<PAGE>
INTRUST Funds Trust
Semi Annual Report
For the Period Ended April 30, 1999
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 issued 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, 1999
To Our Shareholders:
We are pleased to present this semiannual report for the six months ended
April 30, 1999, a period marked by momentous events both within the INTRUST
family of funds and throughout the world's financial markets.
Stocks: A Tale of Two Markets
Looking back, the period almost could be divided into two equal halves.
During the first few months, investors continued to favor, almost exclusively, a
very small handful of large-cap growth stocks; these stocks were conspicuous for
valuation levels that we felt were unsustainable, and we generally avoided these
issues. Then, in the latter part of the period, the market rotated back to the
type of value cyclical stocks that now tend to meet the investing criteria of
our equity managers.
Although the value-driven investment approach of our equity funds was out
of favor earlier in the period, our adherence to our time-proven investing
discipline began to reap rewards in March and April. Concerns about earnings
growth diminished throughout the market, and investors were less willing to pay
astronomical multiples for stocks. "Growth at any price" was no longer the
favorite tune and momentum shifted in our favor.
It's interesting to note that it was during this return to what we
considered a more reasonable emphasis on value stocks, that the market continued
to break records. On March 29, the Dow Jones Industrial Average closed above
the 10,000 mark for the first time. Since then, the Dow has flirted with the
11,000 level. And as we noted, the market's climb has been broader in scope,
involving a much wider range of issues - value as well as growth, small- and
medium-cap as well as large-cap - than in earlier periods.
Bonds: Rates Were Down and Up
For most fixed-income securities, the period started off with a bang. On
September 29, about a month before the period began, the Federal Reserve lowered
the Fed Funds rate, the short-term rate banks charge one another for overnight
loans. This move helped calm fears about a worldwide credit crunch sparked by
crises in the Far East, Russia and Latin America.
Before the end of 1998, the Fed twice again ordered cuts. As a result, the
Fed Funds Rate fell to 4.75%, from its 5.50% just a few months earlier. Coupled
with the vestiges of investors' earlier "flight to quality" to the safety of
U.S. Treasury securities, bonds of nearly every stripe gained ground.
However, in the financial markets, the more things change, the more they
continue to change. As we entered calendar year 1999, rates began to edge
higher. By the end of our reporting period, rates at many points along the
yield curve had pretty much returned to the same levels as last summer. And
when rates go up, bond prices generally go down. For the period as a whole,
bonds treaded water. Fortunately,
<PAGE>
inflation remained exceptionally low, which helped support bond returns on a
historical, inflation-adjusted basis.
What Does the Future Hold?
As interesting as it is to reflect upon the period just past, it is the
future that claims our attention. And looking ahead over the next six to 12
months, we see much to both like and fear in the financial markets.
Just this week the Federal Reserve once again refrained from raising
interest rates. However, the Fed also sent a message that it is leaning toward
an interest-rate hike sometime in the not-too-distant future. Not surprisingly,
this news did little to help the bond market, and dampened enthusiasm for
stocks, as well.
At the same time, there are a number of positive economic numbers to
consider. Inflation remains amazingly tame, despite continued low unemployment
and hints of rising wage pressures. And productivity, which measures the amount
of goods and/or services produced by American workers, continues to rise,
lending credence to the notion that the U.S. is in the midst of a "productivity
revolution."
Looking abroad, we believe there are indications that the economies of the
Far East, which appeared in danger of a complete meltdown less than two years
ago, may slowly be climbing toward a recovery. Latin America also looks less
perilous than it once did, though the never-ending problems in Russia seem to
produce a new piece of bad news every week.
With all of the above in mind, we encourage you, our shareholders, to
continue to take a long-term view of investing, and to diversify among various
asset classes. Although it is no indication of future events, the short, six-
month period that just concluded supported our belief that patience and
diversification are two of the most valuable tools in any investor's arsenal.
We thank you for your continued support and we look forward to serving your
investment needs.
Sincerely,
/s/ John S. Maurer, Jr. /s/ David Bunstine
John S. Maurer, Jr. David Bunstine
Senior Vice President & President
Chief Investment Officer INTRUST Funds Trust
INTRUST Bank, N.A.
This material is authorized for distribution only when preceded or accompanied
by a prospectus. INTRUST Bank provides investment advisory and other services
to the Fund and receives a fee for those services. 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 Money Market Fund
The INTRUST Funds Trust Money Market Fund is managed by Fritz Curtis of AMR
Investment Services, Inc., subadvisor to the Fund. Mr. Curtis has more than nine
years experience as an investment portfolio manager, and holds a B.B.A. in
Finance and Information Systems from Baylor University and an M.B.A. in
International Management from the University of Dallas.
OBJECTIVES. We seek to provide investors with current income, liquidity and
a stable net asset value of $1.00 per share./1/
STRATEGY. We invest in high-quality, short-term obligations such as
certificates of deposit, commercial paper issued by corporations, bankers'
acceptances and medium-term notes.
During the period, the Federal Reserve twice cut the Fed Funds rate - the
benchmark rate banks charge one another for overnight loans. Along with a rate
cut in September (before the current period), the Fed's actions lowered the
short-term rate to 4.75%, down from 5.50% earlier in 1998.
In anticipation of the Fed's actions, we kept the portfolio's average
maturity a bit longer than average - to lock in higher yields for longer periods
of time. We also stayed away from variable, floating rate securities, which are
more sensitive to interest-rate fluctuations. Instead, we focused selectively on
commercial paper and certificates of deposit.
PERFORMANCE. As of April 30, 1999, the Fund's 7-Day SEC yield was 4.54%./2/
The average maturity of the Fund's holdings was 55 days./3/
The Fed's rate cuts generally lowered the yields available from the
securities favored by money market funds. Nevertheless, with inflation remaining
at remarkably low levels, shareholders enjoyed "real returns" (total returns
minus inflation) that were attractive on a historical basis.
/1/ An investment in the Fund is not insured or guaranteed by the FDIC or any
other government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.
/2/ Past performance is no indication of future performance. The yield set forth
may reflect the waiver of a portion of the Fund's fees. In such instances, and
without waiver of fees, the yield would have been lower.
/3/ The composition of the Fund's holdings is subject to change.
<PAGE>
INTRUST Funds Trust Short-Term Bond Fund
The INTRUST Funds Trust Short-Term Bond Fund is managed by Karl Tourville and
Richard Merriam of Galliard Capital Management, Inc., subadvisor to the Fund.
Mr. Tourville holds B.A. and M.B.A. degrees from the University of St. Thomas
and has more than 10 years of investment management experience. Mr. Merriam
received a B.A. from the University of Michigan and a M.B.A. from the University
of Iowa, and has more than 15 years of investment management experience.
OBJECTIVES. We seek to provide as high a level of income as is consistent
with our philosophy of maintaining liquidity and relative safety of principal,
by investing in investment-grade, short-term securities.
STRATEGY. We don't speculate on the direction of interest rates. Instead,
we practice fundamental security analysis to find the most attractively priced,
short-term securities available, and we invest across all sectors of the fixed-
income market. We also use a rigorous cash flow valuation process and pay strict
attention to the timely execution of trades.
As of April 30, 1999, the portfolio was invested in the following sectors:
corporates (25.0%), collateralized mortgage obligations (19.0%), U.S. Treasury
and agency securities (19.0%), municipal bonds (14.0%), asset-backed securities
(10.5%), pass-through securities (10.5%), and cash equivalents (2.0%). These
securities maintained an average credit quality of AA1, with an average maturity
of 2.2 years./1/
Performance. For the six months ended April 30, 1999, the Fund produced a
total return of 1.25%./2/ In comparison, the Lehman Brothers 1-3 Year Government
Bond Index (the portfolio's "benchmark") had a total return of 1.2%./3/
At the beginning of the period, the Federal Reserve was in the midst of
cutting short-term interest rates three times in as many months. This action
helped keep U.S. economic growth on track and boosted bond prices (bond prices
generally rise when interest rates fall). By the end of the period, however, the
domestic economy was running at full steam once again and interest rates had
crept back up, which put pressure on bond prices.
In response to this rapidly changing environment, we decided it was prudent
to increase our exposure to mortgage pass-through securities. We bought a fairly
substantial number of 15-year mortgage securities with 6% coupons; this type of
security has relatively low refinancing risk (the risk that homeowners will
refinance their mortgages at lower rates, thus forcing the Fund to give up its
interest in these instruments). Another step we took was to reduce our holdings
in asset-back securities. To us, it made sense to us to sell this very liquid
instrument in order to finance our purchase of other debt, including mortgage
pass-throughs. We are confident that the decisions we made during the period
will enable us to continue to provide relatively generous income to our
shareholders, while maintaining high credit quality.
/1/ The composition of the Fund's holdings is subject to change.
/2/ Past performance is no indication of future performance. The total return
set forth may reflect the waiver of a portion of the Fund's fees for certain
periods since the inception date. In such instances, and without waiver of fees,
total return would have been lower. The performance also reflects reinvestment
of all dividends and capital gains distributions. The Fund's investment return
and principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original purchase price.
/3/ The Lehman Brothers 1-3 Year Government Bond Index is an unmanaged index
generally representative of short-term government bonds. The index does not
reflect the deduction of expenses associated with a mutual fund, such as
investment-management and fund-accounting fees.
<PAGE>
INTRUST FUNDS TRUST INTERMEDIATE BOND FUND
The INTRUST Funds Trust Intermediate Bond Fund is managed by Karl Tourville and
Richard Merriam of Galliard Capital Management, Inc., subadvisor to the Fund.
Mr. Tourville holds B.A. and M.B.A. degrees from the University of St. Thomas
and has more than 10 years of investment management experience. Mr. Merriam
holds a B.A. from the University of Michigan and an M.B.A. from the University
of Iowa, and has more than 15 years of investment management experience.
OBJECTIVES. We seek to provide as high a level of current income as is
consistent with our philosophy of managing the Fund for total return and
investing primarily in high-quality fixed income securities.
STRATEGY. We don't attempt to "time" the direction of interest rates.
Instead, we practice fundamental security analysis to find the most attractively
priced securities available, and we invest across all sectors of the fixed-
income market. We also use a rigorous cash flow valuation process and pay strict
attention to the timely execution of trades.
As of April 30, 1999, the portfolio was invested in the following sectors:
corporates (33.0%), collateralized mortgage obligations (22.0%), U.S. Treasury
and agency securities (18.5%), municipal bonds (7.5%), asset-backed securities
(12.0%), pass-through securities (5.0%), and cash equivalents (2.0%). These
securities maintained an average credit quality of AA2, with an average maturity
of 4.7 years./1/
PERFORMANCE. For the six months ended April 30, 1999, the Fund produced a
total return of 0.03%./2/ In comparison, the Lehman Brothers Intermediate
Government/ Corporate Bond Index (the portfolio's "benchmark") had a total
return of .51%./3/
At the beginning of the period, the Federal Reserve was in the midst of
cutting short-term interest rates three times in as many months. This action
helped keep U.S. economic growth on track and boosted bond prices (bond prices
generally rise when interest rates fall). By the end of the period, however, the
domestic economy was running at full steam once again and interest rates had
crept back up, which put pressure on bond prices.
To take advantage of opportunities in the intermediate-term bond sector, we
increased our allocation to taxable municipal bonds - most of which were general
obligation issues. We felt, and continue to feel, that these bonds are a good
substitute for corporate issues. The munis we bought provide as much, if not
more, yield than equivalently rated corporate bonds. Additionally, because
general obligation munis are backed by the issuer's ability to raise taxes, they
offer more stability than corporates.
/1/ The composition of the Fund's holdings is subject to change.
/2/ Past performance is no indication of future performance. The total return
set forth may reflect the waiver of a portion of the Fund's fees for certain
periods since the inception date. In such instances, and without waiver of fees,
total return would have been lower. The performance also reflects reinvestment
of all dividends and capital gains distributions. The Fund's investment return
and principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original purchase price.
/3/ The Lehman Brothers Intermediate Government/Corporate Bond Index is an
unmanaged index generally representative of intermediate-term government and
corporate bonds. The index does not reflect the deduction of expenses associated
with a mutual fund, such as investment-management and fund-accounting fees.
<PAGE>
INTRUST Funds Trust Stock Fund
The INTRUST Funds Trust Stock Fund is managed by a team of five portfolio
managers from Ark Asset Management, subadvisor to the Fund. The team is headed
by Charles Hetzel, who has 34 years of experience as an investment advisor. Mr.
Hetzel holds a B.S. in economics from the University of Utah and an M.B.A. from
the Columbia Graduate School of Business Administration.
OBJECTIVES. Our primary goal is simple: We seek to outperform the stock
market (as measured by the S&P 500 index) over a full market cycle - which
historically, lasts for approximately five years. At the same time, we strive to
reduce losses during periods when the market is in decline.
STRATEGY. Our approach is driven by a careful analysis and prudent
selection of individual stocks. We invest in large-capitalization issues that we
believe offer good value - that is, stocks we believe are selling at reasonable
prices relative to their anticipated future earnings. We expect that, over time,
the stocks in our portfolio will grow earnings at rates matching or exceeding
the earnings growth rates of the market in general. We also adhere to a strict
sell discipline, selling a stock when its price has risen to a price target or
fallen to a review point.
During the last six months, we made few changes to the portfolio. Our
investment style led us to overweight several economically sensitive sectors -
including energy, basic industry, capital goods, consumer cyclicals and
financials (insurance companies more than banks). We believed these areas
offered attractive valuations, but as always, we were guided by our stockpicking
discipline, and not a generalized bias toward any specific sector.
We continued to remain as fully invested as possible. As of April 30, 1999,
96.8% of the portfolio was invested in stocks, with 2.6% in cash or cash
equivalents./1/
Performance. For the six months ended April 30, 1999, the Fund produced a
total return of 14.67%./2/ In comparison, the S&P 500 Index (the portfolio
"benchmark") had a total return of 22.32%./3/
During the last two and half months of the period, the market began to
rotate toward the types of stocks we favored. Nothing changed in the way we
invested your money; what did change was the market's long-overdue recognition
of the compelling values in many of the issues we held.
Looking forward over the next six to 12 months, we hope that the shift to
large-cap value stocks is sustainable. For quite some time, we have been pleased
with the positions we owned. Now we are seeing the market confirm our strategy
in the form of rising prices in our holdings.
/1/ The composition of the Fund's holdings is subject to change.
/2/ Past performance is no indication of future performance. The total return
set forth may reflect the waiver of a portion of the Fund's fees for certain
periods since the inception date. In such instances, and without waiver of fees,
total return would have been lower. The performance also reflects reinvestment
of all dividends and capital gains distributions. The Fund's investment return
and principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original purchase price.
/3/ The S&P 500 Index is an unmanaged index generally representative of the
stock market. The index does not reflect the deduction of expenses associated
with a mutual fund, such as investment-management and fund-accounting fees.
<PAGE>
INTRUST Funds Trust International Multi-Manager Stock Fund/1/
The INTRUST Funds Trust International Multi-Manager Stock Fund seeks to achieve
its investment objective by investing all of its investable assets in the AMR
Investment Services International Equity Portfolio. This portfolio is managed by
AMR Investment Services, Inc., a wholly owned subsidiary of AMR Corporation.
Practicing a "multi-manager" investment style, AMR apportions responsibility for
making investment management decisions to four subadvisors: Templeton Investment
Counsel, Inc., Hotchkis and Wiley, Lazard Asset Management, and Independence
Investment Associates, Inc. (IIA).
OBJECTIVE. The primary goal is to provide shareholders with long-term
capital appreciation by investing primarily in stocks of attractive companies in
developed markets outside the United States.
STRATEGY. Three of the portfolio subadvisors employ a value style of
investing, with distinct differences. Templeton combines value screens and
research sources with intensive fundamental analysis; Hotchkis and Wiley focuses
on earnings and dividend yields; and Lazard searches for undervalued stocks
within specific country and world indices and peer groups. These three
subadvisors all perform fundamental analysis, targeting stocks that have lower
valuation ratios, and higher growth prospects, than their respective markets'
averages. In addition, analysts routinely visit the companies in which they are
interested, to gain firsthand knowledge of companies' products, services and
management. IIA adds value to the overall portfolio's performance by
measuring each of the other subadvisors' holdings relative to appropriate
indices. Thus identifies those stocks that constitute the other managers' "best
ideas" and purchases additional shares in those specific stocks.
As of April 30, 1999, the Fund's portfolio was invested as follows: Europe
(69.9%), Asia (21.4%), Canada/Mexico (3.9%), cash and other assets (4.8%)./2/
PERFORMANCE. For the six months ended April 30, 1999, the Fund produced a
total return of 14.43%./3/ In comparison, the Morgan Stanley Europe, Australia
and Far East (EAFE) Index (the portfolio's "benchmark") had a total return of
15.44%./4/
The Fund slightly trailed its benchmark. The greatest drag on performance
was our underweighting in Japan, which delivered a surprisingly strong
performance during the period. On a positive note, we were overweighted in
Finland, which turned out to be the second-best performing country in Europe. We
also benefited from our significant holdings in the Netherlands.
Looking ahead, we believe it's prudent to continue to be underweight in
Japan. For the next six to 12 months, we still believe the most attractive
opportunities lie in Europe, especially in France, Spain and Sweden. We're also
bullish about selective Canadian and Australian issues.
/1/ International investing involves increased risk and volatility.
/2/ The composition of the Fund's holdings is subject to change.
