<PAGE>
MESSAGE FROM THE CHAIRMAN AND THE INVESTMENT ADVISER
AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
Dear Shareholders:
The six months ended September 30, 1996, were ones of solid growth for our
economy and for the AMCORE Vintage Mutual Funds. Throughout the period, good
economic news boosted the morale of investors, who continued to invest record
amounts in mutual funds. We're pleased to report that many chose to invest with
us. Net assets under management increased from $570 million to $599 million
over the six-month period.
AMCORE VINTAGE EQUITY FUND RECEIVES FIVE-STAR RATING
We're extremely pleased to report that the AMCORE Vintage Equity Fund has
received an overall five-star rating, the highest rating possible, among
Morningstar's 1,708 equity funds for the three-year period ended September 30,
1996./1/ As a result, we'd like to take this opportunity to remind you that
funds like the Equity Fund, which invest in large, well-established growth
companies, can make a solid core holding in a growth portfolio or provide the
growth component that an income-oriented portfolio might need to stay ahead of
inflation. For more information on the Fund, including a prospectus, please
call 1-800-438-6375.
MARKET SCALES NEW HEIGHTS
Clearly, the bears hibernated during much of the six months ended September 30,
1996. Following a sharp but short correction in July, the stock market quickly
bounced back and soared higher--and as the period drew to a close, the Dow
Jones Industrial Average was just a step away from crossing the 6,000 mark.
Supporting this bull market is an economy in better shape than we've seen in
years--the expansion phase of this business cycle is the third longest since
World War II. Even more impressive, the expansion shows no sign of drawing to a
close.
While stock investors rejoiced, the fixed-income markets found this good news
worrisome. As evidence of the economy's continued and surprising strength
surfaced throughout the spring and summer, fears of inflation ignited and
interest rates moved higher. As a result, the environment in the bond markets
during the period was uncertain, and, at times, very challenging.
A SURGE IS NOT A SWELL
Nonetheless, there is little evidence to indicate that a sustained period of
accelerated growth and spiraling inflation lurks around the corner. Despite the
momentary surge in the second quarter, the economy currently gives every sign
of returning to a growth rate of about 2% in the second half of 1996. Consumer
spending, which makes up about two-thirds of all spending in the economy, is
declining. Retail sales have increased only slightly since May. The growth of
credit-card balances is rapidly declining, presaging declines in personal
consumption. In addition, delinquencies are on the rise. Due to high consumer-
debt levels, auto sales and new housing, although strong, no longer have the
punch to shift the economy to a new plateau.
Inflation, too, remains subdued despite the conventional wisdom that once
unemployment falls to 6% or lower, inflation cannot be far behind. The
unemployment rate has been below 6% since mid-1994 without a significant
pickup in the underlying
- --------------------------------------------------------------------------------
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 and expenses, please call 1-800-438-6375 for a free prospectus.
Please read the prospectus carefully before investing or sending money.
<PAGE>
MESSAGE FROM THE CHAIRMAN AND THE INVESTMENT ADVISER
AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
rate of inflation. In fact, there is some evidence that inflationary pressures
are now declining. Consumer prices are currently rising at a rate of less than
3%. Wholesale inflation is low, and decelerating, and raw-material prices are
actually falling at a 10% rate.
THUMBS GO UP AS GROWTH WINDS DOWN
Consequently, with inflation under control and the economy poised to grow at a
slower, but steady, pace into 1997, the environment for the financial markets
should be a good one. Nevertheless, fears of the price acceleration that a
runaway economy would cause may keep interest rates at their current levels. At
the same time, however, slower, steady economic growth rates and continued low
inflation may go a long way toward calming these fears, and we could see the
inflation premium built into bonds begin to ebb.
As a result, in the months ahead, we expect to see interest rates continue to
trade within a relatively narrow range until the direction and pace of the
economy's growth become clearer. While a repeat of the spectacular returns of
1995 and most of 1996 seems unlikely, our outlook for the stock market in the
coming months is positive. In fact, as long as slow growth and low inflation
dominate the environment, stocks should continue to do well. While a correction
can, of course, occur at any time, the foundation for continued growth is as
sound as it has been in some 30 years.
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 during the six months ended September 30, 1996.
Finally, we thank you for your continued confidence in us. We look forward to
serving your investment 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/ Walter B. Grimm
Walter B. Grimm
Chairman
/s/ Jay H. Evans
Jay H. Evans
President
AMCORE Capital Management, Inc.
October 20, 1996
- ------
/1/ Past performance is no guarantee of future results. Morningstar proprietary
ratings reflect historical risk-adjusted performance through 9/30/96. The
ratings are subject to change every month. Morningstar ratings are calculated
from a fund's three-, five-, and 10-year returns (with fee adjustments) in
excess of 90-day Treasury bill returns. The one-year rating is calculated using
the same methodology, but is not a component of the overall rating. For the
one-year period, the Fund received five stars and was rated among 3,006 equity
funds. Ten percent of the funds in an investment category receive five stars;
22.5% receive four stars.
-2-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE AGGRESSIVE GROWTH FUND
What goes up, sometimes comes down, and then snaps right back up again--and
that is just what happened to technology stocks during the six months ended
September 30, 1996. Taking advantage of what we regarded as an exceptional
buying opportunity in July, the Fund added names like Computer Associates to
its portfolio. Consequently, as our technology holdings recovered from the
plunge and moved higher, the Fund benefited. Among the most impressive
performers were Gateway Computers (0.80% of the Fund) and Intel (1.33%), which
rose 32% and 67% respectively, during the six months.
Holdings in other sectors also made substantial contributions to performance as
investors refocused their attention on fundamentals and moved quality small-
capitalization stocks higher. In the financial services area, MBNA Corp.
(1.69%) advanced 17%, and AFLAC (0.74%), an insurance company, rose 14%. Among
consumer cyclicals, Starbucks (0.92%) was the outstanding performer by
increasing 41%.
As a result, while it is far too early to make any definitive judgment
regarding performance after just one year of operation, we are extremely
pleased with the Fund's initial results. For the six months ended September 30,
1996, the Fund posted a total return of 9.19%, versus a return of 7.71% for the
S&P 500 Stock Index and 5.87% for the S&P MidCap 400 Stock Index.
ENCORE UNLIKELY
Obviously, as the economy slows, it will be hard for the market to repeat its
stellar performance of the past year and a half. Nonetheless, we believe that
the environment for stocks, particularly small-cap stocks, is still very
positive. The election results have been especially well received by the
markets. In particular, health care issues are expected to perform well. Also,
a specific proposition (#211) in California pertaining to disclosure liability
was soundly defeated, thus removing a cloud, most particularly from the
technology sector.
As of September 30, 1996, the Fund was widely diversified, with holdings in
over 80 high-quality, high-growth companies at all capitalization levels
including mid- and small-cap. Its top five holdings were Cisco Systems (2.42%),
Adaptec (2.34%), Monsanto (2.09%), Computer Associates (2.00%) and CUC
International (1.89%).+
- ------
+ The composition of the Fund's portfolio is subject to change.
Small-cap companies typically carry additional risks since smaller companies
generally have a higher risk of failure and, by definition, are not as well
established as blue-chip companies. Historically, small-company stocks have
experienced a greater degree of market volatility than stocks on average.
AMCORE VINTAGE AGGRESSIVE GROWTH FUND
Value of a $10,000 Investment
<TABLE>
<CAPTION>
AMCORE Vintage NASDAQ S&P S&P
Aggressive Composite 500 Stock Midcap 400
Date Growth Fund Index Index Index
<S> <C> <C> <C> <C>
09/29/95 10,000 10,000 10,000 10,000
09/31/96 10,910 19,554 11,172 10,767
09/30/96 11,913 11,756 12,033 11,400
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
1 Year (9/29/95)
<S> <C> <C>
9/30/96 19.13% 19.13%
</TABLE>
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. Until recently, the performance
of the AMCORE Vintage Aggressive Growth Fund was measured against the S&P 500
Stock Index, an unmanaged index generally representative of the stock market as
a whole, and the NASDAQ Composite Index, an unmanaged index generally
representative of the performance of small-capitalization stocks. The Fund is
now being compared to the S&P 500 Stock Index and the S&P MidCap 400 Stock
Index, an unmanaged index generally representative of the performance of small-
capitalization stocks. The 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.
-3-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE EQUITY FUND
After months of chasing the market higher, many investors paused to look around
in mid-July--and realized just how far they'd come and how far they could
possibly fall. In a nutshell, fear replaced greed, and stocks, particularly
technology stocks, took a brief tumble. Attending this sale in July and
capitalizing on many exceptional opportunities, the Fund was well positioned as
the market surged in September.
While holdings across the market made substantial contributions to performance,
interest-rate sensitive and health-care stocks were standout performers. Fund
holdings such as Pfizer (1.66%), Gillette (1.81%), Bank of America (1.38%) and
Nationsbank (1.46%) all advanced significantly during the period. In addition,
despite the hiccup in July, the performance of the Fund's technology holdings
was outstanding. Throughout the period, Microsoft (1.11%), Intel (1.60%) and
Cisco Systems (1.82%) grew 28.0%, 67.8% and 34.0%, respectively, and led the
market.
As a result, we're pleased to report that the Fund beat its industry benchmark
decisively. For the six months ended September 30, 1996, the Fund posted a
total return of 9.11%, versus a gain of 7.71% in the S&P 500 Stock Index.
EXCITABILITY CAN LEAD TO OPPORTUNITY
We continue to see slow inflation, slow growth and unobtrusive interest rates,
which should bode well for the markets. Of course, a correction can come at any
time, and as we've seen, the markets can be rather excitable, which may make
for a more volatile atmosphere in the months ahead. But given the
circumstances, we would consider any such volatility or correction to be a
buying opportunity.
Focused on the biggest and best in each major industry-- companies with quality
products, solid balance sheets, strong earnings and smart management with a
vision of the future--we expect the Fund to do well as the economy perks along
in the months ahead.
As of September 30, 1996, the Fund's top five holdings were General Electric
(2.29%), Kodak (2.14%), Hewlett-Packard (2.04%), Disney (1.99%) and Emerson
Electric (1.89%).+
- ------
+ The composition of the Fund's portfolio is subject to change.
AMCORE VINTAGE EQUITY FUND
Value of a $10,000 Investment
<TABLE>
<CAPTION>
AMCORE S&P
Vintage 500 Stock
Date Equity Fund Index
<S> <C> <C>
12/15/92 10,000 10,000
03/31/93 10,245 10,428
03/31/94 10,291 10,579
03/31/95 11,911 12,228
03/31/96 15,480 16,146
09/30/96 16,890 17,391
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
1 Year 2 Year (12/15/92)
<S> <C> <C> <C>
9/30/96 20.65% 24.88% 14.81%
</TABLE>
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 Stock Index, an unmanaged
index generally representative of the stock market as a whole. 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.
-4-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE BALANCED FUND
With approximately 65% of its assets invested in equities, the Fund was well
positioned to benefit from the stock market's climb during the six months ended
September 30, 1996. Moreover, our equity holdings were overweighted in
technology, which, despite a temporary drop in July, posted impressive gains.
Rising interest rates made the environment in the bond markets more
challenging. Throughout the period, however, opportunities to enhance yield
appeared in mortgage-backed securities, and the Fund's holdings in this sector
were increased. As a result, our fixed-income holdings also made a positive
contribution to performance.
For the period, the Fund posted a gain of 7.23%, a return that fell between its
two benchmarks, the S&P 500 Stock Index and the Lehman Brothers Intermediate
Government/ Corporate Bond Index, which posted gains of 7.71% and 2.41%,
respectively.
FAVORABLE OUTLOOK CONTINUES
While we may see somewhat more volatility in the markets, we expect the months
ahead to be good ones for both stocks and bonds. The fundamentals of economic
growth are still in place, and there is little to indicate that inflationary
pressures are growing. Consequently, interest rates may ease slightly and the
environment for bonds improve as clearer evidence appears that the economy is
slowing. In the stock market, of course, a correction is always possible. But
we would view any such drop as an attractive buying opportunity.
At the end of the period, approximately 65% of the Fund's holdings were
invested in stocks, 32% in bonds and 3% in cash and cash equivalents. The stock
portion of the portfolio was invested in some 60 stocks. The Fund's top five
equity holdings were Cisco Systems (1.69%), General Electric (1.65%), Intel
(1.62%), Gillette (1.62%) and Microsoft (1.60%). The fixed-income portion was
invested primarily in U.S. Government securities. The average credit quality of
these holdings was AAA; the average maturity was 3.6 years.+
- ------
+ The composition of the Fund's portfolio is subject to change.
