GREAT PLAINS FUNDS
N-30D, 2000-10-26

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[GRAPHIC REPRESENTATION OMITTED]

COMBINED ANNUAL
REPORT FOR

Great Plains Equity Fund

Great Plains Premier Fund

Great Plains Intermediate Bond Fund

Great Plains Tax-Free Bond Fund

August 31, 2000

Advised by
First Commerce Investors, Inc.

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Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LGIFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged, and investments cannot be made in an index.

(4)

The LGIFA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

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Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)

Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). Effective December 1, 1999, the maximum sales charge has been increased to 5.00%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and LGIFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged, and investments cannot be made in an index.

(4)

The LGIFA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

(5)	The total return quoted represents the 5.00% sales charge.

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Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)	The Fund’s performance assumes the reinvestment of all dividends and distributions. The RUS2 and LSCFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The RUS2 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged and investments cannot be made in an index.

(4)

The LSCFA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

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Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)

Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). Effective December 1, 1999, the maximum sales charge has been increased to 5.00%. The Fund’s performance assumes the reinvestment of all dividends and distributions. The RUS2 and LSCFA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The RUS2 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged and investments cannot be made in an index.

(4)

The LSCFA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

(5)	The total return quoted represents the 5.00% sales charge.

---

Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)	The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBGCI and LIIGA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The LBGCI is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged, and investments cannot be made in an index.

(4)

The LIIGA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

---

Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)

Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBGCI and LIIGA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The LBGCI is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged, and investments cannot be made in an index.

(4)

The LIIGA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

(5)	The total return quoted represents the 3.00% sales charge.

---

Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)	The Fund’s performance assumes the reinvestment of all dividends and distributions. The LB7GO and LIMA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The LB7GO is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged, and investments cannot be made in an index.

(4)

The LIMA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

---

Past performance is no guarantee of future results. Your investment return and principal value will fluctuate so when shares are redeemed, they may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

(1)

Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 3.00% ($10,000 investment minus $300 sales charge = $9,700). The Fund’s performance assumes the reinvestment of all dividends and distributions. The LB7GO and LIMA have been adjusted to reflect reinvestment of dividends on securities in the index and average.

(2)

The Fund is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/90 to 9/29/97 when the Fund first commenced operation, as adjusted to reflect the Fund’s anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.

(3)	The LB7GO is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. This index is unmanaged, and investments cannot be made in an index.

(4)

The LIMA represents the average of the total returns reported by all of the mutual funds designated by Lipper Analytical Services, Inc. as falling into the respective category and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance.

(5)	The total return quoted represents the 3.00% sales charge.

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Fund		For		Against		Abstentions and Broker Non-Votes
Equity		15,018,173		16,314		199,376
Premier		2,373,601		0		4,256
Intermediate Bond		11,714,751		14,329		7,960
Tax-Free Bond		6,559,490		0		48,197

Fund		For		Against		Abstentions and Broker Non-Votes
Equity		15,210,429		16,313		7,121
Premier		2,377,315		0		542
Intermediate Bond		11,717,179		14,329		5,532
Tax-Free Bond		6,607,687		0		0

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Shares				Market Value in U.S. Dollars
Common Stocks (88.2%)
Automotive (2.1%)
140,276		Autoliv, Inc., ADR		$    3,235,115
Banking (1.0%)
81,500		Commercial Federal Corp.		1,472,094
Capital Equipment (3.2%)
19,188		(1) ABB Ltd.		2,134,304
34,000		Draka Holding NV		2,638,038
Total				4,772,342
Chemicals (2.3%)
113,830		Lilly Industries, Inc., Class A		3,486,044
Consumer Durables (2.8%)
158,425		HON Industries, Inc.		4,267,573
Consumer Services (7.2%)
192,850		Block (H&R), Inc.		6,918,494
110,510		Manpower, Inc.		3,999,081
Total				10,917,575
Consumer Staples (1.5%)
230,000		Bass PLC		2,242,821
Energy (2.0%)
50,604		Royal Dutch Petroleum     NV, ADR		3,096,332
Environmental Services (1.2%)
100,000		Waste Management, Inc.		1,893,750
Finance-Insurance (7.2%)
95,674		Allstate Corp.		2,780,526
6,000		MBIA Insurance Corp.		394,500
39,730		Mercury General Corp.		1,090,092
106,260		Scor SA		4,678,884
5,500		Scor SA, ADR		240,281
175,100		Sumitomo Marine & Fire		1,052,406
56,475		Tokio Marine and Fire     Insurance Co.		573,487
250		Yasuda Fire & Marine     Insurance Co.		1,315
Total				10,811,491

Shares				Market Value in U.S. Dollars
Common Stocks, continued
Finance-Investments (4.1%)
107		(1) Berkshire Hathaway, Inc.,     Class A		$  6,173,900
Finance-Services (1.6%)
51,100		Fair Isaac & Co., Inc.		2,347,406
Food & Tobacco (3.4%)
33,000		CSM NV CVA		694,309
13,000		ConAgra, Inc.		238,063
141,600		Philip Morris Cos., Inc.		4,194,900
Total				5,127,272
Government Agencies (7.0%)
152,000		Federal Home Loan     Mortgage Corp.		6,403,000
79,135		Federal National     Mortgage Association		4,253,506
Total				10,656,506
Health Care & Medical Supplies (2.1%)
53,193		Pharmacia Inc.		3,115,115
Industrial Services (3.0%)
2,800		Schindler Holding Ltd.		4,588,978
Leisure & Recreation (4.7%)
208,502		Carnival Corp., Class A		4,157,009
238,575		Hasbro, Inc.		2,937,455
Total				7,094,464
Mining (1.9%)
103,000		De Beers Cons’D Mines, ADR		2,858,250
Printing & Publishing (6.6%)
5,580		Edipresse SA		2,325,534
292,800		NV Holdingmaatschappij     de Telegraaf		6,225,401
50,700		Pearson PLC		1,464,059
Total				10,014,994
Raw Materials (1.7%)
660,500		Nippon Sanso Corp.		2,495,841

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Shares				Market Value in U.S. Dollars
Common Stocks, continued
Technology (10.0%)
36,000		OY Nokia AB, Class A, ADR		$  1,617,750
62,351		Philips Electronics NV, ADR		3,074,684
258,697		(1) Vishay Intertechnology, Inc.		10,428,724
Total				15,121,158
Telecommunications (7.4%)
131,427		Alltel Corp.		6,645,278
84,000		Hellenic Telecommunication     Organization SA (OTE)		1,561,609
50,000		(1) Worldcom, Inc.		1,825,000
93,678		Telecom Italia SpA		1,150,971
Total				11,182,858
Transportation (4.2%)
536,700		FirstGroup PLC		1,964,537
327,687		Werner Enterprises, Inc.		4,423,775
Total				6,388,312
Total Common Stocks     (identified cost $87,544,210)				133,360,191

Shares or Principal Amount				Market Value in U.S. Dollars
Mutual Fund Shares (3.3%)
4,903,337		Northern Institutional     Diversified Assets Fund     (at net asset value)		$      4,903,337
U.S. Treasury Bills (7.2%)
$  4,000,000		due 9/14/2000		3,991,028
1,500,000		due 9/28/2000		1,493,418
1,500,000		due 10/12/2000		1,489,545
1,500,000		due 11/9/2000		1,482,462
2,500,000		due 12/7/2000		2,461,515
Total U.S. Treasury Bills     (identified cost $10,919,344)				10,917,968
Total Investments     (identified cost $103,366,891)				$  149,181,496

