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SECURITIES AND EXCHANGE COMMISSION --------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2 --------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Certificate of Accounting of Securities and Similar Estimated average burden
Investment in the Custody of hours per response... 0.05
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date examination completed
811-5551 July 31, 1997
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2. State identification Number: N/A
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in representation statement:
AmSouth Mutual Funds
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4. Address of principal executive office (number, street, city, state, zip code):
3435 Stelzer Road, Columbus, Ohio 43219
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COOPERS & LYBRAND LETTERHEAD
INDEPENDENT ACCOUNTANT'S REPORT
To the Trustees of the AmSouth Mutual Funds and
the Securities and Exchange Commission
We have examined management's assertion about the AmSouth Mutual Funds'
(comprising the U.S. Treasury Fund, the Prime Obligations Fund, the Tax Exempt
Fund, the Bond Fund, the Limited Maturity Fund, the Government Income Fund, the
Florida Tax-Free Fund, the Equity Fund, the Regional Equity Fund, the Balanced
Fund, the Municipal Bond Fund, and the Equity Income Fund) compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 as of July 31, 1997, included in the accompanying
Management Statement Regarding Compliance With Certain Provisions of the
Investment Company Act of 1940. Management is responsible for the AmSouth
Mutual Funds' compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the AmSouth Mutual Funds'
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of July 31, 1997, with respect to the securities of the AmSouth
Mutual Funds:
o Count and inspect all securities located in the vault of AmSouth Bank;
o Confirmation, or other procedures as we considered necessary, of all
securities held in book entry form by the Federal Reserve Bank of
Atlanta, Depository Trust Company, or Chase Manhattan Bank;
o Confirmation, or other procedures as we deemed necessary, of all
securities out for transfer;
o Confirmation, or other procedures we deemed necessary, of all
repurchase agreements with brokers/banks and agreement of underlying
collateral with AmSouth Bank's records; and
o Reconciliation of all such securities to the books and records of the
AmSouth Mutual Funds and AmSouth Bank.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the AmSouth Mutual
Funds' compliance with specified requirements.
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In our opinion, management's assertion that the AmSouth Mutual Funds were in
compliance with the above-mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of July 31, 1997, except for noncompliance as described
in management's report, is fairly stated, in all material respects.
This report is intended for the information and use of management of the
AmSouth Mutual Funds and the Securities and Exchange Commission and should not
be used for any other purpose.
/s/ COOPERS & LYBRAND, L.L.P.
Columbus, Ohio
September 24, 1997
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AMSOUTH MUTUAL FUNDS LOGO
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS
OF THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of the AmSouth Mutual Funds (comprising the U.S.
Treasury Fund, the Prime Obligations Fund, the Tax Exempt Fund, the Bond Fund,
the Limited Maturity Fund, the Government Income Fund, the Florida Tax-Free
Fund, the Equity Fund, the Regional Equity Fund, the Balanced Fund, the
Municipal Bond Fund, and the Equity Income Fund) are responsible for complying
with the requirements of Rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We
are also responsible for establishing and maintaining an effective internal
control structure over compliance with Rule 17f-2 requirements. We have
performed an evaluation of the AmSouth Mutual Funds' compliance with the
requirements of Rule 17f-2 as of July 31, 1997. Based on this evaluation, we
assert that the Company was in compliance with the provisions of subsection (b)
and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of July 31,
1997, with respect to securities reflected in the investment account of the
AmSouth Mutual Funds except for lack of adequate personnel coverage for the
period July 16, 1997 through July 18, 1997.
The Amsouth Mutual Funds
/s/ JOHN F. CALUANO
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John F. Caluano
