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American Independence Funds Trust · N-30D/A · For 4/30/98

Filed On 7/10/98 · SEC File 811-07505 · Accession Number 950109-98-3876

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

 7/10/98  American Independence Funds Trust N-30D/A     4/30/98    1:62                                     950109

Amendment to Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D/A     Intrust Funds Semi-Annual Report                      62    372K 

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INTRUST Funds Trust                                                             
Semi-Annual Report                                                              
For the Period Ended April 30, 1998                                             

Money Market Fund                                                               
Short- Term Bond Fund                                                           
Intermediate Bond Fund                                                          
Stock Fund                                                                      
International Multi-Manager Stock Fund                                          
Kansas Tax-Exempt Bond Fund                                                     
AMR Investment Services International Equity Portfolio                          

--------------------------------------------------------------------------------
Important Customer Information, Investment Products:                            

 .   Are not deposits or obligations of, or guaranteed by, INTRUST Bank, N.A. or
any of its affiliates,                                                

.    Are not insured by the FDIC, and                                         

.    Are subject to investment risks, including possible loss of the principal
amount invested.                                                      
--------------------------------------------------------------------------------

This material must be accompanied or preceded by a prospectus.                  

INTRUST Funds Trust is distributed by BISYS Fund Services                       

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--------------------------------------------------------------------------------
INTRUST Family of Mutual Funds - April 30, 1998                                 

To Our Shareholders:                                                            

     We are pleased to present this semiannual report for the six months
ended April 30, 1998, a period that was marked by continued volatility in       
international markets and generally positive returns for investors in the United
States.                                                                         

        When we last wrote to you in November, following the end of our fiscal
year on October 31, 1997, the big story was the stock market's plunge on October
27, when the Dow Jones Industrial Average alone fell a record 554 points. Quite 
naturally, many investors were rattled by what looked to be a free fall in      
equity prices, and it was hard to ignore the snarling of stock-market bears, who
growled from their dens that the great bull market was over.                    

         Contributing to this anxiety was the growing awareness that a potential
catastrophe was looming in Asia. Although the underpinnings of the crisis had   
been forming for some time, it seemed to take just a few, short months for a    
perilous mix of currency shocks, bankruptcies and collapsing stock prices to    
threaten Thailand, Indonesia, South Korea, Malaysia and Japan. (Indeed, despite 
intervention by the International Monetary Fund, the United States and other    
world powers, the "Asian Flu" has not yet run its course as we near the midpoint
of 1998, and the Far East's economic woes have led to a disquieting level of    
social unrest, especially in Indonesia.)                                        

    However, despite the pessimism that swept the markets, U.S. stocks
recovered quickly. And when the Dow ended 1997 with a 22% gain, the occasion    
marked the first time in history that the blue-chip average had risen more than 
20% for three consecutive years.                                                

     Fixed-income investors also saw the value of their investments rise
sharply at the end of 1997. Curiously, it was the crisis in Asia that helped    
drive bonds higher. A classic "flight to quality" - sparked by investors        
desperate for some measure of stability - flooded the U.S. Treasury market with 
a torrent of capital, driving interest rates considerably lower and bond prices 
higher (rates and prices move in opposite directions).                          

      Despite some short-term volatility, the markets' upward momentum has
continued into 1998. In early May, the Dow closed above 9200 for the first time 
in its history, though stocks have since retreated modestly from that level. And
for the six months ended April 30, bonds provided investors with "real returns" 
(total returns minus inflation) that were handsome by historical measures.      

    Looking backward, we are pleased with the returns of the financial
markets in general and with the performances of our INTRUST funds in particular.
But at this juncture, of course, the question on everyone's mind is: Where do we
go from here?                                                                   

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  The situation in the Far East remains a matter of grave concern.
Already, we have seen a continuing weakness in the Asian economies depress the  
earnings of many of the large-cap multinationals that have led the U.S. stock   
market for the last three years. With the market trading at lofty valuation     
levels - the argument could be made that on a fundamental basis, equities are   
terribly overvalued - any drag on earnings only makes stocks more vulnerable to 
a potentially nasty correction.                                                 

At the same time, we believe the first whiffs of inflation are
beginning to waft upwards from a handful of economic indicators - most notably, 
the rise in wages and benefits produced by a virtual lack of unemployment. As we
write this letter in the middle of May, the Federal Reserve has decided once    
again not to raise interest rates. But at some point, the Fed may determine that
a hike in rates is necessary as a pre-emptive strike against inflation. And if  
rates go up, stock and bond prices could turn down, at least initially.         

       Obviously, we are concerned that the current bull market, which began
in 1982, could be looking a bit worn around the edges. But many pundits made    
similar assertions a year ago, even two years ago, and just look at the         
marvelous returns we have enjoyed since then. This seeming conundrum illustrates
a central lesson in long-term investing: While the markets are unpredictable    
from year to year, patient investors have historically been rewarded for their  
prudence and their commitment. Of course, past performance is no guarantee of   
future results.                                                                 

     In closing, we would like to thank you for your continuing support.
During the last six months alone, net assets under management for the INTRUST   
family of funds have grown to $441 million from $379 million. We are gratified  
by the confidence you have shown us, and we look forward to serving all your    
investment needs.                                                               

Sincerely,                                                    

John S. Maurer, Jr.                         David Bunstine    
Senior Vice President &                     President         
 Chief Investment Officer                    INTRUST Funds Trust
INTRUST Bank, N.A.                                            

INTRUST Bank provides investment advisory and other services to the Fund and    
receives a fee for those services. This material is authorized for distribution 
only when preceded or accompanied by a prospectus. The Funds are distributed by 
BISYS Fund Services.                                                            

Mutual funds are NOT INSURED BY THE FDIC. There is no bank guarantee. Mutual    
funds may lose value. The views expressed in this Shareholder Letter reflect    
those of the chief investment officer through the end of the period covered by  
the report, as stated on the cover. The chief investment officer's views are    
subject to change based on market and other conditions.                         