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Shares				Market Value in U.S. Dollars
Common Stocks (87.6%)
Automotive (2.1%)
83,000		(1) Keystone Automotive     Industries, Inc.		$   466,875
Banking (6.4%)
80,600		Commercial Federal Corp.		1,455,838
Chemicals (12.6%)
36,375		Chemed Corp.		1,113,984
58,000		Lilly Industries, Inc., Class A		1,776,250
Total				2,890,234
Consumer Durables (5.1%)
51,750		CompX International, Inc.,     Class A		1,174,078
Consumer Non-Durables (1.9%)
30,800		OshKosh B’Gosh, Inc., Class A		438,900
Consumer Products (3.9%)
29,000		(1) Scotts Co., Class A		899,000
Finance-Services (4.2%)
21,130		Fair Isaac & Co., Inc.		970,659
Health Care & Medical Supplies (3.2%)
27,480		(1) Corvel Corp.		741,960
Papers (1.0%)
15,000		Schweitzer-Mauduit     International, Inc.		217,500
Printing & Publishing (8.5%)
2,000		Edipresse SA		833,525
52,500		NV Holdingmaatschappij     de Telegraaf		1,116,235
Total				1,949,760
Restaurants (2.1%)
40,000		CBRL Group, Inc.		482,500
Retail (4.2%)
73,200		(1) Buckle, Inc.		956,175

Shares or Principal Amount				Market Value in U.S. Dollars
Common Stocks, continued
Technology (14.8%)
121,090		(1) New Horizons     Worldwide, Inc.		$ 2,580,731
20,122		(1) Vishay Intertechnology, Inc.		811,168
Total				3,391,899
Telecommunications (7.3%)
70,700		(1) West TeleServices Corp.		1,679,125
Transportation (4.8%)
81,500		(1) Hub Group, Inc., Class A		1,100,250
Trucking (5.5%)
92,775		Werner Enterprises, Inc.		1,252,463
Total Common Stocks     (identified cost $16,819,199)				20,067,216
Mutual Fund Shares (2.4%)
539,247		Northern Institutional     Diversified Assets Fund     (at net asset value)		539,247
U.S. Treasury Bills (8.4%)
$850,000		due 9/14/2000		848,093
500,000		due 10/12/2000		496,515
600,000		due 11/24/2000		591,418
Total U.S. Treasury Bills     (identified cost $1,936,191)				1,936,026
Total Investments     (identified cost $19,294,637)				$22,542,489

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Principal Amount				Market Value
Corporate Bonds (41.1%)
Finance (17.9%)
$2,000,000		ABN-AMRO Bank NV, Chicago,     Sub. Note, 6.625%,     10/31/2001		$  1,991,586
1,000,000		AON Corp., Note, 6.30%,     1/15/2004		968,557
1,000,000		Associates Corp. of North     America, Sr. Note, 7.50%,     4/15/2002		1,005,677
2,000,000		Bayerische Landesbank-NY, Sub.     Note, 6.375%, 10/15/2005		1,913,654
2,000,000		Bear Stearns Cos., Inc., Sr. Note,     7.00%, 3/1/2007		1,927,678
2,000,000		Ford Motor Credit Corp., Note,     6.625%, 6/30/2003		1,967,034
1,000,000		Ford Motor Credit Corp., Note,     7.00%, 9/25/2001		999,463
1,000,000		Ford Motor Credit Corp., Note,     7.50%, 1/15/2003		1,006,698
2,000,000		General Motors Acceptance     Corp., Note, 6.875%,     7/15/2001		1,997,998
1,000,000		Household Finance Corp., Note,     7.20%, 7/15/2006		983,811
1,000,000		IBM Credit Corp., Note, 7.50%,     6/15/2013		1,030,790
1,000,000		International Lease Finance     Corp., Note, 6.875%, 5/1/2001		997,812
2,000,000		Merrill Lynch & Co., Inc., Note,     6.25%, 1/15/2006		1,903,620
2,000,000		Northern Trust Corp., Note,     7.30%, 9/15/2006		2,000,174
Total				20,694,552
Industrials (20.8%)
1,000,000		Anheuser-Busch Cos., Inc., Note,     7.00%, 9/1/2005		992,090
2,000,000		Campbell Soup Co., Note, 6.90%,     10/15/2006		1,983,500
1,000,000		DaimlerChrysler AG, Note,     6.90%, 9/1/2004		991,250
1,500,000		Deere & Co., Note, 6.55%,     7/15/2004		1,464,232

Principal Amount				Market Value
Corporate Bonds, continued
Industrials, continued
$2,000,000		Disney (Walt) Co., Bond, 6.75%,     3/30/2006		$  1,983,728
1,000,000		E.W. Scripps Co., Note, 6.375%,     10/15/2002		992,482
1,000,000		First Data Corp., Note, 6.625%,     4/1/2003		983,537
1,000,000		Hertz Corp., Note, 7.625%,     8/15/2007		1,000,337
1,500,000		Honeywell Inc., Unsecd. Note,     7.125%, 4/15/2008		1,483,325
2,000,000		Lucent Technologies, Inc., Note,     6.90%, 7/15/2001		1,998,254
2,000,000		Philip Morris Cos., Inc., Note,     7.50%, 1/15/2002		1,976,582
1,500,000		Pitney Bowes, Inc., Note, 5.95%,     2/1/2005		1,446,070
1,500,000		Rockwell International Corp.,     Note, 6.15%, 1/15/2008		1,385,307
1,000,000		Sony Corp., Bond, 6.125%,     3/4/2003		981,609
2,000,000		Texaco Capital, Inc., Note, 6.00%,     6/15/2005		1,922,428
1,000,000		Texas Instruments, Inc., Sr. Note,     7.00%, 8/15/2004		1,002,346
1,500,000		United Technologies Corp.,     Note, 6.40%, 9/15/2001		1,488,929
Total				24,076,006
Utilities (2.4%)
1,000,000		AT&T Corp., Global Bond,     6.00%, 3/15/2009		889,564
1,000,000		Cox Communications, Inc., Note,     7.00%, 8/15/2001		993,440
1,000,000		GTE South, Inc., Deb., 6.00%,     2/15/2008		910,139
Total				2,793,143
Total Corporate Bonds     (identified cost $48,405,821)				47,563,701
Government Agencies (25.2%)
Federal Home Loan Bank (9.1%)
1,000,000		5.50%, 8/13/2001		989,286

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Principal Amount				Market Value
Government Agencies, continued
Federal Home Loan Bank, continued
$1,000,000		5.625%, 3/19/2001		$    994,458
2,000,000		6.00%, 8/15/2002		1,975,942
1,500,000		6.50%, 8/14/2009		1,460,551
3,000,000		7.20%, 6/14/2011		3,068,361
2,000,000		7.70%, 9/20/2004		2,068,210
Total				10,556,808
Federal Home Loan Mortgage Corporation (6.1%)
1,000,000		6.125%, 7/14/2003		980,579
2,000,000		6.48%, 12/5/2011		1,932,586
4,000,000		7.93%, 1/20/2005		4,163,652
Total				7,076,817
Federal National Mortgage Association (7.3%)
1,000,000		5.91%, 8/25/2003		975,087
3,000,000		6.625%, 9/15/2009		2,956,200
1,000,000		7.93%, 2/14/2025		1,120,431
2,000,000		8.20%, 3/10/2016		2,226,956
1,000,000		8.43%, 11/18/2024		1,177,866
Total				8,456,540
Student Loan Marketing Association (2.7%)
3,000,000		7.30%, 8/1/2012		3,090,852
Total Government Agencies     (identified cost $29,203,284)				29,181,017
Mortgage Backed Securities (16.4%)
Federal Home Loan Mortgage Corporation (7.4%)
305,881		6.50%, 3/1/2003		303,013
674,812		6.50%, 4/1/2003		668,486
876,143		6.50%, 9/1/2010		854,787
1,151,471		6.50%, 2/1/2011		1,123,404
915,433		6.50%, 2/1/2011		893,120
1,459,643		6.50%, 1/1/2026		1,397,152
309,974		7.00%, 6/1/2003		307,843
606,344		7.00%, 3/1/2011		600,659
1,105,731		7.00%, 12/1/2011		1,095,364
649,200		7.00%, 8/1/2015		640,071
679,958		7.50%, 5/1/2016		676,771
Total				8,560,670
Federal National Mortgage Association (4.6%)
517,155		7.00%, 8/1/2001		513,276
1,177,685		7.00%, 3/1/2004		1,168,853
1,268,564		7.00%, 5/1/2016		1,250,328

