Great Plains Funds
c/o Federated Services Company
Federated Investors Tower
Pittsburgh, PA 15222-3779
To the Board of Trustees of:
Portfolios of Great Plains Funds File No.
Equity Fund 811-8281
Intermediate Bond Fund 811-8281
Tax-Free Bond Fund 811-8281
Premier Fund 811-8281
We have examined the investment accounts shown by the books
and records of the investment companies listed above (the
Funds) for the period from the date of the initial activity
in the Funds, September 26, 1997 to March 31, 1998. Our
examination was made without prior notice to the funds.
Our work included agreement of an analysis of portfolio
transactions recorded from September 26, 1997, to March 31,
1998, in the investment accounts to supporting records and
verification of a sample of such portfolio security
transactions to supporting records and documentation. It
is understood that this report is solely for the use of
management and the Securities and Exchange Commission and
should not be used for any other purpose.
National Bank of Commerce Trust and Savings Association
(NBC), located in Lincoln, Nebraska, a related entity, is
custodian of the Fund's securities. NBC represented to us
that the securities owned by the Fund on March 31, 1998
were held for the account of NBC by Northern Trust, located
in Chicago, Illinios. We obtained a confirmation from
Northern Trust of the securities held for the account of
NBC as of March 31, 1998. We determined that securities,
identified by such records as the property of the Funds,
were in agreement with the Fund's records of securities
owned at March 31, 1998.
Because the above procedures do not constitute an audit
made in accordance with generally accepted auditing
standards, we do not express an opinion on the investment
accounts referred to above. In connection with the
procedures referred to above, no matters came to our
attention that caused us to believe that the specified
accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements of t
he Funds in accordance with generally accepted auditing
standards, matters might have come to our attention that
would have been reported to you. This report relates only
to the investments specified above and does not extend to
the financial statements of any of the Funds, taken as a
whole.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
July 19, 1998
