaceuticals Co.............. 2,000 29,211
Daikin Industries....................... 27,000 216,888
Dai Nippon Ink and Chemical............. 5,000 21,378
Dai Nippon Printing..................... 26,000 413,426
Dai Nippon Screen....................... 1,000 6,714
Daiwa Bank.............................. 20,000 180,212
Daiwa House Industries.................. 14,000 214,369
Daiwa Securities........................ 19,000 200,070
Denki Kagaku Kogyo...................... 1,000 3,322
Ebara Corp.............................. 2,000 24,264
Eisai Co................................ 2,000 34,158
Ezaki Glico Co.......................... 1,000 8,787
Fanuc Co................................ 7,000 301,767
Fuji Bank............................... 42,000 845,935
Fuji Photo Film Limited................. 5,000 118,375
Fujita Corp............................. 1,000 4,700
Fujita Kanko............................ 1,000 22,026
Fujitsu Limited......................... 46,440 462,208
Furukawa Electric....................... 3,000 14,134
Gakken Co............................... 1,000 6,137
Gunma Bank.............................. 6,000 71,378
Gunze Limited........................... 2,000 12,415
Hankyu Corp............................. 7,000 41,966
Hitachi Limited*........................ 81,000 806,177
Hokuriku Bank........................... 8,000 58,422
Honda Motor Co.......................... 19,000 290,930
House Foods Corp........................ 1,000 20,966
Inax Corp............................... 26,000 250,198
Industrial Bank of Japan................ 35,000 911,071
Isetan Co............................... 1,000 13,545
Ishihara Sangyo Kaisha.................. 1,000 2,968
Ito Yokado Co.*......................... 13,000 684,451
Itochu Corp............................. 20,000 116,606
Itoham Foods............................ 2,000 15,312
</TABLE>
See Notes to Financial Statements.
36
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
JAPAN (CONTINUED)
<S> <C> <C>
Iwantani International Corp............. 1,000 $ 4,700
Japan Air Lines Co...................... 26,000 172,414
Japan Energy Corp....................... 5,000 16,196
Jeol.................................... 1,000 6,478
Joyo Bank............................... 10,000 84,570
Jusco Co................................ 2,000 41,460
Kajima Corp............................. 9,000 89,258
Kanebo.................................. 6,000 13,215
Kaneka Corp............................. 1,000 6,431
Kansai Electric Power................... 12,000 322,261
Kansai Paint Co. Limited................ 1,000 5,041
Kao Corp................................ 7,000 84,099
Kawasaki Kisen Kaisha................... 7,000 18,138
Kawasaki Steel Corp..................... 34,000 111,330
Keihin Electric......................... 3,000 19,788
Keio Teito Electric Railway............. 16,000 93,474
Kikkoman Corp........................... 2,000 13,875
Kinden Corp............................. 1,000 18,610
Kinki Nippon Railway.................... 31,000 271,659
Kirin Brewery Co........................ 15,000 159,011
Kobe Steel.............................. 25,000 59,480
Komatsu Limited......................... 9,000 68,586
Kubota Corp............................. 13,000 82,685
Kumagai Gumi Co......................... 2,000 8,363
Kurabo Industries....................... 3,000 10,813
Kuraray Co. Limited..................... 8,000 86,784
Kureha Chemical Industries Co........... 1,000 4,005
Kyocera Corp............................ 3,000 246,643
Kyowa Hakko Kogyo....................... 4,000 38,634
Lion Corp............................... 1,000 5,771
Maeda Road Construction................. 6,000 115,901
Marubeni Corp........................... 21,000 106,607
Marudai Food Co......................... 1,000 6,678
Maruha Corp............................. 2,000 6,737
Marui Co................................ 3,000 47,703
Matsushita Electric Industries.......... 40,000 621,908
Meija Milk Products..................... 2,000 11,237
Meiji Seika Kaisha...................... 3,000 17,491
Mitsubishi Bank......................... 12,000 258,656
</TABLE>
See Notes to Financial Statements.
37
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
JAPAN (CONTINUED)
<S> <C> <C>
Mitsubishi Chemical Corp................ 24,000 $ 102,614
Mitsubishi Corp......................... 23,000 261,425
Mitsubishi Electric Corp................ 24,000 168,480
Mitsubishi Estate....................... 19,000 213,722
Mitsubishi Gas.......................... 1,000 4,240
Mitsubishi Heavy Industries Limited..... 39,000 264,592
Mitsubishi Materials.................... 15,000 67,137
Mitsubishi Oil Co....................... 2,000 19,175
Mitsubishi Paper........................ 34,000 178,609
Mitsubishi Trust and Banking Limited.... 19,000 268,550
Mitsui and Co. Limited.................. 23,000 179,340
Mitsui Engine and Shipbuilding.......... 1,000 2,167
Mitsui Fire and Marine Insurance........ 10,000 65,488
Mitsui Fudosan Co....................... 13,000 148,680
Mitsui Mining & Smelting Co............. 6,000 17,809
Mitsui O.S.K. Lines..................... 14,000 38,751
Mitsui Toatsu Chemical.................. 3,000 11,025
Mitsui Trust and Banking Co............. 17,000 156,182
Mitsukoshi Limited...................... 3,000 21,413
Murata Manufacturing Co................. 3,000 113,427
Nagoya Railroad Co...................... 6,000 31,660
Nankai Electric Railway................. 3,000 21,979
NEC Corp................................ 18,000 196,960
New Oji Paper........................... 6,000 57,597
NGK Insulators.......................... 44,000 398,539
Nichido Fire and Marine................. 5,000 40,342
Nichii Co. Limited...................... 22,000 238,656
Nichirei Corp........................... 3,000 18,162
Nihon Cement Co......................... 2,000 12,132
Nintendo Co............................. 2,600 149,140
Nippon Beet Sugar....................... 1,000 3,910
Nippon Denso............................ 19,000 344,639
Nippon Express Co....................... 12,000 110,246
Nippon Fire and Marine Insurance........ 7,000 44,028
Nippon Light Metal...................... 6,000 27,208
Nippon Meat Packers..................... 16,000 233,686
Nippon Oil Co........................... 11,000 69,057
Nippon Paper Industries................. 7,000 45,347
Nippon Seiko Kab Kai.................... 2,000 11,519
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
JAPAN (CONTINUED)
<S> <C> <C>
Nippon Shinpan Co....................... 3,000 $ 19,223
Nippon Shokubai Kagaku Kogyo............ 1,000 8,822
Nippon Steel Corp....................... 81,000 263,315
Nippon Suisan........................... 2,000 9,446
Nippon Yusen Kab Kai.................... 16,000 89,516
Nissan Motor Co......................... 36,000 229,820
Nisshinbo Industries, Inc............... 3,000 23,639
Nissin Food Products Co., Limited....... 1,000 24,499
NKK Corp................................ 34,000 79,693
NOF Corp................................ 1,000 5,371
Nomura Securities....................... 29,000 505,534
NTN Corp................................ 1,000 5,889
Obayashi Corp........................... 6,000 46,078
Odakyu Electric Railway................. 6,000 43,533
Okamoto Industries...................... 2,000 11,307
Omron Corp.............................. 1,000 19,081
Onward Kashiyama........................ 2,000 27,091
Orix Corp............................... 3,000 99,647
Osaka Gas Co............................ 117,000 431,332
Pioneer Electronic...................... 8,000 135,689
Q.P. Corp............................... 1,000 9,164
Renown, Inc............................. 3,000 8,834
Ricoh Co................................ 5,000 42,874
Rohm Co................................. 1,000 51,590
Sakura Bank............................. 49,000 510,776
Sankyo Co............................... 19,000 440,870
Sankyo Aluminum......................... 1,000 4,770
Sanwa Shutter Corp...................... 1,000 7,503
Sanyo Electric Co....................... 20,000 98,232
Sapporo Breweries....................... 4,000 37,315
Secom Co................................ 7,000 439,458
Sega Enterprises........................ 1,000 35,453
Seino Transportation.................... 10,000 168,433
Sekisui Chemical........................ 6,000 70,671
Sekisui House........................... 54,000 667,840
Seven-Eleven Japan NPV.................. 4,000 285,983
Sharp Corp.............................. 12,000 158,303
Shimizu Corp............................ 7,000 67,609
Shin-Etsu Chemical Co................... 3,000 52,650
</TABLE>
See Notes to Financial Statements.
39
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
JAPAN (CONTINUED)
<S> <C> <C>
Shinmaywa Industries.................... 16,000 $ 133,992
Shionogi and Co......................... 2,000 17,644
Shiseido Co............................. 3,000 33,746
Shizuoka Bank........................... 11,000 137,337
Shochiku Co............................. 1,000 11,060
Showa Denko KK.......................... 6,000 17,668
Skylark Co.............................. 1,000 15,548
Snow Brand Milk......................... 3,000 23,498
Sony Corp............................... 5,200 249,281
Sumitomo Bank........................... 46,000 796,463
Sumitomo Chemical....................... 16,000 62,556
Sumitomo Corp........................... 15,000 136,395
Sumitomo Electric Industries............ 22,000 261,719
Sumitomo Forestry....................... 1,000 16,608
Sumitomo Marine and Fire................ 9,000 71,342
Sumitomo Metal Industries............... 30,000 78,090
Sumitomo Metal Mining................... 7,000 51,613
Sumitomo Osaka Cement................... 3,000 10,989
Taisei Corp............................. 8,000 47,208
Taisho Pharmaceutical Co................ 3,000 57,950
Taiyo Yuden............................. 1,000 9,894
Takeda Chemical Industries.............. 32,000 422,141
Tanabe Seiyaku Co....................... 1,000 7,468
TDK Corp................................ 8,000 363,722
Teijin Limited.......................... 8,000 38,256
Tobu Railway Co......................... 8,000 49,847
Tohoku Electric Power................... 6,000 166,078
Tokai Bank.............................. 29,000 321,082
Tokio Marine and Fire................... 25,000 286,218
Tokyo Broadcasting...................... 2,000 28,504
Tokyo Dome Corp......................... 2,000 30,624
Tokyo Electric Power.................... 18,000 551,236
Tokyo Electronics....................... 2,000 68,316
Tokyo Gas Co............................ 33,000 129,822
Tokyo Steel Manufacturing Co. Limited... 20,000 341,578
Tokyo Style Co.......................... 1,000 15,077
Tokyoto Keiba Co........................ 3,000 11,908
Tokyu Corp.............................. 11,000 70,483
Tonen Corp.............................. 20,000 310,954
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
JAPAN (CONTINUED)
<S> <C> <C>
Toppan Printing Co...................... 6,000 $ 78,445
Toray Industries, Inc................... 90,000 558,657
Toshiba Corp............................ 88,000 556,600
Tosoh Corp.............................. 3,000 11,272
Tostem Corp............................. 2,000 61,484
Toto Limited............................ 3,000 42,756
Toyo Kanetsu KK......................... 2,000 8,433
Toyo Seikan Kaisha...................... 2,000 58,422
Toyobo Co............................... 8,000 26,383
Toyoda Automatic Loom Works Limited..... 2,000 36,042
Toyota Motor Corp....................... 56,000 1,108,122
UBE Industries.......................... 2,000 6,973
Unitika Limited......................... 1,000 2,544
Yamaguchi Bank.......................... 2,000 38,163
Yamaichi Securities Co.................. 16,000 85,558
Yamanouchi Pharmaceutical............... 3,000 67,491
Yamato Transport........................ 2,000 21,248
Yamazaki Baking Co...................... 2,000 40,990
Yasuda Trust and Banking................ 15,000 98,057
Yokogawa Bridge Works Corp.............. 7,000 94,817
Yokogawa Electric....................... 2,000 14,016
77 Bank................................. 4,000 44,711
-----------
31,623,412
-----------
SINGAPORE--3.3%
Amcol Holdings.......................... 9,000 26,017
Chaun Hup Holdings...................... 7,000 5,710
City Developments....................... 24,000 146,832
Cycle and Carriage...................... 7,000 62,611
DBS Land Limited........................ 25,000 78,352
Development Bank Singapore.............. 21,000 238,923
First Capital Corp...................... 7,000 21,638
Fraser and Neave Limited................ 7,000 80,643
Hai Sun Hup Group....................... 7,000 4,207
Haw Par Brothers International.......... 6,000 12,536
Hotel Properties Limited................ 12,000 21,209
Inchcape Berhad......................... 5,000 16,314
Jurong Shipyard......................... 3,000 21,467
Keppel Corp............................. 15,000 122,360
Low Keng Huat Limited................... 4,000 2,046
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
SINGAPORE (CONTINUED)
<S> <C> <C>
Lum Chang Holdings Limited.............. 10,000 $ 8,515
Metro Holdings.......................... 3,000 12,665
Natsteel Limited........................ 10,000 20,894
Neptune Orient Lines.................... 21,000 24,343
Oversea Chinese Banking Corp............ 27,000 299,460
Overseas Union Enterprises.............. 4,000 24,472
Parkway Holdings Limited................ 9,000 21,766
Prima Limited........................... 1,000 3,721
Robinson and Company.................... 2,000 8,229
Shangri-La Hotel........................ 5,000 20,036
Sia Limited Foreign..................... 40,000 369,224
Singapore Press Holdings................ 10,800 161,515
Straits Steamship....................... 16,000 55,413
Straits Trading Co...................... 9,000 22,540
United Industrial Corp.................. 42,000 40,572
United Overseas Bank.................... 27,600 260,690
United Overseas Land.................... 15,000 29,730
-----------
2,244,650
-----------
UNITED KINGDOM--13.4%
ASDA Group.............................. 70,600 106,698
Bass.................................... 27,900 266,981
Bat Industries.......................... 33,500 256,349
Bet Pub Limited......................... 48,400 94,709
British Gas............................. 116,800 537,934
British Petroleum....................... 61,800 442,921
British Telecom......................... 131,700 821,321
Charter PLC............................. 13,600 196,456
Coats Viyella........................... 59,500 176,060
FKI PLC................................. 25,500 64,502
General Electric........................ 108,900 531,868
Glaxo Wellcome PLC...................... 32,500 398,895
Grand Metropolitan...................... 39,300 241,023
Guinness................................ 43,200 325,076
Hanson.................................. 47,700 166,945
HSBC Holdings........................... 11,600 149,757
Lasmo PLC............................... 74,200 202,440
Legal and General....................... 17,900 151,497
Lloyds Abbey Life PLC................... 25,400 157,998
Lloyds Bank............................. 66,600 661,151
</TABLE>
See Notes to Financial Statements.
42
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
UNITED KINGDOM (CONTINUED)
<S> <C> <C>
London Electricity PLC.................. 13,900 $ 141,968
Lucas Industries PLC.................... 28,300 84,866
Mirror Group News PLC................... 33,800 71,514
National Power.......................... 11,100 78,670
National Westminster Bank............... 40,200 349,189
Ocean Group PLC......................... 45,800 226,600
Reckitt and Coleman..................... 22,600 238,376
Rolls Royce............................. 39,300 109,101
Royal Insurance PLC..................... 24,200 118,962
RTZ Corp................................ 6,600 86,099
Sears................................... 88,800 140,562
Sedgwick Group.......................... 24,700 54,226
Smithkline Beecham...................... 50,400 447,411
Tesco................................... 77,700 358,477
Thames Water PLC........................ 22,800 172,655
Unilever PLC............................ 8,100 163,978
Whitbread and Co........................ 22,400 214,529
-----------
9,007,764
-----------
TOTAL COMMON STOCK (COST $53,484,334)..... 54,251,669
-----------
PREFERRED STOCK--0.3%
AUSTRALIA--0.1%
News Corp., Limited Voting
Preferred Shares...................... 14,200 70,155
-----------
FRANCE--0.0%
Casino Guich-Perr, Preferred Shares..... 50 1,125
-----------
GERMANY--0.2%
Lufthansa AG, Preferred Shares
Nonvoting............................. 50 7,297
MAN AG, Preferred Shares Nonvoting...... 50 9,970
RWE AG, Preferred Shares Nonvoting...... 150 41,236
SAP AG, Preferred Shares Nonvoting...... 50 63,325
Volkswagon AG, Preferred Shares
Nonvoting............................. 50 11,054
-----------
132,882
-----------
TOTAL PREFERRED STOCK (COST $179,380)..... 204,162
-----------
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description Shares (Note 2(a))
------------------------------------------ ---------- -----------
COMMON STOCK RIGHTS--0.0%
<S> <C> <C>
GERMANY--0.0%
Allianz AG Holding, Common
Stock Rights.......................... 200 $ 14,883
Kloeckner-Humboldt Deutz, Common
Stock Rights.......................... 100 --
-----------
14,883
-----------
UNITED KINGDOM--0.0%
FKI PLC, Common Stock Rights............ 6,375 3,397
-----------
TOTAL COMMON STOCK RIGHTS (COST
$18,090)................................ 18,280
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Maturity Amount
Description Rate Date (000)
------------------------------------------ ----- ---------- ----------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS--18.3%
U.S. TREASURY BILLS--18.3%
U.S. Treasury Bill*..................... 5.59%** 8/10/1995 $ 1,000 993,939
U.S. Treasury Bill...................... 5.71%*** 9/07/1995 2,000 1,980,308
U.S. Treasury Bill...................... 5.67%** 10/05/1995 1,735 1,710,217
U.S. Treasury Bill...................... 5.59%** 11/02/1995 2,900 2,847,615
U.S. Treasury Bill...................... 5.71%*** 12/07/1995 1,500 1,464,935
U.S. Treasury Bill...................... 6.39%*** 3/07/1996 3,500 3,372,691
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $12,347,551)...................... 12,369,705
-----------
TOTAL INVESTMENTS (COST $66,029,355)...... 66,843,816
Other assets in excess of
liabilities--1.0%....................... 672,057
-----------
NET ASSETS--100.0%........................ $67,515,873
-----------
-----------
</TABLE>
------------------
* Securities held as collateral for open financial futures positions.
** Average yield of multiple purchases.
*** Yield at purchase.
See Notes to Financial Statements.
44
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
PORTFOLIO OF FINANCIAL FUTURES
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Number Market Value Unrealized
of Covered Appreciation/
Description Contracts by Contracts Expiration Depreciation
------------------------------------- --------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
FINANCIAL FUTURES
LONG POSITIONS
JAPAN
Currency--Japanese Yen............. 7 $ 1,046,150 September 1995 $ 2,363
TOPIX.............................. 79 11,122,676 September 1995 664,417
UNITED KINGDOM
FTSE............................... 1 132,207 September 1995 (4,155)
</TABLE>
See Notes to Financial Statements.
45
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------- ----- ---------- --------- ------------
<S> <C> <C> <C> <C>
CORPORATE OBLIGATIONS--24.8%
ASSET-BACKED SECURITIES--8.5%
Advanta Mortgage Loan Trust, Series
1994-3, Class A2....................... 7.60% 4/25/2010 $ 3,915 $ 4,003,162
First Federal Savings & Loan Association,
Chicago, Mortgage Backed Certificates,
Series A, Passthrough Notes............ 8.75% 6/01/2006 8 8,010
Green Tree Home Improvement Loan Trust,
Series 1994-B1, Class A1............... 7.15% 7/15/2014 1,208 1,220,497
MBNA Master Credit Card Trust, Series
1994-C, Class A........................ 6.375% 3/15/2004 1,655 1,660,874
Midlantic Auto Grantor Trust, Series
1992-1, Class A........................ 4.30% 9/15/1997 233 231,269
People's Bank Credit Card Master Trust,
Series 1993-1, Class A................. 4.80% 12/15/1999 2,480 2,458,099
Sears Credit Account Master Trust, Series
1995-3, Class A........................ 7.00% 10/15/2004 2,300 2,372,908
Security Pacific Acceptance Corp.,
Manufactured Housing Contract, Senior
Subordinate, Series 1995-1, Class A3... 7.25% 4/10/2020 2,000 1,992,813
Select Auto Receivables Trust, Series
1991-3, Class A........................ 7.00% 9/15/1996 376 375,584
------------
14,323,216
------------
BANKING--11.1%
ABN-AMRO Bank NV, Chicago,
Subordinate Note....................... 7.25% 5/31/2005 2,800 2,870,666
Barclays American Corporation, Senior
Debentures............................. 9.125% 12/01/1997 2,690 2,855,491
China International Trust & Investment
Corp., Yankee Notes.................... 9.00% 10/15/2006 1,660 1,775,075
Citicorp, Subordinate Notes.............. 6.75% 8/15/2005 2,750 2,701,875
Mellon Financial Co., Senior Note........ 7.625% 11/15/1999 2,310 2,403,777
Midland Bank PLC, Subordinate Notes...... 8.625% 12/15/2004 2,230 2,470,934
NBD Bancorp, Subordinate Notes........... 7.125% 5/15/2007 2,000 2,021,880
Norwest Corp., Medium Term Note,
Senior Note............................ 7.75% 3/01/2002 1,500 1,596,627
------------
18,696,325
------------
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------- ----- ---------- --------- ------------
FINANCE--3.0%
<S> <C> <C> <C> <C>
Aristar, Inc., Corporate Notes........... 5.75% 7/15/1998 $ 2,480 $ 2,436,461
Associates Corp., North America,
Corporate Notes........................ 7.875% 9/30/2001 2,500 2,653,852
------------
5,090,313
------------
HOTELS AND GAMING--1.6%
Mariott International, Inc., Senior
Note................................... 7.875% 4/15/2005 2,500 2,633,248
------------
TELECOMMUNICATIONS--0.6%
Southwestern Bell Telephone Co.,
Medium Term Note....................... 7.50% 4/26/2005 1,000 1,052,402
------------
TOTAL CORPORATE OBLIGATIONS
(COST $40,359,355)....................... 41,795,504
------------
U.S. GOVERNMENT OBLIGATIONS--47.9%
U.S. TREASURY NOTES--47.9%
U.S. Treasury Note....................... 8.75% 8/15/2000 6,870 7,694,400
U.S. Treasury Note....................... 8.50% 2/15/2000 830 913,519
U.S. Treasury Note....................... 7.875% 1/15/1998 2,900 3,035,938
U.S. Treasury Note....................... 7.875% 11/15/1999 990 1,061,464
U.S. Treasury Note....................... 7.75% 11/30/1999 2,440 2,604,700
U.S. Treasury Note....................... 7.75% 1/31/2000 12,100 12,935,638
U.S. Treasury Note....................... 7.50% 11/15/2001 8,550 9,175,219
U.S. Treasury Note....................... 7.50% 5/15/2002 150 161,390
U.S. Treasury Note....................... 7.25% 5/15/2004 1,500 1,601,250
U.S. Treasury Note....................... 7.25% 8/15/2004 4,765 5,089,616
U.S. Treasury Note....................... 7.125% 9/30/1999 165 171,909
U.S. Treasury Note....................... 6.875% 10/31/1996 75 75,984
U.S. Treasury Note....................... 6.875% 8/31/1999 1,785 1,843,012
U.S. Treasury Note....................... 6.875% 3/31/2000 3,300 3,416,526
U.S. Treasury Note....................... 6.50% 9/30/1996 750 756,796
U.S. Treasury Note....................... 6.50% 8/15/1997 7,450 7,547,781
U.S. Treasury Note....................... 6.125% 12/31/1996 400 402,124
U.S. Treasury Note....................... 5.375% 5/31/1998 375 370,078
U.S. Treasury Note....................... 5.125% 4/30/1998 9,025 8,852,947
U.S. Treasury Note....................... 5.125% 6/30/1998 400 391,500
U.S. Treasury Note....................... 5.125% 11/30/1998 12,410 12,103,610
U.S. Treasury Note....................... 5.00% 1/31/1999 550 534,015
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(COST $77,050,003)....................... 80,739,416
------------
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------- ----- ---------- --------- ------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS--8.7%
<S> <C> <C> <C> <C>
Federal Farm Credit Bank, Medium
Term Note.............................. 7.00% 4/18/1997 $ 6,000 $ 6,059,178
Federal Home Loan Mortgage Corporation... 7.35% 3/22/2005 8,000 8,486,864
Federal Home Loan Mortgage Corporation,
Pool # 555124.......................... 9.50% 12/01/2018 1 1,003
Government National Mortgage Association,
Pool # 304382.......................... 8.50% 3/15/2023 64 66,819
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $14,222,175)..................... 14,613,864
------------
SHORT-TERM INVESTMENTS--17.7%
U.S. GOVERNMENT AGENCY
OBLIGATION--3.6%
Federal Home Loan Bank
(cost $6,009,375)...................... 6.41% 11/22/1995 6,000 6,022,116
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $137,640,908).................... 143,170,900
------------
REPURCHASE AGREEMENT--14.1%
Repurchase agreement with National
Westminster Bank, dated 6/30/1995,
with a maturity value of $23,826,155
(See Footnote A)
(cost $23,814,000)..................... 6.125% 7/03/1995 23,814 23,814,000
------------
TOTAL INVESTMENTS
(COST $161,454,908)--99.1%............... 166,984,900
Other assets in excess of liabilities--0.9% 1,429,895
------------
NET ASSETS--100.0%......................... $168,414,795
------------
------------
</TABLE>
------------------
Footnote A: Collateralized by $22,900,000 U.S. Treasury Note, 8.50%, due
4/15/1997, with a value of $24,313,223.
See Notes to Financial Statements.
48
<PAGE>
PRAIRIE FUNDS
BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------ ------ ---------- --------- ------------
<S> <C> <C> <C> <C>
CORPORATE OBLIGATIONS--33.1%
ASSET-BACKED SECURITIES--9.3%
Advanta Mortgage Loan Trust, Series
1994-3, Class A2...................... 7.60% 7/25/2010 $ 1,625 $ 1,661,593
First U.S.A. Credit Card Master Trust,
Series 1992-1, Class A................ 5.20% 6/15/1998 1,000 993,999
Green Tree Financial Corporation,
Manufactured Housing Senior
Subordinate Passthrough, Series
1995-4, Class A6...................... 7.30% 7/15/2025 3,000 2,981,730
Sears Credit Account Master Trust II,
Series 1995-3, Class A................ 7.00% 10/15/2004 1,600 1,650,718
Security Pacific Acceptance Corp.,
Manufactured Housing Contract Senior
Subordinate, Series 1995-1, Class
A3.................................... 7.25% 4/10/2020 2,000 1,992,813
Standard Credit Card Master Trust I,
Participation Certificates, Series
1994-2, Class A....................... 7.25% 4/07/2006 1,800 1,861,234
------------
11,142,087
------------
BANKING--10.6%
ABN-AMRO Bank N.V., Chicago, Subordinate
Note.................................. 7.25% 5/31/2005 2,000 2,050,476
China International Trust & Investment
Corp., Yankee Notes................... 9.00% 10/15/2006 900 962,390
Citicorp, Subordinate Notes............. 6.75% 8/15/2005 2,000 1,965,000
Interamerican Development Bank,
Debentures............................ 8.50% 3/15/2011 1,800 2,058,532
International Bank for Reconstruction
and Development....................... 9.64% 4/30/1999 1,500 1,660,155
International Bank for Reconstruction
and Development....................... 7.625% 1/19/2023 2,200 2,344,162
Midland Bank PLC, Subordinate Note...... 8.625% 12/15/2004 1,500 1,662,063
------------
12,702,778
------------
BEVERAGE, FOOD AND TOBACCO--0.7%
Grand Metro Investment Corp., Guaranteed
Note.................................. 7.125% 9/15/2004 800 821,384
------------
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
PRAIRIE FUNDS
BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------ ------ ---------- --------- ------------
CHEMICALS--1.3%
<S> <C> <C> <C> <C>
Monsanto Co., Debenture................. 8.20% 4/15/2025 $ 1,500 $ 1,615,458
------------
ENTERTAINMENT--2.8%
Time Warner, Inc., Debentures........... 9.15% 2/01/2023 3,200 3,373,693
------------
FINANCE--1.5%
American Express Co., Debentures........ 8.625% 5/15/2022 800 870,300
Aristar, Inc., Corporate Notes.......... 5.75% 7/15/1998 1,000 982,444
------------
1,852,744
------------
FOREST AND PAPER PRODUCTS--0.7%
Weyerhaeuser Co., Debentures............ 8.375% 2/15/2007 800 896,930
------------
HOTELS AND GAMING--1.8%
Marriott International, Inc., Senior
Note, Series B........................ 7.875% 4/15/2005 2,000 2,106,598
------------
RETAIL STORES--1.5%
Dayton Hudson Corp., Debentures......... 7.875% 6/15/2023 1,800 1,797,750
------------
TELECOMMUNICATIONS--0.9%
Southwestern Bell Telephone Co.,
Medium Term Note...................... 7.50% 4/26/2005 1,000 1,052,402
------------
UTILITIES--2.0%
Cincinnati Gas & Electric Co.,
1st Mortgage.......................... 7.20% 10/01/2023 800 760,288
Wisconsin Power & Light Co.,
1st Mortgage.......................... 8.60% 3/15/2027 1,500 1,691,230
------------
2,451,518
------------
TOTAL CORPORATE OBLIGATIONS
(COST $37,480,931)......................
