<PAGE>
MESSAGE FROM THE CHAIRMAN AND
THE INVESTMENT ADVISER AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
Dear Shareholders:
We are very pleased to report that the six-month period ended September 30,
1995, was one of strong performance in the financial markets and solid growth
for the AMCORE Vintage Mutual Funds.
As announced in the March 1995 annual report, we launched two new funds in
June--the AMCORE Vintage Balanced Fund and the AMCORE Vintage Fixed Total
Return Fund. These new additions, coupled with the strong performance of the
AMCORE Vintage Funds as a whole, boosted total net assets under management by
18% to $473 million over the six months.
AGGRESSIVE GROWTH FUND INTRODUCED OCTOBER 1
The third new member of the Fund family, which was also announced last March--
the AMCORE Vintage Aggressive Growth Fund--began operations on October 1, 1995.
Designed for aggressive investors seeking long-term capital appreciation, the
Fund invests in a wide range of companies of all sizes with established track
records and strong prospects for growth. Fund assets are currently invested in
some 57 companies, with Motorola, Microsoft, Hewlett-Packard and General
Electric among the top holdings.
Investment decisions for the Fund are made by Clyde N. Powers, a professional
portfolio manager with over 25 years of experience. Prior to joining AMCORE
Capital Management, Mr. Powers was a Vice President of Investments at Union
Capital Advisors, the investment subsidiary of Union Bank of California,
located in San Diego.
If you would like to learn more about the Fund, please call 1-800-438-6375 for
a prospectus.
RECORD CORPORATE PROFITS, RECORD MARKET HIGHS
Years of corporate downsizing and cost-cutting paid off, with record-breaking
profit reports in 1995 fueling the stock market's surge. Market activity also
drew strength from the Federal Reserve's apparent success in engineering a
"soft landing" for the economy. Economic growth was slowing, but not
stagnating, and inflation was contained. Consequently, after trading in a
narrow range through most of 1994, the stock market exploded in early 1995 and
in September almost broke the 5000 level on the Dow before investors backed
off.
In addition, with interest rates stabilizing, then easing gradually since early
1995, bonds bounced back from one of the worst years on record and produced
solid, attractive returns.
"SLOW BUT STEADY WINS THE RACE"
In the year ahead, we believe that we will continue to see more of the same:
slow but steady growth in the economy. We also expect inflationary pressures to
remain moderate, especially since economic growth has been slowing around the
world.
Facing new and often very efficient competitors, U.S. companies have been
forced to downsize and cut costs to enhance productivity, often accomplished
with advances in technology and little
- --------------------------------------------------------------------------------
Shares of the AMCORE Vintage Mutual Funds are NOT INSURED BY THE FDIC or any
other agency. Shares are not deposits or obligations of, or guaranteed or
endorsed by, AMCORE Financial Inc., parent of AMCORE Capital Management, Inc.,
or its affiliates. Investment products involve investment risks, including the
possible loss of principal.
For more complete information on any of the AMCORE Vintage Mutual Funds,
including fees, expenses and sales charges, please call 1-800-438-6375 for a
prospectus. Please read the prospectus carefully before investing or sending
money.
<PAGE>
MESSAGE FROM THE CHAIRMAN AND
THE INVESTMENT ADVISER AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
wage growth. As a result, unit costs have remained relatively flat over the
past several years.
Despite these deflationary trends, the prospect of a recession appears remote.
Historically, recessions have been triggered by excesses, and today, there
simply are none.
At the same time, however, there isn't much on the horizon to trigger a burst
of activity. With no real increase in wages, consumers have borrowed in recent
years to finance purchases. Debt levels are now so high that consumers are
likely to curb spending until wages pick up.
A FAVORABLE OUTLOOK
Even without the excitement of the past year, the environment should remain
favorable for both stocks and bonds long term. In the equity markets, current
high prices as a multiple of earnings are supported by low inflation. However,
earnings reports may cause some concern near term as they are compared to the
breathtaking numbers of previous quarters. Consequently, it would not be a
surprise to see the market retrench slightly, then advance again as investors
begin to fully accept the slower pace of growth.
We feel the outlook for the bond market is also positive since a low-inflation,
low-growth economy with stable interest rates would tend to support bond
prices. In addition, significant Congressional action to reduce the budget
deficit would likely boost valuations.
IN CLOSING. . .
We urge you to read the following report closely. In it, you will find a
detailed discussion of the performance of each of the AMCORE Vintage Mutual
Funds for the six months ended September 30, 1995.
Finally, we thank you for your continued confidence in us. We look forward to
serving your investment management needs now and in the future. As always, if
you would like a prospectus, have any questions or require any assistance,
please don't hesitate to call us at 1-800-438-6375.
Sincerely,
/s/ Roy E. Rogers
Roy E. Rogers
Chairman
/s/ Jay H. Evans
Jay H. Evans
President
AMCORE Capital Management, Inc.
November 20, 1995
-2-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE EQUITY FUND
The stocks of high-quality, long-established companies were among the strongest
performers as the market ignited in early 1995 and rocketed to record highs in
the third quarter. With its focus on such companies, the Fund tracked its
benchmark, the S&P 500 Index, for the six months ended September 30, 1995, with
a total return of 17.53% versus 18.24% for the S&P 500.
Contributing to Fund performance were our holdings in the technology sector,
such as Motorola, Hewlett-Packard and Cisco Systems, which rose dramatically as
did most technology stocks. In keeping with our strategy of broad
diversification, however, the Fund's assets were also invested in a range of
companies beyond the technology sector. Many of these, among them Disney,
General Electric and Pfizer, also made substantial contributions to
performance.
STEADY PERFORMERS IN A SLOW-GROWTH ECONOMY
With a few minor bumps along the way, stocks continued their upward climb
throughout the third quarter of 1995. While investors welcomed the rise, it was
not without some apprehension. At this point in the market's advance, it would
not be at all unusual to see a temporary retrenchment, but, whether one might
occur and to what degree are difficult to predict.
Obviously, after a year of record-breaking corporate earnings, earnings
comparisons from here forward, particularly in technology, are expected to be
less dramatic as economic growth slows. Nevertheless, while earnings will be
lower, we expect them to continue to grow. We also feel that prices, as a
multiple of earnings, are favorably supported by the current and projected low-
inflation environment. Consequently, our long-term outlook for stocks remains
optimistic given strong productivity gains and low inflation trends.
Stock selection remains the key to performance. As always, we will continue to
emphasize quality and stay with companies we perceive to be leaders. As of
September 30, 1995, the Fund's top five holdings were: Motorola (2.20%), AT&T
(1.89%), Medtronic (1.85%), Texas Instruments (1.84%) and General Electric
(1.83%).
[GRAPH APPEARS HERE]
The graph that appears on page 3 of the semi-annual report represents a
comparison between a $10,000 investment made on December 15, 1992, in shares of
the AMCORE Vintage Equity Fund and in the S&P 500 Index. The chart indicates
that $10,000 invested on December 15, 1992, in fund shares would have been worth
$13,999 on September 30, 1995, as opposed to $14,573 had the $10,000 been
invested in the S&P 500 Index.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Equity Fund is measured against the S&P 500 Index, an unmanaged index
generally representative of the performance of the U.S. stock market. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management fees. The Fund's performance reflects the deduction of
fees for these value-added services.
-3-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE BALANCED FUND
Introduced on June 1, 1995, the Fund is designed primarily for investors
seeking a combination of growth and income. With its portfolio invested in
large-capitalization, quality growth stocks, and U.S. Government and high-
quality corporate bonds, the Fund gives shareholders the opportunity to
capitalize on opportunities in both the stock and bond markets through a single
investment.
A STRONG START
During the Fund's first three months of operations, we took a relatively
conservative approach to the markets, with approximately 55% of the Fund
invested in stocks and 45% in bonds during the period. We view individual
security selection as key to performance, and our holdings in both markets made
substantial contributions to it.
Since its inception on June 1, 1995, the Fund has produced a total return of
6.26%. While it is far too early to make any definitive judgment regarding
performance, we are, nonetheless, very encouraged by our initial results.
As of September 30, 1995, the Fund's top five equity holdings were Motorola
(1.36%), SBC Communications (1.31%), Pfizer (1.27%), Cisco Systems (1.23%) and
NationsBank (1.20%).
A CAUTIOUS APPROACH
Anticipating moderate economic growth coupled with low inflation, we expect the
environment for both stocks and bonds to remain positive in the coming months.
Nonetheless, we intend to continue approaching the markets relatively
cautiously. For example, while the portfolio holds some technology stocks, it
is not overweighted in this area. In addition, since inception, the fixed-
income portion of the portfolio has been invested primarily in U.S. Government
securities with relatively short maturities.
Looking ahead, if we expect stocks to continue to provide a relatively higher
return potential than bonds, we may move gradually to an allocation of
approximately 60% stocks and 40% fixed-income securities. We will also look for
additional opportunities in the corporate bond market.
[GRAPH APPEARS HERE]
The graph that appears on page 4 of the semi-annual report represents a
comparison between a $10,000 investment made on June 1, 1995, in shares of the
AMCORE Vintage Balanced Fund and in a composite of the S&P 500 Index and the
Lehman Brothers Intermediate Government/Corporate Bond Index, with each index
given a 50% weighting. The chart indicates that $10,000 invested on June 1,
1995, in fund shares would have been worth $10,626 on September 30, 1995, as
opposed to $10,639 had the $10,000 been invested in the composite index.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Balanced Fund is measured against a composite of the S&P 500 Index, an
unmanaged index generally representative of the performance of the U.S. stock
market, and the Lehman Brothers Intermediate Government/Corporate Bond Index,
an unmanaged index generally considered to be representative of the performance
of government and corporate bonds with maturities of 1-10 years. In the
composite, each index is given a 50% weighting. The two indices do not reflect
the deduction of expenses associated with a mutual fund, such as investment
management fees. The Fund's performance reflects the deduction of fees for
these value-added services.
-4-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE FIXED TOTAL RETURN FUND
Introduced on June 15, 1995, the Fund is intended primarily for investors
seeking total return through a strategy that focuses on capital appreciation
and stability of principal, with current income a secondary consideration. The
Fund pursues these objectives with investments in U.S. Government and mortgage-
backed securities, as well as investment-grade corporate bonds.
A SMOOTH START IN A BUMPY MARKET
The Fund was barely out of the starting gate when the Federal Reserve reversed
its stance and lowered short-term interest rates. As a result, we moved quickly
to find value. In addition, expecting interest rates to decline further, we
extended maturities throughout the summer and early fall. Although the Fund
made some modest investments in BBB-rated corporate securities (the lowest
investment grade), its emphasis has been on U.S. Government securities and
high-quality corporate bonds, resulting in a portfolio with an average credit
quality of AA at period's end.
Since its inception three and a half months ago, the Fund produced a total
return of 1.59%. As of September 30, 1995, the average maturity of the Fund's
holdings was 6.4 years. Approximately 51% of the Fund was invested in U.S.
Government and agency securities, with 47% in corporate bonds and 2% in cash
and cash equivalents.