AMCORE VINTAGE BALANCED FUND
Value of a $10,000 Investment
<TABLE>
<CAPTION>
AMCORE 50% S&P 500 Stock Index &
Vintage 50% Lehman Brothers Intermediate
Date Balanced Fund Government/Corp. Bond Index
<S> <C> <C>
06/01/95 10,000 10,000
03/31/96 11,329 11,424
09/30/96 12,149 12,027
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
1 Year (6/1/95)
<S> <C> <C>
9/30/96 14.33% 15.71%
</TABLE>
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 the S&P 500 Stock Index, an unmanaged
index generally representative of the stock market as a whole, 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.
-5-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- -------------------------------------------------------------------------------
THE AMCORE VINTAGE FIXED TOTAL RETURN FUND
The six months ended September 30, 1996, were difficult ones for bond
investors. Inflation fears ignited and interest rates spiked on the news of
faster growth in the first quarter. Anxious investors looked to the Federal
Reserve Board, anticipating an increase in interest rates to dampen the
economy's enthusiasm. But throughout the period, the Fed opted instead to wait
for solid evidence of increasing inflationary pressure to appear.
As a result, the fixed-income markets spent much of the period nervously
anticipating economic bulletins and Federal Reserve meetings. In response,
interest rates moved up and down in a relatively narrow range as the markets
waited for the definitive word on the direction of the economy to materialize.
Given the environment, we approached the markets cautiously, focusing our
efforts on seeking out opportunities to enhance yields.
IT MAY TAKE MORE THAN NUMBERS . . .
Financial markets hate nothing more than uncertainty, so it is with some
relief that investors have greeted early indications that the economy is
slowing in recent weeks. In addition, regardless of their political
persuasion, fixed-income investors have been cheered to some extent by the
nature of this year's election. Until there is solid evidence that the pace of
the economy's growth is slowing, we expect the markets to continue to be
somewhat unsettled and to trade within a relatively narrow range. As always,
we will continue to emphasize quality in the selection of all investments for
the Funds.
Moving aggressively to capture opportunities to improve yield, maturities were
extended whenever interest rates moved to the top of their trading range in
the period. In addition, exposures in corporate and agency securities were
reduced in favor of Treasury and mortgage-backed issues. Nonetheless, in such
an unsettled market, it was impossible to accurately predict every turn, and
as a result, the portfolio underperformed industry averages. For the six
months ended September 30, 1996, the Fund posted a total return of 1.16%,
versus a return of 2.41% for the Lehman Brothers Intermediate
Government/Corporate Bond Index.
As of the same date, 69% of the Fund's assets were invested in U.S. Government
securities, 26% in corporate bonds and 5% in cash and cash equivalents. The
average credit quality of our holdings was AAA, and the average maturity was
4.9 years.+
- ------
+The composition of the Fund's portfolio is subject to change.
AMCORE VINTAGE FIXED TOTAL RETURN FUND
Value of a $10,000 Investment
<TABLE>
<CAPTION>
AMCORE
Vintage Lehman Brothers Intermediate
Date Balanced Fund Government/Corp. Bond Index
<S> <C> <C>
06/15/95 10,000 10,000
03/31/96 10,340 10,504
09/30/96 10,460 10,758
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
1 Year (6/15/95)
<S> <C> <C>
9/30/96 2.96% 3.53%
</TABLE>
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.
-6-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE FIXED INCOME FUND
As rates rose and fell throughout the period, we moved to capture what
opportunities there were to enhance the portfolio's yield, selling on the highs
and repositioning assets on the lows. As a result, during the period, exposures
in corporate securities were gradually reduced in favor of mortgage-backed
securities. In addition, maturities were extended slightly when attractive
opportunities to do so arose. Despite these efforts, however, results lagged
industry averages. For the period, the Fund posted a total return of 1.35%
versus a return of 2.41% for the Lehman Brothers Intermediate
Government/Corporate Bond Index.
As of September 30, 1996, approximately 25% of the Fund's assets were invested
in corporate securities, 71% in U.S. Government securities and 4% in cash or
cash equivalents. The average credit quality of our holdings was AA1, and the
Fund's average maturity was 4.4 years. At present, the Fund is structured to
take advantage of the current market environment.+
- ------
+ The composition of the Fund's portfolio is subject to change.
AMCORE VINTAGE FIXED TOTAL RETURN FUND
Value of a $10,000 Investment
<TABLE>
<CAPTION>
AMCORE
Vintage Fixed Lehman Brothers Intermediate
Date Income Fund Government/Corp. Bond Index
<S> <C> <C>
12/15/92 10,000 10,000
03/31/93 10,454 10,396
03/31/94 10,708 10,652
03/31/95 11,079 11,127
03/31/96 12,047 12,190
09/30/96 12,211 12,484
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
1 Year 2 Year (12/15/92)
<S> <C> <C>
9/30/96 3.57% 7.24% 5.40%
</TABLE>
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.
-7-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND*
Unlike the taxable markets, which had a noticeable case of the jitters
throughout the period, the tax-free market was lackluster. To some extent, the
lack of supply supported bond prices and dampened activity. Several swaps were
transacted to help enhance yield. For the period, the Fund posted a total
return of 1.76% versus a return of 2.17% for its benchmark, the Merrill Lynch
Intermediate Municipal Bond Index.
Currently, the term structure of the Fund is based on positioning indicated by
tax-exempt yields. We expect to continue to maintain the portfolio's average
maturity in the intermediate range in an effort to help enhance yield and the
Fund's flexibility. As of September 30, 1996, the Fund was widely diversified,
with holdings in 29 different states. The average credit quality of these
holdings was AA, and the average maturity of the portfolio was 7.0 years.+
- ------
* The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
+ The composition of the Fund's portfolio is subject to change.
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
Value of a $10,000 Investment
<TABLE>
<CAPTION>
AMCORE
Vintage Intermediate Merrill Lynch Intermediate
Date Tax-Free Fund Municipal Bond Index
<S> <C> <C>
02/16/93 10,000 10,000
03/31/93 10,090 9,917
03/31/94 10,372 10,151
03/31/95 10,920 10,776
03/31/96 11,731 11,810
09/30/96 11,937 12,066
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
1 Year 2 Year (2/16/93)
<S> <C> <C>
9/30/96 3.90% 6.85% 5.01%
</TABLE>
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 considered to
be 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.
-8-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
Much like the fixed-income markets, the money markets bounced up and down in
response to each news report and bulletin regarding the economy's strength
throughout the period. Investors' anticipation of possible Federal Reserve
action also contributed to the uncertain atmosphere.
During the six months, the average maturity of the Fund was maintained in the
35-to-45-day range in an effort to maximize our flexibility. In addition,
exposures in overnight repurchase agreements were reduced in favor of agency
discount notes as the yield differential grew.
CHOPPY MARKETS AHEAD
Until solid evidence appears that the economy's pace of growth is slowing, we
expect the money markets to continue to move up and down in a relatively narrow
trading range. Consequently, in the months ahead, we will continue to emphasize
flexibility in the selection of all investments and aggressively seek
opportunities to enhance yield.
- --------------------------------------------------------------------------------
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 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 Fund
is neither insured nor guaranteed by the U.S. Government.
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.
-9-
<PAGE>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 11
Statements of Operations
Page 13
Statements of Changes in Net Assets
Page 15
Schedules of Portfolio Investments
Page 18
Notes to Financial Statements
Page 35
Financial Highlights
Page 41
-10-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(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
(cost $109,295,636,
$169,064,133, $86,036,705
and $41,433,418,
respectively)............ $109,295,636 $237,820,086 $84,846,556 $41,517,325
Repurchase agreements, at
cost..................... 29,917,111 -- -- --
------------ ------------ ----------- -----------
Total Investments..... 139,212,747 237,820,086 84,846,556 41,517,325
Cash...................... -- 176,159 46,784 20,710
Interest and dividends
receivable............... 97,791 342,677 1,228,888 636,508
Receivable for capital
shares issued............ -- 430,758 137,583 --
Prepaid expenses.......... 13,507 16,063 7,000 6,728
------------ ------------ ----------- -----------
Total Assets.......... 139,324,045 238,785,743 86,266,811 42,181,271
------------ ------------ ----------- -----------
LIABILITIES:
Dividends payable......... 533,122 -- -- --
Accrued expenses and other
payables:
Investment advisory
fees................... 46,483 141,571 42,165 20,713
Administration fees..... 7,594 60,134 22,266 10,939
Accounting and transfer
agent fees............. 18,425 14,546 15,777 13,674
Legal and audit fees.... 12,341 20,103 8,012 3,942
Other................... 15,162 17,910 7,676 3,312
------------ ------------ ----------- -----------
Total Liabilities..... 633,127 254,264 95,896 52,580
------------ ------------ ----------- -----------
NET ASSETS:
Capital................... 138,708,622 161,989,429 89,894,592 42,200,474
Undistributed net
investment income........ -- 33,323 23,346 26,208
Net unrealized
appreciation
(depreciation) on
investments.............. -- 68,755,953 (1,190,149) 83,907
Accumulated undistributed
net realized gains
(losses) on investment
transactions............. (17,704) 7,752,774 (2,556,874) (181,898)
------------ ------------ ----------- -----------
Net Assets............ $138,690,918 $238,531,479 $86,170,915 $42,128,691
============ ============ =========== ===========
Outstanding units of
beneficial interest
(shares)................. 138,708,743 15,124,725 8,799,091 4,104,883
============ ============ =========== ===========
Net asset value--offering
and redemption
price per share.......... $ 1.00 $ 15.77 $ 9.79 $ 10.26
============ ============ =========== ===========
</TABLE>
See notes to financial statements.
-11-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
AGGRESSIVE
BALANCED FIXED TOTAL GROWTH
FUND RETURN FUND FUND
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $13,586,111;
$40,872,318; and $31,412,493,
respectively)........................... $15,688,894 $40,212,371 $35,787,125
Cash..................................... 60,714 507,063 --
Interest and dividends receivable........ 87,863 458,775 32,018
Receivable for capital shares issued..... 760,806 -- 96,476
Unamortized organization costs........... 1,098 1,304 2,646
Prepaid expenses......................... 5,222 9,488 8,030
----------- ----------- -----------
Total Assets......................... 16,604,597 41,189,001 35,926,295
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased........ 69,200 -- --
Accrued expenses and other payables:
Investment advisory fees............... 9,518 25,016 26,680
Administration fees.................... 4,039 10,581 8,959
Accounting and transfer agent fees..... 3,294 3,818 3,599
Legal and audit fees................... 1,979 4,289 2,894
Other.................................. 2,227 5,830 3,638
----------- ----------- -----------
Total Liabilities.................... 90,257 49,534 45,770
----------- ----------- -----------
NET ASSETS:
Capital.................................. 13,807,010 42,166,522 31,633,376
Undistributed (distributions in excess
of) net investment income............... 4,850 35,873 (83,815)
Net unrealized appreciation (deprecia-
tion) on investments.................... 2,102,783 (659,947) 4,374,632
Accumulated undistributed net realized
gains (losses) on investment
transactions............................ 599,697 (402,981) (43,668)
----------- ----------- -----------
Net Assets........................... $16,514,340 $41,139,467 $35,880,525
=========== =========== ===========
Outstanding units of beneficial interest
(shares)................................ 1,400,502 4,217,404 3,020,662
=========== =========== ===========
Net asset value--offering and redemption
price per share......................... $ 11.79 $ 9.75 $ 11.88
=========== =========== ===========
</TABLE>
See notes to financial statements.
-12-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
(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.............. $3,851,317 $ -- $2,797,199 $1,035,801
Dividend income.............. -- 1,916,995 90,235 11,642
---------- ----------- ---------- ----------
Total Income............... 3,851,317 1,916,995 2,887,434 1,047,443
---------- ----------- ---------- ----------
EXPENSES:
Investment advisory fees..... 293,999 832,191 256,767 126,007
Administration fees.......... 147,000 221,918 85,590 42,002
Administrative services fees. -- 277,397 106,986 52,503
Distribution and shareholder
service fees................ 183,248 277,397 106,986 52,503
Accounting fees.............. 22,752 35,171 17,566 13,950
Custodian fees............... 14,463 13,716 5,670 3,018
Legal and audit fees......... 14,745 21,402 7,686 3,753
Trustees' fees and expenses.. 2,835 4,200 1,644 822
Transfer agent fees.......... 42,378 42,537 20,676 17,202
Registration and filing fees. 5,673 6,765 2,559 3,930
Printing costs............... 9,876 14,976 5,757 2,832
Other........................ 4,563 5,103 2,194 1,005
---------- ----------- ---------- ----------
Total Expenses............. 741,532 1,752,773 620,081 319,527
Expenses voluntarily reduced. (183,248) (277,397) (106,986) (52,503)
---------- ----------- ---------- ----------
Net Expenses............... 558,284 1,475,376 513,095 267,024
---------- ----------- ---------- ----------
Net Investment Income........ 3,293,033 441,619 2,374,339 780,419
---------- ----------- ---------- ----------
REALIZED/UNREALIZED GAINS
(LOSSES) FROM INVESTMENTS:
Net realized gains (losses)
from investment transac-
tions....................... -- 4,619,485 (539,807) (43,186)
Change in unrealized
appreciation (depreciation)
from investments............ -- 14,556,920 (657,526) 13,143
---------- ----------- ---------- ----------
Net realized/unrealized gains
from investments............ -- 19,176,405 (1,197,333) (30,043)
---------- ----------- ---------- ----------
Change in net assets result-
ing from operations......... $3,293,033 $19,618,024 $1,177,006 $ 750,376
========== =========== ========== ==========
</TABLE>
See notes to financial statements.