/3/ Past performance is no indication of future performance. The total return
set forth may reflect the waiver of a portion of the Fund's fees for certain
periods since the inception date. In such instances, and without waiver of fees,
total return would have been lower. The performance also reflects reinvestment
of all dividends and capital gains distributions. The Fund's investment return
and principal value will fluctuate, so that an investor's shares, when redeemed,
may be worth more or less than their original purchase price.
/4/ The Morgan Stanley Europe, Australia and Far East (EAFE) Index is an
unmanaged index generally representative of the aggregate performance of
international stock markets. The index does not reflect the deduction of
expenses associated with a mutual fund, such as investment-management and fund-
accounting fees.
<PAGE>
INTRUST Funds Trust Kansas Tax-Exempt Bond Fund
The INTRUST Funds Trust Kansas Tax-Exempt Bond Fund is managed by Michael
Colgan, who has 15 years of experience as an investment portfolio manager. Mr.
Colgan holds a bachelor's degree in Business Administration (with an emphasis in
Finance) from the University of Kansas. He is a member of the National
Federation of Municipal Analysts (Southern Society).
OBJECTIVES. We seek to preserve capital while providing the highest-
available income that is free from both federal and Kansas state income taxes.
One hundred percent of the income produced by our portfolio also is exempt from
the alternative minimum tax (AMT)./1/
STRATEGY. Nearly our entire portfolio is comprised of municipal bonds
issued by government entities in the state of Kansas. A small percentage of our
holdings can be in high-quality debt obligations issued in Puerto Rico or Guam -
which, as territories of the United States, can sell bonds that also are exempt
from federal and state income taxes. We keep the portfolio's average maturity
between seven and 12 years; we are permitted by prospectus to lower the average
maturity to less than seven years if we anticipate a volatile interest-rate
environment.
As of April 30, 1999, approximately 98.2% of the portfolio was comprised of
Kansas bonds - with 1.6% and 0.2% invested in debt obligations issued in Puerto
Rico and Guam, respectively. The securities within the Fund maintained an
average credit quality of AA+/AAA, with an average stated maturity of 12.0
years./2/
Based on our long-term outlook on interest rates, and the type of
securities available in the market, we consciously increased the portfolio's
average maturity slightly during the period. We also were heartened to be
treated to a healthy supply of Kansas paper, contrary to the relative scarcity
of new municipal issues on the national scene. We were able to be very selective
about what issues we considered for purchase and we feel we added some excellent
value to the portfolio. Consequently, during the second half of the period we
further improved the portfolio's credit quality by increasing our exposure to
AAA-rated bonds and insured bonds.
PERFORMANCE. For the six months ended April 30, 1999, the Fund produced a
total return of 1.48%./3/ In comparison, the Lehman Brothers 7-Year General
Obligation Index (the Fund's "benchmark") had a total return of 1.56%./4/
Factoring in the double-tax-free benefits (for Kansas residents) of the income
generated by the Fund's investments, shareholders enjoyed historically strong
returns.
/1/ The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
/2/ The composition of the Fund's holdings is subject to change.
/3/ Past performance is no indication of future performance. The total return
set forth may reflect the waiver of a portion of the Fund's fees for certain
periods since the inception date. In such instances, and without waiver of fees,
total return would have been lower. The Fund's investment return and principal
value will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than their original purchase price. The performance also reflects
reinvestment of all dividends and capital gains distributions.
/4/ The Lehman Brothers 7-Year General Obligations Index is an unmanaged index
generally representative of intermediate-term municipal bonds. The index does
not reflect the deductions of expenses associated with a mutual fund, such as
investment-management and fund-accounting fees.
<PAGE>
INTRUST FUNDS TRUST
Statements of Assets and Liabilities
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Money Short-Term Intermediate
Market Bond Bond
Fund Fund Fund
-------------- -------------- --------------
<S> <C> <C> <C>
Assets:
Investments, at value (Cost $58,470,815; $62,551,486; $ 58,470,815 $ 62,734,650 $ 60,072,085
$59,651,372, respectively)
Repurchase agreements (cost $7,988,186; $0; and $0, respectively) 7,988,186 - -
Interest and dividends receivable 476,048 827,293 830,242
Receivable for investments sold - 11,709 10,448
Unamortized organizational costs 62,379 16,530 15,273
Prepaid expenses and other assets 9,544 16,229 13,809
-------------- -------------- --------------
Total Assets 67,006,972 63,606,411 60,941,857
-------------- -------------- --------------
Liabilities:
Dividends payable 229,011 271,082 259,305
Payable for investments purchased - - 1,500,938
Accrued expenses and other payables:
Investment advisory fees 7,758 9,866 13,449
Administration fees 1,404 1,387 1,299
Shareholder servicing fees 4,138 4,154 3,710
Other payables and accrued expenses 24,480 28,915 32,238
-------------- -------------- --------------
Total Liabilities 266,791 315,404 1,810,939
-------------- -------------- --------------
Net Assets $ 66,740,181 $ 63,291,007 $ 59,130,918
============== ============== ==============
Net Assets consist of:
Capital $ 66,725,515 $ 63,010,150 $ 58,646,734
Accumulated undistributed net investment income 12,620 4,693 2,121
Accumulated undistributed net realized gains (losses) on 2,046 93,000 61,350
Net unrealized appreciation from investments - 183,164 420,713
-------------- -------------- --------------
Net Assets $ 66,740,181 $ 63,291,007 $ 59,130,918
============== ============== ==============
Outstanding units of Beneficial Interest (Shares) : 66,737,779 6,290,720 5,830,987
============== ============== ==============
Net Asset Value:
Institutional Service Shares
Offering and redemption price per share $ 1.00 $ 10.06 $ 10.14
============== ============== ==============
</TABLE>
See notes to financial statements
<PAGE>
INTRUST FUNDS TRUST
Statements of Assets and Liabilities
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
International Kansas
Stock Multi-Manager Tax-Exempt
Fund Stock Fund Bond Fund
------------ ------------- -------------
<S> <C> <C> <C>
Assets:
Investments, at value (Cost $116,172,604; $0; $151,147,988, respectively) $123,934,090 $ - $ 154,397,213
Investments in International Equity Portfolio, at value (cost $57,551,746) - 61,402,827 -
Interest and dividends receivable 138,177 - 1,763,354
Receivable for investments sold 1,980,087 - 3,816,559
Unamortized organizational costs 18,790 9,937 -
Prepaid expenses and other assets 14,945 7,354 146,989
------------ ------------- -------------
Total Assets 126,086,089 61,420,118 160,124,115
------------ ------------- -------------
Liabilities:
Dividends payable - - 544,826
Payable for investments purchased 1,789,550 - 5,503,778
Accrued expenses and other payables:
Investment advisory fees 126,373 17,175 26,843
Administration fees 2,703 1,002 95,249
Shareholder servicing fees 7,741 3,926 10,102
Other payable and accrued expenses 39,306 21,011 77,062
------------ ------------- -------------
Total Liabilities $ 1,965,673 43,114 6,257,860
------------ ------------- -------------
Net Assets $124,120,416 $ 61,377,004 $ 153,866,255
============ ============= =============
Net Assets consist of:
Capital $111,800,209 $ 55,867,787 $ 150,344,822
Accumulated undistributed net investment income 264,489 341,715 2,267
Accumulated undistributed net realized gains (losses) on investments 4,294,232 1,317,618 269,941
Net unrealized appreciation from investments 7,761,486 3,849,884 3,249,225
------------ ------------- -------------
Net Assets $124,120,416 $ 61,377,004 $ 153,666,255
============ ============= =============
Outstanding units of Beneficial Interest (Shares): 10,533,585 4,880,680 14,280,952
============ ============= =============
Net Asset Value:
Institutional Service Shares
Offering and redemption price per share $ 11.78 $ 12.58 $ 10.77
============ ============= =============
</TABLE>
See notes to financial statements
<PAGE>
INTRUST FUNDS TRUST
Statements of Operations
For the six month period ended April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Money Short-Term Intermediate
Market Bond Bond
Fund Fund Fund
================================================================================================================
<S> <C> <C> <C>
Investment Income:
Interest income $ 1,576,499 $ 1,774,195 $ 1,660,292
Dividend income - 57,099 33,664
------------ ------------ ------------
Total Income 1,576,499 1,831,294 1,693,956
------------ ------------ ------------
Expenses:
Investment advisory fees 76,208 123,244 105,603
Administration fees 60,966 61,623 52,802
12b-1 fees 76,207 77,028 66,002
Shareholder servicing fees 24,387 24,649 21,121
Fund accounting fees 15,044 20,294 19,421
Other 43,307 35,817 32,768
------------ ------------ ------------
Total expenses before waivers/reimbursements 296,119 342,655 297,717
Less expenses waived/reimbursed (106,691) (141,731) (95,043)
------------ ------------ ------------
Net Expenses 189,428 200,924 202,674
------------ ------------ ------------
Net Investment Income 1,387,071 1,630,370 1,491,282
------------ ------------ ------------
Realized and Unrealized Gains from Investments:
Net realized gains (losses) on investment transactions 782 128,915 61,346
Net change in unrealized appreciation (depreciation) of
investments - (972,236) (1,535,624)
------------ ------------ ------------
Net realized/unrealized gains (losses) on investments 782 (843,321) (1,474,278)
------------ ------------ ------------
Increase in Net Assets resulting from Operations $ 1,387,853 $ 787,049 $ 17,004
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
INTRUST FUNDS TRUST
Statements of Operations
For the six month period ended April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
International Kansas
Stock Multi-Manager Tax-Exempt
Fund Stock Fund Bond Fund
- ------------------------------------------------------------- ------------ ------------- ------------
<S> <C> <C> <C>
Investment Income:
Interest income $ 72,078 $ - $ 3,529,544
Dividend income 1,089,742 - 26,142
------------ ------------- ------------
Total Income 1,161,820 - 3,555,686
------------ ------------- ------------
Investment Income Allocated from
International Equity Portfolio:
Interest - 29,038 -
Dividend - 725,606 -
Income from securities lending - 1,474 -
Expenses - (178,877) -
------------ ------------- ------------
Net Investment Income allocated from International Equity Portfolio: - 577,241 -
------------ ------------- ------------
Expenses:
Investment advisory fees 533,219 111,539 214,335
Administration fees 106,644 41,828 142,892
12b-1 fees 133,304 69,712 119,136
Shareholder servicing fees 42,658 22,308 138,169
Fund accounting fees 16,712 14,842 19,318
Other 64,442 30,289 86,567
------------ ------------- ------------
Total expenses before waivers/reimbursements 896,979 290,518 720,417
Less expenses waived/reimbursed (202,621) (83,655) (384,772)
------------ ------------- ------------
Net Expenses 694,358 206,863 335,645
------------ ------------- ------------
Net Investment Income 467,462 370,378 3,220,041
------------ ------------- ------------
Realized and Unrealized Gains from Investments:
Net realized gains (losses) on investment transactions 4,360,902 3,179,398 269,946
Net change in unrealized appreciation (depreciation) of investments 10,279,522 3,932,631 (1,343,443)
------------ ------------- ------------
Net realized/unrealized gains (losses) on investments 14,640,424 7,112,029 (1,073,497)
------------ ------------- ------------
Increase in Net Assets resulting from Operations $ 15,107,886 $ 7,482,407 $ 2,146,544
------------ ------------- ------------
</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 For the Six months For the
ended year ended ended year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 1,387,071 $ 2,600,830 $ 1,630,370 $ 3,259,856
Net realized gains (losses) on investment transactions 782 1,264 128,915 5,686
Net change in unrealized appreciation
(depreciation) of investments - - (972,236) 696,063
-------------- ------------- -------------- ------------
Change in net assets resulting from operations 1,387,853 2,602,094 787,049 3,961,605
-------------- ------------- -------------- ------------
Distributions to Shareholders:
From net investment income (1,387,071) (2,600,830) (1,630,370) (3,259,856)
-------------- ------------- -------------- ------------
From net realized gains on investment transactions - - - -
-------------- ------------- -------------- ------------
Total distribution to shareholders (1,387,071) (2,600,830) (1,630,370) (3,259,856)
-------------- ------------- -------------- ------------
Capital Transactions:
Proceeds from shares issued 77,254,228 139,751,111 8,689,913 15,889,131
Dividends reinvested 2,534 5,335 501,103 917,278
Cost of shares redeemed (61,263,347) (144,577,515) (6,427,619) (8,819,515)
-------------- ------------- -------------- ------------
Change in net assets from capital transactions 15,993,415 (4,821,069) 2,763,397 7,986,894
-------------- ------------- -------------- ------------
Change in net assets 15,994,197 (4,819,805) 1,920,076 8,688,643
Net Assets:
Beginning of period 50,745,984 55,565,789 61,370,931 52,682,288
-------------- ------------- -------------- ------------
End of period 66,740,181 $ 50,745,984 $ 63,291,007 $ 61,370,931
============== ============= ============== ============
Share Transactions:
Issued 77,254,228 139,751,111 858,708 1,573,861
Reinvested 2,534 5,335 49,452 90,835
Redeemed (61,263,347) (144,577,515) (634,641) (872,890)
-------------- ------------- -------------- ------------
Change in shares 15,993,415 (4,821,069) 273,519 791,806
============== ============= ============== ============
</TABLE>
See notes to financial statements
<PAGE>
INTRUST FUNDS TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate Bond Stock Fund
------------------------------ -------------------------------
Six months For the Six months For the
ended year ended ended year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 1,491,282 $ 2,867,672 $ 467,462 $ 611,250
Net realized gains (losses) on investment transactions 61,346 141,708 4,360,902 14,159,299
Net change in unrealized appreciation
(depreciation) of investments (1,535,624) 942,254 10,279,522 (4,384,432)
------------- ------------- ------------- -------------
Change in net assets resulting from operations 17,004 3,951,634 15,107,886 10,386,117
------------- ------------- ------------- -------------
Distributions to Shareholders:
From net investment income (1,491,262) (2,867,672) (694,971) (395,475)
From net realized gains on investment transactions (26,524) - (14,130,032) (3,918,048)
------------- ------------- ------------- -------------
Total distribution to shareholders (1,517,806) (2,867,672) (14,825,003) (4,313,523)
------------- ------------- ------------- -------------
Capital Transactions:
Proceeds from shares issued 14,937,117 14,471,629 42,171,184 29,168,396
Dividends reinvested 418,595 718,051 7,647,655 2,109,220
Cost of shares redeemed (7,716,807) (9,772,711) (26,505,367) (16,660,584)
Change in net assets from capital transactions 7,638,905 5,416,969 23,313,472 14,617,032
------------- ------------- ------------- -------------
Change in net assets 6,138,103 6,500,931 23,596,355 20,689,626
Net Assets:
Beginning of period 52,992,815 46,491,884 100,524,061 79,834,435
------------- ------------- ------------- -------------
End of period $ 59,130,918 $ 52,992,815 $ 124,120,416 $ 100,524,061
============= ============= ============= =============
Share Transactions:
Issued 1,457,383 1,410,418 3,868,455 2,494,495
Reinvested 40,654 69,956 731,133 191,573
Redeemed (749,304) (952,303) (2,393,996) (1,418,435)
------------- ------------- ------------- -------------
Change in shares 748,733 528,071 2,205,592 1,267,633
============= ============= ============= =============
</TABLE>
See notes to financial statements
<PAGE>
INTRUST FUNDS TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
International
Multi-Manager Stock Fund Kansas Tax-Exempt Bond Fund
----------------------------------- -------------------------------
Six months For the Six months For the
ended year ended ended year ended
April 30, 1999 October 31, April 30, 1999 October 31,
(unaudited) 1998 (unaudited) 1998
- ------------------------------------------------------------------------------------------------------------------------------
<S>
From Investment Activities:
Operations: <C> <C> <C> <C>
Net investment income $ 370,378 $ 878,250 $ 3,220,041 $ 5,885,281
Net realized gains (losses) on investment 3,179,398 1,663,174 269,946 597,821
Net change in unrealized appreciation
(depreciation) of investments 3,932,631 (989,259) (1,343,443) 1,617,648
-------------- -------------- -------------- ------------
Change in net assets resulting from operations 7,482,401 1,552,165 2,146,544 8,100,750
-------------- -------------- --------------- ------------
Distributions to Shareholders:
From net investment income (707,672) (499,827) (3,220,041) (5,885,281)
From net realized gains on investment transactions - (351,828) (595,564) (332,132)
-------------- -------------- --------------- ------------
Total distribution to shareholders (707,672) (851,665) (3,815,605) (6,217,413)
-------------- -------------- --------------- ------------
Capital Transactions:
Proceeds from shares issued 13,175,439 29,807,759 31,642,155 40,349,944
Dividends reinvested 353,425 424,581 426,776 445,962
Cost of shares redeemed (14,431,135) (16,563,493) (9,451,079) (13,377,639)
Change in net assets from capital transactions (902,271) 13,668,847 22,617,852 27,418,267
-------------- -------------- --------------- ------------
Change in net assets 5,872,464 14,369,357 20,948,791 29,301,604
Net Assets:
Beginning of period 55,504,540 41,135,183 132,917,464 103,615,860
-------------- -------------- --------------- ------------
End of period $ 61,377,004 $ 55,504,540 $153,866,255 $132,917,464
============== ============== =============== ============
Share Transactions:
Issued 1,122,254 2,684,450 2,915,833 3,735,461
Reinvested 30,520 40,321 39,349 41,258
Redeemed (1,252,601) (1,493,886) (872,242) (1,235,603)
-------------- -------------- --------------- ------------
Change in shares (99,827) 1,230,885 2,082,940 2,541,116
============== ============== =============== ============
</TABLE>
<PAGE>
INTRUST FUNDS TRUST
Money Market Fund
Schedule of Portfolio Investments
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Amortized
Amount Cost
----------- -----------
<S> <C> <C>
Bank Note (3.0%)
Banking (3.0%)
Bank Of New York, 5.75%, 5/14/99 2,000,000 $ 2,000,464
-----------
Total Bank Note (Amortized Cost $2,000,464) 2,000,464
-----------
Bankers Acceptance (4.5%)
Conglomerates (4.5%)
Bank Of Tokyo-Mitsubishi NY, 5.14%, 5/11/99 3,000,000 2,995,767
-----------
Total Bankers Acceptance (Amortized Cost $2,995,767) 2,995,767
-----------
Certificates of Deposit (9.0%)
Yankee Certificate of Deposit (9.0%)
Banque Paribas, 5.66%, 7/8/99 2,000,000 1,999,786
San Paolo Bank, 4.90%*, 6/8/99 2,000,000 1,999,857
Skandinaviska Enskilda Banken, 4.94%*, 6/15/99 2,000,000 2,000,000
-----------
Total Certificates of Deposit (Amortized Cost $5,999,643) 5,999,643
-----------
Commercial Paper (16.4%)
Banking (7.4%)
Merita North America Inc., 4.86%, 7/19/99 3,000,000 2,968,334
UBS Finance Corp., 5.11%, 5/18/99 2,000,000 1,995,297
-----------
4,963,631
-----------
Financial Services (4.5%)
Associates First Capital Corp., 4.95%, 5/5/99 3,000,000 2,998,377
-----------
Financial-Banking (4.5%)
General Electric Capital Corp. 4.94%*, 12/10/99 3,000,000 3,000,000
-----------
Total Commercial Paper (Amortized Cost $10,962,008) 10,962,008
-----------
Funding Agreements (10.5%)
General American Life Insurance Co., 5.05%*, 2/9/00 (b) 3,000,000 3,000,000
Jackson National Life Insurance Co., 5.16%*, 5/11/99 (c) 2,000,000 2,000,000
Security Life Of Denver Insurance Co., 5.80%, 11/19/99 (c) 2,000,000 2,000,000
-----------
Total Funding Agreements (Amortized Cost $2,000,000) 7,000,000
-----------
Medium Term/Senior Notes (36.0%)
Banking (12.0%)
Bank One Corp., 5.23%*, 2/10/00 3,000,000 3,006,585
Citicorp, Inc., 4.98%*, 9/17/99 2,000,000 2,000,445
Wells Fargo & Co., 4.89%*, 3/10/00 3,000,000 2,998,719
-----------
8,005,749
-----------
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Business Credit (1.5%)
Sanwa Business Credit Corp., 6.00%*, 5/14/99 (a) (b) 1,000,000 $ 1,000,000
-----------
Financial Services (6.0%)
JP Morgan & Co., 4.95%*, 4/24/00 2,000,000 1,999,402
Morgan Stanley Dean Witter Discover, 5.05%*, 4/3/00 2,000,000 2,001,859
-----------
4,001,261
-----------
Foreign Banking (4.5%)
AB Spintab, 5.03%*, 12/30/99 3,000,000 3,000,816
-----------
5,000,000
-----------
Motor Vehicles (4.5%)
General Motors Acceptance Corp., 5.02%*, 2/2/00 (c) 3,000,000 3,000,000
-----------
Total Medium Term/Senior Notes (Amortized Cost $24,007,826) 24,007,826
-----------
Repurchase Agreements (12.0%)
Goldman, Sachs & Co., Tri-Party Repurchase 7,988,186 7,988,186
-----------
Agreement, dated 4/30/99, with a maturity value of
$7,991,414 (Collateralized by $7,988,186
Freddie Mac 7.50%, 8/1/27, market value of
$8,100,392), 4.85%, 5/3/99
Total Repurchase Agreements (Amortized Cost $7,988,186) 7,988,186
-----------
Bank Notes (15.7%)
Banking (12.0%)
First Union National Bank, 4.93%*, 4/19/00 3,000,000 3,000,000
Fleet National Bank, 5.12%*, 4/19/00 2,000,000 2,003,265
Key Bank, 5.00%*, 4/13/00 3,000,000 3,001,842
-----------
8,005,107
-----------
Promissory Note (3.7%)
Goldman Sachs, 4.97%*, 7/12/99 (c) 2,500,000 2,500,000
-----------
Total Variable Rate Note (Amortized Cost $10,505,107) 10,505,107
-----------
Total (Amortized Cost $66,459,001) - 99.6% $ 66,459,001
==========
</TABLE>
____________
Percentages indicated are based on net assets of $66,740,181.
