<PAGE>
MESSAGE FROM THE CHAIRMAN AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
Dear Shareholders:
The six-month period ended September 30, 1997, was a strong one for both
financial markets in general and for the AMCORE Vintage Mutual Funds in
particular. Solid corporate earnings continued to fuel the stock market's rise.
Bonds, too, performed well in the modest-growth, low-inflation climate. As a
result, we're pleased to report that all of our funds produced positive, and,
in several cases, simply outstanding, returns.
In addition, mutual funds continued to be the first choice of individual
investors across the country. Due to the strong performance of our funds over
the past several years, many selected the AMCORE Vintage Mutual Funds. Over the
course of the period, net assets under management rose 18%, increasing from
$726 million on March 31, 1997, to $854 million on September 30, 1997.
A FOND FAREWELL
In the midst of all this good news, we do regret having to report that Clyde
Powers, one of the portfolio managers of the AMCORE Vintage Aggressive Growth
Fund, resigned early in the summer for personal reasons. A primary contributor
to the remarkable performance of this fund over the past several years, Mr.
Powers departed with our best wishes for him and his family.
A WORD TO OUR EQUITY INVESTORS . . .
Now is a good time to review your investment time horizon and tolerance for
risk. Clearly, the last three years have been very rewarding for stock
investors--and many believe the year ahead may be just as rewarding. At the
same time, there are others who point out that the current expansion is now
some seven years old. If nothing else, sheer exhaustion, they say, may cause
the bulls to drop dead sometime soon. The truth is, no one can predict what the
markets will do in the future.
That's why now is a very good time to review your time horizon and tolerance
for risk. Historically, the markets have rewarded long-term investors--those
with time horizons some ten to 12 years away--with the patience and fortitude
to ride out volatile markets. In the future, if the stock market reverts to its
long-term average return of approximately 10%, volatility may increase.
Investors with a low tolerance for risk may not be particularly comfortable in
such an environment. And those with short time horizons who have
inappropriately positioned their holdings may find themselves selling their
investments at inopportune moments.
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, 1997.
Finally, we thank you for your continued confidence in us. We look forward to
providing you with excellent investment management and to serving your 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
- --------------------------------------------------------------------------------
The AMCORE Vintage Mutual Funds are distributed by BISYS Fund Services.
Shares of the AMCORE Vintage Mutual Funds are NOT INSURED BY THE FDIC and are
not deposits or obligations of, or guaranteed or endorsed by, AMCORE Financial
Inc., any of its subsidiaries or AMCORE Capital Management, Inc. Investment
products involve investment risk, including the possible loss of principal.
For more complete information on any of the AMCORE Vintage Mutual Funds,
including fees, expenses and sales charges, please call 1-800-438-6375 for a
free prospectus. Read it carefully before investing or sending money.
-1-
<PAGE>
MESSAGE FROM THE INVESTMENT ADVISER AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
Dear Shareholders:
Caught in the crossfire between powerful short-term and long-term trends--
that's the situation investors now find themselves in. Long-term trends are
extremely bullish, but the cyclical, or short-term, trends are another story.
The long-term, or secular, trend that underlies the current expansion may be
the strongest and most constructive of the century. Deflationary, characterized
by global over-capacity, strong productivity gains and low inflation, these
forces have created one of the most positive environments for equities ever
seen--moreover, the U.S. domestic economy has been at the leading edge of this
trend. Having few structural impediments, U.S. business has been able to fully
capture the favorable developments of the 1990's--including the explosive
growth of technology.
Moreover, the tremendous level of investment in technology has resulted in
astonishing productivity gains. In fact, capital may now be replacing jobs as
the driver of economic growth--and this shift may be the reason that real wages
are now rising without a concurrent increase in inflation.
POST-TRAUMATIC INFLATIONARY SYNDROME
Nonetheless, inflation anxiety is strong, and anti-inflation vigilantes remain
wary. Stung by poor fiscal and monetary management during the late 1960's and
1970's, the bond markets and the Federal Reserve are ever alert to even the
faintest signs of over-heating. Alan Greenspan, the Federal Reserve Chairman,
recently commented that the U.S. economy is on an "unsustainable track."
SO WHAT HAPPENS NEXT?
After seven solid years of expansion, growth is now above levels previously
believed to be inflationary. And indeed, as we have seen growth accelerate in
recent months and backlogs climb, it is clear that momentum is gathering--and
there may be some changes looming just over the horizon. Unemployment has been
below the 6% level believed to spark inflation since 1994 and for the past
several quarters has hovered at or below the 5% level. Over the past 50 years,
the end of an expansion has been precipitated by a chain of growth, shortages
(particularly labor shortages), inflation, and eventually, rising interest
rates. This chain may have already begun for the present expansion.
Powerful countervailing forces are at work, however. This expansion has
witnessed the first period of sustained growth and falling inflation in modern
times. Indeed, retail prices are up just 1.8% so far this year, and further up
the product chain, producer prices have actually declined. The two primary
causes are captured gains in productivity by tremendously aggressive business
investment in equipment and technology (already mentioned)--where earnings are
driven by cost reduction rather than by price increases--and expanding global
production capacity levels.
Supporting the bullish long-term trend and global capacity levels are the
recent currency difficulties and market collapses in the Pacific Rim region.
Primarily caused by over-building and easy credit, the downturns in Thailand,
Malaysia, Indonesia and the Philippines indicate significant productive
capacity abroad. Such global market flexibility influences domestic competition
for scarce production resources--and, in turn, serves as a relief valve for
U.S. domestic inflationary pressure.
It should be noted that these Pacific Rim and Hong Kong collapses are very
similar to that of Mexico earlier this decade. Obviously, when valuation levels
are precarious, the U.S. financial market's reaction to such foreign collapses
can be abrupt--as was the case this past October. But while substantive, their
-2-
<PAGE>
MESSAGE FROM THE INVESTMENT ADVISER AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
actual impact on the U.S. economy is more marginal. Further, as monetary
authorities (e.g., the International Monetary Fund) take appropriate supportive
steps, it is hoped that these countries are better able to manage their
domestic economic, market and currency crises in a more orderly fashion, thus
enabling them to return to established growth trends. The experienced investor
recognizes that less developed markets are noted for their boom-bust
characteristics; strategies are structured to account for such volatility.
It remains uncertain whether, or when, short-term trends will overtake the
underlying bullish long-term disinflationary trend. Odds are, however, that
they will eventually--if only for a brief time. In view of this, and given the
current valuations of the stock and bond markets, the astute investor is
warranted in assuming a more cautious outlook. At the very least, we expect the
environment in the marketplace to be relatively volatile in the months ahead.
Nonetheless, we remain extremely optimistic about the long-term prospects for
stocks and bonds. Current conditions may indeed be the best of this century;
the wariness of market participants may turn out to be very healthy, as has so
often happened in the past. While we are temporarily taking a more cautious
approach to the bond markets, equities remain fully invested in order to
capitalize on what may be the opportunities of a lifetime for long-term
investors.
Sincerely,
/s/ Jay H. Evans
Jay H. Evans
President
AMCORE Capital Management, Inc.
-3-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- -------------------------------------------------------------------------------
THE AMCORE VINTAGE AGGRESSIVE GROWTH FUND*
While blue-chip names dominated the headlines during the six months ended
September 30, 1997, the most interesting stories--and values--were actually in
the small- and mid-cap sectors of the market. Throughout the period, we seized
such opportunities whenever possible. Subsequently, when the market began to
look past the larger capitalization stocks in midsummer, the portfolio
benefited handsomely.
Holdings in the financial (13.0% of the Fund's portfolio) and health care
(17.3%) sectors did particularly well. Technology (22.7%) and energy (4.8%)
stocks also made a solid contribution to performance. Computer Associates,
Inc. (2.3% of the Fund's holdings) rose 85.0%. Ensco Int'l, an oil services
and equipment company, (1.0%) soared 60.5%. As a result, for the six months
ended September 30, 1997, the Fund posted an aggregate total return of 34.03%,
against the S&P Mid Cap 400 Stock Index at 33.12% and the S&P 500 Stock Index
at 26.25%.
MOVING INTO THE SPOTLIGHT
In the months ahead, we expect small- and mid-cap stocks to continue to gain
ground. After so many months spent languishing in the shadows of larger cap
stocks, there are still many overlooked and undervalued opportunities in these
sectors--particularly in the areas of health care, energy and financial
services. As a result we expect to add to several of our current positions
here whenever an attractive opportunity to do so arises.
As of September 30, 1997, the top five holdings in the Fund's portfolio were
Computer Associates, Inc. (2.3% of the fund's portfolio), Cisco Systems
(2.3%), Franklin Resources (2.1%), Compaq Computers Corp. (2.1%) and Intel
Corp. (1.8%).+
- ------
* Small-cap companies typically carry additional risk, 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.
+ The composition of the Fund's holdings is subject to change.
<TABLE>
<CAPTION>
AMCORE Vintage Aggressive Growth Fund
Value of a $10,000 Investment
Agressive Growth Fund
AMCORE Vintage S&P 500 NASDAQ S&P MidCap
Agressive Stock Composite 400 Stock
Growth Fund Index Index Index
<S> <C> <C> <C> <C>
9/29/95 10,000 10,000 10,000 10,000
3/31/96 10,910 11,172 10,580 10,767
9/30/96 11,913 12,033 11,800 11,400
3/31/97 11,934 13,382 11,762 11,911
9/30/97 15,996 16,902 16,269 15,857
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
6 Month* 1 Year (9/29/95)
<S> <C> <C> <C>
9/30/97 34.03% 34.28% 26.48%
</TABLE>
* Aggregate total return.
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 Aggressive Growth Fund is measured against the S&P 500 Stock
Index, the NASDAQ Composite Index and the S&P MidCap 400 Stock Index, which
represent the performance of the stock market as a whole, small-capitalization
stocks and small- to mid-sized companies, respectively. The indices are
unmanaged and do not reflect the deduction of expenses associated with a
mutual fund, such as investment management and fund accounting 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 EQUITY FUND
Very simply, the performance of the Fund over the six months ended September
30, 1997, was outstanding. "Attending sales"/1/ over the past two years and
adding to our positions in the strongest of companies, the Fund was well
positioned to soar on continued corporate earnings growth.
In many cases, particularly in the health care (18.9% of the Fund's portfolio)
sector, the gains could only be characterized as spectacular. During the
period, Warner Lambert Co. (2.5%) posted a gain of 56.9%. Eli Lilly and Co.
(1.8%) rose 48.0%. Bank stocks also climbed dramatically. Over the course of
the period, BankAmerica Corp. (1.8%) gained 46.7%. Consequently, for the six
months ended September 30, 1997, the Fund posted an aggregate total return of
27.46%--surpassing the S&P 500, which posted a return of 26.24% for the same
period.
OPTIMISTIC BUT NOT UNREALISTIC EXPECTATIONS
While we are optimistic about the prospects for the market in the months ahead,
a hiccup or two is possible. Nonetheless, the fundamentals of the economy are
still very strong; interest rates are low; and inflation is controlled.
Consequently, while we don't expect to see gains like those we've seen in the
past two years, we do expect to see some gains.
Nevertheless, we will approach the marketplace cautiously in the months ahead.
Unlike many other equity funds, the Fund is well diversified, with just over a
fifth of the portfolio invested in its top ten holdings and the remainder
dispersed across a wide range of companies and industries. Moreover, we will
continue to "attend sales" and add to our positions in companies with solid
track records and pipelines full of viable new products.
As of September 30, 1997, the top five holdings in the Fund's portfolio were
Warner Lambert Co. (2.5% of the portfolio's assets), General Electric Co.
(2.5%), Pfizer, Inc. (2.1%), Intel Corp. (2.0%) and American Home Products
(2.0%).+
- ------
/1/ Buying at low prices.
+ The composition of the Fund's holdings is subject to change.
<TABLE>
<CAPTION>
AMCORE Vintage Equity Fund
Value of a $10,000 Investment
Equity Fund
S&P 500
AMCORE Vintage Stock
Equity Fund Index
<S> <C> <C>
12/15/92 10,000 10,000
3/31/93 10,245 10,428
3/31/94 10,291 10,579
3/31/95 11,911 12,228
3/31/96 15,480 16,146
3/31/97 18,322 19,340
9/30/97 23,352 24,415
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
6 Month* 1 Year 3 Year (12/15/92)
<S> <C> <C> <C> <C>
9/30/97 27.46% 38.25% 29.19% 19.35%
</TABLE>
* Aggregate total return.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate, so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Equity Fund is measured against the S&P 500 Index, an unmanaged index
generally representative of the performance of the U.S. stock market. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management and fund accounting 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 BALANCED FUND
The Fund's strong performance during the six months ended September 30, 1997,
was due primarily to the solid gains posted by our equity holdings. Having
increased exposures in the mid-cap stocks as the year began, the Fund benefited
as investors returned to these sectors in early and midsummer.