39,813,342
------------
U.S. GOVERNMENT OBLIGATIONS--52.3%
U.S. TREASURY BONDS--15.2%
U.S. Treasury Bond...................... 12.00% 8/15/2013 1,760 2,605,900
U.S. Treasury Bond...................... 11.125% 8/15/2003 5,000 6,545,305
U.S. Treasury Bond...................... 10.75% 5/15/2003 1,000 1,278,750
U.S. Treasury Bond...................... 9.875% 11/15/2015 1,000 1,351,561
U.S. Treasury Bond...................... 8.125% 8/15/2019 5,600 6,534,500
------------
18,316,016
------------
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
PRAIRIE FUNDS
BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------ ------ ---------- --------- ------------
U.S. TREASURY NOTES--37.1%
<S> <C> <C> <C> <C>
U.S. Treasury Note...................... 9.00% 5/15/1998 $ 1,850 $ 2,000,888
U.S. Treasury Note...................... 8.75% 10/15/1997 1,000 1,061,250
U.S. Treasury Note...................... 8.50% 2/15/2000 1,000 1,100,625
U.S. Treasury Note...................... 7.875% 7/31/1996 2,000 2,046,250
U.S. Treasury Note...................... 7.875% 1/15/1998 2,500 2,617,188
U.S. Treasury Note...................... 7.75% 11/30/1999 1,500 1,601,250
U.S. Treasury Note...................... 7.75% 2/15/2001 2,000 2,165,000
U.S. Treasury Note...................... 7.50% 12/31/1996 8,000 8,192,488
U.S. Treasury Note...................... 6.875% 3/31/2000 8,260 8,551,669
U.S. Treasury Note...................... 6.50% 8/15/1997 3,850 3,900,531
U.S. Treasury Note...................... 6.375% 1/15/1999 1,500 1,521,563
U.S. Treasury Note...................... 6.125% 7/31/1996 5,000 5,018,750
U.S. Treasury Note...................... 5.00% 1/31/1999 4,950 4,806,133
------------
44,583,585
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(COST $60,310,897)...................... 62,899,601
------------
U.S. GOVERNMENT AGENCY OBLIGATION--0.1%
Government National Mortgage Association
Pool #201299
(cost $80,989)........................ 8.50% 2/15/2017 81 83,860
------------
SHORT-TERM INVESTMENTS--13.4%
U.S. TREASURY BILL--0.0%
U.S. Treasury Bill...................... 4.00%* 7/06/1995 35 34,980
------------
U.S. TREASURY NOTE--1.8%
U.S. Treasury Note...................... 7.50% 1/31/1996 2,100 2,121,653
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS--11.6%
Federal Home Loan Bank, Discount Note... 6.02%* 11/22/1995 1,000 1,003,686
Federal National Mortgage Association,
Discount Note......................... 5.65%* 11/28/1995 725 708,100
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
PRAIRIE FUNDS
BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
------------------------------------------ ------ ---------- --------- ------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (CONTINUED)
Federal National Mortgage Association,
Discount Note......................... 5.60%** 11/27/1995 $ 12,500 $ 12,210,587
------------
13,922,373
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $16,081,576)......................
16,079,006
------------
TOTAL INVESTMENTS
(COST $113,954,393)--98.9%.............. 118,875,809
Other assets in excess of
liabilities--1.1%....................... 1,355,401
------------
NET ASSETS--100.0%........................ $120,231,210
------------
------------
</TABLE>
------------------
* Yield at purchase.
** Average yield of multiple purchases.
See Notes to Financial Statements.
52
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30,1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000)* (Note 2(a))
----------------------------------------- ----- ---------- ---------- -----------
<S> <C> <C> <C> <C>
CORPORATE OBLIGATIONS--4.1%
BRITISH POUNDS STERLING--1.7%
Barclays Bank.......................... 10.25% 12/10/1997 $ 120 $ 198,902
-----------
FRENCH FRANCS--2.4%
Unilever NV............................ 9.875% 9/04/1997 1,300 283,767
-----------
TOTAL CORPORATE OBLIGATIONS
(COST $456,789)........................ 482,669
-----------
FOREIGN GOVERNMENT OBLIGATIONS--75.8%
BELGIUM FRANCS--4.5%
Belgium Government, Series 19.......... 6.50% 3/31/2005 16,000 521,648
-----------
BRITISH POUNDS STERLING--3.9%
United Kingdom Exchequer............... 12.25% 3/26/1999 250 449,305
-----------
CANADIAN DOLLARS--4.7%
Canadian Government.................... 10.75% 3/15/1998 500 395,196
Canadian Government.................... 9.75% 10/01/1997 200 153,594
-----------
548,790
-----------
DANISH KRONE--3.3%
Kingdom of Denmark..................... 9.00% 11/15/1998 2,000 383,334
-----------
FRENCH FRANCS--6.8%
France O.A.T........................... 8.50% 6/25/1997 2,800 598,411
France O.A.T........................... 5.50% 4/25/2004 1,100 197,420
-----------
795,831
-----------
GERMAN DEUTSCHEMARKS--11.7%
Austria Republic....................... 6.00% 4/01/1998 600 439,123
Bundesrepublic......................... 9.00% 10/20/2000 600 480,347
Deutsche Bundespost.................... 7.50% 8/02/2004 600 441,290
-----------
1,360,760
-----------
ITALIAN LIRA--7.1%
Italy Government....................... 8.50% 1/01/1999 1,500,000 826,500
-----------
JAPANESE YEN--23.7%
Japan Development Bank................. 6.50% 9/20/2001 35,000 506,800
Japan Government Bank, Series 141...... 6.50% 6/20/2001 30,000 432,630
Japan Government Bank, Series 142...... 6.70% 9/20/2001 30,000 437,970
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
PRAIRIE FUNDS
INTERNATIONAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000)* (Note 2(a))
----------------------------------------- ----- ---------- ---------- -----------
JAPANESE YEN (CONTINUED)
<S> <C> <C> <C> <C>
Japan Government Bank, Series 143...... 6.30% 9/20/2001 $ 30,000 $ 429,960
Japan Government Bank, Series 144...... 6.00% 12/20/2001 30,000 424,980
Japan Government Bank, Series 175...... 4.50% 12/20/2004 40,000 531,480
-----------
2,763,820
-----------
NETHERLAND GUILDERS--6.1%
Netherland Government.................. 5.75% 1/15/2004 1,200 716,281
-----------
SPANISH PESETAS--4.0%
Spanish Government..................... 8.00% 5/30/2004 70,000 463,890
-----------
TOTAL FOREIGN GOVERNMENT
(COST $8,119,441)...................... 8,830,159
-----------
SUPRANATIONAL OBLIGATIONS--12.8%
GERMAN DEUTSCHEMARKS--3.8%
European Investment Bank............... 7.50% 11/04/2002 600 444,758
-----------
JAPANESE YEN--9.0%
Asian Development Bank................. 5.00% 2/05/2003 40,000 542,400
Interamerican Development Bank......... 7.25% 5/15/2000 35,000 508,585
-----------
1,050,985
-----------
TOTAL SUPRANATIONAL OBLIGATIONS
(AMORTIZED COST $1,214,881)............ 1,495,743
-----------
SHORT-TERM INVESTMENTS--4.7%
U.S. TREASURY BILLS--4.7%
U.S. Treasury Bill..................... 5.27%** 7/06/1995 430 429,690
U.S. Treasury Bill..................... 5.16%*** 7/13/1995 120 119,794
-----------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST $549,484).............. 549,484
-----------
TOTAL INVESTMENTS
(AMORTIZED COST $10,340,595)--97.4%.... 11,358,055
Other assets in excess of
liabilities--2.6%...................... 299,942
-----------
TOTAL NET ASSETS--100.0%................. $11,657,997
-----------
-----------
</TABLE>
------------------
* Denominated in local currency.
** Average yield of multiple purchases.
*** Yield at purchase.
See Notes to Financial Statements.
54
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
MUNICIPAL BONDS--89.7%
ALASKA--0.7%
Alaska Student Loan Corp.,
Student Loan Revenue, State
Assisted, Series A (A.M.T.).... A/A 5.50% 7/01/2004 $ 1,000 $ 991,260
North Slope Boro Refunding,
Series G (FSA Insured)......... Aaa/AAA 8.35% 6/30/1998 1,500 1,671,510
------------
2,662,770
------------
ARIZONA--2.1%
Arizona Educational Loan
Marketing Corp., Educational
Loan Revenue, Series A
(MBIA Insured)................. Aaa/AAA 6.75% 9/01/1997 2,680 2,797,438
Maricopa County University School
District No. 41, Series C,
Collateralized by U.S.
Government Securities
(Pre-refunded at 100 on
7/01/2004) (FGIC Insured)...... Aaa/AAA 6.10% 7/01/2014 2,000 2,165,440
Pima County Refunding, Series
A.............................. Aa/A+ 5.00% 7/01/2002 3,000 3,029,970
------------
7,992,848
------------
CALIFORNIA--15.2%
California Health Facilities
Financing Authority Revenue
Refunding, Catholic Health
Facilities Insured, Series B
(AMBAC Insured)................ Aaa/AAA 4.50% 7/01/2002 3,000 2,898,510
California Health Facilities
Financing, St. Joseph's Health
Systems, Collateralized by U.S.
Government Securities
(Pre-refunded at 102 on
7/01/99)....................... NR/AA- 6.90% 7/01/2014 6,750 7,466,040
Central Valley Financing
Authority, Califcogeneration
Project Revenue, Carson Ice
Generation Project............. NR/BBB- 5.50% 7/01/2001 975 989,410
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
CALIFORNIA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Central Valley Financing
Authority, Califcogeneration
Project
Revenue, Carson Ice
Generation Project............. NR/BBB- 5.40% 7/01/2000 $ 2,550 $ 2,586,746
East Bay Municipal Utilities
District Water Systems Revenue
Refunding (MBIA Insured)....... Aaa/AAA 4.40% 6/01/2000 1,500 1,488,165
Fresno Health Facilities
Revenue, Holy Cross Health
Systems Corp. (MBIA Insured)... A1/AA- 5.10% 12/01/2003 1,570 1,566,734
Fresno Health Facilities
Revenue, Holy Cross Health
Systems Corp. (MBIA Insured)... A1/AA- 5.10% 12/01/2003 635 633,679
Fresno Health Facilities
Revenue, Holy Cross Health
Systems Corp. (MBIA Insured)... A1/AA- 5.00% 12/01/2002 1,500 1,498,095
Los Angeles Department of
Airports, Airport Refunding,
Series A (FGIC Insured)........ Aaa/AAA 5.375% 5/15/2007 3,920 3,894,246
Los Angeles Wastewater Systems
Revenue, Series A
(MBIA Insured)................. Aaa/AAA 8.50% 6/01/2000 1,360 1,585,855
MSR Public Power Agency
California, San Juan Project
Revenue Refunding,
Series F (AMBAC Insured)....... Aaa/AAA 5.55% 7/01/2002 1,615 1,674,642
Northern California Power Agency,
Public Power Refunding,
Geothermal Project #3,
Series A....................... Aaa/AAA 5.85% 7/01/2010 4,625 4,671,019
Northern California Power Agency,
Public Power Refunding,
Geothermal Project, Series A... Aaa/AAA 5.80% 7/01/2009 6,000 6,068,880
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
CALIFORNIA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Northern California Power Agency,
Public Power Refunding,
Series B-1, Collateralized by
U.S. Government Securities,
(Pre-refunded at 100 on
7/01/98). . NR/AAA 8.00% 7/01/2024 $ 3,000 $ 3,326,490
Sacramento Cogeneration Authority
Revenue, Proctor &
Gamble Project................. NR/BBB- 5.90% 7/01/2002 1,000 998,290
Sacramento Cogeneration Authority
Revenue, Proctor &
Gamble Project................. NR/BBB- 5.80% 7/01/2001 1,300 1,300,637
Sacramento Cogeneration Authority
Revenue, Proctor &
Gamble Project................. NR/BBB- 5.60% 7/01/1999 3,300 3,324,618
Santa Clara County Certificates
of Participation, American
Baptist Homes West,
Collateralized by U.S.
Government Securities,
(Pre-refunded at 102
on 3/01/98).................... NR/AAA 8.00% 3/01/2018 1,000 1,116,330
South Coast Air Quality
Management District Building
Corp., California Revenue,
Institutional Sale, Series B... Aaa/AAA 7.125% 8/01/2014 3,650 4,082,087
University of California Revenue
Refunding, Multiple Purpose
Projects (MBIA Insured)........ Aaa/AAA 6.20% 9/01/2001 6,675 7,168,349
------------
58,338,822
------------
COLORADO--4.8%
Adams County Single Family
Mortgage Revenue, Series A,
Collateralized by U.S.
Government Securities.......... Aaa/NR 8.875% 8/01/2003 1,230 1,556,872
Denver City & County Airport
Revenue, Series A (A.M.T.)..... Baa/BB 7.40% 11/15/2004 200 217,596
Denver City & County Airport
Revenue, Series B (A.M.T.)..... Baa/BB 7.25% 11/15/2005 2,000 2,114,160
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
COLORADO (CONTINUED)
<S> <C> <C> <C> <C> <C>
Denver City & County
Water Refunding................ Aa/AA 7.00% 10/01/1999 $ 8,665 $ 9,525,781
Denver Metropolitan Major League
Baseball Stadium, Colorado
Revenue Refunding, Sales Tax,
Baseball Stadium Project
(FGIC Insured)................. Aaa/AAA 4.60% 10/01/2005 1,000 942,070
Poudre Valley Hospital District
Revenue, Collateralized by U.S.
Government Securities,
(Pre-refunded at 101 on
12/01/2001) (AMBAC Insured) ... Aaa/AAA 6.625% 12/01/2011 3,750 4,175,888
------------
18,532,367
------------
DISTRICT OF COLUMBIA--4.0%
District of Columbia, Series A,
Collateralized by U.S.
Government Securities,
(Pre-refunded at 102
on 6/01/2000).................. Aaa/AAA 7.25% 6/01/2005 1,125 1,271,520
District of Columbia Hospital
Revenue, Washington Hospital
Center Corp. Issue, Series A,
Collateralized by U.S.
Government Securities,
(Pre-refunded at 102
on 1/01/2001).................. NR/BBB 8.75% 1/01/2015 2,750 3,310,753
District of Columbia Refunding,
Series A-1 (MBIA Insured)...... Aaa/AAA 4.75% 6/01/2003 2,960 2,822,538
District of Columbia Refunding,
Series A-1 (MBIA Insured)...... Aaa/AAA 4.65% 6/01/2002 1,500 1,434,855
District of Columbia Refunding,
Series B-1 (AMBAC Insured)..... Aaa/AAA 5.40% 6/01/2006 4,850 4,751,933
District of Columbia Refunding,
Series B-3 (MBIA Insured)...... Aaa/AAA 5.20% 6/01/2004 2,000 1,963,560
------------
15,555,159
------------
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
FLORIDA--1.4%
<S> <C> <C> <C> <C> <C>
Florida State Board of Education
Capital Outlay Refunding,
Series A, Collateralized by
U.S. Government Securities,
(Pre-refunded at 102
on 6/01/2000).................. Aaa/AAA 7.25% 6/01/2023 $ 4,620 $ 5,240,281
------------
GEORGIA--0.4%
Georgia State General Obligation,
Series F....................... Aaa/AAA 6.50% 12/01/2004 1,500 1,682,280
------------
HAWAII--2.5%
Hawaii State Department of Budget
& Finance Special Purpose
Mortgage Revenue, Kapiolani
Healthcare System.............. A/A 5.60% 7/01/2002 2,065 2,057,896
Hawaii State Refunding, Series
C.............................. Aa/AA 4.25% 7/01/1999 7,500 7,453,650
------------
9,511,546
------------
ILLINOIS--7.3%
Chicago Metropolitan Water
Reclamation District........... Aa/AA 5.00% 12/01/2002 4,500 4,555,440
Chicago Motor Fuel Tax Revenue
(AMBAC Insured)................ Aaa/AAA 6.50% 1/01/1999 1,000 1,061,150
Chicago Public Community Building
Revenue, Series A
(MBIA Insured)................. Aaa/AAA 4.90% 12/01/2001 3,000 3,012,990
Illinois Health Facilities
Authority Revenue Refunding,
Illinois Masonic Medical
Center......................... A/A- 5.20% 10/01/2003 750 729,832
Illinois Health Facilities
Authority Revenue Refunding,
Illinois Masonic Medical
Center......................... A/A- 5.10% 10/01/2002 1,180 1,154,040
Illinois Health Facilities
Authority Revenue Refunding,
Illinois Masonic Medical
Center......................... A/A- 5.00% 10/01/2001 1,120 1,099,885
Illinois Health Facilities
Authority Revenue Refunding,
Illinois Masonic Medical
Center......................... A/A- 4.90% 10/01/2000 825 811,825
</TABLE>
See Notes to Financial Statements.
59
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
ILLINOIS (CONTINUED)
<S> <C> <C> <C> <C> <C>
Illinois Health Facilities
Authority Revenue Refunding &
Improvement, Swedish Covenant,
Series A....................... NR/A- 6.10% 8/01/2008 $ 1,000 $ 1,005,910
Metropolitan Pier & Exposition
Authority, Illinois Dedicated
State Tax Revenue.............. A/A+ 6.40% 6/01/2003 10,495 11,282,335
Regional Transportation
Authority, Series A (AMBAC
Insured)....................... Aaa/AAA 8.00% 6/01/2003 2,785 3,323,675
------------
28,037,082
------------
INDIANA--2.8%
Indiana Bond Bank, Special
Program, Series A-2............ A/NR 4.75% 11/01/2002 375 361,245
Indiana Bond Bank, Special
Program, Series A-2............ A/NR 4.65% 11/01/2001 375 362,194
Indiana Bond Bank Revenue
Guarantee, State Revolving Fund
Program, Series A.............. NR/A 5.80% 2/01/2002 500 515,115
Indiana Bond Bank Revenue
Guarantee, State Revolving Fund
Program, Series A.............. NR/A 5.60% 2/01/2005 700 702,534
Indiana State Office Community
Building Capital Complex
Revenue Refunding, State Office
Building II Facilities, Series
D.............................. A1/A+ 6.50% 7/01/1999 3,000 3,169,200
Indianapolis Economic Development
Water Facilities Revenue
Refunding, Indianapolis Water
Co. Project.................... A1/A+ 5.20% 5/01/2001 5,810 5,818,250
------------
10,928,538
------------
IOWA--0.8%
Iowa Student Loan Liquidity
Corp., Student Loan Revenue,
Series A....................... Aa1/NR 6.00% 3/01/1998 3,000 3,091,230
------------
</TABLE>
See Notes to Financial Statements.
60
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
LOUISIANA--3.0%
<S> <C> <C> <C> <C> <C>
Louisiana State Offshore Terminal
Authority, Deepwater Port
Revenue Refunding, 1st Stage,
Series B, Loop Inc............. A3/A 6.00% 9/01/2001 $ 5,665 $ 5,858,800
Louisiana State Offshore Terminal
Authority, Deepwater Port
Revenue Refunding, 1st Stage,
Series B, Loop Inc............. A3/A 5.85% 9/01/2000 3,750 3,841,875
Louisiana State Offshore Terminal
Authority, Deepwater Port
Revenue Refunding, 1st Stage,
Series B, Loop Inc............. A3/A 5.20% 9/01/1997 2,000 2,022,720
------------
11,723,395
------------
MASSACHUSETTS--2.9%
Massachusetts Bay Transportation
Authority, General
Transportation Systems, Series
A, Collateralized by U.S.
Government Securities
(Pre-refunded at 102
on 3/01/2001).................. Aaa/A+ 7.00% 3/01/2022 3,500 3,951,920
Massachusetts State General
Obligation, Series B........... A/A+ 9.25% 7/01/2000 2,000 2,403,480
Massachusetts State Refunding,
Series A....................... A1/A+ 6.25% 7/01/2002 4,500 4,831,650
------------
11,187,050
------------
MINNESOTA--0.4%
Minneapolis Refunding,
Series A....................... Aaa/AAA 4.25% 12/01/1999 1,500 1,496,355
------------
NEVADA--3.4%
Clark County General
Obligation..................... A1/A+ 7.00% 9/01/2000 6,705 7,404,868
Las Vegas Refunding.............. A1/A 6.40% 10/01/2003 2,250 2,424,375
Nevada State General Obligation,
Series A....................... Aa/AA 6.00% 5/01/2002 1,000 1,061,660
Nevada State Municipal Bond Bank
Project No. R-5, Series A...... Aa/AA 4.50% 11/01/2002 1,020 986,503
</TABLE>
See Notes to Financial Statements.
61
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
NEVADA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Nevada State Refunding, Series
C.............................. Aa/AA 5.90% 4/01/2001 $ 1,000 $ 1,054,120
------------
12,931,526
------------
NEW YORK--10.0%
New York City Municipal Water
Financing Authority Water &
Sewer Systems Revenue,
Series C, Collateralized by
U.S. Government Securities,
(Pre-refunded at 101.5
on 6/15/2001) (FGIC Insured)... Aaa/AAA 7.00% 6/15/2016 3,695 4,192,680
New York State Environmental
Facilities Corp., Pollution
Control Revenue, State Water
Revolving Fund, Series D....... Aaa/AAA 6.20% 11/15/2004 1,875 2,029,950
New York State Environmental
Facilities Corp., Pollution
Control Revenue, State Water
Revolving Fund, Series D....... Aaa/AAA 6.10% 5/15/2003 4,110 4,409,331
New York State Local Assistance
Corp., Series A, Collateralized
by U.S. Government Securities,
(Pre-refunded at 102
on 4/01/2001).................. Aaa/AAA 7.25% 4/01/2018 2,000 2,294,720
New York State Local Assistance
Corp., Series B, Collateralized
by U.S. Government Securities,
(Pre-refunded at 102
on 4/01/2001).................. Aaa/AAA 7.50% 4/01/2020 4,255 4,935,204
New York State Local Assistance
Corp., Series C, Collateralized
by U.S. Government Securities,
(Pre-refunded at 102
on 4/01/2001).................. Aaa/AAA 7.00% 4/01/2021 825 936,251
New York State Throughway
Authority, Highway & Bridge
Traffic Fund, Series A......... A/A- 6.00% 4/01/1999 17,025 17,866,375
</TABLE>
See Notes to Financial Statements.
62
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
NEW YORK (CONTINUED)
<S> <C> <C> <C> <C> <C>
Triborough Bridge & Tunnel
Authority, New York Revenue,
Series R, Collateralized by
U.S. Government Securities,
(Pre-refunded at 100 on
1/01/2000)..................... Aaa/AAA 6.00% 1/01/2020 $ 1,500 $ 1,588,275
------------
38,252,786
------------
NORTH CAROLINA--0.8%
North Carolina Municipal Power
Agency (MBIA Insured).......... Aaa/AAA 7.25% 1/01/2007 2,500 2,894,775
------------
OKLAHOMA--0.9%
Oklahoma State Industrial
Authority Revenue, Hospital
Refunding,
St. Anthony's Hospital, Series
A (MBIA Insured)............... Aaa/AAA 7.30% 10/01/2000 3,315 3,405,135
------------
PENNSYLVANIA--9.3%
Geisinger Authority Health
Systems, Series A.............. Aa/AA 5.50% 7/01/2003 2,895 2,945,576
Pennsylvania Intergovernmental
Cooperative Authority, Special
Tax Revenue, City of
Philadelphia Funding Program,
Collateralized by U.S.
Government Securities
(Pre-refunded at 100
on 6/15/2002).................. Aaa/NR 6.80% 6/15/2022 9,375 10,472,812
Pennsylvania Intergovernmental
Cooperative Authority, Special
Tax Revenue, City of
Philadelphia Funding Program
(FGIC Insured)................. Aaa/AAA 6.00% 6/15/2000 7,000 7,372,820
Philadelphia Gas Works Revenue,
Fourteenth Series
(CAPMAC Insured)............... Aaa/AAA 7.00% 7/01/2002 12,090 13,503,805
Philadelphia Gas Works Revenue,
Fifteenth Series (FSA
Insured)....................... Aaa/AAA 4.90% 8/01/2002 1,350 1,338,795
------------
35,633,808
------------
</TABLE>
See Notes to Financial Statements.
63
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
SOUTH CAROLINA--1.3%
<S> <C> <C> <C> <C> <C>
South Carolina State Public
Service Authority Revenue
Refunding, Series A............ A1/A+ 5.00% 7/01/2001 $ 5,000 $ 5,023,100
------------
TEXAS--3.3%
Dallas Independent School
District, Collateralized by
U.S. Government Securities..... Aaa/AAA 8.70% 8/01/2000 1,000 1,183,490
Humble Independent School
District Refunding (PSFG
Insured)....................... Aaa/AAA 6.00% 2/15/2004 2,035 2,144,096
Texas State, Public Financing
Authority, Series A............ Aa/AA 8.00% 10/01/1997 7,695 8,357,924
Texas State Public Financing
Authority, Series A............ Aa/AA 8.00% 10/01/1999 1,000 1,139,800
------------
12,825,310
------------
VIRGINIA--1.7%
Fairfax County Refunding, Series
A.............................. Aaa/AAA 4.80% 6/01/2002 5,250 5,274,308
Virginia Beach Public
Improvement, Series A.......... Aa/AA 6.85% 5/01/1999 1,100 1,191,091
------------
6,465,399
------------
WASHINGTON--2.8%
Chelan County Public Utility
District No. 001, Conservation
Revenue, Chelan Hydro, Series
A, Collateralized by U.S.
Government Securities
(Pre-refunded at 100 on
6/01/2004)..................... Aaa/A+ 6.95% 6/01/2067 4,275 4,885,256
Kings County General Obligation,
Series A....................... Aa1/AA+ 9.00% 12/01/1999 1,200 1,416,264
Snohomish County, Series A,
Collateralized by U.S.
Government Securities
(Pre-refunded at 100 on
12/01/1999).................... NR/NR 7.10% 12/01/2005 1,415 1,560,886
Snohomish County Public Utilities
District No. 001, Electric
Revenue Generation System,
Series B (A.M.T.).............. A1/A+ 5.15% 1/01/2003 1,280 1,248,154
</TABLE>
See Notes to Financial Statements.
