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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.

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

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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                
LLC = Limited Liability Corporation                                   

See notes to financial statements.

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

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------------------------------------------------------------------------------------------------------------------------------------

                                                                                                                           Market   
                                                                                                        Shares              Value   
                                                                                                        ------              ------  
                                                                                                                                    
COMMON STOCKS  (98.2%)                                                                                                              
Aerospace & Military Technology  (3.5%)                                                                                             
Allied Signal, Inc.                                                                                     43,300      $     1,897,081 
Lockheed Martin Corp.                                                                                   14,500            1,614,938 
                                                                                                                          --------- 
                                                                                                                          3,512,019 
                                                                                                                          --------- 
Automotive  (1.7%)                                                                                                                  
Chrysler Corp.                                                                                          42,100            1,691,894 
                                                                                                                          --------- 

Banking  (2.9%)                                                                                                                     
First Union Corp.                                                                                       20,500            1,237,688 
Nationsbank                                                                                             21,200            1,605,900 
                                                                                                                          --------- 
                                                                                                                          2,843,588 
                                                                                                                          --------- 
Brewery  (2.0%)                                                                                                                     
Anheuser-Busch Cos., Inc.                                                                               43,200            1,979,100 
                                                                                                                          --------- 

Building Products  (1.1%)                                                                                                           
Masco Corp.                                                                                             18,900            1,096,200 
                                                                                                                          --------- 

Computers  (1.9%)                                                                                                                   
Seagate Technology, Inc. (b)                                                                            38,300            1,022,131 
Sun Microsystems, Inc. (b)                                                                              21,400              881,413 
                                                                                                                            ------- 
                                                                                                                          1,903,544 
                                                                                                                          --------- 
Consumer Goods & Services  (2.9%)                                                                                                   
Kimberly Clark Corp.                                                                                    29,500            1,497,125 
Sears, Roebuck & Co.                                                                                    24,100            1,429,431 
                                                                                                                          --------- 
                                                                                                                          2,926,556 
                                                                                                                          --------- 
Containers & Packaging  (1.1%)                                                                                                      
Crown Cork & Seal Co.                                                                                   20,500            1,067,281 
                                                                                                                          --------- 

Diversified  (2.4%)                                                                                                                 
Corning, Inc.                                                                                           17,400              696,000 
Minnesota Mining And Manufacturing Co.                                                                   8,200              773,875 
Tenneco, Inc.                                                                                           22,000              947,375 
                                                                                                                            ------- 
                                                                                                                          2,417,250 
                                                                                                                          --------- 
Electric Utility  (2.5%)                                                                                                            
Dominion Resources, Inc. of Virginia                                                                     8,300              328,369 
Southern Co.                                                                                            34,800              922,200 
Texas Utilities Co.                                                                                     32,000            1,280,000 
                                                                                                                          --------- 
                                                                                                                          2,530,569 
                                                                                                                          --------- 
Electrical & Electronic  (2.9%)                                                                                                     
AMP, Inc.                                                                                               37,000            1,454,563 
Emerson Electric Co.                                                                                    22,900            1,457,012 
                                                                                                                          --------- 
                                                                                                                          2,911,575 
                                                                                                                          --------- 
Electronic Components/Instruments  (3.8%)                                                                                           
Motorola, Inc.                                                                                          19,000            1,056,875 
National Semiconductor Corp. (b)                                                                        44,100              970,200 
Raytheon Co-Class A                                                                                     15,800              871,963 
Raytheon Co-Class B                                                                                     15,900              901,331 
                                                                                                                            ------- 
                                                                                                                          3,800,369 
                                                                                                                          --------- 

See notes to financial statements.  

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

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                                                                                                                           Market   
                                                                                                        Shares             Value    
                                                                                                        ------             -----    
                                                                                                                                    
Common Stocks, continued:                                                                                                           
Energy  (2.8%)                                                                                                                      
Atlantic Richfield Co.                                                                                  20,900      $     1,630,200 
Texaco, Inc.                                                                                            18,600            1,143,900 
                                                                                                                          --------- 
                                                                                                                          2,774,100 
                                                                                                                          --------- 
Financial Services  (1.1%)                                                                                                          
Chase Manhattan Corp.                                                                                    7,900            1,094,644 
                                                                                                                          --------- 

Food Products & Services  (5.8%)                                                                                                    
American Stores Co.                                                                                     43,000            1,032,000 
Archer-Daniels-Midland Co.                                                                              84,385            1,814,277 
Conagra, Inc.                                                                                           51,200            1,494,400 
General Mills, Inc.                                                                                      8,700              587,794 
McDonald's Corp.                                                                                        12,900              798,188 
                                                                                                                            ------- 
                                                                                                                          5,726,659 
                                                                                                                          --------- 
Forest Products  (2.6%)                                                                                                             
Champion International Co.                                                                              12,800              688,800 
Fort James Corporation                                                                                  38,600            1,915,525 
                                                                                                                          --------- 
                                                                                                                          2,604,325 
                                                                                                                          --------- 
Health Care  (5.7%)                                                                                                                 
Abbott Labs                                                                                             21,500            1,572,188 
American Home Products Corp.                                                                            15,300            1,424,813 
Baxter International, Inc.                                                                              36,200            2,006,837 
Humana, Inc.(b)                                                                                         25,200              680,400 
                                                                                                                            ------- 
                                                                                                                          5,684,238 
                                                                                                                          --------- 
Industrial Goods & Services  (5.7%)                                                                                                 
Air Products & Chemical Inc.                                                                             3,000              260,813 
Du Pont (Ei) De Nemours & Co.                                                                           18,200            1,325,188 
Hercules, Inc.                                                                                          10,300              492,469 
PPG Industries, Inc.                                                                                    22,100            1,562,193 
Praxair, Inc.                                                                                           39,800            2,002,437 
                                                                                                                          --------- 
                                                                                                                          5,643,100 
                                                                                                                          --------- 
Insurance  (12.3%)                                                                                                                  
Aetna, Inc.                                                                                             23,900            1,931,419 
Allstate Corp.                                                                                          12,000            1,155,000 
American General Corp.                                                                                  13,200              879,450 
Chubb Corp.                                                                                             20,000            1,578,750 
Cigna Corp.                                                                                             10,800            2,234,925 
General Re Corp.                                                                                        10,100            2,257,980 
Loews Corp.                                                                                             10,700            1,070,669 
St. Paul Co.                                                                                             1,800              152,550 
UNUM Corp.                                                                                              15,500              833,125 
                                                                                                                            ------- 
                                                                                                                         12,093,868 
                                                                                                                         ---------- 
Machinery & Equipment  (1.2%)                                                                                                       
Deere & Co.                                                                                             20,400            1,192,125 
                                                                                                                          --------- 

Metals & Mining  (1.6%)                                                                                                             
Aluminum Co. of America                                                                                 10,000              775,000 
Newmont Mining Corp.                                                                                    26,800              862,625 
                                                                                                                            ------- 
                                                                                                                          1,637,625 
                                                                                                                          --------- 
Natural Resources  (1.1%)                                                                                                           
Amerada Hess Corp.                                                                                      19,800            1,138,500 
                                                                                                                          --------- 

See notes to financial statements.  

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

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                                                                                                                            Market  
                                                                                                         Shares             Value   
                                                                                                         ------             -----   
                                                                                                                                    
Common Stocks, continued:                                                                                                           
Office Equipment & Services (0.9%)                                                                                                  
Hewlett-Packard Co.                                                                                     11,700     $        881,156 
                                                                                                                            ------- 

Oil & Gas Exploration Products & Services  (8.9%)                                                                                   
Amoco Corp.                                                                                             25,800            1,141,650 
Baker Hughes, Inc.                                                                                      21,000              850,500 
Burlington Resources, Inc.                                                                              22,600            1,062,200 
Chevron Corp.                                                                                            6,200              512,663 
Dresser Industries, Inc.                                                                                 3,800              200,925 
Halliburton Co.                                                                                         11,400              627,000 
Occidental Petroleums Corp.                                                                             52,000            1,530,749 
Union Pacific Resources Group, Inc.                                                                     47,900            1,143,613 
Unocal                                                                                                  42,100            1,723,468 
                                                                                                                          --------- 
                                                                                                                          8,792,768 
                                                                                                                          --------- 
Paper Products  (0.6%)                                                                                                              
Weyerhaeuser Co.                                                                                         9,900              570,488 
                                                                                                                            ------- 
Printing & Publishing  (0.7%)                                                                                                       
Gannett Co., Inc.                                                                                       10,000              679,375 
                                                                                                                            ------- 

Railroads  (3.5%)                                                                                                                   
Burlington Northern Santa Fe Corp.                                                                      17,400            1,722,600 
CSX Corp.                                                                                               33,500            1,758,750 
                                                                                                                          --------- 
                                                                                                                          3,481,350 
                                                                                                                          --------- 
Retail-General Merchandise  (6.1%)                                                                                                  
Consolidated Stores (b)                                                                                 24,300              972,000 
Dillards Inc.                                                                                           29,500            1,080,438 
Federated Department Stores, Inc.(b)                                                                    31,600            1,554,324 
May Department Stores Co.                                                                               10,400              641,550 
Toys 'R Us (b)                                                                                          26,100              719,381 
Woolworth Corp. (b)                                                                                     49,000            1,127,000 
                                                                                                                          --------- 
                                                                                                                          6,094,693 
                                                                                                                          --------- 
Technology  (3.3%)                                                                                                                  
International Business Machines Corp.                                                                   27,900            3,232,913 
                                                                                                                          --------- 

Telecommunications  (2.6%)                                                                                                          
Bell Atlantic                                                                                           12,791            1,196,758 
SBC Communications, Inc.                                                                                 5,900              244,481 
Worldcom, Inc. (b)                                                                                      26,500            1,133,703 
                                                                                                                          --------- 
                                                                                                                          2,574,942 
                                                                                                                          --------- 
Tire & Rubber  (0.4%)                                                                                                               
Goodyear Tire & Rubber Co.                                                                               5,900              413,000 
                                                                                                                            ------- 

Utilities  (2.6%)                                                                                                                   
Consolidated Edison Inc.                                                                                 7,200              325,800 
GTE Corp.                                                                                               24,700            1,443,406 
Pacificorp                                                                                              36,700              853,275 
                                                                                                                            ------- 
                                                                                                                          2,622,481 
                                                                                                                          --------- 
Total Common Stocks (Cost $87,848,335)                                                                                   97,612,295 
                                                                                                                         ---------- 

See notes to financial statements.  

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

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                                                                                                                            Market  
                                                                                                         Shares             Value   
                                                                                                         ------             -----   
                                                                                                                                    
INVESTMENT COMPANIES  (0.8%)                                                                                                        
Fedfund Money Market Fund                                                                              747,476     $        747,476 
                                                                                                                            ------- 

Total Investment Companies (Cost $747,476)                                                                                  747,476 
                                                                                                                            ------- 

Total (Cost $88,595,811) (a) - 99.0%                                                                               $     98,359,771 
                                                                                                                         ========== 
----------------                                                                                                                    

Percentages indicated are based on net assets of $99,382,538.                   

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

Unrealized appreciation                 $  10,889,853         
Unrealized depreciation                    (1,125,893)        
                                 -----------
Net unrealized appreciation             $   9,763,960         

(b)  Represents non-income producing securities.                        

See notes to financial statements.  

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments                                               
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table


                                                                                               Market 
                                                                               Principal        Value 
                                                                               ---------        ----- 
                                                                                                      
MUNICIPAL BONDS  (99.72%)                                                                             
Guam  (0.38%)                                                                                         
Guam Government Limited Obligation Highway, Series A, 5.50%, 5/1/99, FSA  $    200,000    $    203,424
Guam Government, Series A, 5.90%, 9/1/05, Callable 3/1/99 @ 100                250,000         253,098
                                                                                               -------
                                                                                               456,522
                                                                                               -------
Kansas  (96.66%)                                                                                      
Anthony, Elect Revenue, 5.30%, 12/1/17, Callable 12/1/05 @100                1,215,000       1,202,849
Barton County,  School District #428, Great Bend, GO, Series A, 5.30%,       1,390,000       1,416,062
9/1/15, Callable 9/1/06 @ 100                                                                         
Belleville, Electric & Gas Systems Revenue, Series A, 5.00%, 12/1/98           150,000         150,911
Belleville, Electric & Gas Systems Revenue, Series A, 5.50%, 12/1/02           175,000         184,406
Belleville, Electric & Gas Systems Revenue, Series A, 5.70%, 12/1/04,          150,000         158,813
Callable 12/1/02 @ 101                                                                                
Bourbon County, School District #234, GO, Series B, 5.50%, 9/1/09,             195,000         205,969
Callable 9/1/06 @ 100, FSA                                                                            
Bourbon County, School District #234, GO, Series B, 5.60%, 9/1/10,             215,000         227,094
Callable 9/1/06 @ 100, FSA                                                                            
Bourbon County, School District #234, GO, Series B, 5.63%, 9/1/11,             285,000         300,675
Callable 9/1/06 @ 100, FSA                                                                            
Brown County, Horton  School District #430, GO, 5.38%, 9/1/13, Callable        500,000         510,000
9/1/06 @ 100, FSA                                                                                     
Butler & Sedgwick County, School District #385, 5.70%, 9/1/14, Callable        630,000         651,263
9/1/03 @100, FSA                                                                                      
Butler & Sedgwick County, School District #385 Andover, 5.70%, 9/1/15,         370,000         382,025
Callable 9/1/03 @100, FSA                                                                             
Butler County, School District #402, GO, 4.15%, 10/1/01, FSA                   250,000         249,063
Butler County, School District #402, GO, 4.30%, 10/1/02, FSA                   250,000         249,688
Butler County, School District #402, GO, 5.25%, 10/1/12, Callable 4/1/04       500,000         505,625
 @ 100, FSA                                                                                           
Cherokee County, School District #499, GO, 5.80%, 10/1/09, Callable            200,000         208,750
10/1/02 @ 100, AMBAC                                                                                  
Cherokee County, School District #499, GO, 5.90%, 10/1/10, Callable            215,000         225,213
10/1/02 @ 100, AMBAC                                                                                  
Cherokee County, School District #499, GO, 5.95%, 10/1/11, Callable            225,000         236,250
10/1/02 @ 100, AMBAC                                                                                  
City Of Arkansas, GO, 3.80%, 12/1/99                                           285,000         280,369
Clay County, GO, Series B, 6.20%, 10/1/02, Prerefunded 10/1/02 @100            250,000         267,813
Clay County, School District #379, GO, Series 1992, 5.30%, 4/1/00,             250,000         253,073
Callable 4/1/99 @100                                                                                  
Clay County, School District #379, GO, Series 1992, 5.40%, 4/1/01,             250,000         252,650
Callable 4/1/99 @100                                                                                  
Coffeyville, Community College, COP, 5.88%, 10/1/14, Callable 10/1/04 @        250,000         261,563
100                                                                                                   
Coffeyville, Water & Sewer Revenue, 4.60%, 10/1/04, Callable 05/22/98 @        465,000         469,650
102, AMBAC                                                                                            
Coffeyville, Water & Sewer Revenue, 4.70%, 10/1/05, Callable 05/22/98 @        490,000         495,513
102, AMBAC                                                                                            
Cowley County, School District #470, GO, 5.45%, 12/1/12, Callable              500,000         515,000
12/1/06 @ 100, FGIC                                                                                   
Cowley County, School District #470, GO, 5.50%, 12/1/16, Callable            1,000,000       1,021,249
12/1/06 @ 100, FGIC                                                                                   
Decatur County, GO, Series 1992, 6.00%, 9/1/01, Callable 9/1/99 @ 100          250,000         256,250