[GRAPH APPEAR HERE]
The graph that appears on page 5 of the semi-annual report represents a
comparison between a $10,000 investment made on June 15, 1995, in shares of the
AMCORE Vintage Fixed Total Return Fund and in the Lehman Brother Intermediate
Government/Corporate Bond Index. The chart indicates that $10,000 invested on
June 15, 1995, in fund shares would have been worth $10,159 on September 30,
1995, as opposed to $10,199 had the $10,000 been invested in the Lehman Brothers
Intermediate Government/Corporate Bond Index.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Fixed Total Return Fund is measured against the Lehman Brothers
Intermediate Government/Corporate Bond Index, an unmanaged index generally
considered to be representative of the performance of government and corporate
bonds with maturities of 1-10 years. The index does not reflect the deduction
of expenses associated with a mutual fund, such as investment management fees.
The Fund's performance reflects the deduction of fees for these value-added
services.
-5-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE FIXED INCOME FUND
Assessing the extent of the economy's slowdown was the primary challenge facing
fixed-income investors in 1995. During the first half of the year, signals were
mixed, with some indicators showing a drop in momentum while others registered
a pickup in activity.
Clear evidence that the economy was slowing appeared in the second and third
quarters of 1995, leading us to cautiously extend maturities. Our conservative
approach earlier in the year, however, caused the Fund's performance to lag its
benchmark. Nevertheless, we are pleased to report that the Fund earned a
positive return of 6.42% for the six months ended September 30, 1995, slightly
under the 6.73% for the Lehman Brothers Intermediate Government/Corporate Bond
Index for the same period.
BRIGHT PROSPECTS. . .
Looking ahead, we expect to see our slow-growth, low-inflation economy lead to
lower short-term rates. By the end of the year, we believe that the Federal
Funds rate--the rate at which banks make overnight loans to each other--could
fall within a range of 5.00% to 5.25%, down from about 5.75% at the end of
September. As a result, bond prices are likely to firm and possibly strengthen
in the months ahead.
. . .COULD GET BRIGHTER
Bond market activity will be strongly affected by the outcome of budget talks
in Washington. Politicians are no longer discussing whether or not the budget
should be balanced; the question now is when. We would expect meaningful
progress on deficit reduction to have a positive impact on bond prices going
forward as the Federal Reserve would be more likely to lower interest rate
targets.
As of September 30, 1995, approximately 44% of the Fund was invested in U.S.
Government securities, 54% in corporate bonds and 2% in cash and cash
equivalents. The average credit quality of our holdings was AA, and the average
maturity was 6.5 years.
[GRAPH APPEARS HERE]
The graph that appears on page 6 of the semi-annual report represents a
comparison between a $10,000 investment made on December 15, 1992, in shares of
the AMCORE Vintage Fixed Income Fund and in the Lehman Brothers Intermediate
Government/Corporate Bond Index. The chart indicates that $10,000 invested on
December 15, 1992, in fund shares would have been worth $11,790 on September 30,
1995, as opposed to $11,969 had the $10,000 been invested in the Lehman Brothers
Intermediate Government/Corporate Bond Index.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Fixed Income Fund is measured against the Lehman Brothers Intermediate
Government/Corporate Bond Index, an unmanaged index generally considered to be
representative of the performance of government and corporate bonds with
maturities of 1-10 years. The index does not reflect the deduction of expenses
associated with a mutual fund, such as investment management fees. The Fund's
performance reflects the deduction of fees for these value-added services.
-6-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND*
During the six-month period ended September 30, 1995, the number of new
municipal bond issues dropped dramatically as government officials bowed to
public pressure to reduce spending. In addition, many investors shied away from
this market as the tax-free status of muni bonds was debated in Washington. As
a result, the market remained unsettled for much of the six months covered by
this report.
Municipal bonds with longer maturities took the brunt of investors' anxiety.
Because the Fund's holdings were concentrated in the lower end of the
intermediate range, with an average portfolio maturity of approximately eight
years during much of the period, performance was solid despite the uncertain
environment. We are pleased to report that for the six months ended September
30, 1995, the Fund posted a total return of 5.21% compared to 5.17% for its
benchmark, the Merrill Lynch Intermediate Municipal Bond Index, during the same
period.
A FUTURE FLAT TAX?
Some of the market's concern regarding tax reform, especially the flat-tax
proposals in Congress, is justified. If all interest income were free of taxes,
the advantage provided by municipal securities would be erased, creating upward
pressure on municipal bond interest yields. Although no legislation has been
formally introduced, tax reform is likely to remain a hotly debated issue
through the 1996 election.
We will be monitoring events in Washington closely, and given the uncertainty
hovering over the market, we expect to maintain the portfolio's relatively
short average maturity. As of September 30, 1995, the average maturity of the
Fund was 7.3 years, and the average credit quality of its holdings was AA. In
the months ahead, as opportunities arise, we may lengthen maturities slightly
in an effort to increase yield.
[GRAPH APPEARS HERE]
The graph that appears on page 7 of the semi-annual report represents a
comparison between a $10,000 investment made on February 16, 1993, in shares of
the AMCORE Vintage Intermediate Tax-Free Fund and in the Merrill Lynch
Intermediate Municipal Bond Index. The chart indicates that $10,000 invested on
February 16, 1993, in fund shares would have been worth $11,489 on September 30,
1995, as opposed to $11,525 had the $10,000 been invested in the Merrill Lynch
Intermediate Municipal Bond Index.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Intermediate Tax-Free Fund is measured against the Merrill Lynch
Intermediate Municipal Bond Index, an unmanaged index generally representative
of the performance of municipal bonds with maturities of 1-20 years. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management fees. The Fund's performance reflects the deduction of
fees for these value-added services.
*The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
-7-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
We maintained a highly flexible posture during the six months ended September
30, 1995, as short-term interest rates began to stabilize in the spring and
summer of 1995. At one point, in an effort to maximize liquidity as rates
climbed, the Fund had approximately 90% of its assets invested in overnight
repurchase agreements--lowering the average maturity of the portfolio to 10
days or less from October 1994 to April 1995. As interest-rate pressures
decreased and liquidity became less of a concern, we resumed buying longer-term
securities. As a result, the average maturity of the portfolio increased to 45
days as of September 30, 1995.
STEADIER MARKETS AHEAD
Due to continuing moderate economic growth and low inflation, we would not be
surprised to see short-term interest rates fall in the coming months. Since we
do not expect such a decline to be dramatic, we intend to continue extending
maturities modestly in an effort to maintain yield. Beyond this, however, no
other significant changes are anticipated in the portfolio's maturity or credit
structure.
- --------------------------------------------------------------------------------
The composition of the AMCORE Vintage Funds' portfolios is subject to change.
Some of the fees of the Funds are currently being waived, resulting in higher
total returns than would occur if the full fees were charged. Although the
AMCORE Vintage U.S. Government Obligations Fund seeks to maintain a stable net
asset value of $1.00, there is no assurance that it will be able to do so.
The AMCORE Vintage Mutual Funds are distributed by BISYS Fund Services.
Shares in the Funds involve investment risks, including possible loss of
principal, so that an investor's shares when redeemed, may be worth more or
less than their original cost. Fund shares are not deposits or obligations of,
or guaranteed or endorsed by, AMCORE Financial Inc., any of its subsidiaries or
AMCORE Capital Management Inc., nor are they insured by the FDIC or any other
agency.
This literature is authorized for distribution only when preceded or
accompanied by a prospectus.
-8-
<PAGE>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 10
Statements of Operations
Page 12
Statements of Changes in Net Assets
Page 14
Schedules of Portfolio Investments
Page 17
Notes to Financial Statements
Page 31
Financial Highlights
Page 35
-9-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
U.S.
GOVERNMENT FIXED INTERMEDIATE
OBLIGATIONS EQUITY INCOME TAX-FREE
FUND FUND FUND FUND
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value..... $ 76,187,300 $172,694,559 $76,296,437 $33,779,826
Repurchase agreements..... 54,535,119
------------ ------------ ----------- -----------
130,722,419 172,694,559 76,296,437 33,779,826
Cash...................... 276,430 39,298 13,800
Interest and dividends
receivable............... 143,592 302,717 1,161,341 514,148
Receivable from brokers
for investments sold..... 1,397,253
Receivable for capital
shares issued............ 36,279 6,000
Prepaid expenses.......... 10,181 7,211 2,659 1,181
------------ ------------ ----------- -----------
Total Assets.......... 130,876,192 174,714,449 77,499,735 34,314,955
------------ ------------ ----------- -----------
LIABILITIES:
Dividends payable......... 546,044
Payable to brokers for
investments purchased.... 694,100
Accrued expenses and other
payables:
Investment advisory
fees................... 21,133 104,730 37,705 8,419
Administration fees..... 7,127 9,435 4,208 1,871
Accounting and transfer
agent fees............. 9,582 6,050 10,512 9,949
Legal and audit fees.... 9,646 15,884 8,809 3,648
Custodian fees.......... 13,485 7,395 4,876 2,627
Other................... 1,014 2,157 796 305
------------ ------------ ----------- -----------
Total Liabilities..... 608,031 839,751 66,906 26,819
------------ ------------ ----------- -----------
NET ASSETS:
Capital................... 130,384,566 132,423,037 79,206,279 34,215,726
Undistributed net
investment income........ 57,350 113,091 37,018
Net unrealized apprecia-
tion (depreciation) from
investments.............. 39,477,102 (49,170) 188,852
Accumulated undistributed
net realized gain
(losses) from investment
transactions............. (116,405) 1,917,209 (1,837,371) (153,460)
------------ ------------ ----------- -----------
Net Assets............ $130,268,161 $173,874,698 $77,432,829 $34,288,136
============ ============ =========== ===========
Outstanding units of bene-
ficial interest (shares). 130,384,566 13,007,106 7,737,144 3,337,646
============ ============ =========== ===========
Net asset value--offering
and redemption price per
share.................... $ 1.00 $ 13.37 $ 10.01 $ 10.27
============ ============ =========== ===========
Investments, at cost...... $130,722,419 $133,217,457 $76,345,607 $33,590,974
============ ============ =========== ===========
</TABLE>
See notes to financial statements.
-10-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
BALANCED FIXED TOTAL
FUND RETURN FUND
----------- -----------
<S> <C> <C>
ASSETS:
Investments, at value................................ $16,581,196 $39,463,200
Cash................................................. 108,385 543,354
Interest and dividends receivable.................... 113,664 507,713
Unamortized organization costs....................... 6,052 6,277
Prepaid expenses..................................... 616 1,994
----------- -----------
Total Assets..................................... 16,809,913 40,522,538
----------- -----------
LIABILITIES:
Accrued expenses and other payables:
Investment advisory fees........................... 10,066 24,511
Administration fees................................ 906 2,180
Accounting and transfer agent fees................. 4,119 3,833
Legal and audit fees............................... 2,543 3,741
Cutodian fees...................................... 1,954 1,644
Other.............................................. 2,293 3,540
----------- -----------
Total Liabilities................................ 21,881 39,449
----------- -----------
NET ASSETS:
Capital.............................................. 15,946,684 40,438,517
Undistributed net investment income.................. 12,373 57,112
Net unrealized appreciation (depreciation) from
investments......................................... 838,183 (56,048)
Accumulated undistributed net realized gain (losses)
from investment transactions........................ (9,208) 43,508
----------- -----------
Net Assets....................................... $16,788,032 $40,483,089
=========== ===========
Outstanding units of beneficial interest (shares).... 1,592,688 4,042,912
=========== ===========
Net asset value--offering and redemption price per
share............................................... $ 10.54 $ 10.01
=========== ===========
Investments, at cost................................. $15,743,013 $39,519,248
=========== ===========
</TABLE>
See notes to financial statements.