64
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
WASHINGTON (CONTINUED)
<S> <C> <C> <C> <C> <C>
Washington State Public Power
Supply Systems, Nuclear Project
No. 1 Revenue, Series A,
Collateralized by U.S.
Government Securities
(Pre-refunded at 102 on
7/01/99) (MBIA Insured)........ Aaa/AAA 7.50% 7/01/2015 $ 1,420 $ 1,600,454
------------
10,711,014
------------
WEST VIRGINIA--1.7%
Pleasants County Pollution
Control Revenue Refunding,
Monongahela Power Co.,
Series B....................... A1/NR 6.875% 4/01/1998 6,105 6,438,699
------------
WISCONSIN--6.2%
Wisconsin State General
Obligation, Series B........... Aa/AA 7.00% 5/01/2001 3,950 4,393,782
Wisconsin State General
Obligation, Series B........... Aa/AA 7.00% 5/01/2002 4,155 4,661,411
Wisconsin State General
Obligation, Series B........... Aa/AA 7.00% 5/01/2003 4,625 5,218,203
Wisconsin State Refunding........ Aa/AA 6.00% 5/01/2003 4,500 4,791,420
Wisconsin State Refunding,
Series 3....................... Aa/AA 4.25% 11/01/1999 4,895 4,866,022
------------
23,930,838
------------
TOTAL MUNICIPAL BONDS
(AMORTIZED COST $335,062,847).... 344,492,113
------------
SHORT-TERM INVESTMENTS--8.1%
ILLINOIS--0.9%
Illinois Health Facilities
Authority Revenue, Ingalls
Memorial Hospital, Series B
(LC - Fuji Bank, Limited,
Expires 9/30/1995)*............ VMIG1/NR 4.50% 7/07/1995 2,900 2,900,000
</TABLE>
See Notes to Financial Statements.
65
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
ILLINOIS (CONTINUED)
<S> <C> <C> <C> <C> <C>
Illinois Health Facilities
Authority Revenue, Palos
Community Hospital, Series B
(LC - Toronto Dominion
Bank)*......................... NR/A-1+ 4.35% 7/07/1995 $ 410 $ 410,000
------------
3,310,000
------------
INDIANA--0.4%
Indiana Health Facilities
Financing Authority Revenue,
Capital Access Designated Pool
(LC - Comerica Bank,
Expires 12/15/99)*............. VMIG1/NR 4.50% 7/07/1995 1,500 1,500,000
------------
IOWA--0.8%
Des Moines Methodist System Inc.,
Hospital Facilities Revenue, Iowa
Methodist Medical Center Project
(LC - Fuji Bank, Limited,
Expires 1/16/1996)*.............. VMIG1/NR 4.50% 7/07/1995 3,265 3,265,000
------------
MICHIGAN--0.1%
Farmington Hills Hospital Finance
Authority, Hospital Revenue,
Botsford General Hospital,
Series B (SPA - Comerica Bank,
Expires 10/31/1996)
(MBIA Insured)*................ VMIG1/A-1 4.35% 7/01/1995 270 270,000
------------
MISSOURI--2.5%
Missouri State Environmental
Improvement & Energy Resource
Authority, Pollution Control
Revenue, Noranda Aluminum, Inc.
Project*....................... Aa3/NR 4.50% 7/07/1995 9,500 9,500,000
------------
</TABLE>
See Notes to Financial Statements.
66
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
NEVADA--0.3%
<S> <C> <C> <C> <C> <C>
Clark County Industrial
Development Revenue, Nevada
Cogeneration Association
(LC - Swiss Bank,
Expires 1/31/2001) (A.M.T.)*... VMIG1/A-1+ 4.35% 7/01/1995 $ 1,000 $ 1,000,000
------------
NEW MEXICO--0.2%
Farmington Pollution Control
Revenue, Arizona Public
Service Co., Series C
(LC - Union Bank of
Switzerland, Expires 9/14/1997)
(A.M.T.)*...................... P-1/A-1+ 4.35% 7/01/1995 900 900,000
------------
NEW YORK--2.9%
City of New York General
Obligation, Series B
(SPA - FGIC Securities, Expires
10/29/1997) (FGIC Insured)*.... VMIG1/A-1+ 4.50% 7/01/1995 1,000 1,000,000
City of New York General
Obligation, Series B
(SPA - FGIC Securities, Expires
10/29/1997) (FGIC Insured)*.... VMIG1/A-1+ 4.50% 7/01/1995 1,000 1,000,000
City of New York General
Obligation, Sub-Series B-2
(LC - Dai-Ichi Kangyo Bank,
Expires 8/18/1996)*............ VMIG1/A-1+ 4.55% 7/01/1995 4,100 4,100,000
City of New York General
Obligation, Sub-Series B-2
(LC - Dai-Ichi Kangyo Bank,
Expires 8/18/1996)*............ VMIGI/A-1+ 4.55% 7/01/1995 2,800 2,800,000
City of New York General
Obligation, Sub-Series B-2
(LC - Dai-Ichi Kangyo Bank,
Expires 8/18/1996)*............ VMIG1/A-1+ 4.55% 7/01/1995 2,200 2,200,000
------------
11,100,000
------------
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
WISCONSIN--0.0%
<S> <C> <C> <C> <C> <C>
Wisconsin State Health Facilities
Authority Revenue, Franciscan
Health Care, Series A-1
(LC - Toronto Dominion Bank,
Expires 12/31/1998)*........... VMIG1/A-1+ 4.40% 7/07/1995 $ 150 $ 150,000
------------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST 30,995,000)...... 30,995,000
------------
TOTAL INVESTMENTS (AMORTIZED COST
$366,057,847)--97.8%............. 375,487,113
Other assets in excess of
liabilities--2.2%................ 8,601,392
------------
NET ASSETS--100%................... $384,088,505
------------
------------
</TABLE>
------------------
NR--No rating available.
A.M.T.--Subject to Alternative Minimum Tax.
AMBAC--American Municipal Bond Assurance Corporation.
CAPMAC--Capital Markets Assurance Corporation.
FGIC--Financial Guaranty Insurance Corporation.
FSA--Financial Security Assurance.
MBIA--MBIA Insurance Corporation.
PSFG--Permanent School Fund Guaranty.
LC--Letter of Credit.
SPA--Standby Purchase Agreement.
* Variable rate security. Interest rates stated are as of June 30, 1995.
Maturity date reflects the later of the next rate change or the next put date.
See Notes to Financial Statements.
68
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
MUNICIPAL BONDS--84.5%
ALASKA--0.3%
Alaska Student Loan Corp.,
Student Loan Revenue State
Assisted, Series A (AMBAC
Insured) (A.M.T.).............. Aaa/AAA 6.125% 7/01/2005 $ 800 $ 823,584
------------
ARIZONA--1.0%
Maricopa County School District
No. 028, Kyrene Elementary,
Series B (FGIC Insured)........ Aaa/AAA 6.00% 7/01/2014 2,500 2,517,250
------------
CALIFORNIA--15.4%
Central Valley Financing
Authority, Califcogeneration
Project Revenue, Carson Ice
Generation Project............. NR/BBB- 6.00% 7/01/2009 5,600 5,440,120
Cupertino Certificates of
Participation, Open Space
Acquisition Project,
Collateralized by U.S.
Government Securities
(Pre-refunded at 102
on 4/01/2001).................. NR/NR 7.125% 4/01/2016 2,675 3,032,086
Fresno Health Facilities Revenue,
Holy Cross Health System Corp.
(MBIA Insured)................. A1/AA- 5.25% 12/01/2005 1,850 1,838,197
Fresno Health Facilities Revenue
Refunding, Holy Cross Health
System Corp. (MBIA Insured).... A1/AA- 5.25% 12/01/2005 565 561,395
Los Angeles Wastewater Systems
Revenue, Series D,
Collateralized by U.S.
Government Securities
(Pre-refunded at 102
on 12/01/2000)
(MBIA Insured)................. Aaa/AAA 6.70% 12/01/2000 10,000 11,183,700
</TABLE>
See Notes to Financial Statements.
69
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
CALIFORNIA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Northern California Power Agency,
Public Power Revenue Refunding,
Geothermal Project No. 3,
Series A....................... A/A- 5.80% 7/01/2009 $ 4,000 $ 4,045,920
Northern California Power Agency,
Public Power Revenue Refunding,
Geothermal Project No. 3,
Series A....................... A/A- 5.65% 7/01/2007 4,800 4,841,616
Northern California Power Agency,
Public Power Revenue Refunding,
Geothermal Project No. 3,
Series A....................... A/A- 5.60% 7/01/2006 3,500 3,545,885
Sacramento Cogeneration Authority
Revenue, Proctor &
Gamble Project................. NR/BBB- 7.00% 7/01/2005 1,500 1,585,020
Sacramento Cogeneration Authority
Revenue, Proctor &
Gamble Project................. NR/BBB- 6.20% 7/01/2006 2,500 2,460,925
------------
38,534,864
------------
COLORADO--9.5%
Adams County Single Family
Mortgage Revenue, Series A,
Collateralized by U.S.
Government Securities.......... NR/NR 8.875% 8/01/2003 300 379,725
Denver City and County Airport
Revenue, Series A (A.M.T.)..... Baa/BB 8.50% 11/15/2023 1,500 1,666,905
Denver City and County Airport
Revenue, Series B (A.M.T.)..... Baa/BB 7.25% 11/15/2005 3,000 3,171,240
Denver City and County Airport
Revenue, Series C (A.M.T.)..... Baa/BB 6.50% 11/15/2006 2,000 2,029,220
Denver City and County Airport
Revenue, Series C (A.M.T.)..... Baa/BB 6.125% 11/15/2025 6,355 5,867,254
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
COLORADO (CONTINUED)
<S> <C> <C> <C> <C> <C>
Denver City and County Airport
Revenue, Series D (A.M.T.)..... Baa/BB 7.75% 11/15/2013 $ 6,925 $ 8,041,449
Denver Metropolitan Major League
Baseball Stadium District
Revenue Refunding, Sales Tax,
Baseball Stadium Project
(FGIC Insured)................. Aaa/AAA 4.60% 10/01/2005 1,200 1,130,484
Denver Metropolitan Major League
Baseball Stadium District
Revenue Refunding, Sales Tax,
Baseball Stadium Project
(FGIC Insured)................. Aaa/AAA 4.50% 10/01/2004 1,600 1,513,936
------------
23,800,213
------------
CONNECTICUT--1.4%
Connecticut State Resource
Recovery Authority, Connecticut
System Bonds, Series B
(MBIA Insured)................. Aaa/AAA 7.875% 11/15/2012 3,290 3,522,570
------------
FLORIDA--0.7%
Broward County Educational
Facilities Authority Revenue,
Nova Southeastern University
Project (Connie Lee Insured)... NR/AAA 5.70% 4/01/2005 1,440 1,477,771
Jacksonville Guaranteed
Entitlement Revenue Refunding,
Series A (AMBAC Insured)....... Aaa/AAA 5.60% 10/01/2003 300 313,881
------------
1,791,652
------------
GEORGIA--0.5%
Georgia State General Obligation,
Series F....................... Aaa/AA+ 6.50% 12/01/2005 1,000 1,123,210
------------
</TABLE>
See Notes to Financial Statements.
71
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
ILLINOIS--9.8%
<S> <C> <C> <C> <C> <C>
Chicago Airport Revenue
Refunding, 2nd Lien, O'Hare
International Airport, Series C
(MBIA Insured)................. Aaa/AAA 5.75% 1/01/2009 $ 2,490 $ 2,508,600
Cook County Community College,
District No. 508 Lease, Series
C (MBIA Insured)............... Aaa/AAA 7.70% 12/01/2004 5,000 5,909,000
Illinois Health Facilities
Authority Revenue Refunding,
Bro Menn Healthcare
(SPA--Bankers
Trust Co.) (FGIC Insured)...... Aaa/AAA 6.00% 8/15/2005 1,000 1,048,240
Illinois Health Facilities
Authority Revenue Refunding,
Illinois Masonic Medical
Center......................... A/A- 5.40% 10/01/2005 865 818,619
Illinois Health Facilities
Authority Revenue Refunding &
Improvement, Swedish Covenant,
Series A....................... NR/A- 6.30% 8/01/2013 2,375 2,309,973
Illinois Health Facilities
Authority Revenue Refunding &
Improvement, Swedish Covenant,
Series A....................... NR/A- 6.10% 8/01/2008 2,600 2,615,366
Illinois State Sales Tax Revenue
Refunding, Series Q............ A1/AAA 5.75% 6/15/2006 5,000 5,126,500
Winnebago & Boone Counties School
District No. 205
(CGIC Insured)................. Aaa/AAA 7.35% 2/01/2004 3,600 4,198,176
------------
24,534,474
------------
INDIANA--2.0%
Indiana Bond Bank, Special
Program, Series A-2............ A/NR 4.95% 11/01/2004 520 499,658
Indiana Transportation Financing
Authority Airport Facilities
Lease Revenue, Series A........ A/A 5.25% 11/01/2005 1,055 1,030,270
</TABLE>
See Notes to Financial Statements.
72
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
INDIANA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Indiana Transportation Financing
Authority Airport Facilities
Lease Revenue, Series A........ A/A 5.15% 11/01/2004 $ 1,110 $ 1,085,003
Indiana Transportation Financing
Authority Airport Facilities
Lease Revenue, Series A........ A/A 5.05% 11/01/2003 1,020 999,559
Indiana Transmission Financing
Authority Highway Revenue,
Series A....................... A1/A+ 6.80% 12/01/2016 1,200 1,327,164
------------
4,941,654
------------
IOWA--3.7%
Dubuque Hospital Facilities
Revenue Refunding,
Finley Hospital................ NR/A- 5.60% 1/01/2007 595 574,949
Dubuque Hospital Facilities
Revenue Refunding,
Finley Hospital................ NR/A- 5.50% 1/01/2006 565 545,773
Dubuque Hospital Facilities
Revenue Refunding,
Finley Hospital................ NR/A- 5.40% 1/01/2005 535 516,692
Iowa Student Loan Liquidity
Corp., Student Loan Revenue,
Series B (A.M.T.).............. Aa1/NR 6.75% 3/01/2004 4,160 4,497,293
Iowa Student Loan Liquidity
Corp., Student Loan Revenue,
Series C (A.M.T.).............. Aa1/NR 6.80% 3/01/2005 2,800 3,029,824
------------
9,164,531
------------
LOUISIANA--6.3%
Louisiana State Offshore Terminal
Authority, Deepwater Port
Revenue Refunding, 1st Stage,
Series B, Loop Inc............. A3/A 6.25% 9/01/2004 6,800 7,353,520
</TABLE>
See Notes to Financial Statements.
73
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
LOUISIANA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Louisiana State Offshore Terminal
Authority, Deepwater Port
Revenue Refunding, 1st Stage,
Series B, Loop Inc............. A3/A 6.20% 9/01/2003 $ 8,000 $ 8,515,280
------------
15,868,800
------------
MASSACHUSETTS--13.7%
Massachusetts Municipal Electric
Co., Power Supply Systems
Revenue, Series B.............. A/BBB+ 6.625% 7/01/2003 4,535 4,873,855
Massachusetts State Refunding,
Series A....................... A1/A+ 6.25% 7/01/2002 12,000 12,884,400
Massachusetts State Refunding,
Series B....................... A1/A+ 5.40% 11/01/2006 1,730 1,738,598
Massachusetts State Refunding,
Series B....................... A1/A+ 5.30% 11/01/2005 2,300 2,294,388
Massachusetts State Water
Resource Authority, Series A,
Collateralized by U.S.
Government Securities
(Pre-refunded at 102 on
12/01/2001).................... Aaa/AAA 6.50% 12/01/2001 4,000 4,456,520
New England Educational Loan
Marketing Corp., Massachusetts
Student Loan Revenue Refunding,
Series G....................... A1/A- 5.20% 8/01/2002 8,000 7,878,640
------------
34,126,401
------------
MISSOURI--1.6%
Sikeston Electric Revenue
Refunding (MBIA Insured)....... Aaa/AAA 6.00% 6/01/2005 3,710 3,931,635
------------
</TABLE>
See Notes to Financial Statements.
74
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
NEVADA--1.8%
<S> <C> <C> <C> <C> <C>
Clark County Industrial
Development Revenue Refunding,
Nevada Power Co. Project,
Series C
(AMBAC Insured)................ Aaa/AAA 7.20% 10/01/2022 $ 4,115 $ 4,526,582
------------
NEW YORK--1.9%
New York State Local Assistance
Corp., Series B, Collateralized
by U.S. Government Securities
(Pre-refunded at 102
on 4/01/2001).................. Aaa/AAA 7.50% 4/01/2020 4,000 4,639,440
------------
OHIO--1.0%
Columbus School District,
144A**......................... NR/NR 9.39% 5/01/1997 910 928,478
Ohio State Highway, Series T..... Aa/AAA 4.80% 5/15/2002 1,600 1,603,616
------------
2,532,094
------------
OKLAHOMA--1.5%
Oklahoma State Industrial
Authority Revenue Refunding,
Health Facilities, Sisters of
Mercy, Series A................ Aa/AA 5.20% 6/01/2005 3,600 3,681,036
------------
PENNSYLVANIA--0.5%
Philadelphia Gas Works Revenue,
Fifteenth Series (FSA
Insured)....................... Aaa/AAA 5.125% 8/01/2005 1,220 1,200,614
Philadelphia Gas Works Revenue,
Fifteenth Series (FSA
Insured)....................... Aaa/AAA 5.00% 8/01/2003 150 148,764
------------
1,349,378
------------
RHODE ISLAND--2.1%
Rhode Island Depositors Economic
Protection Corp., Series A
(FSA and MBIA Insured)......... Aaa/AAA 6.30% 8/01/2005 4,640 5,002,384
</TABLE>
See Notes to Financial Statements.
75
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--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
RHODE ISLAND (CONTINUED)
<S> <C> <C> <C> <C> <C>
Rhode Island State Conservation
Capital Development Loan,
Series B (FGIC Insured)........ Aaa/AAA 6.00% 5/15/2002 $ 190 $ 200,249
------------
5,202,633
------------
TENNESSEE--0.6%
Knox County Health, Educational &
Housing Facilities Board,
Hospital Facilities Revenue
Refunding, Fort Sanders
Alliance (MBIA Insured)........ Aaa/AAA 7.25% 1/01/2009 1,360 1,576,240
------------
TEXAS--5.8%
Texas City Industrial Development
Corp., Marine Terminal Revenue
Refunding, Arco Pipe Line Co.
Project........................ A1/A 7.375% 10/01/2020 4,650 5,685,276
Texas State College Student
Loan (A.M.T.).................. Aa/AA 6.50% 8/01/2007 4,000 4,217,480
Texas State Public Finance
Authority, Series A............ Aa/AA 8.00% 10/01/1999 3,930 4,479,414
------------
14,382,170
------------
WASHINGTON--0.3%
Snohomish County Public Utilites
District No. 001, Electric
Revenue Generation Systems,
Series B (A.M.T.).............. A1/A+ 5.25% 1/01/2004 800 777,576
------------
WISCONSIN--2.8%
Kaukuna Pollution Control Revenue
Refunding, International Paper
Co. Project, Series A.......... A3/A- 5.40% 5/01/2004 2,885 2,821,415
</TABLE>
See Notes to Financial Statements.
76
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
WISCONSIN (CONTINUED)
<S> <C> <C> <C> <C> <C>
Wisconsin State General
Obligation, Series B........... Aa/AA 5.50% 5/01/2009 $ 4,160 $ 4,100,262
------------
6,921,677
------------
WYOMING--0.3%
Wyoming Community Development
Authority, Single Family,
Series D
(FHA/VA Mortgage Insured)...... Aa/AA 7.60% 6/01/2017 800 856,456
------------
TOTAL MUNICIPAL BONDS
(AMORTIZED COST $205,379,197).... 211,126,120
------------
SHORT-TERM INVESTMENTS--14.6%
ILLINOIS--6.2%
Illinois Health Facilities
Authority Revenue Refunding,
Ingalls Memorial Hospital,
Series B
(LC Fuji Bank, Limited,
Expires 9/30/1995)*............ VMIG1/NR 4.50% 7/07/1995 3,140 3,140,000
Illinois Health Facilities
Authority Revenue Refunding,
Memorial Medical Center,
Series C
(LC Fuji Bank, Limited,
Expires 10/31/1996)*........... VMIG1/NR 4.50% 7/07/1995 12,255 12,255,000
------------
15,395,000
------------
INDIANA--0.0%
Indiana Health Facilities
Financing Authority Revenue,
Capital Access Designated Pool
(LC Bank One, Indianapolis,
Expires 11/01/2000)*........... VMIG1/A-1+ 4.50% 7/07/1995 70 70,000
------------
</TABLE>
See Notes to Financial Statements.
77
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
KENTUCKY--0.1%
<S> <C> <C> <C> <C> <C>
Davies County Solid Waste
Disposal Facility Revenue,
Scott Paper Co. Project, Series
A
(LC Morgan Guaranty Trust,
Expires 12/23/1998)*........... VMIG1/A-1+ 4.35% 7/01/1995 $ 300 $ 300,000
------------
NEW YORK--6.9%
New York City General Obligation
Unlimited, Series B (SPA - FGIC
Securities, Expires 10/29/1997)
(FGIC Insured)*................ VMIG1/A-1+ 4.50% 7/01/1995 950 950,000
New York City General Obligation
Unlimited, Series B (SPA - FGIC
Securities, Expires 10/29/1997)
(FGIC Insured)*................ VMIG1/A-1+ 4.50% 7/03/1995 1,100 1,100,000
New York City General Obligation
Unlimited, Subseries B-2 (LC
Dai-Ichi Kangyo Bank, Limited,
Expires 8/18/1996)*............ VMIG1/A-1+ 4.55% 7/01/1995 3,300 3,300,000
New York City General Obligation
Unlimited, Subseries B-2 (LC
Dai-Ichi Kangyo Bank, Limited,
Expires 8/18/1996)*............ VMIG1/A-1+ 4.55% 7/01/1995 700 700,000
New York City General Obligation
Unlimited, Subseries B-4 (LC
Union Bank of Switzerland,
Expires 8/18/1996)*............ VMIG1/A-1+ 4.50% 7/01/1995 1,300 1,300,000
New York City Municipal Water
Financing Authority, Water and
Sewer System Revenue, Series A
(SPA - FGIC Securities, Expires
5/23/2000)
(FGIC Insured)*................ VMIG1/AAA 4.50% 7/01/1995 6,300 6,300,000
</TABLE>
See Notes to Financial Statements.
78
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------- ----------- ----- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
NEW YORK (CONTINUED)
New York State Energy Research
and Development Authority,
Pollution Control Revenue,
Commercial Paper Rate, New York
Electric and Gas, Series D (LC
Union Bank of Switzerland,
Expires 10/25/1996)*........... VMIG1/A-1+ 4.50% 7/01/1995 $ 3,600 $ 3,600,000
------------
17,250,000
------------
NORTH CAROLINA--1.4%
Person County Industrial
Facilities and Pollution
Control Financing Authority
Revenue Solid Waste Disposal,
Carolina Power and Light (LC
Fuji Bank,
Limited, New York)*............ P-1/NR 4.75% 7/01/1995 3,400 3,400,000
------------
WISCONSIN--0.0%
Wisconsin State Health Facilities
Authority Revenue, Franciscan
Healthcare, Series A-1
(LC - Toronto Dominion Bank,
Expires 12/31/98)*............. VMIG1/A-1+ 4.40% 7/07/1995 90 90,000
------------
TOTAL SHORT-TERM INVESTMENTS
(AMORTIZED COST $36,505,000)..... 36,505,000
------------
TOTAL INVESTMENTS
(AMORTIZED COST $241,884,197)--
99.1%............................ 247,631,120
Other assets in excess of
liabilities--0.9%................ 2,309,843
------------
NET ASSETS--100.0%................. $249,940,963
------------
------------
</TABLE>
See Notes to Financial Statements.
79
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
------------------
NR--No rating available.
A.M.T.--Subject to Alternative Minimum Tax.
AMBAC--American Municipal Bond Assurance Corporation.
CGIC--Capital Guaranty Insurance Corporation.
Connie Lee--Connie Lee Insurance Company.
FGIC--Financial Guaranty Insurance Corporation.
FHA/VA--Federal Housing Association/Veterans Administration.
FSA--Financial Security Assurance.
LC--Letter of Credit.
MBIA--MBIA Insurance Corporation.
SPA--Standby Purchase Agreement.
* Variable rate security. Interest rates stated are as of June 30, 1995.
Maturity date reflects the later of the next rate change or the next put
date.
** Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 1995,
the securities amounted to $928,478 or 0.4% of net assets.
See Notes to Financial Statements.
80
<PAGE>
PRAIRIE FUNDS
U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Maturity Amount Value
Description Rate Date (000) (Note 2(a))
---------------------------------------------- ---- --------- --------- -----------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS--100.7%
U.S. GOVERNMENT OBLIGATIONS--70.1%
U.S. TREASURY BILLS--70.1%
U.S. Treasury Bill.......................... 5.86%* 8/24/1995 $ 5,000 $ 4,957,325
U.S. Treasury Bill.......................... 5.54%* 7/06/1995 23,000 22,982,528
U.S. Treasury Bill.......................... 5.43%* 9/21/1995 5,000 4,938,899
U.S. Treasury Bill.......................... 5.28%** 7/13/1995 5,000 4,991,333
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(AMORTIZED COST $37,870,085)................ 37,870,085
-----------
REPURCHASE AGREEMENTS--30.6%
Repurchase agreement with Lehman Brothers,
dated 7/03/1995, with a maturity value of
$10,005,142 (See Footnote A).............. 6.17% 7/03/1995 10,000 10,000,000
Repurchase agreement with Barclays Bank,
dated 7/03/1995, with a maturity value of
$6,503,115 (See Footnote B)............... 5.75% 7/03/1995 6,500 6,500,000
-----------
TOTAL REPURCHASE AGREEMENTS
(AMORTIZED COST $16,500,000)................ 16,500,000
-----------
TOTAL INVESTMENTS
(AMORTIZED COST $54,370,085)--100.7% 54,370,085
Liabilities in excess of other
assets--(0.7%).............................. (392,756)
-----------
NET ASSETS--100.0% $53,977,329
-----------
-----------
</TABLE>
------------------
* Average yield of multiple purchases.
** Yield at purchase.
Footnote A: Collateralized by $6,535,000 U.S. Treasury Bond, 13.75%, due
08/15/04; with a value of $10,209,075.
Footnote B: Collateralized by $6,500,000 U.S. Treasury Note, 4.625%, due
02/15/96; with a value of $6,567,425.
See Notes to Financial Statements.