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

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                                                                                          Market 
                                                                            Principal      Value 
                                                                            ---------      ----- 
                                                                                                 
Municipal Bonds, continued:                                                                      
Dickinson County, Abilene School District #435, GO, Series 1992, 5.40%,  $  265,000    $  266,985
4/1/01, Callable 4/1/99 @100                                                                     
Dickinson County, Abilene School District #435, GO, Series 1992, 5.60%,     300,000       301,584
4/1/03, Callable 4/1/99 @100                                                                     
Dodge, Pollution Control Revenue, 6.63%, 5/1/05, Private Placement          700,000       771,749
Dodge, School District #443, GO, 4.70%, 3/1/07, Callable 3/1/04 @ 100,      180,000       179,100
FSA                                                                                              
Dodge, School District #443, GO, 4.80%, 3/1/08, Callable 3/1/04 @ 100,      360,000       362,250
FSA                                                                                              
Dodge, School District #443, GO, 5.00%, 3/1/14, Callable 3/1/04 @ 100,      250,000       246,875
FSA                                                                                              
Douglas County, School District #497, GO, Series 1993 A, 4.50%, 9/1/02,     250,000       251,875
Callable 9/1/01 @ 100                                                                            
Douglas County, School District #497, GO, Series A, 5.40%, 9/1/15,          600,000       614,250
Callable 9/1/06 @ 100                                                                            
El Dorado, Water Utility System Revenue, 4.40%, 10/1/02                     230,000       231,150
El Dorado, Water Utility System Revenue, 4.45%, 10/1/03                     305,000       306,906
El Dorado, Water Utility System Revenue, 4.65%, 10/1/05                     350,000       353,063
El Dorado, Water Utility System Revenue, 4.70%, 10/1/06, Callable           275,000       277,406
10/1/05 @ 100                                                                                    
El Dorado, Water Utility System Revenue, 4.75%, 10/1/07, Callable           200,000       202,250
10/1/05 @ 100                                                                                    
Ellsworth County, School District #328, GO, 5.25%, 9/1/15, Callable         500,000       503,750
9/1/06 @ 100, FSA                                                                                
Emporia, GO, Series B, 5.15%, 9/1/00                                        155,000       158,875
Emporia, GO, Series B, 5.25%, 9/1/01                                        165,000       171,188
Emporia, GO, Series B, 6.00%, 9/1/06, Callable 9/1/02 @ 100                 175,000       184,844
Finney County, GO, 5.00%, 12/1/10, Callable 12/1/07 @ 100, MBIA             500,000       508,750
Finney County, School District #457, GO, 5.50%, 10/1/99                     185,000       188,700
Finney County, School District #457, GO, 5.55%, 10/1/00                     250,000       258,438
Finney County, School District #457, GO, Series 1991, 5.70%, 10/1/98        500,000       503,830
Ford County, Single Family Mortgage Revenue, Series A, 7.90%, 8/1/10,       240,000       258,000
Callable 8/1/02 @ 103, FHA                                                                       
Franklin County, GO, Series B, 4.75%, 9/1/05, Callable 9/1/03 @100          330,000       331,238
Franklin County, School District #290, GO, 5.20%, 9/1/13, Callable          230,000       233,163
9/1/06 @ 100, FSA                                                                                
Franklin County, School District #290, GO, 5.25%, 9/1/14, Callable          500,000       506,250
9/1/06 @ 100, FSA                                                                                
Franklin County, School District #290, GO, 5.30%, 9/1/16, Callable          335,000       339,188
9/1/06 @ 100, FSA                                                                                
Garden City, GO, Series B, 4.90%, 11/1/99, MBIA                             250,000       253,750
Garden City, GO, Series B, 5.45%, 11/1/04, Callable 11/1/03 @100, MBIA      250,000       262,188
Garden City, Water & Sewer Revenue, Series 1991, 6.50%, 11/1/00             125,000       132,031
Garden City, Water & Sewer Revenue, Series 1991, 6.75%, 11/1/03,            125,000       133,125
Callable 11/1/00 @ 100                                                                           
Gardner, Electric Utilities Revenue, 7.00%, 11/1/09, Callable 11/1/01 @     500,000       530,000
101                                                                                              
Gardner, GO, 5.30%, 9/1/11, Callable 9/1/02 @ 100, AMBAC                    330,000       335,363
Gove County, GO, 5.15%, 4/1/12, Callable 10/1/01 @101, AMBAC                560,000       560,000
Gray County, School District #102, GO, 6.00%, 9/1/04                        100,000       106,625

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                                                               Market 
                                                                               Principal        Value 
                                                                               ---------        ----- 
                                                                                                      
Municipal Bonds, continued:                                                                           
Gray County, School District #102, GO, 6.20%, 9/1/06, Callable 9/1/05 @   $    125,000    $    134,219
100                                                                                                   
Gray County, School District #102, GO, 6.80%, 9/1/15, Callable 9/1/05 @        250,000         271,875
100                                                                                                   
Gray County, School District #102, GO, 5.00%, 9/1/15, Callable 09/01/08        800,000         781,999
@ 100                                                                                                 
Harvey County, School District #373, GO, 5.55%, 9/1/13, Callable 9/1/05        500,000         516,250
@ 100, FSA                                                                                            
Hays, GO, Series A, 5.15%, 9/1/09, Callable 9/1/03 @ 100, FGIC                 250,000         255,625
Hays, GO, Series A, 5.25%, 9/1/10, Callable 9/1/03 @ 100, FGIC                 250,000         255,625
Hays, Internal Improvement, GO, Series A, 5.20%, 9/1/01                        105,000         108,938
Hays, Internal Improvement, GO, Series A, 5.30%, 9/1/02, Callable 9/1/01       110,000         113,575
 @ 100                                                                                                
Hays, Internal Improvement, GO, Series A, 5.50%, 9/1/04, Callable 9/1/01       120,000         123,750
 @ 100                                                                                                
Hays, Water & Sewer Revenue, 5.60%, 9/1/99, AMBAC                              100,000         102,250
Hays, Water & Sewer Revenue, 5.80%, 9/1/00, AMBAC                              100,000         103,750
Hays, Water & Sewer Revenue, 6.20%, 9/1/03, Prerefunded 9/1/00 @ 100,          100,000         104,625
AMBAC                                                                                                 
Hays, Water & Sewer Revenue, 6.40%, 9/1/05, Prerefunded 9/1/00 @ 100,          180,000         189,225
AMBAC                                                                                                 
Hays, Water & Sewer Revenue, 5.20%, 9/1/11, Callable 9/1/03 @ 100, MBIA        260,000         262,925
Holton, Electric System Revenue, Series 1992 A, 6.40%, 12/1/06,                150,000         160,313
Prerefunded 12/1/01 @ 100                                                                             
Holton, Electric System Revenue, Series 1992 A, 6.50%, 12/1/07,                150,000         160,875
Prerefunded 12/1/01 @ 100                                                                             
Hutchinson, Water & Sewer Revenue, Series 93, 6.85%, 12/1/05, AMBAC            150,000         171,938
Hutchinson, Water & Sewer Revenue, Series 93, 5.00%, 12/1/11, Callable         225,000         225,563
12/1/03 @ 102, AMBAC                                                                                  
Jefferson County, School District #340, GO, 6.00%, 9/1/06, Prerefunded         300,000         325,500
9/1/04 @ 100, FSA                                                                                     
Jefferson County, School District #340, GO, 6.10%, 9/1/07, Prerefunded         320,000         348,800
9/1/04 @ 100, FSA                                                                                     
Jefferson County, School District #340, GO, 6.20%, 9/1/08, Prerefunded         330,000         361,350
9/1/04 @ 100, FSA                                                                                     
Johnson & Miami Counties, School District #230, GO, 5.25%, 12/1/05,            350,000         362,250
Callable 12/1/03 @100                                                                                 
Johnson County, Fire District #002, 4.65%, 9/1/04                              270,000         272,700
Johnson County, GO, Series A, 5.60%, 9/1/03, Callable 9/1/02 @ 101             200,000         211,500
Johnson County, School District #223, 5.00%, 9/1/14, Callable 9/1/09         3,000,000       2,947,499
@100, FGIC                                                                                            
Johnson County, School District #229, GO, Series A, 5.00%, 10/1/14,            250,000         248,125
Callable 10/1/05 @100                                                                                 
Johnson County, School District #232, GO, 5.40%, 9/1/14, Callable 9/1/07     1,050,000       1,076,249
 @ 100, MBIA                                                                                          
Johnson County, School District #233, GO, 5.65%, 9/1/03, Callable 3/1/02       485,000         509,856
 @ 101, AMBAC                                                                                         
Johnson County, School District #233, GO, 5.95%, 9/1/05, Callable 3/1/02       500,000         528,125
 @ 101, AMBAC                                                                                         
Johnson County, School District #512, GO, 5.30%, 10/1/14, Callable             550,000         559,625
10/1/05 @ 100                                                                                         

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                                                               Market 
                                                                               Principal        Value 
                                                                               ---------        ----- 
                                                                                                      
Municipal Bonds, continued:                                                                           
Johnson County, School District #512, GO, Series B, 5.25%, 10/1/17,       $    500,000    $    499,375
Callable 10/1/06 @ 100                                                                                
Johnson County, Water District #001 Revenue Bond, 5.13%, 12/1/08,              250,000         257,500
Callable 12/1/03 @ 100                                                                                
Johnson County, Water District #001 Revenue Bond, 5.30%, 12/1/12,              265,000         269,638
Callable 12/1/03 @100                                                                                 
Johnson County, Water District #001 Revenue Bond, Series 1990 A, 6.90%,        250,000         267,188
12/1/00                                                                                               
Johnson County, Water District #001 Revenue Bond, Series A, 6.10%,             250,000         258,438
12/1/16, Callable 12/1/01 @ 100                                                                       
Junction City, GO, Series DD, 6.20%, 9/1/06, Callable 9/1/00 @ 100             515,000         534,956
Junction City, Industrial Revenue, F.W. Woolworth Company Project -             70,000          71,161
Series B, 7.25%, 11/1/98                                                                              
Junction City, Water Revenue, Series A, 4.90%, 4/1/01                          205,000         209,869
Junction City, Water Revenue, Series A, 4.90%, 10/1/01                         210,000         216,038
Kansas City, GO, 5.45%, 4/1/17, Callable 10/1/06 @100, FGIC                    340,000         344,675
Kansas City, GO, 5.45%, 10/1/17, Callable 10/1/06 @ 100, FGIC                  450,000         456,188
Kansas City, GO, Series B, 5.38%, 9/1/10, Callable 9/1/05 @ 100, MBIA        1,500,000       1,556,249
Kansas City, Pollution Control Revenue, General Motors Corp., 5.45%,           500,000         510,625
4/1/06, Callable 10/1/99 @ 101                                                                        
Kansas City, SO, 5.50%, 2/15/99                                                500,000         506,420
Kansas Department of Transportation Highway Revenue, 5.50%, 9/1/14           1,000,000       1,054,999
Kansas State Development Finance Authority Educational, 4.80%, 10/01/08,       345,000         346,725
Callable 10/01/04 @ 100                                                                               
Kansas State Development Finance Authority Educational, 5.00%, 10/1/12,        500,000         502,500
Callable 10/1/04 @ 100                                                                                
Kansas State Development Finance Authority Water Supply, 4.40%, 4/1/06,      1,000,000         987,499
AMBAC                                                                                                 
Kansas State Development Finance Board Regents, 4.38%, 10/1/03, AMBAC        1,000,000         998,749
Kansas Turnpike Authority, 5.50%, 9/1/06, AMBAC (b)                          1,915,000       2,008,355
Kearny County, School District #215,GO, 4.80%, 9/1/13, Callable 9/1/06         700,000         677,250
@100, MBIA                                                                                            
Kingman, Electric Utility & Distribution System Revenue, 5.50%, 9/1/08,        250,000         252,188
Callable 9/1/00 @ 100                                                                                 
Kingman, Water & Sewer Utility & Distribution System Revenue, 6.13%,           250,000         262,813
9/1/15, Callable 9/1/03 @ 100                                                                         
Labette County, Single Family Mortgage Revenue, 7.65%, 12/1/11, Callable     1,105,000       1,182,349
6/1/08 @ 103, GNMA                                                                                    
Lawrence, GO, Series L, 5.60%, 9/1/98                                          175,000         176,106
Lawrence, GO, Series P, 5.10%, 9/1/01, Callable 9/1/00 @ 100                   220,000         224,950
Lawrence, Sales Tax, GO, Series V, 5.50%, 9/1/12, Callable 9/1/04 @ 100        500,000         517,500
Lawrence, Water & Sewer System Revenue, 5.30%, 11/1/07, Callable 11/1/05       315,000         330,356
@ 100                                                                                                 
Lawrence, Water & Sewer System Revenue, 5.70%, 11/1/11, Callable 11/1/05       395,000         411,294
@ 100                                                                                                 
Lawrence, Water & Sewer System Revenue, 5.10%, 11/1/12, Callable 11/1/06       320,000         323,600
@100                                                                                                  
Lawrence, Water & Sewer System Revenue, 5.25%, 11/1/15, Callable 11/1/06       505,000         513,206
@ 100                                                                                                 
Lawrence, Water & Sewer System Revenue, 5.20%, 11/01/16, Callable              250,000         251,875
11/1/06 @100                                                                                          

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                                                               Market 
                                                                               Principal        Value 
                                                                               ---------        ----- 
                                                                                                      
Municipal Bonds, continued:                                                                           
Leavenworth County, School District #453, GO, 4.70%, 9/1/11, Callable     $    400,000    $    393,500
9/1/07 @ 100, FGIC                                                                                    
Leavenworth County, School District #453, GO, 4.80%, 9/1/12, Callable          460,000         450,225
9/1/07 @ 100, FGIC                                                                                    
Leavenworth County, School District #469, GO, 4.60%, 9/1/05, FSA               340,000         341,275
Leavenworth Hospital Revenue, 6.13%, 4/1/15, Callable 4/1/07 @ 102             415,000         430,563
Leavenworth, GO, Series B, 5.05%, 9/1/00                                       210,000         214,200
Leawood, GO, Series A, 5.00%, 9/1/00                                           300,000         306,375
Leawood, GO, Series A, 5.20%, 9/1/01, Callable 9/1/00 @ 100                    250,000         256,250
Leawood, GO, Series A, 5.25%, 9/1/09, Callable 9/1/06 @ 100                    250,000         260,625
Leawood, GO, Series A, 5.35%, 9/1/10, Callable 9/1/06 @ 100                    250,000         260,625
Leawood, GO, Series A, 5.40%, 9/1/11, Callable 9/1/06 @ 100                    375,000         388,594
Leawood, GO, Series A, 5.00%, 9/1/15, Callable 9/1/06 @ 100                    250,000         249,375
Leawood, GO, Series B, 5.00%, 9/1/10, Callable 9/1/06 @ 100                    400,000         403,500
Lindsborg, Electric & Waterworks Systems Revenue, 5.00%, 10/1/05               100,000         105,500
Lindsborg, Electric & Waterworks Systems Revenue, 5.30%, 10/1/07,              105,000         110,644
Callable 10/1/05 @ 100                                                                                
Lindsborg, Electric & Waterworks Systems Revenue, 5.60%, 10/1/09,              120,000         126,150
Callable 10/1/05 @ 100                                                                                
Lyon County, Hospital Revenue, 5.20%, 2/1/02, Callable 8/1/00 @ 100            115,000         114,856
Lyon County, Hospital Revenue, 5.20%, 2/1/02, Callable 8/1/00 @ 100            250,000         249,688
Lyon County, Hospital Revenue, 5.30%, 2/1/03, Callable 8/1/00 @ 100            100,000          99,875
Lyon County, School District #253, GO, 5.60%, 10/1/10, Callable 10/1/03        650,000         667,063
@102                                                                                                  
Manhattan, Commercial Development, 11.00%, 7/1/16                            1,000,000       1,697,499
Manhattan, GO, 5.40%, 11/1/16, Callable 11/1/04 @ 100                          405,000         409,556
Manhattan, GO, Series 189, 5.85%, 11/1/02, Callable 11/1/01 @ 100              250,000         262,500
Marion County, School District #411, GO, 5.30%, 4/1/13, Callable 4/1/03        660,000         669,900
@ 101.5                                                                                               
McPherson County, School District #400, GO, 5.20%, 12/1/10, Callable           250,000         258,750
12/1/05 @ 100, FGIC                                                                                   
McPherson County, School District #400, GO, 5.25%, 12/1/12, Callable           250,000         255,938
12/1/05 @ 100, FGIC                                                                                   
McPherson, Electric Utility Revenue, 5.55%, 3/1/09, Callable 3/1/00 @          550,000         557,563
100, AMBAC                                                                                            
McPherson, GO, Series 116, 5.00%, 11/1/06, Callable 11/1/99 @ 100, AMBAC       500,000         502,500
Meade, Industrial Revenue, 6.50%, 10/1/06                                    1,000,000       1,131,249
Miami County, School District #367, GO, 5.00%, 9/1/16, Callable 9/1/08 @       900,000         869,624
100, FGIC                                                                                             
Miami County, School District #368, GO, 6.50%, 12/1/05, Callable 6/1/02        500,000         536,250
@ 100, AMBAC                                                                                          
Miami County, School District #416, GO, 6.00%, 9/1/02, Callable 9/1/00 @       250,000         259,063
100, AMBAC                                                                                            
Miami County, School District, GO, Series A, 5.85%, 9/1/13, Prerefunded        550,000         591,938
9/1/04 @ 100, AMBAC                                                                                   
Montgomery County, School District #447, GO, 5.45%, 9/1/15, Callable           260,000         264,550
9/1/06 @ 100                                                                                          
Montgomery County, School District #447, GO, 5.50%, 9/1/17, Callable           250,000         253,125
9/1/06 @ 100                                                                                          
Nemaha County, School District #441, GO, 5.40%, 3/1/02, Callable 3/1/01        250,000         256,875
@ 100, AMBAC                                                                                          