-11-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
U.S.
GOVERNMENT FIXED INTERMEDIATE
OBLIGATIONS EQUITY INCOME TAX-FREE
FUND FUND FUND FUND
----------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income............... $3,441,827 $ 71,758 $2,556,670 $ 809,151
Dividend income............... 1,689,674
---------- ----------- ---------- ----------
Total Income................ 3,441,827 1,761,432 2,556,670 809,151
---------- ----------- ---------- ----------
EXPENSES:
Investment advisory fees...... 235,553 595,926 225,618 96,557
Administration fees........... 117,889 158,914 75,206 32,196
Accounting fees............... 18,946 26,226 15,700 12,288
Custodian fees................ 13,372 11,037 6,519 3,350
Legal and audit fees.......... 9,978 16,779 8,550 3,273
Trustees' fees and expenses... 2,811 3,681 1,920 846
Transfer agent fees........... 19,461 23,382 18,987 11,850
Registration and filing fees.. 3,374 1,110 210
Printing costs................ 4,662 6,267 3,132 1,509
Other......................... 3,295 4,095 2,297 148
Expenses voluntarily reduced
by investment adviser........ (117,665) (48,232)
---------- ----------- ---------- ----------
Total Expenses.............. 311,676 847,417 358,139 113,785
---------- ----------- ---------- ----------
Net Investment Income......... 3,130,151 914,015 2,198,531 695,366
---------- ----------- ---------- ----------
REALIZED/UNREALIZED GAINS
(LOSSES) FROM INVESTMENTS:
Net realized gains (losses)
from investment transactions. (21,031) 3,186,308 (282,458) (20,449)
Change in unrealized apprecia-
tion (depreciation) from
investments.................. 21,598,890 3,255,880 962,154
---------- ----------- ---------- ----------
Net realized/unrealized gains
(losses) from investments.... (21,031) 24,785,198 2,973,422 941,705
---------- ----------- ---------- ----------
Change in net assets resulting
from operations.............. $3,109,120 $25,699,213 $5,171,953 $1,637,071
========== =========== ========== ==========
</TABLE>
See notes to financial statements.
-12-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
TOTAL
FIXED
BALANCED RETURN
FUND (A) FUND (B)
-------- --------
<S> <C> <C>
INVESTMENT INCOME:
Interest income............................................ $155,249 $781,464
Dividend income............................................ 63,946
-------- --------
Total Income............................................. 219,195 781,464
-------- --------
EXPENSES:
Investment advisory fees................................... 39,706 86,001
Administration fees........................................ 10,588 22,919
Accounting fees............................................ 3,662 5,883
Custodian fees............................................. 2,318 2,121
Legal and audit fees....................................... 2,806 4,389
Organization costs......................................... 2,493 2,268
Trustees' fees and expenses................................ 297 648
Transfer agent fees........................................ 7,691 7,029
Registration and filing fees............................... 2,074 3,201
Printing costs............................................. 594 1,080
Other...................................................... 159 274
Expenses voluntarily reduced by investment adviser......... (2,527)
-------- --------
Total Expenses........................................... 72,388 133,286
-------- --------
Net Investment Income...................................... 146,807 648,178
-------- --------
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from investment transactions... (9,208) 43,508
Change in unrealized appreciation (depreciation) from
investments............................................... 838,183 (56,048)
-------- --------
Net realized/unrealized gains (losses) from investments.... 828,975 (12,540)
-------- --------
Change in net assets resulting from operations............. $975,782 $635,638
======== ========
</TABLE>
- ------
(a) For the period from June 1, 1995 (commencement of operations) through
September 30, 1995.
(b) For the period from June 15, 1995 (commencement of operations) through
September 30, 1995.
See notes to financial statements.
-13-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S.
GOVERNMENT
OBLIGATIONS EQUITY
FUND FUND
--------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER MARCH 31,
1995 1995 30, 1995 1995
------------- ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income.. $ 3,130,151 $ 4,865,461 $ 914,015 $ 2,007,045
Net realized gains
(losses) from invest-
ment transactions..... (21,031) 3,258 3,186,308 (916,864)
Net change in
unrealized
appreciation
(depreciation) from
investments........... 21,598,890 18,869,138
------------- ------------ ------------ ------------
Change in net assets
resulting from
operations............. 3,109,120 4,868,719 25,699,213 19,959,319
------------- ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................ (3,130,151) (4,865,461) (918,018) (1,999,364)
From net realized gains
from investment
transactions.......... (314,263)
------------- ------------ ------------ ------------
Change in net assets
from shareholder
distributions.......... (3,130,151) (4,865,461) (918,018) (2,313,627)
------------- ------------ ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 178,570,738 352,737,311 17,387,859 35,801,655
Dividends reinvested... 105,411 40,886 582,552 1,582,109
Cost of shares
redeemed.............. (186,274,914) (320,238,726) (18,109,792) (30,999,671)
------------- ------------ ------------ ------------
Change in net assets
from share
transactions........... (7,598,765) 32,539,471 (139,381) 6,384,093
------------- ------------ ------------ ------------
Change in net assets.... (7,619,796) 32,542,729 24,641,814 24,029,785
NET ASSETS:
Beginning of period.... 137,887,957 105,345,228 149,232,884 125,203,099
------------- ------------ ------------ ------------
End of period.......... $ 130,268,161 $137,887,957 $173,874,698 $149,232,884
============= ============ ============ ============
SHARE TRANSACTIONS:
Issued................. 178,570,738 352,737,311 1,396,494 3,407,334
Reinvested............. 105,411 40,886 45,383 150,261
Redeemed............... (186,274,914) (320,238,726) (1,485,013) (2,960,143)
------------- ------------ ------------ ------------
Change in shares........ (7,598,765) 32,539,471 (43,136) 597,452
============= ============ ============ ============
</TABLE>
See notes to financial statements.
-14-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE
FIXED INCOME FUND FUND
-------------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER MARCH 31,
1995 1995 30, 1995 1995
------------- ----------- ----------- -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income.... $ 2,198,531 $ 4,787,012 $ 695,366 $ 1,382,782
Net realized gains
(losses) from investment
transactions............ (282,458) (1,431,225) (20,449) (133,011)
Net change in unrealized
appreciation
(depreciation) from
investments............. 3,255,880 (761,757) 962,154 283,619
------------ ----------- ----------- -----------
Change in net assets
resulting from
operations............... 5,171,953 2,594,030 1,637,071 1,533,390
------------ ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (2,177,169) (4,787,657) (683,294) (1,383,792)
From net realized gains
from investment
transactions............ (33,054)
------------ ----------- ----------- -----------
Change in net assets from
shareholder
distributions............ (2,177,169) (4,787,657) (683,294) (1,416,846)
------------ ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 43,109,820 17,756,160 4,730,510 7,605,805
Dividends reinvested..... 594,539 2,508,246 84,712 165,861
Cost of shares redeemed.. (50,939,244) (26,699,222) (2,197,798) (10,153,994)
------------ ----------- ----------- -----------
Change in net assets from
share transactions....... (7,234,885) (6,434,816) 2,617,424 (2,382,328)
------------ ----------- ----------- -----------
Change in net assets...... (4,240,101) (8,628,443) 3,571,201 (2,265,784)
NET ASSETS:
Beginning of period...... 81,672,930 90,301,373 30,716,935 32,982,719
------------ ----------- ----------- -----------
End of period............ $ 77,432,829 $81,672,930 $34,288,136 $30,716,935
============ =========== =========== ===========
SHARE TRANSACTIONS:
Issued................... 4,322,659 1,839,047 464,411 778,541
Reinvested............... 59,794 260,654 8,316 16,973
Redeemed................. (5,059,267) (2,789,367) (216,741) (1,042,386)
------------ ----------- ----------- -----------
Change in shares.......... (676,814) (689,666) 255,986 (246,872)
============ =========== =========== ===========
</TABLE>
See notes to financial statements.
-15-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
BALANCED TOTAL FIXED
FUND (A) RETURN FUND (B)
----------- ----------------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income......................... $ 146,807 $ 648,178
Net realized gains (losses) from investment
transactions................................. (9,208) 43,508
Net change in unrealized appreciation
(depreciation) from investments.............. 838,183 (56,048)
----------- -----------
Change in net assets resulting from operations. 975,782 635,638
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income.................... (134,434) (591,066)
From net realized gains from investment
transactions.................................
----------- -----------
Change in net assets from shareholder
distributions................................. (134,434) (591,066)
----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued................... 16,853,111 41,097,516
Dividends reinvested.......................... 132,954 591,066
Cost of shares redeemed....................... (1,039,381) (1,250,065)
----------- -----------
Change in net assets from share transactions... 15,946,684 40,438,517
----------- -----------
Change in net assets........................... 16,788,032 40,483,089
NET ASSETS:
Beginning of period...........................
----------- -----------
End of period................................. $16,788,032 $40,483,089
=========== ===========
SHARE TRANSACTIONS:
Issued........................................ 1,680,508 4,108,468
Reinvested.................................... 12,708 59,062
Redeemed...................................... (100,528) (124,618)
----------- -----------
Change in shares............................... 1,592,688 4,042,912
=========== ===========
</TABLE>
- ------
(a) For the period from June 1, 1995 (commencement of operations) through
September 30, 1995.
(b) For the period from June 15, 1995 (commencement of operations) through
September 30, 1995.
See notes to financial statements.
-16-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- ----------------------------------------------------- ------------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES (35.9%):
Federal Farm Credit Bank:
10,000,000 5.73%, 11/13/95...................................... $ 9,933,469
2,000,000 4.78%*, 7/29/96...................................... 2,000,000
5,000,000 5.77%*, 9/3/96....................................... 5,000,000
Federal Home Loan Bank:
15,000,000 5.53%, 10/10/95...................................... 14,979,263
10,000,000 5.69%, 12/15/95...................................... 9,885,000
Student Loan Marketing Assoc.:
5,000,000 5.44%*, 7/19/96...................................... 4,998,225
------------
Total U.S. Government Agencies 46,795,957
------------
U.S. TREASURY BILLS (22.6%):
5,000,000 5.85%, 10/12/95...................................... 4,991,826
10,000,000 5.44%, 1/4/96........................................ 9,860,139
10,000,000 5.54%, 3/14/96....................................... 9,757,083
5,000,000 5.54%, 7/25/96....................................... 4,782,295
------------
Total U.S. Treasury Bills 29,391,343
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- --------------------------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (41.9%):
24,535,119 Bear Stearns,
6.30%, 10/2/95 (Collateralized by 42,521,000 U.S.
Treasury STRIPs, 8/15/97-8/15/09, market value--
$25,032,501)...................................... $ 24,535,119
30,000,000 Merrill Lynch,
5.75%*, 8/1/95 (Collateralized by 20,345,000 U.S.
Treasury Bonds, 11.25%, 2/15/15, market value--
$30,632,181)...................................... 30,000,000
------------
Total Repurchase Agreements 54,535,119
------------
Total (Cost--$130,722,419)(b) $130,722,419
============
</TABLE>
- ------
(a) Percentages indicated are based on net assets of $130,268,161.
(b) Cost for financial reporting purposes and for federal income tax purposes
are the same.