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INTRUST FUNDS TRUST                                                             
Statements of Assets and Liabilities                                            
April 30, 1998                                                                  
(Unaudited)                                                                     

                                                        · Enlarge/Download Table

                                                                                  Money         Short-Term       Intermediate   
                                                                                  Market           Bond              Bond       
                                                                                   Fund            Fund              Fund       
------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                
Assets:                                                                                                                         
   Investments, at value (cost $47,744,396; $59,386,506;                                                                        
          $48,555,654, respectively)                                         $   47,744,396    $   59,762,912    $   49,446,910 

   Cash                                                                                --                --               2,900 
   Interest and dividends receivable                                                338,951           598,606           631,767 
   Receivable for investments sold                                                     --              55,019            45,146 
   Deferred organizational costs                                                     84,997            22,373            20,668 
   Prepaid expenses and other assets                                                 24,635            21,461             8,737 
                                                                              -------------     -------------     ------------- 
          Total Assets                                                       $   48,192,979    $   60,460,371    $   50,156,128 
                                                                              -------------     -------------     ------------- 
Liabilities:                                                                                                                    
   Payable to custodian                                                                --              20,288              --   
   Dividends payable                                                                208,542           269,957           237,766 
   Payable for investments purchased                                                   --           1,208,040              --   
   Accrued expenses and other payables:                                                                                         
     Investment advisory fees                                                         6,248             9,119            11,869 
     Administration fees                                                              1,381             1,584             1,347 
     Shareholder servicing fees                                                       1,033             3,284             2,738 
     Other payables and accrued expenses                                             60,240            61,375            36,622 
                                                                              -------------     -------------     ------------- 
          Total Liabilities                                                         277,444         1,573,647           290,342 
                                                                              -------------     -------------     ------------- 
Net Assets                                                                   $   47,915,535    $   58,886,724    $   49,865,786 
                                                                              =============     =============     ============= 

Net Assets consist of:                                                                                                          
   Capital                                                                       47,901,431        58,514,815        48,998,657 
   Accumulated undistributed net investment income                                   12,264             6,163             5,167 
   Accumulated undistributed net realized gains (losses) on investments               1,840           (10,660)          (29,294)
   Net unrealized appreciation from investments                                        --             376,406           891,256 
                                                                              -------------     -------------     ------------- 
Net Assets                                                                   $   47,915,535    $   58,886,724    $   49,865,786 
                                                                              =============     =============     ============= 
   Outstanding units of Beneficial Interest (Shares):                            47,913,695         5,845,692         4,887,627 
                                                                              =============     =============     ============= 

Net Asset Value:                                                                                                                
   Institutional Service Shares                                                                                                 
          Offering and redemption price per share                            $         1.00    $        10.07    $        10.20 
                                                                              =============     =============     ============= 

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
Statements of Assets and Liabilities, Continued                                 
April 30, 1998                                                                  
(Unaudited)                                                                     

                                                        · Enlarge/Download Table


                                                                                   International          Kansas     
                                                                    Stock          Multi-Manager        Tax-Exempt   
                                                                     Fund            Stock Fund          Bond Fund   
---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
Assets:                                                                                                              
   Investments, at value (cost $88,595,811; $58,026,474;                                                             
          $117,537,033, respectively)                           $   98,359,771     $   65,630,582     $   120,114,818

   Interest and dividends receivable                                    99,604                ---           1,666,459
   Receivable for investments sold                                   2,515,636                ---                 ---
   Receivable for capital shares issued                                    ---                895                 ---
   Deferred organizational costs                                        25,381             13,401                 ---
   Prepaid expenses and other assets                                    30,666             16,037              56,262
                                                                --------------     --------------     ---------------
           Total Assets                                         $  101,031,058     $   65,660,915     $   121,837,539
                                                                --------------     --------------     ---------------
Liabilities:                                                                                                         
   Dividends payable                                                       ---                ---             483,998
   Payable for investments purchased                                 1,397,937                ---           1,993,285
   Accrued expenses and other payables;                                                                              
     Investment advisory fees                                          165,630             18,787                 ---
     Administration fees                                                 2,606              1,237              32,353
     Shareholder servicing fees                                          6,016              3,994                 ---
     Other payables and accrued expenses                                76,331             35,543              43,471
                                                                --------------     --------------     ---------------
           Total Liabilities                                         1,648,520             59,561           2,553,107
                                                                --------------     --------------     ---------------
Net Assets                                                      $   99,382,538     $   65,601,354     $   119,284,432
                                                                ==============     ==============     ===============
Net Assets consist of:                                                                                               
   Capital                                                          83,134,032         56,696,959         116,435,740
   Accumulated undistributed net investment income                     137,220            308,874                 ---
   Accumulated undistributed net realized gains on investments       6,347,326            991,413             270,907
   Net unrealized appreciation from investments                      9,763,960          7,604,108           2,577,785
                                                                --------------     --------------     ---------------
Net Assets                                                      $   99,382,538     $   65,601,354     $   119,284,432
                                                                ==============     ==============     ===============
   Outstanding units of Beneficial Interest (Shares):                7,887,270          5,334,068          11,151,629
                                                                ==============     ==============     ===============
Net Asset Value:                                                                                                     
   Institutional Service Shares                                                                                      
           Offering and redemption price per share              $        12.60     $        12.30     $         10.70
                                                                ==============     ==============     ===============

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
Statements of Operations                                                        
For the six month period ended April 30, 1998                                   
(Unaudited)                                                                     

                                                        · Enlarge/Download Table


                                                                               Money              Short-Term       Intermediate   
                                                                               Market               Bond               Bond       
                                                                                Fund                Fund               Fund       
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
Investment Income                                                                                                                 
  Interest income                                                      $        1,552,449  $        1,738,904  $          45,793  
  Dividend income                                                                    ---               41,615          1,542,511  
                                                                         ----------------    ----------------   ----------------  
    Total Income                                                                1,552,449           1,780,519          1,588,304  

Expenses:                                                                                                                         
  Investment advisory fees                                                         67,308             111,578             96,308  
  Administration fees                                                              53,846              55,790             48,154  
  Fund accounting fees                                                             15,227              19,029             19,018  
  Transfer agent fees                                                               7,783               2,008              1,997  
  12b-1 fees                                                                       67,307              69,736             60,192  
  Shareholder servicing fees                                                       22,321              22,316             19,262  
  Custodian fees                                                                    5,384               5,579              4,815  
  Legal and audit fees                                                             15,880              16,523             14,091  
  Organization fees                                                                10,668               2,353              2,172  
  Printing fees                                                                     5,905               5,450              4,745  
  Other                                                                             8,711              10,000              7,414  
                                                                         ----------------    ----------------   ----------------  
    Total expenses before waivers/reimbursements                                  280,340             320,362            278,168  
      Less expenses waived/reimbursed                                             (97,089)           (128,314)           (86,677) 
                                                                         ----------------    ----------------   ----------------  
    Net expenses                                                                  183,251             192,048            191,491  
                                                                         ----------------    ----------------   ----------------  
Net Investment Income                                                           1,369,198           1,588,471          1,396,813  
                                                                         ----------------    ----------------   ----------------  
Realized and Unrealized Gains from Investments:                                                                                   
  Net realized gains on investment transactions                                     1,484              32,411             88,932  
  Net change in unrealized appreciation (depreciation) of investments                ---              (82,931)          (122,827) 
                                                                         ----------------    ----------------   ----------------  
    Net realized and unrealized gains (losses) on investments                       1,484             (50,520)           (33,895) 
                                                                         ----------------    ----------------   ----------------  
Increase in Net Assets Resulting from Operations                       $        1,370,682  $        1,537,951  $       1,362,918  
                                                                         ================    ================   ================  