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                                                               Market 
                                                                               Principal        Value 
                                                                               ---------        ----- 
                                                                                                      
Municipal Bonds, continued:                                                                           
Nemaha County, School District #441, GO, 5.75%, 3/1/07, Callable 3/1/01   $    250,000    $    257,188
@ 100, AMBAC                                                                                          
Neosho County, School District #413, GO, 5.65%, 9/1/01                         260,000         271,700
Newton, Wastewater Treatment System Revenue, 5.75%, 3/1/99                     110,000         111,696
Newton, Wastewater Treatment System Revenue, 6.00%, 3/1/00                     115,000         118,881
Newton, Wastewater Treatment System Revenue, 6.20%, 3/1/01                     120,000         126,450
Newton, Wastewater Treatment System Revenue, 6.40%, 3/1/02                     130,000         139,750
Newton, Wastewater Treatment System Revenue, 4.90%, 3/1/12, Callable           700,000         686,000
3/1/07 @ 100                                                                                          
Olathe, GO, Series 184, 4.60%, 10/1/99                                         275,000         277,406
Olathe, Health Facility Revenue, 5.20%, 9/1/17, Callable 9/1/05 @100         1,000,000         998,749
Olathe, Labette County Mortgage Loan Revenue, 7.15%, 2/1/15, Callable           50,000          53,625
8/1/01 @ 103, GNMA                                                                                    
Olathe, Multifamily Housing Revenue, 5.50%, 6/1/04, FNMA                       365,000         384,163
Olathe, Water & Sewer System Revenue, 5.20%, 7/1/12, Callable 7/1/06 @       1,170,000       1,189,012
100, AMBAC                                                                                            
Osborne, GO, Series 1992, 5.50%, 12/1/01, Callable 12/1/98 @ 100               135,000         135,825
Osborne, GO, Series 1992, 5.60%, 12/1/02, Callable 12/1/98 @ 100               140,000         140,643
Osborne, GO, Series 1992, 5.70%, 12/1/03, Callable 12/1/98 @ 100               150,000         150,671
Osborne, GO, Series 1992, 5.80%, 12/1/04, Callable 12/1/98 @ 100               155,000         155,744
Ottawa, Waterworks & Electric System Revenue, 6.15%, 12/1/00, MBIA             250,000         261,875
Ottawa, Waterworks & Electric System Revenue, 6.25%, 12/1/01, MBIA             250,000         265,938
Pawnee County, School District #495, GO, 5.10%, 9/1/04, Callable 9/1/03        255,000         264,244
@ 100, FSA                                                                                            
Phillips County, School District #325, GO, 5.20%, 9/1/03, Callable             100,000         103,875
9/1/02 @ 100                                                                                          
Phillips County, School District #325, GO, 5.60%, 9/1/07, Callable             155,000         161,006
9/1/02 @ 100                                                                                          
Pottawatomie County, School District #320, GO, Series 1990, 6.60%,             500,000         535,000
10/1/02, Callable 10/1/01 @ 100, AMBAC                                                                
Pottawatomie County, School District #322, GO, 4.95%, 10/01/12, Callable       700,000         693,000
 10/1/04 @100                                                                                         
Pratt, Electric System Revenue, 6.60%, 11/1/07, AMBAC                          250,000         288,125
Pratt, Electric System Revenue, 4.95%, 11/1/10, Callable 11/1/05 @101,         635,000         639,763
AMBAC                                                                                                 
Pratt, Electric System Revenue, 5.00%, 11/1/11, Callable 11/1/05 @101,         665,000         667,494
AMBAC                                                                                                 
Pratt, Electric System Revenue, 6.00%, 11/1/12, Prerefunded 11/1/00 @          250,000         260,938
100, AMBAC                                                                                            
Reno County Mortgage, Series B, 8.70%, 9/1/11,, Callable 9/1/01 @ 103          130,000         139,750
Reno County, School District #308, GO, 6.25%, 8/1/00, Callable 8/1/98 @        685,000         688,754
100                                                                                                   
Rice County, Union School District #444, 5.08%, 9/1/14, Callable 9/1/07        755,000         743,675
@ 100                                                                                                 
Riley County, School District #383, Series 1992, 5.00%, 11/1/98                335,000         337,054
Rural Water Finance Authority, District #13 Revenue Bond, Series F,            400,000         410,500
5.90%, 6/1/11, Callable 6/1/01 @ 100                                                                  
Salina Hospital Revenue, 5.30%, 10/1/13, Callable 10/1/03 @100, AMBAC          750,000         761,249
Salina, Internal Improvement, Series P-240, 5.50%, 10/1/99                     100,000         102,000
Salina, Water & Sewer Revenue, 5.00%, 9/1/07, Callable 9/1/02 @ 100,           330,000         333,713
MBIA                                                                                                  

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                                                              Market 
                                                                              Principal        Value 
                                                                              ---------        ----- 
                                                                                                     
Municipal Bonds, continued:                                                                          
Scott City, Water System, Series A, 5.25%, 9/1/04                        $    130,000    $    132,763
Scott City, Water System, Series A, 5.40%, 9/1/05                             140,000         142,625
Scott City, Water System, Series A, 5.60%, 9/1/06                             140,000         142,625
Scott City, Water System, Series A, 5.70%, 9/1/07                             150,000         153,750
Scott City, Water System, Series A, 5.80%, 9/1/08                             145,000         149,350
Scott County, School District #466, GO, Series 1993, 5.38%, 9/1/06,           685,000         693,563
Callable 9/1/01 @ 100                                                                                
Sedgwick & Shawnee Counties Single Family Revenue, 4.90%, 6/1/16              785,000         792,849
Sedgwick & Shawnee Counties, Series B-II, 7.80%, 5/1/14, Callable             185,000         204,425
11/1/04 @ 103, GNMA                                                                                  
Sedgwick & Shawnee Counties, Single Family Revenue, Series B-1, 8.05%,        440,000         508,750
5/1/14, GNMA                                                                                         
Sedgwick & Shawnee Counties, Single Family Revenue, Series B-II, 5.25%,        15,000          15,000
11/1/04, GNMA                                                                                        
Sedgwick & Shawnee Single Family Revenue, 5.50%, 6/1/29                     1,250,000       1,393,749
Sedgwick County Family Mortgage Series A-2, 6.50%, 12/1/16, Callable          900,000         969,749
12/1/07 @ 105, GNMA                                                                                  
Sedgwick County, GO, 4.70%, 9/1/12, Callable 9/1/98 @100, FGIC                840,000         813,749
Sedgwick County, GO, Series B, 4.05%, 8/1/98                                  250,000         250,105
Sedgwick County, Mortgage Loan Revenue, Series A, 7.30%, 12/1/12,             500,000         532,500
Callable 9/1/01 @ 103, GNMA                                                                          
Sedgwick County, Public Building, 5.00%, 8/1/16, Callable 8/1/04 @100         400,000         394,000
Sedgwick County, School District #260, GO, 4.65%, 10/1/11, Callable         1,220,000       1,194,074
10/1/08 @ 100, AMBAC                                                                                 
Sedgwick County, School District #262, GO, Valley Center, 5.10%,              100,000          98,176
11/1/98, MBIA                                                                                        
Sedgwick County, School District #266, GO, 5.25%, 9/1/13, Callable            650,000         656,500
9/1/02 @ 101, FGIC                                                                                   
Seward County, GO, Series B, 6.00%, 8/15/08, Callable 8/15/01 @ 100,          250,000         260,313
AMBAC                                                                                                
Seward County, GO, Series B, 6.00%, 8/15/13, Callable 8/15/01 @ 100,          250,000         259,063
AMBAC                                                                                                
Seward County, School District #480, GO, Series 1992, 5.00%, 12/1/00,         500,000         502,330
Callable 12/1/98 @ 100, MBIA                                                                         
Seward County, School District #483, Kismet-Plains, GO, 5.20%, 10/1/12,       600,000         609,750
Callable 10/1/06 @ 100                                                                               
Seward County, Single Family Mortgage Revenue, Series B, 8.00%, 5/1/11,       260,000         279,175
Callable 11/1/01 @ 103                                                                               
Shawnee County, GO, 4.70%, 9/1/11, Callable 9/1/08 @ 100                    1,945,000       1,915,824
Shawnee County, GO, Series B, 5.50%, 9/1/09, Prerefunded 9/1/03 @ 100         250,000         258,750
Shawnee County, GO, Series B, 5.50%, 9/1/11, Prerefunded 9/1/03 @ 100         250,000         257,188
Shawnee County, GO, Series C, 5.60%, 9/1/04, Callable 9/1/02 @ 100            500,000         522,500
Shawnee County, Health Care Revenue, 5.15%, 8/15/10, Callable 8/15/05 @       500,000         508,750
100, FSA                                                                                             
Shawnee County, Revenue Bond, 4.70%, 12/1/04, Callable 12/1/03 @ 102          230,000         233,450
Shawnee County, Revenue Bond, 5.00%, 12/1/10, Callable 12/1/03 @ 102          360,000         358,200
Shawnee County, School District #345, GO, 7.20%, 9/1/98, MBIA                 250,000         252,698
Shawnee County, School District #345, GO, 5.75%, 9/1/11, Prerefunded          250,000         267,813
9/1/04 @ 100, MBIA                                                                                   
Shawnee County, School District #345, GO, 4.75%, 9/1/11, Callable           1,590,000       1,572,112
9/1/04 @ 101.5, MBIA                                                                                 

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                                                               Market 
                                                                               Principal        Value 
                                                                               ---------        ----- 
                                                                                                      
Municipal Bonds, continued:                                                                           
Shawnee County, School District #437, Auburn-Washburn, GO, 5.25%,         $    250,000    $    255,000
9/1/11, Callable 9/1/04 @ 100, AMBAC                                                                  
Shawnee County, School District #437, Auburn-Washburn, GO, 5.25%,              350,000         354,375
9/1/12, Callable 9/1/04 @ 100, AMBAC                                                                  
Shawnee County, School District #437, Auburn-Washburn, GO, 5.25%,              175,000         176,750
9/1/13, Callable 9/1/04 @ 100, AMBAC                                                                  
Shawnee County, School District #437, Auburn-Washburn, GO, Series 1992,        700,000         744,625
6.25%, 3/1/03, Callable 3/1/02 @ 100, FGIC                                                            
State Department of Transportation, Highway Revenue, 5.38%, 3/1/13,          1,000,000       1,014,999
Callable 3/1/03 @ 102                                                                                 
State Department of Transportation, Highway Revenue, Series 1993, 5.00%,       250,000         257,813
3/1/04, Callable 3/1/03 @ 102                                                                         
State Development Finance Authority Revenue, 4.45%, 5/1/01                     355,000         360,769
State Development Finance Authority Revenue, 5.13%, 6/1/06, Callable           250,000         257,813
6/1/03 @ 102, AMBAC                                                                                   
State Development Finance Authority Revenue, 5.75%, 5/1/14, Callable           370,000         390,350
5/1/03 @ 102                                                                                          
State Development Finance Authority Revenue, 5.50%, 5/1/14, Callable         1,000,000       1,032,499
5/1/07 @ 100 (c)                                                                                      
State Development Finance Authority Revenue, Department of Corrections,        250,000         259,688
El Dorado, Project L, 5.63%, 2/1/03, Callable 2/1/00 @ 102, MBIA                                      
State Development Finance Authority Revenue, Project K-II, 5.50%,              500,000         512,500
10/1/10, Callable 10/1/01 @ 101                                                                       
State Development Finance Authority Revenue, Project K-II, 5.60%,              500,000         513,125
10/1/11, Callable 10/1/01 @ 101                                                                       
State Development Finance Authority Revenue, Series J, 5.40%, 4/1/10,          500,000         517,500
Callable 4/1/05 @ 100                                                                                 
State Development Finance Authority, Health Facilities Revenue, Hays           500,000         506,250
Medical Center Inc., 5.38%, 11/15/16, Callable 11/15/06 @ 102,MBIA                                    
State Development Finance Authority, Health Facilities Revenue, Hays           500,000         508,125
Medical Center Inc., 5.50%, 11/15/17, Callable 11/15/07 @ 100, MBIA                                   
State Development Finance Authority, Health Facilities Revenue, Stormont       475,000         497,563
Health Care, 5.40%, 11/15/05, MBIA                                                                    
State Development Finance Authority, Health Facilities Revenue, Stormont       500,000         527,500
Health Care, 5.75%, 11/15/10, Callable 11/15/06 @ 100, MBIA                                           
State Development Finance Authority, Health Facilities Revenue, Stormont       500,000         525,625
Health Care, 5.80%, 11/15/16, Callable 11/15/06 @ 100, MBIA                                           
State Development Financial Authority , Health Facilities Revenue, Hays        500,000         515,625
Medical Center, Series B, 5.38%, 11/15/10, Callable 11/15/07 @ 100, MBIA                              
State Turnpike Authority Revenue Bond, 5.40%, 9/1/09, Callable 9/1/03          260,000         270,400
@102, AMBAC                                                                                           
Sumner County, Bridge Improvement, GO, Series 1992, 6.00%, 11/1/04,            435,000         456,206
Callable 11/1/01 @ 100, AMBAC                                                                         
Sumner County, Bridge Improvement, GO, Series 1992, 6.00%, 11/1/05,            250,000         261,563
Callable 11/1/01 @ 100, AMBAC                                                                         
Sumner County, School District #357, Belle Plaine, GO, 5.55%, 9/1/13,          375,000         384,844
Callable 9/1/03 @ 100                                                                                 
Thomas County, School District #315, GO, Series 1993, 4.20%, 9/1/01, FSA       150,000         149,625
Thomas County, School District #315, GO, Series 1993, 4.30%, 9/1/02, FSA       160,000         159,800
Thomas County, School District #315, GO, Series 1993, 4.40%, 9/1/03, FSA       165,000         165,000