* Variable rate securities with yields that vary with a designated market
index or market rate. The rate reflected on the Schedule of Portfolio
Investments is the effective rate as of September 30, 1995.
See notes to financial statements.
-17-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ------------------------------- ------------
<C> <S> <C>
COMMON STOCKS (98.5%):
Automotive (1.8%):
50,000 Ford Motor Co................... $ 1,556,250
35,000 General Motors Corp............ 1,640,625
------------
3,196,875
------------
Banking (5.8%):
28,000 BankAmerica Corp............... 1,676,500
30,000 Barnett Banks, Inc............. 1,698,750
17,000 Fifth Third Bancorp............ 975,375
25,000 NationsBank Corp............... 1,681,250
45,000 Norwest Corp................... 1,473,750
30,000 Wachovia Corp.................. 1,293,750
7,000 Wells Fargo & Co. ............. 1,299,375
------------
10,098,750
------------
Chemicals (4.2%):
33,000 Air Products & Chemical........ 1,720,125
23,000 Dow Chemical Co. .............. 1,713,500
30,000 Eastman Chemical Co............ 1,920,000
20,000 Monsanto Co. .................. 2,015,000
------------
7,368,625
------------
Computer Hardware (5.2%):
35,000 Cabletron Systems (c).......... 2,305,625
40,000 Cisco Systems, Inc. (c)........ 2,760,000
50,000 EMC Corp. (c).................. 906,250
40,000 Intel Corp..................... 2,405,000
20,000 Silicon Graphics, Inc. (c)..... 687,500
------------
9,064,375
------------
Computer Software (1.0%):
20,000 Microsoft Corp. (c)............ 1,810,000
------------
Consumer Goods & Services (3.4%):
20,000 Colgate Palmolive Co........... 1,332,500
50,000 Gillette Co.................... 2,381,250
28,000 Procter & Gamble Co............ 2,156,000
------------
5,869,750
------------
Containers & Packaging (0.9%):
30,000 Avery Dennison Corp. .......... 1,260,000
14,625 Clarcor, Inc................... 343,687
------------
1,603,687
------------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ --------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Defense (0.9%):
18,000 Raytheon Co.............................................. $ 1,530,000
------------
Diversified (2.5%):
36,000 Allied Signal, Inc....................................... 1,588,500
30,000 Hillenbrand Industry, Inc................................ 840,000
28,000 Textron, Inc. ........................................... 1,911,000
------------
4,339,500
------------
Electrical & Electronic (6.7%):
40,000 Amphenol Corp--Class A (c)............................... 865,000
35,000 Avnet, Inc............................................... 1,806,875
40,000 Compaq Computer Corp. (c)................................ 1,935,000
22,000 Emerson Electric Co. .................................... 1,573,000
50,000 General Electric Co...................................... 3,187,500
20,000 Grainger W.W., Inc....................................... 1,207,500
17,000 Thomas & Betts Corp. .................................... 1,098,625
------------
11,673,500
------------
Entertainment (2.5%):
30,000 Viacom, Inc.--Class B (c)................................ 1,492,500
50,000 Walt Disney Co. ......................................... 2,868,750
------------
4,361,250
------------
Financial Services (4.1%):
27,000 Beneficial Corp.......................................... 1,410,750
20,000 Federal Home Loan Mortgage
Corp. .................................................. 1,382,500
18,000 Federal National Mortgage Assoc.......................... 1,863,000
35,000 H & R Block.............................................. 1,330,000
14,000 J.P. Morgan.............................................. 1,083,250
------------
7,069,500
------------
Food Products (5.5%):
10,000 Coca Cola Co. ........................................... 690,000
50,000 ConAgra, Inc. ........................................... 1,981,250
38,000 Dean Foods Co............................................ 1,083,000
14,000 General Mills, Inc. ..................................... 780,500
50,000 McDonald's Corp.......................................... 1,912,500
35,000 PepsiCo, Inc............................................. 1,785,000
42,000 Sara Lee Corp............................................ 1,249,500
------------
9,481,750
------------
</TABLE>
Continued
-18-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ --------------------------------- ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care (4.7%):
45,000 Abbott Labs...................... $ 1,918,125
50,000 Baxter International, Inc........ 2,056,250
22,000 Bristol-Myers Squibb Co.......... 1,603,250
35,000 Johnson & Johnson................ 2,594,375
------------
8,172,000
------------
Home Furnishings (0.9%):
60,000 Newell Companies, Inc. .......... 1,485,000
------------
Insurance (5.2%):
20,000 American International Group..... 1,700,000
15,000 Chubb Corp. ..................... 1,440,000
8,800 General Re Corp. ................ 1,328,800
21,500 Lincoln National Corp. .......... 1,013,188
14,000 Marsh & McLennan................. 1,230,250
44,000 Paul Revere...................... 830,500
80,000 USF & G Corp..................... 1,550,000
------------
9,092,738
------------
Machinery & Equipment (1.8%):
24,000 Illinois Tool Works.............. 1,413,000
26,000 Sundstrand Corp. ................ 1,683,500
------------
3,096,500
------------
Manufacturing--Consumer Goods (0.7%):
30,000 Ionics, Inc. (c) ................ 1,248,750
------------
Medical Equipment & Supplies (4.0%):
75,000 Caremark International, Inc...... 1,612,500
25,000 Cordis Corp. (c).................. 2,118,750
60,000 Medtronic, Inc. ................. 3,225,000
------------
6,956,250
------------
Office Equipment & Services (4.2%):
38,000 Hewlett-Packard.................. 3,168,250
31,000 Honeywell, Inc................... 1,329,125
30,000 Pitney Bowes, Inc................ 1,260,000
30,000 Reuters Holding PLC-ADR.......... 1,586,250
------------
7,343,625
------------
Oil & Gas Exploration Products & Services (3.3%):
15,000 Amoco Corp....................... 961,875
25,000 Anadarko Petroleum Corp.......... 1,184,375
8,000 Atlantic Richfield Co............ 859,000
10,000 Exxon Corp....................... 722,500
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ --------------------------------------------------------- ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
10,000 Mobil Corp............................................... $ 996,250
16,000 Schlumberger LTD......................................... 1,044,000
------------
5,768,000
------------
Pharmaceuticals (5.8%):
24,000 American Home Products................................... 2,037,000
20,000 Eli Lilly & Co........................................... 1,797,500
30,000 Merck & Company, Inc..................................... 1,680,000
50,000 Pfizer, Inc. ............................................ 2,668,750
20,000 Warner Lambert Co........................................ 1,905,000
------------
10,088,250
------------
Photography (1.7%):
50,000 Eastman Kodak Co. ....................................... 2,962,500
------------
Printing & Publishing (4.5%):
22,000 Gannett, Inc............................................. 1,201,750
17,000 Knight-Ridder, Inc....................................... 996,625
18,000 McGraw Hill, Inc. ....................................... 1,471,500
25,000 R.R. Donnelley Co. ...................................... 975,000
40,000 Time Warner, Inc......................................... 1,590,000
23,000 Tribune Co. ............................................. 1,526,625
------------
7,761,500
------------
Retail Stores (4.7%):
20,000 Dayton Hudson Corp....................................... 1,517,500
48,000 Home Depot, Inc.......................................... 1,914,000
45,000 Lowe's Cos............................................... 1,350,000
26,000 May Department Stores.................................... 1,137,500
50,000 Walgreen Co.............................................. 1,400,000
34,000 Wal-Mart Stores.......................................... 845,750
------------
8,164,750
------------
Technology (5.6%):
14,000 International Business
Machines................................................ $ 1,321,250
24,000 Minnesota Mining & Manufacturing Co. .................... 1,356,000
50,000 Motorola, Inc............................................ 3,818,750
40,000 Texas Instruments, Inc. ................................. 3,195,000
------------
9,691,000
------------
Tire & Rubber (0.7%):
32,000 Goodyear Tire & Rubber Co. .............................. 1,260,000
------------
</TABLE>
Continued
-19-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities--Oil & Gas (0.5%)
35,000 NICOR, Inc................................................ $ 953,750
-----------
Utilities--Telecommunications (5.6%):
30,000 Ameritech Corp............................................ 1,563,750
50,000 AT&T Corp................................................. 3,287,500
22,000 Bell South Corp........................................... 1,608,750
40,000 GTE Corp. ................................................ 1,570,000
31,000 SBC Communications, Inc................................... 1,705,000
-----------
9,735,000
-----------
Total Common Stocks 171,247,175
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
PREFERRED STOCKS (0.2%):
Automotive (0.2%):
4,000 Ford Motor Co......................................... $ 409,500
------------
Total Preferred Stocks 409,500
------------
INVESTMENT COMPANIES (0.6%):
1,037,884 AMCORE Vintage U.S. Government Obligations Fund....... 1,037,884
------------
Total Investment Companies 1,037,884
------------
Total (Cost--$133,217,457)(b) $172,694,559
============
</TABLE>
- ------
(a) Percentages indicated are based on net assets of $173,874,698.
(b) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting purposes in excess of federal income tax reporting
of approximately $4,400. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation................ $41,113,418
Unrealized depreciation................ (1,640,716)
-----------
Net unrealized appreciation............ $39,472,702
===========
</TABLE>
(c) Non-income producing securities.
ADR--American Depository Receipt
See notes to financial statements.
-20-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS (96.7%):
Alabama (0.8%):
270,000 Montgomery, 5.10%, 11/1/07............................ $ 264,265
-----------
California (1.4%):
500,000 Sacramento, City Financing Authority, Lease Revenue
Refunding-Series A, AMBAC, 5.05%, 11/1/06............ 496,200
-----------
Delaware (1.5%):
500,000 Sussex County, 4.90%, 10/15/01........................ 507,555
-----------
Florida (8.1%):
500,000 Florida School Boards Assoc., Lease Revenue, 6.75%,
7/1/04............................................... 532,225
500,000 Jacksonville, Electric Authority Revenue, Refunding
Saint Johns River, Issue 2, Series 8, 5.13%, 10/1/07. 496,675
250,000 Jacksonville, Electric Authority Revenue, 5.40%,
10/1/10.............................................. 244,965
500,000 Martin County, GO, 4.25%, 2/1/01...................... 490,605
500,000 Pinellas County Water Revenue, 5.00%, 10/1/03......... 503,270
500,000 State of Florida Board of Education, 5.13%, 6/1/05.... 507,770
-----------
2,775,510
-----------
Idaho (1.5%):
500,000 Meridian Joint School District #2, Idaho 5.00%,
7/30/03.............................................. 510,025
-----------
Illinois (31.3%):
200,000 Cherry Valley GO, 6.60%, 1/1/01....................... 216,238
500,000 Chicago, Metropolitan Water Capital Improvement,
5.00%, 12/1/02....................................... 508,095
500,000 Chicago, Metropolitan Water Capital Improvement,
5.25%, 12/1/04....................................... 512,020
200,000 Chicago O'Hare International Airport, 5.30%, 1/1/00... 203,174
250,000 Chicago O'Hare International Airport, 6.38%, 1/1/04... 270,092
200,000 Chicago Water Revenue, AMBAC, 5.50%, 11/1/03.......... 207,924
250,000 Cook County Community School GO, 5.90%, 12/1/03....... 267,690
300,000 Du Page, Illinois Airport Authority, Limited Tax Ins.