(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 by procedures approved by the
board of trustees.
(b) Includes 7-day unconditional put.
(c) Includes 90-day unconditional put.
* Variable rate securities. The rate reflected on the Schedule of Investments
is the rate in effect at April 30, 1999.
See Notes to Financial Statements.
<PAGE>
INTRUST FUNDS TRUST
Short-Term Bond Fund
Schedule of Portfolio Investments
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Value
--------- -----------
<S> <C> <C>
Asset Backed Securities (11.8%) **
AESOP Funding II LLC, Series 1997-1A, Class A1, 6.22%, 1,500,000 $ 1,510,320
10/20/01, (b)
Federal Agricultural Mortgage Corporation, Series CS-1012, Class 1,913,891 1,961,139
1, 7.06%, 7/25/02
Green Tree Financial Corp., Series 1993-4, Class A3, 6.25%, 798,958 800,812
1/15/19
Green Tree Financial Corp., Series 1994-1, Class A3, 6.90%, 530,879 537,786
4/15/19
Household Consumer Loan Trust, Series 1995-1, Class A, 813,253 813,497
5.17%*, 9/15/05
Keystone Home Improvement Loan Trust, Series 1997-P2, Class 1,000,000 1,001,875
IA3, 6.99%, 4/25/14, (b)
Team Fleet Financing Corp., Series 1997-1, Class A, 7.35%, 800,000 822,196
-------
5/15/03, (b)
Total Asset Backed Securities (cost $7,386,867) 7,447,625
-----------
Collateralized Mortgage Obligations (19.1%) **
Commercial Loan Funding Trust, Series 1, Class A, 5.20%*, 774,291 763,258
8/15/05, (b)
Fannie Mae, Series 1999-19, Class LA, 6.50%, 9/25/08 1,750,000 1,741,251
Fannie Mae, Series 1999-19, Class PB, 6.00%, 6/25/08 1,500,000 1,505,918
Fannie Mae, Series 1999-19, Class PC, 6.00%, 9/25/14 1,250,000 1,255,908
Freddie Mac, Series 1612, Class PD, 5.75%, 5/15/06 717,509 718,779
Freddie Mac, Series 1708, Class B, 6.00%, 4/15/06 444,267 446,350
Freddie Mac, Series 2091, Class PC, 6.00%, 6/15/16 1,250,000 1,249,613
Independent National Mortgage Corp., 7.92%, 1/25/25 585,368 599,391
Merrill Lynch Mortgage Investors, Inc., Series 1992-H, Class 241,365 242,847
A1-1, 7.44%*, 2/25/23
Merrill Lynch Mortgage Investors, Inc., Series 1994-1, Class A1, 193,634 193,877
7.25%*, 1/25/05
Merrill Lynch Mortgage Investors, Inc., Series 1994-D, Class A, 310,208 316,778
6.95%*, 4/25/24
</TABLE>
Continued
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
MLCC Mortgage Investors, Inc., Series 1994-B, Class A2, 272,665 $ 272,937
5.54%*, 12/15/19
Residential Funding Mortgage Securities, Series 1989-5A, Class 437,689 434,555
5A, 7.01%*, 10/25/19
Resolution Trust Corp., Series 1991-M5, Class A, 9.00%, 3/25/17 72,672 73,217
Resolution Trust Corp., Series 1992-C3, Class A3, 6.15%*, 8/25/23 666,939 666,730
Vendee Mortgage Trust, Series 1992-1, Class 2D, 7.75%, 353,156 357,199
Vendee Mortgage Trust, Series 1993-1, Class E, 7.00%, 1/15/16 1,250,000 1,264,588
-----------
Total Collateralized Mortgage Obligations (Cost $12,157,550) 12,103,196
-----------
Corporate Bonds (25.6%)
Banking (1.6%)
Mercantile Bancorp, 7.05%, 6/15/04 1,000,000 1,031,250
-----------
Electric Utility (0.8%)
Texas Utilities, 6.20%, 10/1/02, MBIA 500,000 500,000
-----------
Film & Entertainment (1.6%)
Dream Works Film Trust, 5.57%*, 10/15/05, (b) 1,000,000 996,875
-----------
Financial Services (4.3%)
First Data Corporation, 6.82%, 9/18/01 750,000 768,750
Ford Capital BV, 9.38%, 5/15/01 1,100,000 1,174,775
General Electric Capital Corp., 6.29%, 12/15/07, Callable 750,000 759,018
-----------
12/15/01 @ 100 2,702,543
-----------
Industrial Goods & Services (9.7%)
Cargill, Inc., 7.72%, 2/12/02, (b) 285,815 296,147
McDonald's Corp., 6.00%, 6/23/02 800,000 803,000
Nabisco, Inc., 6.00%, 2/15/11 250,000 249,688
Newell Co., 6.18%, 7/11/00 1,000,000 1,003,749
Philip Morris Companies, Inc., 8.75%, 6/1/01 600,000 632,250
Tyco International Ltd., 6.50%, 11/1/01 1,000,000 1,013,749
VF Corp., 9.50%, 5/1/01 1,000,000 1,065,000
Whitman Corp., 7.50%, 8/15/01 1,000,000 1,032,500
-----------
6,096,083
-----------
Oil Field Services (0.8%)
Colonial Pipeline, 7.13%, 8/15/02, (b) 500,000 517,500
-----------
Retail Stores/Catalog (3.8%)
J.C. Penney & Co., 6.95%, 4/1/00 1,000,000 1,011,250
May Department Stores Co., 9.88%, 6/15/00 385,000 401,844
Rite Aid Corp., 6.70%, 12/15/01 1,000,000 1,011,250
-----------
2,424,344
-----------
Telephone (1.6%)
AT&T Corp., 5.63%, 3/15/04 1,000,000 990,000
-----------
Transportation - Railways (1.4%)
Norfolk Southern Corp., 6.88%, 5/1/01 900,000 916,875
-----------
Total Corporate Bonds (Cost $16,131,646) 16,175,470
-----------
</TABLE>
Continued
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Medium Term/Senior Notes (0.8%)
Financial Services (0.8%)
Charles Schwab, 7.19%, 5/31/01 500,000 $ 513,750
-----------
Total Medium Term/Senior Notes (Cost $503,830) 513,750
-----------
Taxable Municipal Bonds (13.6%)
Colorado (2.4%)
Denver, City & County, School District #01, 6.34%, 12/15/00, 1,500,000 1,526,250
-----------
AMBAC
CONNECTICUT (1.3%)
State, GO, Series A, 5.70%, 1/15/01 800,000 801,000
-----------
Maryland (0.9%)
Baltimore, GO, Series B, 6.38%, 10/15/00, FGIC 565,000 574,181
-----------
Minnesota (1.6%)
Western Minnesota Power Agency, Revenue, Series A, 6.33%, 1,000,000 1,013,750
-----------
1/1/02, AMBAC
New Jersey (1.6%)
Hudson County, GO, 6.09%, 9/1/05 1,000,000 995,000
-----------
New York (3.2%)
New York State, GO, Series C, 6.13%, 3/1/02, Non-Callable, 1,000,000 1,007,500
Federal Taxable, State Tax-Exempt
New York, NY, GO, Series K, 6.10%, 8/1/01, Non-Callable, 1,000,000 1,007,500
-----------
Federal Taxable, State Tax-Exempt
2,015,000
-----------
Oregon (1.0%)
Cow Creek Band Umpqua Tribe Of Indians, Revenue, Series A, 650,000 655,688
-----------
6.20%, 7/1/03, AMBAC
Washington (1.6%)
State, Housing Trust Fund, GO, Series T, 6.60%, 1/1/01 1,000,000 1,016,250
-----------
Total Taxable Municipal Bonds (Cost $8,523,813) 8,597,119
-----------
U.S. Government Agency Obligations (13.0%)
Fannie Mae (1.6%)
5.00%*, 3/3/00 1,000,000 1,007,490
-----------
Federal Home Loan Bank (7.4%)
5.00%*, 5/10/00, Series Y 00 1,800,000 1,818,000
5.63%, 3/19/01, Series 87 2,900,000 2,915,399
-----------
4,733,399
---------
Freddie Mac (4.0%)
6.00%, 10/20/99 2,000,000 2,010,320
5.00%*, 3/10/00 500,000 501,577
-----------
2,511,897
-----------
Total U.S. Government Agency Obligations (Cost $8,198,062) 8,252,786
-----------
</TABLE>
Continued
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
U.S. Government Agency Pass-Through Securities (7.5%) **
Fannie Mae (6.5%)
6.93%, 3/1/01, Pool #160334 891,925 $ 906,696
6.00%, 2/1/14, Pool #459495 3,009,909 2,984,506
7.75%*, 11/1/21, Pool #365421 244,466 251,340
-----------
4,142,542
-----------
Freddie Mac (0.4%)
7.70%*, 4/1/29, Pool #846367 219,586 226,448
-----------
Small Business Administration (0.6%)
8.88%*, 1/25/10, Pool #503653 130,415 138,695
8.73%*, 1/25/13, Pool #503664 136,815 145,779
9.48%*, 5/25/15, Pool #502966 77,458 84,434
-----------
368,908
-----------
Total U.S. Government Agency Pass-Through Securities (Cost $4,753,669) 4,737,898
-----------
U.S. Treasury Obligations (5.7%)
U.S. Treasury Notes (5.7%)
8.50%, 2/15/00 2,000,000 2,055,626
7.88%, 11/15/04 1,400,000 1,568,000
-----------
Total U.S. Treasury Obligations (Cost $3,612,868) 3,623,626
-----------
Investment Companies (2.0%)
American AAdvantage US Government Money Market Fund 1,283,180 1,283,180
-----------
Total Investment Companies (Cost $1,283,180) 1,283,180
-----------
Total (Cost $62,551,486) (a) - 99.1% $62,734,650
===========
</TABLE>
- ----------------------
Percentages indicated are based on net assets of $63,291,007.
(a) Represents cost for federal tax and financial reporting purposes and
differs from market value by net unrealized appreciation of securities as
follows:
Unrealized appreciation $350,199
Unrealized depreciation (167,035)
---------
Net unrealized appreciation $183,164
(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 by procedures approved by the
board of trustees.
* Variable rate securities. This rate reflected on the Schedule of
Investments is the rate in effect at April 30, 1999.
** Maturity date represents final maturity; however, actual maturity may
differ due to prepayment experience.
AMBAC = Insured by American Municipal Bond Assurance Corporation
MBIA = Insured by Municipal Bond Insurance Association
LLC = Limited Liability Corporation
FGIC = Insured by Federal Guarantee Insurance Corporation
GO = General Obligation
See Notes to Financial Statements.