-13-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
FIXED AGGRESSIVE
BALANCED TOTAL RETURN GROWTH
FUND FUND FUND
---------- ------------ ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income........................... $ 142,881 $1,300,095 $ 2,850
Dividend income........................... 91,501 53,981 164,471
---------- ---------- ----------
Total Income............................ 234,382 1,354,076 167,321
---------- ---------- ----------
EXPENSES:
Investment advisory fees.................. 54,595 153,298 143,639
Administration fees....................... 14,560 40,885 30,243
Administrative services fees.............. 18,199 51,099 37,800
Distribution and shareholder service fees. 18,199 51,099 37,800
Accounting fees........................... 3,558 7,780 5,910
Custodian fees............................ 2,463 4,485 4,854
Legal and audit fees...................... 1,096 3,570 2,367
Organization costs........................ 2,313 2,310 2,490
Trustees' fees and expenses............... 273 822 546
Transfer agent fees....................... 13,686 11,340 15,411
Registration and filing fees.............. 2,925 6,678 4,848
Printing costs............................ 1,004 2,655 1,826
Other..................................... 363 912 459
---------- ---------- ----------
Total Expenses.......................... 133,234 336,933 288,193
Expenses voluntarily reduced.............. (18,199) (51,099) (37,800)
---------- ---------- ----------
Total Expenses.......................... 115,035 285,834 250,393
---------- ---------- ----------
Net Investment Income..................... 119,347 1,068,242 (83,072)
---------- ---------- ----------
REALIZED/UNREALIZED GAINS (LOSSES) FROM
INVESTMENTS:
Net realized gains (losses) from invest-
ment transactions........................ 77,819 (372,293) (18,152)
Change in unrealized appreciation (depre-
ciation) from investments................ 832,148 (220,767) 2,823,399
---------- ---------- ----------
Net realized/unrealized gains (losses)
from investments......................... 909,967 (593,060) 2,805,247
---------- ---------- ----------
Change in net assets resulting from opera-
tions.................................... $1,029,314 $ 475,182 $2,722,175
========== ========== ==========
</TABLE>
See notes to financial statements.
-14-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. GOVERNMENT OBLIGATIONS
FUND EQUITY FUND
---------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
1996 1996 1996 1996
------------- ------------- ------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVI-
TIES:
OPERATIONS:
Net investment income
(loss)................ $ 3,293,033 $ 7,133,143 $ 441,619 $ 1,698,290
Net realized gains
(losses) from
investment
transactions.......... -- 77,670 4,619,485 7,593,903
Net change in
unrealized
appreciation
(depreciation) from
investments (losses).. -- -- 14,556,920 36,320,821
------------- ------------- ------------ ------------
Change in net assets
resulting from
operations............. 3,293,033 7,210,813 19,618,024 45,613,014
------------- ------------- ------------ ------------
DISTRIBUTIONS TO SHARE-
HOLDERS:
From net investment in-
come.................. (3,293,033) (7,133,143) (432,792) (1,735,147)
From net realized gains
from investment trans-
actions............... -- -- -- (3,191,515)
------------- ------------- ------------ ------------
Change in net assets
from shareholder
distributions.......... (3,293,033) (7,133,143) (432,792) (4,926,662)
------------- ------------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 194,735,267 473,468,676 27,860,127 60,312,936
Dividends reinvested... 484,888 411,236 281,846 3,115,399
Cost of shares re-
deemed................ (210,365,027) (458,009,749) (19,745,462) (42,397,835)
------------- ------------- ------------ ------------
Change in net assets
from share
transactions........... (15,144,872) 15,870,163 8,396,511 21,030,500
------------- ------------- ------------ ------------
Change in net assets.... (15,144,872) 15,947,833 27,581,743 61,716,852
NET ASSETS:
Beginning of period.... 153,835,790 137,887,957 210,949,736 149,232,884
------------- ------------- ------------ ------------
End of period.......... $ 138,690,918 $ 153,835,790 $238,531,479 $210,949,736
============= ============= ============ ============
SHARE TRANSACTIONS:
Issued................. 194,735,388 473,468,676 1,869,105 4,484,471
Reinvested............. 484,888 411,236 18,136 229,751
Redeemed............... (210,365,027) (458,009,749) (1,326,724) (3,200,256)
------------- ------------- ------------ ------------
Change in shares........ (15,144,751) 15,870,163 560,517 1,513,966
============= ============= ============ ============
</TABLE>
See notes to financial statements.
-15-
<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 30, MARCH 31,
1996 1996 1996 1996
------------- ------------ ------------- -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income
(loss)................ $ 2,374,339 $ 4,535,780 $ 780,419 $ 1,487,668
Net realized gains
(losses) from
investment
transactions.......... (539,807) (462,154) (43,186) (5,701)
Net change in
unrealized
appreciation
(depreciation) from
investments........... (657,526) 2,772,427 13,143 844,066
----------- ------------ ----------- -----------
Change in net assets
resulting from
operations............. 1,177,006 6,846,053 750,376 2,326,033
----------- ------------ ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment in-
come.................. (2,361,619) (4,616,883) (774,751) (1,492,074)
----------- ------------ ----------- -----------
Change in net assets
from shareholder
distributions.......... (2,361,619) (4,616,883) (774,751) (1,492,074)
----------- ------------ ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 10,073,918 59,265,122 5,431,156 15,884,860
Dividends reinvested... 286,219 880,889 132,812 203,508
Cost of shares re-
deemed................ (7,756,177) (59,296,543) (5,846,858) (5,203,326)
----------- ------------ ----------- -----------
Change in net assets
from share
transactions........... 2,603,960 849,468 (282,890) 10,885,062
----------- ------------ ----------- -----------
Change in net assets.... 1,419,347 3,078,638 (307,265) 11,719,021
NET ASSETS:
Beginning of period.... 84,751,568 81,672,930 42,435,956 30,716,935
----------- ------------ ----------- -----------
End of period.......... $86,170,915 $ 84,751,568 $42,128,691 $42,435,956
=========== ============ =========== ===========
SHARE TRANSACTIONS:
Issued................. 1,026,291 5,921,879 532,232 1,538,333
Reinvested............. 29,283 88,245 12,998 19,753
Redeemed............... (792,093) (5,888,472) (573,710) (506,382)
----------- ------------ ----------- -----------
Change in shares........ 263,481 121,652 (28,480) 1,051,704
=========== ============ =========== ===========
</TABLE>
See notes to financial statements.
-16-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BALANCED FUND (A) FIXED TOTAL RETURN FUND AGGRESSIVE GROWTH FUND
------------------------- -------------------------- -------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
1996 1996 (A) 1996 1996 (B) 1996 1996 (C)
------------- ----------- ------------- ------------ ------------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income
(loss)................ $ 119,347 $ 361,515 $ 1,068,242 $ 1,815,766 $ (83,072) $ 6,750
Net realized gains
(losses) from
investment
transactions.......... 77,819 521,878 (372,293) 30,904 (18,152) 10,757
Net change in
unrealized
appreciation
(depreciation) from
investments........... 832,148 1,270,635 (220,767) (439,180) 2,823,399 1,551,233
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets
resulting from
operations............. 1,029,314 2,154,028 475,182 1,407,490 2,722,175 1,568,740
----------- ----------- ----------- ------------ ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment in-
come.................. (118,444) (357,568) (1,063,416) (1,784,719) -- (7,493)
From net realized gains
from investments
transactions.......... -- -- -- (61,592) -- (36,273)
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets
from shareholder
distributions.......... (118,444) (357,568) (1,063,416) (1,846,311) -- (43,766)
----------- ----------- ----------- ------------ ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 3,572,812 19,462,841 5,386,886 51,163,546 11,784,391 22,338,076
Dividends reinvested... 116,880 353,573 1,005,867 1,779,986 -- 5,263
Cost of shares re-
deemed................ (1,602,235) (8,096,861) (5,843,446) (11,326,317) (1,944,771) (549,583)
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets
from share
transactions........... 2,087,457 11,719,553 549,307 41,617,215 9,839,620 21,793,756
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets.... 2,998,327 13,516,013 (38,927) 41,178,394 12,561,795 23,318,730
NET ASSETS:
Beginning of period.... 13,516,013 -- 41,178,394 -- 23,318,730 --
----------- ----------- ----------- ------------ ----------- -----------
End of period.......... $16,514,340 $13,516,013 $41,139,467 $ 41,178,394 $35,880,525 $23,318,730
=========== =========== =========== ============ =========== ===========
SHARE TRANSACTIONS:
Issued................. 312,140 1,918,288 549,325 5,099,717 1,049,617 2,196,534
Reinvested............. 10,032 32,858 103,166 177,723 -- 515
Redeemed............... (141,002) (731,814) (597,005) (1,115,522) (172,983) (53,021)
----------- ----------- ----------- ------------ ----------- -----------
Change in shares........ 181,170 1,219,332 55,486 4,161,918 876,634 2,144,028
=========== =========== =========== ============ =========== ===========
</TABLE>
- ------
(a) For the period from June 1, 1995 (commencement of operations) through March
31, 1996.
(b) For the period from June 15, 1995 (commencement of operations) through
March 31, 1996.
(c) For the period from October 2, 1995 (commencement of operations) through
March 31, 1996.
See notes to financial statements.
-17-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- ---------------------------------------------------- ------------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES (71.6%):
Federal Farm Credit Bank:
$10,000,000 0.00%**, 10/28/96................................... $ 9,960,625
Federal Home Loan Bank:
10,000,000 0.00%**, 11/6/96.................................... 9,947,700
Federal Home Loan Mortgage Corp.:
10,000,000 0.00%**, 10/7/96.................................... 9,991,000
10,000,000 0.00%**, 10/17/96................................... 9,976,622
Federal National Mortgage Assoc.:
5,000,000 0.00%**, 10/17/96................................... 4,988,133
10,000,000 0.00%**, 11/14/96................................... 9,936,567
10,000,000 0.00%**, 12/6/96.................................... 9,901,367
10,000,000 0.00%**, 12/12/96................................... 9,892,800
10,000,000 0.00%**, 12/27/96................................... 9,874,333
10,000,000 0.00%**, 1/13/97.................................... 9,847,467
5,000,000 5.62%*, 6/11/97..................................... 5,000,000
------------
Total U.S. Government Agencies 99,316,614
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- --------------------------------------------------- ------------
<C> <S> <C>
U.S. TREASURY BILLS (7.2%):
$10,000,000 4.93%, 10/17/96.................................... $ 9,979,022
------------
Total U.S. Treasury Bills 9,979,022
------------
Total Investments, at value 109,295,636
------------
REPURCHASE AGREEMENTS (21.6%):
14,917,111 Bear Stearns,
5.60%, 10/1/96 (Collateralized by $14,055,000 U.S.
Treasury Securities, 1/31/00-5/15/17
market value--$15,079,230)........................ 14,917,111
15,000,000 Merrill Lynch,
5.55%*, 10/1/96 (Collateralized by $53,003,000
U.S. Treasury Strips, 2/15/14-5/15/14
market value--$15,307,745)........................ 15,000,000
------------
Total Repurchase Agreements 29,917,111
------------
Total (Cost--$139,212,747) (a) $139,212,747
============
</TABLE>
- ------
Percentages indicated are based on net assets of $138,690,918.
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
* Variable rate security. Interest rate is as of September 30, 1996. Maturity
date reflects the next rate change date.
** Discount note.
See notes to financial statements.