Principal Amount				Market Value
Mortgage Backed Securities, continued
Federal National Mortgage Association, continued
$1,863,086		7.00%, 8/1/2019		$  1,817,673
534,105		8.00%, 7/1/2014		544,620
Total				5,294,750
Government National Mortgage Association (4.4%)
1,988,680		6.50%, 2/20/2026		1,901,675
20,667		7.50%, 5/15/2023		20,680
70,980		7.50%, 1/15/2024		71,025
748,809		7.50%, 8/20/2025		746,001
993,942		7.50%, 11/15/2029		994,563
976,434		7.50%, 12/15/2029		977,045
35,958		8.50%, 8/15/2016		36,868
87,755		8.50%, 8/15/2016		89,977
21,239		9.00%, 1/15/2004		21,810
32,224		9.00%, 2/15/2017		33,331
26,656		9.00%, 9/15/2019		27,572
16,132		9.00%, 9/15/2019		16,687
3,379		9.50%, 9/15/2019		3,511
27,859		9.50%, 9/15/2021		28,947
1,303		10.00%, 4/15/2001		1,325
2,574		10.00%, 9/15/2003		2,694
38,729		10.00%, 12/15/2018		41,404
1,193		10.00%, 5/15/2019		1,264
4,854		10.00%, 5/15/2020		5,139
54,372		11.50%, 10/15/2010		59,418
Total				5,080,936
Total Mortgage Backed Securities     (identified cost $19,186,634)				18,936,356
U.S. Treasury Securities (13.5%)
2,000,000		5.875%, 2/15/2004		1,988,750
1,000,000		6.25%, 2/15/2003		1,002,500
1,000,000		6.50%, 5/15/2005		1,020,313
1,000,000		7.00%, 7/15/2006		1,048,125
1,000,000		7.25%, 8/15/2004		1,041,563
3,000,000		7.50%, 11/15/2001		3,042,189
1,000,000		7.50%, 2/15/2005		1,055,938
2,000,000		8.75%, 5/15/2020		2,641,250
2,600,000		9.125%, 5/15/2009		2,838,064
Total U.S. Treasury Securities     (identified cost $15,189,666)				15,678,692

---

Shares				Market Value
Mutual Fund Shares (2.8%)
3,200,440		Northern Institutional     Diversified Assets Fund     (at net asset value)		$    3,200,440
Total Investments     (identified cost $115,185,845)				$114,560,206

---

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals (97.9%)
Arizona (0.5%)
$  300,000		Tempe, AZ, GO,     6.00%, 7/1/2005		AA+		$   310,470
Colorado (0.5%)
275,000		Jefferson County, CO,     School District No.     R-001, GO, 5.50%,     12/15/2014		AAA		283,143
Guam (0.8%)
500,000		Guam Power Authority,     Refunding Revenue     Bonds, (AMBAC),     5.00%, 10/1/2020		AAA		477,115
Illinois (2.7%)
1,000,000		Illinois State Sales Tax,     Refunding Revenue     Bonds, 6.00%,     6/15/2009		AAA		1,085,060
600,000		Palatine, IL, Refunding     Revenue Bonds,     (FNMA COL),     5.50%, 12/1/2026		AAA		606,714
Total						1,691,774
Indiana (1.5%)
1,000,000		Indiana Municipal     Power Agency,     Refunding Revenue     Bonds, (MBIA),     5.30%, 1/1/2020		AAA		969,930
Iowa (2.3%)
500,000		Sioux City, IA, GO,     6.20%, 6/1/2004		AA-		521,780
1,000,000		University of Iowa,     Revenue Bonds,     (Medical Education     and Biomed     Facilities Project)/     (AMBAC), 5.10%,     6/1/2018		AAA		961,850
Total						1,483,630

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Minnesota (0.8%)
$  500,000		North St. Paul- Maplewood, MN,     ISD 622, (MBIA),     6.10%, 2/1/2004		AAA		$   525,620
Nebraska (74.9%)
500,000		American Public Energy     Agency, NE, Revenue     Bonds, (Nebraska     Public Gas Agency)/     (AMBAC), 4.30%,     3/1/2011		AAA		424,545
750,000		American Public Energy     Agency, NE, Revenue     Bonds, (Nebraska     Public Gas Agency)/     (AMBAC), 5.25%,     6/1/2011		AAA		701,040
1,000,000		Cass County, NE,     School District No.     1, GO, (AMBAC),     5.00%, 12/15/2014		AAA		963,810
300,000		Cornhusker, NE, Public     Power District,     Revenue Bonds,     5.20%, 3/1/2003		A+		305,376
1,450,000		Douglas County, NE,     Hospital Authority     No. 2, Revenue     Bonds, (Immanuel     Medical Center)/     (AMBAC), 5.125%,     9/1/2012		AAA		1,452,073
500,000		Douglas County, NE,     Hospital Authority     No. 2, Revenue Bonds,     (Catholic Health     Corp.)/(MBIA),     5.00%, 11/15/2000		AAA		500,600
1,000,000		Douglas County, NE,     School District No.     17, GO, (FGIC),     5.00%, 11/15/2013		AAA		991,820

---

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Nebraska, continued
$  750,000		Douglas County, NE,     School District     No. 17, GO, 5.30%,     10/1/2007		A+		$   758,580
1,000,000		Douglas County, NE,     Zoo Facility,     Refunding Revenue     Bonds, 5.875%,     9/1/2014		A-		1,042,550
300,000		Douglas County, NE,     GO, 4.95%,     7/1/2003		AA+		304,053
520,000		Gage County, NE,     School District     No. 15, GO, 5.50%,     (AMBAC),     12/15/2009		AAA		530,270
500,000		Grand Island, NE,     Revenue Bonds,     5.60%, 4/1/2006		A2		520,750
500,000		Grand Island, NE,     Revenue Bonds,     5.75%, 4/1/2007		A2		521,805
500,000		Hall County, NE,     School District No.     2, GO, 4.70%,     12/1/2003		A1		503,935
400,000		Hall County, NE,     School District No.     2, GO, 5.00%,     8/15/2008		A1		400,968
1,000,000		Lancaster County, NE,     Hospital Authority     No. 1, Revenue     Bonds, (Bryan     Memorial Hospital     Project)/(MBIA),     5.10%, 6/1/2010		AAA		1,013,660
2,000,000		Lancaster County, NE,     School District No.     1, GO, (Lincoln     Public Schools),     5.00%, 1/15/2009		AAA		2,037,020

