<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 932100
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PRAIRIE INSTITUTIONAL FUNDS
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002 B000000 NEW YORK
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004 000000 N
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007 C020300 TREASURY PRIME CASH MANAGEMENT FUND
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007 C010700 7
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008 A00AA01 FIRST CHICAGO INVESTMENT MANAGEMENT COMPANY
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008 C00AA01 801-47947
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60670
010 A00AA01 FIRST CHICAGO INVESTMENT MANAGEMENT COMPANY
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010 C02AA01 IL
010 C03AA01 60670
<PAGE> PAGE 2
011 A00AA01 CONCORD FINANCIAL GROUP, INC
011 B00AA01 8-37601
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PRIMARY FUNDS SERVICES CORPORATION
012 B00AA01 474528
012 C01AA01 FRANKLIN
012 C02AA01 MA
012 C03AA01 02038
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
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<PAGE> PAGE 3
022 A000005 SANWA BANK
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022 C000007 487589
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022 C000008 284131
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022 A000009 GOLDMAN SACHS & CO.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE
TITLE
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the annual
report dated May 31, 1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000932100
<NAME> PRAIRIE INSTITUTIONAL U.S. GOVERNMENT SECURITIES CASH MANAGEMENT FUND
<SERIES>
<NUMBER> 101
<NAME> INSTITUTIONAL SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-START> JUN-01-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 494,839,916
<INVESTMENTS-AT-VALUE> 494,839,916
<RECEIVABLES> 24,342
<ASSETS-OTHER> 102,203
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 494,966,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,016,460
<TOTAL-LIABILITIES> 3,016,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,759,264
<SHARES-COMMON-STOCK> 475,759,264
<SHARES-COMMON-PRIOR> 413,680,487
<ACCUMULATED-NII-CURRENT> 23,569,569
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (529,102)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 491,950,001
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,222,014
<OTHER-INCOME> 0
<EXPENSES-NET> 1,652,445
<NET-INVESTMENT-INCOME> 23,569,569
<REALIZED-GAINS-CURRENT> (482,586)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,086,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,456,426
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,256,766,429
<NUMBER-OF-SHARES-REDEEMED> 3,196,512,306
<SHARES-REINVESTED> 1,824,654
<NET-CHANGE-IN-ASSETS> 78,316,030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (46,516)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,388,345
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,965,185
<AVERAGE-NET-ASSETS> 474,866,403
<PER-SHARE-NAV-BEGIN> 0.999
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> (0.001)
<PER-SHARE-DIVIDEND> 0.049
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 0.998
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the annual
report dated May 31, 1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000932100
<NAME> PRAIRIE INSTITUTIONAL U.S. GOVERNMENT SECURITIES CASH MANAGEMENT FUND
<SERIES>
<NUMBER> 102
<NAME> SERVICE SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-START> JUN-01-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 494,839,916
<INVESTMENTS-AT-VALUE> 494,839,916
<RECEIVABLES> 24,342
<ASSETS-OTHER> 102,203
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 494,966,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,016,460
<TOTAL-LIABILITIES> 3,016,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,719,839
<SHARES-COMMON-STOCK> 16,719,839
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 23,569,569
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (529,102)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 491,950,001
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,222,014
<OTHER-INCOME> 0
<EXPENSES-NET> 1,652,445
<NET-INVESTMENT-INCOME> 23,569,569
<REALIZED-GAINS-CURRENT> (482,586)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,086,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 113,143
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,248,728
<NUMBER-OF-SHARES-REDEEMED> 10,529,140
<SHARES-REINVESTED> 251
<NET-CHANGE-IN-ASSETS> 78,316,030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (46,516)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,388,345
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,965,185
<AVERAGE-NET-ASSETS> 5,392,835
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.019
<PER-SHARE-GAIN-APPREC> (0.001)
<PER-SHARE-DIVIDEND> 0.019
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.998
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[LETTERHEAD OF ERNST & YOUNG]
Shareholders and Board of Trustees
Prairie Institutional U.S. Government Securities Cash Management Fund
In planning and performing our audit of the financial statements of U.S.
Government Securities Cash Management Fund (a portfolio of Prairie
Institutional Funds) for the year ended May 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of U.S. Government Securities Cash Management Fund is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
ERNST & YOUNG LLP
July 13, 1995