-18-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS (99.1%):
Automotive (1.4%):
50,000 Ford Motor Co. ....................................... $ 1,562,500
35,000 General Motors Corp. ................................. 1,680,000
------------
3,242,500
------------
Banking (6.2%):
40,000 BankAmerica Corp. .................................... 3,285,000
70,000 Barnett Banks, Inc. .................................. 2,362,500
40,000 NationsBank Corp. .................................... 3,475,000
60,000 Norwest Corp. ........................................ 2,452,500
30,000 Wachovia Corp. ....................................... 1,485,000
7,000 Wells Fargo & Co. .................................... 1,820,000
------------
14,880,000
------------
Business Services (2.4%):
60,000 Electronic Data Systems Corp. ........................ 3,682,500
25,000 First Data Corp. ..................................... 2,040,625
------------
5,723,125
------------
Chemicals (2.7%):
50,000 Air Products & Chemicals, Inc. ....................... 2,912,500
100,000 Monsanto Co. ......................................... 3,650,000
------------
6,562,500
------------
Computer Hardware (3.7%):
70,000 Cisco Systems, Inc. (b)............................... 4,344,375
40,000 Compaq Computer Corp. (b)............................. 2,565,000
85,000 Silicon Graphics, Inc. (b)............................ 1,880,625
------------
8,790,000
------------
Computer Software (2.2%):
20,000 Microsoft Corp. (b)................................... 2,637,500
60,000 Oracle Corp. (b)...................................... 2,553,750
------------
5,191,250
------------
Consumer Goods & Services (6.8%):
30,000 Colgate Palmolive Co. ................................ 2,606,250
60,000 CUC International, Inc. (b)........................... 2,392,500
60,000 Gillette Co. ......................................... 4,327,500
40,000 Kimberly-Clark Corp. ................................. 3,525,000
35,000 Procter & Gamble Co. ................................. 3,412,500
------------
16,263,750
------------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Containers & Packaging (0.7%):
30,000 Avery Dennison Corp. ................................. $ 1,665,000
------------
Defense (2.8%):
60,000 Raytheon Co. ......................................... 3,337,500
60,000 Rockwell International Corp. ......................... 3,382,500
------------
6,720,000
------------
Diversified (5.0%):
50,000 Allied Signal, Inc. .................................. 3,293,750
24,000 Minnesota Mining &
Manufacturing Co. ................................... 1,677,000
40,000 Textron, Inc. ........................................ 3,400,000
75,000 Varian Associates, Inc. .............................. 3,600,000
------------
11,970,750
------------
Electrical & Electronic (6.4%):
55,000 Avnet, Inc. .......................................... 2,667,500
50,000 Emerson Electric Co. ................................. 4,506,250
60,000 General Electric Co. ................................. 5,460,000
70,000 Sundstrand Corp. ..................................... 2,730,000
------------
15,363,750
------------
Entertainment (3.7%):
70,000 Time Warner, Inc. .................................... 2,703,750
40,000 Viacom, Inc.--Class B (b)............................. 1,420,000
75,000 Walt Disney Co. ...................................... 4,753,125
------------
8,876,875
------------
Financial Services (4.7%):
40,000 Federal Home Loan Mortgage Corp. ..................... 3,915,000
100,000 Federal National Mortgage Assoc. ..................... 3,487,500
45,000 Household International, Inc. ........................ 3,701,250
------------
11,103,750
------------
Food Products & Services (4.5%):
50,000 Coca-Cola Co. ........................................ 2,543,750
50,000 ConAgra, Inc. ........................................ 2,462,500
60,000 McDonald's Corp. ..................................... 2,842,500
100,000 PepsiCo, Inc. ........................................ 2,825,000
------------
10,673,750
------------
</TABLE>
Continued
-19-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care (3.5%):
50,000 Abbott Laboratories................................... $ 2,462,500
75,000 Baxter International, Inc. ........................... 3,506,250
25,000 Bristol-Myers Squibb Co. ............................. 2,409,375
------------
8,378,125
------------
Home Furnishings (1.1%):
90,000 Newell Companies, Inc. ............................... 2,700,000
------------
Insurance (2.7%):
30,000 American International Group, Inc. ................... 3,022,500
15,000 General Re Corp. ..................................... 2,126,250
14,000 March & McLennan Cos., Inc. .......................... 1,359,750
------------
6,508,500
------------
Medical Equipment & Supplies (1.1%):
40,000 Medtronic, Inc. ...................................... 2,565,000
------------
Medical--Hospital Management & Services (1.0%):
100,000 Medpartners, Inc. (b)................................. 2,275,000
------------
Office Equipment & Services (3.0%):
100,000 Hewlett-Packard Co. .................................. 4,875,000
35,000 Honeywell, Inc. ...................................... 2,209,375
------------
7,084,375
------------
Oil & Gas Exploration Products & Services (2.9%):
30,000 Amoco Corp. .......................................... 2,115,000
25,000 Anadarko Petroleum Corp. ............................. 1,396,875
15,000 Mobil Corp. .......................................... 1,736,250
20,000 Schlumberger Ltd. .................................... 1,690,000
------------
6,938,125
------------
Pharmaceuticals (11.3%):
60,000 American Home Products................................ 3,825,000
60,000 Amgen, Inc. .......................................... 3,787,500
60,000 Eli Lilly & Co. ...................................... 3,870,000
70,000 Johnson & Johnson..................................... 3,587,500
40,000 Merck & Company, Inc. ................................ 2,815,000
70,000 Mylan Laboratories.................................... 1,198,750
50,000 Pfizer, Inc. ......................................... 3,956,250
60,000 Warner Lambert Co. ................................... 3,960,000
------------
27,000,000
------------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Photography (2.1%):
65,000 Eastman Kodak Co. .................................... $ 5,102,500
------------
Printing & Publishing (1.5%):
22,000 Gannett, Inc. ........................................ 1,548,250
25,000 Tribune Co. .......................................... 1,950,000
------------
3,498,250
------------
Retail Stores (5.0%):
60,000 Barnes & Noble, Inc. (b).............................. 2,062,500
60,000 Home Depot, Inc. ..................................... 3,412,500
40,000 May Department Stores Co. ............................ 1,945,000
100,000 Staples, Inc. (b)..................................... 2,218,750
60,000 Walgreen Co. (b)...................................... 2,220,000
------------
11,858,750
------------
Semiconductors (2.7%):
40,000 Intel Corp. .......................................... 3,817,500
80,000 Xilinx, Inc. (b)...................................... 2,720,000
------------
6,537,500
------------
Technology (1.8%):
80,000 Motorola, Inc. ....................................... 4,130,000
------------
Telecommunications (6.2%):
40,000 Ameritech Corp. ...................................... 2,105,000
75,000 AT&T Corp. ........................................... 3,918,750
50,000 Bell South Corp. ..................................... 1,850,000
80,000 Frontier Corp. ....................................... 2,130,000
75,000 GTE Corp. ............................................ 2,887,500
40,000 SBC Communications, Inc. ............................. 1,925,000
------------
14,816,250
------------
Total Common Stocks 236,419,375
------------
</TABLE>
Continued
-20-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
INVESTMENT COMPANIES (0.6%):
1,400,711 AMCORE Vintage U.S. Government Obligations Fund....... $ 1,400,711
------------
Total Investment Companies 1,400,711
------------
Total (Cost--$169,064,133) (a) $237,820,086
============
</TABLE>
- ------
Percentages indicated are based on net assets of $238,531,479.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized apprecia-
tion................. $71,527,345
Unrealized deprecia-
tion................. (2,771,392)
-----------
Net unrealized appre-
ciation.............. $68,755,953
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
-21-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ---------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OB-
LIGATIONS (21.3%):
Federal Home Loan Mortgage
Corp.:
$2,000,000 6.25%, 12/15/06. $ 1,956,860
2,359,571 6.50%, 10/15/21. 2,271,824
Federal National Mortgage
Assoc.:
3,221,553 7.00%, 8/25/06.. 3,244,683
1,972,701 7.50%, 7/1/16,
Pool #303971... 1,974,201
1,000,000 6.60%, 4/25/17.. 995,930
G.E. Capital:
3,000,000 7.00%, 4/25/26.. 2,832,188
Prudential Home Mortgage Se-
curities:
2,914,782 7.15%, 3/25/24.. 2,801,834
Ryland Mortgage Securities
Corp.:
2,278,387 7.50%, 8/25/24.. 2,273,397
-----------
Total Collateralized
Mortgage Obligations 18,350,917
-----------
CORPORATE BONDS (25.1%):
Banking (7.0%):
1,000,000 BankAmerica
Corp., 7.20%,
9/15/02........ 1,006,870
500,000 Chase Manhattan
Corp., 8.80%,
2/1/00......... 504,625
500,000 Chase Manhattan
Corp., 9.05%,
2/1/02......... 504,410
1,500,000 Citicorp Senior
Notes, 8.63%,
11/1/04,
callable
11/1/99 @ 100.. 1,559,220
1,000,000 First Union
Corp., 7.05%,
8/1/05......... 980,300
1,000,000 NationsBank
Corp., 6.63%,
1/15/98........ 1,004,870
500,000 Northern Trust
Co., 6.50%,
5/1/03......... 482,935
-----------
6,043,230
-----------
Electric Utilities (1.7%):
250,000 Central Power
and Light Co.,
6.63%, 1/1/98.. 249,645
1,000,000 Florida Power &
Light Co.,
6.88%, 4/1/04,
callable 4/1/98
@ 102.......... 967,140
250,000 Sierra Pacific
Power Co.,
6.50%, 7/1/97.. 249,500
-----------
1,466,285
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ---------------- -------------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Financial Services (8.4%):
$1,000,000 Associates
Corp., 7.50%,
4/15/02........ $ 1,025,820
1,000,000 Commercial
Credit Corp.,
6.88%, 5/1/02.. 996,070
500,000 Ford Motor
Credit Corp.,
7.50%, 1/27/03. 509,530
500,000 Household
Finance Corp.,
7.63%,
12/15/96....... 501,700
1,000,000 Household
Finance Corp.,
6.88%, 3/1/03.. 990,750
250,000 ITT Financial
Corp., 7.25%,
11/15/96....... 250,502
1,000,000 Norwest
Financial,
Inc., 7.50%,
4/15/05........ 1,015,340
1,000,000 Smith Barney,
6.88%, 6/15/05. 964,440
1,000,000 Travelers/Aetna
P&C, 6.75%,
4/15/01........ 994,900
-------------
7,249,052
-------------
Home Furnishings (1.1%):
1,000,000 Newell Co.,
6.40%, 6/10/02. 965,640
-------------
Industrial Goods & Services
(1.5%):
1,000,000 E.I. Dupont de
Nemours & Co.,
6.42%,
11/20/97....... 1,004,020
250,000 E.I. Dupont de
Nemours & Co.,
8.65%, 12/1/97. 256,283
-------------
1,260,303
-------------
Manufacturing--Consumer
Goods (0.2%):
150,000 Corning, Inc.,
8.38%, 11/1/96. 150,254
-------------
Restaurants (0.3%):
226,111 Secured
Restaurant
Trust, 10.25%,
11/15/00....... 244,627
-------------
Retail Stores (1.8%):
1,000,000 Sears Roebuck &
Co., 7.60%,
3/5/97......... 1,007,290
500,000 Sears Roebuck &
Co., 8.02%,
12/28/98....... 515,625
-------------
1,522,915
-------------
</TABLE>
Continued
-22-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------ ----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Utilities--Telecommunications
(3.1%):
$ 250,000 AT&T Corp., 8.20%,
2/15/05, callable
2/15/00 @ 100.... $ 260,280
1,000,000 GTE Florida, Inc.,
6.25%, 11/15/05.. 934,970
500,000 Hawaiian
Telephone, 8.00%,
9/1/01........... 504,420
1,000,000 United Telephone
Co. of Florida,
7.25%, 12/15/04.. 1,001,370
----------
2,701,040
----------
Total Corporate Bonds 21,603,346
----------
U.S. GOVERNMENT AGENCIES
(12.4%):
Federal Home Loan Bank:
500,000 8.05%, 5/27/04.... 503,045
Federal Home Loan Mortgage
Corp.:
1,250,000 7.05%, 3/24/04,
callable 3/24/97
@ 100............ 1,226,950
500,000 8.05%, 5/19/04,
callable 5/19/97
@ 100............ 502,890
1,000,000 7.28%, 5/1/06..... 990,270
Federal National Mortgage
Assoc.:
2,000,000 6.57%, 8/10/00,
callable 8/10/98
@ 100............ 1,986,880
2,000,000 6.83%, 4/2/03,
callable 4/2/99
@ 100............ 1,941,160
2,500,000 7.41%, 8/17/05,
callable 8/17/98
@ 100............ 2,537,050
1,000,000 8.00%, 6/21/06,
callable 6/21/99
@ 100............ 1,014,690
----------
Total U.S. Government
Agencies 10,702,935
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ---------------- -----------
<C> <S> <C>
U.S. TREASURY NOTES (34.8%):
$2,000,000 7.25%, 11/30/96. $ 2,005,940
1,500,000 6.38%, 6/30/97.. 1,507,965
1,500,000 7.88%, 1/15/98.. 1,535,385
1,000,000 7.13%, 10/15/98. 1,019,060
3,000,000 6.75%, 6/30/99.. 3,037,020
1,000,000 6.88%, 8/31/99.. 1,015,310
3,500,000 6.38%, 1/15/00.. 3,501,085
1,500,000 6.25%, 5/31/00.. 1,493,430
2,000,000 6.13%, 9/30/00.. 1,979,380
3,000,000 6.38%, 3/31/01.. 2,992,020
1,000,000 6.50%, 8/31/01.. 1,000,940
1,000,000 7.50%, 5/15/02.. 1,047,030
2,000,000 6.38%, 8/15/02.. 1,986,240
3,000,000 6.25%, 2/15/03.. 2,952,180
2,000,000 6.50%, 5/15/05.. 1,976,880
1,000,000 5.88%, 11/15/05. 944,690
-----------
Total U.S. Treasury Notes 29,994,555
-----------
INVESTMENT COMPANIES (4.9%):
4,000,000 AMCORE Vintage
U.S.