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
Statements of Operations, Continued                                             
For the six month period ended April 30, 1998                                   
(Unaudited)                                                                     

                                                        · Enlarge/Download Table

                                                                                         International      Kansas   
                                                                            Stock        Multi-Manager     Tax-Exempt
                                                                             Fund         Stock Fund       Bond Fund 
---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
Investment Income:                                                                                                   
  Interest income                                                     $     775,990   $          --    $   2,859,587 
  Dividend income                                                            65,557              --           35,799 

Investment Income Allocated from                                                                                     
International Equity Portfolio:                                                                                      
  Interest income                                                                --          58,825               -- 
  Dividend income                                                                --         680,915               -- 
  Income from securities lending                                                 --           5,939               -- 
  Expenses                                                                       --        (190,567)              -- 
                                                                      -------------   -------------   -------------- 
    Total Income                                                            841,547         555,112        2,895,386 

Expenses:                                                                                                            
  Investment advisory fees                                                  443,072         102,909          167,452 
  Administration fees                                                        88,615          38,591          111,635 
  Fund accounting fees                                                       16,675          14,876           23,115 
  Transfer agent fees                                                         2,277           1,816            3,732 
  12b-1 fees                                                                110,768          64,318               -- 
  Shareholder servicing fees                                                 35,446          20,582           44,654 
  Custodian fees                                                              8,861              --           11,163 
  Legal and audit fees                                                       21,741          10,399           25,635 
  Organization fees                                                           2,534           1,267               -- 
  Printing fees                                                               7,857           5,888            9,717 
  Other                                                                      15,587           8,762           13,213 
                                                                      -------------   -------------   -------------- 
    Total expenses before waivers/reimbursements                            753,433         269,408          410,316 
      Less expenses waived/reimbursed                                      (168,366)        (77,182)        (293,066)
                                                                      -------------   -------------   -------------- 
    Net expenses                                                            585,067         192,226          117,250 
                                                                      -------------   -------------   -------------- 
Net Investment Income                                                       256,480         362,886        2,778,136 
                                                                      -------------   -------------   -------------- 

Realized and Unrealized Gains from Investments:                                                                      
  Net realized gains on investment transactions                           6,443,255       1,007,805          270,902 
  Net change in unrealized appreciation (depreciation) of investments     7,897,564       6,697,596         (397,234)
                                                                      -------------   -------------   -------------- 
    Net realized and unrealized gains (losses) on investments            14,340,819       7,705,401         (126,332)
                                                                      -------------   -------------   -------------- 
Increase in Net Assets Resulting from Operations                      $  14,597,299   $   8,068,287   $    2,651,804 
                                                                      =============   =============   ============== 

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                           
Statements of Changes in Net Assets                                             

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                                                                      Money Market Fund                 Short-Term Bond Fund        
                                                               ------------------------------  -------------------------------------
                                                                 Six months       January 23,    Six months        January 21,      
                                                                   ended           1997 to          ended            1997 to        
                                                               April 30, 1998    October 31,    April 30, 1998     October 31,      
                                                                (unaudited)       1997 (a)       (unaudited)         1997 (a)       
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
Operations:                                                                                                                         
    Net investment income                                     $   1,369,198    $   2,378,643    $   1,588,471    $   1,774,822      
    Net realized gains from investment transactions                   1,484              356           32,411          (43,673)     
    Net change in unrealized appreciation (depreciation) of                                                                         
         investments and foreign currency transactions                 --               --            (82,931)         459,337      
                                                              -------------    -------------    --------------   --------------     
    Change in net assets resulting from operations                1,370,682        2,378,999        1,537,951        2,190,486      

Distributions to Shareholders:                                                                                                      
    From net investment income                                   (1,369,198)      (2,378,643)      (1,588,471)      (1,774,822)     

Capital Transactions:                                                                                                               
    Proceeds from shares issued                                  59,857,717      288,738,958        9,907,505       59,937,947      
    Dividends reinvested                                              2,635            3,437          424,550          271,696      
    Cost of shares redeemed                                     (67,512,090)    (233,176,962)      (4,077,099)      (7,943,019)     
                                                              --------------   --------------   --------------   --------------     
    Change in net assets from share transactions                 (7,651,738)      55,565,433        6,254,956       52,266,624      

    Change in net assets                                         (7,650,254)      55,565,789        6,204,436       52,682,288      
                                                              --------------   -------------    -------------    -------------      

Net Assets:                                                                                                                         
    Beginning of period                                          55,565,789             --         52,682,288             --        
                                                              -------------    -------------    -------------    -------------      
    End of period                                             $  47,915,535    $  55,565,789    $  58,886,724    $  52,682,288      
                                                              =============    =============    =============    =============      

Share Transactions:                                                                                                                 
    Issued                                                       59,857,717      288,738,958          982,514        5,989,140      
    Reinvested                                                        2,635            3,437           42,117           27,099      
    Redeemed                                                    (67,512,090)    (233,176,962)        (404,334)        (790,844)     
                                                              --------------   --------------   --------------   --------------     
    Change in shares                                             (7,651,738)      55,565,433          620,297        5,225,395      
                                                              ==============   =============    =============    =============      

(a)  Period from commencement of operations                                     

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INTRUST FUNDS TRUST                                                             
Statements of Changes in Net Assets, Continued                                  

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                                                                  Intermediate Bond                  Stock Fund            
                                                         -----------------------------      ------------------------------ 
                                                           Six months       January 23,      Six months         January 21,
                                                              ended           1997 to           ended             1997 to  
                                                          April 30, 1998    October 31,      April 30, 1998     October 31,
                                                           (unaudited)        1997 (a)       (unaudited)          1997 (a) 
-------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                           
Operations:                                                                                                                
     Net investment income                                $   1,396,813     $  1,582,658     $    256,480     $    268,419 
     Net realized gains on investment transactions               88,932         (119,472)       6,443,255        3,822,119 
     Net change in unrealized appreciation                                                                                 
            (depreciation) of investments                      (122,827)       1,014,083        7,897,564        1,866,396 
                                                         --------------     ------------     ------------     ------------ 
     Change in net assets resulting from operations           1,362,918        2,477,269       14,597,299        5,956,934 

Distributions to Shareholders:                                                                                             
     From net investment income                              (1,396,813)      (1,582,658)        (395,475)            --   
     From net realized gains on investment transactions            --               --         (3,918,048)            --   
                                                         --------------     ------------     ------------     ------------ 
     Total distribution to shareholders                      (1,396,813)      (1,582,658)      (4,313,523)            --   