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     

                                                        · Enlarge/Download Table


---------------------------------------------------------------------------------------------------------------------------------- 

                                                                                                                            Market 
                                                                                                       Principal             Value 
                                                                                                       ---------             ----- 
                                                                                                                                   
Municipal Bonds, continued:                                                                                                        
Thomas County, School District #315, GO, Series 1993, 4.60%, 9/1/04,                          $        175,000     $        176,313
Callable 9/1/03 @ 100 FSA                                                                                                          
Topeka, GO, Series A, 5.50%, 8/15/16, Callable 8/15/01 @ 101                                           500,000              512,500
Topeka, GO, Series C, 5.50%, 8/15/05, Callable 8/15/99 @ 101                                           250,000              255,000
Topeka, Hospital Revenue, 6.75%, 11/15/00, MBIA                                                        500,000              531,250
Wellington, Electric Waterworks & Sewer Revenue, 7.05%, 5/1/06, AMBAC                                  250,000              291,563
Wellington, Electric Waterworks & Sewer Revenue, 6.25%, 5/1/12, Callable                               250,000              264,375
 5/1/02 @ 100, AMBAC                                                                                                               
Wichita, GO, 4.70%, 9/1/12, Callable 9/1/04 @101                                                       565,000              549,463
Wichita, GO, Series 746, 5.30%, 9/1/12, Callable 9/1/04 @ 100                                          750,000              766,874
Wichita, Hospital Revenue, 6.00%, 7/1/04, Callable 6/8/98 @ 100                                        892,000              944,404
Wichita, Multifamily Housing Revenue, 5.90%, 12/1/16, Callable 12/1/05 @                               660,000              688,050
 102                                                                                                                               
Wichita, Single Family Mortgage Revenue, Series A, 7.10%, 9/1/09,                                      255,000              274,125
Callable 3/1/03 @ 103                                                                                                              
Wichita, Water & Sewer Utilities Revenue, 5.60%, 10/1/05, Callable                                     750,000              774,374
10/1/00 @ 101, FGIC                                                                                                                
Wichita, Water & Sewer Utilities Revenue, 4.75%, 10/1/08, Callable                                     405,000              406,519
10/1/04 @ 101, FGIC                                                                                                                
Wichita, Water & Sewer Utilities Revenue, 4.88%, 10/1/09, Callable                                     900,000              907,874
10/1/04 @ 101, FGIC                                                                                                                
Winfield, Sales Tax Revenue, 5.10%, 9/1/06, Callable 9/1/03 @ 100                                      100,000              102,000
Winfield, Sales Tax Revenue, 5.25%, 9/1/07, Callable 9/1/03 @ 100                                      100,000              102,125
Winfield, Sales Tax Revenue, 5.40%, 9/1/08, Callable 9/1/03 @ 100                                      100,000              102,250
Wyandotte County, School District #203, Piper, GO, Series 1992, 5.75%,                                 140,000              143,500
9/1/03, Callable 9/1/01 @ 100                                                                                                      
Wyandotte County, School District #203, Piper, GO, Series 1992, 5.90%,                                 295,000              302,375
9/1/04, Callable 9/1/01 @ 100                                                                                                      

Wyandotte County, School District #203, Piper, GO, Series 1992, 6.60%,                                 500,000              523,125
9/1/13, Callable 9/1/01 @ 100                                                                                               -------

                                                                                                                        115,289,486
                                                                                                                        -----------
Puerto Rico  (2.68%)                                                                                                               
Puerto Rico Commonwealth, Highway & Transportation Authority, Highway                                  500,000              515,625
Revenue, Series X, 5.00%, 7/1/02                                                                                                   
Puerto Rico, Electric Power Authority Revenue, Series S, 6.13%, 7/1/09,                              1,000,000            1,130,000
MBIA-IBC                                                                                                                           
Puerto Rico, Electric Power Authority Revenue, Series Z, 5.50%, 7/1/14,                              1,000,000            1,032,500
Callable 7/1/05 @ 102, MBIA-IBC                                                                                                    
Puerto Rico, Public Buildings Authority, Education & Health Facilities                                 500,000              521,250
Revenue, Series M, 5.75%, 7/1/15, Callable 7/1/03 @ 101.50, AMBAC                                                           -------

                                                                                                                          3,199,375
                                                                                                                          ---------
Total Municipal Bonds (Cost $116,367,598)                                                                               118,945,383
                                                                                                                        -----------

INVESTMENT COMPANIES  (0.98%)                                                                                                      
Provident Institutional Muni-Cash Tax-Free Money Market Fund                                         1,169,435            1,169,435
                                                                                                                          ---------
Total Investment Companies (Cost $1,169,435)                                                                              1,169,435
                                                                                                                          ---------

Total (Cost $117,537,033) (a) - 100.70%                                                                         $       120,114,818
                                                                                                                        ===========

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
KANSAS TAX-EXEMPT BOND FUND                                                     
Schedule of Portfolio Investments, Continued                                    
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

----------------                                                                

Percentages indicated are based on net assets of $119,284,432.                  

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

Unrealized appreciation                    $ 2,913,912          
Unrealized depreciation                       (336,127)         
                                    --------
Net unrealized appreciation                $ 2,577,785          

(b) When-issued security                                                

(c) Segregated assets to be used to fulfill commitments related to the  
when-issued security                                            

AMBAC = Insured by American Municipal Bond Assurance Corporation        
COP = Certificate of Participation                                      
FGIC = Insured by Federal Guarantee Insurance Corporation               
FHA = Insured by Federal Housing Authority                              
FSA = Insured by Federal Security Assurance                             
GNMA = Insured by Government National Mortgage Association              
GO = General Obligation                                                 
IBC = Insured Bond Certificate                                          
MBIA = Insured by Municipal Bond Insurance Association                  
SO = Special Obligation                                                 

See notes to financial statements.

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INTRUST FUNDS TRUST                                                             
Notes to Financial Statements                                                   
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

1. Organization:                                                                

The INTRUST Funds Trust (the "Trust") was established as a Delaware business    
trust and is registered under the Investment Company Act of 1940, as amended    
(the "1940 Act"), as an open-end, diversified management investment company. The
Trust currently consists of six active funds. The Trust is authorized to offer  
two classes of shares: Institutional Service and Institutional Premium. The     
Institutional Premium shares, which have not yet been offered for sale, may be  
subject to additional Shareholder Servicing fees. The accompanying financial    
statements and financial highlights are those of the Money Market Fund, the     
Short-Term Bond Fund, the Intermediate Bond Fund, the Stock Fund, the           
International Multi-Manager Stock Fund, and the Kansas Tax-Exempt Bond Fund     
(individually a "Fund", collectively the "Funds"). Each Fund is currently       
offered in the Institutional Service Class only.                                

The Funds' investment objectives are as follows:                                

Fund                         Objective                            
----                         ---------                            
Money Market Fund             Seeks to provide current income, liquidity and the
                            maintenance of a stable net asset value of $1.00
                              per share by investing in high quality, short-term
obligations.        

Short-Term Bond Fund          Seeks a high level of current income consistent   
                     with liquidity and safety of principal by
                              investing primarily in investment grade short-term
obligations.        

Intermediate Bond Fund        Seeks current income consistent with managing for 
                     total return by investing in fixed income
securities.         

Stock Fund                    Seeks long-term capital appreciation by investing 
                           in common stocks issued by companies with large
  market capitalization.

International Multi-Manager   Seeks long-term capital appreciation by investing 
Stock Fund                    in equity securities of issuers based outside the 
United States.      

Kansas Tax-Exempt Bond Fund   Seeks to preserve capital while producing current 
                            income for the investor that is exempt from both
                              federal and Kansas state income taxes by investing
                            in municipal obligations with maturities ranging
from 1 to 15 years. 

The International Multi-Manager Stock Fund seeks to achieve its objective by    
investing all of its investable assets in the International Equity Portfolio    
(the "Portfolio") of the AMR Investment Services Trust. The percentage of the   
AMR Investment Services Trust International Equity Portfolio owned by the Fund  
as of April 30, 1998 was approximately 6.2%. The financial statements of the    
Portfolio, including its schedule of investments, are included elsewhere in this
report and should be read in conjunction with the International Multi-Manager   
Stock Fund's financial statements.                                              

As approved by its shareholders at a special shareholders meeting held April 28,
1997, effective May 17, 1997, the Kansas Tax Free Income Portfolio (the "SEI    
Fund") of the SEI Tax-Exempt Trust (the "SEI Trust") was reorganized into the   
Fund as transacted by (a) the tax-free transfer of all the assets and           
liabilities of the                                                              

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INTRUST FUNDS TRUST                                                             
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

SEI Fund to the Fund in exchange for shares of the Fund; (b) the distribution of
the Fund's shares to shareholders of the SEI Fund; and (c) the termination of   
the SEI Fund as a series of the SEI Trust. The Fund retained the investment     
objectives and assumed the financial reporting history of the SEI Fund.         

Effective September 1, 1997, the Kansas Tax-Exempt Bond Fund changed its fiscal 
year end from August 31, to October 31.                                         

2. Significant Accounting Policies:                                             

The following is a summary of significant accounting policies followed by the   
Trust in preparation of its financial statements. The policies are in conformity
with generally accepted accounting principles. The preparation of financial     
statements requires management to make estimates and assumptions that effect the
reported amounts of assets and liabilities at the date of the financial         
statements and the reported amounts of income and expenses for the period.      
Actual results could differ from those estimates.                               

Security Valuation                                                              

Securities of the Money Market Fund are valued utilizing the amortized cost     
method permitted in accordance with Rule 2a-7 under the 1940 Act. Under the     
amortized cost method, discount or premium is amortized on a constant basis to  
the maturity of the security. In addition, the Money Market Fund may not (a)    
purchase any instrument with a remaining maturity greater that thirteen months  
unless such instrument is subject to a demand feature, or (b) maintain a        
dollar-weighted average maturity which exceeds 90 days. Equity securities held  
by a Fund are valued at the last reported sales price on the securities exchange
or in the principal over-the- counter market in which such securities are       
traded, as of the close of business on the day the securities are being valued  
or, lacking any sales, at the last available bid price. Debt securities held by 
a Fund generally are valued based on quoted bid prices. Short-term debt         
investments having maturities of 60 days or less are valued at amortized cost,  
which approximates market value, ad , if applicable, adjusted for foreign       
exchange translation. Restricted securities and securities for which market     
quotations are not readily available are valued at fair value using pricing     
methods approved by the Trust's Board of Trustees. Securities may be valued by  
independent pricing services, approved by the Trust's Board of Trustees, which  
use prices provided by market-makers or estimates of market value obtained from 
yield date relating to instruments or securities with similar characteristics.  

Securities Purchased on a When-issued Basis and Delayed Delivery Basis:         

Each Fund may purchase securities on a "when-issued" basis. When-issued         
securities are securities purchased for delivery beyond the normal settlement   
date at a stated price and/or yield, thereby involving the risk that the price  
and/or yield obtained may be more or less than those available in the market    
when delivery takes place. At the time a Fund makes the commitment to purchase a
security on a when-issued basis, the Fund records the transaction and reflects  
the value of the security in determining net asset value. Normally, the         
settlement date occurs within one month of the purchase. No payment is made by  
the Fund and no interest accrues to the Fund during the period between purchase 
and settlement. The Fund establishes a segregated account in which it maintains 
cash and marketable securities equal in value to commitments for when-issued    
securities. Securities purchased on a when-issued basis or delayed delivery     
basis do not earn income until the settlement date.                             

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INTRUST FUNDS TRUST                                                             
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

Security Transactions and Related Income                                        

The Funds, other than the International Multi-Manager Stock Fund, record        
security transactions on a trade date basis. Net realized gains or losses from  
sales of securities are determined on the specific identification cost method.  
Interest income is recorded on the accrual basis and includes, where applicable,
the amortization of premiums or the accretion of discounts. Dividend income is  
recorded on the ex-dividend date.                                               

The International Multi-Manager Stock Fund records its share of the investment  
income, dividend income, income from securities lending, expenses, and          
unrealized and realized gains and losses of the Portfolio of the AMR Investment 
Services Trust on a daily basis. The income, expenses, and gains and losses are 
allocated daily to investors in the Portfolio based upon their investments in   
the Portfolio. Such investments are adjusted on a daily basis.                  

Expenses                                                                        

Expenses directly attributable to a Fund are charged directly to that Fund,     
while the expenses which are attributable to more than one Fund of the Trust are
allocated among the respective Funds based on relative net assets or another    
appropriate basis. In addition to accruing its own expenses, the International  
Multi-Manager Stock Fund records its proportionate share of the expenses of the 
Portfolio of the AMR Investment Services Trust on a daily basis.                

Organization Costs                                                              

Costs incurred in connection with the organization and initial registration of  
the Funds have been deferred and are being amortized using the straight-line    
method over a period of five years beginning with the commencement of each      
Fund's operations. In the event that any of the initial shares are redeemed     
during such period by any holder thereof, the related Fund will be reimbursed by
such holder for any unamortized organization costs in the proportion as the     
number of initial shares being redeemed bears to the number of initial shares   
outstanding at the time of redemption                                           

Distributions to Shareholders                                                   

Distributions from net investment income for the Money Market Fund, Short-Term  
Bond Fund, Intermediate Bond Fund and the Kansas Tax-Exempt Bond Fund are       
declared daily and paid monthly. Distributions from net investment income for   
the Stock Fund and the International Multi-Manager Stock Fund are declared and  
paid at least once annually. Distributions from net realized capital gains, if  
any, are distributed at least annually.                                         

Distributions from net investment income and from net realized capital gains are
determined in accordance with income tax regulations which may differ from      
generally accepted accounting principles. These "book/tax" differences are      
primarily due to differing treatments for mortgage-backed securities, expiring  
capital loss carryforwards and deferrals of certain losses.                     

These "book/tax" differences are either considered temporary or permanent in    
nature. To the extent these differences are permanent in nature, such amounts   
are reclassified within the composition of net assets based on their federal    
tax-basis treatment; temporary differences do not require reclassifications.    
Dividends and                                                                   

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INTRUST FUNDS TRUST                                                             
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

distributions to shareholders which exceed net investment income and net        
realized gains for financial reporting purposes but not for tax purposes are    
reported as dividends in excess of net investment income or distributions in    
excess of net realized gains. To the extent they exceed net investment income   
and net realized capital gains for tax purposes, they are reported as           
distributions of capital.                                                       

Federal Income Taxes                                                            

The Trust treats each Fund as a separate entity for federal income tax purposes.
Each Fund intends to qualify as a regulated investment company by complying with
the provisions available to certain investment companies as defined in          
applicable sections of the Internal Revenue Code, and to make distributions from
net investment income and from net realized capital gains sufficient to relieve 
it from all, or substantially all, federal income taxes.                        

3. Investment Advisory, Administrative, and Distribution Agreements:            

The Trust and INTRUST Bank, N.A. (the "Adviser") are parties to an investment   
advisory agreement under which the Adviser is entitled to receive an annual fee,
computed daily and paid monthly, equal to the following percentages of the      
Funds' average net assets: 0.25% of the Money Market Fund; 0.40% of the         
Short-Term Bond Fund and the Intermediate Bond Fund; 1.00% of the Stock Fund;   
0.40% of the International Multi-Manager Stock Fund; and 0.30% of the Kansas    
Tax-Exempt Bond Fund. The investment advisory agreement for the International   
Multi-Manager Stock Fund also provides for an investment advisory fee of 1.25%  
of the average daily net assets of the Fund if the Fund does not invest all of  
its assets in the Portfolio or another investment company.                      