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Nebraska, continued
$  600,000		Lancaster County, NE,     School District     No. 145 Waverly, GO,     (AMBAC), 5.70%,     12/1/2016		AAA		$   605,472
1,500,000		Lincoln, NE, Electric     Systems, 5.30%,     9/1/2009		AA		1,535,325
400,000		Lincoln, NE, Electric     Systems, 5.40%,     9/1/2004		AA+		415,264
500,000		Lincoln, NE, Electric     Systems, 5.40%,     9/1/2010		AA		512,415
1,250,000		Lincoln, NE, Electric     Systems, Refunding     Revenue Bonds,     5.00%, 9/1/2006		AA		1,271,825
300,000		Lincoln, NE, Hospital,     (FSA), 5.60%,     12/1/2003		AAA		313,347
1,000,000		Lincoln, NE, GO,     4.75%, 8/15/2019		AAA		903,090
200,000		Lincoln, NE, GO,     4.80%, 5/1/2003		AAA		200,058
1,000,000		Lincoln, NE, Parking,     Refunding Revenue     Bonds, 5.375%,     8/15/2014		A		1,012,730
400,000		Lincoln, NE,     Waterworks, 4.80%,     8/15/2002		AA+		403,144
500,000		Lincoln, NE,     Waterworks, 5.30%,     8/15/2009		AA+		512,780
500,000		Lincoln-Lancaster     County, NE,     Public Building     Commission, 5.25%,     10/15/2008		AA+		519,560
745,000		Lincoln-Lancaster     County, NE,     Public Building     Commission, 5.80%,     10/15/2018		AA+		767,149

---

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Nebraska, continued
$  400,000		Municipal Energy     Agency of     Nebraska,     (AMBAC), 5.40%,     4/1/2003		AAA		$   408,916
500,000		Nebraska EDL,     Telecommunications     Improvements,     Revenue Bonds,     6.00%, 2/1/2007		AA		534,055
1,250,000		Nebraska EDL,     Telecommunications     Improvements,     Revenue Bonds,     6.00%, 2/1/2010		AA		1,351,200
125,000		Nebraska Elementary     & Secondary School     Finance Authority,     5.00%, 7/15/2009		BBB+		122,235
155,000		Nebraska Investment     Finance Authority,     5.40%, 9/1/2003		AAA		157,514
490,000		Nebraska Investment     Finance Authority,     5.55%, 5/15/2003		AA		502,872
2,000,000		Nebraska Investment     Finance Authority,     6.30%, 9/1/2020		AAA		2,069,300
360,000		Nebraska Investment     Finance Authority,     6.40%, 7/1/2005		A+		374,101
500,000		Nebraska Investment     Finance Authority,     Refunding Revenue     Bonds, (AMBAC),     5.00%, 7/1/2003		AAA		500,185
1,000,000		Nebraska Investment     Finance Authority,     Revenue Bonds,     (AMBAC), 5.00%,     8/15/2011		AAA		1,000,350
1,250,000		Nebraska Public Gas     Agency, Revenue     Bonds, 5.30%,     4/1/2003		Baa1		1,267,413

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Nebraska, continued
$1,020,000		Nebraska Public     Power District,     (MBIA), 5.25%,     1/1/2012		AAA		$ 1,036,861
500,000		Nebraska Public     Power District,     4.80%, 1/1/2003		AAA		504,635
225,000		Nebraska Public     Power District,     6.00%, 1/1/2006		AAA		234,097
1,000,000		Nebraska Public     Power District,     Electric, Light &     Power Revenue     Bonds, (FSA),     5.125%, 1/1/2019		AAA		956,400
540,000		Omaha, NE, Airport     Authority, (MBIA),     5.00%, 1/1/2008		AAA		549,785
475,000		Omaha, NE, Parking     Facilities Corp.,     5.20%, 9/15/2009		AA+		489,226
235,000		Omaha, NE, Parking     Facilities Corp.,     5.45%, 5/1/2015		AA+		240,231
250,000		Omaha, NE, Parking     Facilities Corp.,     5.50%, 5/1/2016		AA+		255,390
500,000		Omaha, NE, Parking     Facilities Corp.,     5.70%, 9/15/2015		AA+		515,430
500,000		Omaha, NE, Public     Power District,     Revenue Bonds,     5.10%, 2/1/2003		AA		507,520
750,000		Omaha, NE, Public     Power District,     Revenue Bonds,     5.30%, 2/1/2016		AA		744,120
500,000		Omaha, NE, Public     Power District,     Revenue Bonds,     5.35%, 2/1/2001		Aa2		502,280

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Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Nebraska, continued
$1,000,000		Omaha, NE, Public     Power District,     Revenue Bonds,     5.40%, 2/1/2006		AA		$ 1,039,150
500,000		Omaha, NE, Public     Power District,     Revenue Bonds,     5.60%, 2/1/2012		AA		512,430
250,000		Omaha, NE, GO UT,     5.00%, 11/15/2005		AAA		256,485
700,000		Omaha, NE, GO UT,     5.25%, 12/1/2012		AAA		717,598
500,000		Omaha, NE, GO UT,     6.10%, 9/1/2004		AAA		518,460
500,000		Omaha, NE,     Impounding     Facilities, 5.55%,     8/1/2014		NR		503,425
510,000		Omaha, NE,     Refunding Revenue     Bonds, 5.20%,     1/15/2002		AA		515,437
1,000,000		Omaha, NE, Special     Tax, Revenue     Bonds, 6.00%,     11/1/2014		NR		1,029,020
1,200,000		University of     Nebraska Facilities     Corp., 4.95%,     11/1/2009		AA-		1,212,720
700,000		University of     Nebraska Facilities     Corp., (University of     Nebraska Medical     Center Project),     5.45%, 7/1/2008		A1		729,323
1,000,000		University of     Nebraska Facilities     Corp., Revenue     Bonds, 5.25%,     7/15/2011		AA-		1,023,560
440,000		University of     Nebraska, (Lincoln     Parking Project),     5.00%, 6/1/2007		A-		445,135

Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Nebraska, continued
$  275,000		University of     Nebraska, 5.15%,     7/1/2009		A		$   275,547
310,000		University of     Nebraska, (Lincoln     Parking Project),     5.10%, 6/1/2013		A-		312,892
740,000		University of     Nebraska,     Refunding Revenue     Bonds, 5.75%,     7/1/2005		A		747,074
800,000		University of     Nebraska,     Refunding Revenue     Bonds, 5.80%,     6/1/2020		A-		803,784
Total						47,411,170
Nevada (1.8%)
500,000		Clark County, NV,     School District, GO,     (FGIC), 6.375%,     6/15/2005		AAA		542,015
195,000		Nevada Housing     Division, 5.60%,     10/1/2007		AAA		202,628
385,000		Nevada State, GO,     5.40%, 2/1/2008		AA		397,462
Total						1,142,105
New York (0.2%)
150,000		New York City, NY,     GO UT, (FGIC),     7.25%, 10/1/2005		AAA		151,484
Ohio (0.4%)
250,000		Ohio State, GO, 5.80%,     8/1/2001		AA+		253,460
Puerto Rico (4.5%)
500,000		Commonwealth of     Puerto Rico, GO,     (MBIA), 5.20%,     7/1/2006		AAA		524,415