<PAGE>
INTRUST FUNDS TRUST
Intermediate Bond Fund
Schedule of Portfolio Investments
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Value
------ -----
<S> <C> <C>
Asset Backed Securities (12.6%)
EQCC Home Equity Loan Trust, Series 1995-3, Class A4, 7.10%, 1,000,000 $ 1,018,010
2/15/12
EQCC Home Equity Loan Trust, Series 1996-2, Class A4, 7.50%, 700,000 722,386
6/15/21
Ford Credit Auto Owner Trust, Series 1998-B, Class A4, 5.90%, 1,000,000 1,001,180
6/15/02
Green Tree Financial Corp., Series 1997-7, Class A8, 6.86%, 1,154,428 1,152,898
7/15/29
Household Consumer Loan Trust, Series 1997-1, Class A3, 500,000 499,750
5.28%*, 3/15/07
Keystone Home Improvement Loan Trust, Series 1997-P2, Class 1,000,000 1,001,875
IA3, 6.99%, 4/25/14, (b)
Premier Auto Trust, Series 1997-1, Class B, 6.55%, 9/6/03 1,000,000 1,012,430
Team Fleet Financing Corp., Series 1997-1, Class A, 7.35%, 1,000,000 1,027,745
-----------
5/15/03, (b)
Total Asset Backed Securities (Cost $7,379,332) 7,436,274
-----------
Collateralized Mortgage Obligations (13.6%)
American Housing Trust, Series VI, Class 1-I, 9.15%, 5/25/20 575,166 615,514
Asset Securitization Corp., Series 1997-D4, Class A1C, 7.42%, 750,000 795,926
4/14/29
Bear Stearns Structured Securities Inc., Series 1997-2, 7.00%, 8/25/36 (b) 750,000 753,516
GMAC Commercial Mortgage Securities, Inc., Series 1996-C1, 350,000 364,705
Class A2B, 7.22%, 2/15/06
Independent National Mortgage Corp., Series 1994-V, Class M, 709,022 723,943
8.11%*, 12/25/24
Merrill Lynch Mortgage Investors, Inc., Series 1992-H, Class 241,365 242,847
A1-1, 7.44%*, 2/25/23
Merrill Lynch Mortgage Investors, Inc., Series 1994-I, Class A1, 193,634 193,877
7.25%*, 1/25/05
Merrill Lynch Mortgage Investors, Inc., Series 1997-C1, Class 1,000,000 1,030,360
A3, 7.12%, 6/18/29
Residential Funding Mortgage Securities, Series 1989-5A, Class 437,689 434,555
A5, 7.06%*, 10/25/19
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Resolution Trust Corp., Series 1995-1, Class A2D, 7.50%, 10/25/28 750,000 $ 765,664
Vendee Mortgage Trust, Series 1992-1, Class 2D, 7.75%, 353,156 357,199
Vendee Mortgage Trust, Series 1995-1C, Class 3E, 8.00%, 750,000 766,395
Vendee Mortgage Trust, Series 1997-1, Class 2C, 7.50%, 9/15/17 1,000,000 1,018,510
-----------
Total Collateralized Mortgage Obligations (Cost $8,011,983) 8,063,011
-----------
Corporate Bonds (26.1%)
Airlines (1.7%)
Continental Airlines, Series 972A, 7.15%, 6/30/07, (b) 972,318 1,002,640
-----------
Banking (2.5%)
Chase Capital VI, 5.59%*, 8/1/28, Callable 8/1/03 @ 100 750,000 729,492
First Bank System, Inc., 7.63%, 5/1/05 700,000 747,250
-----------
1,476,742
-----------
Consumer Goods & Services (1.2%)
Levi Strauss & Co., 6.80%, 11/1/03, (b) 750,000 710,625
-----------
Electric Utility (2.6%)
Texas Utilities, 6.20%, 10/1/02, MBIA 500,000 500,000
Utilicorp, 6.88%, 10/1/04, AMBAC 1,000,000 1,023,750
-----------
1,523,750
-----------
Electrical & Electronic (0.9%)
Philips Electronics N.V., 7.75%, 4/15/04 500,000 534,375
-----------
Financial Services (7.1%)
Goldman Sachs Group LP, 7.88%, 1/15/03 (b) 500,000 530,000
Prudential Insurance, 7.65%, 7/1/07 (b) 1,000,000 1,068,749
Reinsurance Group of America, 7.25%, 4/1/06 (b) 500,000 513,750
Reliastar Financial Corp., 7.13%, 3/1/03 1,000,000 1,033,750
Terra Nova Holdings, 7.20%, 8/15/07 1,000,000 1,028,750
-----------
4,174,999
-----------
Industrial Goods & Services (4.8%)
Aramark Corp., 6.75%, 8/1/04 500,000 503,125
Nabisco, Inc., 6.00%, 2/15/11 250,000 249,688
Tenneco, Inc., 10.08%, 2/1/01 1,000,000 1,068,749
Tyco International Ltd., 6.50%, 11/1/01 1,000,000 1,013,750
-----------
2,835,312
-----------
Retail-General Merchandise (3.0%)
May Department Stores Co., 7.15%, 8/15/04 1,000,000 1,042,500
Pep Boys, 6.71%, 11/3/04 750,000 741,563
-----------
1,784,063
-----------
Schools (1.4%)
Harvard University, 8.13%, 4/15/07 750,000 833,438
-----------
Tobacco (0.9%)
Philip Morris Cos., Inc., 7.63%, 5/15/02 500,000 520,000
-----------
Total Corporate Bonds (Cost $15,137,471) 15,395,944
-----------
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Medium Term/Senior Notes (7.7%)
Banking (2.2%)
Mercantile Bancorp, 7.05%, 6/15/04 750,000 $ 773,438
United Missouri Bancshares, Inc., 7.30%, 2/24/03 500,000 525,625
-----------
1,299,063
-----------
Financial Services (3.4%)
Charles Schwab, 7.19%, 5/31/01 500,000 513,750
Merrill Lynch, 5.76%*, 8/10/01 700,000 699,873
Paine Webber Group, 6.90%, 8/15/03 750,000 759,374
-----------
1,972,997
-----------
Oil & Gas Exploration Products & Services (1.3%)
Vastar Resources, Inc., 6.95%, 11/8/06 750,000 757,500
----------
Semiconductors (0.8%)
Applied Materials, Inc., 6.70%, 9/6/05 500,000 502,500
----------
Total Medium Term/Senior Notes (Cost $4,448,470) 4,532,060
----------
Taxable Municipal Bonds (7.6%)
Minnesota (2.0%)
St. Paul, GO, 6.05%, 2/1/07 1,195,000 1,174,088
----------
New York (2.7%)
New York, NY, Series K, GO, 6.10%, 8/1/01 750,000 755,625
State, Series C, GO, 6.13%, 3/1/02 800,000 805,999
----------
1,561,624
-----------
Pennsylvania (1.2%)
Philadelphia Authority, Industrial Development, Revenue, Series 750,000 732,188
----------
A, 5.49%, 4/15/04, MBIA
Washington (1.7%)
State, Housing Trust Fund, Series T, 6.60%, 1/1/03 1,000,000 1,027,500
----------
Total Taxable Municipal Bonds (Cost $4,505,910) 4,495,400
----------
U.S. Government Agency Obligations (13.6%)
Fannie Mae (10.2%)
6.00%, 5/28/05, Series 1999-25, Class VA 1,500,000 1,500,938
6.00%, 5/15/08 3,500,000 3,526,564
6.00%, 9/25/14, Series 1999-19, Class PC 1,000,000 1,004,727
----------
6,032,229
-----------
Federal Home Loan Bank (3.4%)
7.87%, 10/20/04, Series AW04 1,850,000 2,037,054
----------
Total U.S. Government Agency Obligations (Cost $8,076,404) 8,069,283
----------
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
U.S. Government Agency Pass-through Securities (9.6%)
Fannie Mae (9.2%)
7.13%, 6/1/04, Pool #375168 983,722 $ 1,026,327
6.18%, 8/1/08, Pool #380581 992,804 992,583
6.00%, 2/1/14, Pool #459495 1,755,780 1,740,963
7.75%*, 11/1/21, Pool #365421 505,900 520,126
6.50%, 2/1/28, Pool #415414 1,174,236 1,167,625
-----------
5,447,624
-----------
Federal Home Loan Mortgage Corp. (0.4%)
7.32%*, 4/1/29, Pool #846367 219,586 226,448
-----------
Total U.S. Government Agency Pass-Through Securities (Cost $5,672,995) 5,674,072
-----------
U.S. Treasury Obligations (9.0%)
U.S. Treasury Notes (9.0%)
7.50%, 5/15/02 5,000,000 5,320,150
-----------
Total U.S. Treasury Obligations (Cost $5,332,917) 5,320,150
-----------
Investment Companies (1.8%)
American AAdvantage U.S. Government Money Market Fund 1,085,891 1,085,891
-----------
Total Investment Companies (Cost $1,085,891) 1,085,891
-----------
Total (Cost $59,651,372) (a) - 101.6% $60,072,085
===========
</TABLE>
- ----------------------
Percentages indicated are based on net assets of $59,130,918.
(a) Represents cost for federal tax and financial reporting purposes
and differs from market value by net unrealized appreciation of
securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 695,263
Unrealized depreciation (274,550)
---------
Net unrealized appreciation $ 420,713
</TABLE>
(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 by
procedures approved by the board of trustees.
* Variable rate securities. This rate reflected on the Schedule of
Investments is the rate in effect at April 30,1999.
AMBAC = Insured by American Municipal Bond Assurance Corporation
MBIA = Insured by Municipal Bond Insurance Association
GO = General Obligation
See Notes to Financial Statements.
<PAGE>
INTRUST FUNDS TRUST
Stock Fund
Schedule of Portfolio Investments
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Market
Shares Value
------- ------------
<S> <C> <C>
Common Stocks (98.5%)
Aerospace & Military Technology (2.9%)
AlliedSignal, Inc. 28,100 $ 1,650,875
Lockheed Martin Corp. 44,700 1,924,894
------------
3,575,769
------------
Airlines (0.1%)
AMR Corp. (b) 2,600 181,513
------------
Automotive (2.3%)
Dana Corp. 61,800 2,912,325
------------
Banking (5.6%)
Bank Of America Corp. 40,900 2,944,799
Bank One Corp. 30,900 1,823,100
BankBoston Corp. 44,700 2,190,300
------------
6,958,199
------------
Beverages (1.0%)
The Pepsi Bottling Group, Inc. (b) 59,800 1,259,538
------------
Building Products (1.8%)
Masco Corp. 75,100 2,206,063
------------
Computers (2.8%)
Compaq Computer Corp. 48,500 1,082,156
Electronic Data Systems Corp. 24,600 1,322,250
Seagate Technology, Inc. (b) 40,500 1,128,938
------------
3,533,344
------------
Consumer Goods & Services (3.2%)
Kimberly Clark Corp. 31,600 1,937,475
Newell Rubbermaid, Inc. 42,500 2,016,094
------------
3,953,569
------------
Containers & Packaging (1.3%)
Crown Cork & Seal Co. 51,100 1,660,750
------------
Diversified (0.6%)
Tenneco, Inc. 26,900 726,300
------------
Electric Utility (5.1%)
American Electric Power Company, Inc. 34,600 1,433,738
FirstEnergy Corp. 41,700 1,237,969
FPL Group, Inc. 22,000 1,240,250
Public Service Enterprise Group, Inc. 22,600 904,000
Texas Utilities Co. 38,600 1,534,349
------------
6,350,306
------------
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Electrical & Electronic (1.8%)
Emerson Electric Co. 35,000 $ 2,257,500
------------
Electronic Components/Instruments (1.5%)
Raytheon Co.- Class A 17,400 1,203,863
Raytheon Co.- Class B 9,200 646,300
------------
1,850,163
------------
Energy (1.5%)
Atlantic Richfield Co. 22,000 1,846,625
------------
Financial Services (2.4%)
Household International, Inc. 20,300 1,021,344
Washington Mutual, Inc. 48,400 1,990,450
------------
3,011,794
------------
Food Products & Services (3.2%)
Archer-Daniels-Midland Co. 154,744 2,321,160
Conagra, Inc. 67,700 1,684,038
------------
4,005,198
------------
Forest Products (3.1%)
Champion International Co. 26,800 1,465,625
Fort James Corp. 63,600 2,416,800
------------
3,882,425
------------
Health Care (2.3%)
Baxter International, Inc. 36,200 2,280,600
McKesson HBOC, Inc. 17,400 609,000
------------
2,889,600
------------
Industrial Goods & Services (7.0%)
Air Products & Chemical, Inc. 43,000 2,021,000
Du Pont (Ei) De Nemours & Co. 36,600 2,584,874
PPG Industries, Inc. 24,000 1,558,500
Praxair, Inc. 48,900 2,530,575
------------
8,694,949
------------
Insurance (11.5%)
Aetna, Inc. 33,400 2,928,762
Allstate Corp. 58,500 2,127,938
Chubb Corp. 39,100 2,316,675
Cigna Corp. 29,500 2,572,030
Loews Corp. 12,000 878,250
St. Paul Cos. 57,900 1,661,006
UNUM Corp. 29,700 1,622,363
------------
14,107,024
------------
Machinery & Equipment (1.2%)
Deere & Co. 34,800 1,496,400
------------
Medical-Hospital Management & Services (1.6%)
Tenet Healthcare Corp. (b) 84,400 1,993,950
------------
Metals & Mining (0.3%)
Alcoa, Inc. 6,000 373,500
------------
Natural Resources (1.1%)
Amerada Hess Corp. 23,200 1,322,400
------------
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Oil & Gas Exploration Products & Services (10.2%)
Burlington Resources, Inc. 47,100 $ 2,169,543
Conoco, Inc. 79,900 2,167,288
Halliburton Co. 40,300 1,717,788
Occidental Petroleum Corp. 53,300 1,075,994
Schlumberger Ltd. 15,400 983,675
Texaco, Inc. 18,000 1,129,500
Union Pacific Resources Group, Inc. 74,700 1,045,800
Unocal Corp. 53,700 2,231,905
------------
12,521,493
------------
Paper & Related Products (1.7%)
International Paper Co. 38,900 2,073,856
------------
Photography (1.9%)
Eastman Kodak Co. 32,100 2,395,463
------------
Printing & Publishing (1.4%)
Gannett, Inc. 25,000 1,770,313
------------
Railroads (5.2%)
Burlington Northern Santa Fe Corp. 67,300 2,464,862
CSX Corp. 47,300 2,329,525
Norfolk Southern Corp. 50,300 1,644,181
------------
6,438,568
------------
Retail-General Merchandise (5.3%)
Consolidated Stores (b) 8,100 278,438
Federated Department Stores, Inc. (b) 68,200 3,184,087
May Department Stores Co. 40,450 1,610,416
Sears, Roebuck & Co. 34,000 1,564,000
------------
6,636,941
------------
Telecommunications (6.0%)
AT&T Corp. 26,600 1,343,300
Bell Atlantic Corp. 36,082 2,079,225
U S WEST, Inc. 28,200 1,475,213
GTE Corp. 38,700 2,590,481
------------
7,488,219
------------
Tire & Rubber (1.6%)
Goodyear Tire & Rubber Co. 34,100 1,950,094
------------
Total Common Stocks (Cost $114,562,664) 122,324,151
------------
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C>
Investment Companies (1.3%)
American AAdvantage U.S. Government Money Market Fund 1,609,939 $ 1,609,939
---------
Total Investment Companies (Cost $1,609,939) 1,609,939
---------
Total (Cost $116,172,604) (a) - 99.8% $ 123,934,090
===========
</TABLE>
____________
Percentages indicated are based on net assets of $124,120,416.