Government
Obligations
Fund........... 4,000,000
194,803 Pegasus Cash
Management
Fund........... 194,803
-----------
Total Investment Companies 4,194,803
-----------
Total (Cost--
$86,036,705)(a) $84,846,556
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $86,170,915.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized apprecia-
tion................ $ 224,562
Unrealized deprecia-
tion................ (1,414,711)
-----------
Net unrealized depre-
ciation............. $(1,190,149)
===========
</TABLE>
See notes to financial statements.
-23-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS (96.1%):
Alabama (0.6%):
$ 270,000 Montgomery, 5.10%, 11/1/07, callable 5/1/03 @102...... $ 265,283
-----------
Alaska (3.3%):
400,000 Alaska Student Loan Corp. Revenue Bonds, 5.13%,
7/1/02............................................... 399,476
1,000,000 Alaska Student Loan Corp. Revenue Bonds, 5.63%,
7/1/07, callable 7/1/05 @100......................... 995,920
-----------
1,395,396
-----------
California (1.2%):
500,000 Sacramento City Financing Authority, Lease Revenue
Refunding-Series A, AMBAC, 5.05%, 11/1/06............ 498,415
-----------
Delaware (1.2%):
500,000 Sussex County, 4.90%, 10/15/01, callable 4/15/00 @
101.................................................. 505,325
-----------
Florida (5.4%):
500,000 Florida School Boards Assoc., Lease Revenue, 6.75%,
7/1/04, callable 7/1/00 @ 100........................ 525,540
250,000 Jacksonville, Electric Authority Revenue, 5.40%,
10/1/10, callable 10/1/02 @ 101 and 10/1/03 @ 100.... 247,773
500,000 Jacksonville, Electric Authority Revenue, Refunding,
Saint Johns River, Issue 2, Series 8, 5.13%, 10/1/07,
callable 10/1/02 @ 101 and 10/1/03 @ 100............. 496,060
500,000 Martin County, GO, 4.25%, 2/1/01...................... 491,045
500,000 State of Florida Board of Education, 5.13%, 6/1/05.... 504,670
-----------
2,265,088
-----------
Georgia (1.2%):
500,000 Atlanta Revenue Bonds, 5.75%, 1/1/08.................. 506,390
-----------
Idaho (1.2%):
500,000 Meridian Joint School District #2, Idaho, 5.00%,
7/30/03.............................................. 507,770
-----------
Illinois (25.6%):
200,000 Cherry Valley GO, 6.60%, 1/1/01....................... 213,840
500,000 Chicago Metropolitan Water Capital Improvement, 5.00%,
12/1/02.............................................. 506,320
500,000 Chicago Metropolitan Water Capital Improvement, 5.25%,
12/1/04.............................................. 509,605
500,000 Chicago O'Hare International Airport, 6.38%, 1/1/04,
callable 1/1/02 @ 102 and 1/1/03 @ 101............... 533,575
200,000 Chicago Water Revenue, AMBAC, 5.50%, 11/1/03.......... 206,378
250,000 Cook County Community School GO, 5.90%, 12/1/03....... 265,345
300,000 Du Page Illinois Airport Authority, Limited Tax Ins.
Certificate of Participation, Series A, FGIC,
4.80%, 2/1/01........................................ 300,447
300,000 Illinois Development Finance Authority Revenue, FGIC,
5.45%, 2/1/02........................................ 310,776
200,000 Illinois Development Finance Authority Revenue, FGIC,
6.05%, 3/1/04........................................ 214,052
510,000 Illinois Development Finance Authority, (Belvidere)
GO, 4.65%, 12/1/03................................... 501,187
500,000 Illinois Development Finance Authority, School
District 46, 5.25%, 1/1/06........................... 503,235
500,000 Illinois Development Finance Authority Revenue,
Wheaton School 200, 4.75%, 12/1/02................... 499,705
400,000 Illinois Health Facilities Authority Revenue, MBIA,
4.90%, 11/15/03...................................... 398,172
500,000 Illinois Housing Development Authority, 5.10%, 7/1/02. 503,575
</TABLE>
Continued
-24-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- ----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Illinois, continued:
$465,000 Illinois Housing Development Authority, Single Family
Mortgage Revenue, 6.50%, 2/1/09....................... $ 491,105
220,000 Illinois State Sales Tax Revenue, Series Q, 5.75%,
6/15/14............................................... 218,770
200,000 Illinois Student Assistance Commission, Student Loan
Revenue, GSL, 5.45%, 3/1/99........................... 204,164
300,000 Illinois Student Assistance Commission, Student Loan
Revenue, Series M, 6.30%, 3/1/03...................... 313,641
500,000 Kane County Motor Fuel Tax Revenue, 5.40%, 3/1/06,
callable 3/1/01 @ 102.5............................... 506,980
500,000 Kane County Public Building C, Elgin Community College
509-B, 5.75%, 12/1/10................................. 504,080
500,000 Lake Forest Community High School District 115, 4.70%,
11/1/05, callable 11/1/01 @ 100....................... 485,225
300,000 Metropolitan Pier & Exposition Authority, State Tax
Revenue, 5.20%, 6/15/99............................... 304,131
500,000 Northwest Water Community Cook & Lake Counties, Water
Revenue, 4.90%, 5/1/07................................ 478,000
400,000 Sangamon County, Certificate of Participation, 6.40%,
12/1/00............................................... 423,580
250,000 State of Illinois GO, 4.90%, 6/1/01.................... 251,435
250,000 State of Illinois GO, 5.00%, 6/1/02.................... 251,700
100,000 Sterling Hospital Revenue, CGH Medical Center Project,
5.65%, 5/1/99......................................... 101,384
250,000 Winnebago County, School District 122, FGIC, 5.75%,
6/1/01................................................ 261,940
500,000 Winnebago & Boone Counties, Rockford School District
Number 205, School Bonds, Series 1992 C, 5.25%,
2/1/01................................................ 511,430
----------
10,773,777
----------
Indiana (1.8%):
500,000 Indiana Bond Bank (Elkhart Water/Sewer Refunding
Bonds), 5.55%, 11/1/10, callable 11/1/04 @ 102........ 492,965
250,000 Indianapolis, Series A, 6.75%, 2/1/04.................. 269,110
----------
762,075
----------
Iowa (5.0%):
300,000 Ames Electric Revenue, 5.20%, 1/1/05, callable 1/1/02 @
100................................................... 301,617
500,000 Iowa City GO, 5.00%, 6/1/04, callable 6/1/02 @ 100..... 504,385
500,000 Iowa State Certificate of Participation, 6.50%, 7/1/06,
callable 7/1/02 @ 102................................. 549,320
500,000 Iowa Student Loan, 5.75%, 12/1/06...................... 503,840
250,000 Iowa Student Loan Liquidity Corp., Series A, 5.35%,
12/1/02............................................... 254,577
----------
2,113,739
----------
Maryland (0.6%):
250,000 Baltimore Construction Public Improvement, Series A,
AMBAC, 5.30%, 10/15/07, callable 10/15/03 @ 100....... 250,488
----------
Massachusetts (2.4%):
500,000 Massachusetts Bay Transportation Authority, 5.30%,
3/1/08, callable 3/1/06 @ 101......................... 495,505
500,000 Massachusetts Education Loan Authority, 5.60%, 7/1/06,
callable 7/1/05 @ 102................................. 500,695
----------
996,200
----------
Michigan (1.8%):
250,000 Grand Haven, Insured Electric Revenue Bonds, MBIA,
4.90%, 7/1/03......................................... 250,552
500,000 Kent County, Michigan Building Authority, 4.80%,
12/1/04............................................... 495,770
----------
746,322
----------
</TABLE>
Continued
-25-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Minnesota (3.7%):
$500,000 Minneapolis, 4.75%, 9/1/02............................ $ 502,800
500,000 Minneapolis, Special School District, 5.00%, 2/1/05... 497,945
520,000 Ramsey County, 5.60%, 12/1/05, callable 12/1/04 @ 100. 541,382
-----------
1,542,127
-----------
Mississippi (0.8%):
350,000 Mississippi Higher Education, SR Series B, 5.25%,
9/1/01............................................... 354,827
-----------
Montana (0.8%):
335,000 Montana Higher Education Student Assistance Corp.,
5.25%, 12/1/02....................................... 336,903
-----------
Nebraska (0.6%):
250,000 Omaha, Airport Authority, 5.00%, 1/1/04............... 250,100
-----------
Nevada (4.0%):
300,000 Clark County, 5.40%, 7/1/03........................... 304,548
500,000 Clark County, Sanitation District, 5.60%, 7/1/07,
callable 7/1/03 @ 101................................ 509,090
375,000 Nevada Housing, 5.20%, 4/1/01......................... 379,860
500,000 State of Nevada, 4.40%, 11/1/01....................... 493,665
-----------
1,687,163
-----------
New Jersey (2.3%):
500,000 New Jersey State Transportation Trust, 5.00%, 6/15/06. 496,170
500,000 New Jersey Wastewater Treatment Trust, Series A,
4.80%, 9/1/06........................................ 490,090
-----------
986,260
-----------
New Mexico (2.4%):
500,000 Albuquerque, School District #12, 5.30%, 8/1/08,
callable 8/1/03 @ 100................................ 499,700
500,000 New Mexico Educational Assistance, 5.75%, 8/1/07...... 500,355
-----------
1,000,055
-----------
Ohio (0.5%):
200,000 Student Loan Funding Corp., Series C, 5.50%, 12/1/01.. 204,674
-----------
Pennsylvania (0.6%):
250,000 Commonwealth of Pennsylvania, Insured Certificate of
Participation, 4.63%, 7/1/00......................... 250,113
-----------
Rhode Island (1.8%):
500,000 Rhode Island State, 4.90%, 6/15/04.................... 497,810
250,000 Rhode Island State Construction, Capital Development
Loan, Series B, 6.00%, 5/15/99....................... 258,860
-----------
756,670
-----------
South Dakota (1.2%):
500,000 South Dakota Student Loan, 5.85%, 8/1/00.............. 514,630
-----------
</TABLE>
Continued
-26-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- ---------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Texas (4.8%):
$105,000 Arlington Independent School District, 6.10%, 5/15/05... $ 111,056
200,000 Arlington Permanent Independent, 6.70%, 8/15/12......... 219,690
195,000 Arlington GO, 6.10%, 2/15/05, callable 2/15/02 @ 100.... 204,801
500,000 Austin, Airport Revenue, 5.50%, 11/15/06................ 506,550
500,000 Dallas Water & Sewer, 4.90%, 4/1/04..................... 498,200
200,000 Houston, Water & Sewer System, Series C, MBIA, 5.25%,
12/1/00................................................ 205,478
300,000 Temple, Independent School District, 4.90%, 2/1/04,
callable 2/1/01 @ 100.................................. 299,286
---------
2,045,061
---------
Utah (1.8%):
250,000 Davis County GO, 4.95%, 6/1/05.......................... 247,795
500,000 Salt Lake County, 5.50%, 12/15/04....................... 522,095
---------
769,890
---------
Virginia (2.9%):
500,000 Fairfax County, Series A, 4.90%, 6/1/03, callable 6/1/00
@ 100.75............................................... 505,350
195,000 Virginia Educational Loan Authority, Series E, 5.50%,
3/1/01................................................. 202,096
500,000 Virginia State Housing Development Authority, 5.10%,
7/1/06, callable 1/1/02 @102........................... 496,170
---------
1,203,616
---------
Washington (5.6%):
310,000 King County, Public Hospital, Facility Revenue, AMBAC,
5.70%, 9/1/02.......................................... 322,632
500,000 Seattle, Water System Revenue, 4.70%, 12/1/00........... 501,850
500,000 Tacoma, Electric System Revenue, 5.50%, 1/1/12.......... 490,850
500,000 Washington State, 6.80%, 10/1/02, callable 10/1/99 @
100.................................................... 530,810
500,000 Washington State GO, 5.35%, 9/1/06, callable 9/1/05 @
100.................................................... 506,700
---------
2,352,842
---------
Wisconsin (10.4%):
500,000 City of Beloit, Sewer System Revenue Bond, 4.80%,
7/1/05................................................. 488,855
500,000 Franklin Public School District, 4.75%, 4/1/04.......... 490,725
500,000 Green Bay Area Public Schools, 4.40%, 4/1/02............ 489,245
400,000 Kenosha, Series A, 4.90%, 4/1/99........................ 404,028
500,000 Madison, 5.00%, 4/1/05.................................. 500,000
500,000 Milwaukee, 5.15%, 11/15/08.............................. 511,560
500,000 Sturgeon Bay Combined Utility, 4.90%, 1/1/06............ 488,195
500,000 Wisconsin Housing & Economic Development Authority,
Housing Revenue, 4.70%, 11/1/99........................ 499,385
500,000 Wisconsin Housing & Economic Development Authority,
Series B, 5.20%, 11/1/06, callable 10/1/03 @ 102....... 496,880
---------
4,368,873
---------
</TABLE>
Continued
-27-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Wyoming (0.6%):
$ 250,000 Cheyenne, GO Unlimited, 5.45%, 12/1/01................. $ 258,730
-----------
Total Municipal Bonds 40,468,802
-----------
INVESTMENT COMPANIES (2.5%):
1,048,523 Pegasus Municipal Money Market Fund.................... 1,048,523
-----------
Total Investment Companies...................................... 1,048,523
-----------
Total (Cost--$41,433,418)(a).................................... $41,517,325
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $42,128,691.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized apprecia-
tion.................. $ 338,477
Unrealized deprecia-
tion.................. (254,570)
---------
Net unrealized appreci-
ation................. $ 83,907
=========
</TABLE>
AMBAC--AMBAC Indemnity Corporation.