Moreover, the advance encompassed a wide range of industries. Among the
portfolio's outstanding performers were a department store chain, Kohl's (1.3%
of the Fund's net assets) with a return of 67.6%; an oil service provider,
Ensco Int'l (0.9%) with a return of 60.5%; and a bio-tech company, Elan (0.6%)
with a return of 46.9%.
As has been the case for the past two years, the portfolio's fixed-income
holdings were a smaller percentage of the Fund. Nonetheless, they also made a
strong contribution to performance and continued to provide the portfolio with
a solid underpinning. For the six months ended September 30, 1997, the Fund
produced an aggregate total return of 20.55%.
THINKING BIG? THINK SMALL.
While we are cautiously optimistic about the prospects for both stocks and
bonds in the months ahead, we are finding value in mid-cap stocks. As a result,
we will continue to focus our efforts on identifying opportunities in this
sector, while taking advantage of any unwarranted price decline in the large-
cap sector, in the months ahead. As always we will emphasize quality in the
selection of securities--and we will continue to scrutinize corporate earnings
very closely, with particular emphasis on revenue growth and margin expansion.
As of September 30, 1997, approximately 63% of the portfolio's assets were
invested in stocks, 33% in bonds and the remainder in cash and cash
equivalents. The fixed-income portion of the portfolio remained concentrated in
government securities. The average maturity of these holdings was 3.7 years;
the average credit quality was AAA.+ The top five equity holdings in the Fund's
portfolio were Compaq Computer Corp. (2.2% of the Fund's assets), Warner
Lambert Co. (1.5%), Intel Corp. (1.5%), First Union (1.5%) and Computer
Associates, Inc. (1.4%).+
- ------
+ The composition of the Fund's holdings is subject to change.
<TABLE>
<CAPTION>
AMCORE Vintage Balanced Fund
Value of a $10,000 Investment
Balanced Fund
50% S&P 500 Stock Index &
AMCORE Vintage 50% Lehman Brother Intermediate
Balanced Fund Government/Corp. Bond Index
<S> <C> <C>
6/1/95 10,000 10,000
3/31/96 11,329 11,394
9/30/96 12,149 11,975
3/31/97 12,582 12,788
9/30/97 15,167 14,889
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
6 Month* 1 Year (6/1/95)
<S> <C> <C> <C>
9/30/97 20.55% 24.84% 19.51%
</TABLE>
* Aggregate total return.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate, so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Balanced Fund is measured against a composite of the S&P 500 Index, an
unmanaged index generally representative of the performance of the U.S. stock
market, and the Lehman Brothers Intermediate Government/Corporate Bond Index,
an unmanaged index generally considered to be representative of the performance
of government and corporate bonds with maturities of 1-10 years. In the
composite, each index is given a 50% weighting. The two indices do not reflect
the deduction of expenses associated with a mutual fund, such as investment
management and fund accounting 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 FUNDS
Strong economic and job growth triggered fears of inflation as the six-month
period ended September 30, 1997, began. Nonetheless, as the Federal Reserve sat
quietly on the sidelines, anxiety subsided somewhat. Day to day, interest rates
moved up and down swiftly--but within a relatively narrow range throughout the
summer and into the early fall.
Given the circumstances, average maturities in each of our fixed-income funds
were maintained at or near industry average throughout the period. Moreover,
rather than attempting to call each and every turn in rates, we focused our
attention on yield enhancement. Anticipating no dramatic change in the interest
rate environment in the near term, we expect to continue doing so.
This does not mean, however, that we expect investors to be less anxious. While
long-term trends are exerting downward pressure, solid growth and an extremely
strong job market may push rates upward in the near future. The Fed is also
biased toward tightening rates. Finally, too, markets hate uncertainty--and the
type of economy we see today, strong growth/low inflation, is like nothing
anyone has ever seen before. Possibly, these conditions could continue for
years. Then, again, the environment could change overnight if inflation sparks.
As a result, the markets may be somewhat volatile in the months ahead.
THE FIXED INCOME FUND
In an effort to enhance yield, positions were increased in asset-backed
securities throughout the period. As a result, the Fund performed well,
producing an aggregate total return of 5.54% for the six months ended September
30, 1997.
At the end of the period, approximately 47% of the Fund's assets were invested
in Treasury and agency securities, 27% in mortgage-backed and asset-backed
securities, and 21% in corporate bonds, with the remainder held in cash and
cash equivalents. The average maturity of the Fund's holdings was 5.1 years;
the average credit quality was AAA.+
- ------
+ The composition of the Fund's holdings is subject to change.
<TABLE>
<CAPTION>
AMCORE Vintage Fixed Income Fund
Value of a $10,000 Investment
Fixed Income Fund
AMCORE Vintage Lehman Brothers Intermediate
Fixed Income Fund Government/Corp. Bond Index
<S> <C> <C>
12/15/92 10,000 10,000
3/31/93 10,454 10,396
3/31/94 10,708 10,652
3/31/95 11,079 11,127
3/31/96 12,047 12,190
3/31/97 12,426 12,776
9/30/97 13,114 13,508
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
6 Month* 1 Year 3 Year (12/15/92)
<S> <C> <C> <C> <C>
9/30/97 5.54% 7.40% 7.29% 5.82%
</TABLE>
* Aggregate total return.
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 representative of
the performance of intermediate-term government and corporate bonds. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
-7-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE FIXED TOTAL RETURN FUND
Despite daily fluctuations, interest rates traded in a relatively narrow range
throughout the period, which lessened prepayment risk. As a result, asset-
backed and mortgage-backed securities offered better value than many other
fixed-income investments. Positions in these sectors were increased over the
course of the period--and ultimately, these holdings made a strong contribution
to performance. For the six months ended September 30, 1997, the Fund produced
an aggregate total return of 5.03%.
At the end of the period, approximately 59% of the Fund's assets were invested
in Treasury and agency securities, 17% in mortgage-backed and asset-backed
securities, and 20% in corporate bonds, with the remainder held in cash and
cash equivalents. The average maturity of the Fund's holdings was 4.4 years;
the average credit quality was AAA.+
- ------
+ The composition of the Fund's holdings is subject to change.
<TABLE>
<CAPTION>
AMCORE Vintage Fixed Total Return Fund
Value of a $10,000 Investment
Fixed Total Return Fund
AMCORE Vintage Lehman Brothers Intermediate
Fixed Total Government/Corp
Return Fund Bond Index
<S> <C> <C>
6/1/95 10,000 10,000
3/31/96 10,340 10,504
9/30/96 10,460 10,758
3/31/97 10,663 11,009
9/30/97 11,199 11,640
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
6 Month* 1 Year (6/15/95)
<S> <C> <C> <C>
9/30/97 5.03% 7.07% 5.06%
</TABLE>
* Aggregate total return.
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
representative of the performance of intermediate-term government and corporate
bonds. The index does not reflect the deduction of expenses associated with a
mutual fund, such as investment management and fund accounting fees. The Fund's
performance reflects the deduction of fees for these value-added services.
-8-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE INTERMEDIATE TAX-FREE FUND
The six months ended September 30, 1997, were relatively quiet ones in the
municipal markets. Supply increased to the point that it was somewhat easier to
respond to changes in the environment, but never to the point that allowed the
levels of volatility seen in the taxable markets.
Nonetheless, we had the opportunity to eliminate several of the portfolio's
callable positions--and increase exposure in securities with more attractive
yields. As a result, for the six months ended September 30, 1997, the portfolio
produced an aggregate total return of 5.08%.
As of September 30, 1997, the portfolio was widely diversified, with holdings
in some 24 different states. As of the same date, the average maturity of the
Fund's holdings was 7.4 years; the average credit quality was AA1.+
- ------
+ The composition of the Fund's holdings is subject to change.
<TABLE>
<CAPTION>
AMCORE Vintage Intermediate Tax-Free Fund
Value of a $10,000 Investment
Intermediate Tax-Free Fund
AMCORE Vintage Merrill Lynch
Intermediate Intermediate Municipal
Tax-Free Fund Bond Index
<S> <C> <C>
2/16/93 10,000 10,000
3/31/93 10,090 9,917
3/31/94 10,372 10,151
3/31/95 10,920 10,776
3/31/96 11,731 11,810
3/31/97 12,108 12,567
9/30/97 12,723 13,257
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return
Since
Inception
6 Month* 1 Year 3 Year (2/16/93)
<S> <C> <C> <C> <C>
9/30/97 5.08% 6.58% 6.76% 5.35%
</TABLE>
* Aggregate total return.
Past performance is not predictive of future results. The value of shares in
the AMCORE Vintage Funds will fluctuate, so that the shares, when redeemed, may
be worth more or less than their original cost. The performance of the AMCORE
Vintage Intermediate Tax-Free Fund is measured against the Merrill Lynch
Intermediate Municipal Bond Index, an unmanaged index generally representative
of the performance of intermediate-term government and corporate bonds. The
index does not reflect the deduction of expenses associated with a mutual fund,
such as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
-9-
<PAGE>
PERFORMANCE REPORT AMCORE VINTAGE MUTUAL FUNDS
- --------------------------------------------------------------------------------
THE AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
While interest rates fluctuated daily, they whirled within a relatively narrow
range throughout the six months ended September 30, 1997. Rather than trying to
catch every turn in the marketplace, our efforts focused on yield enhancement.
We favored discount notes over repurchase agreements and Treasury bills, which
offered more return on a risk/reward basis.
During the period, the average maturity of the portfolio's holdings was
maintained in the 45 - 50 day range.* As we do not expect to see the Federal
Reserve make any sudden move to increase rates precipitously in the foreseeable
future, we do not expect to make any major changes in the portfolio's
structure. At the same time, we will continue to approach the markets
cautiously and emphasize yield enhancement in our security selection process.
- ------
* The composition of the Fund's holdings is subject to change.
- --------------------------------------------------------------------------------
Some of the fees of the Funds are currently being waived, resulting in higher
total returns than would occur if the full fees were charged. Although the
AMCORE U.S. Government Obligations Fund seeks to maintain a stable net asset
value of $1.00 per share, 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. or its affiliates, nor are
they insured by the FDIC or any other agency.
This literature is authorized for distribution only when preceded or
accompanied by a prospectus.
-10-
<PAGE>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 12
Statements of Operations
Page 14
Statements of Changes in Net Assets
Page 16
Schedules of Portfolio Investments
Page 19
Notes to Financial Statements
Page 36
Financial Highlights
Page 42
-11-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997
(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... $109,137,646 $396,411,343 $97,575,479 $46,091,714
Repurchase agreements,
at cost................. 33,752,839 -- -- --
------------ ------------ ----------- -----------
Total Investments
(amortized cost
$142,890,485; cost
$243,151,360;
$97,008,334 and
$44,987,078,
respectively)....... 142,890,485 398,411,343 97,575,479 46,091,714
Interest and dividends
receivable.............. 180,649 381,567 1,576,450 631,549
Receivable from brokers
for investments sold.... -- 1,170,001 -- --
Receivable for capital
shares issued........... 929 70,812 -- --
Prepaid expenses........ 3,297 28,668 2,276 1,092
------------ ------------ ----------- -----------
Total Assets......... 143,075,360 400,062,391 99,154,205 46,724,355
------------ ------------ ----------- -----------
LIABILITIES:
Dividends payable....... 574,681 -- -- --
Payable to brokers for
investments purchased... -- 1,669,745 -- --
Payable to brokers for
securities sold short
(cost $0; $474,024; $0;
and $0, respectively).. -- 518,000 -- --
Payable for capital
shares redeemed......... 512 124,542 -- --
Accrued expenses and
other payables:
Investment advisory
fees................. 48,530 242,565 48,560 23,063
Administration fees... 24,265 64,683 16,186 7,688
Administrative
services fees......... -- 80,855 20,233 9,610
Accounting fees....... 3,746 10,310 3,464 2,771
Transfer agent fees... 2,992 -- 739 821
Legal fees............ 2,185 895 824 712
Audit fees............ 14,534 15,799 12,192 10,470
Custodian fees........ 3,409 346 3,897 2,904
Printing fees......... 20,586 37,898 11,783 5,667
Other................. 4,592 2,251 1,005 1,867
------------ ------------ ----------- -----------
Total Liabilities.... 700,032 2,767,889 118,883 65,573
------------ ------------ ----------- -----------
NET ASSETS:
Paid-in capital......... 142,442,763 204,805,770 101,232,558 45,547,211
Accumulated
undistributed
(distributions in
excess of)
net investment income.. (51,068) (38,825) 88,024 26,935
Net unrealized
appreciation
(depreciation) on
investments............ -- 155,216,007 567,145 1,104,636
Accumulated
undistributed net
realized gains (losses)
on investment
transactions........... (16,367) 37,311,550 (2,852,405) (20,000)
------------ ------------ ----------- -----------
Net Assets............ $142,375,328 $397,294,502 $99,035,322 $46,658,782
============ ============ =========== ===========
Outstanding units of
beneficial interest
(shares)............... 142,442,884 18,807,548 9,947,594 4,428,438
============ ============ =========== ===========
Net asset value--
offering and redemption
price per share........ $ 1.00 $ 21.12 $ 9.96 $ 10.54
============ ============ =========== ===========
</TABLE>
See notes to financial statements.