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Principal Amount				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Puerto Rico, continued
$  200,000		Puerto Rico     Commonwealth     Infrastructure     Financing     Authority, GO,     (AMBAC), 5.00%,     7/1/2011		AAA		$   206,846
1,000,000		Puerto Rico Highway     and Transportation     Authority, Revenue     Bonds, (AMBAC),     5.00%, 7/1/2008		AAA		1,045,740
1,000,000		Puerto Rico Municipal     Finance Agency, GO     UT, (FSA), 5.75%,     8/1/2011		AAA		1,096,500
Total						2,873,501
Texas (2.4%)
500,000		Fort Bend, TX, ISD,     GO UT, (PSFG),     5.50%, 2/15/2010		AAA		508,120
300,000		Houston, TX, ISD, GO,     (PSFG), 5.40%,     8/15/2001		AAA		303,045
215,000		Houston, TX, GO,     5.90%, 3/1/2003		AA-		219,416
85,000		Houston, TX, GO,     Prerefunded, 5.90%,     3/1/2003		AA-		86,822
380,000		Wylie, TX, ISD, GO,     (PSFG), 6.20%,     8/15/2004		Aaa		403,229
Total						1,520,632

Principal Amount or Shares				Credit Rating(2)		Market Value
Long-Term Municipals, continued
Utah (1.5%)
$1,000,000		Utah Associated     Municipal Power     Systems, Revenue     Refunding Bonds,     (AMBAC), 5.00%,     6/1/2018		AAA		$      941,010
Washington (2.5%)
1,000,000		Seattle, WA, Drain &     Wastewater,     Revenue Bonds,     5.75%, 11/1/2012		AA-		1,063,640
500,000		Washington State     Health Care     Facility Authority,     Refunding Revenue     Bonds, (Sisters of     Providence)/(FGIC),     5.90%, 10/1/2003		AAA		519,355
Total						1,582,995
Wisconsin (0.6%)
350,000		Milwaukee, WI, GO,     5.90%, 6/15/2004		AA+		359,184
Total Long-Term Municipals     (identified cost $61,081,677)						61,977,223
Mutual Fund Shares (1.3%)
810,121		Northern Institutional     Tax-Exempt Fund     (at net asset value)				810,121
Total Investments     (identified cost $61,891,798)						$62,787,344

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(2)	Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current ratings are unaudited.

		Cost of Investments for Federal Tax Purposes		Net Unrealized Appreciation (Depreciation)		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Total Net Assets*
Great Plains Equity Fund		$103,366,891		$45,814,605		$49,349,851		$3,535,246		$151,195,941
Great Plains Premier Fund		$  19,294,637		$  3,247,852		$  5,036,615		$1,788,763		$  22,917,742
Great Plains Intermediate   Bond Fund		$115,185,845		$    (625,639)		$  1,054,239		$1,679,878		$115,697,880
Great Plains Tax-Free   Bond Fund		$  61,891,798		$      895,546		$  1,334,113		$    438,567		$  63,304,651

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		Equity Fund			Premier Fund			Intermediate Bond Fund			Tax-Free Bond Fund
Assets:
Total investments in securities, at value		$149,181,496			$22,542,489			$114,560,206			$62,787,344
Cash		198			30			150			82
Income receivable		261,936			20,225			1,698,993			810,340
Receivable for investments sold		6,491,796			939,379			—			—
Receivable for shares sold		9,519			7,963			7,707			—
Deferred organizational costs		3,016			700			2,276			1,964
Total assets		155,947,961			23,510,786			116,269,332			63,599,730
Liabilities:
Payable for investments purchased		4,308,390			498,756			—			—
Payable for shares redeemed		316,201			51,208			115,951			3,100
Income distribution payable		—			—			364,791			229,937
Accrued expenses		127,429			43,080			90,710			62,042
Total liabilities		4,752,020			593,044			571,452			295,079
Total Net Assets		151,195,941			22,917,742			115,697,880			63,304,651
Net Assets Consist of:
Paid in capital		97,569,357			20,438,949			116,326,303			62,454,051
Net unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency		45,805,956	(1)		3,247,799	(1)		(625,639)	(1)		895,546
Accumulated net realized gain (loss) on investments and foreign currency transactions		7,640,050			(767,285	)		(2,784	)		(44,946	)
Undistributed net investment income (Accumulated net operating loss)		180,578			(1,721	)		—			—
Total Net Assets		$151,195,941			$22,917,742			$115,697,880			$63,304,651
Shares Outstanding		14,780,363			2,299,911			11,883,640			6,427,676
Net Asset Value Per Share		$            10.23			$            9.96			$              9.74			$            9.85
Offering Price Per Share		$            10.77	(2)		$          10.48	(2)		$            10.04	(3)		$          10.15	(3)
Redemption Proceeds Per Share		$            10.23			$            9.96			$              9.74			$            9.85
Investments, at identified and tax cost		$103,366,891			$19,294,637			$115,185,845			$61,891,798

(1)	Includes $3,257,237, $105,400 and $16,510, respectively, of unrealized appreciation at June 18, 1999, related to the acquisition of the Lancaster Funds.

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		Equity Fund			Premier Fund			Intermediate Bond Fund			Tax-Free Bond Fund
Investment Income:
Dividends		$  2,635,649	(1)		$    170,063	(2)		$            —			$            —
Interest		876,818			155,530			8,315,082			3,498,204
Total income		3,512,467			325,593			8,315,082			3,498,204
Expenses:
Investment adviser fee		1,287,925			235,605			608,402			332,541
Administrative personnel and services fee		238,934			32,796			169,346			92,566
Custodian fees		28,997			19,063			24,189			18,567
Transfer and dividend disbursing agent fees and expenses		37,104			30,314			38,249			37,771
Trustees’ fees		10,186			1,160			6,573			3,691
Auditing fees		25,615			24,171			28,998			26,842
Legal fees		11,534			2,151			10,539			9,330
Portfolio accounting fees		63,238			12,167			55,619			44,589
Share registration costs		13,291			10,842			12,663			11,387
Printing and postage		6,423			1,522			5,740			1,788
Insurance premiums		1,213			510			998			782
Miscellaneous		10,235			4,335			9,658			7,322
Total expenses		1,734,695			374,636			970,974			587,176
Waiver—
Waiver of investment adviser fee		(445,182	)		(47,121	)		—			—
Net expenses		1,289,513			327,515			970,974			587,176
Net investment income (loss)		2,222,954			(1,922	)		7,344,108			2,911,028
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) on investments and foreign currency transactions		5,227,684			955,645			1,748			(24,951	)
Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currency		(14,145,914	)		2,413,242			(568,734	)		493,536
Net realized and unrealized gain (loss) on investments and         foreign currency		(8,918,230	)		3,368,887			(566,986	)		468,585
Change in net assets resulting from operations		$  (6,695,276	)		$3,366,965			$6,777,122			$3,379,613

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		Equity Fund
		Year Ended August 31, 2000			Year Ended August 31, 1999
Increase (Decrease) in Net Assets:
Operations—
Net investment income (loss)		$    2,222,954			$        822,102
Net realized gain (loss) on investments and foreign currency transactions		5,227,684			4,998,937
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currency		(14,145,914	)		27,020,963
Change in net assets resulting from operations		(6,695,276	)		32,842,002
Distributions to Shareholders—
Distributions from net investment income		(2,054,755	)		(808,293	)
Distributions from net realized gain on investments and foreign currency transactions		(4,419,471	)		(10,676,538	)
Change in net assets from distributions to shareholders		(6,474,226	)		(11,484,831	)
Share Transactions—
Proceeds from sale of shares		9,639,012			17,901,861
Proceeds from shares issued in connection with the acquisition of the Lancaster Funds		—			10,186,660	(1)
Net asset value of shares issued to shareholders in payment of distributions declared		3,110,822			5,383,572
Cost of shares redeemed		(40,721,555	)		(42,365,249	)
Change in net assets from share transactions		(27,971,721	)		(8,893,156	)
Change in net assets		(41,141,223	)		12,464,015
Net Assets—
Beginning of period		192,337,164			179,873,149
End of period		$151,195,941			$192,337,164
Undistributed net investment income included in net assets at end of period		$        180,578			$          18,675
Net gain (loss) as computed for federal tax purposes		$    7,929,497			$    5,007,822

(1)	Includes $3,257,237, $105,400 and $16,510, respectively, of unrealized appreciation, at June 18, 1999 related to the acquisition of the Lancaster Funds.