FGIC--Financial Guaranty Insurance Corporation.
GO--General Obligation.
GSL--Guaranteed Student Loans.
MBIA--Municipal Bond Insurance Association.
See notes to financial statements.
-28-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
----------- ----------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (2.9%):
G.E. Capital:
$ 500,000 7.00%, 4/25/26....................................... $ 472,031
-----------
Total Collateralized Mortgage Obligations 472,031
-----------
COMMON STOCKS (62.0%):
Banking (3.8%):
2,000 BankAmerica Corp. ................................... 164,250
6,000 Barnett Banks, Inc. ................................. 202,500
3,000 NationsBank Corp. ................................... 260,625
-----------
627,375
-----------
Business Services (3.0%):
3,000 Electronic Data Systems Corp. ....................... 184,125
2,000 First Data Corp. .................................... 163,250
6,000 Olsten Corp. ........................................ 149,250
-----------
496,625
-----------
Chemicals (3.6%):
3,000 Air Products & Chemical.............................. 174,750
3,000 Eastman Chemical Co. ................................ 175,125
6,500 Monsanto Co. ........................................ 237,250
-----------
587,125
-----------
Computer Hardware (3.3%):
2,400 Cabletron Systems, Inc. (b).......................... 164,100
4,500 Cisco Systems, Inc. (b).............................. 279,281
1,700 Compaq Computer Corp. (b)............................ 109,013
-----------
552,394
-----------
Computer Software (2.9%):
2,000 Microsoft Corp. (b).................................. 263,750
3,000 Oracle Corp. (b)..................................... 127,688
1,500 Shared Medical Systems Corp. ........................ 85,500
-----------
476,938
-----------
Consumer Goods & Services (5.2%):
3,000 CUC International, Inc. (b).......................... 119,625
3,700 Gillette Co. ........................................ 266,863
2,500 Kimberly Clark Corp. ................................ 220,312
2,600 Procter & Gamble Co. ................................ 253,500
-----------
860,300
-----------
Defense (1.3%):
4,000 Raytheon Co. ........................................ 222,500
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Diversified (1.2%):
3,000 Allied Signal, Inc.................................... $ 197,625
-----------
Electrical & Electronic (2.7%):
2,000 Emerson Electric Co. ................................. 180,250
3,000 General Electric Co. ................................. 273,000
-----------
453,250
-----------
Entertainment (1.2%):
3,000 Walt Disney Co. ...................................... 190,125
-----------
Financial Services (1.7%):
6,000 Federal National Mortgage Assoc....................... 209,250
2,000 MBNA Corp. ........................................... 69,500
-----------
278,750
-----------
Food Products & Services (2.5%):
4,000 McDonald's Corp. ..................................... 189,500
8,000 PepsiCo, Inc. ........................................ 226,000
-----------
415,500
-----------
Health Care (2.6%):
3,000 Abbott Laboratoriess.................................. 147,750
3,000 Health Care & Retirement
Corp. (b)............................................ 70,500
4,000 Johnson & Johnson..................................... 205,000
-----------
423,250
-----------
Home Furnishings (1.1%):
6,000 Newell Companies, Inc. ............................... 180,000
-----------
Insurance (3.1%):
2,450 American International Group, Inc. ................... 246,837
1,200 General Re Corp. ..................................... 170,100
1,500 MGIC Investment Corp.................................. 101,063
-----------
518,000
-----------
Leisure & Recreation Products (0.4%):
2,500 Mattel, Inc. ......................................... 64,688
-----------
Medical Equipment & Supplies (2.2%):
3,000 Lincare Holdings, Inc. (b)............................ 120,000
2,500 Medtronic, Inc. ...................................... 160,312
4,000 Nellcor Puritan Bennett, Inc. (b)..................... 88,000
-----------
368,312
-----------
</TABLE>
Continued
-29-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Office Equipment & Services (2.7%):
4,000 Hewlett Packard Co. .................................. $ 195,000
3,500 Reuters Holding, PLC--ADR............................. 242,375
-----------
437,375
-----------
Oil & Gas Exploration Products & Services (2.9%):
2,000 Amoco Corp. .......................................... 141,000
1,500 Mobil Corp. .......................................... 173,625
2,000 Schlumberger Ltd. .................................... 169,000
-----------
483,625
-----------
Pharmaceuticals (3.7%):
2,000 Amgen, Inc. .......................................... 126,250
1,500 Merck & Co., Inc. .................................... 105,563
3,000 Pfizer, Inc. ......................................... 237,375
2,000 Warner-Lambert Co. ................................... 132,000
-----------
601,188
-----------
Photography (1.4%):
2,900 Eastman Kodak Co. .................................... 227,650
-----------
Printing & Publishing (1.6%):
1,500 Gannett, Inc. ........................................ 105,562
2,000 Tribune Co. .......................................... 156,000
-----------
261,562
-----------
Retail Stores (2.5%):
6,000 Kohl's Corp. (b)...................................... 216,000
3,600 Office Depot, Inc. (b)................................ 85,050
2,800 Walgreen Co. (b)...................................... 103,600
-----------
404,650
-----------
Semiconductors (1.6%):
2,800 Intel Corp. .......................................... 267,225
-----------
Technology (0.9%):
3,000 Motorola, Inc. ....................................... 154,875
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Telecommunications (2.9%):
1,500 Ameritech Corp. ...................................... $ 78,937
3,000 AT&T Corp. ........................................... 156,750
2,000 Frontier Corp. ....................................... 53,250
5,000 GTE Corp. ............................................ 192,500
-----------
481,437
-----------
Total Common Stocks 10,232,344
-----------
CORPORATE BONDS (2.9%):
Financial Services (1.4%):
$ 250,000 GMAC, 6.50%, 12/5/05.................................. 235,313
-----------
Telecommunications (1.5%):
250,000 AT&T Corp., 7.00%, 5/15/05............................ 248,437
-----------
Total Corporate Bonds 483,750
-----------
U.S. GOVERNMENT AGENCIES (3.0%):
Federal National Mortgage Assoc.:
500,000 0.00%*, 10/30/96...................................... 497,830
-----------
Total U.S. Government Agencies 497,830
-----------
U.S. TREASURY NOTES (21.1%):
1,000,000 6.38%, 7/15/99........................................ 1,003,280
1,000,000 6.38%, 1/15/00........................................ 1,001,470
1,000,000 6.25%, 5/31/00........................................ 995,040
500,000 6.25%, 2/15/03........................................ 491,670
-----------
Total U.S. Treasury Notes 3,491,460
-----------
INVESTMENT COMPANIES (3.1%):
511,479 AMCORE Vintage U.S. Government Obligations Fund....... 511,479
-----------
Total Investment Companies 511,479
-----------
Total (Cost--$13,586,111) (a) $15,688,894
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $16,514,340.
* Discount Note.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized apprecia-
tion.................. $2,288,684
Unrealized deprecia-
tion.................. (185,901)
----------
Net unrealized appreci-
ation................. $2,102,783
==========
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt.
PLC-- Public Liability Company.
See notes to financial statements.
-30-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED TOTAL RETURN FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (18.8%):
Federal Home Loan Mortgage Corp.:
$2,000,000 6.50%, 9/15/06....................................... $ 1,960,620
2,000,000 6.50%, 3/15/07....................................... 1,975,000
2,000,000 6.00%, 12/15/17...................................... 1,920,000
G.E. Capital:
2,000,000 7.00%, 4/25/26....................................... 1,888,125
-----------
Total Collateralized Mortgage Obligations 7,743,745
-----------
CORPORATE BONDS (25.9%):
Banking (8.4%):
500,000 Chase Manhattan Corp., 8.80%, 2/1/00................. 504,625
1,000,000 Citicorp, 6.38%, 1/15/06............................. 936,030
1,000,000 First Union Corp., 7.05%, 8/1/05..................... 980,300
1,000,000 Norwest Financial, Inc., 8.38%, 1/15/00.............. 1,036,960
-----------
3,457,915
-----------
Chemicals (1.0%):
400,000 Monsanto Co., 8.40%, 1/15/97......................... 403,060
-----------
Electric Utility (2.4%):
1,000,000 Alabama Power Co., 1st Mortgage, 6.75%, 2/1/03,
callable 2/1/98 @ 101.6............................. 978,550
-----------
Financial Services (9.3%):
1,000,000 Bear Stearns, 6.70%, 8/1/03.......................... 967,940
1,000,000 Ford Motor Credit, 6.13%, 1/9/06..................... 918,260
1,000,000 Lehman Brothers, Inc., 7.63%, 6/1/06................. 994,460
1,000,000 Merrill Lynch & Co., 7.00%, 4/27/08.................. 962,080
-----------
3,842,740
-----------
Food Products (1.2%):
500,000 Nabisco, Inc., 7.05%, 7/15/07........................ 479,390
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Industrial Goods & Services (2.3%):
$1,000,000 RPM, Inc., 7.00%, 6/15/05............................. $ 964,780
-----------
Retail Stores (1.3%):
500,000 Sears Roebuck & Co., 8.45%, 11/1/98................... 516,495
-----------
Total Corporate Bonds 10,642,930
-----------
U.S. GOVERNMENT AGENCIES (6.1%):
Federal Home Loan Mortgage Corp.:
1,707,660 7.00%, 8/1/09, Pool #E61274........................... 1,701,615
Federal National Mortgage Assoc.:
1,000,000 7.70%, 8/10/04........................................ 814,220
-----------
Total U.S. Government Agencies 2,515,835
-----------
U.S. TREASURY NOTES (42.5%):
2,000,000 7.50%, 1/31/97........................................ 2,013,440
1,000,000 6.75%, 6/30/99........................................ 1,012,340
3,000,000 6.38%, 7/15/99........................................ 3,010,320
1,000,000 6.88%, 8/31/99........................................ 1,015,310
1,000,000 6.38%, 1/15/00........................................ 1,000,310
1,000,000 6.25%, 5/31/00........................................ 995,620
1,000,000 5.25%, 1/31/01........................................ 958,120
2,500,000 6.38%, 3/31/01........................................ 2,493,350
1,000,000 6.50%, 8/31/01........................................ 1,000,940
2,000,000 6.25%, 2/15/03........................................ 1,968,120
1,000,000 6.50%, 5/15/05........................................ 988,440
1,000,000 7.00%, 7/15/06........................................ 1,020,780
-----------
Total U.S. Treasury Notes 17,477,090
-----------
INVESTMENT COMPANIES (4.5%):
1,832,771 AMCORE Vintage U.S. Government Obligations Fund....... 1,832,771
-----------
Total Investment Companies 1,832,771
-----------
Total (Cost--$40,872,318)(a) $40,212,371
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $41,139,467.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized apprecia-
tion.................. $ 31,638
Unrealized deprecia-
tion.................. (691,585)
---------
Net unrealized depreci-
ation................. $(659,947)
=========
</TABLE>
See notes to financial statements.
