Great Plains Funds
c/o Federated Services Company
Federated Investors Tower
Pittsburgh, PA 15222-3779
To the Board of Trustees of the Great Plains Funds:
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
International Equity Fund 811-8281
We have examined management's assertion about the Great
Plains Funds' (the "Funds") compliance with the requirements
of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 ("the Act") as of August 23,
1999, included in the accompanying Management Statement
Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940. Management is responsible
for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's
assertion about the Funds' compliance based on our
examination.
Our examination was made in accordance with standards
established by the American Institute of Certified Public
Accountants and, accordingly, included examining, on a test
basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we
considered necessary in the circumstances. Included among
our procedures were the following tests performed, as of
August 23, 1999, and with respect to agreement of security
purchases and sales, for the period from July 13, 1999 (the
date of our last examination) through August 23, 1999:
1. Confirmation of all securities held by Northern Trust,
located in Chicago, IL, with such securities held for
the account of National Bank of Commerce Trust and
Savings Association ("NBC"), the Custodian, located in
Lincoln, NB;
2. Confirmation of all securities hypothecated, pledged,
placed in escrow, or out for transfer with brokers,
pledgees and/or transfer agents;
3. Reconciliation of all such securities to the books and
records of the Funds and the Custodian; and
4. Agreement of a total of 25 security purchases and a
total of 25 security sales or maturities across all
Funds since our last report from the books and records
of the Funds to broker confirmations.
We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal
determination on the Funds' compliance with specified
requirements.
In our opinion, management's assertion that the Great Plains
Funds were in compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of August 23, 1999 with respect to
securities reflected in the investment account of the Funds
is fairly stated, in all material respects.
This report is intended solely for the information and use
of management of the Great Plains Funds and the Securities
and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
DELOITTE & TOUCHE LLP
September 10, 1999