Capital Transactions:                                                                                                      
     Proceeds from shares issued                              8,569,372       48,871,160       16,410,409       82,543,202 
     Dividends reinvested                                       342,240          183,598        2,109,220             --   
     Cost of shares redeemed                                 (5,503,815)      (3,457,485)      (9,255,302)      (8,665,701)
                                                         --------------     ------------     ------------     ------------ 
     Change in net assets from share transactions             3,407,797       45,597,273        9,264,327       73,877,501 
                                                         --------------     ------------     ------------     ------------ 

     Change in net assets                                     3,373,902       46,491,884       19,548,103       79,834,435 

Net Assets:                                                                                                                
     Beginning of period                                     46,491,884             --         79,834,435             --   
                                                         --------------     ------------     ------------     ------------ 
     End of period                                        $  49,865,786     $ 46,491,884     $ 99,382,538     $ 79,834,435 
                                                         ==============     ============     ============     ============ 

Share Transactions:                                                                                                        
     Issued                                                     837,615        4,881,163        1,421,153        7,832,137 
     Reinvested                                                  33,476           18,288          191,573             --   
     Redeemed                                                  (537,647)        (345,268)        (785,816)        (771,777)
                                                         --------------     ------------     ------------     ------------ 
     Change in shares                                           333,444        4,554,183          826,910        7,060,360 
                                                         ==============     ============     ============     ============ 

(a) Period from commencement of operations                              

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INTRUST FUNDS TRUST                                                             
Statements of Changes in Net Assets, Continued                                  

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                                                                          International                                     
                                                                     Multi-Manager Stock Fund                               
                                                               -----------------------------------                          
                                                                  Six months         January 20,                            
                                                                     ended              1997 to                             
                                                                 April 30, 1998      October 31,                            
                                                                  (unaudited)         1997 (a)                              
--------------------------------------------------------------------------------------------------                          
                                                                                                                            
From Investment Activities:                                                                                                 
Operations:                                                                                                                 
     Net investment income                                      $     362,886     $     419,357                             
     Net realized gains on investment transactions                  1,007,805           832,732                             
     Net change in unrealized appreciation (depreciation) of                                                                
           investments and foreign currency transactions            6,697,596           906,512                             
                                                                 ------------      ------------                             
     Change in net assets resulting from operations                 8,068,287         2,158,601                             

Distributions to Shareholders:                                                                                              
     From net investment income                                      (499,827)             --                               
     From net realized gains on investment transactions              (351,828)             --                               
                                                                 ------------      ------------                             
     Total distribution to shareholders                              (851,655)             --                               

Capital Transactions:                                                                                                       
     Proceeds from shares issued                                   21,697,130        41,627,048                             
     Dividends reinvested                                             424,581              --                               
     Cost of shares redeemed                                       (4,872,172)       (2,650,466)                            
                                                                 ------------      ------------                             
     Change in net assets from share transactions                  17,249,539        38,976,582                             

                                                                 ------------      ------------                             
     Change in net assets                                          24,466,171        41,135,183                             

Net Assets:                                                                                                                 
     Beginning of period                                           41,135,183              --                               
                                                                 ------------      ------------                             
     End of period                                              $  65,601,354     $  41,135,183                             
                                                                 ============      ============                             

Share Transactions:                                                                                                         
     Issued                                                         1,973,274         3,991,244                             
     Reinvested                                                        40,321              --                               
     Redeemed                                                        (429,149)         (241,622)                            
                                                                 ------------      ------------                             
     Change in shares                                               1,584,446         3,749,622                             
                                                                 ============      ============                             



                                                                                   Kansas Tax-Exempt Bond Fund              
                                                                      ------------------------------------------------------
                                                                          Six months         September 1,         Year      
                                                                            ended              1997 to            ended     
                                                                        April 30, 1998       October 31,        August 31,  
                                                                         (unaudited)           1997 (b)          1997 (c)   
                                                                      ------------------------------------------------------
                                                                                                                            
From Investment Activities:                                                                                                 
Operations:                                                                                                                 
     Net investment income                                             $   2,778,136     $     863,968     $   4,186,899    
     Net realized gains on investment transactions                           270,902           192,740           142,735    
     Net change in unrealized appreciation (depreciation) of                                                                
           investments and foreign currency transactions                    (397,234)          511,072         1,312,942    
                                                                        ------------      ------------      ------------    
     Change in net assets resulting from operations                        2,651,804         1,567,780         5,642,576    

Distributions to Shareholders:                                                                                              
     From net investment income                                           (2,778,136)         (863,968)       (4,508,562)   
     From net realized gains on investment transactions                     (332,133)             --                --      
                                                                        ------------      ------------      ------------    
     Total distribution to shareholders                                   (3,110,269)         (863,968)       (4,508,562)   

Capital Transactions:                                                                                                       
     Proceeds from shares issued                                          19,868,627         7,791,225        31,077,025    
     Dividends reinvested                                                    152,544            10,885             1,369    
     Cost of shares redeemed                                              (3,894,134)       (1,669,969)       (7,497,873)   
                                                                        ------------      ------------      ------------    
     Change in net assets from share transactions                         16,127,037         6,132,141        23,580,521    

                                                                        ------------      ------------      ------------    
     Change in net assets                                                 15,668,572         6,835,953        24,714,535    

Net Assets:                                                                                                                 
     Beginning of period                                                 103,615,860        96,779,907        72,065,372    
                                                                        ------------      ------------      ------------    
     End of period                                                     $ 119,284,432     $ 103,615,860     $  96,779,907    
                                                                        ============      ============      ============    

Share Transactions:                                                                                                         
     Issued                                                                1,840,872           729,086         2,933,096    
     Reinvested                                                               14,149             1,018               129    
     Redeemed                                                               (360,288)         (156,177)         (707,944)   
                                                                        ------------      ------------      ------------    
     Change in shares                                                      1,494,733           573,927         2,225,281    
                                                                        ============      ============      ============    

(a) Period from commencement of operations.                                     
(b) For the period from September 1, 1997 through October 31, 1997. The fund    
changed its fiscal year end from August to October.                     
(c) Formerly the Kansas Tax-Free Income Portfolio of the SEI Tax-Exempt Trust.  
See Note 1 for further information.                                     