C.O.P. Series A, FGIC, 4.80%, 2/1/01................. 301,101
300,000 Illinois Development Finance Authority Revenue, FGIC,
5.45%, 2/1/02........................................ 310,359
200,000 Illinois Development Finance Authority Revenue, FGIC,
6.05%, 3/1/04........................................ 217,720
510,000 Illinois Development Finance Authority Revenue,
(Belvidere) GO, 4.65%, 12/1/03....................... 499,443
500,000 Illinois Development Finance Authority Revenue, S.D.
46, 5.25%, 1/1/06.................................... 504,690
500,000 Illinois Development Finance Authority Revenue,
Wheaton School 200, 4.75%, 12/1/02................... 500,565
400,000 Illinois Health Facilities Authority Revenue, MBIA,
4.90%, 11/15/03...................................... 399,440
500,000 Illinois Housing Development Authority, 5.10%, 7/1/02. 499,950
465,000 Illinois Housing Development Authority, Single Family
Mortgage Revenue, 6.50%, 2/1/09...................... 491,328
220,000 Illinois State Sales Tax Revenue, Series Q, 5.75%,
6/15/14.............................................. 212,164
200,000 Illinois Student Assistance Commission, Student Loan
Revenue, GSL, 5.45%, 3/1/99.......................... 204,302
300,000 Illinois Student Assistance Commission, Student Loan
Revenue, Series M, 6.30%, 3/1/03..................... 307,560
500,000 Kane County, Motor Fuel Tax Revenue, 5.40%, 3/1/06.... 504,335
500,000 Kane County Public Building C, Elgin Community College
509-B, 5.75%, 12/1/10................................ 500,565
500,000 Lake Forest, Community High School District 115,
4.70%, 11/1/05....................................... 488,590
300,000 Metropolitan Pier & Exposition Authority, State Tax
Revenue, 5.20%, 6/15/99.............................. 305,949
</TABLE>
Continued
-21-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Illinois, continued:
500,000 Northwest Water Community Cook & Lake Counties, Water
Revenue, 4.90%, 5/1/07............................... $ 476,985
400,000 Sangamon County, Certificate of Participation, 6.40%,
12/1/00.............................................. 428,588
250,000 State of Illinois, GO, 4.90%, 6/1/01.................. 252,322
250,000 State of Illinois, GO, 5.00%, 6/1/02.................. 252,663
100,000 Sterling Hospital Revenue, CGH Medical Center Project,
5.65%, 5/1/99........................................ 101,483
250,000 Winnebago County, School District 122, 5.75%, 6/1/01.. 264,065
500,000 Winnebago & Boone Counties, Rockford School District
Number 205, School Bonds, Series 1992 C, 5.25%,
2/1/01............................................... 514,950
-----------
10,724,350
-----------
Indiana (2.2%):
500,000 Indiana Bond Bank (Elkhart Water\Sewer Refunding
Bonds), 5.55%, 11/1/10............................... 480,705
250,000 Indianapolis, Series A, 6.75%, 2/1/04................. 271,397
-----------
752,102
-----------
Iowa (6.2%):
300,000 Ames, Iowa Electric Revenue, 5.20%, 1/1/05............ 302,523
500,000 Iowa City GO, 5.00%, 6/1/04........................... 507,040
500,000 Iowa State Certificate of Participation, 6.50%,
7/1/06............................................... 547,850
500,000 Iowa Student Loan, 5.75%, 12/1/06..................... 501,360
250,000 Iowa Student Loan Liquidity Corp., Series A, 5.35%,
12/1/02.............................................. 254,145
-----------
2,112,918
-----------
Maryland (0.7%):
250,000 Baltimore, Construction Public Improvement, Series A,
AMBAC, 5.30%, 10/15/07............................... 250,475
-----------
Michigan (0.7%):
250,000 Grand Haven, Insured Electric Revenue Bonds, MBIA,
4.90%, 7/1/03........................................ 251,262
-----------
Minnesota (3.1%):
500,000 Minneapolis, 4.75%, 9/1/02............................ 505,855
520,000 Ramsey County, 5.60%, 12/1/05......................... 546,977
-----------
1,052,832
-----------
Mississippi (1.0%):
350,000 Mississippi Higher Education, SR-Series B, 5.25%,
9/1/01............................................... 354,960
-----------
Montana (1.3%):
335,000 Montana Higher Education Student Assistance Corp.,
5.25%, 12/1/02....................................... 338,561
100,000 Montana Student Loan, 5.75%, 12/1/12.................. 96,917
-----------
435,478
-----------
Nebraska (0.7%):
250,000 Omaha, Airport Authority, 5.00%, 1/1/04............... 250,508
-----------
</TABLE>
Continued
-22-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Nevada (3.6%):
300,000 Clark County, 5.40%, 7/1/03........................... $ 305,679
430,000 Nevada Housing, 5.20%, 4/1/01......................... 433,470
500,000 State of Nevada, 4.40%, 11/1/01....................... 493,675
-----------
1,232,824
-----------
New Mexico (1.5%):
500,000 Albuquerque, School District #12, 5.30%, 8/1//08...... 499,960
-----------
Ohio (1.3%):
200,000 Student Loan Funding Corp., Series C, 5.50%, 12/1/01.. 203,328
250,000 Student Loan Funding Corp., Series C, 5.70%, 7/1/99... 258,058
-----------
461,386
-----------
Pennsylvania (0.7%):
250,000 Commonwealth of Pennsylvania Insured Certificate of
Participation, 4.63%, 7/1/00......................... 250,138
-----------
Rhode Island (0.8%):
250,000 Rhode Island State Construction, Capital Development
Loan, Series B, 6.00%, 5/15/99....................... 261,980
-----------
South Dakota (1.5%):
500,000 South Dakota Student Loan, 5.85%, 8/1/00.............. 517,590
-----------
Texas (7.2%):
105,000 Arlington Independent School District, 6.10%, 5/15/05. 114,218
200,000 Arlington Permanent Independent, 6.70%, 8/15/12....... 223,634
195,000 Arlington GO, 6.10%, 2/15/05.......................... 206,575
500,000 Austin, Airport Revenue, 5.50%, 11/15/06.............. 506,610
500,000 Dallas Water & Sewer, 4.90%, 4/1/04................... 500,615
200,000 Houston Water & Sewer System, Series C, MBIA, 5.25%,
12/1/00.............................................. 207,026
300,000 Temple, Independent School District, 4.90%, 2/1/04.... 299,574
400,000 Texas State College Student Loan, 5.40%, 8/1/02....... 406,132
-----------
2,464,384
-----------
Utah (0.7%):
250,000 Davis County, GO, 4.95%, 6/1/05....................... 248,843
-----------
Virginia (3.6%):
500,000 Fairfax County, Series A, 4.90%, 6/1/03............... 506,985
250,000 Virginia Educational Loan Authority, Series E, 5.50%,
3/1/01............................................... 256,215
500,000 Virginia State Housing Development Authority, 5.10%,
7/1/06............................................... 486,640
-----------
1,249,840
-----------
Washington (5.4%):
310,000 King County, Public Hospital, Facility Revenue, AMBAC,
5.70%, 9/1/01........................................ 325,683
500,000 Seattle, Water System Revenue, 4.70%, 12/1/00......... 503,850
</TABLE>
Continued
-23-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Washington, continued:
500,000 Tacoma, Electric System Revenue 5.50%, 1/1/12......... $ 480,230
500,000 Washington State, 6.80%, 10/1/02...................... 542,095
-----------
1,851,858
-----------
Wisconsin (9.1%):
500,000 Franklin Public School District, 4.75%, 4/1/04........ 489,390
500,000 Green Bay Area Public Schools, 4.40%, 4/1/02.......... 489,755
400,000 Kenosha, Series A, 4.90%, 4/1/99...................... 405,132
500,000 Madison, 5.00%, 4/1/05................................ 504,510
500,000 Sturgeon Bay, Combined Utility, 4.90%, 1/1/06......... 488,925
500,000 Wisconsin Housing & Economic Development Authority,
Housing Revenue, 4.70%, 11/1/99...................... 492,225
250,000 Wisconsin Housing & Economic Development Authority,
Series B, 4.90%, 11/1/01............................. 243,823
-----------
3,113,760
-----------
Wyoming (0.8%):
250,000 Cheyenne, GO Unlimited, 5.45%, 12/1/01................ 260,605
-----------
Total Municipal Bonds $33,151,608
-----------
INVESTMENT COMPANIES (1.8%):
628,218 Prairie Municipal Money Market Fund (Class A)......... 628,218
-----------
Total Investment Companies 628,218
-----------
Total (Cost--$33,590,974)(b) $33,779,826
===========
</TABLE>
- ------
(a) Percentages indicated are based on net assets of $34,288,136.
(b) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation....................... $368,415
Unrealized depreciation....................... (179,563)
--------
Net unrealized appreciation................... $188,852
========
</TABLE>
<TABLE>
<S> <C> <C>
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Corporation
GO -- General Obligation
GSL -- Guaranteed Student Loans
MBIA -- Municipal Bond Insurance Association
</TABLE>
See notes to financial statements.