-12-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
AGGRESSIVE
BALANCED FIXED TOTAL GROWTH
FUND RETURN FUND FUND
----------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $36,517,181;
$40,662,156; and $60,956,487,
respectively)........................... $44,947,563 $40,861,071 $81,340,775
Interest and dividends receivable........ 247,475 479,794 66,991
Receivable from brokers for investments
sold..................................... 35,552 -- 822,972
Receivable for capital shares issued..... 8,588 1,275 26,932
Prepaid expenses......................... 9,482 1,092 14,779
----------- ----------- -----------
Total Assets......................... 45,248,660 41,343,232 82,272,449
----------- ----------- -----------
LIABILITIES:
Payable to brokers for investments
purchased................................ 390,700 -- --
Payable to brokers for securities sold
short (cost $35,552; $0;
and $50,365, respectively).............. 38,850 -- 55,038
Payable for capital shares redeemed...... 15,573 -- 6,550
Accrued expenses and other payables:
Investment advisory fees............... 27,121 25,238 62,411
Administration fees.................... 7,232 6,730 13,139
Administrative services fees........... 9,041 8,413 16,424
Accounting fees........................ 1,603 1,338 2,136
Transfer agent fees.................... -- 251 --
Legal fees............................. 808 191 390
Audit fees............................. 2,301 1,116 2,102
Custodian fees......................... 3,053 1,586 3,273
Printing fees.......................... 4,827 4,510 3,446
Other.................................. 1,989 1,882 373
----------- ----------- -----------
Total Liabilities.................... 503,098 51,255 165,282
----------- ----------- -----------
NET ASSETS:
Paid-in capital.......................... 35,995,705 41,676,574 60,112,087
Accumulated undistributed (distributions
in excess of)
net investment income................... 7,049 17,220 (254,461)
Net unrealized appreciation
(depreciation) on investments........... 8,427,084 198,915 20,379,615
Accumulated undistributed net realized
gains (losses)
on investment transactions.............. 315,724 (600,732) 1,869,926
----------- ----------- -----------
Net Assets............................... $44,745,562 $41,291,977 $82,107,167
=========== =========== ===========
Outstanding units of beneficial interest
(shares)................................ 3,187,703 4,160,940 5,146,641
=========== =========== ===========
Net asset value--offering and redemption
price per share......................... $ 14.04 $ 9.92 $ 15.95
=========== =========== ===========
</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, 1997
(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.............. $4,220,877 $ -- $3,137,741 $1,138,380
Dividend income.............. -- 2,563,137 87,221 13,283
---------- ----------- ---------- ----------
Total Income............... 4,220,877 2,563,137 3,224,962 1,151,663
---------- ----------- ---------- ----------
EXPENSES:
Investment advisory fees..... 308,952 1,398,770 289,853 138,882
Administration fees.......... 154,477 373,006 96,618 46,294
Administrative services fees. -- 466,257 120,772 57,868
Distribution and shareholder
service fees................. 193,097 466,256 120,772 57,868
Accounting fees.............. 14,728 54,659 8,885 3,806
Custodian fees............... -- -- 4,208 3,843
Legal fees................... 2,961 6,954 1,681 686
Audit fees................... 15,083 14,746 12,510 10,543
Trustees' fees and expenses.. 4,300 8,464 2,493 1,155
Transfer agent fees.......... 32,728 35,219 14,431 12,988
Registration and filing fees. 13,471 18,118 7,824 7,590
Printing costs............... 15,730 35,101 8,930 3,702
Other........................ 3,012 6,408 2,277 1,104
---------- ----------- ---------- ----------
Total Expenses............. 758,539 2,883,958 691,254 346,329
---------- ----------- ---------- ----------
Less: Expenses voluntarily
reduced/waived............... (193,097) (466,256) (120,772) (57,868)
---------- ----------- ---------- ----------
Net Expenses............... 565,442 2,417,702 570,482 288,461
---------- ----------- ---------- ----------
Net Investment Income........ 3,655,435 145,435 2,654,480 863,202
---------- ----------- ---------- ----------
REALIZED/UNREALIZED GAINS
(LOSSES) FROM INVESTMENTS:
Net realized gains (losses)
from investment
transactions................ -- 24,455,931 (117,426) 125,164
Net change in unrealized
appreciation (depreciation)
from investments............ -- 62,009,383 2,620,476 1,283,279
---------- ----------- ---------- ----------
Net realized and unrealized
gains from investments....... -- 86,465,314 2,503,050 1,408,443
---------- ----------- ---------- ----------
Change in net assets
resulting from operations.... $3,655,435 $86,610,749 $5,157,530 $2,271,645
========== =========== ========== ==========
</TABLE>
See notes to financial statements.
-14-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FIXED AGGRESSIVE
BALANCED TOTAL RETURN GROWTH
FUND FUND FUND
---------- ------------ -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income.......................... $ 183,183 $1,244,221 $ 1,069
Dividend income.......................... 356,951 49,882 262,679
---------- ---------- -----------
Total Income........................... 540,134 1,294,103 263,748
---------- ---------- -----------
EXPENSES:
Investment advisory fees................. 145,843 149,764 307,422
Administration fees...................... 38,892 39,937 64,720
Administrative services fees............. 48,614 49,921 80,900
Distribution and shareholder service
fees..................................... 48,615 49,924 80,900
Accounting fees.......................... 8,204 7,512 11,092
Custodian fees........................... 3,920 1,624 4,782
Legal fees............................... 1,156 986 915
Audit fees............................... 1,086 1,578 2,219
Trustees' fees and expenses.............. 1,200 1,052 1,384
Transfer agent fees...................... 9,274 16,053 27,179
Registration and filing fees............. 4,471 3,481 6,221
Printing costs........................... 5,214 3,447 4,269
Other.................................... 2,239 2,036 2,265
---------- ---------- -----------
Total Expenses......................... 318,728 327,315 594,268
---------- ---------- -----------
Less: Expenses voluntarily
reduced/waived........................... (48,615) (49,924) (80,900)
---------- ---------- -----------
Net Expenses........................... 270,113 277,391 513,368
---------- ---------- -----------
Net Investment Income (Loss)............. 270,021 1,016,712 (249,620)
---------- ---------- -----------
REALIZED/UNREALIZED GAINS (LOSSES)
FROM INVESTMENTS:
Net realized gains (losses) from
investment transactions.................. 151,815 (24,924) 948,146
Net change in unrealized appreciation
(depreciation)
from investments........................ 6,512,931 986,772 17,542,832
---------- ---------- -----------
Net realized and unrealized gains
(losses) from investments................ 6,664,746 961,848 18,490,978
---------- ---------- -----------
Change in net assets resulting from
operations............................... $6,934,767 $1,978,560 $18,241,358
========== ========== ===========
</TABLE>
See notes to financial statements.
-15-
<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,
1997 1997 1997 1997
---------------------------------- ------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income.. $ 3,655,435 $ 6,824,309 $ 145,435 $ 781,655
Net realized gains from
investment
transactions.......... -- -- 24,455,931 17,515,873
Net change in
unrealized
appreciation
(depreciation) from
investments........... -- -- 62,009,383 39,007,591
---------------- ---------------- ------------ ------------
Change in net assets
resulting from
operations............. 3,655,435 6,824,309 86,610,749 57,305,119
---------------- ---------------- ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................ (3,607,147) (6,824,309) (219,733) (770,677)
From net realized
gains................. -- (98,019) -- (7,793,542)
---------------- ---------------- ------------ ------------
Change in net assets
from shareholder
distributions.......... (3,607,147) (6,922,328) (219,733) (8,564,219)
---------------- ---------------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 255,584,577 432,771,449 47,481,475 112,226,792
Dividends reinvested... 796,227 1,185,207 128,821 5,670,815
Cost of shares
redeemed.............. (272,751,969) (428,996,222) (46,375,828) (67,919,225)
---------------- ---------------- ------------ ------------
Change in net assets
from capital
transactions............ (16,371,165) 4,960,434 1,234,468 49,978,382
---------------- ---------------- ------------ ------------
Change in net assets.... (16,322,877) 4,862,415 87,625,484 98,719,282
NET ASSETS:
Beginning of period.... 158,698,205 153,835,790 309,669,018 210,949,736
---------------- ---------------- ------------ ------------
End of period.......... $ 142,375,328 $ 158,698,205 $397,294,502 $309,669,018
================ ================ ============ ============
SHARE TRANSACTIONS:
Issued................. 255,584,577 432,771,570 2,480,948 6,780,632
Reinvested............. 796,227 1,185,207 6,427 345,069
Redeemed............... (272,751,969) (428,996,222) (2,359,271) (3,010,465)
---------------- ---------------- ------------ ------------
Change in shares........ (16,371,165) 4,960,555 128,104 4,115,236
================ ================ ============ ============
</TABLE>
See notes to financial statements.
-16-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-
FIXED INCOME FUND FREE FUND
--------------------------- -------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
1997 1997 1997 1997
------------- ------------ ------------- -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income.. $ 2,654,480 $ 4,858,498 $ 863,202 $ 1,591,494
Net realized gains
(losses) from
investment
transactions.......... (117,426) (708,174) 125,164 (3,897)
Net change in
unrealized
appreciation
(depreciation) from
investments........... 2,620,476 (1,520,708) 1,283,279 (249,407)
------------ ------------ ----------- -----------
Change in net assets
resulting from
operations.............. 5,157,530 2,629,616 2,271,645 1,338,190
------------ ------------ ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................ (2,652,077) (4,793,251) (862,845) (1,588,011)
------------ ------------ ----------- -----------
Change in net assets
from shareholder
distributions.......... (2,652,077) (4,793,251) (862,845) (1,588,011)
------------ ------------ ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 15,414,368 24,458,873 6,531,095 11,376,829
Dividends reinvested... 349,597 587,764 134,673 265,066
Cost of shares
redeemed.............. (11,265,297) (15,603,369) (6,579,693) (8,664,123)
------------ ------------ ----------- -----------
Change in net assets
from capital
transactions............ 4,498,668 9,443,268 86,075 2,977,772
------------ ------------ ----------- -----------
Change in net assets.... 7,004,121 7,279,633 1,494,875 2,727,951
NET ASSETS:
Beginning of period.... 92,031,201 84,751,568 45,163,907 42,435,956
------------ ------------ ----------- -----------
End of period.......... $ 99,035,322 $ 92,031,201 $46,658,782 $45,163,907
============ ============ =========== ===========
SHARE TRANSACTIONS:
Issued................. 1,564,135 2,480,499 630,444 1,106,061
Reinvested............. 35,541 59,833 12,944 25,768
Redeemed............... (1,141,403) (1,586,621) (634,434) (845,708)
------------ ------------ ----------- -----------
Change in shares........ 458,273 953,711 8,954 286,121
============ ============ =========== ===========
</TABLE>
See notes to financial statements.
-17-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FIXED AGGRESSIVE
BALANCED FUND TOTAL RETURN FUND 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,
1997 1997 1997 1997 1997 1997
------------- ----------- ------------- ------------ ------------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income
(loss)................ $ 270,021 $ 292,146 $ 1,016,712 $ 2,119,127 $ (249,620) $ (241,505)
Net realized gains
(losses) from
investment
transactions.......... 151,815 229,926 (24,924) (539,307) 948,146 1,189,580
Net change in
unrealized
appreciation
(depreciation) from
investments........... 6,512,931 643,518 986,772 (348,677) 17,542,832 1,285,550
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets
resulting from
operations............. 6,934,767 1,165,590 1,978,560 1,231,143 18,241,358 2,233,625
----------- ----------- ----------- ------------ ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................ (257,056) (293,564) (1,031,110) (2,124,369) -- --
In excess of net
investment income..... -- -- -- -- -- (4,877)
From net realized
gains................. -- (596,340) -- -- -- --
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets
from shareholder
distributions.......... (257,056) (889,904) (1,031,110) (2,124,369) -- (4,877)
----------- ----------- ----------- ------------ ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................ 8,291,883 20,975,187 4,595,171 13,219,052 24,195,333 28,518,330
Dividends reinvested... 252,940 876,475 953,160 2,000,529 -- 2,073
Cost of shares
redeemed.............. (2,489,087) (3,631,246) (4,038,613) (16,669,940) (9,742,892) (4,654,513)
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets
from capital
transactions........... 6,055,736 18,220,416 1,509,718 (1,450,359) 14,452,441 23,865,890
----------- ----------- ----------- ------------ ----------- -----------
Change in net assets.... 12,733,447 18,496,102 2,457,168 (2,343,585) 32,693,799 26,094,638
NET ASSETS:
Beginning of period.... 32,012,115 13,516,013 38,834,809 41,178,394 49,413,368 23,318,730
----------- ----------- ----------- ------------ ----------- -----------
End of period.......... $44,745,562 $32,012,115 $41,291,977 $ 38,834,809 $82,107,167 $49,413,368
=========== =========== =========== ============ =========== ===========
SHARE TRANSACTIONS:
Issued................. 627,484 1,746,733 465,077 1,340,011 1,672,615 2,397,474
Reinvested............. 18,696 73,663 96,673 204,763 -- 169
Redeemed............... (189,417) (308,789) (410,381) (1,697,121) (679,217) (388,428)
----------- ----------- ----------- ------------ ----------- -----------
Change in shares........ 456,763 1,511,607 151,369 (152,347) 993,398 2,009,215
=========== =========== =========== ============ =========== ===========
</TABLE>
See notes to financial statements.
