U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar Investments in the
Custody of Management Investment Companies
Pursuant to Rule 17f-2 (17 CFR 270.17f-2)
Date examination completed: May 4, 1999
1. Investment Company Act File Number 811-8281
2. State Identification Number: PA
3. Address of principal executive office: Great Plains Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
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Deloitte & Touche LLP
2500 One PPG Place
Pittsburgh, Pennsylvania 15222-5401
412-338-7200
Fax 412-338-7380
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.
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Equity Fund 811-8281
Intermediate Bond Fund 811-8281
Tax-Free Bond Fund 811-8281
Premier Fund 811-8281
International Equity 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 August 31,
1998 to May 4, 1999. Our examination was made without prior notice to the funds.
Our work included agreement of an analysis of portfolio transactions recorded
from August 31, 1998 to May 4, 1999 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
is not intended to be 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 Funds on May 4, 1999 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 Funds
as of May 4, 1999. We determined that securities, identified by such records as
the property of the Funds, were in agreement with the Funds' records of
securities owned at May 4, 1999.
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In connection with our analysis of portfolio transactions, we noted one
exception in the International Equity Fund ("The Fund"). On April 30, 1999
(trade date), the Fund's custodian recorded the sale of 12,000 shares of DeBeers
Consolidated Mines Ltd. Stock. The Fund did not record the sale until May 5,
1999 (a delay of 2 business days). The delay was caused by a delay in the
receipt of the supporting documentation for the trade. This appears to be an
isolated incident and does not represent a material internal control deficiency.
Management performed an analysis of net asset value, and informed us that net
asset value per share of the Fund was not affected by this error.
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, except as mentioned 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.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
May 14, 1999