81
<PAGE>
PRAIRIE FUNDS
MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------------- ----------- ---- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS--99.5%
CERTIFICATES OF DEPOSIT--29.6%
U.S. BRANCHES OF FOREIGN BANKS--29.6%
Bank of Nova Scotia.................... P-1/A-1 6.02% 7/17/1995 $ 4,000 $ 4,000,032
Banque Nationale De Paris.............. P-1/A-1+ 5.89% 8/07/1995 5,000 5,000,046
Commerzbank A.G........................ P-1/A-1+ 5.78% 9/06/1995 5,000 4,999,524
Fuji Bank Ltd.......................... P-1/A-1 6.07% 7/24/1995 4,000 4,000,124
Industrial Bank of Japan............... P-1/A-1 6.27% 7/31/1995 4,000 4,000,098
Mitsubishi Bank, Ltd................... P-1/A-1+ 6.00% 7/17/1995 4,000 4,000,018
National Westminster Bank.............. P-1/A-1 6.12% 7/11/1995 4,000 4,000,013
Royal Bank of Canada................... P-1/A-1 6.38% 10/05/1995 4,000 4,000,620
Sanwa Bank, Ltd........................ P-1/A-1+ 5.95% 7/06/1995 4,000 3,999,935
Societe Generale....................... P-1/A-1+ 6.05% 7/05/1995 4,000 4,000,009
------------
TOTAL CERTIFICATES OF DEPOSIT (AMORTIZED
COST $42,000,419)...................... 42,000,419
------------
BANKERS ACCEPTANCE--2.8%
Canadian Imperial Bank of Commerce, New
York
(amortized cost $3,949,001).......... NR/NR 5.81% 9/18/1995 4,000 3,949,001
------------
COMMERCIAL PAPER--49.5%
DOMESTIC--41.8%
Corporate Asset Funding
Company, Inc......................... P-1/A-1+ 5.91%* 8/18/1995 4,000 3,968,800
C.S. First Boston Group, Inc........... P-1/A-1 5.95%* 7/17/1995 4,000 3,989,476
E.I. Dupont Corp....................... P-1/A-1+ 6.04%* 7/11/1995 4,000 3,993,367
Goldman Sachs & Co..................... P-1/A-1+ 5.91%* 8/14/1995 5,000 4,964,250
IBM Credit Corp........................ P-1/A-1 5.98%* 7/11/1995 4,000 3,993,367
JTB Finance Americas, Inc.............. P-1/A-1 5.94%* 7/25/1995 4,000 3,984,267
Knight Ridder, Inc..................... P-1/A-1+ 5.94%* 7/14/1995 4,000 3,991,463
McGuire/Thomas Partners................ P-1/A-1 6.03%* 7/17/1995 4,000 3,989,333
Monsanto Corp.......................... P-1/A-1 6.01%* 7/24/1995 3,500 3,486,695
Morgan Stanley & Co.................... P-1/A-1+ 6.04%* 7/07/1995 4,000 3,995,980
Orix America, Inc...................... P-1/A-1+ 6.03%* 8/01/1995 4,000 3,979,333
Pemex Capital, Inc..................... P-1/A-1+ 5.94%* 8/02/1995 4,000 3,979,022
Premium Funding, Inc................... P-1/A-1 6.11%* 7/10/1995 4,000 3,993,900
Sapphire Funding....................... P-1/A-1+ 6.06%* 8/14/1995 5,000 4,963,456
Warner Lambert Co...................... P-1/A-1 6.01%* 7/24/1995 2,000 1,992,397
------------
59,265,106
------------
</TABLE>
See Notes to Financial Statements.
82
<PAGE>
PRAIRIE FUNDS
MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
----------------------------------------- ----------- ---- ---------- --------- ------------
FOREIGN--7.7%
<S> <C> <C> <C> <C> <C>
Bayerische Vereinsbank................. P-1/A-1+ 5.98%* 7/07/1995 $ 4,000 $ 3,996,013
Dresdner U.S. Finance, Inc............. P-1/A-1+ 6.01%* 7/05/1995 4,000 3,997,333
Mitsubishi Motor Corp.................. P-1/A-1+ 6.07%* 7/25/1995 3,000 2,988,000
------------
10,981,346
------------
TOTAL COMMERCIAL PAPER
(amortized cost $70,246,452)........... 70,246,452
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--0.0%
Small Business Administration,
Pool #500681**....................... NR/NR 8.00% 9/25/2025 7 6,770
Small Business Administration,
Pool #500870**....................... NR/NR 7.88% 4/25/1996 17 17,325
------------
TOTAL U.S GOVERNMENT AGENCY OBLIGATIONS
(AMORTIZED COST $24,095)............... 24,095
------------
TOTAL INVESTMENT IN SECURITIES
(AMORTIZED COST $116,219,967).......... 116,219,967
------------
REPURCHASE AGREEMENTS--17.6%
Repurchase agreement with Barclays Bank
Ltd., dated 6/30/95, with a maturity
value of $10,004,792
(See Footnote A)..................... NR/NR 5.75% 7/03/1995 10,000 10,000,000
Repurchase agreement with Lehman
Brothers, Inc., dated 6/30/95, with a
maturity value of $15,007,713
(See Footnote B)..................... NR/NR 6.17% 7/03/1995 15,000 15,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(AMORTIZED COST $25,000,000)........... 25,000,000
------------
TOTAL INVESTMENTS
(AMORTIZED COST $141,219,967)--99.5%... 141,219,967
Other assets in excess of
liabilities--0.5%...................... 770,907
------------
NET ASSETS--100.0%....................... $141,990,874
------------
------------
</TABLE>
------------------
NR -- No rating available.
* Yield at purchase.
** Variable rate security. Interest rates stated are as of June 30, 1995.
Maturity date reflects the later of the next rate change or the next put
date.
Footnote A: Collateralized by $10,000,000 U.S. Treasury Note, 4.625% , due
02/15/96; with a value of $10,103,730.
Footnote B: Collateralized by $9,800,000 U.S. Treasury Bond, 13.75%, due
08/15/04; with a value of $15,313,627.
See Notes to Financial Statements.
83
<PAGE>
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MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS--96.3%
ALASKA--3.2%
City of Valdez, Marine Terminal
Revenue, CP, Refunding, ARCO
Transportation Project,
Series A..................... VMIG1/A-1 4.15% 7/10/1995 $ 6,000 $ 6,000,000
------------
COLORADO--2.6%
Colorado Student Organization
Bond Authority, VRDN, Student
Loan Revenue, Series 1990A
(A.M.T.) (LC Student Loan
Marketing Association,
Expires 6/14/2000)*.......... VMIG1/NR 4.30% 7/07/1995 5,000 5,000,000
------------
CONNECTICUT--1.1%
State of Connecticut Special
Assessment Unemployment
Compensation Advanced Fund,
Connecticut Unemployment,
Series C (SPA-FGIC
Securities, Expires
11/15/2001) (FGIC Insured)... VMIG1/A-1+ 3.79% 7/01/1995 2,000 2,000,000
------------
DISTRICT OF COLUMBIA--1.1%
District of Columbia, Student
Loan Revenue (LC Mitsubishi
Bank Limited, Expires
8/03/1996)................... VMIG1/NR 3.99% 7/01/1995 2,000 2,000,000
------------
FLORIDA--2.7%
West Orange Memorial Hospital,
CP (LC Rabobank Nederland)... VMIG1/NR 3.95% 7/05/1995 5,100 5,100,000
------------
ILLINOIS--1.3%
Illinois Development Finance
Authority, VRDN, Industrial
Development Revenue,
Mattoon Precision
Manufacturing Project
(A.M.T.)
(LC Industrial Bank of Japan,
New York,
Expires 12/14/1999)*......... NR/A-1 4.60% 7/07/1995 2,500 2,500,000
------------
</TABLE>
See Notes to Financial Statements.
84
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
INDIANA--4.4%
<S> <C> <C> <C> <C> <C>
Indiana State Development
Finance Authority, Solid
Waste Disposal, CP, Pure Air
on the Lake Ltd. Partnership
Project, Series A (A.M.T.)
(LC Fuji Bank, New York,
Expires 7/15/2000)........... P-1/A-1 4.20% 8/08/1995 $ 3,200 $ 3,200,000
Indiana State Development
Finance Authority, Solid
Waste Disposal, CP, Pure Air
on the Lake Ltd. Partnership
Project, Series 1991A
(A.M.T.) (LC Fuji Bank, New
York, Expires 7/15/2000)..... P-1/A-1 3.60% 8/08/1995 1,500 1,500,000
Seymour Economic Development
Authority Revenue, VRDN,
Kobelco Metal Powder Project
(A.M.T.) (LC Industrial Bank
of Japan, Limited, Expires
12/15/1997)*................. NR/A-1 4.60% 7/07/1995 3,700 3,700,000
------------
8,400,000
------------
IOWA--4.8%
Iowa School Corp. Revenue,
Warrant Certificates, Iowa
School Cash Anticipation
Program, Series A
(CGIC Insured)............... MIG1/SP-1 4.75% 6/28/1996 6,000 6,051,534
Iowa School Corp. Revenue,
Warrant Certificates, Iowa
School Cash Anticipation
Program, Series A
(CGIC Insured)............... MIG1/SP-1+ 4.25% 7/17/1995 3,000 3,000,824
------------
9,052,358
------------
</TABLE>
See Notes to Financial Statements.
85
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
KANSAS--4.7%
<S> <C> <C> <C> <C> <C>
City of Burlington, Pollution
Control Revenue Refunding,
CP, Kansas City Power & Light
Co. Project, Series A (LC
Toronto Dominion Bank,
Expires 8/18/1996)........... NR/A-1 4.30% 7/10/1995 $ 1,000 $ 1,000,000
City of Burlington, Pollution
Control Revenue Refunding,
CP, Kansas City Power & Light
Co. Project, Series A (LC
Toronto Dominion Bank,
Expires 8/18/1996)........... NR/A-1 3.80% 7/10/1995 3,000 3,000,000
City of Burlington, Pollution
Control Revenue Refunding,
CP, Kansas City Power & Light
Co. Project, Series 1987B (LC
Deutsche Bank A.G., Expires
8/18/1996)................... P-1/A-1+ 3.55% 9/05/1995 4,800 4,800,000
------------
8,800,000
------------
KENTUCKY--7.6%
Bowling Green, Industrial
Building Revenue, VRDN, Bando
Manufacturing America Project
(A.M.T.) (LC Industrial Bank
of Japan, New York, Expires
12/15/1997)*................. NR/A-1 4.60% 7/07/1995 1,800 1,800,000
Bowling Green, Industrial
Building Revenue, VRDN, Twin
Fastener Inc. Project
(A.M.T.) (LC Industrial Bank
of Japan, Expires
3/15/1998)*.................. NR/A-1 4.60% 7/07/1995 2,400 2,400,000
City of Walton, Industrial
Development Revenue, VRDN,
Namco Inc. Project (A.M.T.)
(LC Industrial Bank of Japan,
Expires 7/15/2002)*.......... NR/A-1 4.60% 7/07/1995 1,000 1,000,000
</TABLE>
See Notes to Financial Statements.
86
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
KENTUCKY (CONTINUED)
<S> <C> <C> <C> <C> <C>
City of Warsaw, Industrial
Building Revenue, VRDN, SDI
Operating Partnership Project
(A.M.T.) (LC Fifth Third
Bank, Ohio)*................. NR/A-1+ 4.45% 7/07/1995 $ 2,200 $ 2,200,000
Henderson County, Solid Waste
Disposal Revenue, VRDN,
Hudson Foods Inc. Project
(A.M.T.) (LC Rabobank
Nederland, Expires
2/28/1996)*.................. VMIG1/NR 4.25% 7/07/1995 7,000 7,000,000
------------
14,400,000
------------
MASSACHUSETTS--2.4%
Massachusetts Bay,
Transportation Authority, CP,
Series A
(LC ABN-AMRO Bank,
Expires 5/03/1996)........... P-1/A-1 3.90% 7/26/1995 4,600 4,600,000
------------
MICHIGAN--4.0%
Michigan State Strategic Fund
Revenue, CP, Solid Waste
Disposal, S.D. Warren Co.
Project, Series C (A.M.T.)
(LC Sumitomo Bank, Expires
1/22/1999)................... VMIG1/NR 4.10% 7/06/1995 7,500 7,500,000
------------
MINNESOTA--0.6%
Hubbard County Solid Waste
Disposal Revenue, VRDN,
Potlatch Corp. Project
(A.M.T.) (LC Credit Suisse,
Expires 9/08/1995)*.......... NR/A-1+ 4.25% 7/07/1995 1,200 1,200,000
------------
MISSOURI--1.9%
City of Columbia, Special
Obligation, VRDN,
Series 1988A (LC Toronto
Dominion Bank, Expires
6/11/1997)*.................. VMIG1/NR 4.25% 7/07/1995 2,000 2,000,000
</TABLE>
See Notes to Financial Statements.
87
<PAGE>
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MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
MISSOURI (CONTINUED)
<S> <C> <C> <C> <C> <C>
Missouri State Health and
Education Facilities
Authority Revenue, VRDN,
Christian Health Services,
Series A (LC Morgan Guaranty
Trust)* . NR/A-1+ 3.95% 7/07/1995 $ 1,600 $ 1,600,000
------------
3,600,000
------------
NEVADA--6.3%
Clark County, Industrial
Development Revenue,
VRDN, Nevada Cogeneration
Association 2 (A.M.T.)
(LC Swiss Bank, Expires
1/31/2001)*.................. VMIG1/A-1+ 4.35% 7/01/1995 1,800 1,800,000
Clark County, Pollution Control
Revenue, CP, Southern
California Edison Project,
Series A (A.M.T.)............ NR/A-1+ 4.15% 8/01/1995 5,000 5,000,000
Washoe County, Water Facilities
Revenue, CP, Sierra Pacific
Power Co. Project, Series
1990 (A.M.T.) (LC Union Bank
of Switzerland,
Expires 12/11/1996).......... NR/A-1+ 4.05% 7/21/1995 5,100 5,100,000
------------
11,900,000
------------
NEW HAMPSHIRE--1.9%
New Hampshire Business Finance
Authority, Pollution Control
Revenue Refunding, Public
Service Co. of New Hampshire
Project, VRDN, Series 1992D
(A.M.T.) (LC Barclays Bank
PLC, Expires 10/01/1995)*.... VMIG1/A-1+ 4.30% 7/07/1995 3,500 3,500,000
------------
NORTH CAROLINA--3.5%
North Carolina Eastern
Municipal Power Agency, CP,
(LC Industrial Bank of
Japan) ...................... P-1/A-1 3.50% 8/09/1995 3,200 3,200,000
</TABLE>
See Notes to Financial Statements.
88
<PAGE>
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MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
NORTH CAROLINA (CONTINUED)
<S> <C> <C> <C> <C> <C>
Wake County Industrial
Facilities and Pollution
Control Financing Authority
Revenue Refunding, CP,
Carolina Power and Light Co.
Project, Series A,
(LC Fuji Bank, Limited,
Expires 3/07/1998)........... P-1/A-1 4.00% 7/12/1995 $ 3,500 $ 3,500,000
------------
6,700,000
------------
OHIO--2.1%
Ohio State Water Development
Authority, Pollution Control
Revenue, CP, Duquesne
Light Co. Project,
Series 1988 (A.M.T.) (LC
Toronto Dominion Bank,
Expires 8/02/1996)........... NR/A-1+ 3.20% 7/07/1995 4,000 4,000,000
------------
OREGON--6.2%
Port of St. Helen's, Pollution
Control Revenue, Portland
General Electric Co. Project,
VRDN, Series 1990A (A.M.T.)
(LC Swiss Bank, Expires
8/08/1995)*.................. NR/A-1+ 4.35% 7/01/1995 6,200 6,200,000
State of Oregon General
Obligation, VRDN, Veteran's
Welfare Bond, Series 1973E
(LC Dai-Ichi Kangyo Bank,
Expires 12/19/1995)*......... VMIG1/A-1 4.25% 7/07/1995 1,500 1,500,000
State of Oregon General
Obligation, VRDN, Veteran's
Welfare Bond, Series 1973F
(LC Mitsubishi Bank Ltd.,
Expires 12/01/1995)*......... VMIG1/A-1+ 4.45% 7/07/1995 4,000 4,000,000
------------
11,700,000
------------
</TABLE>
See Notes to Financial Statements.
89
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
PENNSYLVANIA--3.5%
<S> <C> <C> <C> <C> <C>
Northumberland County
Industrial Development
Authority Revenue, Foster
Wheeler, Mt. Carmel, VRDN
(A.M.T.) (LC Union Bank of
Switzerland, Expires
8/14/1995)*.................. VMIG1/NR 4.40% 7/07/1995 $ 1,600 $ 1,600,000
Philadelphia Gas Works Revenue
Notes, CP, Series B
(LC Canadian Imperial
Bank of Commerce,
Expires 6/15/1997)........... P-1/A-1+ 4.15% 8/04/1995 5,000 5,000,000
------------
6,600,000
------------
RHODE ISLAND--1.6%
Providence Off Street Public
Parking Facility Revenue,
VRDN, Wash Street Garage
Corp. Project, (LC Morgan
Guaranty Trust, Expires
9/09/1995)*.................. NR/ A-1+ 4.25% 7/07/1995 3,000 3,000,000
------------
TENNESSEE--3.4%
Memphis Shelby County Airport
Authority Revenue, CP
(A.M.T.) (LC Canadian
Imperial Bank of Commerce)... P-1/A-1+ 4.25% 8/04/1995 2,405 2,405,000
Memphis Shelby County Airport
Authority Revenue, CP
(A.M.T.) (LC Canadian
Imperial Bank of Commerce)... P-1/A-1+ 3.30% 8/04/1995 4,000 4,000,000
------------
6,405,000
------------
TEXAS--13.7%
Brazos Higher Education
Authority, Student Loan
Revenue, VRDN, Series B1
(A.M.T.) (LC Student Loan
Marketing Association,
Expires 5/25/1998)*.......... VMIG1/NR 4.30% 7/01/1995 3,000 3,000,000
</TABLE>
See Notes to Financial Statements.
90
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
TEXAS (CONTINUED)
<S> <C> <C> <C> <C> <C>
Brazos River Authority,
Pollution Control Revenue
Refunding, CP, Texas
Utilities Electric Co.,
Series A (A.M.T.) (LC
Canadian Imperial Bank of
Commerce, Expires
5/12/1997)................... VMIG1/A-1+ 4.20% 7/31/1995 $ 3,000 $ 3,000,000
Brazos River Authority,
Pollution Control Revenue
Refunding, Utilities Electric
Co., VRDN, Series B (A.M.T.)
(LC Union Bank of
Switzerland, Expires
6/21/1998)*.................. VMIG1/A-1+ 4.70% 7/01/1995 2,000 2,000,000
Brownsville Utilities, CP (LC
Toronto Dominion Bank)....... P-1/A-1+ 3.10% 9/05/1995 4,500 4,500,000
Calhoun County Industrial
Development Authority
Revenue, VRDN, Formosa
Plastics Corp. Project
(A.M.T.) (LC Bank of America,
Los Angeles, Expires
11/16/1995)*................. VMIG1/NR 4.30% 7/07/1995 2,000 2,000,000
Capital Health Facilities
Development Corp., Health
Facilities Revenue, VRDN,
Island on Lake Travis Ltd.
Project, Series 1986 (A.M.T.)
(LC Credit Suisse)*.......... NR/A-1+ 4.30% 7/07/1995 3,900 3,900,000
Harris County Industrial
Development Corp., Pollution
Control Revenue, Exxon Corp.
Project, VRDN, Series 1987
(Exxon Guaranteed)
(A.M.T.)* . NR/A-1+ 4.35% 7/01/1995 1,500 1,500,000
</TABLE>
See Notes to Financial Statements.
91
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
TEXAS (CONTINUED)
<S> <C> <C> <C> <C> <C>
Panhandle Plains Higher
Education Authority Revenue,
VRDN, Student Loan Revenue,
Series A (A.M.T.) (LC Student
Loan Marketing Association,
Expires
7/1/1996)*................... VMIG1/NR 4.30% 7/07/1995 $ 6,000 $ 6,000,000
------------
25,900,000
------------
UTAH--2.4%
Tooele County, Hazardous Waste
Treatment Revenue, CP,
Rollins Environmental
Services, Inc. Project,
Series A (A.M.T.) (LC Union
Bank of Switzerland, Expires
5/29/1996)................... NR/A-1+ 3.90% 7/06/1995 4,500 4,500,000
------------
WASHINGTON--1.5%
Port of Vancouver Revenue,
VRDN, United Grain Corp.,
Series 1984A
(LC Sumitomo Bank, Ltd.,
Expires 4/30/1998)*.......... NR/A-1 4.35% 7/07/1995 2,800 2,800,000
------------
WEST VIRGINIA--5.9%
Marion County Community Solid
Waste Disposal Facilities
Revenue, VRDN, Granttown
Project, Series C (A.M.T.)
(LC National Westminster
Bank, Expires 7/15/1997)*.... VMIG1/A-1+ 4.15% 7/07/1995 2,000 2,000,000
Marion County Community Solid
Waste Disposal Facilities
Revenue, VRDN, Granttown
Project, Series D (A.M.T.)
(LC National Westminster
Bank, Expires 7/15/1997)*.... VMIG1/A-1+ 4.15% 7/07/1995 1,100 1,100,000
</TABLE>
See Notes to Financial Statements.
92
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Moody's/ Principal
S&P Maturity Amount Value
Description (Unaudited) Rate Date (000) (Note 2(a))
--------------------------------- ------------ ------ ---------- --------- ------------
WEST VIRGINIA (CONTINUED)
<S> <C> <C> <C> <C> <C>
West Virginia Hospital Finance
Authority, VRDN, Hospital
Revenue, St. Mary's Hospital
Project, Series 1987 (LC
Mitsubishi Bank Ltd., Expires
11/25/1995)*................. VMIG1/NR 4.30% 7/07/1995 $ 2,000 $ 2,000,000
West Virginia Public Energy
Authority Revenue, CP,
Morgantown Associates
Project, Series A (A.M.T.)
(LC Swiss Bank,
Expires 9/28/1999)........... NR/A-1+ 4.25% 8/08/1995 3,000 3,000,000
West Virginia Public Energy
Authority Revenue, CP,
Morgantown Associates
Project, Series A (A.M.T.)
(LC Swiss Bank,
Expires 9/28/1999)........... NR/A-1+ 4.20% 7/31/1995 3,000 3,000,000
------------
11,100,000
------------
WISCONSIN--1.1%
Wisconsin State Health and
Educational Facilities
Authority Revenue, CP,
Alexian Village of Milwaukee,
Inc., Series 1988A, (LC
Sumitomo Bank, Expires
12/21/1999).................. VMIG1/NR 4.00% 7/10/1995 2,100 2,100,000
------------
WYOMING--0.8%
Sweetwater County,
Environmental Impact Revenue,
CP, Pacificorp Project,
Series A
(A.M.T.) (LC Westdeutsche
Landesbank, Expires
2/03/1999)................... VMIG1/A-1+ 3.75% 9/01/1995 1,500 1,500,000
------------
</TABLE>
See Notes to Financial Statements.
93
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
Description (Note 2(a))
--------------------------------- ------------
<S> <C>
TOTAL INVESTMENTS
(AMORTIZED COST $181,857,358)--96.3%......... $181,857,358
Other assets in excess of
liabilities--3.7%............................ 6,891,749
------------
NET ASSETS--100.0%............................. $188,749,107
------------
------------
</TABLE>
------------------
NR--No rating available.
A.M.T.--Subject to Alternative Minimum Tax.
CGIC--Capital Guaranty Insurance Corporation.
CP--Commercial Paper.
FGIC--Financial Guaranty Insurance Corporation.
LC--Letter of Credit.
VRDN--Variable Rate Demand Note.
* Variable rate security. Interest rates stated are as of June 30, 1995.
Maturity date reflects the later of the next rate change or the next put date.
See Notes to Financial Statements.
94
<PAGE>
[This page intentionally left blank]
95
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Managed Managed
Assets Assets Equity
Income Fund Fund Income Fund
----------- ---------- ------------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at
value (amortized cost
$44,553,376, $3,570,618,
$218,086,707, $271,743,026,
$69,784,428, $66,029,355 and
$113,954,393, respectively) ... $48,285,769 $3,657,276 $238,356,507
Repurchase Agreements (amortized
cost $0, $0, $0, $0, $0, $0 and
$0, respectively).............. -- -- --
Cash............................. 30,422 -- --
Cash denominated in foreign
currencies..................... -- -- --
Receivable for investment
securities sold................ -- -- 30,501,212
Receivable for Fund shares
sold........................... 31,293 954 8,000
Receivable from adviser.......... -- 38,973 --
Dividends receivable............. 127,418 4,156 754,478
Interest receivable.............. 337,189 10,940 208,453
Foreign tax reclaim receivable... -- -- --
Deferred organization expenses
and other assets............... 105,708 68,497 70,128
----------- ---------- ------------
Total Assets................ 48,917,799 3,780,796 269,898,778
----------- ---------- ------------
LIABILITIES:
Advisory fees payable............ 16,812 -- 62,895
Administration fees payable...... 9,643 163 32,488
Shareholder servicing fees
payable (Class A Shares and
Class B Shares)................ 8,754 650 181
12b-1 fees payable (Class B
Shares)........................ 1,477 806 27
Bank overdraft................... -- 1,321 7,275,028
Dividends payable................ 531 -- --
Payable for Fund shares
redeemed....................... 42,296 -- --
Payable for investment securities
purchased...................... -- -- 33,696,890
Payable for organizational
expenses....................... 20,235 21,286 24,779
Payable for variation margin..... -- -- --
Other accrued expenses........... 21,227 26,535 72,703
----------- ---------- ------------
Total Liabilities........... 120,975 50,761 41,164,991
----------- ---------- ------------
NET ASSETS......................... $48,796,824 $3,730,035 $228,733,787
----------- ---------- ------------
----------- ---------- ------------
</TABLE>
See Notes to Financial Statements.
96
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Special International
Opportunities Equity
Growth Fund Fund Fund Bond Fund
------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at
value (amortized cost
$44,553,376, $3,570,618,
$218,086,707, $271,743,026,
$69,784,428, $66,029,355 and
$113,954,393, respectively) ... $296,268,949 $73,433,705 $66,843,816 $118,875,809
Repurchase Agreements (amortized
cost $0, $0, $0, $0, $0, $0 and
$0, respectively).............. -- -- -- --
Cash............................. 1,273,358 4,245 149,772 --
Cash denominated in foreign
currencies..................... -- -- 345,326 --
Receivable for investment
securities sold................ 8,364,121 261,088 6,172 --
Receivable for Fund shares
sold........................... -- -- -- --
Receivable from adviser.......... -- -- -- --
Dividends receivable............. 478,645 13,031 277,561 --
Interest receivable.............. 1,202 536 17,392 2,035,377
Foreign tax reclaim receivable... -- -- 44,066 --
Deferred organization expenses
and other assets............... 69,242 69,746 70,242 66,425
------------- ----------- ----------- ------------
Total Assets................ 306,455,517 73,782,351 67,754,347 120,977,611
------------- ----------- ----------- ------------
LIABILITIES:
Advisory fees payable............ 141,616 24,689 23,633 38,518
Administration fees payable...... 42,181 9,128 8,512 16,118
Shareholder servicing fees
payable (Class A Shares and
Class B Shares)................ 333 75 274 198
12b-1 fees payable (Class B
Shares)........................ 25 16 27 11
Bank overdraft................... -- -- -- 1,544
Dividends payable................ -- -- -- 615,226
Payable for Fund shares
redeemed....................... -- -- -- --
Payable for investment securities
purchased...................... 2,468,225 -- -- --
Payable for organizational
expenses....................... 24,121 24,515 23,353 21,286
Payable for variation margin..... -- -- 147,620 --
Other accrued expenses........... 79,933 47,461 35,055 53,500
------------- ----------- ----------- ------------
Total Liabilities........... 2,756,434 105,884 238,474 746,401
------------- ----------- ----------- ------------
$ 303,699,083 $73,676,467 $67,515,873 $120,231,210
NET ASSETS......................... ------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
</TABLE>
See Notes to Financial Statements.