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
MONEY MARKET FUND                                                               
Schedule of Portfolio Investments                                               
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                                                                            Market  
                                                                                                    Principal               Value   
                                                                                                    ---------               -----   
                                                                                                                                    
CERTIFICATES OF DEPOSIT  (23.0%)                                                                                                    
Domestic  (6.3%)                                                                                                                    
Banco Popular, 5.65%*, 06/15/98                                                             $        3,000,000      $     3,000,000 
                                                                                                                          --------- 

Yankee Certificate of Deposit  (16.7%)                                                                                              
Den Danske Bank, 5.63%*, 04/06/99                                                                    2,500,000            2,500,000 
Postipankki, 5.64%*, 06/05/98                                                                        3,500,000            3,500,000 
Societe Generale, 5.59%*, 01/19/99                                                                   2,000,000            1,999,304 
                                                                                                                          --------- 
                                                                                                                          7,999,304 
                                                                                                                         ---------- 
Total Certificates of Deposit (Cost $10,999,304)                                                                         10,999,304 
                                                                                                                         ---------- 

MEDIUM TERM/SENIOR NOTES  (53.8%)                                                                                                   
Banking  (17.7%)                                                                                                                    
Bankers Trust Corp., 5.61%*, 02/19/99 (a)                                                            2,500,000            2,499,798 
First Chicago Corp., 5.78%*, 11/09/98                                                                2,000,000            2,002,016 
Fleet Credit Card LLC., 6.04%*, 03/15/99                                                             2,000,000            2,007,012 
PNC Bank N.A., 5.58%*, 01/19/99                                                                      2,000,000            1,999,170 
                                                                                                                          --------- 
                                                                                                                          8,507,996 
                                                                                                                          --------- 
Business Credit  (5.2%)                                                                                                             
Sanwa Business Credit Corp., 5.76%*, 05/14/99 (a)                                                    1,000,000            1,000,000 
Sanwa Business Credit Corp., 5.92%*, 08/04/98 (a)                                                    1,500,000            1,500,837 
                                                                                                                          --------- 
                                                                                                                          2,500,837 
                                                                                                                          --------- 
Electrical & Electronic  (4.2%)                                                                                                     
IBM Corp., 5.55%*, 04/05/99                                                                          2,000,000            1,998,922 
                                                                                                                          --------- 

Financial Services  (10.5%)                                                                                                         
Lehman Brothers Holdings, 5.70%*, 01/20/99                                                           2,000,000            2,000,000 
Morgan Stanley Group, 5.90%*, 03/01/99                                                               3,000,000            3,007,538 
                                                                                                                          --------- 
                                                                                                                          5,007,538 
                                                                                                                          --------- 
Motor Vehicles  (16.2%)                                                                                                             
American Honda Finance Corp., 5.67%*, 04/16/99 (a)                                                   2,500,000            2,500,000 
Ford Motor Credit Corp., 5.89%*, 08/26/98                                                            2,300,000            2,302,050 
General Motors Acceptance Corp., 5.68%*, 02/02/00                                                    3,000,000            3,000,000 
                                                                                                                          --------- 
                                                                                                                          7,802,050 
                                                                                                                         ---------- 
Total Medium Term/Senior Notes (Cost $25,817,343)                                                                        25,817,343 
                                                                                                                         ---------- 

PROMISSORY NOTES  (17.7%)                                                                                                           
Financial Services  (6.3%)                                                                                                          
Goldman Sachs, 5.67%*, 10/02/98                                                                      3,000,000            3,000,000 
                                                                                                                          --------- 

Life Insurance  (11.4%)                                                                                                             
General American Life Insurance Co., 5.74%*, 02/09/99                                                2,500,000            2,500,000 
Jackson National Life Insurance Co., 5.58%*,  05/11/98                                               3,000,000            3,000,000 
                                                                                                                          --------- 
                                                                                                                          5,500,000 
                                                                                                                          --------- 
Total Promissory Notes (Cost $8,500,000)                                                                                  8,500,000 
                                                                                                                          --------- 

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
MONEY MARKET FUND                                                               
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                                                                           Market   
                                                                                                Principal                   Value   
                                                                                                ---------                  ------   
                                                                                                                                    
TIME DEPOSITS  (5.1%)                                                                                                               
Banking  (5.1%)                                                                                                                     
Bank Brussells Lambert, 5.53%*, 05/01/98                                                    $   1,427,749           $     1,427,749 
Skandinaviska Enskilda Banken, 5.53%*, 05/01/98                                                 1,000,000                 1,000,000 
                                                                                                                          --------- 

Total Time Deposits (Cost $2,427,749)                                                                                     2,427,749 
                                                                                                                          --------- 

Total (Cost $47,744,396)  - 99.6%                                                                                  $     47,744,396 
                                                                                                                         ========== 


----------------                                                                
Percentages indicated are based on net assets of $47,915,535.                   

(a) Represents a restricted security purchased under Rule 144A which is 
      exempt from registration under the Securities Act of 1933, as amended.
These securities have been determined to be liquid.             

*  Variable rate securities. The rate reflected on the Schedule of    
Investments is the rate in effect at April 30, 1998.            

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
SHORT-TERM BOND FUND                                                            
Schedule of Portfolio Investments                                               
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                                                                            Market  
                                                                                                     Principal               Value  
                                                                                                     ---------              ------  
                                                                                                                                    
ASSET BACKED SECURITIES  (15.8%)                                                                                                    
AESOP Funding II LLC, 6.22%, 10/20/01, (b)                                                  $        1,500,000      $     1,507,800 
Green Tree Financial Corp., Series 1994-1, Class A3, 6.90%, 4/15/19                                  1,000,000            1,010,000 
Green Tree Financial Corp., Series GT 1993-4, Class A-3, 6.25%, 1/15/19                              1,750,000            1,759,013 
Household Consumer Loan Trust, 6.01%*, 3/15/07                                                       1,000,000              998,281 
Household Consumer Loan Trust 95-1-1, 5.90%*, 9/15/05                                                1,205,826            1,208,040 
Keystone Home Improvement Loan Trust, 97-P2 IA3, 6.99%, 6/15/28, (b)                                 1,000,000            1,003,750 
Premier Auto Trust, 97-1-B, 6.55%, 9/6/03                                                            1,000,000            1,012,560 
Team Fleet Financing Corp., Series 97-1 A, 7.35%, 5/15/03, (b)                                         800,000              825,375 
                                                                                                                            ------- 

Total Asset Backed Securities (Cost $9,251,329)                                                                           9,324,819 
                                                                                                                          --------- 

COLLATERALIZED MORTGAGE OBLIGATIONS  (23.8%)                                                                                        
Commercial Loan Funding Trust, 5.83%*, 8/15/05, (b)                                                  1,423,771            1,423,771 
Federal Home Loan Mortgage Corp., 5.75%, 5/15/06                                                     1,000,000              998,010 
Federal Home Loan Mortgage Corp., 6.00%, 4/15/06                                                       500,000              499,490 
Merrill Lynch Mortgage Investors, Inc., 7.77%*, 2/25/23                                                451,994              452,201 
Merrill Lynch Mortgage Investors, Inc., 8.05%*, 4/25/24                                                799,965              815,636 
Merrill Lynch Mortgage Investors, Inc., 8.03%*, 1/25/05                                                417,355              425,441 
MLCC Mortgage Investors, 1994-B A2, 6.35%*, 12/15/19                                                 1,767,976            1,777,877 
Residential Funding Mortgage Securities, Series 1989-51, 7.65%*,                                       702,167              727,768 
10/25/19                                                                                                                            
Resolution Trust Corp 1991-M5-A, 9.0%, 3/25/17                                                         447,219              448,337 
Resolution Trust Corp 92-8-B5, 6.63%, 2/25/22                                                        1,000,234            1,002,735 
Resolution Trust Corp., 1995-C2 A2, 6.14%*, 5/25/27                                                    917,991              919,425 
Resolution Trust Corp., Series 1992-C3, 6.84%*, 8/25/23                                              1,169,558            1,169,558 
Vendee Mortgage Trust 93-1-E, 7.0%, 1/15/16                                                          1,250,000            1,275,413 
Vendee Mortgage Trust, Series 1992-1, 7.75%, 12/15/14                                                1,000,000            1,014,980 
Vendee Mortgage Trust, Series 1995-3, 7.25%, 7/15/14                                                 1,000,000            1,028,550 
                                                                                                                          --------- 