-18-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- ---------------------------------------------------- ------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (76.7%):
Federal Farm Credit Bank:
$10,000,000 5.50%**, 11/19/97................................... $ 9,926,908
Federal Home Loan Bank:
10,000,000 5.49%**, 10/17/97................................... 9,976,267
10,000,000 5.49%**, 10/27/97................................... 9,961,433
10,000,000 5.58%**, 12/24/97................................... 9,874,000
Federal National Mortgage Assoc.:
10,000,000 5.36%**, 11/7/97.................................... 9,944,911
10,000,000 5.58%**, 11/10/97................................... 9,940,000
10,000,000 5.50%**, 11/26/97................................... 9,917,245
10,000,000 5.54%**, 12/9/97.................................... 9,896,692
10,000,000 5.56%**, 12/30/97................................... 9,865,750
10,000,000 5.57%**, 1/16/98.................................... 9,839,500
5,000,000 5.71%**, 6/23/98.................................... 4,998,547
5,000,000 5.75%**, 6/30/98.................................... 4,996,393
------------
Total U.S. Government Agency 109,137,646
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- -------------------------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (23.7%):
$18,752,839 Bear Stearns, 5.90%*, 10/1/97 (Purchased on
9/30/97, proceeds at maturity $18,755,912;
Collateralized by $37,058,000 various U.S.
Government securities, 0.00--6.37%,
2/15/99--8/15/24, market value $19,645,435)...... $ 18,752,839
15,000,000 Merrill Lynch, 5.85%*, 10/1/97 (Purchased on
8/22/97, proceeds at maturity $15,011,354;
Collateralized by $10,989,000 U.S. Treasury
Bonds, 11.63--12.00%, 11/15/04--5/15/05, market
value $15,327,325)............................... 15,000,000
------------
Total Repurchase Agreements 33,752,839
------------
Total (Cost--$142,890,485) (a) $142,890,485
============
</TABLE>
- ------
Percentages indicated are based on net assets of $142,375,328.
(a)Amortized cost also represents cost for federal income tax purposes.
*Variable rate security. Interest rate is as of September 30, 1997. Maturity
date reflects the next rate change date.
**Effective yield at date of purchase.
See notes to financial statements.
-19-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS (99.6%):
Aerospace/Defense (2.1%):
30,000 Boeing Co............................................. $ 1,633,125
120,000 Sundstrand Corp....................................... 6,915,000
------------
8,548,125
------------
Banking (6.9%):
100,000 BankAmerica Corp...................................... 7,331,250
30,000 Bankers Trust New York Corp........................... 3,675,000
120,000 First Union Corp...................................... 6,007,500
90,000 NationsBank Corp...................................... 5,568,750
80,000 Norwest Corp.......................................... 4,900,000
------------
27,482,500
------------
Beverages--Soft Drinks (2.5%):
55,000 Coca-Cola Co.......................................... 3,351,563
160,000 PepsiCo, Inc.......................................... 6,490,000
------------
9,841,563
------------
Chemicals (4.2%):
130,000 Avery Dennison Corp................................... 5,200,000
80,000 Imperial Chemical..................................... 5,290,000
160,000 Monsanto Co........................................... 6,240,000
------------
16,730,000
------------
Computer Hardware (4.3%):
80,000 3Com Corp............................................. 4,100,000
80,000 Cisco Systems, Inc. (b)............................... 5,845,000
100,000 Compaq Computer Corp. (b)............................. 7,475,000
------------
17,420,000
------------
Computer--Software & Peripherals (1.9%):
25,000 Microsoft (b)......................................... 3,307,812
100,000 Parametric Technology Corp............................ 4,412,500
------------
7,720,312
------------
Consumer Goods & Services (4.3%):
75,000 Colgate Palmolive Co.................................. 5,226,563
72,000 Gillette Co........................................... 6,214,500
80,000 Procter & Gamble Co................................... 5,525,000
------------
16,966,063
------------
Defense (1.4%):
92,000 Raytheon Co........................................... 5,439,500
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Diversified Operations (5.1%):
150,000 AlliedSignal, Inc..................................... $ 6,375,000
140,000 Corning, Inc.......................................... 6,615,000
110,000 Textron, Inc.......................................... 7,150,000
------------
20,140,000
------------
Electrical & Electronic (4.4%):
130,000 Emerson Electric Co................................... 7,491,250
144,800 General Electric Co................................... 9,855,450
------------
17,346,700
------------
Electronic Equipment & Components (2.3%):
90,000 AMP, Inc.............................................. 4,820,625
70,000 Avnet, Inc............................................ 4,449,375
------------
9,270,000
------------
Entertainment (1.7%):
86,000 Walt Disney Co........................................ 6,933,750
------------
Financial Services (6.1%):
60,000 American Express Co................................... 4,912,500
120,000 Fannie Mae............................................ 5,640,000
160,000 Federal Home Loan Mortgage Corp....................... 5,640,000
170,000 Green Tree Financial Corp............................. 7,990,000
------------
24,182,500
------------
Food Processing (1.3%):
80,000 ConAgra, Inc.......................................... 5,280,000
------------
Health Care (2.7%):
120,000 Baxter International, Inc............................. 6,270,000
200,000 MedPartners, Inc. (b)................................. 4,287,500
------------
10,557,500
------------
Home Furnishing (1.3%):
130,000 Newell Co............................................. 5,200,000
------------
Industrial Goods & Services (1.5%):
75,000 United Technologies Corp.............................. 6,075,000
------------
Insurance (4.2%):
70,000 Allstate Corp......................................... 5,626,250
54,000 American International Group, Inc..................... 5,572,125
140,000 SunAmerica, Inc....................................... 5,486,250
------------
16,684,625
------------
</TABLE>
Continued
-20-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Manufacturing--Capital Goods (1.2%):
100,000 Diebold, Inc.......................................... $ 4,737,500
------------
Medical Equipment & Supplies (4.1%):
100,000 Boston Scientific Corp. (b)........................... 5,518,750
144,000 Medtronic, Inc........................................ 6,768,000
110,000 St. Jude Medical, Inc. (b)............................ 3,856,875
------------
16,143,625
------------
Newspaper & Publishing (2.2%):
40,000 Gannett, Inc.......................................... 4,317,500
80,000 Tribune Co. .......................................... 4,265,000
------------
8,582,500
------------
Office Equipment & Services (1.1%):
60,000 Hewlett-Packard Co.................................... 4,173,750
------------
Oil & Gas Exploration, Production & Services (4.7%):
40,000 Amoco Corp............................................ 3,855,000
80,000 Enron Oil & Gas....................................... 1,780,000
150,000 Global Marine, Inc. (b)............................... 4,987,500
38,000 Mobil Corp............................................ 2,812,000
60,000 Schlumberger Ltd...................................... 5,051,250
------------
18,485,750
------------
Paper Products (1.2%):
100,000 Fort James Corp....................................... 4,581,250
------------
Pharmaceuticals (12.1%):
120,000 Agouron Pharmaceuticals, Inc. (b)..................... 5,775,000
110,000 American Home Products Corp........................... 8,030,000
60,000 Bristol-Myers Squibb Co............................... 4,965,000
60,000 Lilly (Eli) & Co. .................................... 7,226,250
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Pharmaceuticals, continued:
150,000 Mylan Laboratories.................................... $ 3,365,625
140,000 Pfizer, Inc........................................... 8,408,750
75,000 Warner Lambert Co. ................................... 10,120,312
------------
47,890,937
------------
Photographic Products (1.6%):
100,000 Eastman Kodak Co. .................................... 6,493,750
------------
Retail--General Merchandise (3.7%):
60,000 Dayton Hudson Corp. .................................. 3,596,250
100,000 May Department Stores Co. ............................ 5,450,000
100,000 Sears Roebuck & Co. .................................. 5,693,750
------------
14,740,000
------------
Retail--Specialty Stores (2.9%):
120,000 Home Depot, Inc....................................... 6,255,000
200,000 Walgreen Co. ......................................... 5,125,000
------------
11,380,000
------------
Semiconductors (2.0%):
88,000 Intel Corp. .......................................... 8,123,500
------------
Telecommunication (2.8%):
130,000 GTE Corp. ............................................ 5,898,750
150,000 WorldCom, Inc. (b).................................... 5,306,250
------------
11,205,000
------------
Telecommunications--Services & Equipment (1.8%):
90,000 Lucent Technologies................................... 7,323,750
------------
Total Common Stocks 395,679,450
------------
</TABLE>
Continued
-21-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
INVESTMENT COMPANIES (0.7%):
2,731,893 AMCORE Vintage U.S. Government Obligation Fund........ $ 2,731,893
------------
Total Investment Companies 2,731,893
------------
Total (Cost--$243,151,360) (a) $398,411,343
============
</TABLE>
- ------
Percentages indicated are based on net assets of $397,294,502.
(a) Represents cost for federal tax purposes and differs from market value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation. $158,236,542
Unrealized depreciation. (2,976,559)
------------
Net unrealized
appreciation............ $155,259,983
============
</TABLE>
(b) Represents non-income producing securities.
SECURITIES SOLD SHORT:
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
-------- ---------------- ---------
<C> <S> <C>
(16,000) Tricon Global
Restaurants.... $(518,000)
=========
Unrealized
depreciation... $ (43,976)
=========
</TABLE>
See notes to financial statements.
-22-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERAL MORTGAGE OBLIGATION (16.5%):
Farmer Mac:
$2,495,000 7.59%, 1/25/02........................................ $ 2,587,783
Federal Home Loan Mortgage Corp.:
2,067,715 6.50%, 10/15/21....................................... 2,060,354
Federal National Conventional Loan:
1,799,282 7.50%, 7/1/16......................................... 1,841,943
Federal National Mortgage Assoc.:
2,053,639 7.00%, 8/25/06........................................ 2,066,474
823,404 6.60%, 4/25/17........................................ 825,199
Freddie Mac:
2,000,000 7.00%, 4/15/09........................................ 2,012,920
Prudential Home Mortgage Securities:
2,914,782 7.15%, 3/25/24........................................ 2,909,302
Ryland Mortgage Securities Corp.:
2,004,831 7.50%, 8/25/24........................................ 2,031,134
-----------
Total Collateral Mortgage Obligation 16,335,109
-----------
CORPORATE BONDS (31.0%):
Asset-Backed (10.0%):
2,000,000 Bear Asset Trust Securities, 6.69%, 6/15/03........... 2,005,625
2,000,000 Green Tree Financial Corp., 7.30%, 1/15/28............ 2,027,500
2,000,000 IMC Home Equity Loan, 7.11%, 8/25/14.................. 2,030,680
1,827,901 NationsCredit Grantor Trust, 6.75%, 8/15/13........... 1,847,894
2,000,000 Olympic Auto, 6.25%, 11/15/04......................... 2,003,740
-----------
9,915,439
-----------
Banking (2.5%):
1,000,000 First Union Corp., 7.05%, 8/1/05...................... 1,018,170
1,000,000 NationsBank Corp., 6.63%, 1/15/98..................... 1,002,750
500,000 Northern Trust Co., 6.50%, 5/1/03..................... 498,105
-----------
2,519,025
-----------
Financial Services (8.7%):
1,000,000 Associates Corp., 7.50%, 4/15/02...................... 1,042,180
1,000,000 Commercial Credit Corp., 6.88%, 5/1/02................ 1,016,860
500,000 Ford Motor Credit Corp., 7.50%, 1/27/03............... 522,115
3,000,000 ITT Hartford, 7.30%, 11/1/15.......................... 3,000,750
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------ -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED
Financial Services, continued
$1,000,000 Norwest Financial, Inc.,
7.50%, 4/15/05......... $ 1,051,790
1,000,000 Smith Barney, 6.88%,
6/15/05................ 1,006,360
1,000,000 Travelers/Aetna, 6.75%,
4/15/01................ 1,013,130
-----------
8,653,185
-----------
Home Furnishing (1.0%):
1,000,000 Newell Co., 6.40%,
6/10/02................ 990,680
-----------
Industrial Goods & Services (1.3%):
1,000,000 Du Pont (E. I.) de
Nemours & Co., 6.42%,
11/20/97............... 1,000,840
250,000 Du Pont (E. I.) de
Nemours & Co., 8.65%,
12/1/97................ 251,147
-----------
1,251,987
-----------
Restaurants (0.2%):
211,667 Secured Restaurant
Trust, 10.25%,
11/15/00............... 228,920
-----------
Retail Stores (3.7%):
3,000,000 Penney J.C. & Co.,
7.38%, 8/15/08......... 3,134,610
500,000 Sears Roebuck & Co.,
8.02%, 12/28/98........ 512,590
-----------
3,647,200
-----------
Telecommunications (2.3%):
250,000 AT&T Corp., 8.20%,
2/15/05, callable
2/15/00 @ 100.......... 260,077
1,000,000 GTE Florida, Inc.,
6.25%, 11/15/05........ 977,250
1,000,000 United Telephone Co. of
Florida, 7.25%,
12/15/04............... 1,038,820
-----------
2,276,147
-----------
Utilities--Electric (1.3%):
250,000 Central Power & Light
Co., 6.63%, 1/1/98..... 250,153
1,000,000 Florida Power & Light,
6.88%, 4/1/04, callable
@ 102.................. 1,009,900
-----------
1,260,053
-----------
Total Corporate Bonds 30,742,636
-----------
</TABLE>
Continued
-23-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS (2.1%):
Michigan (1.0%):
$1,000,000 Detroit Michigan Building Authority, 6.60%, 7/1/03... $ 1,011,140
-----------
Wisconsin (1.1%):
1,000,000 Wisconsin Housing, 7.98%, 3/1/21, callable 3/1/07 @
102................................................. 1,037,230
-----------
Total Municipal Bonds 2,048,370
-----------
U.S. GOVERNMENT AGENCIES (13.0%):
Federal Home Loan Banks:
2,000,000 5.44%*, 10/1/97...................................... 2,000,000
Federal Home Loan Mortgage Corp.:
1,250,000 7.05%, 3/24/04, callable 3/24/97
@ 100............................................... 1,245,700
Federal National Mortgage Assoc.:
2,000,000 6.83%, 4/2/03, callable 4/2/99 @ 100................. 2,005,500
2,500,000 7.41%, 8/17/05, callable 8/17/98
@ 100............................................... 2,508,600
1,000,000 8.00%, 6/21/06, callable 6/21/99
@ 100............................................... 1,023,590
2,000,000 7.33%, 6/19/07, callable 6/19/00
@ 100............................................... 2,019,380
2,000,000 7.50%, 11/15/06, callable 11/15/99
@ 100............................................... 2,024,060
-----------
Total U.S. Government Agencies 12,826,830
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. TREASURY NOTES (33.1%):
$1,500,000 7.88%, 1/15/98........................................ $ 1,510,785
1,000,000 7.13%, 10/15/98....................................... 1,014,530
1,000,000 6.25%, 3/31/99........................................ 1,007,030
3,000,000 6.75%, 6/30/99........................................ 3,046,860
1,000,000 6.88%, 8/31/99........................................ 1,018,910
3,500,000 6.38%, 1/15/00........................................ 3,539,375
1,500,000 6.25%, 5/31/00........................................ 1,513,590
2,000,000 6.13%, 9/30/00........................................ 2,011,880
1,000,000 6.63%, 4/30/02........................................ 1,023,910
4,000,000 6.25%, 2/15/03........................................ 4,038,120
3,000,000 6.50%, 5/15/05........................................ 3,063,750
5,000,000 5.88%, 11/15/05....................................... 4,907,800
5,000,000 6.50%, 10/15/06....................................... 5,107,050
-----------
Total U.S. Treasury Notes 32,803,590
-----------
INVESTMENT COMPANIES (2.8%):
2,818,944 AMCORE Vintage U.S. Government Obligation Fund........ 2,818,944
-----------
Total Investment Companies 2,818,944
-----------
Total (Cost--$97,008,334) (a) $97,575,479
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $99,035,322.