Premier Fund						Intermediate Bond Fund					Tax-Free Bond Fund
Year Ended August 31, 2000			Year Ended August 31, 1999			Year Ended August 31, 2000		Year Ended August 31, 1999			Year Ended August 31, 2000			Year Ended August 31, 1999
$        (1,922	)		$      (41,521	)		$    7,344,108		$    7,794,479			$  2,911,028			$  2,844,022
955,645			(1,723,792	)		1,748		197,176			(24,951	)		(20,013	)
2,413,242			3,171,915			(568,734)		(7,733,470	)		493,536			(2,451,741	)
3,366,965			1,406,602			6,777,122		258,185			3,379,613			372,268
—			(22,686	)		(7,370,883)		(7,785,571	)		(2,911,385	)		(2,843,665	)
—			(1,944,853	)		(190,973)		—			—			(64,317	)
—			(1,967,539	)		(7,561,856)		(7,785,571	)		(2,911,385	)		(2,907,982	)
2,752,132			7,573,110			11,717,056		22,919,544			4,416,681			6,507,545
—			1,393,207	(1)		—		525,704	(1)		—			—
—			1,347,404			3,043,251		3,291,377			37,324			17,540
(7,664,824	)		(7,479,565	)		(26,644,345)		(37,560,283	)		(10,060,232	)		(2,918,333	)
(4,912,692	)		2,834,156			(11,884,038)		(10,823,658	)		(5,606,227	)		3,606,752
(1,545,727	)		2,273,219			(12,668,772)		(18,351,044	)		(5,137,999	)		1,071,038
24,463,469			22,190,250			128,366,652		146,717,696			68,442,650			67,371,612
$22,917,742			$24,463,469			$115,697,880		$128,366,652			$63,304,651			$68,442,650
$        (1,721	)		$            (310	)		$                —		$          25,997			—			$            357
$    (752,746	)		$      (14,540	)		$            4,533		$        186,441			$        29,873			$        (1,036	)

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Year Ended August 31,		Net Asset Value, Beginning of Period		Net Investment Income		Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency Transactions			Distributions in Excess of Net Realized Gain on Investments
Equity Fund
1998(3)		$10.00		0.07		(0.16	)		(0.09	)		(0.07	)		—			—
1999		$ 9.84		0.05		1.80			1.85			(0.05	)		(0.62	)		—
2000		$11.02		0.14		(0.54	)		(0.40	)		(0.13	)		(0.26	)		—
Premier Fund
1998(3)		$10.00		0.01		(1.18	)		(1.17	)		(0.00	)(5)		—			—
1999		$ 8.83		0.01		0.57			0.58			(0.01	)		(0.77	)		—
2000		$ 8.63		—		1.33			1.33			—			—			—
Intermediate Bond Fund
1998(3)		$10.00		0.54		0.36			0.90			(0.54	)		—			(0.00	)(5)
1999		$10.36		0.58		(0.57	)		0.01			(0.58	)		—			—
2000		$ 9.79		0.58		(0.03	)		0.55			(0.59	)		(0.01	)		—
Tax-Free Bond Fund
1998(3)		$10.00		0.39		0.13			0.52			(0.39	)		(0.00	)(5)		—
1999		$10.13		0.42		(0.36	)		0.06			(0.42	)		(0.01	)		—
2000		$ 9.76		0.42		0.09			0.51			(0.42	)		—			—

(1)	Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

(2)	This voluntary expense decrease is reflected in both the expense and the net investment income (loss) ratios shown.

(3)	For the period from September 29, 1997 (date of initial public investment) to August 31, 1998.

(4)	Computed on an annualized basis.

(5)	Distributions less than ($0.01) per share.

								Ratios to Average Net Assets
Total Distributions			Net Asset Value, End of Period		Total Return (1)			Expenses			Net Investment Income (Loss)			Expense Waiver/ Reimbursement (2)			Net Assets, End of Period (000 omitted)		Portfolio Turnover Rate
(0.07	)		$ 9.84		(0.94	%)		1.02	%(4)		0.79	%(4)		—			$179,873		39	%
(0.67	)		$11.02		19.06	%		0.74	%		0.43	%		0.24	%		$192,337		5	%
(0.39	)		$10.23		(3.68	%)		0.75	%		1.29	%		0.26	%		$151,196		30	%
(0.00	)		$ 8.83		(11.69	%)		1.44	%(4)		0.12	%(4)		0.40	%(4)		$ 22,190		68	%
(0.78	)		$ 8.63		6.54	%		1.40	%		(0.18	%)		0.22	%		$ 24,463		25	%
—			$ 9.96		15.41	%		1.39	%		(0.01	%)		0.20	%		$ 22,918		30	%
(0.54	)		$10.36		9.23	%		0.79	%(4)		5.82	%(4)		—			$146,718		9	%
(0.58	)		$ 9.79		0.01	%		0.75	%		5.67	%		—			$128,367		24	%
(0.60	)		$ 9.74		5.85	%		0.80	%		6.04	%		—			$115,698		5	%
(0.39	)		$10.13		5.29	%		0.87	%(4)		4.22	%(4)		—			$ 67,372		8	%
(0.43	)		$ 9.76		0.54	%		0.83	%		4.17	%		0.01	%		$ 68,443		7	%
(0.42	)		$ 9.85		5.43	%		0.88	%		4.38	%		—			$ 63,305		30	%

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Portfolio Name		Diversification		Investment Objective
Great Plains Equity Fund (“Equity Fund”)		Non-diversified		To seek total return (consisting of current income and capital appreciation) over the long-term.
Great Plains Premier Fund (“Premier Fund”)		Non-diversified		To seek total return (consisting of current income and capital appreciation) over the long-term.
Great Plains Intermediate Bond Fund (“Intermediate Bond Fund”)		Diversified		To seek total return (consisting of current income and capital appreciation).
Great Plains Tax-Free Bond Fund (“Tax-Free Bond Fund”)		Non-diversified		To seek current income that is exempt from federal regular income tax and secondarily to seek current income that is also exempt from the regular income taxes imposed by the State of Nebraska.

		Equity Fund		Premier Fund		Intermediate Bond Fund
Great Plains Fund Shares Issued		893,567		159,771		52,994
Lancaster Funds Net Assets Received		$10,186,660		$1,393,207		$525,704
Unrealized Appreciation*		$  3,257,237		$    105,400		$  16,510

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Investment Valuation —Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities are generally valued at the latest bid price as furnished by an independent pricing service. Listed equity securities are valued at the last sale price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other regulated investment companies are valued at net asset value. With respect to valuation of foreign securities, trading in foreign cities may be com pleted at times which vary from the closing of the New York Stock Exchange. Therefore, foreign securities are normally valued at the latest closing price on the exchange on which they are traded prior to the closing of the New York Stock Exchange. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect at noon, Eastern Time, on the day the value of the foreign security is determined.

Repurchase Agreements —It is the policy of the Funds to require the custodian bank to take possession of, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds’ adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the “Trustees”). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

As of August 31, 2000, the Funds had no outstanding repurchase agreements.

Investment Income, Expenses and Distributions —Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the “Code”). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.

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Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions and mergers. The following reclassifications have been made to the financial statements.