The Adviser is party to a sub-investment advisory agreement under which the     
subadvisers are entitled to receive a fee from the Adviser, computed daily and  
paid monthly, equal to the following percentages of the Funds' average net      
assets: 0.20% of the Money Market Fund; 0.125% of the Short-Term Bond Fund and  
the Intermediate Bond Fund; and 0.45% of the Stock Fund. The individual         
subadvisers are listed as follows:                                              

AMR Investment Services, Inc. - The Money Market Fund         

      Galliard Capital Management, Inc. - The Short-Term Bond Fund and the
Intermediate Bond Fund                                        

ARK Asset Management, Inc. - The Stock Fund                   

The Trust and BISYS Fund Services (the "Administrator") are parties to an       
administrative services contract under which the Administrator provides services
for a fee that is computed daily and paid monthly, at an annual rate of 0.20% of
the Funds' average daily net assets except the International Multi-Manager Stock
Fund which pays at an annual rate of 0.15%. For the Kansas Tax-Exempt Bond Fund,
prior to May 17, 1997, administrative services were provided by SEI Fund        
Management at an annual rate of 0.15%.                                          

The Trust and BISYS Fund Services (the "Distributor") are parties to a          
distribution agreement under which shares of the Funds are sold on a continuous 
basis. Each class is subject to a distribution plan (the "Plan") pursuant to    
Rule 12b-1 under the 1940 Act. As provided under the Plan, the Trust will pay   
the Distributor 0.25% per annum of the average daily net assets of the Funds.   
The Kansas Tax-Exempt Bond Fund will not incur any distribution expenses during 
its first year of operations.                                                   

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INTRUST FUNDS TRUST                                                             
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

Other financial organizations also may provide administrative services for the  
Funds, such as maintaining shareholder accounts and records. The Funds may pay  
fees to Service Organizations in amounts up to an annual rate of 0.08% of the   
daily net asset value of the Funds' shares owned by shareholders with whom the  
Service Organizations has a servicing relationship. The Institutional Premium   
Class may pay additional fees up to 0.50% of the daily net asset value of the   
Funds' shares owned by shareholders with whom the Service Organization has a    
servicing relationship.                                                         

Fees may be voluntarily reduced to assist the Funds in maintaining competitive  
expense ratios.                                                                 

Additional information regarding related party transactions is as follows for   
the period ending April 30, 1998:                                               

   Money
                                       Market     Short-Term        Intermediate
                                    Fund       Bond Fund         Bond Fund
                                    ----       ---------         ---------

Investment Advisory Fees Waived       $29,782      $58,578          $26,485     
12b-1 Fees Waived                      67,307       69,736           60,192     

                                            International   Kansas
                                                Multi-Manager   Tax-Exempt
                                 Stock Fund    Stock Fund      Bond Fund
                                 ----------    ----------      ---------

Investment Advisory Fees Waived       $57,598      $12,864         $167,452     
Administration Fees Waived                  0            0           55,817     
12b-1 Fees Waived                     110,768       64,318                0     
Shareholder Services Fees Waived            0            0           44,654     
Custody Fees Waived                         0            0           11,163     
Reimbursed Fees                            0            0           13,980    

4. Shares of Beneficial Interest:                                               

The Trust has an unlimited number of shares of beneficial interest, with a par  
value of $0.001, which may, without shareholder approval, be divided into an    
unlimited number of series of such shares and any series may be classified or   
reclassified into one or more classes. Currently, shares of the Trust are       
authorized to be offered through six series and two classes: Institutional      
Service and Institutional Premium. As of and for the periods ending April 30,   
1998, no shareholders were in the Institutional Premium class. Shareholders are 
entitled to one vote for each full share held and will vote in the aggregate and
not by class or series, except as otherwise expressly required by law or when   
the Board of Trustees has determined that the matter to be voted on affects only
the interest of shareholders of a particular class or series.                   

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INTRUST FUNDS TRUST                                                             
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

5. Securities Transactions:                                                     

The cost of security purchases and the proceeds from the sale of securities     
(excluding short-term securities) during the six month period ended April       
30,1998 were as follows:                                                        

                          Purchases                    Sales
                          ---------                    -----
Short-Term Bond Fund               $21,616,035                $18,085,122       
Intermediate Bond Fund              15,218,109                 10,966,243       
Stock Fund                          45,335,284                 87,164,154       
Kansas Tax-Exempt Bond Fund         20,385,164                  5,079,448       

6. Concentration of Credit Risk:                                                

The Kansas Tax-Exempt Bond Fund invests in debt instruments of municipal        
issuers. The issuers' abilities to meet their obligations may be affected by    
economic developments in a specific state or region. The Fund invests in        
securities which include revenue bonds, tax exempt commercial paper, tax and    
revenue anticipation notes, and general obligation bonds.                       

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INTRUST FUNDS TRUST                                                             
Financial Highlights                                                            

                                                        · Enlarge/Download Table

                                                                            Money Market Fund             
                                                              --------------------------------------------
                                                                      Six months          January 23,     
                                                                         ended              1997 to       
                                                                    April 30, 1998        October 31,     
                                                                      (unaudited)           1997 (a)      
----------------------------------------------------------------------------------------------------------
                                                                                                          
Net Asset Value, beginning of period                               $        1.00        $        1.00     
                                                                    ------------         ------------     
     Net investment income                                                  0.03                 0.04     
     Net realized and unrealized gain (loss) from investments                --                   --      
                                                                    ------------         ------------     
     Total income from investment operations                                0.03                 0.04     
                                                                    ------------         ------------     

Distributions:                                                                                            
     Net investment income                                                 (0.03)               (0.04)    
     Net realized gains from investments                                     --                   --      
                                                                    ------------         ------------     
     Total distributions                                                   (0.03)               (0.04)    
                                                                    ------------         ------------     

     Net change in net asset value per share                                 --                   --      
                                                                    ------------         ------------     

Net Asset Value, end of period                                     $        1.00        $        1.00     
                                                                    ============         ============     

Total Return                                                               2.52%(b)             3.86%(b)  

Ratios/Supplemental Data:                                                                                 
Net assets, end of year (in thousands)                             $      47,916        $      55,566     
Ratios to average net assets:                                                                             
     Expenses                                                              0.68%(c)             0.71%(c)  
     Net investment income                                                 5.09%(c)             4.92%(c)  
     Expenses*                                                             1.04%(c)             1.11%(c)  
     Net investment income*                                                4.73%(c)             4.52%(c)  

--------------------                                                            
*     During the period, certain fees were voluntarily reduced and/ or          
   reimbursed. If such voluntary fee reductions and/ or reimbursements had
not occurred, the ratio would have been as indicated.               
(a)   Period from commencement of operations                                    
(b)   Not annualized.                                                           
(c)   Annualized.                                                               

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INTRUST FUNDS TRUST                                                             
Financial Highlights, Continued                                                 

                                                        · Enlarge/Download Table


                                                                     Short-Term Bond Fund             
                                                             -------------------------------------    
                                                                   Six months          January 21,    
                                                                      ended              1997 to      
                                                                 April 30, 1998        October 31,    
                                                                   (unaudited)          1997 (a)      
--------------------------------------------------------------------------------------------------    
                                                                                                      
Net Asset Value, beginning of period                               $    10.08           $    10.00    
                                                                    ---------            ---------    
     Net investment income                                               0.28                 0.42    
     Net realized and unrealized gain (loss) from investments           (0.01)                0.08    
                                                                    ---------            ---------    
     Total income from investment operations                             0.27                 0.50    
                                                                    ---------            ---------    

Distributions:                                                                                        
     Net investment income                                              (0.28)               (0.42)   
     Net realized gains from investments                                  --                   --     
                                                                    ---------            ---------    
     Total distributions                                                (0.28)               (0.42)   
                                                                    ---------            ---------    

     Net change in net asset value per share                            (0.01)                0.08    
                                                                    ---------            ---------    

Net Asset Value, end of period                                     $    10.07           $    10.08    
                                                                    =========            =========    

Total Return                                                            2.72% (b)            5.13% (b)

Ratios/Supplemental Data:                                                                             
Net assets, end of year (in thousands)                             $   58,887           $   52,682    
Ratios to average net assets:                                                                         
     Expenses                                                           0.68% (c)            0.78% (c)
     Net investment income                                              5.69% (c)            5.48% (c)
     Expenses*                                                          1.15% (c)            1.25% (c)
     Net investment income*                                             5.22% (c)            5.01% (c)
Portfolio Turnover Rate                                                33.39% (b)           84.41% (b)

----------------------------                                                    
*    During the period, certain fees were voluntarily reduced and/or            
reimbursed. If such voluntary fee reductions and/or reimbursements had
not occurred, the ratio would have been as indicated.                 
(a)  Commencement of operations                                                 
(b)  Not annualized.                                                            
(c)  Annualized.                                                                

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INTRUST FUNDS TRUST                                                             
Financial Highlights, Continued                                                 

                                                        · Enlarge/Download Table

                                                                            Stock Fund                
                                                                ------------------------------------  
                                                                     Six months        January 21,    
                                                                       ended             1997 to      
                                                                   April 30, 1998      October 31,    
                                                                    (unaudited)         1997 (a)      
----------------------------------------------------------------------------------------------------  
                                                                                                      
Net Asset Value, beginning of period                               $    11.31           $    10.00    
                                                                    ---------            ---------    
     Net investment income                                               0.03                 0.04    
     Net realized and unrealized gain (loss) from investments            1.85                 1.27    
                                                                    ---------            ---------    
     Total income from investment operations                             1.88                 1.31    
                                                                    ---------            ---------    

Distributions:                                                                                        
     Net investment income                                              (0.03)                --      
     In excess of net investment income                                 (0.02)                --      
     Net realized gains from investments                                (0.54)                --      
                                                                    ---------            ---------    
     Total distributions                                                (0.59)                --      
                                                                    ---------            ---------    

     Net change in net asset value per share                             1.29                 1.31    
                                                                    ---------            ---------    

Net Asset Value, end of period                                     $    12.60           $    11.31    
                                                                    =========            =========    

Total Return                                                           17.43% (b)           13.10% (b)

Ratios/Supplemental Data:                                                                             
Net assets, end of year (in thousands)                             $   99,383           $   79,834    
Ratios to average net assets:                                                                         
     Expenses                                                           1.32% (c)            1.41% (c)
     Net investment income                                              0.58% (c)            0.63% (c)
     Expenses*                                                          1.70% (c)            1.80% (c)
     Net investment income*                                             0.20% (c)            0.24% (c)
Portfolio Turnover Rate                                                   45% (b)              72% (b)

----------------------------                                                    
*    During the period, certain fees were voluntarily reduced and/ or           
 reimbursed. If such voluntary fee reductions and/ or reimbursements had
not occurred, the ratio would have been as indicated.                 
(a)  Commencement of operations                                                 
(b)  Not annualized.                                                            
(c)  Annualized.                                                                

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INTRUST  FUNDS TRUST                                                            
Financial Highlights, Continued                                                 

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                                                                      Intermediate Bond Fund          
                                                              -------------------------------------   
                                                                    Six months         January 21,    
                                                                      ended              1997 to      
                                                                  April 30, 1998       October 31,    
                                                                   (unaudited)          1997 (a)      
---------------------------------------------------------------------------------------------------   
                                                                                                      
Net Asset Value, beginning of period                               $    10.21           $    10.00    
                                                                    ----------           ----------   
     Net investment income                                               0.29                 0.45    
     Net realized and unrealized gain (loss) from investments           (0.01)                0.21    
                                                                    ----------           ----------   
     Total income from investment operations                             0.28                 0.66    
                                                                    ----------           ----------   

Distributions:                                                                                        
     Net investment income                                              (0.29)               (0.45)   
     Net realized gains from investments                                 --                   --      
                                                                    ----------           ----------   
     Total distributions                                                (0.29)               (0.45)   
                                                                    ----------           ----------   

     Net change in net asset value per share                            (0.01)                0.21    
                                                                    ----------           ----------   

Net Asset Value, end of period                                     $    10.20           $    10.21    
                                                                    ==========           ==========   

Total Return                                                             2.78%(b)             6.77%(b)

Ratios/Supplemental Data:                                                                             
Net assets, end of year (in thousands)                             $   49,866           $   46,492    
Ratios to average net assets:                                                                         
     Expenses                                                            0.80%(c)             0.90%(c)
     Net investment income                                               5.80%(c)             5.83%(c)
     Expenses*                                                           1.15%(c)             1.27%(c)
     Net investment income*                                              5.45%(c)             5.46%(c)
Portfolio Turnover Rate                                                 23.41%(b)           108.73%(b)

----------------------------                                                    
*   During the period, certain fees were voluntarily reduced and/ or            
reimbursed. If such voluntary fee reductions and/ or reimbursements had 
not occurred, the ratio would have been as indicated.                   
(a) Commencement of operations                                                  
(b) Not annualized.                                                             
(c) Annualized.                                                                 

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INTRUST  FUNDS TRUST                                                            
Financial Highlights, 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)    
-----------------------------------------------------------------------------------------------------
                                                                                                     

Net Asset Value, beginning of period                               $     10.97          $    10.00   
                                                                    -----------          ------------
     Net investment income                                                0.07                0.11   
     Net realized and unrealized gain (loss) from investments             1.48                0.86   
                                                                    -----------          ------------
     Total income from investment operations                              1.55                0.97   
                                                                    -----------          ------------

Distributions:                                                                                       
     Net investment income                                               (0.07)                 --   
     In excess of net investment income                                  (0.06)                 --   
     Net realized gains from investments                                 (0.09)                 --   
                                                                    -----------          ------------
     Total distributions                                                 (0.22)                 --   
                                                                    -----------          ------------

     Net change in net asset value per share                              1.33                0.97   
                                                                    -----------          ------------

Net Asset Value, end of period                                     $     12.30          $    10.97   
                                                                    ===========          ============

Total Return                                                            14.40%(b)            9.70%(b)

Ratios/Supplemental Data:                                                                            
Net assets, end of year (in thousands)                             $    65,601          $   41,135   
Ratios to average net assets:                                                                        
     Expenses                                                            0.75%(c)            1.42%(c)
     Net investment income                                               1.41%(c)            1.91%(c)
     Expenses*                                                           1.78%(c)            1.75%(c)
     Net investment income*                                              1.11%(c)            1.58%(c)

----------------------------                                                    
*        During the period, certain fees were voluntarily reduced and/ or       
         reimbursed. If such voluntary fee reductions and/ or reimbursements had
not occurred, the ratio would have been as indicated.         
(a)      Commencement of operations                                             
(b)      Not annualized.                                                        
(c)      Annualized.                                                            

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INTRUST  FUNDS TRUST                                                            
Financial Highlights, Continued                                                 

                                                        · Enlarge/Download Table


                                                             -----------------------------------------------------
                                                               Six months           September 1,                  
                                                                 ended                1997 to                     
                                                             April 30, 1998         October 31,          1997     
                                                              (unaudited)            1997 (b)                     
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Net Asset Value, beginning of period                          $     10.73        $     10.66      $     10.51     
                                                               -----------        -----------      -----------    
   Net investment income                                             0.27               0.09             0.55     
   Net realized and unrealized gain (loss) from investments          --                 0.07             0.19     
                                                               -----------        -----------      -----------    
   Total income from investment operations                           0.27               0.16             0.74     
                                                               -----------        -----------      -----------    