(a) Represents cost for federal tax purposes and differs from market value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.... $1,082,704
Unrealized depreciation.... (515,559)
----------
Net unrealized
appreciation............... $ 567,145
==========
</TABLE>
* Effective yield at date of purchase.
See notes to financial statements.
-24-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS (93.2%):
Alaska (2.2%):
$1,000,000 Alaska Student Loan Corp. Revenue Bonds, 5.63%,
7/1/07, callable 7/1/05 @ 100....................... $ 1,033,830
-----------
Connecticut (2.1%):
1,000,000 Connecticut State Municipal Electric Energy Co-Op.,
5.00%, 1/1/11....................................... 996,090
-----------
Delaware (1.1%):
500,000 Sussex County, GO, 4.90%, 10/15/01, callable 4/15/00
@ 101............................................... 512,315
-----------
Florida (4.4%):
500,000 Florida School Boards Assoc., Lease Revenue, 6.75%,
7/1/04, callable 7/1/00 @ 100....................... 534,520
500,000 Jacksonville, Electric Authority Revenue, Refunding,
Saint Johns River, Issue 2, Series 8, 5.13%,
10/1/07, callable 10/1/02 @ 101 & 10/1/03 @ 103..... 512,840
500,000 Martin County, Florida, GO, 4.25%, 2/1/01............ 501,055
500,000 State of Florida Board of Education, GO, 5.13%,
6/1/05.............................................. 521,365
-----------
2,069,780
-----------
Georgia (3.4%):
1,000,000 Atlanta, GO, 5.00%, 12/1/07, callable 12/1/06 @ 100.. 1,030,340
500,000 Atlanta Revenue Bonds, 5.75%, 1/1/08................. 531,310
-----------
1,561,650
-----------
Idaho (1.1%):
500,000 Meridian Joint School District #2, Idaho, GO, 5.00%,
7/30/03............................................. 518,905
-----------
Illinois (15.7%):
200,000 Cherry Valley GO, 6.60%, 1/1/01...................... 213,870
500,000 Chicago Illinois Metropolitan Water Capital
Improvement, GO, 5.00%, 12/1/02..................... 515,105
500,000 Chicago Illinois Metropolitan Water Capital
Improvement, GO, 5.25%, 12/1/04..................... 522,110
500,000 Chicago O'Hare International Airport, 6.38%, 1/1/04,
callable 1/1/02 @ 102 and 1/1/03 @ 101.............. 540,510
465,000 Illinois Housing Development Authority, Single Family
Mortgage Revenue, 6.50%, 2/1/09..................... 499,257
1,000,000 Illinois State Sales Tax Revenue, Series S, 5.00%,
6/15/09............................................. 1,016,790
300,000 Illinois Student Assistance Commission, Student Loan
Revenue, Series M, GSL, 6.30%, 3/1/03............... 314,532
500,000 Kane County Motor Fuel Transport Tax Revenue, 5.40%,
3/1/06, callable 3/1/01 @ 102.50.................... 522,555
500,000 Kane County Public Building C, Elgin Community
College 509-B, 5.75%, 12/1/10....................... 519,025
1,000,000 Kendall & Kane Counties CSD #115 Yorkville, 5.65%,
1/1/08, callable 1/1/07 @100........................ 1,060,370
300,000 Metropolitan Pier & Exposition Authority, State Tax
Revenue, 5.20%, 6/15/99............................. 305,472
400,000 Sangamon County, Certificate of Participation, 6.40%,
12/1/00............................................. 424,004
100,000 Sterling Hospital Revenue, CGH Medical Center
Project, 5.65%, 5/1/99.............................. 101,665
250,000 Winnebago County, School District 122, GO, 5.75%,
6/1/01.............................................. 263,123
500,000 Winnebago & Boone Counties, Rockford School District
Number 205, School Bonds, Series 1992 C,
5.25%, 2/1/01....................................... 515,840
-----------
7,334,228
-----------
</TABLE>
Continued
-25-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED
Indiana (12.6%):
$1,000,000 Carmel, Redevelopment Authority, County Option,
5.25%, 7/1/12, callable 7/1/06 @ 101................ $ 999,910
1,000,000 Evansville, Building Authority, 5.30%, 8/1/08........ 1,039,220
500,000 Indiana Bond Bank (Elkhart Water/Sewer Refunding
Bonds), 5.55%, 11/1/10, callable 11/1/04 @ 102...... 518,900
1,000,000 Indianapolis, Indiana Airport Authority Revenue,
5.75%, 7/1/05....................................... 1,069,490
1,000,000 Indianapolis Public Transportation, 6.00%, 7/1/10,
callable 7/1/03 @ 102............................... 1,059,570
1,000,000 Kokomo-Center, School Building Corp., 6.75%, 7/15/04. 1,125,970
-----------
5,813,060
-----------
Iowa (2.8%):
500,000 Iowa State Certificate of Participation, 6.50%,
7/1/06, callable 7/1/02 @ 102 & 7/1/04 @ 100........ 550,185
500,000 Iowa Student Loan, 5.75%, 12/1/06.................... 520,185
250,000 Iowa Student Loan Liquidity Corp., Series A, 5.35%,
12/1/02............................................. 256,672
-----------
1,327,042
-----------
Massachusetts (2.2%):
500,000 Massachusetts Bay Transportation Authority, 5.30%,
3/1/08, callable 3/1/06 @ 101....................... 519,455
500,000 Massachusetts Education Loan Authority, 5.60%,
7/1/06, callable 7/1/05 @ 102....................... 522,095
-----------
1,041,550
-----------
Minnesota (2.2%):
1,000,000 Minneapolis Refunding, Series A, 5.10%, 12/1/08,
callable 12/1/05 @ 100.............................. 1,030,230
-----------
Nevada (2.2%):
500,000 Clark County, Sanitation District, 5.60%, 7/1/07,
callable 7/1/03 @ 101............................... 525,210
500,000 State of Nevada, 4.40%, 11/1/01...................... 503,330
-----------
1,028,540
-----------
New Jersey (1.1%):
500,000 New Jersey Wastewater Treatment Trust, Series A,
4.80%, 9/1/06....................................... 512,750
-----------
New Mexico (2.2%):
500,000 Albuquerque School Disrict #12, 5.30%, 8/1/08,
callable 8/1/03 @ 100............................... 513,585
500,000 New Mexico Educational Assistance, 5.75%, 8/1/07..... 522,495
-----------
1,036,080
-----------
Ohio (0.4%):
190,000 Student Loan Funding Corp., Series C, 5.50%, 12/1/01. 194,167
-----------
Rhode Island (1.6%):
500,000 Rhode Island State, 4.90%, 6/15/04................... 511,730
250,000 Rhode Island State Construction, Capital Development
Loan, Series B, 6.00%, 5/15/99...................... 257,460
-----------
769,190
-----------
</TABLE>
Continued
-26-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED
South Dakota (1.1%):
$ 500,000 South Dakota Student Loan, 5.85%, 8/1/00............. $ 513,595
-----------
Tennessee (2.3%):
1,000,000 Metropolitan Government Nashville & Davidson
Counties, 5.50%, 7/1/08, callable 7/1/06 @ 101...... 1,059,010
-----------
Texas (6.8%):
500,000 Austin, Airport Revenue, 5.50%, 11/15/06............. 530,140
500,000 Dallas Water & Sewer, 4.90%, 4/1/04, callable 4/1/03
@ 100............................................... 510,630
900,000 Sam Rayburn, Texas Municipal Power Agency, 6.00%,
9/1/10, callable 9/1/98 @ 100....................... 1,000,287
1,000,000 San Antonio, Series A, GO, 6.00%, 8/1/08............. 1,114,730
-----------
3,155,787
-----------
Utah (1.2%):
500,000 Salt Lake County, 5.50%, 12/15/04.................... 535,220
-----------
Virginia (2.7%):
1,000,000 Virginia Beach, Refunding, 5.40%, 9/1/09............. 1,054,870
195,000 Virginia Educational Loan Authority, Series E, 5.50%,
3/1/01.............................................. 202,316
-----------
1,257,186
-----------
Washington (9.5%):
1,000,000 Benton County, Public Utility, Refunding, 5.45%,
11/1/08, callable 11/1/07 @ 100..................... 1,049,490
800,000 Grant County, Washington Public Utilities Hydro-
Electric, 5.60%, 1/1/10, callable 1/1/08 @ 100...... 837,288
500,000 Seattle, Water System Revenue, 4.70%, 12/1/00........ 507,915
1,000,000 Thurston County, School District #111, 5.00%,
12/1/10, callable 12/1/06 @ 100..................... 999,930
500,000 Washington State, 6.80%, 10/1/02, callable 10/1/99 @
100................................................. 525,805
500,000 Washington State GO, 5.35%, 9/1/06, callable 9/1/05 @
100................................................. 525,650
-----------
4,446,078
-----------
Wisconsin (11.7%):
500,000 City of Beloit, Sewer System Revenue Bond, 4.80%,
7/1/05.............................................. 507,405
500,000 Franklin Public School District, 4.75%, 4/1/04....... 506,135
500,000 Green Bay Area Public Schools, 4.40%, 4/1/02......... 501,135
400,000 Kenosha, Series A, 4.90%, 4/1/99..................... 404,908
500,000 Madison, 5.00%, 4/1/05............................... 514,805
500,000 Milwaukee, 5.15%, 11/15/08........................... 520,690
500,000 Sturgeon Bay Combined Utility, 4.90%, 1/1/06......... 507,495
500,000 Wisconsin Housing & Economic Development Authority,
Housing Revenue, 4.70%, 11/1/99..................... 502,860
500,000 Wisconsin Housing & Economic Development Authority,
Series B, 5.20%, 11/1/06, callable 10/1/03 @ 102.... 505,545
1,000,000 Wisconsin State, Series A, 5.00%, 5/1/09, callable
5/1/06 @ 100........................................ 1,010,390
-----------
5,481,368
-----------
</TABLE>
Continued
-27-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(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................ $ 261,240
-----------
Total Municipal Bonds 43,488,891
-----------
U.S. GOVERNMENT AGENCY (4.3%):
Federal Home Loan Mortgage Corp.:
2,000,000 5.47%*, 10/3/97....................................... 1,999,401
-----------
Total U.S. Government Agency 1,999,401
-----------
INVESTMENT COMPANIES (1.3%):
603,422 Bankers Trust Tax Free Money Fund..................... 603,422
-----------
Total Investment Companies 603,422
-----------
Total (Cost--$44,987,078) (a) $46,091,714
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $46,658,782.