97
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Managed Managed
Assets Assets Equity
Income Fund Fund Income Fund
----------- ---------- ------------
<S> <C> <C> <C>
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE:
CLASS A SHARES:
Net Assets..................... $47,518,772 $2,883,505 $ 901,029
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 3,544,934 274,329 81,246
----------- ---------- ------------
Net Asset Value per Share...... $ 13.40 $ 10.51 $ 11.09
Sales charge*.................. 0.63 0.50 0.52
----------- ---------- ------------
Maximum offering price......... $ 14.03 $ 11.01 $ 11.61
----------- ---------- ------------
----------- ---------- ------------
CLASS B SHARES:
Net Assets..................... $ 590,395 $ 469,663 $ 38,852
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 44,085 44,767 3,508
----------- ---------- ------------
Net Asset Value per Share...... $ 13.39 $ 10.49 $ 11.08
----------- ---------- ------------
----------- ---------- ------------
CLASS I SHARES:
Net Assets..................... $ 687,657 $ 376,867 $227,793,906
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 51,215 35,836 20,546,180
----------- ---------- ------------
Net Asset Value per Share...... $ 13.43 $ 10.52 $ 11.09
----------- ---------- ------------
----------- ---------- ------------
COMPOSITION OF NET ASSETS:
Shares of beneficial interest, at
par............................ $ 3,640 $ 355 $ 20,631
Additional paid-in capital....... 44,928,557 3,628,037 206,643,532
Accumulated net realized gains
(losses)....................... (64,929) 5 1,178,350
Accumulated net realized gains on
foreign currency
transactions................... -- -- --
Undistributed net investment
income......................... 197,163 14,980 621,474
Net unrealized appreciation of
investments.................... 3,732,393 86,658 20,269,800
Net unrealized depreciation of
assets and liabilities
denominated in foreign
currencies..................... -- -- --
----------- ---------- ------------
NET ASSETS, JUNE 30, 1995.......... $48,796,824 $3,730,035 $228,733,787
----------- ---------- ------------
----------- ---------- ------------
</TABLE>
------------------
* Sales charge is 4.50% of maximum offering price.
See Notes to Financial Statements.
98
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Special International
Opportunities Equity
Growth Fund Fund Fund Bond Fund
------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE:
CLASS A SHARES:
Net Assets..................... $ 1,742,811 $ 344,530 $ 1,245,217 $ 1,027,157
------------- ----------- ----------- ------------
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 154,511 32,387 123,975 95,889
Net Asset Value per Share...... $ 11.28 $ 10.64 $ 10.04 $ 10.71
Sales charge*.................. 0.53 0.50 0.47 0.50
------------- ----------- ----------- ------------
Maximum offering price......... $ 11.81 $ 11.14 $ 10.51 $ 11.21
------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
CLASS B SHARES:
Net Assets..................... $ 33,406 $ 5,951 $ 25,980 $ 4,038
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 2,969 561 2,590 377
------------- ----------- ----------- ------------
Net Asset Value per Share...... $ 11.25 $ 10.60 $ 10.03 $ 10.72
------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
CLASS I SHARES:
Net Assets..................... $ 301,922,866 $73,325,986 $66,244,676 $119,200,015
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 26,770,162 6,895,349 6,585,205 11,123,006
------------- ----------- ----------- ------------
Net Asset Value per Share...... $ 11.28 $ 10.63 $ 10.06 $ 10.72
------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
COMPOSITION OF NET ASSETS:
Shares of beneficial interest, at
par............................ $ 26,928 $ 6,928 $ 6,712 $ 11,219
Additional paid-in capital....... 270,467,220 69,818,497 67,703,453 112,511,335
Accumulated net realized gains
(losses)....................... 7,406,397 99,151 85,615 2,787,240
Accumulated net realized gains on
foreign currency
transactions................... -- -- 89,311 --
Undistributed net investment
income......................... 1,272,615 102,614 269,908 --
Net unrealized appreciation of
investments.................... 24,525,923 3,649,277 814,461 4,921,416
Net unrealized depreciation of
assets and liabilities
denominated in foreign
currencies..................... -- -- (1,453,587) --
------------- ----------- ----------- ------------
NET ASSETS, JUNE 30, 1995.......... $ 303,699,083 $73,676,467 $67,515,873 $120,231,210
------------- ----------- ----------- ------------
------------- ----------- ----------- ------------
</TABLE>
See Notes to Financial Statements.
99
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate International
Bond Bond Municipal
Fund Fund Bond Fund
------------ ----------- ------------
<S> <C> <C> <C>
ASSETS:
Investments in securities, at
value (amortized cost
$137,640,908, $10,340,595,
$241,884,197, $366,057,847,
$37,870,085, $116,219,967 and
$181,857,358, respectively).... $143,170,900 $11,358,055 $247,631,120
Repurchase Agreements
(amortized cost $23,814,000,
$0, $0, $0, $16,500,000,
$25,000,000 and $0,
respectively).................. 23,814,000 -- --
Cash............................. -- 44,749 779
Receivable for investment
securities sold................ 1 -- 12,334,259
Receivable for Fund shares
sold........................... -- 6,000 --
Receivable from adviser.......... 145,694 37,821 36,971
Dividends receivable............. -- -- --
Interest receivable.............. 2,185,365 314,999 3,387,895
Foreign tax receivable........... -- -- --
Deferred organization expenses
and other assets .............. 40,636 65,631 53,477
------------ ----------- ------------
Total Assets................ 169,356,596 11,827,255 263,444,501
------------ ----------- ------------
LIABILITIES:
Advisory fees payable............ -- -- --
Administration fees payable...... 7,706 525 11,464
Shareholder servicing fees
payable (Class A Shares and
Class B Shares)................ 687 72 18,602
12b-1 fees payable (Class B
Shares)........................ 7 13 172
Bank overdraft................... 403 -- --
Dividends payable................ 864,019 52,482 995,179
Payable for Fund shares
redeemed....................... -- -- --
Payable for investment securities
purchased...................... -- 49,954 12,478,121
Payable for organizational
expenses....................... -- 21,286 --
Payable for variation margin..... -- -- --
Other accrued expenses........... 68,979 44,926 --
------------ ----------- ------------
Total Liabilities........... 941,801 169,258 13,503,538
------------ ----------- ------------
NET ASSETS......................... $168,414,795 $11,657,997 $249,940,963
------------ ----------- ------------
------------ ----------- ------------
</TABLE>
See Notes to Financial Statements.
100
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate U.S. Government Municipal
Municipal Money Market Money Money Market
Bond Fund Fund Market Fund Fund
------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in securities, at
value (amortized cost
$137,640,908, $10,340,595,
$241,884,197, $366,057,847,
$37,870,085, $116,219,967 and
$181,857,358, respectively).... $ 375,487,113 $ 37,870,085 $116,219,967 $181,857,358
Repurchase Agreements
(amortized cost $23,814,000,
$0, $0, $0, $16,500,000,
$25,000,000 and $0,
respectively).................. -- 16,500,000 25,000,000 --
Cash............................. 74,840 -- 1,007,683 1,428,127
Receivable for investment
securities sold................ 15,329,623 -- -- 5,290,310
Receivable for Fund shares
sold........................... -- -- -- --
Receivable from adviser.......... 24,867 -- -- --
Dividends receivable............. -- -- -- --
Interest receivable.............. 5,416,084 2,733 430,815 913,616
Foreign tax receivable........... -- -- -- --
Deferred organization expenses
and other assets .............. 104,580 110,037 66,981 114,071
------------- -------------- ------------ ------------
Total Assets................ 396,437,107 54,482,855 142,725,446 189,603,482
------------- -------------- ------------ ------------
LIABILITIES:
Advisory fees payable............ -- 22,083 39,832 45,246
Administration fees payable...... 17,624 22,783 23,833 50,015
Shareholder servicing fees
payable (Class A Shares and
Class B Shares)................ 51,927 95,102 134,121 176,507
12b-1 fees payable (Class B
Shares)........................ 199 -- -- 300
Bank overdraft................... -- 31,534 -- --
Dividends payable................ 1,433,926 235,268 507,407 505,609
Payable for Fund shares
redeemed....................... 10,607 -- -- --
Payable for investment securities
purchased...................... 10,810,243 -- -- --
Payable for organizational
expenses....................... 24,076 50,000 -- 21,286
Payable for variation margin..... -- -- -- --
Other accrued expenses........... -- 48,756 29,379 55,412
------------- -------------- ------------ ------------
Total Liabilities........... 12,348,602 505,526 734,572 854,375
------------- -------------- ------------ ------------
NET ASSETS......................... $ 384,088,505 $ 53,977,329 $141,990,874 $188,749,107
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
</TABLE>
See Notes to Financial Statements.
101
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES--(CONTINUED)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate International
Bond Bond Municipal
Fund Fund Bond Fund
------------ ----------- ------------
<S> <C> <C> <C>
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE:
CLASS A SHARES:
Net Assets..................... $ 2,453,466 $ 374,373 $ 6,719,195
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 301,238 32,923 542,318
------------ ----------- ------------
Net Asset Value per Share...... $ 8.14 $ 11.37 $ 12.39
Sales charge*.................. 0.25 0.54 0.58
------------ ----------- ------------
Maximum offering price......... $ 8.39 $ 11.91 $ 12.97
------------ ----------- ------------
------------ ----------- ------------
CLASS B SHARES:
Net Assets..................... $ 11,260 $ 4,299 $ 70,595
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 1,383 376 5,695
------------ ----------- ------------
Net Asset Value per Share...... $ 8.14 $ 11.43 $ 12.40
------------ ----------- ------------
------------ ----------- ------------
CLASS I SHARES:
Net Assets..................... $165,950,069 $11,279,325 $243,151,173
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 20,373,924 987,031 19,633,874
------------ ----------- ------------
Net Asset Value per Share...... $ 8.15 $ 11.43 $ 12.38
------------ ----------- ------------
------------ ----------- ------------
COMPOSITION OF NET ASSETS:
Shares of beneficial interest, at
par**.......................... $ 20,677 $ 1,020 $ 20,182
Additional paid-in capital....... 159,504,935 10,272,455 241,095,432
Accumulated net realized gains
(losses)....................... 3,359,191 311,273 3,078,426
Accumulated net realized gains on
foreign currency............... -- 18,185 --
Undistributed net investment
income......................... -- -- --
Net unrealized appreciation of
investments.................... 5,529,992 1,017,460 5,746,923
Net unrealized appreciation of
assets and liabilities
denominated in foreign
currencies..................... -- 37,604 --
------------ ----------- ------------
NET ASSETS, JUNE 30, 1995.......... $168,414,795 $11,657,997 $249,940,963
------------ ----------- ------------
------------ ----------- ------------
</TABLE>
------------------
* Sales charge is 4.50% of maximum offering price, except for the Prairie
Intermediate Bond Fund and Prairie Intermediate Municipal Bond Fund which are
3.00% of maximum offering price.
** Except for the Municipal Bond Fund--'Shares of common stock, at par' applies.
See Notes to Financial Statements.
102
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
Intermediate Government Municipal
Municipal Money Market Money Money Market
Bond Fund Fund Market Fund Fund
------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE:
CLASS A SHARES:
Net Assets..................... $ 16,874,553 $ 53,977,329 $141,990,873 $188,749,107
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 1,398,706 53,993,314 141,832,418 188,802,758
------------- -------------- ------------ ------------
Net Asset Value per Share...... $ 12.06 $ 1.00 $ 1.00 $ 1.00
Sales charge*.................. 0.37 -- -- --
------------- -------------- ------------ ------------
Maximum offering price......... $ 12.43 $ 1.00 $ 1.00 $ 1.00
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
CLASS B SHARES:
Net Assets..................... 74,421 N/A $ 1 N/A
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 6,167 N/A 1 N/A
------------- -------------- ------------ ------------
Net Asset Value per Share...... $ 12.07 N/A $ 1.00 N/A
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
CLASS I SHARES:
Net Assets..................... 367,139,531 N/A N/A N/A
Shares of beneficial interest
issued and outstanding,
$0.001 par value, unlimited
number of shares
authorized.................. 30,419,336 N/A N/A N/A
------------- -------------- ------------ ------------
Net Asset Value per Share...... $ 12.07 N/A N/A N/A
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
COMPOSITION OF NET ASSETS:
Shares of beneficial interest, at
par**.......................... $ 31,824 $ 53,993 $ 141,832 $ 188,803
Additional paid-in capital....... 373,094,950 53,939,321 141,690,587 188,613,955
Accumulated net realized gains
(losses)....................... 1,532,465 (15,985) 158,455 (53,651)
Accumulated net realized gains on
foreign currency............... -- -- -- --
Undistributed net investment
income......................... -- -- -- --
Net unrealized appreciation of
investments.................... 9,429,266 -- -- --
Net unrealized appreciation of
assets and liabilities
denominated in foreign
currencies..................... -- -- -- --
------------- -------------- ------------ ------------
NET ASSETS, JUNE 30, 1995.......... $ 384,088,505 $ 53,977,329 $141,990,874 $188,749,107
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
</TABLE>
See Notes to Financial Statements.
103
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the period ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Managed
Assets Managed Equity
Income Assets Income
Fund(1) Fund(2) Fund(3)
---------- -------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend income (net of foreign withholding taxes)....... $ 619,643 $ 7,107 $ 3,508,936
Interest Income (net of foreign withholding taxes)....... 829,704 13,800 1,032,079
Other Income............................................. -- -- --
---------- -------- -----------
1,449,347 20,907 4,541,015
---------- -------- -----------
EXPENSES:
Advisory fees............................................ 151,959 3,264 446,985
Administration fees...................................... 31,807 753 134,095
Shareholder servicing fees (Class A Shares and Class B
Shares)................................................ 56,011 1,106 190
12b-1 fees (Class B Shares).............................. 578 806 27
Custodian fees and expenses.............................. 26,376 13,442 30,096
Registration fees........................................ 9,944 -- 26,143
Legal fees............................................... 4,536 5,450 18,392
Audit fees............................................... 13,728 7,387 13,680
Amortization of organization expenses.................... 2,018 3,276 10,000
Transfer agent fees and expenses......................... 30,768 5,162 8,816
Reports to shareholders.................................. 8,232 5,473 8,208
Trustees' fees........................................... 840 445 1,144
Miscellaneous expenses................................... 13,088 2,073 12,161
---------- -------- -----------
349,885 48,637 709,937
Less: Fee waivers and expense reimbursements............. (98,330) (42,710) (128,985)
---------- -------- -----------
251,555 5,927 580,952
---------- -------- -----------
NET INVESTMENT INCOME................................ 1,197,792 14,980 3,960,063
---------- -------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments.................. (324,606) 5 1,178,350
Net realized gain (loss) on foreign currency
transactions........................................... -- -- --
Net change in unrealized appreciation on:
Investments............................................ 4,855,885 86,658 20,269,800
Translation of assets and liabilities denominated in
foreign currencies................................... -- -- --
---------- -------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS.................... 4,531,279 86,663 21,448,150
---------- -------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS............................................... $5,729,071 $101,643 $25,408,213
---------- -------- -----------
---------- -------- -----------
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
(2) For the period April 3, 1995 (commencement of operations) through June 30,
1995.
(3) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(4) For the period March 3, 1995 (commencement of operations) through June 30,
1995.
(5) For the period February 10, 1995 (commencement of operations) through June
30, 1995.
See Notes to Financial Statements.
104
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Special International
Growth Opportunities Equity Bond
Fund(3) Fund(3) Fund(4) Fund(5)
----------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend income (net of foreign withholding taxes)....... $ 2,224,174 $ 115,183 $ 476,695 $ --
Interest Income (net of foreign withholding taxes)....... 884,946 278,566 106,631 3,116,051
Other Income............................................. -- -- 1,065 --
----------- ------------- ------------- -----------
3,109,120 393,749 584,391 3,116,051
----------- ------------- ------------- -----------
EXPENSES:
Advisory fees............................................ 754,686 188,814 158,754 232,953
Administration fees...................................... 174,159 40,460 29,244 63,533
Shareholder servicing fees (Class A Shares and Class B
Shares)................................................ 536 148 498 368
12b-1 fees (Class B Shares).............................. 34 16 27 11
Custodian fees and expenses.............................. 29,032 25,080 32,037 24,112
Registration fees........................................ 28,127 7,599 7,116 15,387
Legal fees............................................... 23,104 5,504 5,148 7,452
Audit fees............................................... 13,680 13,680 9,594 11,316
Amortization of organization expenses.................... 10,043 10,046 8,055 9,215
Transfer agent fees and expenses......................... 8,816 8,816 6,786 8,004
Reports to shareholders.................................. 8,208 8,208 5,733 6,762
Trustees' fees........................................... 760 760 585 690
Miscellaneous expenses................................... 13,684 6,089 7,838 7,455
----------- ------------- ------------- -----------
1,064,869 315,220 271,415 387,258
Less: Fee waivers and expense reimbursements............. (135,997) (85,853) (65,556) (91,286)
----------- ------------- ------------- -----------
928,872 229,367 205,859 295,972
----------- ------------- ------------- -----------
NET INVESTMENT INCOME................................ 2,180,248 164,382 378,532 2,820,079
----------- ------------- ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments.................. 7,406,397 99,151 85,615 2,787,240
Net realized gain (loss) on foreign currency
transactions........................................... -- -- 89,311 --
Net change in unrealized appreciation on:
Investments............................................ 24,525,924 3,649,277 814,461 4,921,416
Translation of assets and liabilities denominated in
foreign currencies................................... -- -- (1,453,587) --
----------- ------------- ------------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS.................... 31,932,321 3,748,428 (464,200) 7,708,656
----------- ------------- ------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS............................................... $34,112,569 $ 3,912,810 $ (85,668) $10,528,735
----------- ------------- ------------- -----------
----------- ------------- ------------- -----------
</TABLE>
See Notes to Financial Statements.
105
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS -- (CONTINUED)
For the period ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate International Municipal
Bond Bond Bond
Fund(1) Fund(2) Fund(3)
------------ ------------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend income (net of foreign withholding taxes)....... $ -- $ -- $ --
Interest Income (net of foreign withholding taxes)....... 4,260,178 298,938 4,579,830
Other Income............................................. -- -- --
------------ ------------- -----------
4,260,178 298,938 4,579,830
------------ ------------- -----------
EXPENSES:
Advisory fees............................................ 237,037 31,239 324,076
Administration fees...................................... 88,889 6,695 121,528
Shareholder servicing fees (Class A Shares and Class B
Shares)................................................ 972 150 5,589
12B-1 fees (Class B Shares).............................. 5 13 63
Custodian fees and expenses.............................. 22,408 26,247 (1,350)
Registration fees........................................ 20,269 1,975 44,707
Legal fees............................................... 20,550 1,280 16,714
Audit fees............................................... 12,300 13,680 10,004
Amortization of organization expenses.................... 54 10,008 54
Transfer agent fees and expenses......................... 13,200 8,528 10,736
Reports to shareholders.................................. 7,570 7,848 5,978
Trustees' fees........................................... 750 760 610
Miscellaneous expenses................................... 5,510 4,468 5,564
------------ ------------- -----------
429,514 112,891 544,273
Less: Fee waivers and expense reimbursements............. (103,862) (73,226) (115,958)
------------ ------------- -----------
325,652 39,665 428,315
------------ ------------- -----------
NET INVESTMENT INCOME................................ 3,934,526 259,273 4,151,515
------------ ------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments.................. 3,422,803 311,273 3,346,029
Net realized gain (loss) on foreign currency
transactions........................................... -- 18,185 --
Net change in unrealized appreciation on:
Investments............................................ 5,625,562 1,017,460 3,114,615
Translation of assets and liabilities denominated in
foreign currencies................................... -- 37,604 --
------------ ------------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS..... 9,048,365 1,384,522 6,460,644
------------ ------------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS............................................. $ 12,982,891 $ 1,643,795 $10,612,159
------------ ------------- -----------
------------ ------------- -----------
</TABLE>
------------------
(1) For the period February 1, 1995 through June 30, 1995.
(2) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(3) For the period March 1, 1995 through June 30, 1995.
(4) For the period January 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
106
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate U.S. Municipal
Municipal Government Money Money
Bond Money Market Market Market
Fund(3) Fund(4) Fund(4) Fund(4)
------------ ------------ ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend income (net of foreign withholding taxes)....... $ -- $ -- $ -- $ --
Interest Income (net of foreign withholding taxes)....... 6,670,235 2,356,154 3,692,422 3,689,554
Other Income............................................. -- -- -- --
------------ ------------ ---------- ----------
6,670,235 2,356,154 3,692,422 3,689,554
------------ ------------ ---------- ----------
EXPENSES:
Advisory fees............................................ 514,489 170,479 255,061 380,349
Administration fees...................................... 192,933 53,164 84,763 125,530
Shareholder servicing fees (Class A Shares and Class B
Shares)................................................ 16,484 101,651 154,473 229,856
12B-1 fees (Class B Shares).............................. 87 -- -- --
Custodian fees and expenses.............................. (32,255) 34,495 10,340 34,081
Registration fees........................................ 48,562 17,772 19,977 31,693
Legal fees............................................... 10,004 9,762 11,385 19,323
Audit fees............................................... 10,004 12,714 15,522 13,530
Amortization of organization expenses.................... 8,248 1,891 1,853 1,914
Transfer agent fees and expenses......................... 10,736 13,608 28,656 14,520
Reports to shareholders.................................. 5,978 7,617 8,895 7,221
Trustees' fees........................................... 610 826 1,041 825
Miscellaneous expenses................................... 29,211 16,088 25,140 22,804
------------ ------------ ---------- ----------
815,091 440,067 617,106 881,646
Less: Fee waivers and expense reimbursements............. (150,010) (126,628) (130,297) (220,253)
------------ ------------ ---------- ----------
665,081 313,439 486,809 661,393
------------ ------------ ---------- ----------
NET INVESTMENT INCOME................................ 6,005,154 2,042,715 3,205,613 3,028,161
------------ ------------ ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments.................. 2,291,474 32,487 182,285 (43)
Net realized gain (loss) on foreign currency
transactions........................................... -- -- -- --
Net change in unrealized appreciation on:
Investments............................................ 6,319,011 -- -- --
Translation of assets and liabilities denominated in
foreign currencies................................... -- -- -- --
------------ ------------ ---------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS..... 8,610,485 32,487 182,285 (43)
------------ ------------ ---------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS............................................. $ 14,615,639 $ 2,075,202 $3,387,898 $3,028,118
------------ ------------ ---------- ----------
------------ ------------ ---------- ----------
</TABLE>
See Notes to Financial Statements.
107
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) December 31, 1994
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS:
Net investment income............ $ 1,197,792 $ 2,808,997
Net realized gain (loss) on
investments.................... (324,606) 210,291
Net change in unrealized
appreciation on investments.... 4,855,885 (4,108,668)
-------------------- ------------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS................ 5,729,071 (1,089,380)
-------------------- ------------------
Net equalization credits (Note
1)............................. -- 2,562
-------------------- ------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income:
Class A shares................. (1,125,713) (2,753,670)
Class B shares................. (2,393) (34,937)
Class I shares................. (5,832) --
-------------------- ------------------
TOTAL DIVIDENDS TO
SHAREHOLDERS.............. (1,133,938) (2,788,607)
-------------------- ------------------
Net realized gain on investments:
Class A shares................. -- (19,340)
Class B shares................. -- (323)
Class I shares................. -- --
-------------------- ------------------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS.............. -- (19,663)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:...
Class A shares................. 3,230,531 5,577,372
Class B shares................. 575,204 1,147,965
Class I shares................. 758,158 --
Dividends reinvested:............
Class A shares................. 1,043,259 2,307,933
Class B shares................. 2,213 28,168
Class I shares................. 4,090 --
Cost of shares redeemed:
Class A shares................. (5,704,916) (11,257,088)
Class B shares................. (1,022) (1,127,831)
Class I shares................. (73,000) --
-------------------- ------------------
NET DECREASE IN NET ASSETS
FROM CAPITAL STOCK
TRANSACTIONS.............. (165,483) (3,323,481)
-------------------- ------------------
4,429,650 (7,218,569)
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
108
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS--(CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) December 31, 1994
-------------------- ------------------
<S> <C> <C>
NET ASSETS:
Beginning of period.............. $ 44,367,174 $ 51,585,743
-------------------- ------------------
End of period (including
undistributed net investment
income of $197,163 and
$133,309, respectively)........ $ 48,796,824 $ 44,367,174
-------------------- ------------------
-------------------- ------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares sold.................... 299,561 441,901
Shares issued in reinvestment
of dividends................ -- 185,739
Shares redeemed................ (25,232) (903,518)
-------------------- ------------------
NET INCREASE (DECREASE) IN
CLASS A SHARES
OUTSTANDING............... 274,329 (275,878)
-------------------- ------------------
-------------------- ------------------
CLASS B:
Shares sold.................... 45,276 90,904
Shares issued in reinvestment
of dividends................ -- 2,281
Shares redeemed................ (509) (93,185)
-------------------- ------------------
NET INCREASE IN CLASS B
SHARES OUTSTANDING........ 44,767 --
-------------------- ------------------
-------------------- ------------------
CLASS I:
Shares sold.................... 35,836 --
Shares issued in reinvestment
of dividends................ -- --
Shares redeemed................ -- --
-------------------- ------------------
NET INCREASE IN CLASS I
SHARES OUTSTANDING........ 35,836 --
-------------------- ------------------
-------------------- ------------------
TOTAL INCREASE (DECREASE) IN
FUND SHARES OUTSTANDING... 354,932 (275,878)
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
109
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
For the period ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Managed Equity
Assets Income Growth
Fund(1) Fund(2) Fund(2)
---------- ------------ ------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS:.................
Net investment income............ $ 14,980 $ 3,960,063 $ 2,180,248
Net realized gain (loss) on
investments.................... 5 1,178,350 7,406,397
Net realized gain (loss) on
foreign currency
transactions................... -- -- --
Net change in unrealized
appreciation on:
Investments.................... 86,658 20,269,800 24,525,924
Translation of assets and
liabilities denominated in
foreign currencies........... -- -- --
---------- ------------ ------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS................ 101,643 25,408,213 34,112,569
---------- ------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM NET
INVESTMENT INCOME:
Class A shares................... -- (2,694) (922)
Class B shares................... -- (125) (7)
Class I shares................... -- (3,335,770) (906,704)
---------- ------------ ------------
TOTAL DIVIDENDS TO
SHAREHOLDERS FROM NET
INVESTMENT INCOME......... -- (3,338,589) (907,633)
---------- ------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................. 3,077,023 882,796 1,680,067
Class B shares................. 449,655 34,344 28,516
Class I shares................. 360,000 216,836,887 284,302,089
Dividends reinvested:
Class A shares................. -- 2,694 930
Class B shares................. -- 126 7
Class I shares................. -- 28,607 10,978
Cost of shares redeemed:
Class A shares................. (264,188) -- (6,263)
Class B shares................. (5,208) -- --
Class I shares................. -- (11,132,402) (15,533,288)
---------- ------------ ------------
NET INCREASE IN NET ASSETS
FROM CAPITAL STOCK
TRANSACTIONS.............. 3,617,282 206,653,052 270,483,036
---------- ------------ ------------
3,718,925 228,722,676 303,687,972
NET ASSETS:
Beginning of period.............. 11,110 11,111 11,111
---------- ------------ ------------
End of period (including
undistributed net investment
income of $14,980, $621,474,
$1,272,615, $102,614, $269,908,
$0 and $0, respectively)....... $3,730,035 $228,733,787 $303,699,083
---------- ------------ ------------
---------- ------------ ------------
</TABLE>
------------------
(1) For the period April 3, 1995 (commencement of operations) through June 30,
1995.