(a) Represents cost for federal tax purposes and differs from market value by
net unrealized appreciation of securities as follows:
Unrealized appreciation $ 11,887,190
Unrealized depreciation (4,125,704)
-----------
Net unrealized appreciation $ 7,761,486
(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, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Value
--------- ------------
<S> <C> <C>
Municipal Bonds (99.23%)
Guam (0.16%)
Guam Government, Series A, 5.90%, 9/1/05, Callable 3/1/99 @ 100 250,000 $ 251,438
------------
KANSAS (97.30%)
Anthony, Elect, Revenue, 5.30%, 12/1/17, Callable 12/1/05 @ 100 1,215,000 1,222,594
Barton County, School District #428, Great Bend, GO, Series A, 1,390,000 1,442,124
5.30%, 9/1/15, Callable 9/1/06 @ 100
Bourbon County, School District #234, GO, Series B, 5.63%, 285,000 302,813
9/1/11, Callable 9/1/06 @ 100, FSA
Brown County, Horton School District #430, GO, 5.38%, 9/1/13, 500,000 522,500
Callable 9/1/06 @ 100, FSA
Butler & Sedgwick County, School District #385, 5.70%, 9/1/14, 630,000 677,250
Callable 9/1/03 @ 100, FSA
Butler & Sedgwick County, School District #385, 4.75%, 9/1/18, 1,685,000 1,651,299
Callable 9/1/08 @ 100, FSA
Butler & Sedgwick County, School District #385, Andover, 370,000 397,750
5.70%, 9/1/15, Callable 9/1/03 @ 100, FSA
Butler County, School District #402, GO, 4.15%, 10/1/01, FSA 250,000 253,125
Butler County, School District #402, GO, 4.30%, 10/1/02, FSA 250,000 255,000
Butler County, School District #402, GO, 5.25%, 10/1/12, Callable 500,000 513,125
4/1/04 @ 100, FSA
Coffeyville, Community College, COP, 5.88%, 10/1/14, Callable 250,000 263,438
10/1/04 @ 100
Coffeyville, Water & Sewer Revenue, 4.60%, 10/1/04, Callable 465,000 470,696
10/1/99 @ 101, AMBAC
Coffeyville, Water & Sewer Revenue, 4.70%, 10/1/05, Callable 490,000 495,919
10/1/99 @ 101, AMBAC
Cowley County, School District #470, GO, 5.45%, 12/1/12, 500,000 540,625
Callable 12/1/06 @ 100, FGIC
Cowley County, School District #470, GO, 5.50%, 12/1/16, 1,000,000 1,085,000
Callable 12/1/06 @ 100, FGIC
Decatur County, GO, Series 1992, 6.00%, 9/1/01, Callable 9/1/99 250,000 251,685
@ 100
Dickinson County, Abilene School District #435, GO, Series 1992, 265,000 266,598
5.40%, 4/1/01, Callable 4/1/99 @100
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Dickinson County, Abilene School District #435, GO, Series 1992, 300,000 $ 302,205
5.60%, 4/1/03, Callable 4/1/99 @100
Dodge City, School District #443, GO, 4.40%, 9/1/12, Callable 1,020,000 995,775
9/1/08 @ 100, FSA
Dodge City, School District #443, GO, 4.70%, 9/1/15, Callable 975,000 971,344
9/1/08 @ 100, FSA
Dodge City, School District #443, GO, 4.50%, 9/1/15, Callable 1,855,000 1,817,899
9/1/08 @ 100, FSA
Dodge, Pollution Control Revenue, 6.63%, 5/1/05, Private 700,000 762,125
Placement
Dodge, School District #443, GO, 4.80%, 3/1/08, Callable 3/1/04 360,000 368,100
@ 100, FSA
Dodge, School District #443, GO, 5.00%, 3/1/14, Callable 3/1/04 250,000 253,438
@ 100, FSA
Douglas County, School District #497, GO, 5.00%, 9/1/07 1,000,000 1,048,750
Douglas County, School District #497, GO, 4.75%, 9/1/08 1,235,000 1,270,505
Douglas County, School District #497, GO, Series 1993 A, 4.50%, 250,000 254,375
9/1/02, Callable 9/1/01 @ 100
Douglas County, School District #497, GO, Series A, 5.40%, 600,000 624,000
9/1/15, Callable 9/1/06 @ 100
El Dorado, Water Utility System Revenue, 4.40%, 10/1/02 230,000 234,600
El Dorado, Water Utility System Revenue, 4.45%, 10/1/03 305,000 312,625
El Dorado, Water Utility System Revenue, 4.65%, 10/1/05 350,000 359,188
El Dorado, Water Utility System Revenue, 4.70%, 10/1/06, 275,000 282,219
Callable 10/1/05 @ 100
El Dorado, Water Utility System Revenue, 4.75%, 10/1/07, 200,000 204,750
Callable 10/1/05 @ 100
Ellsworth County, School District #328, GO, 5.25%, 9/1/15, 500,000 515,625
Callable 9/1/06 @ 100, FSA
Finney County, GO, 5.00%, 12/1/10, Callable 12/1/07 @ 100, 500,000 517,500
MBIA
Finney County, GO, 4.40%, 12/1/13, Callable 12/1/07 @ 100, 1,010,000 1,006,213
AMBAC
Finney County, GO, 4.50%, 12/1/15, Callable 12/1/07 @ 100, 1,100,000 1,100,000
AMBAC
Finney County, GO, 4.65%, 12/1/17, Callable 12/1/07 @ 100, 1,210,000 1,210,000
AMBAC
Finney County, School District #457, GO, 5.55%, 10/1/00 250,000 257,188
Franklin County, GO, Series B, 4.75%, 9/1/05, Callable 9/1/03 @ 330,000 336,188
100
Franklin County, School District #290, GO, 5.25%, 9/1/14, 500,000 518,125
Callable 9/1/06 @ 100, FSA
Franklin County, School District #290, GO, 5.30%, 9/1/16, 335,000 345,050
Callable 9/1/06 @ 100, FSA
Garden City, GO, Series B, 4.90%, 11/1/99, MBIA 250,000 252,105
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Garden City, GO, Series B, 5.45%, 11/1/04, Callable 11/1/03 @ 250,000 $ 265,625
100, MBIA
Gardner, Electric Utilities Revenue, 7.00%, 11/1/09, Callable 500,000 525,625
11/1/01 @ 101
Gardner, GO, 5.30%, 9/1/11, Callable 9/1/02 @ 100, AMBAC 330,000 336,600
Gove County, GO, 5.15%, 4/1/12, Callable 10/1/01 @ 101, 560,000 570,500
AMBAC
Gray County, School District #102, GO, 6.80%, 9/1/15, Callable 250,000 279,375
9/1/05 @ 100
Gray County, School District #102, GO, 5.00%, 9/1/15, Callable 800,000 810,000
9/1/08 @ 100
Great Bend, Water System Revenue, Series A, 5.15%, 9/1/19, 1,000,000 971,250
Callable 9/1/08 @ 100
Harvey County, School District #373, GO, 5.55%, 9/1/13, 500,000 540,625
Callable 9/1/05 @ 100, FSA
Harvey County, School District #373, GO, 4.80%, 9/1/18, 2,000,000 1,969,999
Callable 9/1/08 @ 100, FSA
Hays, GO, Series A, 5.15%, 9/1/09, Callable 9/1/03 @ 100, FGIC 250,000 263,125
Hays, GO, Series A, 5.25%, 9/1/10, Callable 9/1/03 @ 100, FGIC 250,000 264,063
Hays, Water & Sewer Revenue, 5.20%, 9/1/11, Callable 9/1/03 260,000 265,200
@ 100, MBIA
Jefferson County, School District #340, GO, 6.00%, 9/1/06, 300,000 329,625
Prerefunded 9/1/04 @ 100, FSA
Jefferson County, School District #340, GO, 6.10%, 9/1/07, 320,000 353,200
Prerefunded 9/1/04 @ 100, FSA
Jefferson County, School District #340, GO, 6.20%, 9/1/08, 330,000 365,475
Prerefunded 9/1/04 @ 100, FSA
Johnson & Miami Counties, School District #230, GO, 5.25%, 350,000 371,000
12/1/05, Callable 12/1/03 @ 100
Johnson County, School District #223, GO, 5.00%, 9/1/14, 3,000,000 3,082,499
Callable 9/1/09 @ 100, FGIC
Johnson County, School District #232, GO, 5.40%, 9/1/14, 1,050,000 1,103,813
Callable 9/1/07 @ 100, MBIA
Johnson County, School District #233, GO, 5.65%, 9/1/03, 485,000 513,494
Callable 3/1/02 @ 101, AMBAC
Johnson County, School District #233, GO, 5.95%, 9/1/05, 500,000 529,375
Callable 3/1/02 @ 101, AMBAC
Johnson County, School District #512, GO, 5.30%, 10/1/14, 550,000 568,563
Callable 10/1/05 @ 100
Johnson County, School District #512, GO, Series A, 4.60%, 1,135,000 1,164,794
10/1/08
Johnson County, School District #512, GO, Series A, 4.00%, 1,185,000 1,152,413
10/1/09, Callable 10/1/08 @ 100
Johnson County, School District #512, GO, Series A, 4.20%, 1,240,000 1,213,650
10/1/10, Callable 10/1/08 @ 100
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Johnson County, School District #512, GO, Series A, 4.30%, 1,290,000 $ 1,260,974
10/1/11, Callable 10/1/08 @ 100
Johnson County, School District #512, GO, Series B, 5.25%, 500,000 510,000
10/1/17, Callable 10/1/06 @ 100
Johnson County, Water District #001 Revenue, 5.13%, 12/1/08, 250,000 258,438
Callable 12/1/03 @ 100
Johnson County, Water District #001 Revenue, 5.30%, 12/1/12, 265,000 272,619
Callable 12/1/03 @ 100
Johnson County, Water District #001 Revenue, Series 1990-A, 250,000 262,813
6.90%, 12/1/00
Junction City, GO, Series DD, 6.20%, 9/1/06, Callable 9/1/00 @ 515,000 529,806
100
Junction City, Water & Sewer, GO, 4.80%, 9/1/16, Callable 1,620,000 1,619,999
9/1/08 @ 100, MBIA
Kansas City, GO, 5.45%, 4/1/17, Callable 10/1/06 @ 100, FGIC 340,000 352,325
Kansas City, GO, 5.45%, 10/1/17, Callable 10/1/06 @ 100, FGIC 450,000 466,313
Kansas City, GO, Series B, 5.38%, 9/1/10, Callable 9/1/05 @ 100, 1,500,000 1,571,249
MBIA
Kansas City, Pollution Control Revenue, General Motors Corp., 500,000 507,020
5.45%, 4/1/06, Callable 10/1/99 @ 101
Kansas Turnpike Authority, 5.50%, 9/1/06, AMBAC 1,915,000 2,065,805
Kearny County, School District #215, GO, 4.80%, 9/1/13, 700,000 707,875
Callable 9/1/06 @ 100, MBIA
Labette County, Single Family Mortgage, Revenue, 7.65%, 740,000 793,650
12/1/11, Callable 6/1/08 @ 103, GNMA
Lawrence, Sales Tax, GO, Series V, 5.50%, 9/1/12, Callable 500,000 521,875
9/1/04 @ 100
Lawrence, Water & Sewer System Revenue, 5.70%, 11/1/11, 395,000 421,663
Callable 11/1/05 @ 100
Lawrence, Water & Sewer System Revenue, 5.10%, 11/1/12, 320,000 329,200
Callable 11/1/06 @100
Lawrence, Water & Sewer System Revenue, 5.25%, 11/1/15, 505,000 519,519
Callable 11/1/06 @ 100
Lawrence, Water & Sewer System Revenue, 5.20%, 11/01/16, 250,000 255,313
Callable 11/1/06 @100
Leavenworth County, School District #453, GO, 4.70%, 9/1/11, 400,000 403,000
Callable 9/1/07 @ 100, FGIC
Leavenworth County, School District #453, GO, 4.80%, 9/1/12, 460,000 463,450
Callable 9/1/07 @ 100, FGIC
Leavenworth County, School District #469, GO, 4.60%, 9/1/05, 340,000 350,625
FSA
Leavenworth Hospital Revenue, 6.13%, 4/1/15, Callable 4/1/07 415,000 431,081
@ 102
Leawood, GO, Series A, 5.00%, 9/1/00 300,000 306,000
Leawood, GO, Series A, 5.20%, 9/1/01, Callable 9/1/00 @ 100 250,000 255,000
Leawood, GO, Series A, 5.25%, 9/1/09, Callable 9/1/06 @ 100 250,000 264,688
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Leawood, GO, Series A, 5.35%, 9/1/10, Callable 9/1/06 @ 100 250,000 $ 264,688
Leawood, GO, Series A, 5.40%, 9/1/11, Callable 9/1/06 @ 100 375,000 395,625
Leawood, GO, Series B, 5.00%, 9/1/10, Callable 9/1/06 @ 100 400,000 414,500
Lyon County, School District #253, GO, 5.60%, 10/1/10, Callable 650,000 697,125
10/1/03 @ 102
Manhattan, GO, 5.40%, 11/1/16, Callable 11/1/04 @ 100 405,000 416,138
Manhattan, GO, Series 189, 5.85%, 11/1/02, Callable 11/1/01 @ 250,000 263,125
100
Marion County, School District #411, GO, 5.30%, 4/1/13, Callable 660,000 683,100
4/1/03 @ 101.5
McPherson County, School District #400, GO, 5.20%, 12/1/10, 250,000 260,625
Callable 12/1/05 @ 100, FGIC
McPherson County, School District #400, GO, 5.25%, 12/1/12, 250,000 259,063
Callable 12/1/05 @ 100, FGIC
McPherson, Electric Utility Revenue, 5.55%, 3/1/09, Callable 550,000 554,439
3/1/00 @ 100, AMBAC
McPherson, GO, Series 116, 5.00%, 11/1/06, Callable 11/1/99 @ 500,000 502,005
100, AMBAC
Meade, Industrial Revenue, 6.50%, 10/1/06 1,000,000 1,142,500
Miami County, School District #367, GO, 5.00%, 9/1/16, Callable 900,000 912,375
9/1/08 @ 100, FGIC
Miami County, School District #368, GO, 6.50%, 12/1/05, 500,000 535,000
Callable 6/1/02 @ 100, AMBAC
Miami County, School District #416, GO, 6.00%, 9/1/02, Callable 250,000 257,500
9/1/00 @ 100, AMBAC
Miami County, School District, GO, Series A, 5.85%, 9/1/13, 550,000 600,188
Prerefunded 9/1/04 @ 100, AMBAC
Nemaha County, School District #441, GO, 5.40%, 3/1/02, 250,000 257,500
Callable 3/1/01 @ 100, AMBAC
Nemaha County, School District #441, GO, 5.75%, 3/1/07, 250,000 256,875
Callable 3/1/01 @ 100, AMBAC
Neosho County, School District #413, GO, 5.65%, 9/1/01 260,000 271,050
Newton, Wastewater Treatment System Revenue, 6.00%, 3/1/00 115,000 117,463
Newton, Wastewater Treatment System Revenue, 6.20%, 3/1/01 120,000 125,250
Newton, Wastewater Treatment System Revenue, 6.40%, 3/1/02 130,000 138,938
Newton, Wastewater Treatment System Revenue, 4.90%, 700,000 695,625
3/1/12, Callable 3/1/07 @ 100
Olathe, GO, Series 184, 4.60%, 10/1/99 275,000 276,471
Olathe, Health Facility Revenue, 5.20%, 9/1/17, Callable 9/1/05 1,000,000 1,005,000
@ 100
Olathe, Labette County, Mortgage Loan Revenue, 7.15%, 2/1/15, 20,000 21,200
Callable 8/1/01 @ 103, GNMA
Olathe, Multifamily Housing Revenue, 5.50%, 6/1/04, FNMA 320,000 336,400
Olathe, Water & Sewer System Revenue, 5.20%, 7/1/12, 1,170,000 1,199,250
Callable 7/1/06 @ 100, AMBAC
Osage County, School District #434, GO, 4.75%, 9/1/14, Callable 2,215,000 2,228,843
9/1/03 @ 100.5, FSA
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Osborne, GO, Series 1992, 5.50%, 12/1/01, Callable 12/1/98 @ 135,000 $ 135,150
100
Osborne, GO, Series 1992, 5.60%, 12/1/02, Callable 12/1/98 @ 140,000 140,179
100
Osborne, GO, Series 1992, 5.70%, 12/1/03, Callable 12/1/98 @ 150,000 150,203
100
Osborne, GO, Series 1992, 5.80%, 12/1/04, Callable 12/1/98 @ 155,000 155,214
100
Ottawa, University Educational Revenue, 5.60%, 10/1/18, 2,000,000 1,957,499
Callable 10/1/08 @ 100
Ottawa, Waterworks & Electric System Revenue, 6.15%, 250,000 260,313
12/1/00, MBIA
Ottawa, Waterworks & Electric System Revenue, 6.25%, 250,000 265,938
12/1/01, MBIA
Pawnee County, School District #495, GO, 5.10%, 9/1/04, 255,000 268,069
Callable 9/1/03 @ 100, FSA
Pottawatomie County, School District #320, GO, Series 1990, 500,000 532,500
6.60%, 10/1/02, Callable 10/1/01 @ 100, AMBAC
Pottawatomie County, School District #322, GO, 4.95%, 10/01/12, 700,000 706,125
Callable 10/1/04 @ 100
Pratt, Electric System Revenue, 6.60%, 11/1/07, AMBAC 250,000 284,063
Pratt, Electric System Revenue, 4.95%, 11/1/10, Callable 11/1/05 635,000 650,875
@ 101, AMBAC
Pratt, Electric System Revenue, 5.00%, 11/1/11, Callable 11/1/05 415,000 423,819
@ 101, AMBAC
Pratt, Electric System Revenue, 6.00%, 11/1/12, Prerefunded 250,000 259,375
11/1/00 @ 100, AMBAC
Reno County, Mortgage, Series B, 8.70%, 9/1/11, Callable 9/1/01 90,000 95,625
@ 103
Rice County, Union School District #444, 5.08%, 9/1/14, Callable 755,000 765,381
9/1/07 @ 100
Salina Hospital Revenue, 5.30%, 10/1/13, Callable 10/1/03 @ 750,000 764,063
100, AMBAC
Salina, Water & Sewer Revenue, 5.00%, 9/1/07, Callable 9/1/02 330,000 336,188
@ 100, MBIA
Saline County, School District #305, GO, 4.75%, 9/1/14, Callable 4,525,000 4,508,030
9/1/08 @ 100, FSA
Scott County, School District #466, GO, Series 1993, 5.38%, 685,000 698,700
9/1/06, Callable 9/1/01 @ 100
Sedgwick & Shawnee Counties, Single Family Revenue, 4.90%, 705,000 713,813
6/1/16
Sedgwick & Shawnee Counties, Single Family Revenue, 5.50%, 1,130,000 1,258,538
6/1/29
Sedgwick & Shawnee Counties, Single Family Revenue, Series 320,000 366,400
B-1, 8.05%, 5/1/14, GNMA
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Sedgwick County, Family Mortgage, Series A-2, 6.50%, 12/1/16, 840,000 $ 893,550
