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 April 1, 1998 to June 30, 1998.
Our examination was made without prior notice to the funds.
Our work included agreement of an analysis of portfolio
transactions recorded from April 1, 1998 to June 30, 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 June 30, 1998 were
held for the account of NBC by Northern Trust, located in
Chicago, Illinois. We obtained a confirmation from Northern
Trust of the securities held for the Fund as of June 30,
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 June 30, 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 the 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
August 13, 1998