-24-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- -----------
<C> <S> <C>
COLLATERAL MORTGAGE OBLIGATIONS (4.8%):
843,125 5.50%, 7/25/00.......................................... $ 799,651
-----------
Total Collateralized Mortgage Obligations 799,651
-----------
COMMON STOCKS (53.6%):
Automotive (1.8%):
5,000 Ford Motor Co............................................ 155,625
3,000 General Motors Corp..................................... 140,625
-----------
296,250
-----------
Banking (5.3%):
3,000 BankAmerica Corp........................................ 179,625
3,000 Barnett Banks, Inc...................................... 169,875
3,000 Fifth Third Bancorp..................................... 172,125
3,000 NationsBank Corp........................................ 201,750
5,000 Norwest Corp............................................ 163,750
-----------
887,125
-----------
Chemicals (3.0%):
3,000 Air Products & Chemical................................. 156,375
2,000 Dow Chemical Co. ....................................... 149,000
3,000 Eastman Chemical Co..................................... 192,000
-----------
497,375
-----------
Computer Hardware (2.2%):
3,000 Cisco Systems, Inc. (c)................................. 207,000
2,800 Intel Corp.............................................. 168,350
-----------
375,350
-----------
Computer Software (1.1%):
2,000 Microsoft Corp. (c)..................................... 181,000
-----------
Consumer Goods & Services (2.0%):
4,000 Gillette Co............................................. 190,500
2,000 Procter & Gamble Co..................................... 154,000
-----------
344,500
-----------
Defense (1.0%):
2,000 Raytheon Co............................................. 170,000
-----------
Diversified (2.5%):
3,000 Allied Signal, Inc...................................... 132,375
4,000 Corning, Inc............................................ 114,500
2,000 Textron, Inc. .......................................... 136,500
-----------
383,375
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Electrical & Electronic (2.0%):
2,000 Emerson Electric Co. .................................. $ 143,000
3,000 General Electric Co.................................... 191,250
-----------
334,250
-----------
Entertainment (1.0%):
3,000 Walt Disney Co. ....................................... 172,125
-----------
Financial Services (1.8%):
3,000 Beneficial Corp........................................ 156,750
1,500 Federal National Mortgage Assoc........................ 155,250
-----------
312,000
-----------
Food Products (2.8%):
3,000 General Mills, Inc. ................................... 167,250
4,000 McDonald's Corp........................................ 153,000
3,000 PepsiCo, Inc........................................... 153,000
-----------
473,250
-----------
Health Care (2.6%):
3,000 Abbott Labs............................................ 127,875
4,000 Baxter International, Inc.............................. 164,500
2,000 Johnson & Johnson...................................... 148,250
-----------
440,625
-----------
Home Furnishings (0.9%):
6,000 Newell Companies, Inc. ................................ 148,500
-----------
Insurance (2.1%):
1,950 American International Group........................... 165,750
1,200 General Re Corp. ...................................... 181,200
-----------
346,950
-----------
Machinery & Equipment (1.2%):
3,000 Sundstrand Corp. ...................................... 194,250
-----------
Office Equipment & Services (2.0%):
2,000 Hewlett-Packard........................................ 166,750
4,000 Honeywell, Inc......................................... 171,500
-----------
338,250
-----------
Oil & Gas Exploration Products & Services (2.4%):
2,000 Amoco Corp............................................. 128,250
1,500 Mobil Corp............................................. 149,437
</TABLE>
Continued
-25-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Oil & Gas Exploration Products & Services, continued:
2,000 Schlumberger LTD....................................... $ 130,500
-----------
408,187
-----------
Pharmaceuticals (3.4%):
2,000 American Home Products................................. 169,750
4,000 Pfizer, Inc. .......................................... 213,500
2,000 Warner Lambert Co...................................... 190,500
-----------
573,750
-----------
Photography (0.7%):
2,000 Eastman Kodak Co. ..................................... 118,500
-----------
Printing & Publishing (2.8%):
3,000 Gannett, Inc........................................... 163,875
3,000 Knight-Ridder, Inc..................................... 175,875
2,000 Tribune Co. ........................................... 132,750
-----------
472,500
-----------
Railroads (1.2%):
3,000 Union Pacific Corp..................................... 198,750
-----------
Retail Stores (2.9%):
4,000 Home Depot, Inc........................................ 159,500
4,000 May Department Stores.................................. 175,000
6,000 Wal-Mart Stores........................................ 149,250
-----------
483,750
-----------
Technology (1.4%):
3,000 Motorola, Inc.......................................... 229,125
-----------
Utilities--Telecommunications (3.7%):
3,000 AT&T Corp.............................................. 197,250
5,000 GTE Corp. ............................................. 196,250
4,000 SBC Communications, Inc................................ 220,000
-----------
613,500
-----------
Total Common Stocks 8,993,237
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS (6.0%):
Banking (3.0%):
500,000 Firstar Corp. 7.15%, 9/1/00............................ $ 506,250
-----------
Telecommunications (3.0%):
250,000 AT&T Corp. 7.00%, 5/15/05.............................. 255,938
250,000 General Telephone Illinois 8.50%, 12/4/00.............. 254,062
-----------
510,000
-----------
Total Corporate Bonds 1,016,250
-----------
U.S. GOVERNMENT AGENCIES (5.9%):
Federal National Mortgage Assoc.:
1,000,000 6.95%, 9/10/02......................................... 999,220
-----------
Total U.S. Government Agency 999,220
-----------
U.S. TREASURY NOTES (24.1%):
500,000 7.25%, 11/30/96........................................ 507,970
1,000,000 6.38%, 7/15/99......................................... 1,013,080
500,000 6.38%, 1/15/00......................................... 506,805
1,500,000 6.25%, 5/31/00......................................... 1,513,965
500,000 6.25%, 2/15/03......................................... 502,855
-----------
Total U.S. Treasury Notes 4,044,675
-----------
U.S. TREASURY STRIPS (1.4%):
500,000 6.50%, 11/15/07........................................ 229,480
-----------
Total U.S. Treasury STRIPs 229,480
-----------
INVESTMENT COMPANIES (3.0%):
498,683 AMCORE Vintage U.S. Government Obligations Fund........ 498,683
-----------
Total Investment Companies 498,683
-----------
Total (Cost--$15,743,013) (b) $16,581,196
===========
</TABLE>
- ------
(a) Percentages indicated are based on net assets of $16,788,032.
(b) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation....................... $894,196
Unrealized depreciation....................... (56,013)
--------
Net unrealized appreciation................... $838,183
========
</TABLE>
(c) Non-income producing securities.
See notes to financial statements.
-26-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED TOTAL RETURN FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (22.6%):
Federal Home Loan Mortgage Corp.:
2,000,000 6.50%, 9/15/06......................................... $ 1,952,080
2,000,000 6.50%, 3/15/07......................................... 1,989,200
2,000,000 6.00%, 12/15/17........................................ 1,914,400
Prudential Home Mortgage Securities Corp.:
1,431,021 5.50%, 4/1/00.......................................... 1,396,140
Resolution Trust Co.:
1,862,674 7.46%*, 12/25/05....................................... 1,867,912
-----------
Total Collateralized Mortgage Obligations 9,119,732
-----------
CORPORATE BONDS (23.7%):
Banking (6.5%):
1,000,000 Bankers Trust, 8.13%, 5/15/02.......................... 1,067,500
500,000 Chase Manhattan Corp., 8.80%, 2/1/00................... 513,750
1,000,000 Norwest Financial, Inc., 8.38%, 1/15/00................ 1,066,250
-----------
2,647,500
-----------
Chemicals (3.5%):
400,000 Monsanto Co., 8.40%, 1/15/97........................... 412,000
1,000,000 RPM Senior Notes, 7.00%, 6/15/05....................... 1,002,500
-----------
1,414,500
-----------
Financial Services (6.2%):
1,000,000 Bear Stearns, 6.70%, 8/1/03............................ 986,250
500,000 Household Finance Corp.,
9.38%, 2/15/96........................................ 505,890
1,000,000 Merrill Lynch & Co.,
7.00%, 4/27/08........................................ 997,500
-----------
2,489,640
-----------
Food Products (1.2%):
500,000 Nabisco, Inc., 7.05%, 7/15/07.......................... 491,875
-----------
Insurance (2.5%):
1,000,000 Lincoln National Corp., 7.13%, 7/15/99................. 1,015,000
-----------
Retail Stores (1.3%):
500,000 Sears Roebuck Co., 8.45%, 11/1/98...................... 529,375
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Utilities--Electric (2.5%):
1,000,000 Alabama Power First Mortgage, 6.75%, 2/1/03............ $ 1,011,250
-----------
Total Corporate Bonds 9,599,140
-----------
U.S. GOVERNMENT AGENCIES (20.9%):
Federal Farm Credit Bank:
1,000,000 5.66%, 10/5/95......................................... 999,030
Federal Home Loan Mortgage Corp.:
1,000,000 6.16%, 3/29/00......................................... 992,950
1,000,000 6.59%, 6/4/03.......................................... 990,920
1,500,000 7.05%, 3/24/04......................................... 1,486,770
Federal National Mortgage Assoc.:
2,000,000 6.57%, 8/10/00......................................... 2,007,120
1,000,000 5.99%, 10/1/03......................................... 952,350
1,000,000 8.00%, 4/13/05......................................... 1,028,210
-----------
Total U.S. Government Agencies 8,457,350
-----------
U.S. TREASURY BILLS (2.4%):
1,000,000 5.54%, 3/14/96......................................... 975,270
-----------
Total U.S. Treasury Bills 975,270
-----------
U.S. TREASURY NOTES (22.6%):
2,000,000 7.25%, 11/30/96........................................ 2,031,880
1,000,000 6.75%, 6/30/99......................................... 1,025,020
1,000,000 6.38%, 7/15/99......................................... 1,013,080
2,000,000 6.38%, 1/15/00......................................... 2,027,220
1,000,000 7.50%, 5/15/02......................................... 1,075,700
1,000,000 6.25%, 2/15/03......................................... 1,005,710
1,000,000 5.88%, 2/15/04......................................... 978,290
-----------
Total U.S. Treasury Notes 9,156,900
-----------
U.S. TREASURY STRIPS (3.6%):
2,500,000 6.73%, 11/15/09........................................ 995,350
2,000,000 7.00%, 5/15/17......................................... 462,360
-----------
Total U.S. Treasury STRIPs 1,457,710
-----------
</TABLE>
Continued
-27-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED TOTAL RETURN FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (1.7%):
697,098 AMCORE Vintage U.S. Government Obligations Fund........ 697,098
-----------
Total Investment Companies 697,098
-----------
Total (Cost--$39,519,248)(b) $39,463,200
===========
</TABLE>
- ------
(a) Percentages indicated are based on net assets of $40,483,089.
(b) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.................. $ 76,256
Unrealized depreciation.................. (132,304)
---------
Net unrealized depreciation.............. $ (56,048)
=========
</TABLE>
* Variable rate securities with yields that vary with a designated market
index or market rate. The rate reflected on the Schedule of Portfolio
Investments is the effective rate as of September 30, 1995.
See notes to financial statements.
-28-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (20.1%):
Federal Home Loan Mortgage Corp.:
2,000,000 6.25%, 12/15/06........................................ $ 1,955,000
Federal National Mortgage Assoc.:
773,533 7.00%, 1/25/04......................................... 772,218
2,500,000 6.50%,10/25/04......................................... 2,498,550
3,500,000 7.00%, 8/25/06......................................... 3,512,425
1,000,000 6.60%, 4/25/17......................................... 991,100
2,000,000 6.50%, 3/25/20......................................... 1,951,420
Prudential Home Mortgage Securities Corp.:
1,475,468 5.50%, 7/25/00......................................... 1,399,389
Residential Funding Corp.:
2,000,000 6.50%, 12/25/08........................................ 1,953,750
Resolution Trust Co.:
465,669 7.46%, 12/25/05........................................ 466,978
Western Financial Grantor Trust:
60,001 6.75%, 1/1/97.......................................... 60,151
-----------
Total Collateralized Mortgage Obligations 15,560,981
-----------
CORPORATE BONDS (33.4%):
Banking (9.3%):
1,000,000 BankAmerica Corp.,
7.20%, 9/15/02........................................ 1,027,500
500,000 Bankers Trust, 8.13%, 5/15/02.......................... 533,750
1,000,000 Bank One, Dayton N.A.,
6.63%, 4/15/03........................................ 998,750
Chase Manhattan Corp.,
500,000 8.80%, 2/1/00......................................... 513,750
500,000 9.05%, 2/1/02......................................... 515,625
1,500,000 Citicorp Senior Notes,
8.63%, 11/1/04........................................ 1,593,750
Nations Bank Corp.