-31-
<PAGE>
THE COVENTRY GROUP
AMCORE AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (95.8%):
Airlines (0.6%):
10,000 Southwest Airlines..................................... $ 228,750
-----------
Automotive (2.7%):
11,000 Lear Seating Corp. (b)................................. 363,000
15,000 OEA, Inc. (b).......................................... 596,250
-----------
959,250
-----------
Banking (0.8%):
9,000 Barnett Banks, Inc. ................................... 303,750
-----------
Business Services (4.1%):
5,000 Electronic Data Systems................................ 306,875
7,000 First Data Corp. ...................................... 571,375
23,500 Olsten Corp. .......................................... 584,563
-----------
1,462,813
-----------
Chemicals (4.7%):
7,200 Air Products & Chemical................................ 419,400
9,000 Eastman Chemical Co. .................................. 525,375
20,500 Monsanto Co. .......................................... 748,250
-----------
1,693,025
-----------
Computer Hardware (7.9%):
6,000 Cabletron Systems (b).................................. 410,250
14,000 Cisco Systems, Inc. (b)................................ 868,875
6,000 Compaq Computer Corp. (b).............................. 384,750
6,000 Gateway 2000, Inc. (b)................................. 287,250
15,000 Komag (b).............................................. 315,000
9,000 Sun Microsystems, Inc. (b)............................. 559,125
-----------
2,825,250
-----------
Computer Software (5.5%):
12,000 Computer Associates International, Inc. ............... 717,000
3,000 Microsoft Corp. (b).................................... 395,625
10,500 Oracle Corp. (b)....................................... 446,906
7,000 Shared Medical Systems Corp. .......................... 399,000
-----------
1,958,531
-----------
Consumer Goods & Services (5.2%):
17,000 CUC International, Inc. (b)............................ 677,875
8,500 Gillette Co. .......................................... 613,063
2,000 Kimberly Clark Corp. .................................. 176,250
4,000 Procter & Gamble Co. .................................. 390,000
-----------
1,857,188
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Defense (1.2%):
5,000 Raytheon Co. .......................................... $ 278,125
3,000 Rockwell International................................. 169,125
-----------
447,250
-----------
Electrical & Electronic (2.8%):
6,000 Applied Materials (b).................................. 165,750
4,000 General Electric Co. .................................. 364,000
5,000 Molex, Inc. ........................................... 186,250
7,000 Sundstrand Corp. ...................................... 273,000
-----------
989,000
-----------
Electronics--Semiconductors (2.3%):
14,000 Adaptec, Inc. (b)...................................... 840,000
-----------
Entertainment (3.3%):
18,000 Carnival Cruise Lines.................................. 558,000
7,000 Walt Disney Co. ....................................... 443,625
5,000 Viacom, Inc., Class B (b).............................. 177,500
-----------
1,179,125
-----------
Financial Services (4.2%):
16,000 Federal National Mortgage Assoc. ...................... 558,000
4,000 Household International................................ 329,000
17,400 MBNA Corp. ............................................ 604,650
-----------
1,491,650
-----------
Food Products & Services (3.0%):
6,000 Coca-Cola Co. ......................................... 305,250
6,000 McDonald's Corp. ...................................... 284,250
17,000 PepsiCo, Inc. ......................................... 480,250
-----------
1,069,750
-----------
Health Care (6.1%):
5,000 Elan Corp., PLC--ADR (b)............................... 149,375
12,000 Healthcare Compare Corp. (b)........................... 568,500
13,500 Health Management Associates (b)....................... 335,812
10,000 Health Care & Retirement Corp. (b)..................... 235,000
6,000 United Healthcare Corp. (b)............................ 249,750
12,774 Johnson & Johnson...................................... 654,668
-----------
2,193,105
-----------
Home Furnishings (0.8%):
10,000 Newell Companies, Inc. ................................ 300,000
-----------
</TABLE>
Continued
-32-
<PAGE>
THE COVENTRY GROUP
AMCORE AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Insurance (3.2%):
7,500 AFLAC, Inc. ........................................... $ 266,250
3,500 American International Group........................... 352,625
8,000 Amerin Corp. (b)....................................... 180,000
5,000 Horace Mann Educators.................................. 164,375
2,000 MBIA, Inc. ............................................ 171,500
-----------
1,134,750
-----------
Leisure & Recreation Products (0.9%):
12,000 Mattel................................................. 310,500
-----------
Manufacturing--Capital Goods (1.2%):
10,000 Parker Hannifin Corp. ................................. 420,000
-----------
Manufacturing--Consumer Goods (0.3%):
4,000 Caraustar Industries, Inc. ............................ 118,750
-----------
Medical Equipment & Supplies (4.5%):
8,000 Lincare Holdings, Inc. (b)............................. 320,000
6,500 Medtronic, Inc. ....................................... 416,813
23,000 Nellcor Puritan Bennett, Inc. (b)...................... 506,000
7,000 W.R. Grace & Co. ...................................... 364,000
-----------
1,606,813
-----------
Medical-Hospital Services (1.2%):
7,343 Fresenius Medical Care-ADR (b)......................... 173,478
8,000 Vivra, Inc. (b)........................................ 261,000
-----------
434,478
-----------
Office Equipment & Services (3.1%):
12,000 Hewlett Packard........................................ 585,000
7,500 Reuters Holding, PLC-ADR............................... 519,375
-----------
1,104,375
-----------
Oil & Gas Exploration Products & Services (2.8%):
1,000 Mobil Corp. ........................................... 115,750
3,500 Schlumberger Ltd. ..................................... 295,750
3,000 Seitel, Inc. (b)....................................... 111,375
13,000 Tidewater, Inc......................................... 485,875
-----------
1,008,750
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Pharmaceuticals (5.8%):
9,000 Agouron Pharmaceuticals, Inc. (b)...................... $ 392,625
10,000 Amgen, Inc. ........................................... 631,250
12,000 Genzyme Corp. (b)...................................... 306,000
5,500 Pfizer, Inc. .......................................... 435,187
5,000 Schering Plough........................................ 307,500
-----------
2,072,562
-----------
Printing & Publishing (0.7%):
10,500 Banta Corp. ........................................... 238,875
-----------
Restaurants (0.9%):
10,000 Starbucks Corp. (b).................................... 330,000
-----------
Retail Stores (8.4%):
8,000 Autozone, Inc. (b)..................................... 232,000
10,000 Barnes & Noble (b)..................................... 343,750
15,000 Kohl's Corp. (b)....................................... 540,000
13,000 Lowe's Companies....................................... 531,375
8,000 Men's Warehouse (b).................................... 200,000
10,000 Pep Boys-Manny Moe & Jack (b).......................... 356,250
10,000 Staples (b)............................................ 221,875
20,000 Viking Office Products (b)............................. 600,000
-----------
3,025,250
-----------
Semiconductors (2.2%):
5,000 Intel Corp. ........................................... 477,187
9,500 Xilinx, Inc. (b)....................................... 323,000
-----------
800,187
-----------
Technology (1.4%):
9,500 Motorola, Inc. ........................................ 490,438
-----------
Telecommunications--Services & Equipment (1.1%):
8,500 DSC Communications Corp. (b)........................... 212,500
3,000 U.S. Robotics (b)...................................... 193,875
-----------
406,375
-----------
Utilities--Telecommunications (3.0%):
1,000 AT&T Corp. ............................................ 52,250
20,000 Frontier Corp. ........................................ 532,500
6,000 GTE Corp. ............................................. 231,000
5,500 SBC Communications, Inc. .............................. 264,687
-----------
1,080,437
-----------
Total Common Stocks 34,380,977
-----------
</TABLE>
Continued
-33-
<PAGE>
THE COVENTRY GROUP
AMCORE AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
PREFERRED STOCKS (0.0%):
Medical--Hospital Services (0.0%):
7,000 Fresenius Medical Care................................. $ 0
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (3.9%):
1,406,148 AMCORE Vintage U.S. Government Obligations Fund........ $ 1,406,148
-----------
Total Investment Companies 1,406,148
-----------
Total (Cost--$31,412,493)(a) $35,787,125
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $35,880,525.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized apprecia-
tion................. $5,446,367
Unrealized deprecia-
tion................. (1,071,735)
----------
Net unrealized appre-
ciation.............. $4,374,632
==========
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt.
PLC-- Public Liability Company.
See notes to financial statements.
-34-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(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 U.S. Government Obligations Fund's investment objective is to seek
current income consistent with maintaining liquidity and stability of
principal by investing exclusively in short-term U.S. Treasury Bills, notes
and other short-term obligations issued or guaranteed by the U.S. Government
or its agencies or instrumentalities, and repurchase agreements with respect
thereto. The investment objective of the Equity Fund is long-term capital
appreciation by investing primarily in a diversified portfolio of equity
securities. The investment objective of the Fixed Income Fund is to seek
total return consistent with the production of current income and the
preservation of capital by investing primarily in fixed income securities
that have a stated or remaining maturity of 15 years or less or expect to
maintain a dollar-weighted average portfolio maturity of 3 to 7 years. The
investment objective of the Intermediate Tax-Free Fund is to seek current
income, consistent with the preservation of capital, that is exempt from
federal income taxes by investing primarily in a diversified portfolio of
intermediate-term tax-free fixed income securities. The investment objective
of the Balanced Fund is to seek long-term growth of capital and income by
investing primarily in a diversified portfolio of equity securities and high
quality fixed income securities. The investment objective of the Fixed Total
Return Fund is to seek long-term total return by investing primarily in a
diversified portfolio of fixed income securities including certain types of
fixed income securities that may exhibit greater volatility than those
invested in by the Fixed Income Fund. The investment objective of the
Aggressive Growth Fund is long-term capital growth by investing primarily in
common stocks and other equity-type securities of small, medium and large
capitalized companies that exhibit a strong potential for price appreciation
relative to other equity securities.
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. The
Continued
-35-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
preparation of financial statements requires management to make estimates
and assumptions that effect the reported amounts and disclosures. Actual
results could differ from those estimates.
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, the Fixed Total Return
Fund and the Aggressive Growth 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.
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 pro rata 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
Continued
-36-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
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.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS:
Each Fund may purchase securities on a when-issued or delayed-delivery
basis. When-issued securities are securities purchased for delivery
beyond the normal settlement date at a stated price and/or yield, thereby
involving the risk that the price and/or yield obtained may be more or
less than those available in the market when delivery takes place. At the
time a Fund makes the commitment to purchase a security on a when-issued
basis, the Fund records the transaction and reflects the value of the
security in determining net asset value. A segregated account is
established and the Fund maintains cash and marketable securities at
least equal in value to commitments for when-issued securities.
Securities purchased on a when-issued basis or delayed delivery basis do
not earn income until settlement date.
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, the Fixed Total Return Fund and the Aggressive Growth 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.
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.
Continued
-37-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
six months ended September 30, 1996 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Equity Fund........................................... $38,320,895 $30,872,085
Fixed Income Fund..................................... 25,109,463 26,673,051
Intermediate Tax-Free Fund............................ 1,022,730 1,483,040
Balanced Fund......................................... 1,691,054 488,567
Fixed Total Return Fund............................... 12,927,754 14,908,027
Aggressive Growth Fund................................ 12,679,965 3,350,086
</TABLE>
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.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
an Ohio Limited Partnership, and BISYS Fund Services Ohio, Inc. ("BISYS
Ohio") are subsidiaries of the BISYS Group, Inc.
BISYS, 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, BISYS' fees are
computed daily as a percentage of the average net assets of each Fund.
BISYS Ohio serves the Funds as Transfer Agent and Fund Accountant. Under the
terms of the Transfer Agent and Fund Accountant Agreements, BISYS Ohio'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 BISYS, as distributor, a periodic 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 BISYS to pay banks,
including affiliates of AMCORE, broker dealers and other institutions, or to
reimburse BISYS or its affiliates, for administration, distribution and
shareholder services in connection with the distribution of Fund shares. No
amounts were paid or waived under the terms of this plan during the six
months ended September 30, 1996.
The Group has adopted an Administrative Services Plan (the "Services Plan"),
pursuant to which the variable net asset value funds are authorized to pay
compensation to banks and other financial institutions (each a
Continued
-38-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
"Service Organization"), which may include the Adviser, its correspondent
and affiliated banks and BISYS, which agree to provide certain ministerial,
recordkeeping and/or administrative support services for their customers or
account holders. In consideration for such services, a Service Organization
receives a fee from a Fund, computed daily and paid monthly, at an annual
rate not to exceed 0.25% of the average daily net asset value of each of the
Funds.