Total Collateralized Mortgage Obligations (Cost $13,943,190)                                                             13,979,192 
                                                                                                                         ---------- 

CORPORATE BONDS  (19.2%)                                                                                                            
Aerospace  (1.3%)                                                                                                                   
Loop Funding Trust Master 97-Aer B1, 6.00%*, 12/26/07, (b)                                             750,000              750,000 
                                                                                                                            ------- 

Banking  (2.1%)                                                                                                                     
Chase Manhattan Corp., 10.13%, 11/1/00                                                                 615,000              671,888 
First Interstate, 9.38%, 1/23/02                                                                       500,000              552,500 
                                                                                                                            ------- 
                                                                                                                          1,224,388 
                                                                                                                          --------- 
Electric Utility  (0.8%)                                                                                                            
Texas Utilities, 6.20%, 10/1/02, MBIA                                                                  500,000              500,000 
                                                                                                                            ------- 

Film & Entertainment  (1.7%)                                                                                                        
Dream Works Film Trust, 5.88%*, 10/15/05, (b)                                                        1,000,000            1,000,000 
                                                                                                                          --------- 

Financial Services  (4.6%)                                                                                                          
Charles Schwab, 7.19%, 5/31/01                                                                         500,000              515,000 
Ford Motor Credit Corp., 9.50%, 4/15/00                                                              1,100,000            1,170,125 
Transamerica Financial, Series E, 6.41%, 6/20/00                                                     1,000,000            1,007,500 
                                                                                                                          --------- 
                                                                                                                          2,692,625 
                                                                                                                          --------- 

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
SHORT-TERM BOND FUND                                                            
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                                                                            Market  
                                                                                                     Principal               Value  
                                                                                                     ---------              ------  
                                                                                                                                    
Corporate Bonds, continued:                                                                                                         
Industrial Goods & Services  (5.4%)                                                                                                 
Cargill Inc., 7.72%, 2/12/02, (b)                                                           $          333,209    $         348,537 
Nabisco Inc, 6.00%, 2/15/11, Callable & Putable On 2/15/01 @100                                        250,000              248,125 
Newell Co., 6.18%, 7/11/00                                                                           1,000,000            1,002,500 
Philip Morris, 6.15%, 3/15/00                                                                          600,000              599,250 
Tyco International Ltd., 6.50%, 11/1/01                                                              1,000,000            1,011,249 
                                                                                                                          --------- 
                                                                                                                          3,209,661 
                                                                                                                          --------- 
Oil Field Services  (0.9%)                                                                                                          
Colonial Pipeline, 7.13%, 8/15/02                                                                      500,000              516,875 
                                                                                                                            ------- 

Retail Stores/Catalog  (2.4%)                                                                                                       
J.C. Penny  & Co., 6.95%, 4/1/00                                                                     1,000,000            1,017,500 
May Department Stores Co., 9.88%, 6/15/00                                                              385,000              414,838 
                                                                                                                            ------- 
                                                                                                                          1,432,338 
                                                                                                                          --------- 
Total Corporate Bonds (Cost $11,147,724)                                                                                 11,325,887 
                                                                                                                         ---------- 

MUNICIPAL BONDS  (7.7%)                                                                                                             
Colorado  (2.6%)                                                                                                                    
Denver, Colorado City & County School District 01, 6.34%, 12/15/00 AMBAC                             1,500,000            1,516,875 
                                                                                                                          --------- 

Minnesota  (1.7%)                                                                                                                   
Western Minnesota Power Agency, 6.33%, 1/1/02 AMBAC                                                  1,000,000            1,008,750 
                                                                                                                          --------- 

New York  (1.7%)                                                                                                                    
New York State Taxable Series C, 6.125%, 3/1/02                                                      1,000,000            1,000,000 
                                                                                                                          --------- 

Washington  (1.7%)                                                                                                                  
Washington State Housing Trust Fund - Series T, 6.60%, 1/1/01                                        1,000,000            1,015,000 
                                                                                                                          --------- 

Total Municipal Bonds (Cost $4,512,733)                                                                                   4,540,625 
                                                                                                                          --------- 

PASS-THROUGH MORTGAGE SECURITIES  (3.4%)                                                                                            
Agricultual Mortgage Backed Securities CS-1012-1, 7.06%, 7/25/02                                     1,972,465            2,021,160 
                                                                                                                          --------- 

Total Pass-through Mortgage Securities (Cost $2,014,946)                                                                  2,021,160 
                                                                                                                          --------- 

U.S. GOVERNMENT AGENCY PASS-THROUGH SECURITIES  (16.9%)                                                                             
Federal Home Loan Bank  (6.3%)                                                                                                      
3.00%*, 9/14/98, Series FI98                                                                         1,950,000            1,938,422 
5.00%*, 5/10/00, Series Y 00                                                                         1,800,000            1,775,250 
                                                                                                                          --------- 
                                                                                                                          3,713,672 
                                                                                                                          --------- 
Federal Home Loan Mortgage Corp.  (5.1%)                                                                                            
5.00%*, 3/10/00                                                                                        500,000              490,000 
6.00%, 10/20/99                                                                                      2,000,000            2,007,420 
7.76%*, 4/1/29, Pool #846367                                                                           484,813              502,994 
                                                                                                                            ------- 
                                                                                                                          3,000,414 
                                                                                                                          --------- 
Federal National Mortgage Assoc  (4.1%)                                                                                             
5.00%*, 3/3/00                                                                                       1,000,000              991,250 
7.97%*, 11/1/21, Pool #365421                                                                          401,671              413,219 
6.925%, 3/1/01, Pool # 160334                                                                          972,044              985,409 
                                                                                                                            ------- 
                                                                                                                          2,389,878 
                                                                                                                          --------- 

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
SHORT-TERM BOND FUND                                                            
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                                                                            Market  
                                                                                                     Principal               Value  
                                                                                                     ---------              ------  
                                                                                                                                    