(a) Represents cost for federal tax purposes and differs from value by net
unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $1,116,495
Unrealized depreciation... (11,859)
----------
Net unrealized
appreciation.............. $1,104,636
==========
</TABLE>
* Effective yield at date of purchase.
AMBAC--American Municipal Bond Assurance Corporation
CSD--Central School District
GO--General Obligation
GSL--Guaranteed Student Loans
See notes to financial statements.
-28-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (63.4%):
Aerospace/Defense (1.1%):
8,500 Sundstrand Corp........................................ $ 489,813
-----------
Automotive Parts & Equipment (0.8%):
7,500 Lear Corp. (b)......................................... 369,375
-----------
Banking (3.3%):
6,000 BankAmerica Corp....................................... 439,875
13,000 First Union Corp....................................... 650,812
6,000 NationsBank Corp....................................... 371,250
-----------
1,461,937
-----------
Beverages--Soft Drinks (1.1%):
12,000 PepsiCo, Inc........................................... 486,750
-----------
Chemicals (3.1%):
5,500 Air Products & Chemical................................ 456,156
6,000 Avery Dennison Corp. .................................. 240,000
5,700 Hercules, Inc. ........................................ 283,575
10,500 Monsanto Co. .......................................... 409,500
-----------
1,389,231
-----------
Computer Hardware (4.2%):
6,500 Cisco Systems, Inc. (b)................................ 474,906
13,000 Compaq Computer Corp. (b).............................. 971,750
6,000 Hewlett-Packard Co. ................................... 417,375
-----------
1,864,031
-----------
Computer--Software & Peripherals (3.1%):
8,500 Computer Associates International, Inc. ............... 610,406
2,600 Microsoft (b).......................................... 344,013
4,500 Oracle Corp (b)........................................ 163,969
6,500 Parametric Technology Co. (b).......................... 286,812
-----------
1,405,200
-----------
Consumer Goods & Services (4.5%):
5,000 Colgate-Palmolive Co. ................................. 348,438
13,500 CUC International, Inc. (b)............................ 418,500
5,700 Gillette Co. .......................................... 491,981
8,000 Kimberly-Clark Corp. .................................. 391,500
5,200 Procter & Gamble Co. .................................. 359,125
-----------
2,009,544
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Diversified Operations (1.8%):
11,400 AlliedSignal, Inc. .................................... $ 484,500
7,000 Corning, Inc. ......................................... 330,750
-----------
815,250
-----------
Electronics--Semiconductors (0.7%):
7,000 Adaptec, Inc. (b)...................................... 327,250
-----------
Electrical & Electronics (2.2%):
3,000 Avnet, Inc. ........................................... 190,688
7,000 Emerson Electric Co. .................................. 403,375
6,000 General Electric Co. .................................. 408,375
-----------
1,002,438
-----------
Entertainment (0.5%):
3,000 Walt Disney Co. ....................................... 241,875
-----------
Financial Services (4.0%)
10,000 Fannie Mae............................................. 470,000
11,000 First Data Corp. ...................................... 413,187
9,500 Green Tree Financial Corp. ............................ 446,500
7,000 Travelers Group, Inc. ................................. 477,750
-----------
1,807,437
-----------
Health Care (3.5%):
5,000 Baxter International, Inc. ............................ 261,250
5,000 Bristol-Myers Squibb Co. .............................. 413,750
3,000 Health Care & Retirement Corp. (b)..................... 111,563
5,500 Lincare Holdings, Inc. (b)............................. 277,406
13,500 MedPartners, Inc. (b).................................. 289,406
4,000 United Healthcare Corp. ............................... 200,000
-----------
1,553,375
-----------
Health Care Products & Services (0.4%):
3,200 Shared Medical Systems Corp. .......................... 169,200
-----------
Home Furnishing (1.1%):
12,500 Newell Co. ............................................ 500,000
-----------
Industrial Goods & Services (0.7%):
4,000 United Technologies Corp. ............................. 324,000
-----------
Insurance (3.8%):
5,500 Allstate Corp. ........................................ 442,063
3,675 American International Group, Inc. .................... 379,214
</TABLE>
Continued
-29-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Insurance, continued:
7,000 MGIC Investment Corp. ................................. $ 401,187
12,000 SunAmerica, Inc. ...................................... 470,250
-----------
1,692,714
-----------
Manufacturing--Capital Goods (0.9%):
8,500 Diebold, Inc. ......................................... 402,688
-----------
Medical Equipment & Supplies (1.3%):
12,000 Medtronic, Inc. ....................................... 564,000
-----------
Medical Instruments (0.6%):
5,500 Elan Corp. PLC (b)..................................... 275,344
-----------
Printing & Publishing (1.4%):
4,000 Gannett, Inc. ......................................... 431,750
4,000 Tribune Co. ........................................... 213,250
-----------
645,000
-----------
Oil & Gas Exploration, Production & Services (3.9%):
10,000 Ensco International.................................... 394,375
5,000 Mobil Corp. ........................................... 370,000
7,000 Schlumberger Ltd. ..................................... 589,313
55,000 Tidewater, Inc. ....................................... 325,875
1,800 Unocal Corp. .......................................... 77,850
-----------
1,757,413
-----------
Pharmaceuticals (4.6%):
5,000 Agouron Pharmaceuticals, Inc. (b)...................... 240,625
3,500 Amgen, Inc. (b)........................................ 167,781
3,500 Lilly (Eli) & Co. ..................................... 421,531
9,000 Pfizer, Inc. .......................................... 540,563
5,000 Warner Lambert Co. .................................... 674,688
-----------
2,045,188
-----------
Retail Stores/Catalog (0.5%):
9,500 Viking Office Products, Inc. (b)....................... 206,625
-----------
Retail--General Merchandise (2.1%):
9,000 Federated Department Stores, Inc. (b).................. 388,125
8,000 Kohl's Corp. (b)....................................... 568,000
-----------
956,125
-----------
Retail--Specialty Stores (1.7%):
9,000 Lowe's Cos., Inc. ..................................... 349,875
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Retail--Specialty Stores, continued:
16,200 Walgreen Co. ......................................... $ 415,125
-----------
765,000
-----------
Semiconductors (1.5%):
7,200 Intel Corp. .......................................... 664,650
-----------
Telecommunications (2.5%):
9,500 AirTouch Communications, Inc. (b)..................... 336,656
3,500 Ameritech Corp. ...................................... 232,750
7,500 GTE Corp. ............................................ 340,312
3,000 SBC Communications, Inc. ............................. 184,125
-----------
1,093,843
-----------
Telecommunication--Services & Equipment (1.3%):
7,000 Lucent Technologies................................... 569,625
-----------
Water Treatment Systems (0.3%):
3,000 US Filter Corp (b).................................... 129,187
-----------
Wholesale Distribution--Pharmaceuticals (0.9%):
5,500 Cardinal Health, Inc. ................................ 390,500
-----------
Total Common Stocks 28,374,608
-----------
CORPORATE BONDS (4.5%):
Asset-Backed (2.2%):
$1,000,000 Bear Asset Trust Securities, 6.69%, 6/15/03........... 1,002,812
-----------
Financial Services (0.6%):
250,000 GMAC, 6.50%, 12/5/05.................................. 246,148
-----------
Industrial Goods & Services (1.1%):
500,000 Cummins Engine, 6.75%, 2/15/27........................ 505,365
-----------
Telecommunication (0.6%):
250,000 AT&T Corp., 7.00%, 5/15/05............................ 257,163
-----------
Total Corporate Bonds 2,011,488
-----------
U.S. GOVERNMENT AGENCIES (4.5%):
Federal Home Loan Bank:
2,000,000 5.44%*, 10/1/97....................................... 2,000,000
-----------
Total U.S. Government Agencies 2,000,000
-----------
</TABLE>
Continued
-30-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. TREASURY NOTES (24.1%):
$ 500,000 6.00%, 11/30/97....................................... $ 500,470
1,500,000 6.00%, 5/31/98........................................ 1,504,215
1,000,000 6.38%, 7/15/99........................................ 1,009,370
1,000,000 6.38%, 1/15/00........................................ 1,011,250
1,000,000 6.25%, 5/31/00........................................ 1,009,060
1,500,000 6.63%, 4/30/02........................................ 1,535,865
1,500,000 6.25%, 2/15/03........................................ 1,514,295
1,750,000 5.88%, 11/15/05....................................... 1,717,730
500,000 5.63%, 2/15/06........................................ 482,185
500,000 6.63%, 5/15/07........................................ 516,405
-----------
Total U.S. Treasury Notes 10,800,845
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
INVESTMENT COMPANIES (3.9%):
$1,760,622 AMCORE Vintage U.S. Government Obligation Fund........ $ 1,760,622
-----------
Total Investment Companies 1,760,622
-----------
Total (Cost--$36,517,181) (a) $44,947,563
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $44,745,562.
(a) Represents cost for federal tax purposes and differs from market value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $8,620,633
Unrealized depreciation... (190,251)
----------
Net unrealized
appreciation.............. $8,430,382
==========
</TABLE>
(b) Represents non-income producing securities.
* Effective yield at date of purchase.
SECURITIES SOLD SHORT:
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------- ------------------ --------
<C> <S> <C>
(1,200) Tricon Global
Restaurants...... $(38,850)
========
Unrealized
depreciation..... $ (3,298)
========
</TABLE>
See notes to financial statements.
-31-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE FIXED TOTAL RETURN FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (9.7%):
Federal Home Loan Mortgage Corp.:
$2,000,000 6.50%, 9/15/06....................................... $ 1,996,240
2,000,000 6.50%, 3/15/07....................................... 2,009,360
-----------
Total Collateral Mortgage Obligations 4,005,600
-----------
CORPORATE BONDS (26.9%):
Asset-Backed (7.1%):
2,000,000 Bear Asset Trust Securities Series 1997-1 A 6.67%,
6/15/03............................................. 2,005,625
913,951 NationsCredit Grantor Trust 97-1 6.75%, 8/15/13...... 923,947
-----------
2,929,572
-----------
Banking (2.5%):
1,000,000 First Union Corp., 7.05%, 8/1/05..................... 1,018,170
-----------
Financial Services (7.4%):
1,000,000 Bear Stearns, 6.70%, 8/1/03.......................... 1,002,310
1,000,000 ITT Hartford, 7.30%, 11/1/15......................... 1,000,250
1,000,000 Lehman Brothers, Inc., 7.63%, 6/1/06................. 1,045,010
-----------
3,047,570
-----------
Industrial Goods & Services (3.7%):
500,000 Cummins Engine, 6.75%, 2/15/27,
Put 2/15/07 @ 100................................... 505,365
1,000,000 Potash Corp., 7.13%, 6/15/07......................... 1,019,600
-----------
1,524,965
-----------
Railroads (2.5%):
1,000,000 Norfolk Southern Railway Equipment Trust, 7.75%,
8/15/02............................................. 1,053,050
-----------
Retail Stores (1.2%):
500,000 Sears Roebuck & Co., 8.45%, 11/1/98.................. 512,340
-----------
Utilities--Electric (2.5%):
1,000,000 Oklahoma Gas & Electric, 6.65%, 7/15/27, Put 7/15/07
@100................................................ 1,015,610
-----------
Total Corporate Bonds 11,101,277
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES (19.9%):
Federal Farm Credit Banks:
$1,000,000 5.54%*, 10/7/97....................................... $ 998,938
Federal Home Loan Banks:
2,000,000 5.44%*, 10/3/97....................................... 1,999,380
Federal Home Loan Mortgage Corp.:
2,000,000 5.56%*, 10/10/97...................................... 1,997,220
1,441,445 7.00%, 8/1/09......................................... 1,462,664
Federal National Mortgage Assoc. Strips:
1,000,000 8.63%, 11/10/04, callable 11/10/99
@ 100................................................ 878,880
1,000,000 7.70%, 8/10/04, callable 8/10/99
@ 100................................................ 888,590
-----------
Total U.S. Government Agencies 8,225,672
-----------
U.S. TREASURY NOTES (38.1%):
3,000,000 6.38%, 7/15/99........................................ 3,028,110
1,000,000 6.38%, 1/15/00........................................ 1,011,250
2,000,000 6.25%, 2/15/03........................................ 2,019,060
1,000,000 6.75%, 6/30/99........................................ 1,015,620
1,000,000 6.50%, 5/15/05........................................ 1,021,250
2,000,000 6.50%, 5/31/01........................................ 2,034,060
2,000,000 6.50%, 10/15/06....................................... 2,042,820
1,000,000 6.25%, 3/31/99........................................ 1,007,030
2,500,000 6.63%, 4/30/02........................................ 2,559,775
-----------
Total U.S. Treasury Notes 15,738,975
-----------
INVESTMENT COMPANIES (4.3%):
1,750,000 AMCORE Vintage U.S. Government Obligation Fund........ 1,750,000
39,547 Invest Cash Management Fund........................... 39,547
-----------
Total Investment Companies 1,789,547
-----------
Total (Cost--$40,662,156) (a) $40,861,071
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $41,291,977.