(2) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(3) For the period March 3, 1995 (commencement of operations) through June 30,
1995.
(4) For the period February 10, 1995 (commencement of operations) through June
30, 1995.
See Notes to Financial Statements.
110
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Special International International
Opportunities Equity Bond
Fund(2) Fund(3) Bond Fund(4) Fund(2)
------------- ------------- ------------ -----------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS:.................
Net investment income............ $ 164,382 $ 378,532 $ 2,820,079 $ 259,273
Net realized gain (loss) on
investments.................... 99,151 85,615 2,787,240 311,273
Net realized gain (loss) on
foreign currency
transactions................... -- 89,311 -- 18,185
Net change in unrealized
appreciation on:
Investments.................... 3,649,277 814,461 4,921,416 1,017,460
Translation of assets and
liabilities denominated in
foreign currencies........... -- (1,453,587) -- 37,604
------------- ------------- ------------ -----------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS................ 3,912,810 (85,668) 10,528,735 1,643,795
------------- ------------- ------------ -----------
DIVIDENDS TO SHAREHOLDERS FROM NET
INVESTMENT INCOME:
Class A shares................... (54) (169) (8,939) (3,125)
Class B shares................... -- (4) (83) (81)
Class I shares................... (61,714) (108,451) (2,811,057) (256,067)
------------- ------------- ------------ -----------
TOTAL DIVIDENDS TO
SHAREHOLDERS FROM NET
INVESTMENT INCOME......... (61,768) (108,624) (2,820,079) (259,273)
------------- ------------- ------------ -----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................. 339,339 1,294,006 999,279 363,994
Class B shares................. 2,052 23,144 -- --
Class I shares................. 74,288,719 68,591,589 117,258,016 10,678,455
Dividends reinvested:
Class A shares................. 57 169 4,167 1,583
Class B shares................. -- 4 67 66
Class I shares................. 639 931 12,668 1,344
Cost of shares redeemed:
Class A shares................. (5,100) (1,908) (4,099) (572)
Class B shares................. (52) -- -- --
Class I shares................. (4,811,340) (2,208,881) (5,758,654) (782,506)
------------- ------------- ------------ -----------
NET INCREASE IN NET ASSETS
FROM CAPITAL STOCK
TRANSACTIONS.............. 69,814,314 67,699,054 112,511,444 10,262,364
------------- ------------- ------------ -----------
73,665,356 67,554,088 120,220,100 11,646,886
NET ASSETS:
Beginning of period.............. 11,111 11,111 11,110 11,111
------------- ------------- ------------ -----------
End of period (including
undistributed net investment
income of $14,980, $621,474,
$1,272,615, $102,614, $269,908,
$0 and $0, respectively)....... $ 73,676,467 $ 67,515,873 $120,231,210 $11,657,997
------------- ------------- ------------ -----------
------------- ------------- ------------ -----------
</TABLE>
See Notes to Financial Statements.
111
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS--(CONTINUED)
For the period ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Managed Equity
Assets Income Growth
Fund(1) Fund(2) Fund(2)
---------- ------------ ------------
<S> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares sold.................... 299,191 80,629 154,635
Shares issued in reinvestment
of dividends................. -- 246 87
Shares redeemed................ (25,232) -- (582)
---------- ------------ ------------
NET INCREASE IN CLASS A
SHARES
OUTSTANDING............... 273,959 80,875 154,140
---------- ------------ ------------
---------- ------------ ------------
CLASS B:
Shares sold.................... 44,906 3,126 2,598
Shares issued in reinvestment
of dividends................. -- 12 1
Shares redeemed................ (509) -- --
---------- ------------ ------------
NET INCREASE IN CLASS B
SHARES
OUTSTANDING............... 44,397 3,138 2,599
---------- ------------ ------------
---------- ------------ ------------
CLASS I:
Shares sold.................... 35,465 21,601,948 28,226,222
Shares issued in reinvestment
of dividends................. -- 2,718 1,032
Shares redeemed................ -- (1,058,856) (1,457,462)
---------- ------------ ------------
NET INCREASE IN CLASS I
SHARES
OUTSTANDING............... 35,465 20,545,810 26,769,792
---------- ------------ ------------
---------- ------------ ------------
TOTAL INCREASE IN FUND
SHARES OUTSTANDING...... 353,821 20,629,823 26,926,531
---------- ------------ ------------
---------- ------------ ------------
</TABLE>
------------------
(1) For the period April 3, 1995 (commencement of operations) through June 30,
1995.
(2) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(3) For the period March 3, 1995 (commencement of operations) through June 30,
1995.
(4) For the period February 10, 1995 (commencement of operations) through June
30, 1995.
See Notes to Financial Statements.
112
<PAGE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Special International International
Opportunities Equity Bond Bond
Fund(2) Fund(3) Fund(4) Fund(2)
------------ ------------ ----------- ----------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares sold.................... 32,504 123,776 95,510 32,463
Shares issued in reinvestment
of dividends................. 5 17 395 140
Shares redeemed................ (493) (188) (386) (51)
------------ ------------ ----------- ----------
NET INCREASE IN CLASS A
SHARES
OUTSTANDING............... 32,016 123,605 95,519 32,552
------------ ------------ ----------- ----------
------------ ------------ ----------- ----------
CLASS B:
Shares sold.................... 196 2,219 -- --
Shares issued in reinvestment
of dividends................. -- -- 6 6
Shares redeemed................ (5) -- -- --
------------ ------------ ----------- ----------
NET INCREASE IN CLASS B
SHARES
OUTSTANDING............... 191 2,219 6 6
------------ ------------ ----------- ----------
------------ ------------ ----------- ----------
CLASS I:
Shares sold.................... 7,360,220 6,798,854 11,675,552 1,056,493
Shares issued in reinvestment
of dividends................. 61 93 1,230 123
Shares redeemed................ (465,303) (214,112) (554,146) (69,955)
------------ ------------ ----------- ----------
NET INCREASE IN CLASS I
SHARES
OUTSTANDING............... 6,894,978 6,584,835 11,122,636 986,661
------------ ------------ ----------- ----------
------------ ------------ ----------- ----------
TOTAL INCREASE IN FUND
SHARES OUTSTANDING...... 6,927,185 6,710,659 11,218,161 1,019,219
------------ ------------ ----------- ----------
------------ ------------ ----------- ----------
</TABLE>
See Notes to Financial Statements.
113
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) January 31, 1995
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income.............. $ 3,934,526 $ 346,925
Net realized gain (loss) on
investments...................... 3,422,803 (63,605)
Net change in unrealized
appreciation (depreciation) on
investments...................... 5,625,562 (304,664)
-------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS.................. 12,982,891 (21,344)
-------------------- ------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income:
Class A shares................... (23,959) (4,217)
Class B shares................... (35) (99)
Class I shares................... (3,910,532) (342,609)
-------------------- ------------------
TOTAL DIVIDENDS TO
SHAREHOLDERS................ (3,934,526) (346,925)
-------------------- ------------------
Net realized gain on investments:
Class A shares................... -- (16)
Class B shares................... -- (1)
Class I shares................... -- (1,196)
-------------------- ------------------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS................ -- (1,213)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................... 2,339,587 19,449
Class B shares................... 11,261 2,000
Class I shares................... 162,090,201 7,661,463
Dividends reinvested:
Class A shares................... 12,174 4,153
Class B shares................... 1 99
Class I shares................... 29,846 5,537
Cost of shares redeemed:
Class A shares................... (15,007) (15,285)
Class B shares................... -- (2,099)
Class I shares................... (12,271,532) (5,328,334)
-------------------- ------------------
NET INCREASE IN NET ASSETS
FROM CAPITAL STOCK
TRANSACTIONS................ 152,196,531 2,346,983
-------------------- ------------------
161,244,896 1,977,501
NET ASSETS:
Beginning of period................ 7,169,899 5,192,398
-------------------- ------------------
End of period...................... $ 168,414,795 $ 7,169,899
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period February 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
114
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS--(CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) January 31, 1995
-------------------- ------------------
CAPITAL SHARE TRANSACTIONS:
<S> <C> <C>
CLASS A:
Shares sold...................... 292,658 2,527
Shares issued in reinvestment of
dividends..................... 1,515 533
Shares redeemed.................. (1,858) (1,997)
-------------------- ------------------
NET INCREASE IN CLASS A SHARES
OUTSTANDING................. 292,315 1,063
-------------------- ------------------
-------------------- ------------------
CLASS B:
Shares sold...................... 1,383 245
Shares issued in reinvestment of
dividends..................... -- 13
Shares redeemed.................. -- (258)
-------------------- ------------------
NET INCREASE IN CLASS B SHARES
OUTSTANDING................. 1,383 --
-------------------- ------------------
-------------------- ------------------
CLASS I:
Shares sold...................... 20,983,911 1,001,211
Shares issued in reinvestment of
dividends..................... 3,787 710
Shares redeemed.................. (1,538,279) (698,958)
-------------------- ------------------
NET INCREASE IN CLASS I SHARES
OUTSTANDING................. 19,449,419 302,963
-------------------- ------------------
-------------------- ------------------
TOTAL INCREASE IN FUND
SHARES OUTSTANDING........ 19,743,117 304,026
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period February 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
115
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) February 28, 1995
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income.............. $ 4,151,515 $ 930,044
Net realized gain (loss) on
investments...................... 3,346,029 (260,986)
Net change in unrealized
appreciation on investments...... 3,114,615 2,624,847
-------------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS... 10,612,159 3,293,905
-------------------- ------------------
DIVIDENDS TO SHAREHOLDERS FROM NET
INVESTMENT INCOME:
Class A shares................... (108,866) (409,080)
Class B shares................... (263) (67)
Class I shares................... (4,042,386) (520,897)
-------------------- ------------------
TOTAL DIVIDENDS TO
SHAREHOLDERS FROM NET
INVESTMENT INCOME........... (4,151,515) (930,044)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................... 218,651 301,216
Class B shares................... 70,049 --
Class I shares................... 25,821,886 222,099,320
Dividends reinvested:
Class A shares................... 72,385 319,837
Class B shares................... 109 66
Class I shares................... 21,711 3,923
Cost of shares redeemed:
Class A shares................... (588,334) (2,895,171)
Class B shares................... (39) (2,071)
Class I shares................... (9,118,302) (4,444,913)
-------------------- ------------------
NET INCREASE IN NET ASSETS
FROM CAPITAL STOCK
TRANSACTIONS................ 16,498,116 215,382,207
-------------------- ------------------
22,958,760 217,746,068
NET ASSETS:
Beginning of period................ 226,982,203 9,236,135
-------------------- ------------------
End of period...................... $ 249,940,963 $ 226,982,203
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period March 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
116
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS--(CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) February 28, 1995
-------------------- ------------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares sold...................... 17,587 25,507
Shares issued in reinvestment of
dividends..................... 5,911 27,236
Shares redeemed.................. (48,235) (246,815)
-------------------- ------------------
NET DECREASE IN CLASS A SHARES
OUTSTANDING................. (24,737) (194,072)
-------------------- ------------------
-------------------- ------------------
CLASS B:
Shares sold...................... 5,689 --
Shares issued in reinvestment of
dividends..................... 9 6
Shares redeemed.................. (3) (168)
-------------------- ------------------
NET INCREASE (DECREASE) IN
CLASS B SHARES
OUTSTANDING................. 5,695 (162)
-------------------- ------------------
-------------------- ------------------
CLASS I:
Shares sold...................... 2,117,851 18,631,505
Shares issued in reinvestment of
dividends..................... 1,774 325
Shares redeemed.................. (745,656) (371,925)
-------------------- ------------------
NET INCREASE IN CLASS I SHARES
OUTSTANDING................. 1,373,969 18,259,905
-------------------- ------------------
-------------------- ------------------
TOTAL INCREASE IN FUND
SHARES OUTSTANDING........ 1,354,927 18,065,671
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period March 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
117
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) February 28, 1995
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income.............. $ 6,005,154 $ 1,985,164
Net realized (loss) gain on
investments...................... 2,291,474 (757,908)
Net change in unrealized
appreciation of investments...... 6,319,011 2,898,764
-------------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS... 14,615,639 4,126,020
-------------------- ------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income:
Class A shares................... (256,508) (1,214,913)
Class B shares................... (424) (17)
Class I shares................... (5,748,222) (770,234)
-------------------- ------------------
TOTAL DIVIDENDS TO
SHAREHOLDERS................ (6,005,154) (1,985,164)
-------------------- ------------------
Net realized gain on investments:
Class A shares................... -- (62,814)
Class B shares................... -- (284)
Class I shares................... -- --
-------------------- ------------------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS................ -- (63,098)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................... 304,334 920,191
Class B shares................... 78,000 115,550
Class I shares................... 26,890,688 366,411,242
Dividends and distributions
reinvested:
Class A shares................... 147,855 829,334
Class B shares................... 93 1,971
Class I shares................... 88,113 20,498
Cost of shares redeemed:
Class A shares................... (1,205,805) (12,219,977)
Class B shares................... (10,042) (123,958)
Class I shares................... (33,864,297) (3,821,887)
-------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL STOCK
TRANSACTIONS................ (7,571,061) 352,132,964
-------------------- ------------------
1,039,424 354,210,722
</TABLE>
------------------
(1) For the period March 1, 1995 through June, 1995.
See Notes to Financial Statements.
118
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS--(CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) February 28, 1995
-------------------- ------------------
NET ASSETS:
<S> <C> <C>
Beginning of period................ $ 383,049,081 $ 28,838,359
-------------------- ------------------
End of period...................... $ 384,088,505 $ 383,049,081
-------------------- ------------------
-------------------- ------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A:
Shares sold...................... 25,301 78,527
Shares issued in reinvestment of
dividends and distributions... 12,376 70,747
Shares redeemed.................. (100,933) (1,053,197)
-------------------- ------------------
NET DECREASE IN CLASS A SHARES
OUTSTANDING................. (63,256) (903,923)
-------------------- ------------------
-------------------- ------------------
CLASS B:
Shares sold...................... 6,521 9,750
Shares issued in reinvestment of
dividends and distributions... 8 169
Shares redeemed.................. (843) (10,419)
-------------------- ------------------
NET INCREASE (DECREASE) IN
CLASS B SHARES
OUTSTANDING................. 5,686 (500)
-------------------- ------------------
-------------------- ------------------
CLASS I:
Shares sold...................... 2,254,668 31,318,358
Shares issued in reinvestment of
dividends and distributions... 7,382 1,737
Shares redeemed.................. (2,837,706) (325,102)
-------------------- ------------------
NET INCREASE (DECREASE) IN
CLASS I SHARES
OUTSTANDING................. (575,656) 30,994,993
-------------------- ------------------
-------------------- ------------------
TOTAL INCREASE IN FUND
SHARES OUTSTANDING........ 506,714 30,090,570
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period March 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
119
<PAGE>
PRAIRIE FUNDS
U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) December 31, 1994
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income.............. $ 2,042,715 $ 4,694,844
Net realized (loss) gain on
investments...................... 32,487 (961,178)
-------------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS... 2,075,202 3,733,666
-------------------- ------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income:
Class A shares................ (2,042,715) (4,694,844)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold,
Class A shares................... 171,425,999 677,021,399
Dividends and distributions
reinvested, Class A shares....... 1,005,548 1,310,332
Cost of shares redeemed, Class A
shares........................... (234,839,361) (716,564,214)
-------------------- ------------------
NET DECREASE IN NET ASSETS
FROM CAPITAL STOCK
TRANSACTIONS................ (62,407,814) (38,232,483)
-------------------- ------------------
Increase due to voluntary capital
contribution from an affiliate of
the investment adviser (Note
3(e))............................ -- 933,054
-------------------- ------------------
(62,375,327) (38,260,607)
NET ASSETS:
Beginning of period................ 116,352,656 154,613,263
-------------------- ------------------
End of period...................... $ 53,977,329 $ 116,352,656
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
120
<PAGE>
PRAIRIE FUNDS
MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) December 31, 1994
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income.............. $ 3,205,613 $ 5,491,950
Net realized gain (loss) on
investments...................... 182,285 (1,309,831)
-------------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS... 3,387,898 4,182,119
-------------------- ------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income:
Class A shares................... (3,205,613) (5,491,950)
Net realized gain on investments:
Class A shares................... -- (23,361)
-------------------- ------------------
TOTAL DIVIDENDS AND
DISTRIBUTIONS TO
SHAREHOLDERS................ (3,205,613) (5,515,311)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................... 391,303,807 1,724,346,455
Class B shares................... 1 --
Dividends and distributions
reinvested:
Class A shares................... 1,544,081 2,559,069
Class B shares................... -- --
Cost of shares redeemed:
Class A shares................... (370,439,318) (1,770,081,791)
Class B shares................... -- --
-------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL STOCK
TRANSACTIONS................ 22,408,571 (43,176,267)
-------------------- ------------------
Increase due to voluntary capital
contribution from an affiliate of
the investment adviser (Note
3(e))............................ -- 1,286,000
-------------------- ------------------
22,590,856 43,223,459
NET ASSETS:
Beginning of period................ 119,400,018 162,623,477
-------------------- ------------------
End of period...................... $ 141,990,874 $ 119,400,018
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
121
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period ended
June 30, 1995(1) For the year ended
(Unaudited) December 31, 1994
-------------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income.............. $ 3,028,161 $ 4,523,891
Net realized loss on investments... (43) (36,537)
-------------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS... 3,028,118 4,487,354
-------------------- ------------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM :
Net investment income:
Class A shares................ (3,028,161) (4,523,891)
-------------------- ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold,
Class A shares................... 250,483,378 428,067,086
Dividends and distributions
reinvested, Class A shares....... 1,220,543 2,261,400
Cost of shares redeemed, Class A
shares........................... (236,084,803) (434,859,851)
-------------------- ------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM CAPITAL STOCK
TRANSACTIONS................ 15,619,118 (4,531,365)
-------------------- ------------------
15,619,075 (4,567,902)
NET ASSETS:
Beginning of period................ 173,130,032 177,697,934
-------------------- ------------------
End of period...................... $ 188,749,107 $ 173,130,032
-------------------- ------------------
-------------------- ------------------
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
See Notes to Financial Statements.
122
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended
June 30, For the Year Ended December 31,
1995(1) -------------------------------------
(Unaudited) 1994 1993 1992 1991
------------ ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period............... $ 12.13 $ 13.11 $ 12.68 $ 12.56 $ 10.79
------------ ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............... 0.37 0.73 0.72 0.79 0.83
Net realized and unrealized gain
(loss) on investments............. 1.22 (0.98) 0.61 0.26 1.77
------------ ------- ------- ------- -------
TOTAL INCOME (LOSS) FROM
INVESTMENT OPERATIONS...... 1.59 (0.25) 1.33 1.05 2.60
------------ ------- ------- ------- -------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income............................ (0.32) (0.72) (0.72) (0.77) (0.83)
Distribution from net realized gain
on investments.................... -- (0.01) (0.18) (0.16) --
------------ ------- ------- ------- -------
TOTAL DIVIDENDS AND
DISTRIBUTIONS.............. (0.32) (0.73) (0.90) (0.93) (0.83)
------------ ------- ------- ------- -------
Net change in net asset value per
share. . 1.27 (0.98) 0.43 0.12 1.77
------------ ------- ------- ------- -------
Net asset value per share, end of
period. . $ 13.40 $ 12.13 $ 13.11 $ 12.68 $ 12.56
------------ ------- ------- ------- -------
------------ ------- ------- ------- -------
TOTAL INVESTMENT RETURN(2) 13.28%(3) -1.92% 10.70% 8.68% 24.87%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets............................ 1.11%(4) 0.63% 0.39% 0.02% --
Ratio of net investment income to
average net assets................ 5.28%(4) 5.77% 5.54% 6.24% 7.04%
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements............ 0.43%(4) 1.04% 1.26% 1.86% 2.16%
Portfolio Turnover Rate(3).......... 7.36% 28.69% 16.40% 22.14% 26.02%
Net Assets, end of period (000's
omitted).......................... $ 47,519 $44,367 $51,586 $34,262 $14,038
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
(2) Exclusive of sales charge.
(3) Not annualized.
(4) Annualized.
See Notes to Financial Statements.
123
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended For the
June 30, Period Ended
1995(2) December 2,
(Unaudited) 1994(1)
------------ ------------
<S> <C> <C>
PER SHARE DATA:
CLASS B:
Net asset value per share,
beginning of period............ $12.42 $13.05
------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income............ 0.34 0.51
Net realized and unrealized gain
(loss) on investments.......... 0.92 (0.91)
------ ------
TOTAL INCOME (LOSS) FROM
INVESTMENT OPERATIONS... 1.26 (0.40)
------ ------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income......................... (0.29) (0.54)
Distributions from net realized
gain on investments............ -- (0.01)
------ ------
TOTAL DIVIDENDS AND
DISTRIBUTIONS........... (0.29) (0.55)
------ ------
Net change in net asset value per
share.......................... 0.97 (0.95)
------ ------
Conversion to Class A shares..... N/A $12.10
------ ------
Net asset value per share, end of
period......................... $13.39 $ --
------ ------
------ ------
TOTAL INVESTMENT RETURN(4) 12.93%(3) -3.13%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets......................... 1.80%(5) 1.21%(5)
Ratio of net investment income to
average net assets............. 4.39%(5) 4.10%(5)
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements................. 0.53%(5) 0.96%(5)
Portfolio Turnover Rate(4)....... 7.36% 28.69%
Net Assets, end of period (000's
omitted)....................... $ 590 $ --
</TABLE>
------------------
(1) For the period February 8, 1994 (initial offering date of Class B Shares)
through December 2, 1994. On December 2, 1994, the Fund terminated its
offering of Class B shares and such shares converted to Class A Shares.
(2) For the period March 3, 1995 (re-offering date of Class B Shares) through
June 30, 1995.
(3) On December 2, 1994, the Fund terminated its offering of Class B Shares
under the then-current sales load schedule and such shares converted to
Class A Shares. Consequently the figure above represents actual return for
Class A Shares for the period December 2, 1994 through April 3, 1995.
(4) Not annualized.
(5) Annualized.
See Notes to Financial Statements.
124
<PAGE>
PRAIRIE FUNDS
MANAGED ASSETS INCOME FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for the period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period
Ended
June 30,
1995(1)
(Unaudited)
-----------
<S> <C>
PER SHARE DATA:
CLASS I:
Net asset value per share, beginning
of period........................... $ 12.42
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................. 0.23
Net realized and unrealized gain on
investments......................... 0.96
-----------
TOTAL INCOME FROM INVESTMENT
OPERATIONS................... 1.19
Less: Dividends from net investment
income.............................. (0.18)
-----------
Net change in net asset value per
share............................... 1.01
-----------
Net asset value per share, end of
period.............................. $ 13.43
-----------
-----------
TOTAL INVESTMENT RETURN 9.61 (2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.............................. 0.80 (3)
Ratio of net investment income to
average net assets.................. 5.45 (3)
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements.............. 0.50 (3)
Portfolio Turnover Rate............... 7.36 (2)
Net Assets, end of period (000's
omitted)............................ $ 688
</TABLE>
------------------
(1) For the period March 3, 1995 (initial offering date of Class I Shares)
through June 30, 1995.
(2) Not annualized.
(3) Annualized.
See Notes to Financial Statements.
125
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for the period indicated for each Portfolio
indicated. This information has been derived from information provided in the
Portfolios' financial statements.
<TABLE>
<CAPTION>
For the period ended June 30, 1995
-------------------------------------------------------------------------------
Managed Equity Special International International
Assets Income Growth Opportunities Equity Bond Bond
Fund(1) Fund(2) Fund(2) Fund(2) Fund(3) Fund(4) Fund(2)
------- ------- ------- ------------- ------------- ------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A SHARES:
Net asset value per share,
beginning of period........... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- ------- ------- ------ ------ ------- ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........... 0.04 0.16 0.08 0.02 0.03 0.25 0.25
Net realized and unrealized gain
on investments and foreign
currency transactions......... 0.47 1.09 1.23 0.63 0.03 0.71 1.37
------- ------- ------- ------ ------ ------- ------
TOTAL INCOME FROM
INVESTMENT OPERATIONS.... 0.51 1.25 1.31 0.65 0.06 0.96 1.62
Less: Dividends from net
investment income............. -- (0.16) (0.03) (0.01) (0.02) (0.25) (0.25)
------- ------- ------- ------ ------ ------- ------
Net change in net asset value
per share..................... 0.51 1.09 1.28 0.64 0.04 0.71 1.37
------- ------- ------- ------ ------ ------- ------
Net asset value per share, end
of period..................... $ 10.51 $ 11.09 $ 11.28 $ 10.64 $ 10.04 $ 10.71 $ 11.37
------- ------- ------- ------ ------ ------- ------
------- ------- ------- ------ ------ ------- ------
TOTAL INVESTMENT RETURN(5)(7) 5.10% 12.55% 13.15% 6.45% 0.58% 9.72% 16.33%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets(6)..................... 1.05% 0.90% 1.05% 1.10% 1.30% 0.90% 1.19%
Ratio of net investment income
to average net assets(6)...... 3.18% 3.36% 1.59% 0.31% 1.69% 5.83% 5.22%
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements(6)............. 6.71% 0.14% 0.13% 0.31% 0.34% 0.20% 1.35%
Portfolio turnover rate(7)...... -- 9.74% 47.11% 21.54% 0.44% 67.32% 35.62%
Net Assets, end of period (000's
omitted)...................... $ 2,883 $ 901 $ 1,743 $ 344 $ 1,245 $ 1,027 $ 374
</TABLE>
------------------------
(1) For the period April 3, 1995 (commencement of operations) through June 30,
1995.
(2) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(3) For the period March 3, 1995 (commencement of operations) through June 30,
1995.
(4) For the period February 10, 1995 (commencement of operations) through June
30, 1995.
(5) Exclusive of sales charge.
(6) Annualized.
(7) Not annualized.
See Notes to Financial Statements.
126
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for the period indicated for each Portfolio
indicated. This information has been derived from information provided in the
Portfolios' financial statements.
<TABLE>
<CAPTION>
For the period ended June 30, 1995
-------------------------------------------------------------------------------
Managed Equity Special International International
Assets Income Growth Opportunities Equity Bond Bond
Fund(1) Fund(2) Fund(2) Fund(2) Fund(3) Fund(4) Fund(2)
------- ------- ------- ------------- ------------- ------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS B:
Net asset value per share,
beginning of period........... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- ------- ------- ------ ------ ------- ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........... 0.04 0.13 0.07 0.01 0.01 0.22 0.22
Net realized and unrealized gain
on investments and foreign
currency transactions......... 0.45 1.08 1.20 0.59 0.03 0.72 1.43
------- ------- ------- ------ ------ ------- ------
TOTAL INCOME FROM
INVESTMENT OPERATIONS.... 0.49 1.21 1.27 0.60 0.04 0.94 1.65
Less: Dividends from net
investment income............. -- (0.13) (0.02) -- (0.01) (0.22) (0.22)
------- ------- ------- ------ ------ ------- ------
Net change in net asset value
per share..................... 0.49 1.08 1.25 0.60 0.03 0.72 1.43
------- ------- ------- ------ ------ ------- ------
Net asset value per share, end
of period..................... $ 10.49 $ 11.08 $ 11.25 $ 10.60 $ 10.03 $ 10.72 $ 11.43
------- ------- ------- ------ ------ ------- ------
------- ------- ------- ------ ------ ------- ------
TOTAL INVESTMENT RETURN(5)(7) 4.90% 12.21% 12.69% 6.00% 0.42% 9.51% 16.58%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets(6)..................... 1.80% 1.64% 1.78% 1.79% 2.05% 1.70% 1.88%
Ratio of net investment income
to average net assets(6)...... 1.99% 2.80% 0.89% -0.38% 1.06% 5.65% 4.81%
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements(6)............. 14.40% 0.14% 0.12% 0.33% 0.34% 0.27% 1.65%
Portfolio turnover rate(7)...... -- 9.74% 47.11% 21.54% 0.44% 67.32% 35.62%
Net Assets, end of period (000's
omitted)...................... $ 470 $ 39 $ 33 $ 6 $ 26 $ 4 $ 4
</TABLE>
------------------------
(1) For the period April 3, 1995 (commencement of operations) through June 30,
1995.