1,000,000 6.63%, 1/15/98........................................ 1,008,750
500,000 6.50%, 8/15/03........................................ 489,375
500,000 Northern Trust Co., 6.50%, 5/1/03...................... 496,250
-----------
7,177,500
-----------
Chemicals (1.6%):
1,000,000 E.I. Dupont De Nemours & Co., 6.42%, 11/20/97.......... 1,003,750
250,000 8.65%, 12/1/97........................................ 261,875
-----------
1,265,625
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Diversified (0.2%):
150,000 Corning Glass Works, 8.38%, 11/1/96.................... $ 153,563
-----------
Financial Services (12.8%):
1,000,000 Associates Corp.,
7.50%, 4/15/02........................................ 1,046,250
1,000,000 Commercial Credit,
6.88%, 5/1/02......................................... 1,010,000
Ford Motor Credit Corp.,
250,000 9.13%, 12/15/95....................................... 251,485
1,000,000 6.85%, 8/15/00........................................ 1,011,250
500,000 7.50%, 1/27/03........................................ 518,750
Household Finance Corp.,
500,000 7.63%, 12/15/96....................................... 508,255
1,000,000 6.88%, 3/1/03......................................... 1,007,500
250,000 ITT Financial Corp.,
7.25%, 11/15/96....................................... 253,437
1,000,000 Norwest Financial Inc.,
7.50%, 4/15/05........................................ 1,056,250
1,000,000 Smith Barney,
6.88%, 6/15/05........................................ 987,500
2,000,000 Standard Credit Card Master Trust, 6.70%, 9/7/00....... 2,006,540
250,000 Xerox Credit Corp.,
6.25%, 1/15/96........................................ 250,160
-----------
9,907,377
-----------
Food Products (0.6%):
500,000 PepsiCo, Inc.,
7.88%, 8/15/96........................................ 507,500
-----------
Home Furnishings (1.3%):
1,000,000 Newell Co., 6.40%, 8/10/02............................. 988,750
-----------
Industrial Goods & Services (0.7%):
250,000 American Brands, Inc.,
8.53%, 12/15/95....................................... 251,250
250,000 Private Export Fund,
9.00%, 1/31/96........................................ 252,812
-----------
504,062
-----------
</TABLE>
Continued
-29-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Restaurants (0.3%):
235,000 Secured Restaurant Trust,
10.25%, 11/15/00...................................... $ 263,710
-----------
Retail Stores (2.0%):
Sears Roebuck & Co.,
1,000,000 7.60%, 3/5/97......................................... 1,018,750
500,000 8.02%, 12/28/98....................................... 524,375
-----------
1,543,125
-----------
Utilities--Electric (2.3%):
250,000 Central Power & Light Co.,
6.63%, 1/1/98......................................... 251,875
1,000,000 Florida Power & Light,
6.88%, 4/1/04......................................... 1,023,750
250,000 Houston Light & Power Co.,
6.75%, 4/1/98......................................... 251,250
250,000 Sierra Pacific Power Co.,
6.50%, 7/1/97......................................... 250,625
-----------
1,777,500
-----------
Utilities--Telecommunications (2.3%):
250,000 AT&T Corp., 8.20%, 2/15/05............................. 267,500
500,000 Hawaiian Telephone, 8.00%, 9/1/01...................... 508,125
1,000,000 United Telephone Co. of Florida,
7.25%, 12/15/04....................................... 1,020,000
-----------
1,795,625
-----------
Total Corporate Bonds 25,884,337
-----------
U.S. GOVERNMENT AGENCIES (23.5%):
Federal Home Loan Bank:
2,000,000 7.26%, 9/1/99.......................................... 2,044,680
1,000,000 7.25%, 7/3/02.......................................... 1,002,910
500,000 8.05%, 5/27/04......................................... 527,630
1,000,000 8.35%, 4/12/05......................................... 1,008,690
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Federal Home Loan Mortgage Corp.:
1,250,000 6.59%, 6/4/03.......................................... $ 1,238,650
1,250,000 7.05%, 3/24/04......................................... 1,238,975
500,000 8.05%, 5/19/04......................................... 519,435
Federal National Mortgage Assoc.:
2,000,000 6.57%, 8/10/00......................................... 2,007,120
1,500,000 6.95%, 9/10/02......................................... 1,498,830
1,000,000 6.80%, 10/23/02........................................ 1,008,140
1,000,000 7.08%, 1/29/03......................................... 1,001,420
1,000,000 8.00%, 4/13/05......................................... 1,028,210
2,500,000 7.41%, 8/17/05......................................... 2,534,950
Student Loan Mortgage Assoc.:
1,500,000 6.75%, 6/15/01......................................... 1,505,070
-----------
Total U.S. Government Agencies 18,164,710
-----------
U.S. TREASURY NOTES (19.4%):
2,000,000 7.25%, 11/30/96........................................ 2,031,880
1,500,000 6.38%, 6/30/97......................................... 1,514,175
1,500,000 7.88%, 1/15/98......................................... 1,563,240
1,000,000 7.13%, 10/15/98........................................ 1,032,990
1,000,000 6.75%, 6/30/99......................................... 1,025,020
3,500,000 6.38%, 1/15/00......................................... 3,547,635
1,000,000 7.50%, 5/15/02......................................... 1,075,700
2,250,000 6.25%, 2/15/03......................................... 2,262,848
1,000,000 5.88%, 2/15/04......................................... 978,290
-----------
Total U.S. Treasury Notes 15,031,778
-----------
INVESTMENT COMPANIES (2.1%):
1,654,631 AMCORE Vintage U.S. Government Obligations Fund........ 1,654,631
-----------
Total Investment Companies 1,654,631
-----------
Total (Cost--$76,345,607)(b) $76,296,437
===========
</TABLE>
- ------
(a) Percentages indicated are based on net assets of $77,432,829.
(b) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting purposes in excess of federal income tax reporting
of approximately $80,900. Cost for federal income tax purposes differs
from value by net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.................. $ 415,757
Unrealized depreciation.................. (545,869)
---------
Net unrealized depreciation.............. $(130,112)
=========
</TABLE>
See notes to financial statements.
-30-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
1.ORGANIZATION:
The Coventry Group ("Group") was organized on January 8, 1992 as a
Massachusetts business trust, and is registered under the Investment Company
Act of 1940, as amended ("the 1940 Act"), as a diversified, open-end
management investment company. Between the date of organization and the date
of commencement of operations of the AMCORE Vintage U.S. Government
Obligations Fund, the AMCORE Vintage Equity Fund, the AMCORE Vintage Fixed
Income Fund, the AMCORE Vintage Intermediate Tax-Free Fund, the AMCORE
Vintage Balanced Fund, the AMCORE Vintage Fixed Total Return Fund, and the
AMCORE Vintage Aggressive Growth Fund, (individually, a "Fund";
collectively, the "Funds"), each a series of the Group, the Funds earned no
investment income and had no operations other than incurring organizational
expenses. The Aggressive Growth Fund, which commenced operations October 3,
1995, is not presented in these financial statements.
The Group is authorized to issue an unlimited number of shares which are
units of beneficial interest with a par value of $0.01 per share. Sales of
shares of the Funds may be made to the general public.
2.SIGNIFICANT ACCOUNTING PRINCIPLES:
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles.
SECURITIES VALUATION:
Investments of the U.S. Government Obligations Fund ("the money market
fund") are valued at either amortized cost, which approximates market
value, or at original cost which, combined with accrued interest,
approximates market value. Under the amortized cost valuation method,
discount or premium is amortized on a constant basis to the maturity of
the security. In addition, the money market fund may not (a) purchase any
instrument with a remaining maturity greater than thirteen months unless
such investment is subject to a demand feature, or (b) maintain a dollar-
weighted-average portfolio maturity which exceeds 90 days.
Investments in common and preferred stocks, commercial paper, corporate
bonds, municipal bonds, U.S. Government securities and U.S. Government
agency securities of the Equity Fund, the Fixed Income Fund, the
Intermediate Tax-Free Fund, the Balanced Fund, and the Fixed Total Return
Fund (collectively "the variable net asset value funds") are valued at
their market values determined on the basis of the latest available bid
quotation in the principal market (closing sales prices if the principal
market is an exchange) in which such securities are normally traded.
Investments in investment companies are valued at their respective net
asset values as reported by such companies. Securities, including
restricted securities, for which market quotations are not readily
available, are valued at fair market value by the investment adviser
under the supervision of the Group's Board of Trustees. The differences
between the cost and market values of investments held by the variable
net asset value funds are reflected as either unrealized appreciation or
depreciation.
Continued
-31-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the
accrual basis and includes, where applicable, the prorata amortization of
premium or discount. Dividend income is recorded on the ex-dividend date.
Gains or losses realized on sales of securities are determined by
comparing the identified cost of the security lot sold with the net sales
proceeds.
REPURCHASE AGREEMENTS:
The Funds may acquire repurchase agreements from member banks of the
Federal Deposit Insurance Corporation and from financial institutions
such as banks and broker dealers which the investment adviser, AMCORE
Capital Management, Inc. ("AMCORE"), deems creditworthy under guidelines
approved by the Board of Trustees, subject to the seller's agreement to
repurchase such securities at a mutually agreed-upon date and price. The
repurchase price generally equals the price paid by a Fund plus interest
negotiated on the basis of current short-term rates, which may be more or
less than the rate on the underlying portfolio securities. The seller,
under a repurchase agreement, is required to maintain the value of
collateral held pursuant to the agreement at not less than the repurchase
price (including accrued interest). Securities subject to repurchase
agreements are held by the Fund's custodian or another qualified
custodian or in the Federal Reserve/Treasury book-entry system.
Repurchase agreements are considered to be loans by a Fund under the 1940
Act.
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income are declared daily and paid monthly
for the U.S. Government Obligations Fund. Dividends from net investment
income are declared and paid quarterly for the Equity Fund, the Balanced
Fund and the Fixed Total Return Fund. Dividends from net investment
income are declared and paid monthly for the Fixed Income Fund and the
Intermediate Tax-Free Fund. Distributable net realized capital gains, if
any, are declared and distributed at least annually for each of the
Funds. These dividends are determined in accordance with income tax
regulations which may differ from generally accepted accounting
principles. These differences are primarily due to deferrals of certain
losses.
FEDERAL INCOME TAXES:
It is the policy of each Fund to qualify or 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 of net investment income
and net realized capital gains sufficient to relieve it from all, or
substantially all, Federal income taxes.
Continued
-32-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
OTHER:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Expenses relating to the Funds collectively are
prorated to the Funds on the basis of each Fund's relative net assets.
Other expenses for the Group are prorated to the Funds and any other
portfolios of the Group on the basis of relative net assets.
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
six months ended September 30, 1995 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Equity Fund........................................... $28,012,217 $27,495,912
Fixed Income Fund..................................... 56,474,950 71,011,982
Intermediate Tax-Free Fund............................ 6,012,230 3,613,443
Balanced Fund(a)...................................... 4,011,011 2,007,188
Fixed Total Return Fund(b)............................ 45,181,316 8,787,052
</TABLE>
- --------
(a) For the period from June 1, 1995 (commencement of operations) through
September 30, 1995.
(b) For the period from June 15, 1995 (commencement of operations) through
September 30, 1995.
4.RELATED PARTY TRANSACTIONS:
Pursuant to an investment advisory agreement, investment advisory services
are provided to the Funds by AMCORE. Under the terms of the investment
advisory agreement, AMCORE is entitled to receive fees computed daily based
on a percentage of the average net assets of each Fund.
The Winsbury Company Limited Partnership d/b/a The Winsbury Company
("Winsbury") is an Ohio limited partnership. The sole general partner of
Winsbury is BISYS Fund Services, Inc. The sole limited partner of Winsbury
is WC Subsidiary Corporation. BISYS Fund Services, Inc., BISYS Fund Services
Ohio, Inc., and WC Subsidiary Corporation are all subsidiaries of The BISYS
Group, Inc. On October 10, 1995, Winsbury changed its name to BISYS Fund
Services Limited Partnership d/b/a BISYS Fund Services.
