To the Board of Trustees of
INTRUST Funds Trust
and the
Securities and Exchange Commission:
We have examined management's assertion about the INTRUST Funds Trust (the
Funds) compliance with the requirements of subsection (b) and (c) of Rule 17f-2
under the Investment Company Act of 1940 (the Act) as of May 29, 1998 and for
the period from October 31, 1997 through May 29, 1998, included in the
accompanying Management Statement Regarding Compliance With Certain Provisions
of the Investment Company Act of 1940. Management is responsible for the Funds'
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about the Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 29, 1998 and for the period from October 31, 1997 (the date
of inception for the Funds) through May 29, 1998, with respect to securities
transactions, without prior notice to management:
1. Confirmation of all securities held as of May 29, 1998 by institutions
in book entry form by the Federal Reserve Bank and Bank of New York;
2. Verification of all securities purchased/sold but not
received/delivered and securities in transit as of May 29, 1998 via
examination of underlying trade ticket or broker confirmation;
3. Reconciliation of all such securities to the books and records of the
Funds and the INTRUST Bank, N.A.;
4. Confirmation of all repurchase agreements as of May 29, 1998 with
brokers/banks and agreement of underlying collateral with the INTRUST
Bank, N.A. records. The Funds held no repurchase agreements as of May
29, 1998; and
5. Agreement of 16 selected security purchases and 5 selected security
sales since our last report date from the books and records of the
Funds to broker confirmations during the period from October 31, 1997
through May 29, 1998.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that the Funds were in compliance with
the above mentioned provisions of Rule 17f-2 of the Investment Company Act of
1940 as of May 29, 1998 and for the period from October 31, 1997 through May 29,
1998 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
funds and the Securities and Exchange Commission and should not be used for any
other purpose.
/S/ KPMG Peat Marwick LLP
Columbus, Ohio
July 21, 1998