Callable 12/1/07 @ 105, GNMA
Sedgwick County, GO, 4.70%, 9/1/12, Callable 9/1/98 @ 100, 840,000 840,000
FGIC
Sedgwick County, Mortgage Loan Revenue, Series A, 7.30%, 420,000 443,625
12/1/12, Callable 9/1/01 @ 103, GNMA
Sedgwick County, Public Building, 5.00%, 8/1/16, Callable 8/1/04 400,000 401,000
@ 100
Sedgwick County, School District #260, GO, 4.65%, 10/1/11, 1,220,000 1,224,575
Callable 10/1/08 @ 100, AMBAC
Sedgwick County, School District #261, GO, 4.75%, 11/1/17, 2,525,000 2,493,437
Callable 11/1/09 @ 100, FSA
Sedgwick County, School District #265, GO, 4.30%, 10/1/07, FSA 1,000,000 1,005,000
Sedgwick County, School District #265, GO, 4.25%, 10/1/08, FSA 1,000,000 997,500
Sedgwick County, School District #265, GO, 4.35%, 10/1/09, FSA 1,000,000 997,500
Sedgwick County, School District #266, GO, 5.25%, 9/1/13, 650,000 667,063
Callable 9/1/02 @ 101, FGIC
Seward County, GO, Series B, 6.00%, 8/15/08, Callable 8/15/01 250,000 259,063
@ 100, AMBAC
Seward County, GO, Series B, 6.00%, 8/15/13, Callable 8/15/01 250,000 259,688
@ 100, AMBAC
Seward County, School District #480, GO, 5.00%, 9/1/14, Callable 1,640,000 1,674,849
9/1/06 @ 100, FSA
Seward County, School District #480, GO, Series 1992, 5.00%, 500,000 500,565
12/1/00, Callable 12/1/98 @ 100, MBIA
Seward County, School District #483, Kismet-Plains, GO, 5.20%, 600,000 618,750
10/1/12, Callable 10/1/06 @ 100
Seward County, Single Family Mortgage Revenue, Series B, 190,000 201,638
8.00%, 5/1/11, Callable 11/1/01 @ 103
Shawnee County, GO, 4.70%, 9/1/11, Continuously Callable 1,945,000 1,966,880
9/1/08 @ 100
Shawnee County, GO, Series B, 5.50%, 9/1/09, Prerefunded 250,000 266,250
9/1/03 @ 100
Shawnee County, GO, Series B, 5.50%, 9/1/11, Prerefunded 250,000 266,250
9/1/03 @ 100
Shawnee County, GO, Series C, 5.60%, 9/1/04, Callable 9/1/02 @ 500,000 528,750
100
Shawnee County, Health Care Revenue, 5.15%, 8/15/10, Callable 500,000 514,375
8/15/05 @ 100, FSA
Shawnee County, School District #345, GO, 5.75%, 9/1/11, 250,000 271,563
Prerefunded 9/1/04 @ 100, MBIA
Shawnee County, School District #345, GO, 4.75%, 9/1/11, 1,590,000 1,607,887
Callable 9/1/04 @ 101.5, MBIA
Shawnee County, School District #437, Auburn-Washburn, GO, 700,000 745,500
Series 1992, 6.25%, 3/1/03, Callable 3/1/02 @ 100, FGIC
</TABLE>
Continued
<PAGE>
<TABLE>
<S> <C> <C>
Shawnee County, School District #501, GO, 4.35%, 2/1/06 1,515,000 $ 1,524,468
Shawnee County, School District #501, GO, 4.38%, 2/1/07, 1,675,000 1,683,374
Callable 2/1/06 @ 100
Shawnee County, School District #501, GO, 4.38%, 8/1/11, 1,130,000 1,107,400
Callable 8/1/08 @ 100, FSA
State, Department of Transportation, Highway Revenue, 5.38%, 1,000,000 1,028,750
3/1/13, Callable 3/1/03 @ 102
State, Department of Transportation, Highway Revenue, 5.50%, 1,000,000 1,071,250
9/1/14
State, Department of Transportation, Highway Revenue, Series 250,000 261,875
1993, 5.00%, 3/1/04, Callable 3/1/03 @ 102
State, Development Finance Authority, Educational, 4.80%, 345,000 351,038
10/1/08, Callable 10/1/04 @ 100
State, Development Finance Authority, Educational, 5.00%, 500,000 504,375
10/1/12, Callable 10/1/04 @ 100
State, Development Finance Authority, Health Facilities 500,000 514,375
Revenue, Hays Medical Center Inc., 5.38%, 11/15/16, Callable
11/15/06 @ 102, MBIA
State, Development Finance Authority, Health Facilities 500,000 520,000
Revenue, Hays Medical Center Inc., 5.50%, 11/15/17, Callable
11/15/07 @ 100, MBIA
State, Development Finance Authority, Health Facilities 475,000 507,656
Revenue, Stormont Health Care, 5.40%, 11/15/05, MBIA
State, Development Finance Authority, Health Facilities 500,000 535,625
Revenue, Stormont Health Care, 5.75%, 11/15/10, Callable
11/15/06 @ 100, MBIA
State, Development Finance Authority, Health Facilities 500,000 540,000
Revenue, Stormont Health Care, 5.80%, 11/15/16, Callable
11/15/06 @ 100, MBIA
State, Development Finance Authority Revenue, 5.13%, 6/1/06, 250,000 261,563
Callable 6/1/03 @ 102, AMBAC
State, Development Finance Authority Revenue, 5.00%, 8/1/11, 1,500,000 1,541,249
Callable 8/1/09 @ 100, MBIA
State, Development Finance Authority Revenue, 5.50%, 5/1/14, 1,000,000 1,050,000
Callable 5/1/07 @ 100 (b)
State, Development Finance Authority Revenue, 5.00%, 4/1/19, 1,000,000 980,000
Callable 4/1/09 @ 100, AMBAC
State, Development Finance Authority Revenue, Department of 250,000 258,120
Corrections, El Dorado, Project L, 5.63%, 2/1/03, Callable 2/1/00
@ 102, MBIA
State, Development Finance Authority Revenue, Project K-II, 500,000 513,125
5.50%, 10/1/10, Callable 10/1/01 @ 101
State, Development Finance Authority Revenue, Project K-II, 500,000 513,750
5.60%, 10/1/11, Callable 10/1/01 @ 101
State, Development Finance Authority Revenue, Series J, 5.40%, 500,000 521,875
4/1/10, Callable 4/1/05 @ 100
</TABLE>
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<PAGE>
<TABLE>
<S> <C> <C>
State, Development Finance Authority, Water Supply, 4.40%, 1,000,000 $ 1,010,000
4/1/06, AMBAC
State, Development Finance Board Regents, 4.38%, 10/1/03, 1,000,000 1,021,250
AMBAC
State, Development Financial Authority, Health Facilities 500,000 526,875
Revenue, Hays Medical Center, Series B, 5.38%, 11/15/10,
Callable 11/15/07 @ 100, MBIA
State, Public Water Supply, Revenue, 4.15%, 4/1/06 1,000,000 990,000
State, Turnpike Authority, Revenue, 5.40%, 9/1/09, Callable 260,000 272,675
9/1/03 @ 102, AMBAC
Sumner County, Bridge Improvement, GO, Series 1992, 6.00%, 435,000 459,469
11/1/04, Callable 11/1/01 @ 100, AMBAC
Sumner County, Bridge Improvement, GO, Series 1992, 6.00%, 250,000 264,063
11/1/05, Callable 11/1/01 @ 100, AMBAC
Sumner County, School District #357, Belle Plaine, GO, 5.55%, 375,000 388,594
9/1/13, Callable 9/1/03 @ 100
Thomas County, School District #315, GO, Series A, 4.35%, 1,055,000 1,024,669
9/1/13, Callable 9/1/07 @ 100, FSA
Topeka Public Building Commission Revenue, 5.00%, 6/1/19, 1,100,000 1,083,500
Callable 6/1/09 @ 100, MBIA
Topeka, GO, Series A, 5.50%, 8/15/16, Callable 8/15/01 @ 101 500,000 511,250
Topeka, GO, Series C, 5.50%, 8/15/05, Callable 8/15/99 @ 101 250,000 253,470
Topeka, Hospital, Revenue, 6.75%, 11/15/00, MBIA 500,000 525,000
Wellington, Water & Sewer Revenue, 5.15%, 5/1/18, Callable 1,000,000 1,002,500
5/1/08 @ 100, AMBAC
Wichita, GO, 4.70%, 9/1/12, Callable 9/1/04 @ 101 565,000 566,413
Wichita, GO, Series 746, 5.30%, 9/1/12, Callable 9/1/04 @ 100 750,000 780,938
Wichita, GO, Series 752, 4.50%, 9/1/08, Callable 9/1/05 @ 101 1,000,000 1,015,000
Wichita, Hospital Revenue, 6.00%, 7/1/04, Callable 6/8/98 @ 100 807,000 858,446
Wichita, Multifamily Housing Revenue, 5.90%, 12/1/16, Callable 660,000 693,825
12/1/05 @ 102
Wichita, Single Family Mortgage Revenue, Series A, 7.10%, 190,000 202,113
9/1/09, Callable 3/1/03 @ 103
Wichita, Water & Sewer Revenue, 4.75%, 10/1/08, Callable 405,000 414,113
10/1/04 @ 101, FGIC
Wichita, Water & Sewer Revenue, 4.88%, 10/1/09, Callable 900,000 921,375
10/1/04 @ 101, FGIC
Wichita, Water & Sewer Revenue, 4.70%, 10/1/12, Callable 2,000,000 1,982,499
10/1/05 @ 101, FGIC
Wyandotte County, Government Utility System Revenue, 4,295,000 4,107,093
4.75%, 9/1/18, MBIA, Callable 3/1/09 @ 101
Wyandotte County, School District #203, Piper, GO, Series 1992, 295,000 306,800
5.90%, 9/1/04, Callable 9/1/01 @ 100
Wyandotte County, School District #203, Piper, GO, Series 1992, 500,000 527,500
6.60%, 9/1/13, Callable 9/1/01 @ 100
</TABLE>
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<PAGE>
<TABLE>
<S> <C> <C>
Wyandotte County/Kansas City, University, GO, 4.30%, 9/1/05, 1,500,000 $ 1,522,499
------------
AMBAC
149,692,597
-----------
Puerto Rico (1.77%)
Puerto Rico Commonwealth, Highway & Transportation 500,000 517,500
Authority, Highway Revenue, Series X, 5.00%, 7/1/02
Puerto Rico, Electric Power Authority Revenue, Series S, 6.13%, 1,000,000 1,146,250
7/1/09, MBIA-IBC
Puerto Rico, Electric Power Authority Revenue, Series Z, 1,000,000 1,061,250
------------
5.50%, 7/1/14, Callable 7/1/05 @ 102, MBIA-IBC
2,725,000
------------
Total Municipal Bonds (Cost $149,419,624) 152,669,035
------------
Investment Companies (1.12%)
Federated Tax-Exempt Money Market Fund 1,728,178 1,728,178
------------
Total Investment Companies (Cost $1,728,178) 1,728,178
------------
Total (Cost $151,147,988) (a) - 100.35% $154,397,213
============
</TABLE>
________________
Percentages indicated are based on net assets of $153,866,255.
(a) Represents cost for federal tax and financial reporting purposes and
differs from market value by net unrealized appreciation of securities as
follows:
Unrealized appreciation $ 3,683,628
Unrealized depreciation (434,403)
-----------
Net unrealized appreciation $ 3,249,225
(b) 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
FSA = Insured by Federal Security Assurance
GNMA = Insured by Ginnie Mae
GO = General Obligation
IBC = Insured Bond Certificate
MBIA = Insured by Municipal Bond Insurance Association
See Notes to Financial Statements.
<PAGE>
INTRUST FUNDS TRUST
Notes to Financial Statements
April 30, 1999
(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 eleven 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 a competitive total return, an important
component of which is a high level of current
income, by investing in fixed income securities.
Stock Fund Seeks long-term capital appreciation by investing
in common and preferred 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. 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.
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 generally
ranging from 1 to 20 years.
The percentage of the AMR Investment Services Trust International Equity
Portfolio owned by the Fund as of April 30, 1999 was approximately 5.09%. 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.
<PAGE>
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
affect 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. 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. Portfolio securities which are primarily traded
on foreign exchanges may be valued with the assistance of a pricing service and
are generally valued at the preceding closing values of such securities on their
respective exchanges, except that when an occurrence subsequent to the time a
foreign security is valued is likely to have changed such value, then the fair
value of those securities will be determined by consideration of other factors
by or under the direction of the Board of Trustees. Debt securities held by a
Fund generally are valued based on mean prices. Short-term debt investments
having maturities of 60 days or less are valued at amortized cost, which
approximates market value. 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 data 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.
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.
<PAGE>
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 based on daily market values.
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 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.
<PAGE>
Federal Income Taxes
The Trust treats each Fund as a separate entity for federal income tax purposes.
Each Fund intends to continue 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, Administration, 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; 0.88% 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 up to 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, Co. - The Stock Fund
The Trust and BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services
(the "Administrator") are parties to an administration agreement under which the
Administrator provides services for a fee that is computed daily and paid
monthly, at an annual rate of 0.20% of each Fund's average daily net assets,
except for the International Multi-Manager Stock Fund which pays 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 up to an annual rate of 0.25% of the average daily net assets
of the Institutional Service Shares of the Funds and 0.75% of the average daily
net assets of the Institutional Premium Shares of the Funds..
Other financial organizations ("Service 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.
<PAGE>
Fees may be voluntarily reduced to assist the Funds in maintaining competitive
expense ratios. Effective January 4, 1999, fees of the Kansas Tax-Exempt Bond
Fund are waived or reimbursed to maintain total annual operating expenses at no
more than 0.60% of average daily net assets.
Additional information regarding related party transactions is as follows for
the period ended April 30, 1999:
<TABLE>
<CAPTION>
Money
Market Short-Term Intermediate
Fund Bond Fund Bond Fund
---- --------- ---------
<S> <C> <C> <C>
Investment Advisory Fees Waived $ 30,484 $64,703 $ 29,041
12b-1 Fees Waived 76,207 77,028 66,002
<CAPTION>
International Kansas
Multi-Manager Tax-Exempt
Stock Fund Stock Fund Bond Fund
---------- ---------- ---------
<S> <C> <C> <C>
Investment Advisory Fees Waived $ 69,317 $13,943 $117,612
Administration Fees Waived --- --- 23,790
12b-1 Fees Waived 133,304 69,712 119,136
Shareholder Services Fees Waived --- --- 100,045
Custody Fees Waived --- --- 4,758
Reimbursed Fees --- --- 19,432
</TABLE>
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 eleven series and two classes: Institutional
Service and Institutional Premium. As of and for the period ended April 30,
1999, 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.
5. Securities Transactions:
The cost of security purchases and the proceeds from the sale of securities
(excluding short-term securities) during the period ended April 30, 1999 were as
follows:
<TABLE>
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
Short-Term Bond Fund $25,478,119 $23,788,855
Intermediate Bond Fund 23,429,414 15,347,449
Stock Fund 73,490,940 63,137,733
Kansas Tax-Exempt Bond Fund 35,734,065 14,180,008
</TABLE>
<PAGE>
6. Concentration of Credit Risk:
The Kansas Tax-Exempt Bond Fund invests in debt instruments of municipal
issuers, primarily Kansas. The issuers' abilities to meet their obligations may
be affected by economic developments in Kansas or a region of the state. The
Fund invests in securities which include revenue bonds, tax-exempt commercial
paper, tax and revenue anticipation notes, and general obligation bonds.