Distributions:                                                                                                    
   Net investment income                                            (0.27)             (0.09)           (0.59)    
   In excess of net investment income                                0.00               --               --       
   Net realized gains from investments                              (0.03)              --               --       
   Total distributions                                              (0.30)             (0.09)           (0.59)    
                                                               -----------        -----------      -----------    

   Net change in net asset value per share                          (0.03)              0.07             0.15     
                                                               -----------        -----------      -----------    
Net Asset Value, end of period                                $     10.70        $     10.73      $     10.66     
                                                               ===========        ===========      ===========    

Total Return                                                         2.53%(c)           1.51%(c)         7.27%(c) 

Ratios/Supplemental Data:                                                                                         
Net assets, end of year (in thousands)                        $   119,284        $   103,616      $    96,780     
Ratios to average net assets:                                                                                     
   Expenses                                                          0.21%(d)           0.21%(d)         0.21%(d) 
   Net investment income                                             4.97%(d)           5.10%(d)         5.20%(d) 
   Expenses*                                                         0.73%(d)           0.82%(d)         0.62%(d) 
   Net investment income*                                            4.45%(d)           4.49%(d)         4.79%(d) 
Portfolio Turnover Rate                                              4.54%(c)           5.87%(c)         8.78%(c) 



                                                                      Kansas Tax-Exempt Bond Fund (a)             
                                                     -------------------------------------------------------------
                                                                          Years Ended August 31,                  

                                                                1996              1995             1994           

------------------------------------------------------------------------------------------------------------------
                                                                                                                  

Net Asset Value, beginning of period                        $     10.63       $     10.47       $     10.91       
                                                             -----------        -----------      -----------      
   Net investment income                                           0.56              0.57              0.57       
   Net realized and unrealized gain (loss) from investments       (0.12)             0.16             (0.42)      
                                                             -----------        -----------      -----------      
   Total income from investment operations                         0.44              0.73              0.15       
                                                             -----------        -----------      -----------      

Distributions:                                                                                                    
   Net investment income                                          (0.56)            (0.57)            (0.57)      
   In excess of net investment income                              --                --                --         
   Net realized gains from investments                             --                --               (0.02)      
                                                             -----------        -----------      -----------      
   Total distributions                                            (0.56)            (0.57)            (0.59)      
                                                             -----------        -----------      -----------      

   Net change in net asset value per share                        (0.12)             0.16             (0.44)      
                                                             -----------        -----------      -----------      

Net Asset Value, end of period                              $     10.51       $     10.63       $     10.47       
                                                             ===========        ===========      ===========      

Total Return                                                       4.23%(c)          7.23%(c)          1.41%(c)   

Ratios/Supplemental Data:                                                                                         
Net assets, end of year (in thousands)                      $    72,065       $    65,834       $    62,346       
Ratios to average net assets:                                                                                     
   Expenses                                                        0.21%(d)          0.21%(d)          0.21%(d)   
   Net investment income                                           5.31%(d)          5.47%(d)          5.36%(d)   
   Expenses*                                                       0.51%(d)          0.51%(d)          0.54%(d)   
   Net investment income*                                          5.01%(d)          5.17%(d)          5.03%(d)   
Portfolio Turnover Rate                                           12.71%(c)         17.60%(c)         10.57%(c)   


----------------------------                                                    
*   During the period, certain fees were voluntarily reduced and/ or reimbursed.
 If such voluntary fee reductions and/ or reimbursements had not occurred,
the ratio would have been as indicated .                                

(a) Formerly the Kansas Tax Free Income Portfolio of the SEI Tax-Exempt Trust.  
(b) For the period from September 1, 1997, through October 31, 1997. The Kansas 
Tax-Exempt Bond Fund changed its fiscal year end to October 31, 1997.   
(c) Not annualized.                                                             
(d) Annualized.                                                                 

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
Statements of Assets and Liabilities                                            
April 30, 1998                                                                  
(Unaudited)                                                                     

                                                        · Enlarge/Download Table

--------------------------------------------------------------------------------------------------- 

                                                                                                    
ASSETS:                                                                                             
     Investments in securities at value (cost - $989,636,000)                         $1,206,900,000
     Cash, including foreign currency ..........................................          39,405,000
     Unrealized appreciation on foreign currency contracts .....................             149,000
     Dividends and interest receivable .........................................           4,734,000
     Reclaims receivable .......................................................             378,000
     Receivable for investments sold ...........................................           1,683,000
     Deferred organization costs, net ..........................................               5,000
                                                                                      --------------
             Total assets ......................................................       1,253,254,000
                                                                                      --------------
LIABILITIES:                                                                                        
     Payable for investments purchased .........................................          20,375,000
     Payable upon return of securities loaned ..................................         174,553,000
     Management and investment advisory fees payable (Note 2) ..................           1,415,000
     Accrued organization costs ................................................              33,000
     Other liabilities .........................................................             471,000
                                                                                      --------------
             Total liabilities .................................................         196,847,000
                                                                                      --------------
Net assets applicable to investors' beneficial interests ......................      $1,056,407,000 
                                                                                      ==============

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                        
Statement of Operations                                                       
Six Months Ended April 30, 1998                                               
(Unaudited)                                                                   
--------------------------------------------------------------------------------

INVESTMENT INCOME:                                                              
     Interest income .........................................   $   1,478,000
     Dividend income (net of foreign taxes of $900,000) ......       9,659,000
     Income derived from securities lending, net .............          96,000
                                                                 -------------
            Total investment income ..........................      11,233,000
                                                                 -------------
EXPENSES:                                                                       
Management and investment advisory                                  
       fees (Note 2) .........................................       1,899,000
     Custodian fees ..........................................         356,000
     Professional fees .......................................          18,000
     Other expenses ..........................................         197,000
                                                                 -------------
             Total expenses ..................................       2,470,000
                                                                 -------------
Net investment income .........................................       8,763,000 
                                                                 -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                             
     Net realized gain on investments ........................      20,202,000
Net realized loss on foreign currency                               
         transactions .........................................      (3,382,000)
Change in net unrealized appreciation of                            
       investments ...........................................     121,521,000
Change in net unrealized depreciation of foreign currency           
         contracts and translations ...........................     (15,024,000)
                                                                 -------------
             Net gain on investments .........................     123,317,000
                                                                 -------------
Net increase in net assets resulting from                                       
  operations .................................................   $ 132,080,000
                                                                 =============

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                        
Statements of Changes in Net Assets                                           
--------------------------------------------------------------------------------

                                                        · Enlarge/Download Table

                                                        Six Months                       
                                                          Ended            Year Ended    
                                                        April 30,          October 31,   
                                                     1998 (Unaudited)         1997       
                                                    ------------------  -----------------
                                                                                         
INCREASE IN NET ASSETS:                                                                  
OPERATIONS:                                                                              
      Net investment income ......................   $     8,763,000    $    15,411,000  
      Net realized gain on investments and                                               
         foreign currency transactions ...........        16,820,000         21,331,000  
      Change in net unrealized appreciation                                              
         (depreciation) of investments and                                               
         foreign currency translations ...........       106,497,000         57,105,000  
                                                     ---------------    ---------------  
              Net increase in net assets                                                 
                 resulting from operations .......       132,080,000         93,847,000  
                                                     ---------------    ---------------  
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:                                         
      Contributions ..............................       370,870,000        397,499,000  
      Withdrawals ................................      (208,216,000)      (134,169,000) 
                                                     ---------------    ---------------  
              Net increase in net assets resulting                                       
                 from transactions in investors'                                         
                 beneficial interests ............       162,654,000        263,330,000  
                                                     ---------------    ---------------  
Net increase in net assets .......................       294,734,000        357,177,000  
                                                     ---------------    ---------------  
NET ASSETS:                                                                              
    Beginning of period ..........................       761,673,000        404,496,000  
                                                     ---------------    ---------------  
    End of period ................................   $ 1,056,407,000    $   761,673,000  
                                                     ===============    ===============  

---------------------------------------------------------------------------------------  
 FINANCIAL HIGHLIGHTS:                                                                   
---------------------------------------------------------------------------------------  

 RATIOS:                                                                                 
       Expenses to average net assets                                                    
         (annualized) ............................             0.57%              0.57%  
       Net investment income to average net                                              
          assets (annualized).....................             2.03%              2.55%  
      Portfolio turnover rate.....................               12%                15%  
      Average commission rate paid*...............   $        0.0159    $        0.0164  

*Foreign commissions usually are lower than U.S. commissions when   
 expressed as cents per share due to the lower per share price of many
non-U.S. securities.                                                

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
Notes to Financial Statements                                                   
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

1.       Organization and Significant Accounting Policies                       

         The AMR Investment Services Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended, as a no load, open-end management   
investment company which was organized as a trust under the laws of the State of
New York pursuant to a Declaration of Trust dated as of June 27, 1995 and       
amended on August 11, 1995. The AMR Investment Services International Equity    
Portfolio (the "Portfolio") is one of the portfolios of the Trust. The Portfolio
commenced active operations on November 1, 1995. The Declaration of Trust       
permits the Board of Trustees (the "Trustees") to issue beneficial interests in 
the Portfolio.                                                                  

 AMR Investment Services, Inc. (the "Manager") is a wholly-owned
subsidiary of AMR Corporation, the parent company of American Airlines, Inc.    
("American"), and was organized in 1986 to provide business management,         
advisory, administrative and asset management consulting services.              

   The following is a summary of the significant accounting policies
followed by the Portfolio.                                                      

Security Valuation                                                        

    Equity securities that are primarily traded on domestic securities
exchanges are valued at the last quoted sales price on a designated exchange    
prior to the close of trading on the New York Stock Exchange (the "Exchange")   
or, lacking any current sales, on the basis of the last current bid price prior 
to the close of trading on the Exchange. Portfolio securities that are primarily
traded on foreign securities exchanges are generally valued at the preceding    
closing values of such securities on their respective exchanges where primarily 
traded. Over-the-counter equity securities are valued on the basis of the last  
bid price on that date prior to the close of trading. Debt securities (other    
than short-term securities) normally will be valued on the basis of prices      
provided by a pricing service and may take into account appropriate factors such
as institution-size trading in similar groups of securities, yield, quality,    
coupon rate, maturity, type of issue, trading characteristics and other market  
data. In some cases, the prices of debt securities may be determined using      
quotes obtained from brokers. Securities for which market quotations are not    
readily available are valued at fair value, as determined in good faith and     
pursuant to procedures approved by the Trust's Board of Trustees (the "Board"). 
Investment grade short-term obligations with 60 days or less to maturity are    
valued using the amortized cost method.                                         

Security Transactions and Investment Income                               

      Security transactions are recorded on the trade date of the security
purchase or sale. Dividend income is recorded on the ex-dividend date except    
certain dividends from foreign securities which are recorded as soon as the     
information is available to the Portfolio. Interest income is earned from       
settlement date, recorded on the accrual basis, and adjusted, if necessary, for 
amortization of premiums or accretion of discounts on investment grade          
short-term securities and zero coupon instruments. For financial and tax        
reporting purposes, realized gains and losses are determined on the basis of    
specific lot identification.                                                    

Currency Translation                                                      

    All assets and liabilities initially expressed in foreign currency
values are converted into U.S. dollar values at the bid price of such currencies
against U.S. dollars as last quoted by a recognized dealer. Income, expenses and
purchases and sales of investments are translated into U.S. dollars at the rate 
of exchange prevailing on the respective dates of such transactions. The        
Portfolio includes that portion of the results of operations resulting from     
changes in foreign exchange rates with net realized and unrealized gain on      
investments, as appropriate.                                                    

Forward Foreign Currency Contracts                                        

    The Portfolio may enter into forward foreign currency contracts to
hedge the exchange rate risk on investment transactions or to hedge the value of
portfolio securities denominated in foreign currencies. Forward foreign currency
contracts are valued at the forward exchange rate prevailing on the day of      
valuation.                                                                      

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

Federal Income and Excise Taxes                                           

       The Portfolio will be treated as a partnership for federal income tax
purposes. As such, each investor in the Portfolio will be taxed on its share of 
the Portfolio's ordinary income and capital gains. It is intended that the      
Portfolio's assets will be managed in such a way that an investor in the        
Portfolio will be able to satisfy the requirements of sub-chapter M of the      
Internal Revenue Code.                                                          

Deferred Organization Expenses                                            

        Expenses incurred by the Portfolio in connection with its organization
are being amortized on a straight-line basis over a five-year period.           

2.       Transactions with Affiliates                                           

Management Agreement                                                      

       The Trust and the Manager are parties to a Management Agreement which
obligates the Manager to provide or oversee the provision of all administrative,
investment advisory and portfolio management services. Investment assets of the 
Portfolio are managed by multiple investment advisers which have entered into   
separate investment advisory agreements with the Manager. As compensation for   
performing the duties required under the Management Agreement, the Manager      
receives from the Portfolio an annualized fee equal to .10% of the average daily
net assets of the Portfolio plus amounts paid by the Manager to the investment  
advisors hired by the Manager to direct investment activities of the Portfolio. 
Management fees are paid as follows (dollars in thousands):                     

                                                                · Download Table

                                       Amount paid to     Net Amount paid to
Management Fee Rate  Management Fee  Investment Advisors        Manager     
-------------------  --------------  -------------------        -------     
                                                                            
    .25% - .90%          $1,900            $1,372                $528       

Other                                                                     

        Certain officers or trustees of the Portfolio are also officers of the
Manager or American. The Portfolio makes no direct payments to its officers.    
Unaffiliated trustees and their spouses are provided free unlimited air         
transportation on American. However, the Portfolio compensates each Trustee with
payments in an amount equal to the Trustee's income tax on the value of this    
free airline travel. For the six months ended April 30, 1998, the cost of air   
transportation was not material to the Portfolio.                               

3.       Investment Transactions                                                

         The aggregate cost of purchases and proceeds from sales of investments,
other than short-term obligations, for the six months ended April 30, 1998 were 
$309,228,000 and $99,220,000, respectively.                                     