Winsbury, with whom certain officers and trustees of the Group are
affiliated, serves the Funds as administrator. Such officers and trustees
are paid no fees directly by the Funds for serving as officers and trustees
of the Group. Under the terms of the administration agreement, Winsbury's
fees are computed daily as a percentage of the average net assets of each
Fund.
BISYS Fund Services Ohio, Inc., (the "Company") serves the Funds as Transfer
Agent and Fund Accountant. Under the terms of the Transfer Agent and Fund
Accountant Agreements, the Company's fees are computed on the basis of
number of shareholders and average net assets, respectively.
The Group has adopted a Distribution and Shareholder Service Plan in
accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds
are authorized to pay or reimburse Winsbury, as distributor, a periodic
Continued
-33-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1995
(UNAUDITED)
amount, calculated at an annual rate not to exceed 0.25% of the average
daily net asset value of each of the Funds. These fees are used by Winsbury
to pay banks, including affiliates of AMCORE, broker dealers and other
institutions, or to reimburse Winsbury or its affiliates, for
administration, distribution and shareholder services in connection with the
distribution of Fund shares. No amounts were paid under the terms of this
plan during the six months ended September 30, 1995.
AMCORE has agreed that if the aggregate expenses of any of the Funds, as
defined, for any fiscal year exceed the expense limitation of any State
having jurisdiction over the Fund, AMCORE will reimburse to the Fund, or
otherwise bear, such excess. Such limitation did not affect the calculation
of the investment advisory fees during the six months ended September 30,
1995. Further, fees may be voluntarily reduced to assist the Funds in
maintaining competitive expense ratios.
Information regarding these transactions is as follows for the six months
ended September 30, 1995:
<TABLE>
<CAPTION>
U.S. GOVERNMENT FIXED
OBLIGATIONS EQUITY INCOME
FUND FUND FUND
--------------- ------- -------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets).......... 0.40% 0.75% 0.60%
Voluntary fee reductions..................... $117,664
ADMINISTRATION FEES:
Annual fee (percentage of average net assets
of certain shares).......................... 0.20% 0.20% 0.20%
DISTRIBUTION AND SHAREHOLDER SERVICE FEES:
Annual fee (percentage of average net assets
of certain shares).......................... 0.25% 0.25% 0.25%
TRANSFER AGENT & FUND ACCOUNTING FEES:....... $38,407 $49,608 $34,687
</TABLE>
<TABLE>
<CAPTION>
INTERMEDIATE FIXED
TAX-FREE BALANCED TOTAL RETURN
FUND FUND(A) FUND(B)
------------ -------- ------------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets)....... 0.60% 0.75% 0.75%
Voluntary fee reductions.................. $48,232 $2,527
ADMINISTRATION FEES:
Annual fee (percentage of average net
assets of certain shares) 0.20% 0.20% 0.20%
DISTRIBUTION AND SHAREHOLDER SERVICE FEES:
Annual fee (percentage of average net
assets of certain shares)................ 0.25% 0.25% 0.25%
TRANSFER AGENT & FUND ACCOUNTING FEES:.... $24,138 $11,353 $12,912
</TABLE>
--------
(a) For the period from June 1, 1995 (commencement of operations) through
September 30, 1995.
(b) For the period from June 15, 1995 (commencement of operations) through
September 30, 1995.
-34-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. GOVERNMENT OBLIGATIONS FUND
--------------------------------------------------
SIX MONTHS YEAR YEAR DECEMBER 21,
ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH MARCH 31, MARCH 31,
1995 31, 1995 1994 1993 (A)
------------- -------- --------- ------------
<S> <C> <C> <C> <C>
(UNAUDITED)
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- -------- -------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.027 0.042 0.027 0.007
----------- -------- -------- -------
DISTRIBUTIONS
Net investment income...... (0.027) (0.042) (0.027) (0.007)
----------- -------- -------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== =======
Total Return................ 2.69%(b) 4.32% 2.73% 0.75%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)..................... $ 130,268 $137,888 $105,345 $87,928
Ratio of expenses to
average net assets........ 0.53%(c) 0.50% 0.56% 0.58%(c)
Ratio of net investment
income to average net
assets.................... 5.32%(c) 4.26% 2.70% 2.68%(c)
Ratio of expenses to
average net assets*....... 0.73%(c) 0.98% 1.02% 1.14%(c)
Ratio of net investment
income to average net
assets*................... 5.12%(c) 3.78% 2.23% 2.12%(c)
Portfolio Turnover......... NA NA NA NA
</TABLE>
- ------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
-35-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
---------------------------------------------------
SIX MONTHS YEAR YEAR DECEMBER 15,
ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31,
1995 1995 1994 1993 (A)
------------- --------- --------- ------------
<S> <C> <C> <C> <C>
(UNAUDITED)
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 11.44 $ 10.05 $ 10.20 $ 10.00
----------- -------- -------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.07 0.15 0.19 0.05
Net realized and unrealized
gains (losses) from
investments............... 1.93 1.41 (0.14) 0.19
----------- -------- -------- -------
Total from Investment
Activities............... 2.00 1.56 0.05 0.24
----------- -------- -------- -------
DISTRIBUTIONS
Net investment income...... (0.07) (0.15) (0.20) (0.04)
Net realized gains......... (0.02)
----------- -------- -------- -------
Total Distributions....... (0.07) (0.17) (0.20) (0.04)
----------- -------- -------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 13.37 $ 11.44 $ 10.05 $ 10.20
=========== ======== ======== =======
Total Return................ 17.53%(b) 15.74% 0.45% 2.45%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)..................... $ 173,875 $149,233 $125,203 $74,720
Ratio of expenses to
average net assets........ 1.07%(c) 1.07% 0.54% 0.23%(c)
Ratio of net investment
income to average net
assets.................... 1.15%(c) 1.47% 1.97% 2.40%(c)
Ratio of expenses to
average net assets*....... 1.07%(c) 1.35% 1.37% 1.43%(c)
Ratio of net investment
income to average net
assets*................... 1.15%(c) 1.19% 1.15% 1.20%(c)
Portfolio Turnover......... 17.48% 20.54% 3.98% 0.00%
</TABLE>
- ------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
-36-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED INCOME FUND
-------------------------------------------------
SIX MONTHS YEAR YEAR DECEMBER 15,
ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31,
1995 1995 1994 1993 (A)
------------- --------- --------- ------------
<S> <C> <C> <C> <C>
(UNAUDITED)
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 9.71 $ 9.92 $ 10.28 $ 10.00
----------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.32 0.54 0.59 0.18
Net realized and unrealized
gains (losses) from
investments............... 0.30 (0.22) (0.33) 0.27
----------- ------- ------- -------
Total from Investment
Activities............... 0.62 0.32 0.26 0.45
----------- ------- ------- -------
DISTRIBUTIONS
Net investment income...... (0.32) (0.53) (0.59) (0.17)
Net realized gains......... (0.03)
----------- ------- ------- -------
Total Distributions....... (0.32) (0.53) (0.62) (0.17)
----------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 10.01 $ 9.71 $ 9.92 $ 10.28
=========== ======= ======= =======
Total Return................ 6.42%(b) 3.46% 2.43% 4.54%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)..................... $ 77,433 $81,673 $90,301 $50,127
Ratio of expenses to
average net assets........ 0.95%(c) 0.94% 0.51% 0.29%(c)
Ratio of net investment
income to average net
assets.................... 5.85%(c) 5.53% 5.74% 6.58%(c)
Ratio of expenses to
average net assets*....... 0.95%(c) 1.22% 1.24% 1.34%(c)
Ratio of net investment
income to average net
assets*................... 5.85%(c) 5.25% 5.01% 5.53%(c)
Portfolio Turnover......... 77.34% 32.38% 32.03% 17.44%
</TABLE>
- ------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
-37-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE FUND
-------------------------------------------------
SIX MONTHS YEAR YEAR FEBRUARY 16,
ENDED ENDED ENDED 1993 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31,
1995 1995 1994 1993 (A)
------------- --------- --------- ------------
<S> <C> <C> <C> <C>
(UNAUDITED)
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 9.97 $ 9.91 $ 10.05 $ 10.00
----------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.22 0.43 0.42 0.05
Net realized and unrealized
gains (losses) from
investments............... 0.30 0.07 (0.13) 0.04
----------- ------- ------- -------
Total from Investment
Activities............... 0.52 0.50 0.29 0.09
----------- ------- ------- -------
DISTRIBUTIONS
Net investment income...... (0.22) (0.43) (0.42) (0.04)
Net realized gains......... (0.01) (0.01)
----------- ------- ------- -------
Total Distributions....... (0.22) (0.44) (0.43) (0.04)
----------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 10.27 $ 9.97 $ 9.91 $ 10.05
=========== ======= ======= =======
Total Return................ 5.21%(b) 5.29% 2.79% 0.90%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)..................... $ 34,288 $30,717 $32,983 $13,043
Ratio of expenses to
average net assets........ 0.71%(c) 0.73% 0.57% 0.42%(c)
Ratio of net investment
income to average net
assets.................... 4.32%(c) 4.42% 4.19% 4.31%(c)
Ratio of expenses to
average net assets*....... 1.01%(c) 1.30% 1.38% 1.47%(c)
Ratio of net investment
income to average net
assets*................... 4.02%(c) 3.84% 3.37% 3.26%(c)
Portfolio Turnover......... 11.51% 5.77% 13.26% 0.00%
</TABLE>
- ------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
-38-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED TOTAL
BALANCED FUND RETURN FUND
--------------- ----------------
JUNE 1, 1995 TO JUNE 15, 1995 TO
SEPTEMBER 30, SEPTEMBER 30,
1995 (A) 1995 (A)
--------------- ----------------
<S> <C> <C>
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD........ $ 10.00 $ 10.00
----------- -------
INVESTMENT ACTIVITIES
Net investment income...................... 0.10 0.16
Net realized and unrealized gains (losses)
from investments.......................... 0.53
----------- -------
Total from Investment Activities.......... 0.63 0.16
----------- -------
DISTRIBUTIONS
Net investment income...................... (0.09) (0.15)
----------- -------
NET ASSET VALUE, END OF PERIOD.............. $ 10.54 $ 10.01
=========== =======
Total Return................................ 6.26%(b) 1.59%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).......... $ 16,788 $40,483
Ratio of expenses to average net assets.... 1.37%(c) 1.16%(c)
Ratio of net investment income to average
net assets................................ 2.77%(c) 5.65%(c)
Ratio of expenses to average net assets*... 1.37%(c) 1.18%(c)
Ratio of net investment income to average
net assets*............................... 2.77%(c) 5.63%(c)
Portfolio Turnover......................... 13.30% 25.49%
</TABLE>
- ------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Aggregate total return.
(c) Annualized.
See notes to financial statements.
-39-
<PAGE>
INVESTMENT ADVISER
AMCORE Capital Management, Inc.
501 Seventh Street
Rockford, Illinois 61104
ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
3435 Stelzer Road
Columbus, OH 43219
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young LLP
One Columbus
10 West Broad Street
Suite 2400
Columbus, Ohio 43215
[LOGO OF AMCORE]
AMCORE
Capital Management, Inc.
INVESTMENT ADVISER
SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
SEPTEMBER 30, 1995
BISYS Fund Services
3435 STELZER ROAD
COLUMBUS, OH 43219