The Money Market Fund will concentrate its investments in obligations issued by
the banking industry. Concentration in this context means the investment of
more than 25% of the Money Market Fund's assets in such industry. However, for
temporary defensive purposes during periods when the Adviser believes that
maintaining this concentration may be inconsistent with the best interest of
shareholders, the Money Market Fund will not maintain this concentration. The
Money Market Fund's policy of concentration in the banking industry increases
the Fund's exposure to market conditions prevailing in that industry.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights
<TABLE>
<CAPTION>
Money Market Fund
-------------------------------------------------------
Six months For the Year January 23,
ended ended 1997 to
April 30, 1999 October 31, 1998 October 31,
(unaudited) 1997 (a)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 1,000 $ 1,000 $ 1,000
-------------- --------------- --------------
Investment Activities:
Net investment income 0.023 0.050 0.038
-------------- --------------- --------------
Total from Investment Activities 0.023 0.050 0.038
-------------- --------------- --------------
Distributions:
Net investment income (0.023) (0.050) (0.038)
-------------- --------------- --------------
Total Distributions (0.023) (0.050) (0.038)
-------------- --------------- --------------
Net change in net asset value per share -- -- --
-------------- --------------- --------------
Net Asset Value, end of period $ 1,000 $ 1,000 $ 1,000
============== =============== ==============
Total Return 2.28% (b) 5.13% 3.86% (b)
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $ 66,740 $ 50,746 $ 55,566
Ratios to average net assets:
Expenses 0.62% (c) 0.67% 0.71% (c)
Net investment income 4.55% (c) 5.04% 4.92% (c)
Expenses* 0.97% (c) 1.03% 1.11% (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
<TABLE>
<CAPTION>
Short-Term Bond Fund
-------------------------------------------------------
Six months For the Year January 21,
ended ended 1997 to
April 30, 1999 October 31, 1998 October 31,
(unaudited) 1997 (a)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 10.20 $ 10.08 $ 10.00
--------------- -------------- --------------
Investment Activities:
Net investment income 0.27 0.57 0.42
Net realized and unrealized gain (loss) from investments (0.14) 0.12 0.08
--------------- -------------- --------------
Total from Investment Activities 0.13 0.69 0.50
--------------- -------------- --------------
Distributions:
Net investment income (0.27) (0.57) (0.42)
--------------- -------------- --------------
Total Distributions (0.27) (0.57) (0.42)
--------------- -------------- --------------
Net change in net asset value per share (0.14) 0.12 0.08
--------------- -------------- --------------
Net Asset Value, end of period $ 10.06 $ 10.20 $ 10.08
=============== ============== ==============
Total Return 1.25% (b) 6.96% 5.13% (b)
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $ 63,291 $ 61,371 $ 52,682
Ratios to average net assets:
Expenses 0.65% (c) 0.67% 0.78% (c)
Net investment income 5.29% (c) 5.59% 5.48% (c)
Expenses* 1.11% (c) 1.13% 1.25% (c)
Portfolio turnover rate 40.28% (b) 55.75% 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) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Bond Fund
---------------------------------------------------------
Six months For the Year January 21,
ended ended 1997 to
April 30, 1999 October 31, 1998 October 31,
(unaudited) 1997 (a)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 10.43 $ 10.21 $ 10.00
-------------- --------------- ----------------
Investment Activities:
Net investment income 0.29 0.59 0.45
Net realized and unrealized gain (loss) from investments (0.28) 0.22 0.21
-------------- --------------- ----------------
Total from Investment Activities 0.01 0.81 0.66
-------------- --------------- ----------------
Distributions:
Net investment income (0.29) (0.59) (0.45)
Net realized gains from investments (0.01) - -
-------------- --------------- ----------------
Total Distributions (0.30) (0.59) (0.45)
-------------- --------------- ----------------
Net change in net asset value per share (0.29) 0.22 0.21
-------------- --------------- ----------------
Net Asset Value, end of period $ 10.14 $ 10.43 $ 10.21
-------------- --------------- ----------------
Total Return 0.03% (b) 8.16% 6.77%
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $ 59,131 $ 52,993 $ 46,492
Ratios to average net assets:
Expenses 0.77% (c) 0.78% 0.90%
Net investment income 5.65% (c) 5.74% 5.83%
Expenses* 1.13% (c) 1.14% 1.27%
Portfolio turnover rate 29.27% (b) 39.07% 108.73%
</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
<TABLE>
<CAPTION>
Stock Fund
---------------------------------------------------
Six months For the Year January 21,
ended ended 1997 to
April 30, 1999 October 31, 1998 October 31,
(unaudited) 1997 (a)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 12.07 $ 11.31 $ 10.00
---------- ---------- ----------
Investment Activities:
Net investment income 0.05 0.07 0.04
Net realized and unrealized gain (loss) from investments 1.48 1.28 1.27
---------- ---------- ----------
Total from Investment Activities 1.53 1.35 1.31
---------- ---------- ----------
Distributions:
Net investment income (0.09) (0.05) --
Net realized gains from investments (1.73) (0.54) --
---------- ---------- ----------
Total Distributions (1.82) (0.59) --
---------- ---------- ----------
Net change in net asset value per share (0.29) 0.76 1.31
---------- ---------- ----------
Net Asset Value, end of period $ 11.78 $ 12.07 $ 11.31
========== ========== ==========
Total Return 14.67% (b) 12.49% 13.10% (b)
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $ 124,120 $ 100,524 $ 79,834
Ratios to average net assets:
Expenses 1.30% (c) 1.32% 1.41% (c)
Net investment income 0.88% (c) 0.66% 0.63% (c)
Expenses* 1.68% (c) 1.70% 1.80% (c)
Portfolio turnover rate 60.47% (b) 102.36% 71.76% (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) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
<PAGE>
INTRUST FUNDS TRUST
Financial Highlights
<TABLE>
<CAPTION>
International Multi-Manager Stock Fund
-------------------------------------------------------
Six months For the Year January 21,
ended ended 1997 to
April 30, 1999 October 31, 1998 October 31,
(unaudited) 1997 (a)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 11.14 $ 10.97 $ 10.00
-------------- ---------------- -------------
Investment Activities:
Net investment income 0.09 0.18 0.11
Net realized and unrealized gain (loss) from investments 1.50 0.21 0.86
-------------- ---------------- -------------
Total from Investment Activities 1.59 0.39 0.97
-------------- ---------------- -------------
Distributions:
Net investment income (0.15) (0.13) -
Net realized gains from investments - (0.09) -
-------------- ---------------- -------------
Total Distributions (0.15) (0.22) -
-------------- ---------------- -------------
Net change in net asset value per share 1.44 0.17 0.97
-------------- ---------------- -------------
Net Asset Value, end of period $ 12.58 $ 11.14 $ 10.97
============== ================ =============
Total Return 14.43% (b) 3.61% 9.70% (b)
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $ 61,377 $ 55,505 $ 41,135
Ratios to average net assets:
Expenses 1.38% (c) 1.29% 1.42% (c)
Net investment income 1.33% (c) 1.55% 1.91% (c)
Expenses* 1.68% (c) 1.59% 1.75% (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
<TABLE>
<CAPTION>
Kansas Tax-Exempt Bond Fund
----------------------------------------------------------------------
Six months For the Year September 1,
ended ended 1997 to
April 30, 1999 October 31, 1998 October 31,
(unaudited) 1997 (b)
----------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 10.90 $ 10.73 $ 10.66
-------- -------- -------
Investment Activities:
Net investment income 0.29 0.53 0.09
Net realized and unrealized gain (loss) from investments (0.06) 0.20 0.07
-------- -------- -------
Total from Investment Activities 0.21 0.73 0.16
-------- -------- -------
Distributions:
Net investment income (0.29) (0.53) (0.09)
Net realized gains from investments (0.05) (0.03) --
-------- -------- -------
Total Distributions (0.34) (0.56) (0.09)
-------- -------- -------
Net change in net asset value per share (0.13) 0.17 0.07
-------- -------- -------
Net Asset Value, end of period $ 10.77 $ 10.90 $ 10.73
======== ======== =======
Total Return 1.48% (c) 7.01% 1.51% (c)
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $153,866 $132,917 $103,616
Ratios to average net assets:
Expenses 0.47% (a) 0.21% 0.21% (d)
Net investment income 4.50% (d) 4.90% 5.10% (d)
Expenses* 1.01% (d) 1.00% 0.82% (d)
Portfolio turnover rate 9.94% (c) 13.51% 5.87% (c)
<CAPTION>
---------------------------------------------
Years Ended August 31, (a)
1997 1996 1995 1994
---------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 10.51 $ 10.63 $ 10.47 $ 10.91
------- ------- ------- -------
Investment Activities:
Net investment income 0.55 0.56 0.57 0.57
Net realized and unrealized gain (loss) from investments 0.19 (0.12) 0.16 (0.42)
------- ------- ------- -------
Total from Investment Activities 0.74 0.04 0.73 0.15
------- ------- ------- -------
Distributions:
Net investment income (0.59) (0.56) (0.57) (0.57)
Net realized gains from investments -- -- -- (0.02)
------- ------- ------- -------
Total Distributions (0.59) (0.59) (0.57) (0.59)
------- ------- ------- -------
Net change in net asset value per share 0.15 (0.12) 0.16 (0.44)
------- ------- ------- -------
Net Asset Value, end of period $ 10.66 $ 10.51 $ 10.63 $ 10.47
======= ======= ======= =======
Total Return 7.27% 4.23% 7.23% 1.41%
Ratios/Supplemental Data:
Net assets, end of year (in thousands) $96.780 $72,065 $65,834 $62,346
Ratios to average net assets:
Expenses 0.21% 0.21% 0.21% 0.21%
Net investment income 5.20% 5.31% 5.47% 5.36%
Expenses* 0.82% 0.51% 0.51% 0.54%
Portfolio turnover rate 6.76% 12.71% 17.60% 10.57%
</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 from August 31 to October
31.
(c) Not annualized.
(d) Annualized.
<PAGE>
Dear Fellow Shareholder:
We are pleased to report to you on the performance of the American
AAdvantage International Equity Fund for the six months ended April 30, 1999.
International Equity Fund
Market Recap:
After the third quarter of 1998, in which markets around the world
plummeted, most markets, bounced back over the past six months. The
international markets rallied in the last two months of 1998 as well as March
and April of 1999. The rally at year-end was prompted by central banks around
the world cutting interest rates to provide liquidity and support growth. The
middle two months saw flat to down markets as the euphoria surrounding European
Monetary Union (EMU) was short-lived. EMU took a back seat to the economic
growth concerns across Europe and Japan. In Europe, fourth quarter 1998 growth
numbers were weaker in the big three markets of Germany, France and Italy as
their export markets remained soft. In Japan, five consecutive quarters of
negative growth and a burgeoning fiscal deficit left investors wondering if
there was an end in sight. However in March, the Asian markets, led by Japan,
rebounded as the Japanese fiscal year ended and foreign buyers flooded into the
markets. The thinking among foreign buyers was that economic conditions had
bottomed and should improve. In addition, announced corporate restructurings
provided hope that Japanese companies had finally heard the call to restructure
and focus on enhancing shareholder value. April was another strong month across
most of the developed foreign markets, including most of Europe. A cut in
interest rates of 50 bps by the European Central Bank reversed investor
sentiment that, after a six-month hiatus, euro-area economic growth appeared
poised for a moderate pickup later in 1999.
As always, we appreciate your confidence and support and we will continue
to strive to provide you with above average returns over the longer term.
Sincerely,
/s/ William F. Quinn
William F. Quinn
President
American AAdvantage Funds
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities at value(cost - $1,232,045,000) $1,406,882,000
Cash, including foreign currency............................. 339,000
Dividends and interest receivable............................ 4,457,000
Reclaims receivable.......................................... 1,382,000
Receivable for investments sold.............................. 9,786,000
--------------
Total assets............................................ 1,422,846,000
--------------
LIABILITIES:
Payable for investments purchased............................ 6,865,000
Payable on return of securities loaned....................... 203,711,000
Management and investment advisory fees payable(Note 2)...... 1,836,000
Accrued organization costs................................... 11,000
Unrealized depreciation on foreign currency contracts........ 455,000
Other liabilities............................................ 948,000
--------------
Total liabilities....................................... 213,826,000
--------------
Net assets applicable to investors' beneficial interests....... $1,209,020,000
==============
</TABLE>
See notes to financial statements
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Statement of Operations
Six months Ended April 30, 1999
(Unaudited)
==========================================================================
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest income........................................ $ 1,546,000
Dividend income (net of foreign taxes of $2,758,000)... 11,993,000
Income derived from commission recapture, net.......... 11,000
Income derived from securities lending, net............ 324,000
------------
Total investment income........................... 13,874,000
------------
EXPENSES:
Management and investment advisory
fees (Note 2)........................................ 2,202,000
Custodian fees......................................... 305,000
Professional fees...................................... 21,000
Other expenses......................................... 18,000
------------
Total expenses.................................... 2,546,000
------------
Net investment income....................................... 11,328,000
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments....................... 70,819,000
Net realized loss on foreign currency
transactions......................................... (9,029,000)
Change in net unrealized appreciation of
investments.......................................... 6,986,000
Change in net unrealized depreciation of foreign currency
contracts and translations........................... 76,411,000
------------
Net gain on investments........................... 145,187,000
------------
Net increase in net assets resulting from
operations................................................ $156,515,000
============
</TABLE>
See notes to financial statements.
<PAGE>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Statements of Changes in Net Assets
================================================================================
<TABLE>
<CAPTION>
Six Months Ended Year
April 30, Ended
1999 October 31,
(Unaudited) 1998
-------------- --------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income............................ $ 11,328,000 $ 21,857,000
Net realized gain on investments and
foreign currency transactions................... 61,790,000 27,616,000
Change in net unrealized appreciation
(depreciation) of investments and
foreign currency translations................... 83,397,000 (19,922,000)
-------------- --------------
Net increase in net assets
resulting from operations.................. 156,515,000 29,551,000
-------------- --------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Contributions.................................... 381,185,000 678,114,000
Withdrawals...................................... (356,825,000) (441,193,000)
Net increase in net assets resulting
from transactions in investors'
beneficial interests....................... 24,360,000 236,921,000
-------------- --------------
Net increase in net assets............................ 180,875,000 266,472,000
-------------- --------------
NET ASSETS:
Beginning of period.............................. 1,028,145,000 761,673,000
-------------- --------------
End of period.................................... $1,209,020,000 $1,028,145,000
============== ==============
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS:
- --------------------------------------------------------------------------------
RATIOS:
Expenses to average net assets
(annualized).................................... 0.46% 0.53%
Net investment income to average net
assets (annualized)............................. 2.04% 2.29%
Portfolio turnover rate.......................... 47% 24%
</TABLE>
See notes to financial statements
<PAGE>
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.
<PAGE>
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.
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.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results may differ from those estimated.
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 who 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% - .70% $2,202 $1,651 $551
</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, 1999, the cost of
air transportation was not material to the Portfolio.
<PAGE>
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, 1999 were
$510,903,780 and $490,289,458, respectively.
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, 1999, the Portfolio had outstanding forward
foreign currency contracts as follows:
<TABLE>
<CAPTION>
Contracts to Deliver
- --------------------
(amounts in thousands) Settlement Unrealized
Date Value Gain/(Loss)
------------------ -------------- -----------------
<S> <C> <C> <C> <C>
1,850 Australian Dollar 5/4/99 $ 1,226 $ (8)
24,128 Deutche Mark 11/30/99 13,239 612
113 Euro Currency 5/3/99 120 -
108 Euro Currency 5/4/99 114 -
13,988 Hong Kong Dollar 5/3/99 1,805 -
7,203 Hong Kong Dollar 5/4/99 929 -
7 Pound Sterling 5/5/99 11 -
56 Pound Sterling 5/6/99 91 -
820 Pound Sterling 5/7/99 1,320 (3)
8,500 Pound Sterling 11/30/99 13,676 20
Total contracts to deliver
-------------- -----------------
(Receivable amount $33,152) $ 32,531 $ 621
============== =================
</TABLE>
<TABLE>
<CAPTION>
Contracts to Receive
- --------------------
(amounts in thousands)
<S> <C> <C> <C> <C>
23,333 Deutsche Mark 11/30/99 $ 12,803 $ (894)
1,243 Euro Currency 5/3/99 1,315 (4)
717 Euro Currency 5/4/99 759 (1)
462 Euro Currency 5/5/99 489 -
775 Euro Currency 5/28/99 820 (5)
883 Japanese Yen 5/7/99 7 -
788 Pound Sterling 5/7/99 1,269 3
8,500 Pound Sterling 11/30/99 13,676 (175)
-------------- -----------------
Total contracts to receive
(Payable amount $32,215) $ 31,138 $ (1,076)
============== =================
</TABLE>
<PAGE>
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 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, 1999, securities with a market value of approximately
$198,982,386 were loaned by the Portfolio. The custodian for the Portfolio held
an investment in the AMR Investments Enhanced Yield Business Trust and the AMR
Investments Strategic Cash Business Trust (the "Business Trusts") totaling
$203,710,963. In addition, the custodian held non-cash collateral totaling
$3,343,192. The Manager serves as Trustee and as investment adviser to the
Business Trusts. The Manager receives from the Business Trusts an annualized
fee equal to 0.10% of the average daily net assets of the Business Trusts.