U.S. Government Agency Pass-Through Securities, continued:                                                                          
Small Business Administration  (1.4%)                                                                                               
8.38%*, 3/25/22, Pool #503694                                                                  $       224,779     $        247,277 
8.98%*, 1/25/13, Pool #503664                                                                          166,250              181,656 
9.13%*, 1/25/10, Pool #503653                                                                          214,338              234,735 
9.73%*, 5/25/15, Pool #502966                                                                          161,687              179,489 
                                                                                                                            ------- 
                                                                                                                            843,157 
                                                                                                                            ------- 
Total U.S. GOVERNMENT AGENCY PASS-THROUGH SECURITIES (Cost $9,893,703)                                                    9,947,121 
                                                                                                                          --------- 

U.S. TREASURY OBLIGATIONS  (8.1%)                                                                                                   
U.S. Treasury Notes  (8.1%)                                                                                                         
6.625%, 4/30/02                                                                                      1,500,000            1,550,580 
7.875%, 11/15/04                                                                                     1,500,000            1,673,340 
8.50%, 2/15/00                                                                                       1,500,000            1,573,635 
                                                                                                                          --------- 

Total U.S. Treasury Obligations (Cost $4,796,328)                                                                         4,797,555 
                                                                                                                          --------- 

INVESTMENT COMPANIES  (6.5%)                                                                                                        
Fedfund Money Market Fund                                                                            2,895,753            2,895,753 
Tempcash Money Market Fund                                                                             930,800              930,800 
                                                                                                                            ------- 

Total Investment Companies (Cost $3,826,553)                                                                              3,826,553 
                                                                                                                          --------- 

Total (Cost $59,386,506) (a) - 101.5%                                                                           $        59,762,912 
                                                                                                                         ========== 
----------------                                                                                                                    

Percentages indicated are based on net assets of $58,886,724.                   

  (a) Represents cost for federal tax purposes and differs from market value
by net unrealized appreciation of securities as follows:        

Unrealized appreciation                $  402,634               
Unrealized depreciation                   (26,228)              
                          --------
Net Unrealized appreciation            $  376,406               

(b) Represents a restricted security purchase under Rule 144A which is  
      exempt from registration under the Securities Act of 1933, as amended.
These securities have been determined to be liquid.             

* Variable rate securities. This rate reflected on the Schedule of      
Investments is the rate in effect at April 30, 1998.                

AMBAC = Insured by American Municipal Bond Assurance Corporation        
MBIA = Insured by Municipal Bond Insurance Association                  
LLC = Limited Liability Corporation                                     

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
INTERMEDIATE BOND FUND                                                          
Schedule of Portfolio Investments                                               
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                                                                            Market  
                                                                                                      Principal             Value   
                                                                                                      ---------             ------  

                                                                                                                                    
ADJUSTABLE RATE MORTGAGES  (1.0%)                                                                                                   
Federal Home Loan Mortgage Corp., 7.76%*, 4/1/29, Pool #846367                                         484,813      $       502,994 
                                                                                                                            ------- 
Total Adjustable Rate Mortgages (Cost $493,689)                                                                             502,994 
                                                                                                                            ------- 

ASSET BACKED SECURITIES  (15.1%)                                                                                                    
EQCC Home Equity Loan Trust, 7.10%, 02/15/12                                                         1,000,000            1,037,130 
EQCC Home Equity Loan Trust, 7.50%, 6/15/21                                                            700,000              734,062 
Green Tree Financial Corp. 97-7-A8, 6.86%, 8/25/29                                                   1,186,204            1,209,186 
Green Tree Financial Corp., Series 1993-2 Class A4, 6.90%, 7/15/18                                   1,000,000            1,016,080 
Household Consumer Loan Trust, 6.01%*, 3/15/07                                                         500,000              499,141 
Keystone Home Improvement Loan Trust, 97-P2 IA3, 6.99%, 6/15/28, (b)                                 1,000,000            1,003,750 
Premier Auto Trust, 97-1-B, 6.55%, 9/6/03                                                            1,000,000            1,012,560 
Team Fleet Financing Corp., Series 97-1 A, 7.35%, 5/15/03, (b)                                       1,000,000            1,031,719 
                                                                                                                          --------- 
Total Asset Backed Securities (Cost $7,394,065)                                                                           7,543,628 
                                                                                                                          --------- 

COLLATERALIZED MORTGAGE OBLIGATIONS  (22.1%)                                                                                        
American Housing Trust, Series VI 1-I, 9.15%, 5/25/20                                                  738,571              788,779 
Asset Securitization Corp., Series 1997-D4, Class A1C, 7.42%, 4/14/27                                  750,000              791,367 
Bear Sterns Structured Securities, Inc. 97-2-1B, 7.0%, 8/25/36 (b)                                     750,000              755,156 
General Mortgage Acceptance Corp. Commercial Mortgage Securities, Inc.,                                350,000              364,984 
7.22%, 2/15/06                                                                                                                      
Merrill Lynch Mortgage Investors, Inc., 7.12%, 6/18/29                                               1,000,000            1,045,782 
Merrill Lynch Mortgage Investors, Inc., 7.77%*, 2/25/23                                                451,994              452,201 
Merrill Lynch Mortgage Investors, Inc., 8.03%*, 1/25/05                                                417,355              425,441 
Residential Funding Mortgage Securities, Series 1989-51, 7.65%*,                                       702,167              727,768 
10/25/19                                                                                                                            
Resolution Trust Corp., Series 1995-1, 7.50%, 10/25/28                                                 750,000              764,297 
Salomon, 97 HUD1-A-3, 7.51%, 12/25/30                                                                1,000,000            1,033,716 
Vendee Mortgage Trust, Series 1992-1, Class 2D, 7.75%, 12/15/14                                      1,000,000            1,014,980 
Vendee Mortgage Trust, Series 1995-1C, Class 3E, 8.00%, 7/15/18                                        750,000              806,565 
Vendee Mortgage Trust, Series 1995-3, Class 1C, 7.25%, 7/15/14                                       1,000,000            1,028,550 
Vendee Mortgage Trust, Series 1997-1-2C, 7.50%, 9/15/17                                              1,000,000            1,017,670 
                                                                                                                          --------- 
Total Collateralized Mortgage Obligations (Cost $10,862,993)                                                             11,017,256 
                                                                                                                         ---------- 

CORPORATE BONDS  (39.2%)                                                                                                            
Aerospace & Military Technology  (1.7%)                                                                                             
Allied Signal Inc., 9.20%, 2/15/03                                                                     750,000              842,813 
                                                                                                                            ------- 

Airlines  (2.1%)                                                                                                                    
Continental Airlines 97-144-2a, 7.148%, 12/30/08, (b)                                                1,000,000            1,026,870 
                                                                                                                          --------- 