Increase (Decrease)

Fund		Paid-In Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income
Equity Fund		$(2,694,930	)		$2,701,226		$(6,296	)
Premier Fund		$      (2,233	)		$        1,722		$    511

Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.

Federal Taxes —It is the Funds’ policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

At August 31, 2000, the following Funds had capital loss carryforwards for federal tax purposes, which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve each Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as listed below:

		Expiration Year
Fund		2007		2008		Total Capital Loss CarryForward
Premier Fund		$14,539		$752,746		$767,285
Tax-Free Bond Fund		$  1,036		$  29,873		$  30,909

Additionally, the following Funds had net capital and currency losses attributable to security transactions incurred after October 31, 1999 which were treated as arising on September 1, 2000, the first day of each Fund’s next taxable year as follows:

Fund		Capital Losses Deferred		Currency Losses Deferred
Equity Fund		—		$6,296
Intermediate Bond Fund		$  2,785		—
Tax-Free Bond Fund		$14,037		—

When-Issued and Delayed Delivery Transactions —The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Foreign Exchange Contracts —Equity Fund and Premier Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Funds may enter into these contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross hedge against either specific transactions or portfolio positions. The objective of the Funds’ foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the Funds’ foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All foreign currency exchange contracts are “marked to market” daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency exchange contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. Risk may arise upon entering into these contracts from the potential inabilit y of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

As of August 31, 2000, Equity Fund and Premier Fund had no outstanding foreign exchange contracts.

Foreign Currency Translation —The accounting records of Equity Fund and Premier Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FC”) are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

Use of Estimates —The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other —Investment transactions are accounted for on a trade date basis.

		Equity Fund
		Year Ended August 31, 2000			Year Ended August 31, 1999
		Shares			Shares
Shares at Beginning of Period		17,452,974			18,282,344
Shares sold		916,969			1,635,836
Shares issued in connection with the acquisition of the Lancaster Funds		—			893,567
Shares issued to shareholders on reinvestment of distributions declared		298,599			510,912
Shares redeemed		(3,888,179	)		(3,869,685	)
Net change resulting from Equity Fund share transactions		(2,672,611	)		(829,370	)
Shares at End of Period		14,780,363			17,452,974

		Premier Fund
		Year Ended August 31, 2000			Year Ended August 31, 1999
		Shares			Shares
Shares at Beginning of Period		2,834,978			2,514,463
Shares sold		303,063			874,247
Shares issued in connection with the acquisition of the Lancaster Funds		—			159,771
Shares issued to shareholders on reinvestment of distributions declared		—			155,380
Shares redeemed		(838,130	)		(868,883	)
Net change resulting from Premier Fund share transactions		(535,067	)		320,515
Shares at End of Period		2,299,911			2,834,978

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		Intermediate Bond Fund
		Year Ended August 31, 2000			Year Ended August 31, 1999
		Shares			Shares
Shares at Beginning of Period		13,117,107			14,160,137
Shares sold		1,212,677			2,239,196
Shares issued in connection with the acquisition of the Lancaster Funds		—			52,994
Shares issued to shareholders on reinvestment of distributions declared		314,883			322,318
Shares redeemed		(2,761,027	)		(3,657,538	)
Net change resulting from Intermediate Bond Fund           share transactions		(1,233,467	)		(1,043,030	)
Shares at End of Period		11,883,640			13,117,107

		Tax-Free Bond Fund
		Year Ended August 31, 2000			Year Ended August 31, 1999
		Shares			Shares
Shares at Beginning of Period		7,009,607			6,648,895
Shares sold		458,277			649,598
Shares issued to shareholders on reinvestment of distributions declared		3,862			1,757
Shares redeemed		(1,044,070	)		(290,643	)
Net change resulting from Tax-Free Bond Fund           share transactions		(581,931	)		360,712
Shares at End of Period		6,427,676			7,009,607

Investment Adviser Fee —First Commerce Investors, Inc., the Funds’ investment adviser (the “Adviser”) receives for its services an annual investment adviser fee based on a percentage of each Fund’s average daily net assets (see below).

Fund		Annual Rate
Equity Fund		0.75	%
Premier Fund		1.00	%
Intermediate Bond Fund		0.50	%
Tax-Free Bond Fund		0.50	%

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The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee —Federated Services Company (“FServ”), under the Administrative Service Agreement, provides the Funds with certain administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075%, of the average aggregate daily net assets of the Trust for the period.

Transfer and Dividend Disbursing Agent Fees and Expenses —FServ, through its subsidiary Federated Shareholder Services Company (“FSSC”), serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees —FServ maintains the Funds’ accounting records for which it receives a fee. The fee is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees —National Bank of Commerce is the Funds’ custodian for which it receives a fee. The fee is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

Organizational Expenses —Organizational expenses were initially borne by FServ. The Funds have reimbursed FServ for these expenses. These expenses have been deferred and are being amortized over the five year period following each Fund’s effective date. For the year ended August 31, 2000, the Funds amortized organizational expenses as follows:

Fund		Expenses of Organizing the Funds		Organizational Expenses Amortized
Equity Fund		$7,350		$1,474
Premier Fund		$1,750		$  350
Intermediate Bond Fund		$5,690		$1,138
Tax-Free Fund		$4,910		$  982

General —Certain of the Officers of the Trust are Officers and Directors or Trustees of the above companies.

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Fund		Purchases		Sales
Equity Fund		$48,943,562		$101,356,049
Premier Fund		$ 6,830,784		$ 11,829,962
Intermediate Bond Fund		$ 5,447,029		$ 14,348,425
Tax-Free Fund		$19,500,036		$ 24,405,604

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Name of Fund
Great Plains Equity Fund		$7,929,497
Great Plains Intermediate Bond Fund		4,478

Name of Fund
Great Plains Tax-Free Bond Fund		100	%

Name of Fund
Great Plains Equity Fund		60.12	%
Great Plains Premier Fund		43.22	%

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Name of Fund
Great Plains Equity Fund		$7,640,741

Name of Fund
Great Plains Tax-Free Bond Fund		100	%

Name of Fund
Great Plains Equity Fund		81.66	%
Great Plains Premier Fund		49.22	%

Not FDIC Insured
May Lose Value
No Bank Guarantee

Edgewood Services, Inc., Distributor

G02475-01 (10/00)

                                    APPENDIX

                        GREAT PLAINS FUNDS ANNUAL REPORT

                              DATED AUGUST 31, 2000

     PAGE 1. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant. Shares of Great Plains Equity Fund (Without Sales Charge) (the "Fund")
are  represented  by a solid  line.  The  Standard  &  Poor's 500 Index (the
"S&P  500") is  represented  by a broken line and the Lipper  Growth and
Income Fund  Average (the  "LGIFA") is  represented  by a dotted line.  The line
graph is a visual representation of a comparison of change in value of a $10,000
hypothetical  investment  in Shares of the Fund,  the S&P 500 and the LGIFA.
The "x" axis reflects  computation periods from 8/31/90 to 8/31/00. The "y" axis
reflects the cost of the investment.  The right margin reflects the ending value
of the  hypothetical  investment in the Fund's Shares as compared to the S&P
500 and the  LGIFA.  The  ending  values  were  $32,896,  $59,331  and  $45,006,
respectively.  The legend  underneath  the graphic  presentation  indicates  the
Fund's  Average  Annual Total  Returns for the  one-year,  five-year and 10-year
periods  ended  August 31, 2000.  The total  returns  were  (3.68%),  14.22% and
12.65%.