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

4.       Commitments                                                            

         In order to protect itself against a decline in the value of particular
foreign currencies against the U.S. dollar, the Portfolio has entered into      
forward contracts to deliver or receive foreign currency in exchange for U.S.   
dollars as described below. The Portfolio bears the market risk that arises from
changes in foreign exchange rates, and accordingly, the unrealized gain (loss)  
on these contracts is reflected in the accompanying financial statements. The   
Portfolio also bears the credit risk if the counterparty fails to perform under 
the contract. At April 30, 1998, the Portfolio had outstanding forward foreign  
currency contracts as follows:                                                  

                                                        · Enlarge/Download Table


Contracts to Deliver                        Settlement                          Unrealized   
--------------------                                                                         
(amounts in thousands)                         Date              Value          Gain/(Loss)  
                                         ------------------- ---------------  ---------------
                                                                                             
           79,000     French Franc            6/19/98           $    13,165     $        677 
              154     Irish Pound              5/5/98                   217                1 
              393     Pound Sterling           5/5/98                   657                1 
            1,600     Pound Sterling          11/9/98                 2,653              (20)
            6,100     Pound Sterling          11/9/98                10,115              (60)
                                                             ---------------  ---------------

Total contracts to deliver                                                                   
(Receivable amount $27,406)                                     $    26,807     $        599 
                                                             ===============  ===============


Contracts to Receive                                                                         
---------------------                                                                        
(amounts in thousands)                                                                       
                                                                                             
               46     Canadian Dollar          5/1/98           $        32     $          0 
              144     Deutsche Mark            5/4/98                    80                0 
           29,000     French Franc            6/19/98                 4,833             (239)
           21,300     French Franc            6/19/98                 3,550             (210)
            6,994     Japanese Yen             5/1/98                    53                0 
           21,139     Japanese Yen             5/6/98                   160                0 
                6     Malaysian Ringgit        5/4/98                     2                0 
               14     Malaysian Ringgit        5/5/98                     4                0 
              169     Pound Sterling           5/6/98                   283                0 
               92     Pound Sterling           5/7/98                   154                0 
            1,185     Pound Sterling           5/1/98                 1,981               (1)
                                                             ---------------  ---------------

Total contracts to receive                                                                   
(Payable amount $11,582)                                        $    11,132     $       (450)
                                                             ===============  ===============

5.       Securities Lending                                                     

        The Portfolio participates in a securities lending program under which
securities are loaned to selected institutional investors. All such loans       
require collateralization with cash, securities of the U.S. Government and its  
agencies or letters of credit that at all times equal at least 100% of the      
market value of the loaned securities plus accrued interest. The portfolio may  
bear the risk of delay in recovery of, or even loss of rights in, the securities
loaned should the borrower of securities fail financially. The Portfolio        
receives fee income or the                                                      

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Notes to Financial Statements, Continued                                        
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

interest on the collateral less any fees and rebates paid to agents and         
transferees of securities. The Portfolio also continues to receive interest on  
the securities loaned, and any gain or loss in the market price of securities   
loaned that may occur during the term of the loan will be for the account of the
Portfolio.                                                                      

    At April 30, 1998, securities with a market value of approximately
$173,137,000 were loaned by the Portfolio. The custodian for the Portfolio held 
an investment in the AMR Investments Strategic Cash Business Trust (the         
"Business Trust") totaling $174,553,000. In addition, the custodian held        
non-cash collateral totaling $3,616,000. The Manager serves as Trustee and as   
investment adviser to the Business Trust. The Manager receives from the Business
Trust an annualized fee equal to 0.10% of the average daily net assets of the   
Business Trust.                                                                 

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SCHEDULE OF INVESTMENTS                                                         
April 30, 1998                                                                  
(Unaudited)                                                                     

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                                                                    Shares                Value      
                                                               -----------------    -----------------
                                                                                                     
AUSTRALIA COMMON STOCKS - 4.05%                                                                      
Australia & New Zealand Banking Group                                 1,147,152          $ 8,005,000 
Brambles Industries, Limited                                            166,700            3,436,000 
CSR, Limited                                                            199,200              636,000 
Foster's Brewing Group, Limited                                       1,900,300            4,138,000 
GIO Australia Holdings, Limited                                       1,191,949            3,419,000 
Goodman Fielder, Limited                                              1,150,000            1,784,000 
Mayne Nickless, Limited                                                 625,000            3,375,000 
News Corporation Preferred Rights                                       345,000            1,943,000 
News Corporation, Limited                                               210,000            1,408,000 
Pioneer International, Limited                                        2,054,675            5,867,000 
QBE Insurance Group, Limited                                          1,149,636            5,277,000 
RGC, Limited                                                            550,000              753,000 
WMC, Limited                                                            785,000            2,794,000 
                                                                                    -----------------
     Total Australia Common Stocks                                                        42,835,000 
                                                                                    -----------------

AUSTRIA - 1.11%                                                                                      
PREFERRED STOCKS - 0.32%                                                                             
Bank Austria AG                                                          44,000            3,401,000 
                                                                                    -----------------
       Total Austria Preferred Stocks                                                      3,401,000 
                                                                                    -----------------

COMMON STOCKS - 0.79%                                                                                
Boehler-Uddeholm                                                         60,185            4,437,000 
Evn Energie-Versorgung Niederoesterreich AG                               7,960            1,176,000 
Mayr-Melnhof Karton AG                                                   16,000            1,110,000 
VA Technologie AG                                                        11,000            1,581,000 
                                                                                    -----------------
       Total Austria Common Stocks                                                         8,304,000 
                                                                                    -----------------
   Total Austria                                                                          11,705,000 
                                                                                    -----------------

BELGIUM COMMON STOCKS - 0.53%                                                                        
Electrabel SA                                                             8,800            2,336,000 
GIB Holdings, Limited NPV                                                29,000            1,425,000 
Solvay Et Cie, NPV                                                       25,000            1,880,000 
                                                                                    -----------------
   Total Belgium Common Stocks                                                             5,641,000 
                                                                                    -----------------

CANADA COMMON STOCKS - 4.11%                                                                         
Alcan Aluminum, Limited                                                  97,000            3,147,000 
Anderson Exploration, Limited                                           170,000            2,068,000 
Canadian Imperial Bank of Commerce                                      157,200            5,588,000 
IMASCO, Limited                                                         119,000            4,480,000 
Methanex Corporation                                                    275,000            2,394,000 
Newbridge Network                                                       100,000            2,929,000 
Noranda, Incorporated                                                   254,875            5,257,000 
Oshawa Group, Limited                                                    66,000            1,061,000 
Potash Corporation of Saskatchewan                                       40,704            3,625,000 

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SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     

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Ranger Oil, Limited                                                     116,200              808,000 
Renaissance Energy                                                      334,200            6,437,000 
Telus Corporation                                                       210,000            5,660,000 
                                                                                    -----------------
   Total Canada Common Stocks                                                             43,454,000 
                                                                                    -----------------

DENMARK COMMON STOCKS - 0.69%                                                                        
BG Bank                                                                  20,750            1,213,000 
Den Danske Bank                                                          12,000            1,455,000 
Teledanmark AS, "B"                                                      16,700            1,403,000 
Unidanmark AS, "A"                                                       38,200            3,210,000 
                                                                                    -----------------
   Total Denmark Common Stocks                                                             7,281,000 
                                                                                    -----------------

FINLAND COMMON STOCKS - 2.85%                                                                        
Enso-Gutzeit OY, "R"                                                    212,000            2,257,000 
Huhtamaki Group I Free                                                   27,500            1,590,000 
Merita Bank, Limited                                                    785,000            5,259,000 
Metra OY, "B"                                                           194,295            4,886,000 
Metsa-Serla OY, "B"                                                     100,000            1,037,000 
Nokia OY,"A"                                                             87,000            5,845,000 
Rauma OY                                                                 83,277            1,559,000 
UPM-Kymmene OY                                                          254,280            7,631,000 
                                                                                    -----------------
   Total Finland Common Stocks                                                            30,064,000 
                                                                                    -----------------

FRANCE COMMON STOCKS - 9.56%                                                                         
Alcatel Alsthom CG                                                       47,200            8,745,000 
Axa SA                                                                   35,542            4,170,000 
Banque Nationale de Paris                                                45,000            3,791,000 
Bongrain SA                                                               2,274            1,171,000 
Elf Aquitaine SA                                                        117,700           15,432,000 
France Telecom SA                                                       105,300            5,727,000 
Groupe Danone                                                            40,300            9,510,000 
La Farge                                                                  5,415              497,000 
La Farge-Coppee SA                                                       64,983            6,134,000 
Pechiney SA                                                              51,800            2,316,000 
Pernod-Ricard                                                            70,689            4,875,000 
Rhone-Poulenc, "A"                                                      126,100            6,163,000 
SA Des Galeries Lafayette                                                   162              142,000 
Saint Gobain                                                             21,848            3,638,000 
Schneider SA                                                             43,000            3,215,000 
Scor SA                                                                  31,500            1,941,000 
Seita                                                                   115,202            5,169,000 
Societe Generale                                                         37,984            7,903,000 
Total Petroleum Company, "B"                                             57,100            6,784,000 
Usinor Sacilor                                                          248,752            3,720,000 
                                                                                    -----------------
   Total France Common Stocks                                                            101,043,000 
                                                                                    -----------------

GERMANY - 4.45%                                                                                      
PREFERRED STOCKS - 0.97%                                                                             
Dyckerhoff AG                                                            14,274            4,916,000 
Herlitz AG                                                               23,947            1,455,000 

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SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     

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Volkswagen AG                                                             6,570            3,899,000 
                                                                                    -----------------
       Total Germany Preferred Stocks                                                     10,270,000 
                                                                                    -----------------

COMMON STOCKS - 3.48%                                                                                
BASF AG                                                                 120,300            5,356,000 
BAYER AG                                                                149,125            6,632,000 
BBS Kraftfahrzeugtechnik                                                  1,526              269,000 
Commerzbank AG                                                          134,500            5,187,000 
Deutsche Bank AG                                                         36,000            2,770,000 
Hoechst AG                                                               41,700            1,682,000 
Karstadt AG                                                               4,000            1,806,000 
Muenchener Rueckversicherung AG                                           7,160            2,434,000 
Varta AG                                                                  1,440              286,000 
Veba AG                                                                  93,500            6,179,000 
Viag AG                                                                   7,340            3,718,000 
Volkswagen AG                                                               505              402,000 
                                                                                    -----------------
       Total Germany Common Stocks                                                        36,721,000 
                                                                                    -----------------
   Total Germany                                                                          46,991,000 
                                                                                    -----------------

HONG KONG COMMON STOCKS - 3.57%                                                                      
Asia Satellite Telecommunications Holdings, Limited                     275,000              506,000 
Cheung Kong Holdings, Limited                                           355,000            2,360,000 
CLP Holdings                                                            818,000            3,928,000 
Dickson Concepts (International), Limited                               643,000              888,000 
Hang Lung Development Company, Limited                                3,155,000            4,114,000 
Hong Kong Aircraft Engineering Company, Limited                           7,200               13,000 
Hong Kong Electric Holdings                                             793,400            2,438,000 
Hong Kong Telecommunications, Limited                                 1,024,400            1,918,000 
HSBC Holdings, Limited                                                  114,500            3,267,000 
Hutchinson Whampoa, Limited                                             300,000            1,855,000 
Hysan Development                                                       496,000              704,000 
Hysan Development Company, Limited                                       49,600                1,000 
National Mutual of Asia, Limited                                      1,700,000            1,361,000 
New World Development Company, Limited                                  919,000            2,616,000 
Peregrine Investmens Holdings, Limited Warrants                          55,000                1,000 
Peregrine Investments Holdings, Limited                                 605,000              336,000 
South China Morning Post                                              7,886,000            4,734,000 
Swire Pacific                                                         1,234,500            6,168,000 
Swire Pacific                                                           632,500              539,000 
                                                                                    -----------------
   Total Hong Kong Common Stocks                                                          37,747,000 
                                                                                    -----------------

IRELAND COMMON STOCKS - 0.73%                                                                        
Jefferson Smurfit                                                     2,063,082            7,678,000 
                                                                                    -----------------
   Total Ireland Common Stocks                                                             7,678,000 
                                                                                    -----------------

ITALY - 3.16%                                                                                        
PREFERRED STOCKS - 0.20%                                                                             
Concessioni E Contruzioni Autostrade                                    525,000            2,053,000 
                                                                                    -----------------
       Total Italy Preferred Stocks                                                        2,053,000 
                                                                                    -----------------

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SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     

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COMMON STOCKS - 2.96%                                                                                
Burgo (Cartiere) SPA                                                    225,020            1,803,000 
Danieli Group                                                            94,960               25,000 
Danieli Group Risp                                                       94,960              504,000 
Eni SPA                                                                 941,380            6,319,000 
Fiat SPA                                                                775,000            3,073,000 
Instituto Nazionale Delle Assicurazioni                               1,000,000            2,988,000 
Mediaset                                                                541,100            3,542,000 
STET Telecom Italia                                                     550,000            4,113,000 
STET Telecom Italia Risp                                              1,696,500            8,942,000 
                                                                                    -----------------
       Total Italy Common Stocks                                                          31,309,000 
                                                                                    -----------------
   Total Italy                                                                            33,362,000 
                                                                                    -----------------

JAPAN COMMON STOCKS - 9.87%                                                                          
Aisin Seiki Company, Limited                                            300,000            2,881,000 
Aoyama Trading Company                                                   68,100            1,572,000 
Best Denki Company                                                       26,000              148,000 
Canon, Incorporated                                                      54,000            1,279,000 
Central Japan Railway                                                       500            1,718,000 
Chudenko Corporation                                                     33,000              764,000 
Daibiru Corporation                                                     240,000            1,615,000 
Daicel Chemical                                                         859,000            1,502,000 
Eisai Company                                                           101,000            1,452,000 
Fuji Photo Film Company                                                 203,000            7,236,000 
Fujisawa Pharmaceutical Company                                          77,000              751,000 
Hitachi Zosen Corporation                                               212,000              324,000 
Hitachi, Limited                                                        324,000            2,327,000 
Japan Tobacco                                                               950            6,809,000 
Kanamoto Company                                                         51,000              239,000 
KAO Corporation                                                         365,000            5,373,000 
Koito Manufacturing Company                                             432,000            2,223,000 
Kyocera Corporation                                                     108,000            5,673,000 
Makita Corporation                                                       33,000              360,000 
Matsushita Electric Industrial Company                                  304,000            4,878,000 
Matsuzakaya Company                                                     266,000            1,158,000 
MOS Food Services                                                        97,000            1,237,000 
Namco                                                                   150,000            3,048,000 
NEC Corporation                                                          79,000              891,000 
Nichicon Corporation                                                    293,000            3,193,000 
Nichido Fire & Marine Insurance                                         393,000            2,109,000 
Nintendo Company, Limited                                                64,400            5,917,000 
Nippon Telephone & Telegraph Company                                        370            3,248,000 
NKK Corporation                                                       1,200,000            1,044,000 
Okumura Corporation                                                     420,000            1,558,000 
Ono Pharmaceutical                                                       64,000            1,395,000 
Promise Company, Limited                                                106,800            5,432,000 
Ryosan Company                                                            9,000              129,000 
Sekisiu Chemical Company, Limited                                       311,000            1,711,000 
Shionogi & Company                                                      173,000              940,000 
Showa Sangyo Company                                                    593,000            1,158,000 

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SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     

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Sony Corporation                                                         80,800            6,733,000 
Sumitomo Marine & Fire Insurance                                        442,000            2,639,000 
Sumitomo Rubber Industries                                               77,000              455,000 
Suzuki Motor Corporation, Limited                                       193,000            1,662,000 
Toyo Seikan Kaisha                                                      198,000            2,555,000 
Yamanouchi Pharmaceutical                                               127,000            3,009,000 
Yamato Kogyo Company, Limited                                           120,000              896,000 
Yodogawa Steel Works                                                    499,000            2,115,000 
Yoshitomi Pharmaceutical                                                185,000              976,000 
                                                                                    -----------------
   Total Japan Common Stocks                                                             104,332,000 
                                                                                    -----------------

MALAYSIA COMMON STOCKS - 0.44%                                                                       
Genting BHD                                                             508,700            1,687,000 
Golden Hope Plantations BHD                                           1,668,000            2,060,000 
Hicom Holdings BHD                                                      529,300              209,000 
Malaysian International Shipping Corporation BHD                        402,666              700,000 
                                                                                    -----------------
   Total Malaysia Common Stocks                                                            4,656,000 
                                                                                    -----------------

MEXICO COMMON STOCKS - 0.60%                                                                         
Alfa, SA                                                                121,000              660,000 
Consorcio Grupo Dina Sa De C V                                          367,625            1,907,000 
Grupo Mexico SA                                                          63,000              200,000 
Grupo Mexico SA                                                         435,000            1,409,000 
Industrias Penoles                                                      215,000              886,000 
Vitro Sa                                                                335,000            1,243,000 
                                                                                    -----------------
   Total Mexico Common Stocks                                                              6,305,000 
                                                                                    -----------------

NETHERLANDS COMMON STOCKS - 6.47%                                                                    
ABN AMRO Holdings NV                                                    447,715           10,902,000 
Akzo Nobel NV                                                            66,750           13,578,000 
Fortis Amev NV                                                           51,654            3,022,000 
Hollandsche Beton Groep NV                                              158,040            3,293,000 
Ing Groep NV                                                            235,577           15,309,000 
Kon PTT Nederland                                                       129,410            6,687,000 
Koninklijke Bijenkorf Beheer NV                                          17,400            1,240,000 
Koninklijke KNP BT                                                       58,010            1,593,000 
Phillips Electronics                                                    112,900            9,946,000 
Unilever NV                                                              40,000            2,847,000 
                                                                                    -----------------
   Total Netherlands Common Stocks                                                        68,417,000 
                                                                                    -----------------