(2) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(3) For the period March 3, 1995 (commencement of operations) through June 30,
1995.
(4) For the period February 10, 1995 (commencement of operations) through June
30, 1995.
(5) Exclusive of sales charge.
(6) Annualized.
(7) Not annualized.
See Notes to Financial Statements.
127
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for the period indicated for each Portfolio
indicated. This information has been derived from information provided in the
Portfolios' financial statements.
<TABLE>
<CAPTION>
For the period ended June 30, 1995
----------------------------------------------------------------------------------
Managed Equity Special International International
Assets Income Growth Opportunities Equity Bond Bond
Fund(1) Fund(2) Fund(2) Fund(2) Fund(3) Fund(4) Fund(2)
------- -------- -------- ------------- ------------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS I SHARES:
Net asset value per share,
beginning of period..... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- -------- -------- ------------- ------------- -------- -------------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income..... 0.04 0.19 0.08 0.02 0.04 0.26 0.26
Net realized and
unrealized gain on
investments............. 0.48 1.06 1.24 0.62 0.04 0.72 1.43
------- -------- -------- ------------- ------------- -------- -------------
TOTAL INCOME FROM
INVESTMENT
OPERATIONS......... 0.52 1.25 1.32 0.64 0.08 0.98 1.69
------- -------- -------- ------------- ------------- -------- -------------
Less: Dividends from net
investment income....... -- (0.16) (0.04) (0.01) (0.02) (0.26) (0.26)
------- -------- -------- ------------- ------------- -------- -------------
Net change in net asset
value per share......... 0.52 1.09 1.28 0.63 0.06 0.72 1.43
------- -------- -------- ------------- ------------- -------- -------------
Net asset value per share,
end of period........... $ 10.52 $ 11.09 $ 11.28 $ 10.63 $ 10.06 $ 10.72 $ 11.43
------- -------- -------- ------------- ------------- -------- -------------
------- -------- -------- ------------- ------------- -------- -------------
TOTAL INVESTMENT RETURN 5.20% 12.64% 13.17% 6.40% 0.80% 9.92% 17.06%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets(5)... 0.80% 0.65% 0.80% 0.85% 1.09% 0.70% 0.97%
Ratio of net investment
income to average net
assets(5)............... 3.67% 4.43% 1.88% 0.61% 2.02% 6.66% 6.42%
Decrease reflected in
above expense ratios due
to fee waivers and
expense
reimbursements(5)....... 7.95% 0.14% 0.12% 0.32% 0.35% 0.22% 1.82%
Portfolio Turnover Rate(6) -- 9.74% 47.11% 21.54% 0.44% 67.32% 35.62%
Net Assets, end of period
(000's omitted)......... $ 377 $227,794 $301,923 $73,326 $66,245 $119,200 $11,279
</TABLE>
------------------------
(1) For the period April 3, 1995 (commencement of operations) through June 30,
1995.
(2) For the period January 27, 1995 (commencement of operations) through June
30, 1995.
(3) For the period March 3, 1995 (commencement of operations) through June 30,
1995.
(4) For the period February 10, 1995 (commencement of operations) through June
30, 1995.
(5) Annualized.
(6) Not annualized.
See Notes to Financial Statements.
128
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended For the For the
June 30, Year Ended Period Ended
1995(1) January 31, January 31,
(Unaudited) 1995 1994(2)
------------ ------------ ------------
<S> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period........... $ 7.68 $ 8.25 $ 8.36
------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........... 0.21 0.52 0.47
Net realized and unrealized gain
(loss) on investments......... 0.46 (0.57) (0.09)
------ ------ ------
TOTAL INCOME (LOSS) FROM
INVESTMENT
OPERATIONS............. 0.67 (0.05) 0.38
------ ------ ------
DIVIDENDS AND DISTRIBUTIONS:
Less dividends from net
investment income............. (0.21) (0.52) (0.47)
Distribution from net realized
gain on investments........... -- -- (0.02)
------ ------ ------
TOTAL DIVIDENDS AND
DISTRIBUTIONS.......... (0.21) (0.52) (0.49)
------ ------ ------
Net change in net asset value
per share..................... 0.46 (0.57) (0.11)
------ ------ ------
Net asset value per share, end
of period..................... $ 8.14 $ 7.68 $ 8.25
------ ------ ------
------ ------ ------
TOTAL INVESTMENT RETURN(3) 11.33 (4) -0.45 % 5.16 (5)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets........................ 0.80 (5) 0.04 % -- (5)
Ratio of net investment income
to average net assets......... 5.90 (5) 6.70 % 5.96 (5)
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements................ 0.15 (5) 2.74 % 3.67 (5)
Portfolio Turnover Rate......... 96.82 (4) 71.65 (4) 26.54 (4)
Net Assets, end of period (000's
omitted)...................... $ 2,453 $ 69 $ 65
</TABLE>
------------------
(1) For the period February 1, 1995 through June 30, 1995.
(2) For the period March 5, 1993 (commencement of operations) through January
31, 1994.
(3) Exclusive of sales charge.
(4) Not annualized.
(5) Annualized.
See Notes to Financial Statements.
129
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended For the
June 30, Period Ended
1995(1) December 2,
(Unaudited) 1994(2)
------------ ------------
<S> <C> <C>
PER SHARE DATA:
CLASS B:
Net asset value per share, beginning of
period................................... $ 8.13 $ 8.16
------------ ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income...................... 0.04 0.40
Net realized and unrealized gain (loss) on
investments.............................. 0.01 (0.55)
------------ ------------
TOTAL INCOME (LOSS) FROM INVESTMENT
OPERATIONS........................ 0.05 (0.15)
------------ ------------
Less: Dividends from net investment
income................................... (0.04) (0.40)
------------ ------------
Net change in net asset value per share.... 0.01 (0.55)
------------ ------------
Conversion to Class A shares............... N/A $ 7.61
------------ ------------
Net asset value per share, end of period... $ 8.14 $ --
------------ ------------
------------ ------------
TOTAL INVESTMENT RETURN 11.15(3) -1.82(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.... 1.55(5) --
Ratio of net investment income to average
net assets............................... 5.26(5) 6.48(5)
Decrease reflected in above expense ratios
due to fee waivers and expense
reimbursements........................... 0.19(5) 2.58(5)
Portfolio Turnover Rate.................... 96.82(4) 71.65(4)
Net Assets, end of period (000's
omitted)................................. $ 11 $ --
</TABLE>
------------------
(1) For the period May 31, 1995 (re-offering date of Class B Shares) through
June 30, 1995.
(2) For the period February 8, 1994 (initial offering date of Class B Shares)
through December 2, 1994. On December 2, 1994, the Fund terminated its
offering of Class B shares and such shares converted to Class A shares.
(3) On December 2, 1994, the Fund terminated its offering of Class B shares
under the then-current sales load schedule and such shares converted to
Class A shares. Consequently the figure above represents actual return for
Class A shares for the period December 2, 1994 through April 3, 1995.
(4) Not annualized.
(5) Annualized.
See Notes to Financial Statements.
130
<PAGE>
PRAIRIE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended For the For the
June 30, Year Ended Period Ended
1995(1) January 31, January 31,
(Unaudited) 1995 1994(2)
------------ ------------ ------------
<S> <C> <C> <C>
PER SHARE DATA:
CLASS I:
Net asset value per share,
beginning of period........... $ 7.68 $ 8.25 $ 8.36
------------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........... 0.22 0.52 0.47
Net realized and unrealized gain
(loss) on investments......... 0.47 (0.57) (0.09)
------------ ------ ------
TOTAL INCOME (LOSS) FROM
INVESTMENT
OPERATIONS............. 0.69 (0.05) 0.38
------------ ------ ------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income........................ (0.22) (0.52) (0.47)
Distribution from net realized
gain on investments........... -- -- (0.02)
------------ ------ ------
TOTAL DIVIDENDS AND
DISTRIBUTIONS.......... (0.22) (0.52) (0.49)
------------ ------ ------
Net change in net asset value
per share..................... 0.47 (0.57) (0.11)
------------ ------ ------
Net asset value per share, end
of period..................... $ 8.15 $ 7.68 $ 8.25
------------ ------ ------
------------ ------ ------
TOTAL INVESTMENT RETURN 11.69 (3) -0.48 % 5.16 (3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets........................ 0.55 (4) 0.04 % --
Ratio of net investment income
to average net assets......... 6.64 (4) 6.70 % 6.21 (4)
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements................ 0.18 (4) 2.74 % 2.64 (4)
Portfolio Turnover Rate(3)...... 96.82 % 71.65 % 26.54 %
Net Assets, end of period (000's
omitted)...................... $ 165,950 $ 7,101 $ 5,128
</TABLE>
------------------
(1) For the period February 1, 1995 through June 30, 1995.
(2) For the period March 5, 1993 (commencement of operations) through January
31, 1994.
(3) Not Annualized.
(4) Annualized.
See Notes to Financial Statements.
131
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of common
stock outstanding, total investment returns, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from information provided in the Portfolio's financial statements.
<TABLE>
<CAPTION>
For the
Period Ended
June 30, For the Year Ended, February 28,
1995(1) -------------------------------------
(Unaudited) 1995 1994 1993 1992
------------ ------ ------- ------- ------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period................. $12.06 $12.13 $ 13.25 $ 12.49 $12.10
------ ------ ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................. 0.20 0.60 0.63 0.70 0.76
Net realized and unrealized gain
(loss) on investments............... 0.33 (0.07) (0.15) 1.01 0.47
------ ------ ------- ------- ------
TOTAL INCOME FROM INVESTMENT
OPERATIONS................... 0.53 0.53 0.48 1.71 1.23
------ ------ ------- ------- ------
DIVIDENDS AND DISTRIBUTIONS:
Less dividends from net investment
income.............................. (0.20) (0.60) (0.63) (0.70) (0.76)
Dividends from net realized gain on
investments......................... -- -- (0.96) (0.25) (0.08)
Distribution in excess of net realized
gain on investments................. -- -- (0.01) -- --
------ ------ ------- ------- ------
TOTAL DIVIDENDS AND
DISTRIBUTIONS................ (0.20) (0.60) (1.60) (0.95) (0.84)
------ ------ ------- ------- ------
Net change in net asset value per
share............................... 0.33 (0.07) (1.12) 0.76 0.39
------ ------ ------- ------- ------
Net asset value per share, end of
period.............................. $12.39 $12.06 $ 12.13 $ 13.25 $12.49
------ ------ ------- ------- ------
------ ------ ------- ------- ------
TOTAL INVESTMENT RETURN(2) 10.74%(3) 4.45% 3.70% 14.37% 10.50%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.............................. 0.77%(4) 1.98% -- -- --
Ratio of net investment income to
average net assets.................. 4.88%(4) 5.09% 4.85% 5.49% 5.99%
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements.............. 0.14%(4) 1.91% 1.44% 1.59% 2.75%
Portfolio Turnover Rate(3)............ 44.31% 60.78% 175.06% 88.53% 66.28%
Net Assets, end of period (000's
omitted)............................ $6,719 $6,840 $ 9,234 $11,290 $6,591
</TABLE>
------------------
(1) For the period March 1, 1995 through June 30, 1995.
(2) Exclusive of sales charge.
(3) Not annualized.
(4) Annualized.
See Notes to Financial Statements.
132
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of common
stock outstanding, total investment returns, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from information provided in the Portfolio's financial statements.
<TABLE>
<CAPTION>
For the
Period Ended For the For the
June 30, Period Ended Period Ended
1995(1) December 2, February 28,
(Unaudited) 1994(2) 1994(3)
------------ ------------ ------------
<S> <C> <C> <C>
PER SHARE DATA:
CLASS B:
Net asset value per share, beginning
of period........................... $12.17 $12.14 $ 12.37
------ ------ ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................. 0.11 0.41 0.03
Net realized and unrealized gain
(loss) on investments............... 0.23 (0.70) (0.23)
------ ------ ------------
TOTAL INCOME (LOSS) FROM
INVESTMENT OPERATIONS........ 0.34 (0.29) (0.20)
Less: Dividends from net investment
income.............................. (0.11) (0.41) (0.03)
------ ------ ------------
Net change in net asset value per
share............................... 0.23 (0.70) (0.23)
------ ------ ------------
Conversion to Class A shares.......... N/A $11.44 N/A
------ ------ ------------
Net asset value per share, end of
period.............................. $12.40 $ -- $ 12.14
------ ------ ------------
------ ------ ------------
TOTAL INVESTMENT RETURN(4)(7) 10.21%(5) -4.03% -1.64%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets(6)........................... 1.52% 3.18% 0.50%
Ratio of net investment income to
average net assets(6)............... 3.13% 4.51% 4.10%
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements(6)........... 0.12% 2.67% 2.41%
Portfolio Turnover Rate(7)............ 44.31% 60.78% 175.06%
Net Assets, end of period (000's
omitted)............................ $ 71 $ -- $ 2
</TABLE>
------------------
(1) For the period April 4, 1995 (re-offering date of Class B Shares) through
June 30, 1995.
(2) For the period March 1, 1994 through December 2, 1994. On December 2, 1994,
the Fund terminated its offering of Class B shares and such shares converted
to Class A shares.
(3) For the period February 8, 1994 (initial offering date) through February 28,
1994.
(4) Exclusive of sales charge.
(5) On December 2, 1994, the Fund terminated its offering of Class B shares
under the then-current sales load schedule and such shares converted to
Class A shares. Consequently the figure above represents actual return for
Class A shares for the period December 2, 1994 through April 3, 1995.
(6) Annualized.
(7) Not annualized.
See Notes to Financial Statements.
133
<PAGE>
PRAIRIE MUNICIPAL BOND FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of common
stock outstanding, total investment returns, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from information provided in the Portfolio's financial statements.
<TABLE>
<CAPTION>
For the
Period Ended For the
June 30, Period Ended
1995(1) February 28,
(Unaudited) 1995(2)
------------ ------------
<S> <C> <C>
PER SHARE DATA:
CLASS I:
Net asset value per share, beginning
of period........................... $ 12.06 $ 12.06
INCOME FROM INVESTMENT OPERATIONS:
------------ ------------
Net investment income................. 0.21 0.05
Net realized and unrealized gain on
investments......................... 0.32 --
------------ ------------
TOTAL INCOME FROM INVESTMENT
OPERATIONS................... 0.53 0.05
Less: Dividends from net investment
income.............................. (0.21) (0.05)
------------ ------------
Net change in net asset value per
share............................... 0.32 --
------------ ------------
Net asset value per share, end of
period.............................. $ 12.38 $ 12.06
------------ ------------
------------ ------------
TOTAL INVESTMENT RETURN(3) 7.24% 0.39%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.............................. 0.52%(4) 0.65%(4)
Ratio of net investment income to
average net assets.................. 5.13%(4) 5.45%(4)
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements.............. 0.14%(4) 0.14%(4)
Portfolio Turnover Rate(3)............ 44.31% 60.78%
Net Assets, end of period (000's
omitted)............................ $243,151 $220,143
</TABLE>
------------------
(1) For the period March 1, 1995 to June 30, 1995.
(2) For the period February 1, 1995 (commencement of operations) to February 28,
1995.
(3) Not annualized.
(4) Annualized.
See Notes to Financial Statements.
134
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended For the Year Ended
June 30, ---------------------------------------------------------
1995(1) February 28, February 28, February 28, February 29,
(Unaudited) 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period................... $ 11.79 $ 12.18 $ 12.79 $ 12.25 $ 11.95
------------ ------------ ------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................... 0.18 0.55 0.61 0.64 0.76
Net realized and unrealized gain (loss)
on investments........................ 0.27 (0.36) 0.01 0.68 0.37
------------ ------------ ------------ ------------ ------------
TOTAL INCOME FROM INVESTMENT
OPERATIONS..................... 0.45 0.19 0.62 1.32 1.13
------------ ------------ ------------ ------------ ------------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income.... (0.18) (0.55) (0.61) (0.64) (0.76)
Distribution from net realized gain on
investments........................... -- (0.03) (0.62) (0.14) (0.07)
------------ ------------ ------------ ------------ ------------
TOTAL DIVIDENDS AND
DISTRIBUTIONS.................. (0.18) (0.58) (1.23) (0.78) (0.83)
------------ ------------ ------------ ------------ ------------
Net change in net asset value per
share................................. 0.27 (0.39) (0.61) 0.54 0.30
------------ ------------ ------------ ------------ ------------
Net asset value per share, end of
period................................ $ 12.06 $ 11.79 $ 12.18 $ 12.79 $ 12.25
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
TOTAL INVESTMENT RETURN(2) 3.81%(3) 1.64% 4.94% 11.26% 9.78%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets................................ 0.80%(4) 0.29 0.06% -- --
Ratio of net investment income to
average net assets.................... 4.43%(4) 4.73% 4.78% 5.16% 6.15%
Decrease reflected in above expense
ratios due to fee waivers and expense
reimbursements........................ 0.15%(4) 1.09% 1.21% 1.31% 1.72%
Portfolio Turnover Rate(3).............. 19.90% 128.02% 167.95% 63.67% 86.91%
Net Assets, end of period (000's
omitted).............................. $ 16,875 $ 17,243 $ 28,826 $ 27,885 $ 18,310
</TABLE>
------------------
(1) For the period March 1, 1995 through June 30, 1995.
(2) Exclusive of sales charge.
(3) Not annualized.
(4) Annualized.
See Notes to Financial Statements.
135
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the Period Ended
--------------------------------------------------------
June 30,
1995(1) February 28, December 2, February 28,
(Unaudited) 1995(2) 1994(3) 1994(4)
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
PER SHARE DATA:
CLASS B:
Net asset value per share, beginning of period.... $ 11.80 $ 11.57 $ 12.18 $ 12.32
------------ ------------ ----------- ------------
Income from Investment Operations:
Net investment income........................... 0.15 0.04 0.37 0.03
Net realized and unrealized gain (loss) on
investments.................................. 0.27 0.23 (0.72) (0.14)
------------ ------------ ----------- ------------
TOTAL INCOME (LOSS) FROM INVESTMENT
OPERATIONS............................... 0.42 0.27 (0.35) (0.11)
------------ ------------ ----------- ------------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income.............. (0.15) (0.04) (0.37) (0.03)
Distributions from net realized gain on
investments..................................... -- -- (0.03) --
------------ ------------ ----------- ------------
TOTAL DIVIDENDS AND DISTRIBUTIONS.......... (0.15) (0.04) (0.40) (0.03)
------------ ------------ ----------- ------------
Net change in net asset value per share........... 0.27 0.23 (0.75) (0.14)
------------ ------------ ----------- ------------
Conversion to Class A shares...................... N/A N/A $ 11.43 N/A
------------ ------------ ----------- ------------
Net asset value per share, end of period.......... $ 12.07 $ 11.80 $ -- $ 12.18
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
TOTAL INVESTMENT RETURN(5)(7) 3.55% 2.30% -2.98% -0.93%
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets(6)........ 1.55% 1.36% 0.76% 0.75%
Ratio of net investment income to average net
assets(6)....................................... 3.42% 3.72% 4.03% 1.68%
Decrease reflected in above expense ratios due to
fee waivers and expense reimbursements(6)....... 0.12% 0.28% 1.24% 2.25%
Portfolio Turnover Rate(5)........................ 19.90% 128.02% 128.02% 167.95%
Net Assets, end of period (000's omitted)......... $ 74 $ 6 $ -- $ 12
</TABLE>
------------------
(1) For the period March 1, 1995 through June 30, 1995.
(2) For the period January 30, 1995 (re-offering date of Class B Shares) through
February 28, 1995.
(3) For the period March 1, 1994 through December 2, 1994. On December 2, 1994,
the Fund terminated its offering of Class B shares and such shares converted
to Class A shares.
(4) For the period February 8, 1994 (initial offering date) through February 28,
1994.
(5) Not annualized.
(6) Annualized.
(7) On December 2, 1994, the Fund terminated its offering of Class B shares
under the then-current sales load schedule and such shares converted to
Class A shares. Consequently the figure above represents actual return for
Class A shares for the period December 2, 1994 through April 3, 1995.
See Notes to Financial Statements.
136
<PAGE>
PRAIRIE FUNDS
INTERMEDIATE MUNICIPAL BOND FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the Period Ended
----------------------------------------
June 30, 1995(1)
(Unaudited) February 28, 1995(2)
---------------- --------------------
<S> <C> <C>
PER SHARE DATA:
CLASS I:
Net asset value per share, beginning of period............ $ 11.80 $ 11.57
---------------- ----------
Income from Investment Operations:
Net investment income................................... 0.19 0.04
Net realized and unrealized (loss) on investments....... 0.27 0.23
---------------- ----------
Total Income from Investment Operations............ 0.46 0.27
Less: Dividends from net investment income................ (0.19) (0.04)
---------------- ----------
Net change in net asset value per share................... 0.27 0.23
---------------- ----------
Net asset value per share, end of period.................. $ 12.07 $ 11.80
---------------- ----------
---------------- ----------
TOTAL INVESTMENT RETURN(3) 3.90% 2.37%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................... 0.56%(4) 0.50%(4)
Ratio of net investment income to average net assets...... 5.19%(4) 4.79%(4)
Decrease reflected in above expense ratios due to fee
waivers and expense reimbursements...................... 0.13%(4) 0.10%(4)
Portfolio Turnover Rate(3)................................ 19.90% 128.02%
Net Assets, end of period (000's omitted)................. $367,140 $365,801
</TABLE>
------------------
(1) For the period March 1, 1995 to June 30, 1995.
(2) For the period February 1, 1995 (initial offering date of Class I Shares) to
February 28, 1995.
(3) Not annualized.
(4) Annualized.
See Notes to Financial Statements.
137
<PAGE>
PRAIRIE FUNDS
U.S. GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended
June 30, For the Year Ended December 31,
1995(1) --------------------------------------
(Unaudited) 1994 1993 1992 1991
------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period ............... $0.9996 $ 0.9999 $ 1.0000 $ 1.0000 $ 1.0000
------------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............... 0.0252 0.0379 0.0249 0.0283 0.0498
Net realized and unrealized gain
(loss) on investments ............. 0.0004 (0.0083) (0.0001) -- --
------------- -------- -------- -------- --------
TOTAL INCOME FROM INVESTMENT
OPERATIONS ................. 0.0256 0.0296 0.0248 0.0283 0.0498
------------- -------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income ............................ (0.0252) (0.0379) (0.0249) (0.0283) (0.0498)
Distribution from net realized gain
on investments .................... -- -- -- -- --
------------- -------- -------- -------- --------
TOTAL DIVIDENDS AND
DISTRIBUTIONS .............. (0.0252) (0.0379) (0.0249) (0.0283) (0.0498)
Increase due to voluntary capital
contribution from an affiliate of the
investment adviser (Note 3(e)) ...... -- 0.0080 -- -- --
------------- -------- -------- -------- --------
Net change in net asset value per
share ............................. 0.0004 (0.0003) (0.0001) -- --
------------- -------- -------- -------- --------
Net asset value per share, end of
period ............................ $1.0000 $ 0.9996 $ 0.9999 $ 1.0000 $ 1.0000
------------- -------- -------- -------- --------
------------- -------- -------- -------- --------
TOTAL INVESTMENT RETURN 2.55%(2) 3.86%* 2.52% 2.87% 5.10%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets ............................ 0.77%(3) 0.86% 0.74% 0.91% 0.90%
Ratio of net investment income to
average net assets ................ 5.02%(3) 3.73% 2.48% 2.87% 4.97%
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements ............ 0.31%(3) 0.02% 0.14% -- --
Net Assets, end of period (000's
omitted) .......................... $53,977 $116,353 $154,613 $548,733 $990,897
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
(2) Not annualized
(3) Annualized
* Had the Portfolio not had a capital contribution by an affiliate of the
investment adviser during the period, the total return would have been
2.83%.
See Notes to Financial Statements.
138
<PAGE>
PRAIRIE FUNDS
MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended
June 30, For the year ended December 31,
1995(1) -----------------------------------------
(Unaudited) 1994 1993 1992 1991
------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period............. $ 0.9998 $ 1.0001 $ 1.0000 $ 1.0000 $ 1.0000
------------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. 0.0259 0.0355 0.0274 0.0313 0.0543
Net realized and unrealized gain
(loss) on investments........... 0.0002 (0.0109) 0.0001 -- --
------------- -------- -------- -------- --------
TOTAL INCOME FROM
INVESTMENT OPERATIONS.... 0.0261 0.0246 0.0275 0.0313 0.0543
------------- -------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income.......................... (0.0259) (0.0355) (0.0274) (0.0313) (0.0543)
Distribution from net realized
gain on investments............. -- (0.0002) -- -- --
------------- -------- -------- -------- --------
TOTAL DIVIDENDS AND
DISTRIBUTIONS............ (0.0259) (0.0357) (0.0274) (0.0313) (0.0543)
Increase due to voluntary capital
contribution from an affiliate
of the investment adviser (Note
3(e))........................... -- 0.0108 -- -- --
------------- -------- -------- -------- --------
Net change in net asset value per
share........................... 0.0002 (0.0003) 0.0001 -- --
------------- -------- -------- -------- --------
Net asset value per share, end of
period.......................... $ 1.0000 $ 0.9998 $ 1.0001 $ 1.0000 $ 1.0000
------------- -------- -------- -------- --------
------------- -------- -------- -------- --------
TOTAL INVESTMENT RETURN 2.62%(2) 3.63%* 2.77% 3.18% 5.57%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.......................... 0.79%(3) 1.02% 0.94% 0.98% 0.97%
Ratio of net investment income to
average net assets.............. 5.20%(3) 3.51% 2.73% 3.17% 5.42%
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements.................. 0.21%(3) -- 0.05% -- --
Net Assets, end of period
(000's omitted)................. $ 141,991 $119,400 $162,623 $260,865 $456,791
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
(2) Not annualized.
(3) Annualized.
* Had the Portfolio not had a capital contribution by an affiliate of the
investment adviser during the period, the total return would have been 2.83%.
See Notes to Financial Statements.
139
<PAGE>
PRAIRIE FUNDS
MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
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 information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended
June 30,
1995(1)
(Unaudited)
------------
<S> <C>
PER SHARE DATA:
CLASS B:
Net asset value per share, beginning
of period........................... $ 1.0000
------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................. --
Net realized and unrealized gain on
investments......................... --
------------
TOTAL INCOME FROM INVESTMENT
OPERATIONS................... --
------------
Less: Dividends from net investment
income.............................. --
------------
Net change in net asset value per
share............................... --
------------
Net asset value per share, end of
period.............................. $ 1.0000
------------
------------
TOTAL INVESTMENT RETURN --
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.............................. --
Ratio of net investment income to
average net assets.................. --
Decrease reflected in above expense
ratios due to fee waivers and
expense reimbursements.............. --
Net Assets, end of period (000's
omitted)............................ $ 1
</TABLE>
------------------
(1) For the period May 20, 1995 (initial offering of Class B shares) through
June 30, 1995.
