|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE>
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
<PAGE>
- --------------------------------------------------------------------------------
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?
<PAGE>
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.
<PAGE>
INTRUST FUNDS TRUST
Statements of Assets and Liabilities
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
Money Short-Term Intermediate
Market Bond Bond
Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
============= ============= =============
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
Statements of Assets and Liabilities, Continued
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
International Kansas
Stock Multi-Manager Tax-Exempt
Fund Stock Fund Bond Fund
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
============== ============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
Statements of Operations
For the six month period ended April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
Money Short-Term Intermediate
Market Bond Bond
Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
================ ================ ================
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
Statements of Operations, Continued
For the six month period ended April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
International Kansas
Stock Multi-Manager Tax-Exempt
Fund Stock Fund Bond Fund
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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
============= ============= ==============
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
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)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
============== ============= ============= =============
</TABLE>
(a) Period from commencement of operations
<PAGE>
INTRUST FUNDS TRUST
Statements of Changes in Net Assets, Continued
<TABLE>
<CAPTION>
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)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
============== ============ ============ ============
</TABLE>
(a) Period from commencement of operations
<PAGE>
INTRUST FUNDS TRUST
Statements of Changes in Net Assets, Continued
<TABLE>
<CAPTION>
International
Multi-Manager Stock Fund
-----------------------------------
Six months January 20,
ended 1997 to
April 30, 1998 October 31,
(unaudited) 1997 (a)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
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
============ ============
<CAPTION>
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)
------------------------------------------------------
<S> <C> <C> <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
============ ============ ============
</TABLE>
(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.
<PAGE>
INTRUST FUNDS TRUST
MONEY MARKET FUND
Schedule of Portfolio Investments
April 30, 1998
(Unaudited)
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- -----
<S> <C> <C>
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
---------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
MONEY MARKET FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- ------
<S> <C> <C>
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
==========
</TABLE>
- ----------------
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.
<PAGE>
INTRUST FUNDS TRUST
SHORT-TERM BOND FUND
Schedule of Portfolio Investments
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- ------
<S> <C> <C>
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
---------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
SHORT-TERM BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- ------
<S> <C> <C>
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
---------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
SHORT-TERM BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- ------
<S> <C> <C>
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
==========
- ----------------
</TABLE>
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.
<PAGE>
INTRUST FUNDS TRUST
INTERMEDIATE BOND FUND
Schedule of Portfolio Investments
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- ------
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
INTERMEDIATE BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
---------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
INTERMEDIATE BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
==========
</TABLE>
- ----------------
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.
<PAGE>
INTRUST FUNDS TRUST
STOCK FUND
Schedule of Portfolio Investments
April 30, 1998
(Unaudited)
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Shares Value
------ ------
<S> <C> <C>
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
---------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
STOCK FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Shares Value
------ -----
<S> <C> <C>
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
---------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
STOCK FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Shares Value
------ -----
<S> <C> <C>
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
----------
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
STOCK FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Shares Value
------ -----
<S> <C> <C>
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
==========
- ----------------
</TABLE>
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.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Principal Value
--------- -----
<S> <C> <C>
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
</TABLE>
See notes to financial statements.
<PAGE>
INTRUST FUNDS TRUST
KANSAS TAX-EXEMPT BOND FUND
Schedule of Portfolio Investments, Continued
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Market
Principal Value
--------- -----
<S> <C> <C>
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
===========
</TABLE>
See notes to financial statements.
<PAGE>
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.
<PAGE>
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
<PAGE>
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.
<PAGE>
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
<PAGE>
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.
<PAGE>
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.
<PAGE>
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.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights
<TABLE>
<CAPTION>
Money Market Fund
--------------------------------------------
Six months January 23,
ended 1997 to
April 30, 1998 October 31,
(unaudited) 1997 (a)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
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)
</TABLE>
- --------------------
* 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.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights, Continued
<TABLE>
<CAPTION>
Short-Term Bond Fund
-------------------------------------
Six months January 21,
ended 1997 to
April 30, 1998 October 31,
(unaudited) 1997 (a)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
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)
</TABLE>
- ----------------------------
* 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.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights, Continued
<TABLE>
<CAPTION>
Stock Fund
------------------------------------
Six months January 21,
ended 1997 to
April 30, 1998 October 31,
(unaudited) 1997 (a)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
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)
</TABLE>
- ----------------------------
* 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.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights, Continued
<TABLE>
<CAPTION>
Intermediate Bond Fund
-------------------------------------
Six months January 21,
ended 1997 to
April 30, 1998 October 31,
(unaudited) 1997 (a)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
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)
</TABLE>
- ----------------------------
* 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.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights, Continued
<TABLE>
<CAPTION>
International Multi-Manager Stock Fund
--------------------------------------
Six months January 20,
ended 1997 to
April 30, 1998 October 31,
(unaudited) 1997 (a)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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)
</TABLE>
- ----------------------------
* 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.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights, Continued
<TABLE>
<CAPTION>
-----------------------------------------------------
Six months September 1,
ended 1997 to
April 30, 1998 October 31, 1997
(unaudited) 1997 (b)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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)
<CAPTION>
Kansas Tax-Exempt Bond Fund (a)
-------------------------------------------------------------
Years Ended August 31,
1996 1995 1994
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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)
</TABLE>
- ----------------------------
* 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.
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Statements of Assets and Liabilities
April 30, 1998
(Unaudited)
<TABLE>
- ---------------------------------------------------------------------------------------------------
<S> <C>
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
==============
</TABLE>
<PAGE>
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
=============
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
April 30, October 31,
1998 (Unaudited) 1997
------------------ -----------------
<S> <C> <C>
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
</TABLE>
*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.
<PAGE>
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.
<PAGE>
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):
<TABLE>
<CAPTION>
Amount paid to Net Amount paid to
Management Fee Rate Management Fee Investment Advisors Manager
------------------- -------------- ------------------- -------
<S> <C> <C> <C>
.25% - .90% $1,900 $1,372 $528
</TABLE>
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.
<PAGE>
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:
<TABLE>
<CAPTION>
Contracts to Deliver Settlement Unrealized
- --------------------
(amounts in thousands) Date Value Gain/(Loss)
------------------- --------------- ---------------
<S> <C> <C> <C> <C>
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
=============== ===============
<CAPTION>
Contracts to Receive
- ---------------------
(amounts in thousands)
<S> <C> <C> <C> <C>
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)
=============== ===============
</TABLE>
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
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
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.
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
Shares Value
----------------- -----------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
-----------------
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS, CONTINUED
April 30, 1998
(Unaudited)
<TABLE>
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
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
=================
</TABLE>
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.
<PAGE>
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)
<PAGE>
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%
=============
|
|