Banking  (5.9%)                                                                                                                     
Chase Manhattan Corp., 10.13%, 11/1/00                                                               1,000,000            1,092,500 
First Bank System, Inc., 7.63%, 5/1/05                                                                 700,000              747,250 
First Interstate, 9.38%, 1/23/02                                                                       547,000              604,435 
United Missouri Bancshares, Inc., 7.30%, 2/24/03                                                       500,000              521,875 
                                                                                                                            ------- 
                                                                                                                          2,966,060 
                                                                                                                          --------- 
Consumer Goods & Services  (1.5%)                                                                                                   
Levi Strauss & Co., 6.80%, 11/1/03, (b)                                                                750,000              761,250 
                                                                                                                            ------- 

Electric Utility  (3.1%)                                                                                                            
Texas Utilities, 6.20%, 10/1/02 MBIA                                                                   500,000              500,000 

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
INTERMEDIATE BOND FUND                                                          
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     

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Utilicorp, 6.88%, 10/01/04 AMBAC                                                                     1,000,000            1,045,000 
                                                                                                                          --------- 
                                                                                                                          1,545,000 
                                                                                                                          --------- 
Electrical & Electronic  (1.1%)                                                                                                     
Philips Electronics N.V., 7.75%, 4/15/04                                                               500,000              531,875 
                                                                                                                            ------- 

Financial Services  (12.0%)                                                                                                         
Charles Schwab, 7.19%, 5/31/01                                                                         500,000              515,000 
Paine Webber Group, 6.90%, 8/15/03                                                                     750,000              763,125 
Prudential Insurance, 7.65%, 7/1/07                                                                  1,000,000            1,069,999 
Reinsurance Group of America, 7.25%, 4/1/06                                                            500,000              523,125 
Reliastar Financial Corp., 7.125%, 3/1/03                                                            1,000,000            1,028,750 
Terra Nova Holdings, 7.20%, 8/15/07                                                                  1,000,000            1,032,500 
Transamerica Financial, Series E, 6.41%, 6/20/00                                                     1,000,000            1,007,500 
                                                                                                                          --------- 
                                                                                                                          5,939,999 
                                                                                                                          --------- 
Industrial Goods & Services  (4.7%)                                                                                                 
Nabisco Inc, 6.00%, 2/15/11                                                                            250,000              248,125 
Tenneco Inc., 10.075%, 2/1/01                                                                        1,000,000            1,095,000 
Tyco International Ltd., 6.50%, 11/1/01                                                              1,000,000            1,011,250 
                                                                                                                          --------- 
                                                                                                                          2,354,375 
                                                                                                                          --------- 
Oil & Gas Exploration Products & Services  (1.5%)                                                                                   
Vastar Resources, Inc., 6.95%, 11/8/06                                                                 750,000              765,938 
                                                                                                                            ------- 

Retail-General Merchandise  (3.6%)                                                                                                  
May Department Stores Co., 7.15%, 8/15/04                                                            1,000,000            1,047,500 
Pep Boys, 6.71%, 11/3/04                                                                               750,000              754,688 
                                                                                                                            ------- 
                                                                                                                          1,802,188 
                                                                                                                          --------- 
Semiconductors  (1.0%)                                                                                                              
Applied Materials, Inc., 6.70%, 9/6/05                                                                 500,000              505,625 
                                                                                                                            ------- 

Tobacco  (1.0%)                                                                                                                     
Philip Morris Cos., Inc., 7.63%, 5/15/02                                                               500,000              522,500 
                                                                                                                            ------- 
Total Corporate Bonds (Cost $19,045,049)                                                                                 19,564,493 
                                                                                                                         ---------- 

MUNICIPAL BONDS  (3.6%)                                                                                                             
New York  (1.6%)                                                                                                                    
New York State Taxable Series C, 6.125%, 3/1/02                                                        800,000              800,000 
                                                                                                                            ------- 

Washington  (2.0%)                                                                                                                  
Washington State Housing Trust Fund - Series T, 6.60%, 1/1/03                                        1,000,000            1,018,750 
                                                                                                                          --------- 
Total Municipal Bonds (Cost $1,811,235)                                                                                   1,818,750 
                                                                                                                          --------- 

U.S. GOVERNMENT AGENCY MORTGAGES  (10.2%)                                                                                           
Federal Home Loan Bank  (4.1%)                                                                                                      
7.87%, 10/20/04, Series AW04                                                                         1,850,000            2,041,494 
                                                                                                                          --------- 

Federal National Mortgage Assoc.  (6.1%)                                                                                            
7.13%, 6/1/04, Pool #375168                                                                            992,890            1,008,707 
7.97%*, 11/1/21, Pool #365421                                                                          831,221              855,119 
6.50%, 2/1/28, Pool #415414                                                                          1,197,602            1,185,997 
                                                                                                                          --------- 
                                                                                                                          3,049,823 
                                                                                                                          --------- 
Total U.S. Government Agency Mortgages (Cost $5,041,843)                                                                  5,091,317 
                                                                                                                          --------- 

See notes to financial statements.

N-30D/A 18th Page of 62 TOC 1st Previous Next Bottom Just 18th

INTRUST FUNDS TRUST                                                             
INTERMEDIATE BOND FUND                                                          
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     

                                                        · Enlarge/Download Table
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U.S. TREASURY OBLIGATIONS  (7.4%)                                                                                                   
U.S. Treasury Notes  (7.4%)                                                                                                         
8.50%, 2/15/00                                                                                       3,500,000            3,671,815 
                                                                                                                          --------- 
Total U.S. Treasury Obligations (Cost $3,670,121)                                                                         3,671,815 
                                                                                                                          --------- 

INVESTMENT COMPANIES  (0.5%)                                                                                                        
Fedfund Money Market Fund                                                                              236,658              236,658 
                                                                                                                            ------- 
Total Investment Companies (Cost $236,658)                                                                                  236,658 
                                                                                                                            ------- 

Total (Cost $48,555,654) (a) - 99.2%                                                                            $        49,446,910 
                                                                                                                         ========== 


----------------                                                                
Percentages indicated are based on net assets of $49,865,787.                   

    (a) Represents cost for federal tax purposes and differs from market value
by net unrealized appreciation of securities as follows:      

Unrealized appreciation                  $ 938,941            
Unrealized depreciation                   (47,685)            
Net unrealized appreciation                891,256            

 (b) Represents a restricted security purchases under Rule 144A which is
        exempt from registration under the Securities Act of 1933, as amended.
These securities have been determined to be liquid.           

*   Variable rate securities. This rate reflected on the Schedule of  
Investments is the rate in effect at April 30, 1998.          

AMBAC = Insured by American Municipal Bond Assurance Corporation      
MBIA = Insured by Municipal Bond Insurance Association

American Independence Funds Trust · N-30D/A · For 4/30/98

Filed On 7/10/98 · SEC File 811-07505 · Accession Number 950109-98-3876

Amendment to Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1Filing Table of Contents

Amendment to Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
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