     PAGE 2. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant.  Shares of Great Plains  Equity Fund (With Sales  Charge) (the "Fund")
are  represented  by a solid  line.  The  Standard  &  Poor's 500 Index (the
"S&P  500") is represented by a broken line and the Lipper Growth and Income
Fund Average (the "LGIFA") is  represented by a dotted line. The line graph is a
visual  representation  of  a  comparison  of  change  in  value  of  a  $10,000
hypothetical  investment  in Shares of the Fund,  the S&P 500 and the LGIFA.
The "x" axis reflects  computation periods from 8/31/90 to 8/31/00. The "y" axis
reflects the cost of the investment.  The right margin reflects the ending value
of the  hypothetical  investment in the Fund's Shares as compared to the S&P
500 and the  LGIFA.  The  ending  values  were  $31,910,  $59,331  and  $45,006,
respectively.  The legend  underneath  the graphic  presentation  indicates  the
Fund's  Average  Annual Total  Returns for the  one-year,  five-year and 10-year
periods  ended  August 31, 2000.  The total  returns  were  (8.50%),  13.05% and
12.07%, respectively.

     PAGE 3. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant.  Shares of Great  Plains  Premier  Fund  (Without  Sales  Charge) (the
"Fund") are  represented  by a solid  line.  The  Russell  2000 Index  ("Russell
Index") is  represented  by a broken line and the Lipper  Small-Cap Fund Average
(the  "LSCFA")  is  represented  by a dotted  line.  The line  graph is a visual
representation  of a  comparison  of change  in value of a $10,000  hypothetical
investment in Shares of the Fund, the Russell Index and the LSCFA.  The "x" axis
reflects  computation periods from 8/31/90 to 8/31/00. The "y" axis reflects the
cost of the  investment.  The right  margin  reflects  the  ending  value of the
hypothetical  investment  in the Fund's  Shares as compared to the Russell Index
and  the  LSCFA.   The  ending  values  were   $33,342,   $44,854  and  $56,961,
respectively.  The legend  underneath  the graphic  presentation  indicates  the
Fund's  Average  Annual Total  Returns for the  one-year,  five-year and 10-year
periods ended August 31, 2000. The total returns were 15.41%, 13.56% and 12.80%,
respectively.

     PAGE 4. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant.  Shares of Great Plains  Premier Fund (With Sales Charge) (the "Fund")
are  represented  by a solid line. The Russell 2000 Index  ("Russell  Index") is
represented by a broken line and the Lipper Small-Cap Fund Average (the "LSCFA")
is represented by a dotted line. The line graph is a visual  representation of a
comparison of change in value of a $10,000 hypothetical  investment in Shares of
the Fund,  the Russell Index and the LSCFA.  The "x" axis  reflects  computation
periods  from  8/31/90  to  8/31/00.  The  "y"  axis  reflects  the  cost of the
investment.  The right  margin  reflects  the ending  value of the  hypothetical
investment  in the Fund's Shares as compared to the Russell Index and the LSCFA.
The ending values were $32,341,  $44,854 and $56,961,  respectively.  The legend
underneath  the graphic  presentation  indicates the Fund's Average Annual Total
Returns for the one-year,  five-year and 10-year  periods ended August 31, 2000.
The total returns were 9.69%, 12.40% and 12.22%, respectively.

     PAGE 5. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant.  Shares of Great Plains  Intermediate Bond Fund (Without Sales Charge)
(the   "Fund")  are   represented   by  a  solid  line.   The  Lehman   Brothers
Government/Corporate  Intermediate  Index ("LBGCI") and the Lipper  Intermediate
Investment  Grade Average  ("LIIGA") is  represented  by a dotted line. The line
graph is a visual representation of a comparison of change in value of a $10,000
hypothetical  investment in Shares of the Fund, the LBGCI and the LIIGA. The "x"
axis reflects computation periods from 8/31/90 to 8/31/00. The "y" axis reflects
the cost of the  investment.  The right margin  reflects the ending value of the
hypothetical investment in the Fund's Shares as compared to the LBGCI and LIIGA.
The ending values were $20,005,  $20,374 and $20,131,  respectively.  The legend
underneath  the graphic  presentation  indicates the Fund's Average Annual Total
Returns for the one-year,  five-year and 10-year  periods ended August 31, 2000.
The total returns were 5.85%, 5.74% and 7.18%, respectively.

     PAGE 6. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant. Shares of Great Plains Intermediate Bond Fund (With Sales Charge) (the
"Fund")   are    represented   by   a   solid   line.   The   Lehman    Brothers
Government/Corporate  Intermediate  Index ("LBGCI") and the Lipper  Intermediate
Investment  Grade Average  ("LIIGA") is  represented  by a dotted line. The line
graph is a visual representation of a comparison of change in value of a $10,000
hypothetical  investment in Shares of the Fund, the LBGCI and the LIIGA. The "x"
axis reflects computation periods from 8/31/90 to 8/31/00. The "y" axis reflects
the cost of the  investment.  The right margin  reflects the ending value of the
hypothetical investment in the Fund's Shares as compared to the LBGCI and LIIGA.
The ending values were $19,405,  $20,374 and $20,131,  respectively.  The legend
underneath  the graphic  presentation  indicates the Fund's Average Annual Total
Returns for the one-year,  five-year and 10-year  periods ended August 31, 2000.
The total returns were 2.71%, 5.09% and 6.85%, respectively.

     PAGE 7. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant.  Shares of Great Plains Tax-Free Bond Fund (Without Sales Charge) (the
"Fund") are  represented  by a solid line.  The Lehman  Brothers 7 Year  General
Obligation Municipal Bond Index ("LB7GO") and the Lipper Intermediate  Municipal
Debt  Average  ("LIMA") is  represented  by a dotted  line.  The line graph is a
visual  representation  of  a  comparison  of  change  in  value  of  a  $10,000
hypothetical  investment in Shares of the Fund,  the LB7GO and the LIMA. The "x"
axis reflects computation periods from 8/31/90 to 8/31/00. The "y" axis reflects
the cost of the  investment.  The right margin  reflects the ending value of the
hypothetical investment in the Fund's Shares as compared to the LBGCI and LIIGA.
The ending values were $16,751,  $19,701 and $18,056,  respectively.  The legend
underneath  the graphic  presentation  indicates the Fund's Average Annual Total
Returns for the one-year,  five-year and 10-year  periods ended August 31, 2000.
The total returns were 2.71%, 5.09% and 6.85%, respectively.

     PAGE 8. The graphic  presentation here displayed  consists of a line graph.
The corresponding components of the line graph are listed in the upper left hand
quadrant.  Shares of Great Plains  Tax-Free  Bond Fund (With Sales  Charge) (the
"Fund") are  represented  by a solid line.  The Lehman  Brothers 7 Year  General
Obligation Municipal Bond Index ("LB7GO") and the Lipper Intermediate  Municipal
Debt  Average  ("LIMA") is  represented  by a dotted  line.  The line graph is a
visual  representation  of  a  comparison  of  change  in  value  of  a  $10,000
hypothetical  investment in Shares of the Fund,  the LB7GO and the LIMA. The "x"
axis reflects computation periods from 8/31/90 to 8/31/00. The "y" axis reflects
the cost of the  investment.  The right margin  reflects the ending value of the
hypothetical investment in the Fund's Shares as compared to the LBGCI and LIIGA.
The ending values were $16,248,  $19,701 and $18,056,  respectively.  The legend
underneath  the graphic  presentation  indicates the Fund's Average Annual Total
Returns for the one-year,  five-year and 10-year  periods ended August 31, 2000.
The total returns were 2.29%, 3.66% and 4.97%, respectively.