(a) Represents cost for federal tax purposes and differs from market value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized
appreciation........... $ 409,535
Unrealized
depreciation........... (210,620)
---------
Net unrealized
appreciation........... $ 198,915
=========
</TABLE>
* Effective yield at date of purchase.
See notes to financial statements.
-32-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (94.2%):
Advertising (0.9%):
10,000 Omnicom Group, Inc. ................................... $ 727,500
-----------
Aerospace/Defense (2.7%):
13,900 Precision Castparts Corp. ............................. 903,500
23,000 Sundstrand Corp. ...................................... 1,325,375
-----------
2,228,875
-----------
Apparel & Shoes (0.7%):
11,000 Nike, Inc. ............................................ 583,000
-----------
Automotive Parts & Equipment (2.2%):
10,000 Lear Corp. (b)......................................... 985,000
25,000 OEA, Inc. ............................................. 859,375
-----------
1,844,375
-----------
Banking (2.0%):
20,000 First Union Corp. ..................................... 1,001,250
12,000 Mellon Bank Corp. ..................................... 657,000
-----------
1,658,250
-----------
Beverages Soft Drinks (1.3%):
6,000 Coca-Cola Co. ......................................... 365,625
17,000 PepsiCo, Inc. ......................................... 689,563
-----------
1,055,188
-----------
Business Services (1.2%):
27,500 Paychex, Inc. ......................................... 959,062
-----------
Chemicals (5.3%):
16,000 Air Products & Chemical................................ 1,327,000
20,000 Avery Dennison Corp. .................................. 800,000
17,000 Hercules, Inc. ........................................ 845,750
35,000 Monsanto Co. .......................................... 1,365,000
-----------
4,337,750
-----------
Computer Hardware (8.6%):
22,250 3Com Corp. (b)......................................... 1,140,312
17,500 Cabletron Systems, Inc. (b)............................ 560,000
25,000 Cisco Systems, Inc. (b)................................ 1,826,563
22,500 Compaq Computer Corp. (b).............................. 1,681,875
10,000 Hewlett Packard Co. ................................... 695,625
25,000 Sun Microsystems, Inc. (b)............................. 1,170,312
-----------
7,074,687
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Computer--Software & Peripherals (4.9%):
20,000 Cadence Designs Systems, Inc. ......................... $ 1,070,000
26,000 Computer Associates International, Inc. ............... 1,867,125
30,000 Oracle Corp. (b)....................................... 1,093,125
-----------
4,030,250
-----------
Consumer Goods & Services (4.0%):
45,000 CUC International, Inc. (b)............................ 1,395,000
8,500 Gillette Co. .......................................... 733,656
12,000 Kimberly-Clark Corp. .................................. 587,250
8,000 Proctor & Gamble Co. .................................. 552,500
-----------
3,268,406
-----------
Diversified Operations (1.4%):
8,000 AlliedSignal, Inc. .................................... 340,000
18,000 Corning, Inc. ......................................... 850,500
-----------
1,190,500
-----------
Electrical & Electronic (1.5%):
8,000 General Electric Co. .................................. 544,500
15,000 Solectron Corp. ....................................... 667,500
-----------
1,212,000
-----------
Financial Services (7.8%):
16,000 Fannie Mae............................................. 752,000
16,000 Federal Home Loan Mortgage Corp. ...................... 564,000
30,000 First Data Corp. ...................................... 1,126,875
18,500 Franklin Resources, Inc. .............................. 1,722,813
25,000 Green Tree Financial Corp. ............................ 1,175,000
26,100 MBNA Corp. ............................................ 1,057,050
-----------
6,397,738
-----------
Health Care (5.7%):
15,000 HealthCare COMPARE Corp. (b)........................... 958,125
20,000 Health Care & Retirement Corp. (b)..................... 743,750
28,500 Health Management Associates,
Inc. (b).............................................. 901,313
17,000 Lincare Holdings, Inc. (b)............................. 857,437
20,000 MedPartners, Inc. (b).................................. 428,750
15,000 United Healthcare Corp. ............................... 750,000
-----------
4,639,375
-----------
</TABLE>
Continued
-33-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care Products & Services (0.8%):
12,000 Shared Medical Systems Corp. .......................... $ 634,500
-----------
Home Furnishing (1.5%):
30,000 Newell Co. ............................................ 1,200,000
-----------
Insurance (2.4%):
17,000 American International Group, Inc. .................... 488,750
5,000 Horace Mann Educators Corp. ........................... 280,625
30,450 SunAmerica, Inc. ...................................... 1,193,259
-----------
1,962,634
-----------
Manufacturing--Capital Goods (1.2%):
20,000 Diebold, Inc. ......................................... 947,500
-----------
Medical--Biomedical (0.0%):
540 Genzyme Corp.--Tissue Repair (b)....................... 5,265
-----------
Medical Equipment & Supplies (1.1%):
18,400 Medtronic, Inc. ....................................... 864,800
-----------
Oil & Gas Exploration, Production & Services (4.7%):
20,000 Ensco International.................................... 788,750
10,000 Enron Oil & Gas........................................ 222,500
7,000 Schlumberger Ltd. ..................................... 589,312
10,000 Seitel, Inc. (b)....................................... 443,750
20,000 Tidewater, Inc. ....................................... 1,185,000
15,000 Unocal Corp. .......................................... 648,750
-----------
3,878,062
-----------
Paper Products (1.0%):
23,500 Caraustar Industries, Inc. ............................ 804,875
-----------
Pharmaceuticals (7.5%):
22,000 Agouron Pharmaceuticals, Inc. (b)...................... 1,058,750
20,000 Alkermes, Inc. (b)..................................... 412,500
14,000 Amgen, Inc. (b)........................................ 671,125
10,000 Biogen, Inc. (b)....................................... 324,375
15,500 Elan Corp. plc (b)..................................... 775,969
18,000 Genzyme Corp.--General Division (b).................... 535,500
6,000 Lilly (Eli) & Co. ..................................... 722,625
16,000 Pfizer, Inc. .......................................... 961,000
5,000 Warner Lambert Co. .................................... 674,688
-----------
6,136,532
-----------
Printing & Publishing (1.3%):
10,000 Gannett, Inc. ......................................... 1,079,375
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Research & Development (0.4%):
10,000 Gartner Group, Inc. (b)................................ $ 300,000
-----------
Restaurants (2.0%):
20,000 Landry's Seafood Restaurants (b)....................... 587,500
25,000 Starbucks Corp. (b).................................... 1,045,312
-----------
1,632,812
-----------
Retail Stores/Catalog (1.0%):
40,000 Viking Office Products, Inc. (b)....................... 870,000
-----------
Retail--General Merchandise (1.7%):
20,000 Kohl's Corp. (b)....................................... 1,420,000
-----------
Retail--Specialty Stores (4.1%):
26,000 Lowe's Cos., Inc. ..................................... 1,010,750
25,000 Men's Wearhouse, Inc. (b).............................. 931,250
30,000 Staples, Inc. (b)...................................... 828,750
27,500 West Marine, Inc. (b).................................. 629,063
-----------
3,399,813
-----------
Semiconductors (3.5%):
30,000 Adaptec, Inc. (b)...................................... 1,402,500
16,000 Intel Corp. ........................................... 1,477,000
-----------
2,879,500
-----------
Technology (0.9%):
12,100 Analog Devices, Inc. (b)............................... 405,350
10,000 Seagate Technology, Inc. (b)........................... 361,250
-----------
766,600
-----------
Telecommunications (3.7%):
18,000 AirTouch Communications, Inc. (b)...................... 637,875
20,000 Aspect Telecommunications Corp. (b).................... 467,500
27,000 Cincinnati Bell, Inc. ................................. 767,813
10,000 GTE Corp. ............................................. 453,750
20,000 WorldCom, Inc. (b)..................................... 707,500
-----------
3,034,438
-----------
Telecommunications Equipment & Services (2.6%):
10,324 Lucent Technologies.................................... 840,115
22,000 Newbridge Networks Corp. (b)........................... 1,317,250
-----------
2,157,365
-----------
Water Treatment Systems (1.3%):
25,000 US Filter Corp (b)..................................... 1,076,563
-----------
</TABLE>
Continued
-34-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Wholesale Distribution--Pharmaceuticals (1.3%):
15,000 Cardinal Health, Inc................................... $ 1,065,000
-----------
Total Common Stocks 77,322,590
-----------
U.S. GOVERNMENT AGENCIES (1.2%):
Federal Home Loan Mortgage Corp.:
1,000,000 5.44%*, 10/1/97........................................ 999,840
-----------
Total U.S. Government Agencies 999,840
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (3.7%):
3,018,345 AMCORE Vintage U.S. Government Obligation Fund......... $ 3,018,345
-----------
Total Investment Companies 3,018,345
-----------
Total (Cost--$60,956,487) $81,340,775
===========
</TABLE>
- ------
Percentages indicated are based on net assets of $82,107,167.
(a) Represents cost for federal tax purposes and differs from market value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.. $21,330,054
Unrealized depreciation.. (945,766)
-----------
Net unrealized
appreciation............. $20,384,288
===========
</TABLE>
(b) Represents non-income producing securities.
* Effective yield at date of purchase.
SECURITIES SOLD SHORT:
<TABLE>
<CAPTION>
MARKET
SHARES SECURITY DESCRIPTION VALUE
------- ------------------ --------
<C> <S> <C>
(1,700) Tricon Global
Restaurants...... $(55,038)
========
Unrealized
depreciation..... $ (4,673)
========
</TABLE>
See notes to financial statements.
-35-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(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 ("U.S. Government Obligations Fund"), the AMCORE Vintage
Equity Fund ("Equity Fund"), the AMCORE Vintage Fixed Income Fund ("Fixed
Income Fund"), the AMCORE Vintage Intermediate Tax-Free Fund ("Intermediate
Tax-Free Fund"), the AMCORE Vintage Balanced Fund ("Balanced Fund"), the
AMCORE Vintage Fixed Total Return Fund ("Fixed Total Return Fund"), and the
AMCORE Vintage Aggressive Growth Fund ("Aggressive Growth Fund"),
(individually, a "Fund"; collectively, the "Funds"), 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 and
notes and other short-term obligations issued or guaranteed by the U.S.
Government, 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 and
the Fund expects to maintain a dollar-weighted average portfolio maturity of
4 to 6 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 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. 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 security 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
Fund shares 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
-36-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
preparation of financial statements requires management to make estimates
and assumptions that effect the reported amounts and disclosures. Actual
amounts 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 when 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 as determined in good faith by
the investment adviser under the supervision of the Group's Board of
Trustees. The difference between the cost and market values of investments
held by the variable net asset value funds is 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 financial institutions such
as banks, brokers, or dealers that the investment adviser, AMCORE Capital
Management, Inc. ("AMCORE"), deems creditworthy under guidelines approved by
the Group's 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
Continued
-37-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
Fund plus interest negotiated on the basis of current short-term rates,
which may be more or less than the rate on the underlying portfolio
securities. The seller, under an agreement to repurchase, is required to
maintain, with the Fund's custodian, 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, 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 with delivery to
occur at a later 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.
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.
EXPENSES:
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
-38-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
six months ended September 30, 1997 are as follows:
<TABLE>
<CAPTION>
PURCHASES PROCEEDS FROM SALES
------------ -------------------
<S> <C> <C>
Equity Fund.................................. $112,859,801 $114,538,252
Fixed Income Fund............................ 16,034,775 9,502,562
Intermediate Tax-Free Fund................... 10,008,171 11,882,545
Balanced Fund................................ 10,698,083 5,090,379
Fixed Total Return Fund...................... 13,863,300 12,510,938
Aggressive Growth Fund....................... 20,574,644 10,384,201
</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's 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, brokers, 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 under the terms of this plan during the six months ended
September 30, 1997.
Continued
-39-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
The Group has adopted an Administrative Services Plan (the "Services Plan"),
pursuant to which the Funds are authorized to pay compensation to banks and
other financial institutions (each a "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,
1997. Furthermore, fees may be voluntarily reduced to assist the Funds in
maintaining competitive expense ratios.