See Notes to Financial Statements.
140
<PAGE>
PRAIRIE FUNDS
MUNICIPAL MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS -- (CONTINUED)
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share of
beneficial interest outstanding, total investment returns, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Portfolio's financial
statements.
<TABLE>
<CAPTION>
For the
Period Ended
June 30, For the Year Ended December 31,
1995(1) -----------------------------------------
(Unaudited) 1994 1993 1992 1991
------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
CLASS A:
Net asset value per share,
beginning of period............. $ 0.9997 $ 0.9999 $ 0.9999 $ 0.9999 $ 0.9999
------------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. 0.0164 0.0234 0.0174 0.0236 0.0413
Net realized and unrealized gain
(loss) on investments........... 0.0003 (0.0002) -- -- --
------------- -------- -------- -------- --------
TOTAL INCOME FROM
INVESTMENT OPERATIONS.... 0.0167 0.0232 0.0174 0.0236 0.0413
------------- -------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment
income.......................... (0.0164) (0.0234) (0.0174) (0.0236) (0.0413)
Distribution from net realized
gain on investments............. -- -- -- -- --
------------- -------- -------- -------- --------
TOTAL DIVIDENDS AND
DISTRIBUTIONS............ (0.0164) (0.0234) (0.0174) (0.0236) (0.0413)
------------- -------- -------- -------- --------
Net change in net asset value per
share........................... 0.0003 (0.0002) -- -- --
------------- -------- -------- -------- --------
Net asset value per share, end of
period.......................... $ 1.0000 $ 0.9997 $ 0.9999 $ 0.9999 $ 0.9999
------------- -------- -------- -------- --------
------------- -------- -------- -------- --------
TOTAL INVESTMENT RETURN 1.65%(2) 2.36% 1.75% 2.38% 4.21%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.......................... 0.72%(3) 0.68% 0.79% 0.95% 0.98%
Ratio of net investment income to
average net assets.............. 3.29%(3) 2.33% 1.74% 2.38% 4.11%
Decrease reflected in above
expense ratios due to fee
waivers and expense
reimbursements.................. 0.24%(3) 0.25% 0.16% 0.01% --
Net Assets, end of period
(000's omitted)................. $ 188,749 $173,130 $177,698 $210,000 $233,675
</TABLE>
------------------
(1) For the period January 1, 1995 through June 30, 1995.
(2) Not annualized.
(3) Annualized.
See Notes to Financial Statements.
141
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1--GENERAL
Prairie Funds (the 'Fund') is an open-end management investment company
registered under the Investment Company Act of 1940 (the 'Act'). At June 30,
1995, the Fund consisted of twelve separate investment portfolios. The
accompanying financial statements include the results of operations for the
following portfolios of the Fund: The Managed Assets Income Fund, The Managed
Assets Fund, The Equity Income Fund, The Growth Fund, The Special Opportunities
Fund, The International Equity Fund, The Bond Fund, The International Bond Fund,
The Intermediate Municipal Bond Fund, The U.S. Government Money Market Fund, The
Money Market Fund, and The Municipal Money Market Fund. Additionally, the
accompanying financial statements include the results of operations for the
Prairie Municipal Bond Fund, Inc. and the Prairie Intermediate Bond Fund, two
open-end management investment companies registered under the Act (together with
the Fund's portfolios, the 'Portfolios').
First Chicago Investment Management Company ('FCIMCO'), a wholly-owned
subsidiary of The First National Bank of Chicago ('FNBC'), serves as each
Portfolio's investment adviser and administrator. FCIMCO has engaged ANB
Investment Management and Trust Company ('ANB') to serve as sub-investment
adviser for the International Equity Fund. Additionally, FCIMCO has engaged
Concord Holding Corporation ('Concord'), a wholly-owned subsidiary of The BISYS
Group, Inc. ('BISYS'), to serve as the Portfolio's sub-administrator. Concord
Financial Group, Inc. ('Concord'), a wholly-owned subsidiary of BISYS, serves as
the principal underwriter and distributor of each Portfolio's shares.
During the period January 27, 1995 through March 3, 1995, various common
trust funds and collective trust funds managed by FNBC transferred cash and
securities to corresponding Portfolios of the Fund in exchange for Class I
shares of the corresponding Portfolio. The following table sets forth the date
on which such transfer occurred, the transferring entity, the corresponding
Portfolio, the market value of the securities and cash transferred and the
amount of Class I shares issued in connection with such transfer:
<TABLE>
<CAPTION>
Class I
Date of Transfer Transferring Entity Portfolio Market Value Shares Issued
---------------------------- ------------------------ -------------- ------------ -------------
<S> <C> <C> <C> <C>
January 27, 1995............ First Chicago Personal Equity Income $198,087,162 19,808,716
Trust Equity Fund and Fund
First Chicago Personal
Trust Growth Equity Fund
January 27, 1995............ First Chicago Personal Growth Fund 245,392,975 24,539,297
Trust Endowment Equity
Fund
January 27, 1995............ First Chicago Personal Special 51,316,357 5,131,636
Trust Special Equity Opportunities
Fund Fund
January 27, 1995............ First Chicago Personal International 8,955,517 895,552
Trust International Bond Bond Fund
Fund
</TABLE>
142
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class I
Date of Transfer Transferring Entity Portfolio Market Value Shares Issued
---------------------------- ------------------------ -------------- ------------ -------------
<S> <C> <C> <C> <C>
February 10, 1995........... First Chicago Personal Bond Fund $ 98,997,057 9,899,706
Trust Taxable Bond Fund
and First Chicago
Personal Trust Endowment
Bond Fund
February 10, 1995........... First Chicago Personal Intermediate 129,394,694 16,848,267
Trust Intermediate Bond Fund
Taxable Bond Fund and
Lake Shore Common Trust
Taxable Fixed Income
Fund
February 10, 1995........... First Chicago Personal Municipal Bond 213,488,376 17,910,099
Trust Tax-Exempt Bond Fund
Fund
February 10, 1995........... First Chicago Personal Intermediate 349,656,211 29,885,146
Trust Intermediate Tax- Municipal Bond
Exempt Bond Fund and Fund
Lake Shore Common Trust
Municipal Bond Fund
March 3, 1995............... First Chicago Personal International 48,338,875 4,833,888
Trust International Equity Fund
Equity Fund
March 3, 1995............... First Chicago Personal Bond Fund 3,972,686 475,345
Trust Government Bond
Fund
</TABLE>
At meetings of the shareholders of the First Prairie Diversified Assets Fund,
First Prairie Municipal Bond Fund--Intermediate Series, First Prairie Money
Market Fund--Money Market Series and Government Series, and First Prairie
Municipal Money Market Fund (collectively, the 'First Prairie Funds') held on
January 17, 1995, shareholders of each such Fund approved an Agreement and Plan
of Exchange (the 'Plan') was approved calling for the transfer of the assets of
each portfolio of the First Prairie Fund, subject to their liabilities to the
Prairie Managed Assets Income Fund, Prairie Intermediate Municipal Bond Fund,
Prairie Money Market Fund, Prairie U.S. Government Money Market Fund, and
Prairie Municipal Money Market Fund, respectively. The Plan also called for the
issuance of shares by the respective Prairie Funds to the shareholders of the
corresponding First Prairie Fund. Such shares being equal in value to the net
assets so transferred.
143
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
The following table sets forth the date on which this transfer took place along
with the net assets transferred and the number of shares issued:
<TABLE>
<CAPTION>
Net Assets
Fund Date of Transfer Transferred Shares Issued
------------------------------------------------ ---------------- ------------ -------------
<S> <C> <C> <C>
Managed Assets Income Fund...................... March 3, 1995 $ 43,698,653 3,518,593
Intermediate Municipal Bond Fund................ January 27, 1995 22,331,512 1,930,122
Money Market Fund............................... May 20, 1995 127,355,807 127,197,352
U.S. Government Money Market Fund............... May 20,1995 52,257,087 52,273,072
Municipal Money Market Fund..................... May 20, 1995 178,386,094 178,439,745
</TABLE>
The Portfolios (except for the U.S. Government Money Market Fund and
Municipal Money Market Fund which offer Class A shares only and the Money Market
Fund which offers Class A shares and Class B shares) offer Class A shares, Class
B shares and Class I shares. Class A shares, Class B shares and Class I shares
are substantially the same except that Class A shares are subject to a sales
charge imposed at the time of purchase and are subject to fees charged pursuant
to a Shareholder Services Plan. Class B shares are subject to a contingent
deferred sales charge imposed at the time of redemption and are subject to fees
charged pursuant to a Distribution Plan adopted pursuant to Rule 12b-1 under the
Act and fees charged pursuant to the Shareholder Services Plan. Class I shares
are not subject to any sales charge, fees charged pursuant to a Shareholder
Services Plan or fees charged pursuant to a Distribution Plan adopted pursuant
to Rule 12b-1 under the Act.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES
(A) Portfolio Valuation: Each Portfolio's fixed income investments, with
maturities in excess of 60 days, are valued daily by an independent pricing
service (the 'Service') as approved by the Fund's Board of Trustees. Investments
for which quoted bid prices, in the judgment of the Service, are readily
available and are representative of the bid side of the market are valued at the
mean between the quoted bid prices (as obtained by the Service from dealers in
such securities) and asked prices (as calculated by the Service based upon its
evaluation of the market for such securities). Other fixed income investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based upon methods which include
consideration of yields or prices of securities of comparable quality, coupon
rate, maturity and type; indication as to values from dealers; and general
market conditions. Fixed income securities with maturities less than 60 days are
carried at amortized cost, which approximates market value.
Equity Securities and covered call options written by a Portfolio are valued
at the last sale price on the securities exchange or national securities market
on which such securities primarily are traded. Equity Securities not listed on
an exchange or national securities market, or securities in which there were no
transactions, are valued at the most recent bid prices. Any securities or other
assets for which recent market quotations are not readily available are valued
at fair value as determined in good faith by the Board.
Restricted securities and securities for which market quotations are not
readily available, if any, are valued at fair value using methods approved by
the Board of Trustees.
144
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
(B) Foreign currency translations: The books and records of the
International Bond Fund and the International Equity Fund are maintained in U.S.
dollars. Amounts denominated in foreign currencies are translated into U.S.
dollars on the following basis: (I) investment securities, other assets and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars at the midpoint of the New York interbank market
spot exchange rate as quoted on the day of such translation by the Federal
Reserve Bank of New York or if no such rate is quoted on such date, at the
exchange rate previously quoted by the Federal Reserve Bank of New York or at
such other quoted market exchange rate as may be determined to be appropriate by
the Investment Adviser; (ii) purchases and sales of foreign securities, income
and expenses are converted into U.S. dollars based upon currency exchange rates
prevailing on the respective dates of such transactions.
Net realized and unrealized gains and losses on foreign currency translations
will represent: (i) foreign exchange gains and losses from the sale and holdings
of foreign currencies and securities; (ii) gains and losses between trade date
and settlement date on investment securities transactions and forward exchange
contracts; and (iii) gains and losses from the difference between amounts of
dividends and interest recorded and the amounts actually received.
(C) Futures contracts: The International Equity Fund may engage in futures
contracts for the purpose of hedging against changes in the value of its
portfolio securities and in the value of securities it intends to purchase. Upon
entering into a futures contract, the Portfolio is required to deposit with the
broker an amount of cash or cash equivalents equal to a certain percentage of
the contract amount. This is known as the 'initial margin'. Subsequent payments
('variation margin') are made or received by the Portfolio each day, depending
on the daily fluctuation of the value of the contract. The daily changes in the
contract are recorded as unrealized gains or losses. The Portfolio recognizes a
realized gain or loss when the contract is closed equal to the difference
between the value of the contract at the time it was opened and the time it was
closed.
There are several risks in connection with the use of futures contracts as a
hedging device. The change in value of futures contracts primarily corresponds
with the value of their underlying instruments or indices, which may not
correlate with the change in value of the hedged investments. In addition, there
is the risk that the Portfolio may not be able to enter into a closing
transaction because of an illiquid secondary market.
(D) 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. Dividend income is
recognized on the ex-dividend date and interest income, adjusted for
amortization of premiums and, when appropriate, discounts on investments, is
earned from settlement date and recognized on the accrual basis. Securities
purchased or sold on a when-issued or delay-delivery basis may be settled a
month or more after the trade date.
Each Portfolio may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by FCIMCO, subject to the seller's
agreement to repurchase and the Portfolio's agreement to resell such securities
at a mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the Portfolio'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 fall below the value of the repurchase price
plus accrued interest, the Portfolio will require the seller to deposit
additional collateral by the next business day. If the request for additional
collateral is not
145
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PRAIRIE FUNDS
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NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
met, or the seller defualts on its repurchase obligation, the Portfolio
maintains the right to sell the underlying securities at market value and may
claim any resulting loss against the seller.
(E) Expenses: Expenses directly attributable to each Portfolio are charged
to that Portfolio's operations; expenses which are applicable to all Portfolios
are allocated among them.
(F) Dividends to shareholders: It is the policy of the Managed Assets Income
Fund and the Equity Income Fund to declare and pay dividends from net investment
income monthly while the Managed Assets Fund, Growth Fund, Special Opportunities
Fund and the International Equity Fund declare and pay dividends quarterly. The
Bond Fund, Intermediate Bond Fund, International Bond Fund, Municipal Bond Fund,
Intermediate Municipal Bond Fund, U.S. Government Money Market Fund, Money
Market Fund and the Municipal Money Market Fund declare dividends daily from net
investment income. Such dividends are paid monthly. Distributions from net
realized capital gain, are normally declared and paid annually, but each
Portfolio may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code (the 'Code'). However, to
the extent that a net realized capital gain of a Portfolio can be reduced by
capital loss carryovers, if any, of that Portfolio, such gain will not be
distributed.
The amounts of dividends from net investment income and of distributions from
net realized gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These 'book/tax' differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the composition of net assets based on their federal
tax-basis treatment; temporary differences do not require reclassification.
Dividends and distributions to shareholders which exceed net investment income
and net realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net realized capital gains. To
the extent they exceed net investment income and net realized gains for tax
purposes, they are reported as distributions of capital.
(G) Federal income taxes: It is the policy of each Portfolio to continue to
qualify as a regulated investment company, by complying with the provisions
available to certain investment companies, as defined in applicable sections of
the Code, and to make distribution of income and net realized capital gain
sufficient to relieve it from all, or substantially all, federal income taxes.
For federal income tax purposes, each Portfolio is treated as a single entity
for the purpose of determining such qualification.
The Intermediate Municipal Bond Fund and the Municipal Bond Fund have capital
loss carryovers of approximately $656,000 and $268,000, respectively, available
for Federal income tax purposes to be applied against future net realized gains,
if any, realized subsequent to February 28, 1995. The Intermediate Bond Fund has
capital loss carryovers of approximately $28,000 available for Federal income
tax purposes to be applied against future net realized gains, if any, realized
subsequent to January 31, 1995. These carryovers do not include net realized
securities losses realized from November 1, 1994 through February 28, 1995 and
from November 1, 1994 through January 31, 1995, respectively, which are treated,
for Federal income tax purposes, as arising in fiscal 1996. If not applied,
these carryovers expire in fiscal 2003.
The Money Market Fund, U. S. Government Money Market Fund and the Municipal
Money Market Fund have capital loss carryovers of approximately $1,302,000,
$980,000 and $4,000, respectively, available for Federal income tax purposes to
be applied against future net realized gains, if any, realized subsequent to
December 31, 1994. These carryovers do not include net
146
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
realized securities losses realized from November 1, 1994 through December 31,
1994 which are treated, for Federal income tax purposes, as arising in fiscal
1995. If not applied, these carryovers expire in fiscal 2002.
At June 30, 1995, the cost of the Portfolios' investments for Federal income
tax purposes was substantially the same as the cost for financial reporting
purposes (see Portfolio of Investments).
(H) Other: Organization expenses incurred by the Portfolios are included in
prepaid expenses and are being amortized to operations over the period during
which it is expected that a benefit will be realized, not to exceed five years.
At June 30, 1995, the unamortized balance of such expenses were as follows:
<TABLE>
<S> <C>
Managed Assets Income Fund................................ $ 80,924
Managed Assets Fund....................................... 68,497
Equity Income Fund........................................ 67,865
Growth Fund............................................... 66,976
Special Opportunities Fund................................ 67,480
International Equity Fund................................. 67,977
Bond Fund................................................. 64,159
Intermediate Bond Fund.................................... 38,926
International Bond Fund................................... 63,366
Municipal Bond Fund....................................... 4,619
Intermediate Municipal Bond Fund.......................... 50,085
U.S. Government Money Market Fund......................... 96,196
Money Market Fund......................................... 42,862
Municipal Money Market Fund............................... 90,718
</TABLE>
NOTE 3--INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH
AFFILIATES
(A) The Fund has an Investment Advisory Agreement with FCIMCO pursuant to
which FCIMCO has agreed to provide day-to-day management of each Portfolio's
investments at the following annual rates:
<TABLE>
<S> <C>
Managed Assets Income Fund................................ 0.65%
Managed Assets Fund....................................... 0.65%
Equity Income Fund........................................ 0.50%
Growth Fund............................................... 0.65%
Special Opportunities Fund................................ 0.70%
International Equity Fund................................. 0.80%
Bond Fund................................................. 0.55%
Intermediate Bond Fund.................................... 0.40%
International Bond Fund................................... 0.70%
Municipal Bond Fund....................................... 0.40%
Intermediate Municipal Bond Fund.......................... 0.40%
U.S. Government Money Market Fund......................... 0.40%
Money Market Fund......................................... 0.40%
Municipal Money Market Fund............................... 0.40%
</TABLE>
147
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PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
The Fund has an Administration Agreement with FCIMCO pursuant to which FCIMCO
has agreed to assist in all aspects of the Portfolios' operations at an annual
rate of 0.15% of each Portfolio's average daily net assets. FCIMCO has engaged
Concord to provide certain administrative services to the Portfolios pursuant to
a Master Sub-Administration Agreement between FCIMCO and Concord. FCIMCO has
agreed to pay Concord a fee from its own funds for the services stipulated in
the Master Sub-Administration Agreement.
For the period ended June 30, 1995, FCIMCO voluntarily agreed to waive a
portion of its investment advisory fee and administration fee and reimburse a
portion of the operating expenses of the Portfolios to the extent that the
Portfolios' expenses exceeded the following amounts, excluding shareholder
servicing fees and 12b-1 fees (as a percentage of each Portfolio's average net
assets):
<TABLE>
<S> <C>
Managed Assets Income Fund.................... 0.80%
Managed Assets Fund........................... 0.80%
Equity Income Fund............................ 0.65%
Growth Fund................................... 0.80%
Special Opportunities Fund.................... 0.85%
International Equity Fund..................... 1.05%
Bond Fund..................................... 0.70%
Intermediate Bond Fund........................ 0.55%
International Bond Fund....................... 0.95%
Municipal Bond Fund........................... 0.55%
Intermediate Municipal Bond Fund.............. 0.55%
U.S. Government Money Market Fund............. 0.80%
Money Market Fund............................. 0.80%
Municipal Money Market Fund................... 0.70%
</TABLE>
As such, FCIMCO waived advisory fees and administration fees and reimbursed
expenses in the following amounts:
<TABLE>
<CAPTION>
Advisory Fee Administration Fee Expense
Waiver Waiver Remibursement
------------ ------------------ -------------
<S> <C> <C> <C>
Managed Assets Income Fund..... $ 98,330 $ -- $ --
Managed Assets Fund............ 3,264 473 38,973
Equity Income Fund............. 128,985 -- --
Growth Fund.................... 135,997 -- --
Special Opportunities Fund..... 85,853 -- --
International Equity Fund...... 65,556 -- --
Bond Fund...................... 91,286 -- --
Intermediate Bond Fund......... 103,862 -- --
International Bond Fund........ 31,239 4,166 37,821
Municipal Bond Fund............ 115,958 -- --
Intermediate Municipal Bond
Fund......................... 150,010 -- --
U.S. Government Money Market
Fund......................... 114,831 8,800 2,997
Money Market Fund.............. 130,297 -- --
Municipal Money Market Fund.... 220,253 -- --
</TABLE>
148
<PAGE>
PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
The Distributor is not entitled to any fees pursuant to the Distribution
Agreement; however the Distributor may receive payments pursuant to any sales
charge or contingent deferred sales charge.
(B) The Portfolios' Class A shares and Class B shares have a Shareholder
Services Plan (the 'Plan') pursuant to which the Portfolios pay the Distributor
a fee, at an annual rate of 0.25% of the average daily net assets of the
outstanding Class A shares and Class B shares. Pursuant to the terms of the
Plan, the Distributor has agreed to provide certain shareholder services to the
holders of these shares. Additionally, under the terms of the Plan, the
Distributor may make payments to other shareholder service agents who may
include FCIMCO, First Chicago and their affiliates. For the period ended June
30, 1995, the Portfolios paid the following amounts under the Plan:
<TABLE>
<CAPTION>
Amounts paid to
FCIMCO,
First Chicago Amounts paid to Amounts
and other service retained by
its affiliates organizations Distributor
---------------- --------------- -----------
<S> <C> <C> <C>
Managed Assets Income Fund...... $ 2,951 $ 53,043 $ 17
Managed Assets Fund............. 1,074 27 5
Equity Income Fund.............. 10 173 7
Growth Fund..................... 357 171 7
Special Opportunities Fund...... 96 46 6
International Equity Fund....... 345 147 6
Bond Fund....................... 277 84 7
Intermediate Bond Fund.......... 753 219 --
International Bond Fund......... 116 27 7
Municipal Bond Fund............. 2,864 2,725 --
Intermediate Municipal Bond
Fund.......................... 10,834 5,645 5
U.S. Government Money Market
Fund.......................... 101,651 2,292 --
Money Market Fund............... 154,440 33 --
Municipal Money Market Fund..... 229,839 17 --
</TABLE>
(C) The Portfolios' Class B shares have a Distribution Plan adopted pursuant
to Rule 12b-1 under the Act (the '12b-1 Plan') pursuant to which the Portfolios
have agreed to pay the Distributor for advertising, marketing and distributing
shares of the Portfolios at an annual rate of .75% of the average daily net
assets of the Portfolios' outstanding Class B shares. Under the terms of the
12b-1 Plan, the Distributor may make payments to FCIMCO, First Chicago, and
their affiliates in respect of these services. For the period ended June 30,
1995, the Portfolios made the following payments under the 12b-1 Plan, all of
which was retained by the Distributor:
<TABLE>
<S> <C>
Managed Assets Income Fund.............. $578
Managed Assets Fund..................... 806
Equity Income Fund...................... 27
Growth Fund............................. 34
Special Opportunities Fund.............. 16
International Equity Fund............... 27
Bond Fund............................... 11
</TABLE>
149
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PRAIRIE FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS(UNAUDITED) -- (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Intermediate Bond Fund.................. $ 5
International Bond Fund................. 13
Municipal Bond Fund..................... 63
Intermediate Municipal Bond Fund........ 87
</TABLE>
(D) The Portoflios pay each Trustee a pro-rata share of an aggregate annual
fee of $25,000 and an attendance fee of $1,000 per meeting for all funds in the
Prairie Family of Funds.
(E) During the fiscal year ended December 31, 1994, an affiliate of First
Chicago purchased securities from the Money Market Fund and the U.S. Government
Money Market Fund at an amount in excess of the securities' fair market value.
These Portfolios recorded a realized loss on these sales in the amount of
$1,286,000 and $933,054, respectively, and an offsetting capital contribution
from the affiliate.
NOTE 4--SECURITIES TRANSACTIONS
The following summarizes the securities transactions entered into by the
Portfolios, excluding short-term investments, for the period ended June 30,
1995:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Managed Assets Income Fund...... $ 2,953,465 $ 7,795,562
Managed Assets Fund............. 3,512,069 --
Equity Income Fund.............. 43,306,795 18,464,287
Growth Fund..................... 165,128,161 115,409,706
Special Opportunities Fund...... 36,490,955 11,918,141
International Equity Fund....... 21,434,425 170,780
Bond Fund....................... 92,715,113 72,195,546
Intermediate Bond Fund.......... 149,709,511 115,777,629
International Bond Fund......... 5,037,067 3,086,856
Municipal Bond Fund............. 98,878,442 108,966,147
Intermediate Municipal Bond
Fund.......................... 72,365,622 100,531,727
</TABLE>
At June 30, 1995, accumulated net unrealized appreciation (depreciation) on
investments was as follows:
<TABLE>
<CAPTION>
Unrealized Unrealized Net Unrealized
Appreciation Depreciation Appreciation
------------ ------------ --------------
<S> <C> <C> <C>
Managed Assets Income Fund............ $ 4,284,940 $ 552,547 $ 3,732,393
Managed Assets Fund................... 100,853 14,195 86,658
Equity Income Fund.................... 20,759,300 489,500 20,269,800
Growth Fund........................... 27,235,220 2,709,296 24,525,924
Special Opportunities Fund............ 6,530,923 2,881,646 3,649,277
International Equity Fund............. 2,416,735 1,602,274 814,461
Bond Fund............................. 4,962,386 40,970 4,921,416
Intermediate Bond Fund................ 5,598,474 68,482 5,529,992
International Bond Fund............... 1,042,891 25,431 1,017,460
Municipal Bond Fund................... 5,881,881 134,958 5,746,923
Intermediate Municipal Bond Fund...... 9,530,486 101,220 9,429,266
</TABLE>
150
<PAGE>
For more information, complete the following form and mail it to:
PRAIRIE FUNDS
c/o First National Bank of Chicago
Three First National Plaza, MS 0334
Chicago, IL 60670-0334
--------------------------------------------------------------------------------
First Name Last Name
--------------------------------------------------------------------------------
Street Address
--------------------------------------------------------------------------------
City State Zip Code
--------------------------------------------------------------------------------
Area Code and Telephone Number
PLEASE CHECK ONE OF THE TWO BOXES BELOW SO WE CAN BETTER MEET YOUR NEED FOR
SERVICE.
/ / An investment representative assisted me with the purchase of my Prairie
Fund.
----------------------------------------------------------------------------
Name of Investment Representative
----------------------------------------------------------------------------
Name of Brokerage Firm
/ / I purchased my Prairie Fund without the assistance of an investment
representative.
PLEASE SEND ME A FREE INVESTING KIT ON THE PRAIRIE FUND(S) CHECKED BELOW.
<TABLE>
<S> <C>
ASSET ALLOCATION FUNDS MUNICIPAL BOND FUNDS
/ / The Managed Assets Income Fund / / The Intermediate Municipal Bond Fund
/ / The Managed Assets Fund / / The Municipal Bond Fund
EQUITY FUNDS MONEY MARKET FUNDS
/ / The Equity Income Fund / / The U.S. Government Money Market Fund
/ / The Growth Fund / / The Money Market Fund
/ / The Special Opportunities Fund / / The Municipal Money Market Fund
/ / The International Equity Fund
BOND FUNDS
/ / The Intermediate Bond Fund
/ / The Bond Fund
/ / The International Bond Fund
</TABLE>
Additional Comments:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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151
<PAGE>
BULK RATE
US POSTAGE
PAID
PERMIT NO. 8048
NEW YORK, N.Y.
<PAGE>
PRAIRIE FUNDS
c/o First Chicago Investment
Management Company (FCIMCO)
Three First National Plaza, MS 0334
Chicago, IL 60670-0334