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,
1996. Furthermore, 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, 1996:
<TABLE>
<CAPTION>
U.S. GOVERNMENT FIXED
OBLIGATIONS EQUITY INCOME
FUND FUND FUND
--------------- -------- --------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee (percentage of average net
assets)................................... 0.40% 0.75% 0.60%
ADMINISTRATION FEES:
Annual fee (percentage of average net
assets)................................... 0.20% 0.20% 0.20%
ADMINISTRATIVE SERVICES FEES:
Annual fee (percentage of average net
assets of certain shares)................. NA 0.25% 0.25%
DISTRIBUTION AND SHAREHOLDER SERVICE FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets of
certain shares)........................... 0.25% 0.25% 0.25%
Voluntary fee reductions.................. $183,248 $277,397 $106,986
TRANSFER AGENT & FUND ACCOUNTING FEES:.... $65,130 $77,708 $38,242
</TABLE>
Continued
-39-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE FIXED AGGRESSIVE
TAX-FREE BALANCED TOTAL RETURN GROWTH
FUND FUND FUND FUND
------------ -------- ------------ ----------
<S> <C> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee (percentage of
average net assets)............ 0.60% 0.75% 0.75% 0.95%
ADMINISTRATION FEES:
Annual fee (percentage of
average net assets)............ 0.20% 0.20% 0.20% 0.20%
ADMINISTRATIVE SERVICES FEES:
Annual fee (percentage of
average net assets
of certain shares)............ 0.25% 0.25% 0.25% 0.25%
DISTRIBUTION AND SHAREHOLDER
SERVICE FEES:
Annual fee before voluntary fee
reductions
(percentage of average net
assets of certain shares)...... 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions....... $52,503 $18,199 $51,099 $37,800
TRANSFER AGENT & FUND
ACCOUNTANT FEES:............... $31,152 $17,244 $19,120 $21,321
</TABLE>
------
NA--Not Applicable
-40-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. GOVERNMENT OBLIGATIONS FUND
---------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR DECEMBER 21,
ENDED ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1996 1996 1995 1994 1993 (A)
------------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income.. 0.022 0.051 0.042 0.027 0.007
------- ------- ------- ------- -------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................ (0.022) (0.051) (0.042) (0.027) (0.007)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return............ 2.27%(b) 5.24% 4.32% 2.73% 0.75%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000).......... $138,691 $153,836 $137,888 $105,345 $87,928
Ratio of expenses to
average net assets.... 0.76%(c) 0.54% 0.50% 0.56% 0.58%(c)
Ratio of net investment
income to average net
assets................ 4.49%(c) 5.08% 4.26% 2.70% 2.68%(c)
Ratio of expenses to
average net assets*... 1.01%(c) 0.72% 0.98% 1.02% 1.14%(c)
Ratio of net investment
income to average net
assets*............... 4.24%(c) 4.90% 3.78% 2.23% 2.12%(c)
</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.
-41-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
---------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR DECEMBER 15,
ENDED ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1996 1996 1995 1994 1993 (A)
------------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD..... $14.48 $11.44 $10.05 $10.20 $10.00
------ ------ ------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income... 0.03 0.13 0.15 0.19 0.05
Net realized and
unrealized gains
(losses) from
investments............ 1.29 3.27 1.41 (0.14) 0.19
------ ------ ------ ------ ------
Total from Investment
Activities............ 1.32 3.40 1.56 0.05 0.24
------ ------ ------ ------ ------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................. (0.03) (0.13) (0.15) (0.20) (0.04)
From net realized gains
from investment
transactions........... -- (0.23) (0.02) -- --
------ ------ ------ ------ ------
Total Dividends and
Distributions......... (0.03) (0.36) (0.17) (0.20) (0.04)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF
PERIOD.................. $15.77 $14.48 $11.44 $10.05 $10.20
====== ====== ====== ====== ======
Total Return............. 9.11%(b) 29.96% 15.74% 0.45% 2.45%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000)........... $238,531 $210,950 $149,233 $125,203 $74,720
Ratio of expenses to
average net assets..... 1.33%(c) 1.09% 1.07% 0.54% 0.23%(c)
Ratio of net investment
income to average net
assets................. 0.40%(c) 0.96% 1.47% 1.97% 2.40%(c)
Ratio of expenses to
average net assets*.... 1.58%(c) 1.09% 1.35% 1.37% 1.43%(c)
Ratio of net investment
income to average net
assets*................ 0.15%(c) 0.96% 1.19% 1.15% 1.20%(c)
Portfolio Turnover...... 14.01% 33.23% 20.54% 3.98% 0.00%
<CAPTION>
Average Commission rate
paid (d)............... $0.0730 -- -- -- --
</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.
(d) Represents the dollar amount of commissions paid on portfolio transactions
divided by the total number of portfolio shares purchased and sold for
which commissions were charged. Disclosure is not required for prior
periods.
See notes to financial statements.
-42-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED INCOME FUND
---------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR DECEMBER 15,
ENDED ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1996 1996 1995 1994 1993 (A)
------------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD..... $ 9.93 $ 9.71 $ 9.92 $10.28 $10.00
------ ------ ------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income... 0.27 0.61 0.54 0.59 0.18
Net realized and
unrealized gains
(losses) from
investments............ (0.14) 0.23 (0.22) (0.33) 0.27
------ ------ ------ ------ ------
Total from Investment
Activities............ 0.13 0.84 0.32 0.26 0.45
------ ------ ------ ------ ------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................. (0.27) (0.62) (0.53) (0.59) (0.17)
From net realized gains
from investment
transactions........... -- -- -- (0.03) --
------ ------ ------ ------ ------
Total Dividends and
Distributions......... (0.27) (0.62) (0.53) (0.62) (0.17)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF
PERIOD.................. $ 9.79 $ 9.93 $ 9.71 $ 9.92 $10.28
====== ====== ====== ====== ======
Total Return............. 1.35%(b) 8.74% 3.46% 2.43% 4.54%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000)........... $86,171 $84,752 $81,673 $90,301 $50,127
Ratio of expenses to
average net assets..... 1.20%(c) 0.97% 0.94% 0.51% 0.29%(c)
Ratio of net investment
income to average net
assets................. 5.56%(c) 5.77% 5.53% 5.74% 6.58%(c)
Ratio of expenses to
average net assets*.... 1.45%(c) 0.97% 1.22% 1.24% 1.34%(c)
Ratio of net investment
income to average net
assets*................ 5.31%(c) 5.77% 5.26% 5.01% 5.53%(c)
Portfolio Turnover...... 31.73% 113.25% 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.
-43-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE FUND
---------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR FEBRUARY 15,
ENDED ENDED ENDED ENDED 1993 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1996 1996 1995 1994 1993 (A)
------------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD..... $10.27 $ 9.97 $ 9.91 $10.05 $10.00
------ ------ ------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income... 0.19 0.43 0.43 0.42 0.05
Net realized and
unrealized gains
(losses) from
investments............ (0.01) 0.30 0.07 (0.13) 0.04
------ ------ ------ ------ ------
Total from Investment
Activities............ 0.18 0.73 0.50 0.29 0.09
------ ------ ------ ------ ------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................. (0.19) (0.43) (0.43) (0.42) (0.04)
From net realized gains
from investment
transactions........... -- -- (0.01) (0.01) --
------ ------ ------ ------ ------
Total Dividends and
Distributions......... (0.19) (0.43) (0.44) (0.43) (0.04)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF
PERIOD.................. $10.26 $10.27 $ 9.97 $ 9.91 $10.05
====== ====== ====== ====== ======
Total Return........... 1.76%(b) 7.43% 5.29% 2.79% 0.90%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000)........... $42,129 $42,436 $30,717 $32,983 $13,043
Ratio of expenses to
average net assets..... 1.27%(c) 0.75% 0.73% 0.57% 0.42%(c)
Ratio of net investment
income to average net
assets................. 3.73%(c) 4.21% 4.42% 4.19% 4.31%(c)
Ratio of expenses to
average net assets*.... 1.53%(c) 1.02% 1.30% 1.38% 1.47%(c)
Ratio of net investment
income to average net
assets*................ 3.47%(c) 3.94% 3.84% 3.37% 3.26%(c)
Portfolio Turnover...... 2.52% 14.21% 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.
-44-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BALANCED FUND
------------------------------
SIX MONTHS
ENDED JUNE 1, 1995 TO
SEPTEMBER 30, MARCH 31,
1996 1996 (A)
------------- ---------------
(UNAUDITED)
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............ $ 11.08 $ 10.00
------- -------
INVESTMENT ACTIVITIES:
Net investment income.......................... 0.09 0.24
Net realized and unrealized gains (losses) from
investments................................... 0.71 1.08
------- -------
Total from Investment Activities.............. 0.80 1.32
------- -------
DIVIDENDS AND DISTRIBUTIONS:
From net investment income..................... (0.09) (0.24)
From net realized gains from investment
transactions.................................. -- --
------- -------
Total Dividends and Distributions............. (0.09) (0.24)
------- -------
NET ASSET VALUE, END OF PERIOD.................. $ 11.79 $ 11.08
======= =======
Total Return.................................. 7.23%(b) 13.29%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............. $16,514 $13,516
Ratio of expenses to average net assets........ 1.58%(c) 1.32%(c)
Ratio of net investment income to average net
assets........................................ 1.64%(c) 2.66%(c)
Ratio of expenses to average net assets*....... 1.83%(c) 1.32%(c)
Ratio of net investment income to average net
assets*....................................... 1.39%(c) 2.66%(c)
Portfolio Turnover............................. 3.60% 61.72%
Average Commission rate paid (d)............... $0.0990 --
</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.
(d) Represents the dollar amount of commissions paid on portfolio transactions
divided by the total number of portfolio shares purchased and sold for
which commissions were charged. Disclosure is not required for prior
periods.
See notes to financial statements.
-45-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED TOTAL RETURN FUND
-------------------------------
SIX MONTHS
ENDED JUNE 15, 1995 TO
SEPTEMBER 30, MARCH 31,
1996 1996 (A)
------------- ----------------
(UNAUDITED)
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 9.89 $ 10.00
------- -------
INVESTMENT ACTIVITIES:
Net investment income......................... 0.25 0.44
Net realized and unrealized gains (losses)
from investments............................. (0.14) (0.11)
------- -------
Total from Investment Activities............. 0.11 0.33
------- -------
DIVIDENDS AND DISTRIBUTIONS:
From net investment income.................... (0.25) (0.43)
From net realized gains from investment
transactions................................. -- (0.01)
------- -------
Total Dividends and Distributions............ (0.25) (0.44)
------- -------
NET ASSET VALUE, END OF PERIOD................. $ 9.75 $ 9.89
======= =======
Total Return................................. 1.16%(b) 3.40%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............. $41,139 $41,178
Ratio of expenses to average net assets....... 1.40%(c) 1.18%(c)
Ratio of net investment income to average net
assets....................................... 5.24%(c) 5.53%(c)
Ratio of expenses to average net assets*...... 1.65%(c) 1.18%(c)
Ratio of net investment income to average net
assets*...................................... 4.99%(c) 5.53%(c)
Portfolio Turnover............................ 35.03% 69.30%
</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.
-46-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
-------------------------------
SIX MONTHS
ENDED OCTOBER 2, 1995
SEPTEMBER 30, TO MARCH 31,
1996 1996 (A)
------------- ---------------
(UNAUDITED)
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 10.88 $ 10.00
------- -------
INVESTMENT ACTIVITIES:
Net investment income......................... (0.03) --
Net realized and unrealized gains (losses)
from investments............................. 1.03 0.90
------- -------
Total from Investment Activities............. 1.00 0.90
------- -------
DIVIDENDS AND DISTRIBUTIONS:
From net investment income.................... -- --
From net realized gains from investment
transactions................................. -- (0.02)
------- -------
Total Dividends and Distributions............ -- (0.02)
------- -------
NET ASSET VALUE, END OF PERIOD................. $ 11.88 $ 10.88
======= =======
Total Return................................. 9.19%(b) 9.10%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............. $35,881 $23,319
Ratio of expenses to average net assets....... 1.66% (c) 1.57%(c)
Ratio of net investment income to average net
assets....................................... (0.55%)(c) 0.08%(c)
Ratio of expenses to average net assets*...... 1.91% (c) 1.57%(c)
Ratio of net investment income (loss) to
average net assets*.......................... (0.80%)(c) 0.08%(c)
Portfolio Turnover............................ 11.62% 4.31%
Average Commission rate paid (d).............. 0.0954 --
</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.
(d) Represents the dollar amount of commissions paid on portfolio transactions
divided by the total number of portfolio shares purchased and sold for
which commissions were charged. Disclosure is not required for prior
periods.
See notes to financial statements.
-47-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUND
Results of Special Shareholder Meeting (Unaudited)
On April 22, 1996, a special meeting of the shareholders of Coventry Group
was held to consider the election of five Trustees. The results of such vote
are as follows:
<TABLE>
<CAPTION>
NOMINEE IN FAVOR OPPOSED ABSTAIN
------- ----------- --------- ---------
<S> <C> <C> <C>
Nancy E. Converse 202,251,129 1,230,319 1,084,021
Walter B. Grimm 202,251,129 1,230,319 1,084,021
Maurice G. Stark 202,251,129 1,230,319 1,084,021
Michael M. VanBuskirk 202,251,129 1,230,319 1,084,021
Chalmers P. Wylie 202,251,129 1,230,319 1,084,021
</TABLE>
-48-
<PAGE>
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<PAGE>
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<PAGE>
INVESTMENT ADVISER
AMCORE Capital Management, Inc.
501 Seventh Street
Rockford, Illinois 61104
ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 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 2300
Columbus, Ohio 43215
11/96
[LOGO OF AMCORE VINTAGE NO LOAD MUTUAL FUNDS]
[LOGO OF AMCORE]
Capital Management, Inc.
INVESTMENT ADVISER
SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
SEPTEMBER 30, 1996
BISYS Fund Services
3435 STELZER ROAD
COLUMBUS, OH 43219