Continued
-40-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
SEPTEMBER 30, 1997
(UNAUDITED)
Information regarding these transactions is as follows for the six months
ended September 30, 1997:
<TABLE>
<CAPTION>
U.S. GOVERNMENT FIXED
OBLIGATIONS EQUITY INCOME
FUND FUND FUND
--------------- -------- --------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee
reductions
(percentage of average net assets)...... 0.40% 0.75% 0.60%
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).................................. N/A 0.25% 0.25%
DISTRIBUTION AND SHAREHOLDER SERVICE
FEES:
Annual fee (percentage of average net
assets).................................. 0.25% 0.25% 0.25%
Voluntary fee reductions................. $193,097 $466,256 $120,772
TRANSFER AGENT & FUND ACCOUNTING FEES:... $47,456 $89,878 $23,316
</TABLE>
<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 before voluntary fee
reductions
(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)............ 0.25% 0.25% 0.25% 0.25%
DISTRIBUTION AND SHAREHOLDER
SERVICE FEES:
Annual fee (percentage of
average net assets)............ 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions....... $57,868 $48,615 $49,924 $80,900
TRANSFER AGENT & FUND
ACCOUNTANT FEES:............... $16,794 $17,478 $23,565 $38,271
</TABLE>
- ------
N/A--Not Applicable
-41-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. GOVERNMENT OBLIGATIONS FUND
-----------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR DECEMBER 21,
ENDED ENDED ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1997 1997 1996 1995 1994 1993 (A)
------------- --------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- -------
INVESTMENT ACTIVITIES:
Net investment income.. 0.023 0.045 0.051 0.042 0.027 0.007
-------- -------- -------- -------- -------- -------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................ (0.023) (0.045) (0.051) (0.042) (0.027) (0.007)
-------- -------- -------- -------- -------- -------
NET ASSET VALUE, END OF
PERIOD.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== =======
Total Return............ 2.37%(b) 4.62% 5.24% 4.32% 2.73% 0.75%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000).......... $142,375 $138,691 $153,836 $137,888 $105,345 $87,928
Ratio of expenses to
average net assets.... 0.73%(c) 0.76% 0.54% 0.50% 0.56% 0.58%(c)
Ratio of net investment
income to average net
assets................ 4.73%(c) 4.53% 5.08% 4.26% 2.70% 2.68%(c)
Ratio of expenses to
average net assets*... 0.98%(c) 1.01% 0.72% 0.98% 1.02% 1.14%(c)
Ratio of net investment
income to average net
assets*............... 4.48%(c) 4.28% 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.
-42-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
------------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR DECEMBER 15,
ENDED ENDED ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1997 1997 1996 1995 1994 1993 (A)
------------- --------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $16.58 $14.48 $11.44 $10.05 $10.20 $10.00
-------- -------- -------- -------- -------- -------
INVESTMENT ACTIVITIES:
Net investment income.. 0.01 0.05 0.13 0.15 0.19 0.05
Net realized and
unrealized gains
(losses) from
investments........... 4.54 2.60 3.27 1.41 (0.14) 0.19
-------- -------- -------- -------- -------- -------
Total from Investment
Activities........... 4.55 2.65 3.40 1.56 0.05 0.24
-------- -------- -------- -------- -------- -------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................ (0.01) (0.05) (0.13) (0.15) (0.20) (0.04)
From net realized gains
from investment
transactions.......... -- (0.50) (0.23) (0.02) -- --
-------- -------- -------- -------- -------- -------
Total Dividends and
Distributions........ (0.01) (0.55) (0.36) (0.17) (0.20) (0.04)
-------- -------- -------- -------- -------- -------
NET ASSET VALUE, END OF
PERIOD.................. $21.12 $16.58 $14.48 $11.44 $10.05 $10.20
======== ======== ======== ======== ======== =======
Total Return............ 27.46%(b) 18.35% 29.96% 15.74% 0.45% 2.45%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000).......... $397,295 $309,669 $210,950 $149,233 $125,203 $74,720
Ratio of expenses to
average net assets.... 1.30%(c) 1.33% 1.09% 1.07% 0.54% 0.23%(c)
Ratio of net investment
income to average net
assets................ 0.08%(c) 0.32% 0.96% 1.47% 1.97% 2.40%(c)
Ratio of expenses to
average net assets*... 1.55%(c) 1.58% 1.09% 1.35% 1.37% 1.43%(c)
Ratio of net investment
income to average net
assets*............... -0.17%(c) 0.07% 0.96% 1.19% 1.15% 1.20%(c)
Portfolio Turnover..... 31.03% 37.08% 33.23% 20.54% 3.98% 0.00%
Average Commissions
rate
paid (d).............. $ 0.0528 $ 0.0677 -- -- -- --
</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 periods
prior to the year ended March 31, 1997.
See notes to financial statements.
-43-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED INCOME FUND
-------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR DECEMBER 15,
ENDED ENDED ENDED ENDED ENDED 1992 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1997 1997 1996 1995 1994 1993 (A)
------------- --------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 9.70 $ 9.93 $ 9.71 $ 9.92 $10.28 $10.00
------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income.. 0.27 0.54 0.61 0.54 0.59 0.18
Net realized and
unrealized gains
(losses) from
investments........... 0.26 (0.24) 0.23 (0.22) (0.33) 0.27
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.53 0.30 0.84 0.32 0.26 0.45
------- ------- ------- ------- ------- -------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................ (0.27) (0.53) (0.62) (0.53) (0.59) (0.17)
From net realized gains
from investment
transactions.......... -- -- -- -- (0.03) --
------- ------- ------- ------- ------- -------
Total Dividends and
Distributions........ (0.27) (0.53) (0.62) (0.53) (0.62) (0.17)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD.................. $ 9.96 $ 9.70 $ 9.93 $ 9.71 $ 9.92 $10.28
======= ======= ======= ======= ======= =======
Total Return............ 5.54%(b) 3.14% 8.74% 3.46% 2.43% 4.54%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000).......... $99,035 $92,031 $84,752 $81,673 $90,301 $50,127
Ratio of expenses to
average net assets.... 1.18%(c) 1.20% 0.97% 0.94% 0.51% 0.29%(c)
Ratio of net investment
income to average net
assets................ 5.49%(c) 5.52% 5.77% 5.53% 5.74% 6.58%(c)
Ratio of expenses to
average net assets*... 1.43%(c) 1.45% 0.97% 1.22% 1.24% 1.34%(c)
Ratio of net investment
income to average net
assets*............... 5.24%(c) 5.27% 5.77% 5.26% 5.01% 5.53%(c)
Portfolio Turnover..... 10.60% 59.70% 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.
-44-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE FUND
-------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR FEBRUARY 15,
ENDED ENDED ENDED ENDED ENDED 1993 TO
SEPTEMBER 30, MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
1997 1997 1996 1995 1994 1993 (A)
------------- --------- --------- --------- --------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $10.22 $10.27 $ 9.97 $ 9.91 $10.05 $10.00
------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income.. 0.19 0.38 0.43 0.43 0.42 0.05
Net realized and
unrealized gains
(losses) from
investments........... 0.32 (0.05) 0.30 0.07 (0.13) 0.04
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.51 0.33 0.73 0.50 0.29 0.09
------- ------- ------- ------- ------- -------
DIVIDENDS AND
DISTRIBUTIONS:
From net investment
income................ (0.19) (0.38) (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) (0.38) (0.43) (0.44) (0.43) (0.04)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD.................. $10.54 $10.22 $10.27 $ 9.97 $ 9.91 $10.05
======= ======= ======= ======= ======= =======
Total Return............ 5.08%(b) 3.22% 7.43% 5.29% 2.79% 0.90%(b)
RATIOS/SUPPLEMENTARY
DATA:
Net Assets at end of
period (000).......... $46,659 $45,164 $42,436 $30,717 $32,983 $13,043
Ratio of expenses to
average net assets.... 1.25%(c) 1.28% 0.75% 0.73% 0.57% 0.42%(c)
Ratio of net investment
income to average net
assets................ 3.73%(c) 3.68% 4.21% 4.42% 4.19% 4.31%(c)
Ratio of expenses to
average net assets*... 1.50%(c) 1.53% 1.02% 1.30% 1.38% 1.47%(c)
Ratio of net investment
income to average net
assets*............... 3.48%(c) 3.43% 3.94% 3.84% 3.37% 3.26%(c)
Portfolio Turnover..... 22.53% 21.00% 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.
-45-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BALANCED FUND
----------------------------------
SIX MONTHS YEAR JUNE 1,
ENDED ENDED 1995 TO
SEPTEMBER 30, MARCH 31, MARCH 31,
1997 1997 1996 (A)
------------- --------- ---------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........ $11.72 $11.08 $10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income (loss)............... 0.08 0.18 0.24
Net realized and unrealized gains (losses)
from investments.......................... 2.32 1.05 1.08
------- ------- -------
Total from Investment Activities.......... 2.40 1.23 1.32
------- ------- -------
DIVIDENDS AND DISTRIBUTIONS:
From net investment income................. (0.08) (0.18) (0.24)
From net realized gains from investment
transactions.............................. -- (0.41) --
------- ------- -------
Total Dividends and Distributions......... (0.08) (0.59) (0.24)
------- ------- -------
NET ASSET VALUE, END OF PERIOD.............. $14.04 $11.72 $11.08
======= ======= =======
Total Return.............................. 20.55%(b) 11.05% 13.29%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).......... $44,746 $32,012 $13,516
Ratio of expenses to average net assets.... 1.39%(c) 1.55% 1.32%
Ratio of net investment income to average
net assets................................ 1.39%(c) 1.58% 2.66%
Ratio of expenses to average net assets*... 1.64%(c) 1.80% 1.32%
Ratio of net investment income to average
net assets*............................... 1.14%(c) 1.33% 2.66%
Portfolio Turnover......................... 14.84% 38.35% 61.72%
Average Commissions rate paid (d).......... $ 0.083 $0.1039 --
</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 periods
prior to the year ended March 31, 1997.
See notes to financial statements.
-46-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED TOTAL RETURN FUND
----------------------------------
SIX MONTHS YEAR JUNE 15,
ENDED ENDED 1995 TO
SEPTEMBER 30, MARCH 31, MARCH 31,
1997 1997 1996 (A)
------------- --------- ---------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........ $ 9.69 $ 9.89 $10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income (loss)............... 0.25 0.50 0.44
Net realized and unrealized gains (losses)
from investments.......................... 0.23 (0.20) (0.11)
------- ------- -------
Total from Investment Activities.......... 0.48 0.30 0.33
------- ------- -------
DIVIDENDS AND DISTRIBUTIONS:
From net investment income................. (0.25) (0.50) (0.43)
From net realized gains from investment
transactions.............................. -- -- (0.01)
------- ------- -------
Total Dividends and Distributions......... (0.25) (0.50) (0.44)
------- ------- -------
NET ASSET VALUE, END OF PERIOD.............. $ 9.92 $ 9.69 $ 9.89
======= ======= =======
Total Return.............................. 5.03%(b) 3.13% 3.40%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).......... $41,292 $38,835 $41,178
Ratio of expenses to average net assets.... 1.39%(c) 1.40% 1.18%
Ratio of net investment income to average
net assets................................ 5.09%(c) 5.18% 5.53%
Ratio of expenses to average net assets*... 1.64%(c) 1.65% 1.18%
Ratio of net investment income to average
net assets*............................... 4.84%(c) 4.93% 5.53%
Portfolio Turnover......................... 37.25% 70.63% 69.30%
Average Commissions rate paid (d).......... N/A N/A N/A
</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 periods
prior to the year ended March 31, 1997.
See notes to financial statements.
-47-
<PAGE>
THE COVENTRY GROUP
AMCORE VINTAGE MUTUAL FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
-------------------------------------
SIX MONTHS YEAR OCTOBER 2,
ENDED ENDED 1995 TO
SEPTEMBER 30, MARCH 31, MARCH 31,
1997 1997 1996 (A)
------------- --------- ----------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $11.90 $10.88 $10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income (loss).......... (0.05) (0.06) --
Net realized and unrealized gains
(losses) from investments............ 4.10 1.08 0.90
------- ------- -------
Total from Investment Activities..... 4.05 1.02 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......... $15.95 $11.90 $10.88
======= ======= =======
Total Return......................... 34.03%(b) 9.39% 9.10%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $82,107 $49,413 $23,319
Ratio of expenses to average net
assets............................... 1.59%(c) 1.63% 1.57%(c)
Ratio of net investment income to
average net assets................... (0.77%)(c) (0.64%) 0.08%(c)
Ratio of expenses to average net
assets*.............................. 1.84%(c) 1.88% 1.57%(c)
Ratio of net investment income to
average net assets*.................. (1.02%)(c) (0.89%) 0.08%(c)
Portfolio Turnover.................... 16.61% 45.14% 4.31%
Average Commissions rate paid (d)..... $0.0751 $0.0941 --
</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 periods
prior to the year ended March 31, 1997.
See notes to financial statements.
-48-
<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
11/97
[AMCORE LOGO APPEARS HERE]
Capital Management, Inc.
INVESTMENT ADVISER
SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
SEPTEMBER 30, 1997
BISYS Fund Services
3435 STELZER ROAD
COLUMBUS, OH 43219