<PAGE>
<TABLE>
<CAPTION>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Sehedule of Investments
(unaudited)
- -------------------------------------------------------------------------------------------
Shares Value
------ -----
<S> <C> <C>
AUSTRALIA COMMON STOCKS - 4.83%
Australia & New Zealand Banking Group 1,651,152 $ 13,099,000
Broken Hill Property 335,260 3,796,000
Cable and Wireless Optus 1,544,000 3,479,000
Mayne Nickless, Limited 965,000 3,364,000
News Corporation Preferred Rights 345,000 2,701,000
News Corporation, Limited 210,000 1,763,000
Pioneer International, Limited 5,412,306 13,236,000
QBE Insurance Group, Limited 2,038,828 9,134,000
RGC Gold Unsecured Notes 550,000 171,000
WestPac Banking Group 451,135 3,449,000
Westralian Sands 360,594 808,000
WMC, Limited 785,000 3,397,000
---------------
TOTAL AUSTRALIA COMMON STOCKS 58,397,000
---------------
AUSTRIA - 0.87%
PREFERRED STOCKS - 0.28%
Bank Austria AG 54,000 3,354,000
---------------
TOTAL AUSTRIA PREFERRED STOCKS 3,354,000
---------------
COMMON STOCKS - 0.59%
Boehler-Uddeholm 70,465 4,148,000
Evn Energie-Versorgung Niederoesterreich AG 7,960 1,190,000
Mayr-Melnhof Karton AG 16,000 778,000
VA Technologie AG 11,000 1,047,000
---------------
TOTAL AUSTRIA COMMON STOCKS 7,163,000
---------------
TOTAL AUSTRIA 10,517,000
---------------
CANADA COMMON STOCKS - 2.73%
Alcan Aluminum, Limited 105,000 3,317,000
Anderson Exploration, Limited 170,000 2,043,000
Canadian Imperial Bank of Commerce 243,650 6,274,000
IMASCO, Limited 238,000 5,246,000
Methanex Corporation 275,000 765,000
Newbridge Network 100,000 3,708,000
Noranda, Incorporated 357,525 4,787,000
Ranger Oil, Limited 589,010 3,114,000
Renaissance Energy 140,000 2,120,000
Transcanada Pipelines, Limited 117,000 1,623,000
---------------
TOTAL CANADA COMMON STOCKS 32,997,000
---------------
DENMARK COMMON STOCKS - 0.32%
Unidanmark AS, "A" 55,640 3,829,000
---------------
TOTAL DENMARK COMMON STOCKS 3,829,000
---------------
FINLAND COMMON STOCKS - 2.82%
Enso-Gutzeit OY, "R" 212,000 2,478,000
Nokia AB OY 49,500 3,820,000
Merita Bank, Limited 1,503,070 8,985,000
Metra OY, "B" 105,000 2,616,000
Metsa-Serla OY, "B" 100,000 857,000
Rauma OY 121,467 1,632,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
April 30, 1999
(audited)
- -------------------------------------------------------------------------------------------
Share Value
------ -----
<S> <C> <C>
UPM-Kymmene OY 450,450 13,653,000
---------------
TOTAL FINLAND COMMON STOCKS 34,041,000
---------------
FRANCE COMMON STOCKS - 10.54%
Alcatel Alsthom CG 59,150 7,272,000
Axa SA 98,472 12,731,000
Banque Nationale de Paris 202,615 16,816,000
BIC SA 80,193 4,505,000
CSF (Thomson) 237,713 7,796,000
Elf Aquitaine SA 138,500 21,539,000
La Farge-Coppee SA 94,123 9,161,000
Michelin (CGDE) 39,075 1,776,000
Pechiney SA 51,800 2,192,000
Pernod-Ricard 75,152 5,077,000
Rhone-Poulenc, "A" 215,510 10,260,000
Saint Gobain 25,598 4,401,000
Seita 59,175 3,568,000
Societe Generale 32,319 5,792,000
Total Petroleum Company, "B" 65,582 8,992,000
Vivendi 23,655 5,533,000
---------------
TOTAL FRANCE COMMON STOCKS 127,411,000
---------------
GERMANY - 6.82%
PREFERRED STOCKS - 0.32%
Dyckerhoff AG 14,099 3,878,000
---------------
TOTAL GERMANY PREFERRED STOCKS 3,878,000
---------------
COMMON STOCKS - 6.50%
Allianz AG 11,795 3,762,000
BASF AG 57,000 2,500,000
BAYER AG 60,000 2,552,000
BBS Kraftfahrzeugtechnik 1,526 307,000
Buderus AG 9,725 3,303,000
Commerzbank AG 134,500 4,354,000
Daimler Chrysler AG 39,155 3,871,000
Deutsche Bank AG 36,000 2,095,000
Dragerwerk AG 150,805 2,074,000
Hoechst AG 301,106 14,287,000
Metro AG 102,255 7,400,000
Muenchener Rueckversicherung AG 9,038 1,798,000
Muenchener Rueckversicherung AG, DEM 10 9,038 1,817,000
Muenchener Rueckversicherung AG, DEM 5 293 10,000
SGL Carbon 36,630 2,017,000
Siemens AG 38,120 2,823,000
Thyssen Krupp AG 154,800 3,390,000
Veba AG 299,452 16,442,000
Volkswagen AG 52,500 3,727,000
---------------
TOTAL GERMANY COMMON STOCKS 78,529,000
---------------
TOTAL GERMANY 82,407,000
---------------
HONG KONG COMMON STOCKS - 3.47%
Asia Satellite Telecommunications Holdings, Limited 275,000 497,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
April 30, 1999
(Unaudited)
- -------------------------------------------------------------------------------------------
Shares Value
------ -----
<S> <C> <C>
Cheung Kong Holdings, Limited 655,000 5,958,000
Hang Lung Development Company, Limited 3,155,000 4,071,000
Hong Kong Electric Holdings 793,400 2,529,000
HSBC Holdings 102,955 3,826,000
Hutchinson Whampoa, Limited 322,000 2,888,000
National Mutual of Asia, Limited 1,700,000 1,305,000
New World Development Company, Limited 1,164,000 2,884,000
South China Morning Post 7,886,000 4,757,000
Swire Pacific 1,830,200 10,272,000
Television Broadcast 721,000 2,930,000
---------------
TOTAL HONG KONG COMMON STOCKS 41,917,000
---------------
IRELAND COMMON STOCKS - 1.04%
Greencore Group 1,362,290 5,188,000
Jefferson Smurfit 2,694,092 7,354,000
---------------
TOTAL IRELAND COMMON STOCKS 12,542,000
---------------
ITALY - 4.11%
PREFERRED STOCKS - 0.25%
Concessioni E Contruzioni Autostrade 425,000 3,057,000
---------------
TOTAL ITALY PREFERRED STOCKS 3,057,000
---------------
COMMON STOCKS - 3.86%
BCA Naz Del Lavoro 602,850 2,060,000
Burgo (Cartiere) SPA 119,420 853,000
Eni SPA 2,181,775 14,380,000
Fiat SPA 775,000 2,599,000
Instituto Nazionale Delle Assicurazioni 1,000,000 2,645,000
Sao Paolo Imi SPA 148,580 2,232,000
STET Telecom Italia 1,335,170 14,224,000
Telecom Italia SPA 1,319,750 7,107,000
Unione Immobiliare 1,000,000 573,000
---------------
TOTAL ITALY COMMON STOCKS 46,673,000
---------------
TOTAL ITALY 49,730,000
---------------
JAPAN COMMON STOCKS - 10.88%
Asahi Breweries 216,000 2,816,000
Best Denki Company 289,000 2,145,000
Hitachi Zosen Corporation 212,000 290,000
Hitachi, Limited 225,000 1,644,000
Japan Tobacco 686 6,897,000
Kanamoto Company 310,000 1,961,000
KAO Corporation 185,000 4,696,000
Kokusai Electric 722,000 5,504,000
Kyocera Corporation 123,300 7,324,000
Makita Corporation 105,000 1,128,000
Matsushita Electric Industrial Company 342,800 6,519,000
Matsuzakaya Company 500,000 2,241,000
Namco 374,900 8,480,000
Nichicon Corporation 410,000 5,410,000
Nintendo Company, Limited 175,900 16,402,000
Nippon Telephone & Telegraph Company 285 3,104,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Shares Value
------ ------
<S> <C> <C>
NTT Mobile Communication 110 6,451,000
Okumura Corporation 700,000 2,821,000
Orix Corporation 69,400 5,588,000
Promise Company, Limited 296,000 16,863,000
Ricoh Company 310,100 2,988,000
Sankyo Company 118,000 2,476,000
Showa Sangyo Company 850,000 1,723,000
Sony Corporation 82,700 7,725,000
Sumitomo Trust & Banking 609,000 2,990,000
TDK Corporation 3,000 227,000
Toyo Seikan Kaisha 1,000 20,000
Yamato Kogyo Company, Limited 120,000 814,000
Yodogawa Steel Works 541,000 2,280,000
Yoshitomi Pharmaceutical 185,000 1,985,000
---------------
TOTAL JAPAN COMMON STOCKS 131,512,000
---------------
MALAYSIA COMMON STOCKS - 0.15%
Golden Hope Plantations BHD 2,603,000 1,783,000
Hicom Holdings BHD 80,863 29,000
---------------
TOTAL MALAYSIA COMMON STOCKS 1,812,000
---------------
MEXICO COMMON STOCKS - 0.65%
Alfa, SA 436,000 1,734,000
Consorcio Grupo Dina Sa De C V 590,000 664,000
Grupo Mexico SA 1,047,300 4,058,000
Industrias Penoles 215,000 727,000
Vitro Sa 335,000 703,000
---------------
TOTAL MEXICO COMMON STOCKS 7,886,000
---------------
NETHERLANDS COMMON STOCKS - 6.87%
ABN AMRO Holdings NV 372,080 8,877,000
Akzo Nobel NV 315,250 14,258,000
Fortis NL 103,308 3,683,000
Hollandsche Beton Groep NV 289,160 4,115,000
Ing Groep NV 309,629 19,098,000
Kon KPN NV 200,345 8,372,000
Philips Electronics 273,321 23,567,000
TNT Post Groep NV 42,500 1,147,000
---------------
TOTAL NETHERLANDS COMMON STOCKS 83,117,000
---------------
NEW ZEALAND COMMON STOCKS - 0.92%
Brierley Investments, Limited 1,753,762 500,000
Carter Holt Harvey, Limited 605,889 888,000
Fisher & Paykel, Limited 880,000 3,225,000
Fletcher Challenge Building 2,564,979 4,248,000
Fletcher Challenge Forest 2,778,284 1,492,000
Fletcher Challenge Paper 765,000 715,000
---------------
TOTAL NEW ZEALAND COMMON STOCKS 11,068,000
---------------
NORWAY COMMON STOCKS - 1.05%
Den Norsk Bank, Series A 270,000 978,000
Kvaerner Industries AS 151,269 3,031,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Shares Value
------ ------
<S> <C> <C>
Kvaerner Industries AS 18,000 294,000
Norsk Hydro AS 60,000 2,693,000
Nycomed AS, Series B 324,320 2,635,000
Saga Petroleum 220,175 2,446,000
Unitor AS 80,000 658,000
---------------
TOTAL NORWAY COMMON STOCK 12,735,000
---------------
SINGAPORE COMMON STOCKS - 1.42%
Development Bank of Singapore 665,000 7,068,000
Inchcape Motors 325,000 480,000
Creative Technology 332,750 4,185,000
Overseas Chinese Bank 113,000 1,061,000
Singapore Finance, Limited 387,000 569,000
United OverSeas Bank 484,300 3,746,000
---------------
TOTAL SINGAPORE COMMON STOCK 17,109,000
---------------
SPAIN COMMON STOCKS - 3.28%
Argentaria C/P HIP 203,590 4,795,000
Banco Popular Espanol 28,000 1,985,000
Banco Santander SA 306,889 6,675,000
Endesa SA 137,945 3,071,000
Iberdrola SA 170,357 2,388,000
Repsol SA (RG) 111,000 1,808,000
Telefonica de Espana 396,285 369,000
Telefonica de Espana 396,285 18,594,000
---------------
TOTAL SPAIN COMMON STOCKS 39,685,000
---------------
SOUTH KOREA COMMON STOCKS - 0.19%
Korea Electric Power Corporation 80,860 2,327,000
---------------
TOTAL SOUTH KOREA COMMON STOCKS 2,327,000
---------------
SWEDEN COMMON STOCKS - 4.50%
ABB AB 210,000 2,934,000
Assidoman AB 56,000 1,159,000
Astrazeneca 199,813 7,816,000
Autoliv Incorporated 125,000 4,355,000
Electrolux AB, "B" 812,050 16,510,000
Esselte AB, Class "A" 2,000 31,000
Esselte AB, Class "B" 17,000 266,000
Foreningssparbk 72,000 1,584,000
Granges AB 15,000 255,000
Nordbanken AS 274,100 1,727,000
SKF AB, "B" Free 80,000 1,379,000
Stora Enso OY 62,062 697,000
Stora Enso OY 152,602 1,751,000
Svedala Industries, "A" Free 90,000 1,584,000
Svenska Handelsbanken 73,830 2,774,000
Volvo AB 361,160 9,554,000
---------------
TOTAL SWEDEN COMMON STOCK 54,376,000
---------------
SWITZERLAND COMMON STOCKS - 4.29%
ABB AG 1,650 2,411,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
Shares Value
------ -----
<S> <C> <C>
Nestle SA 1,270 2,355,000
Novartis AG 6,585 9,658,000
Saurer AG 7,031 4,124,000
Schweitz Ruckversiche 2,329 5,106,000
Sig Schweitz Industries AG 16,804 10,673,000
Sulzer AG 13,298 8,464,000
Zurich Allied AG 14,025 9,056,000
---------------
TOTAL SWITZERLAND COMMON STOCK 51,847,000
---------------
UNITED KINGDOM COMMON STOCKS - 21.63%
Allied Domecq, PLC 800,964 6,242,000
Allied Zurich 738,532 9,798,000
Arcadia Group 41,875 189,000
Arriva 205,000 1,314,000
BG, PLC 529,411 2,983,000
BOC Group 351,053 5,551,000
BP Amoco 356,865 6,780,000
British Aerospace 1,285,785 9,627,000
British American Tobacco Industries, PLC 1,141,042 9,627,000
British Energy, PLC 300,000 2,550,000
British Telecommunications 380,000 6,351,000
Cadbury Schweppes 179,460 2,395,000
Coats Viyella, PLC 3,874,530 2,838,000
Commercial Union, PLC 368,590 5,763,000
Cookson Group, PLC 4,022,815 11,335,000
Cortaulds Textiles, PLC 150,000 421,000
Debenhams Retail 83,750 645,000
Diageo 422,543 4,871,000
Express Dairies 250,000 447,000
Fairview Holdings, PLC 37,500 84,000
General Electric 435,000 4,609,000
Granada Group 255,405 5,453,000
Hanson, PLC 1,113,395 11,079,000
Hillsdown Holdings, PLC 2,788,870 3,682,000
Imperial Chemical Industries, PLC 583,095 6,337,000
Inchcape, PLC 300,000 729,000
Invensys 2,736,755 13,924,000
Laporte, PLC 844,213 9,991,000
Lloyds TSB Group, PLC 510,365 8,234,000
Marks & Spencer 500,000 3,432,000
Medeva, PLC 4,237,717 7,915,000
National Grid Group, PLC 255,000 1,761,000
National Power, PLC 300,000 2,420,000
National Westminster Bank, PLC 673,547 16,213,000
Next, PLC 190,000 2,352,000
Northern Foods, PLC 1,000,000 1,964,000
Prudential Corporation 353,865 5,037,000
Reckitt & Colman, PLC 371,625 4,416,000
Royal & Sun Alliance Insurance Group 549,000 4,751,000
Safeway, PLC 509,677 2,125,000
Scapa Group 785,000 1,706,000
Shell Transportation & Trading Company, PLC 535,000 4,014,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
April 30, 1999
(unaudited)
- -------------------------------------------------------------------------------------------
Shares Value
------ -----
<S> <C> <C>
Storehouse 1,480,000 3,455,000
Tate & Lyle, PLC 405,000 2,788,000
Tesco, PLC 2,468,287 7,342,000
Thames Water Group, PLC 173,983 2,405,000
TI Group, PLC 1,450,550 12,145,000
Tomkins 1,879,908 7,991,000
Transport Development Group 28,260 104,000
Unilever, PLC 325,565 2,896,000
United News & Media PLC 262,368 3,194,000
Vickers Group 693,333 1,853,000
Williams, PLC 778,970 5,393,000
---------------
TOTAL UNITED KINGDOM 261,521,000
---------------
Par Amount
----------
UNITED STATES - 22.99%
FOREIGN SECURITIES DENOMINATED IN U.S. DOLLARS - 1.73%
G P Batteries International, Limited 436,000 729,000
Kookmin Bank GDR 162,377 2,253,000
Jardine Matheson Holding, Limited 871,000 3,710,000
New Holland NV 160,000 2,320,000
Nova Chemical Corporation, ADR 23,400 491,000
Sk Telecom, Limited 169,282 2,349,000
Stolt-Nielsen SA, "B" 38,000 579,000
Telmex ADR 113,000 8,560,000
---------------
TOTAL FOREIGN SECURITIES DENOMINATED IN U.S. DOLLARS 20,991,000
---------------
UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS
(Note A) - 2.87%
FEDERAL FARM CREDIT BANK - 0.24%
Discount Note, 4.76%, Due 5/14/1999 2,480,000 2,476,000
Discount Note, 4.76%, Due 6/4/1999 440,000 438,000
---------------
Total Federal Farm Credit Bank 2,914,000
---------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.60%
Discount Note, 4.75%, Due 5/12/1999 380,000 379,000
Discount Note, 4.78%, Due 5/18/1999 2,485,000 2,479,000
Discount Note, 4.76%, Due 5/25/1999 1,580,000 1,575,000
Discount Note, 4.78%, Due 6/8/1999 1,015,000 1,010,000
Discount Note, 4.76%, Due 6/11/1999 2,080,000 2,069,000
Discount Note, 4.72%, Due 7/7/1999 2,450,000 2,428,000
Discount Note, 4.69%, Due 7/21/1999 9,448,000 9,348,000
---------------
Total Federal Home Loan Mortgage Corporation 19,288,000
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.75%
Discount Note, 4.73%, Due 5/10/1999 1,305,000 1,303,000
Discount Note, 4.62%, Due 6/7/1999 2,939,000 2,925,000
Discount Note, 4.70%, Due 7/2/1999 1,625,000 1,612,000
Discount Note, 4.70%, Due 7/15/1999 3,285,000 3,253,000
---------------
Total Federal National Mortgage Association 9,093,000
---------------
U.S. TREASURY BILLS - 0.28%
Due 5/27/1999 1,014,000 1,011,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMR INVESTMENT SERVICES INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
(Unaudited)
- -------------------------------------------------------------------------------------------
Shares Value
------ -----
<S> <C> <C>
Due 10/14/1999 2,437,000 2,388,000
---------------
TOTAL U.S. TREASURY BILLS 3,399,000
---------------
TOTAL UNITED STATES GOVERNMENT AND AGENCY OBLIGATIONS 34,694,000
---------------
SHORT TERM INVESTMENTS - 18.39% Shares
------
AMR Investments Enhanced Yield Business Trust 46,830,301 46,830,000
AMR Investments Strategic Cash Business Trust 156,880,662 156,881,000
Par Amount
----------
State Street Bank Euro 18,703,000 18,703,000
---------------
TOTAL SHORT TERM INVESTMENTS 222,414,000
---------------
TOTAL UNITED STATES 278,099,000
---------------
TOTAL INVESTMENTS - 116.37% (Cost $1,232,045,000) 1,406,882,000
---------------
LIABILITIES, NET OF OTHER ASSETS - (16.37%) (197,862,000)
---------------
TOTAL NET ASSETS - 100% $1,209,020,000
===============
</TABLE>
Based on the cost of investments of $1,232,282,000 for federal income tax
purposes at April 30, 1999, the aggregate gross unrealized appreciation was
$222,212,000, the aggregate gross unrealized depreciation was $47,612,000, and
the net unrealized appreciation of investments was $174,600,000.
(A) Rates associated with United States Government Bonds represent yield to
maturity from time of purchase.
(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)
CG - Company General (France)
GDR - Global Depository Receipt (United States)
NV - Company (Netherlands, United States)
OY - Company (Finland, Sweeden)
PLC - Public Limited Corporation (United Kingdom)
RG - Registered(Spain)
SA - Company (France, Mexico, Spain, Switzerland, United States )
SPA - Company (Italy)
<PAGE>
AMR Investment Services International Equity Portfolio
Industry Diversification
April 30, 1999
(unaudited)
- ------------------------------------------------------------
Capital Goods................................ 8.36%
Consumer Durables............................ 4.88%
Consumer Non-Durables........................ 15.45%
Energy....................................... 10.35%
Finance...................................... 25.78%
Materials & Services......................... 20.38%
Technology................................... 6.28%
Transportation............................... 21.00%
Utilities.................................... 3.42%
Fixed Income................................. 2.87%
Short-Term Investments....................... 18.39%
Other Assets (Liabilities)................... (16.37%)
---------
Net Assets........................... 100.00%
=========