NEW ZEALAND - 0.70%                                                                                  
FOREIGN BONDS - 0.01%                                                                                
Brierley Investments, Limited,                                                                       
  Subordinated Convertible, 9.00%, Due 6/30/1998                             63               35,000 
                                                                                    -----------------
       Total New Zealand Foreign Bonds                                                        35,000 
                                                                                    -----------------

COMMON STOCKS - 0.69%                                                                                
Brierley Investments, Limited                                         1,691,262              977,000 
Carter Holt Harvey, Limited                                             605,889              805,000 
Fisher & Paykel, Limited                                                660,000            1,962,000 

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SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     

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Fletcher Challenge Building                                             775,250            1,568,000 
Fletcher Challenge Forest                                                 8,284                5,000 
Fletcher Challenge Paper                                                365,000              537,000 
Lion Nathan, Limited                                                    534,700            1,420,000 
                                                                                    -----------------
       Total New Zealand Common Stocks                                                     7,274,000 
                                                                                    -----------------
   Total New Zealand                                                                       7,309,000 
                                                                                    -----------------

NORWAY COMMON STOCKS - 1.79%                                                                         
Den Norsk Bank, Series A                                                270,000            1,419,000 
Kvaerner Industries AS                                                  117,289            5,140,000 
Norsk Hydro AS                                                           60,000            2,993,000 
Nycomed AS, Series B                                                    190,771            6,190,000 
Saga Petroleum                                                           10,175              202,000 
Saga Petroleum, Series B Free                                           100,000            1,783,000 
Unitor AS                                                                80,000            1,234,000 
                                                                                    -----------------
   Total Norway Common Stock                                                              18,961,000 
                                                                                    -----------------

SINGAPORE COMMON STOCKS - 0.47%                                                                      
Development Bank of Singapore                                            46,000              305,000 
Development Bank of Singapore                                            16,500              109,000 
Fraser & Neave, Limited                                                 541,000            2,426,000 
Hong Kong Land                                                          708,847            1,000,000 
Inchcape Berhad                                                         325,000              112,000 
Inchcape Motors                                                         325,000              554,000 
Singapore Finance, Limited                                              387,000              293,000 
Van Der Horst                                                           440,000              186,000 
                                                                                    -----------------
   Total Singapore Common Stock                                                            4,985,000 
                                                                                    -----------------

SPAIN COMMON STOCKS - 3.14%                                                                          
Banco Popular Espanol                                                    28,000            2,296,000 
Banco Santander SA                                                      112,730            5,954,000 
Iberdrola SA                                                            522,757            8,403,000 
Repsol SA (BR)                                                          100,135            5,486,000 
Telefonica                                                              144,000              113,000 
Telefonica de Espana                                                    261,900           10,929,000 
                                                                                    -----------------
   Total Spain Common Stocks                                                              33,181,000 
                                                                                    -----------------

SOUTH KOREA COMMON STOCKS - 0.10%                                                                    
Korea Electric Power Corporation                                         80,860            1,101,000 
                                                                                    -----------------
   Total South Korea Common Stocks                                                         1,101,000 
                                                                                    -----------------

SWEDEN COMMON STOCKS - 4.06%                                                                         
Assidoman AB                                                             56,000            1,505,000 
Astra AB, "B" Free                                                       55,200            1,098,000 
Autoliv Incorporated                                                    105,000            3,189,000 
Electrolux AB, "B"                                                       95,015            8,840,000 
Esselte AB, Class "A"                                                     2,000               45,000 
Esselte AB, Class "B"                                                    17,000              389,000 
Foreningssparbk                                                         178,500            5,582,000 
Granges AB                                                               15,000              273,000 

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Nordbanken AS                                                           358,100            2,638,000 
Pharmacia & Upjohn, Incorporated                                         91,300            3,982,000 
Skandia Forsakrings AB                                                   14,300              996,000 
SKF AB, "B" Free                                                         94,600            1,907,000 
Stora Kopparsbergs Bergslags, "A"                                       122,100            2,091,000 
Stora Kopparsbergs Bergslags, "B"                                        25,800              440,000 
Svedala Industries, "A" Free                                             90,000            2,146,000 
Svenska Cellulosa, "B" Free                                             149,400            4,305,000 
Volvo AB                                                                120,000            3,504,000 
                                                                                    -----------------
   Total Sweden Common Stock                                                              42,930,000 
                                                                                    -----------------

SWITZERLAND COMMON STOCKS - 6.36%                                                                    
ABB AG                                                                    2,840            4,658,000 
Cie Fin Richemont                                                         3,940            5,648,000 
Forbo Holding AG                                                          3,280            1,684,000 
Holderbank Financial Glarus-B                                             3,600            3,811,000 
Nestle SA                                                                 9,541           18,510,000 
Novartis AG                                                               2,879            4,760,000 
Schindler Holding AG (BR)                                                 1,110            1,795,000 
Schweitz Ruckversiche                                                     3,676            8,112,000 
SGS Holdings                                                                240              409,000 
Sig Schweitz Industries AG                                               11,140            9,269,000 
Sulzer AG                                                                 7,017            5,029,000 
Zurich Versicherungs                                                      5,700            3,473,000 
                                                                                    -----------------
   Total Switzerland Common Stock                                                         67,158,000 
                                                                                    -----------------

UNITED KINGDOM COMMON STOCKS - 22.86%                                                                
Aggreko, PLC                                                            502,977            1,682,000 
Albert Fisher Group, PLC                                                262,500              123,000 
Allied Domecq, PLC                                                      510,710            5,252,000 
Arcadia Group                                                            41,875              329,000 
Arriva                                                                  205,000            1,446,000 
Associated British Foods Group, PLC                                      78,500              736,000 
Bank of Scotland                                                        306,044            3,761,000 
BAT Industries, PLC                                                     925,984            8,732,000 
BG, PLC                                                               1,332,016            7,116,000 
British Energy, PLC                                                     300,000            2,734,000 
British Telecommunications                                              732,400            7,954,000 
BTR, PLC                                                              4,577,800           15,213,000 
Bunzl, PLC                                                              792,900            3,818,000 
Burmah Castro, PLC                                                      366,050            7,571,000 
Coats Viyella, PLC                                                    1,695,330            2,636,000 
Commercial Union, PLC                                                   474,200            8,872,000 
Cookson Group, PLC                                                    1,814,400            8,145,000 
Cortaulds Textiles, PLC                                                 150,000              805,000 
Cortaulds, PLC                                                          362,000            2,657,000 
Danka Business Systems, PLC                                             604,100            3,005,000 
Debenhams Retail                                                         83,750              549,000 
Diageo                                                                  360,590            4,293,000 
Elementis                                                               511,260            1,299,000 

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(Unaudited)                                                                     

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English China Claylord Group                                            418,610            1,725,000 
Express Dairies                                                         250,000              679,000 
General Electric                                                        435,000            3,600,000 
Great Universal Stores                                                  239,500            3,648,000 
Hanson, PLC                                                           1,054,385            6,219,000 
Hillsdown Holdings, PLC                                               2,171,600            6,499,000 
Hyder, PLC                                                              289,000            4,648,000 
Imperial Chemical Industries, PLC                                        37,000              672,000 
Imperial Tobacco Group                                                  374,100            2,696,000 
Inchcape, PLC                                                           300,000            1,122,000 
Lex Service                                                             350,000            3,540,000 
Lonrho                                                                  243,625            1,756,000 
Lucasvarity, PLC                                                        610,000            2,726,000 
Medeva, PLC                                                           2,156,273            6,417,000 
National Grid Group, PLC                                                255,000            1,646,000 
National Power, PLC                                                      50,000              487,000 
National Westminster Bank, PLC                                          543,219           10,872,000 
Northern Foods, PLC                                                     500,000            1,852,000 
P & O                                                                   294,158            4,340,000 
Pilkington, PLC                                                             363                1,000 
PowerGen, PLC                                                           310,400            4,193,000 
Premier Farnell, PLC                                                    287,200            1,723,000 
Racal Electronics, PLC                                                  390,404            2,170,000 
Reckitt & Colman, PLC                                                   394,754            7,953,000 
RMC Group                                                               212,500            3,731,000 
Rolls Royce, PLC                                                        243,273            1,135,000 
Royal & Sun Alliance Insurance Group                                    313,400            3,500,000 
Safeway, PLC                                                            459,677            2,740,000 
Salvesen (Christian), PLC                                               502,977            1,051,000 
Scapa Group                                                             525,000            1,663,000 
Shell Transportation & Trading Company, PLC                             135,000            1,004,000 
Somerfield                                                              308,000            1,742,000 
Southern Electric, PLC                                                  151,400            1,411,000 
Storehouse                                                              880,000            3,642,000 
Tate & Lyle, PLC                                                        764,000            6,132,000 
Tesco, PLC                                                              343,819            3,219,000 
Thames Water Group, PLC                                                 189,800            3,094,000 
Tomkins                                                               1,205,668            7,096,000 
Transport Development Group                                              28,260              135,000 
Transport Development Group                                              50,000               28,000 
Unilever, PLC                                                           522,900            5,569,000 
Vickers                                                                 695,000            2,742,000 
Wolseley                                                                483,300            3,390,000 
WPP Group, PLC                                                        1,369,800            8,692,000 
                                                                                    -----------------
   Total United Kingdom                                                                  241,628,000 
                                                                                    -----------------

UNITED STATES - 22.54%                                                                               
FOREIGN SECURITIES DENOMINATED IN U.S. DOLLARS - 1.83%                                               
Cho Hung Bank GDR                                                       340,000              417,000 
Dairy Farm International                                                908,000            1,162,000 

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     

                                                        · Enlarge/Download Table
-----------------------------------------------------------------------------------------------------
                                                                                                     
G P Batteries International, Limited                                    137,000              379,000 
Kookmin Bank GDR                                                         50,000              331,000 
Kookmin Bank GDR                                                         84,797              561,000 
Jardine Matheson Holding, Limited                                       871,000            3,676,000 
Jardine Strategic                                                     1,824,000            4,742,000 
New Holland NV                                                           80,000            1,960,000 
Nova Corporation                                                        225,000            2,559,000 
Sk Telecom, Limited                                                     115,051              856,000 
Stolt-Nielsen SA, "B"                                                    38,000              722,000 
Telmex ADR                                                               35,000            1,982,000 
                                                                                    -----------------
   Total Foreign Securities Denominated in U.S. Dollars                                   19,347,000 
                                                                                    -----------------

     Discount Note, 5.41%, Due 6/12/1998                              4,435,000            4,407,000 
     Discount Note, 5.41%, Due 6/15/1998                              1,365,000            1,356,000 
     Discount Note, 5.39%, Due 6/18/1998                                419,000              416,000 
     Discount Note, 5.40%, Due 7/15/1998                             14,530,000           14,367,000 
                                                                                    -----------------
       Total Federal Home Loan Mortgage Corporation                                       20,546,000 
                                                                                    -----------------

FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.16%                                                        
     Discount Note, 5.40%, Due 5/15/1998                                384,000              383,000 
     Discount Note, 5.41%, Due 6/12/1998                              1,267,000            1,259,000 
                                                                                    -----------------
       Total Federal National Mortgage Association                                         1,642,000 
                                                                                    -----------------

U.S. TREASURY BILLS - 2.09%                                                                          
     Due 5/7/1998                                                    13,275,000           13,264,000 
     Due 6/25/1998                                                    5,482,000            5,440,000 
     Due 7/23/1998                                                       77,000               76,000 
     Due 9/17/1998                                                    3,333,000            3,268,000 
                                                                                    -----------------
       Total U.S. Treasury Bills                                                          22,048,000 
                                                                                    -----------------
  Total United States Government and Agency Obligations                                   44,236,000 
                                                                                    -----------------

SHORT TERM INVESTMENTS - 16.52%                                                                      
AMR Investments Strategic Cash Business Trust                       174,553,000          174,553,000 
                                                                                    -----------------
     Total Short Term Investments                                                        174,553,000 
                                                                                    -----------------
   Total United States                                                                   238,136,000 
                                                                                    -----------------

TOTAL INVESTMENTS - 114.21% (Cost $989,636,000)                                        1,206,900,000 
                                                                                    -----------------

LIABILITIES, NET OF OTHER ASSETS - (14.21%)                                             (150,121,000)
                                                                                    -----------------

TOTAL NET ASSETS - 100%                                                               $1,056,779,000 
                                                                                    =================

Based on the cost of investments of $989,946,000 for federal income tax purposes
at April 30, 1998, the aggregate gross unrealized appreciation was $257,642,000,
the aggregate gross unrealized depreciation was $40,688,000 and the net         
unrealized appreciation of investments was $216,954,000.                        

Based on the cost of investments of $xxxxxxx for federal income tax purposes at 
October 31, 1997, the aggregate gross unrealized appreciation was $xxxxxx, the  
aggregate gross unrealized depreciation was $xxxxx, and the net unrealized      
appreciation of investments was $xxxxx. (A) Rates associated with United States 
Government Bonds represent yield to maturity from time of purchase.             

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
SCHEDULE OF INVESTMENTS, CONTINUED                                              
April 30, 1998                                                                  
(Unaudited)                                                                     
--------------------------------------------------------------------------------

(B) Rates associated with short-term investments represent yield to maturity or 
yield to next reset date.                                                       

ABBREVIATIONS:                                                                  

AB - Company (Sweden)                                                           
ADR - American Depository Receipt (United States)                               
AG - Company (Austria, Germany, Switzerland)                                    
AS - Company (Denmark, Norway, Sweden)                                          
BHD - Berhard (Malaysia)                                                        
BR - Bearer (Spain, Switzerland)                                                
CG - Company General (France)                                                   
CP - Commercial Paper (United States)                                           
GDR - Global Depository Receipt (United States)                                 
NPV - No Par Value (Belgium)                                                    
NV - Company (Netherlands, United States)                                       
OY - Company (Finland)                                                          
PLC - Public Limited Corporation (United Kingdom)                               
SA - Company (Belgium, France, Mexico, Spain, Switzerland, United States )      
SPA - Company (Italy)                                                           

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AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO                          
Industry Diversification                                                        
April 30, 1998                                                                  
(Unaudited)                                                                     

--------------------------------------------------------------------------------

                                                          Percent of
                                                          Net Assets
                                                          ------------

Capital Goods .............................................           7.14%     
Consumer Durables .........................................           4.11%     
Consumer Non-Durables .....................................          20.20%     
Energy ....................................................          10.38%     
Finance ...................................................          19.91%     
Materials and Services ....................................          22.94%     
Technology ................................................           4.71%     
Transportation ............................................           1.49%     
Utilities .................................................           2.62%     
Fixed-Income ..............................................           4.19%     
Short-Term Investments ....................................          16.52%     
Other Assets/(Liabilities) ................................         (14.21%)    
                                                       -------------
         Net Assets ..................................         100.00%
                                                       =============

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This N-30D/A Filing	Date	First	Last	Other Filings

	6/27/95	48
	8/11/95	48
	11/1/95	48
	4/28/97	33
	5/17/97	33	36
	9/1/97	10	44
	10/31/97	2	60	24F-2NT, N-30D, NSAR-B
For The Period Ended	4/30/98	1	62	N-30D, NSAR-A
Filed On / Filed As Of	7/10/98
	7/15/98
	10/31/98	47		24F-2NT, N-30D, NSAR-B

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Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

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

Dates Referenced Herein and Documents Incorporated By Reference

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