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SECURITIES AND EXCHANGE COMMISSION --------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2/A --------------------------
Amendment No. 1 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 May 30, 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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Exhibit 23
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, 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 May 30,
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 Fund's 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 May 30, 1997, with respect to the securities of the AmSouth
Mutual Funds, without prior notice to management:
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Count and inspect all securities located in the vault of AmSouth Bank;
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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;
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Confirmation, or other procedures as we deemed necessary, of all securities out
for transfer;
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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
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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.
In our opinion, management's assertion that the AmSouth Mutual Funds was in
compliance with the above-mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of May 30, 1997, 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.
Columbus, Ohio
August 25, 1997
/s/ Coopers & Lybrand L.L.P.
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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, 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 May 30, 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 May 30, 1997, with respect to securities reflected in the
investment account of the AmSouth Mutual Funds.
The AmSouth Mutual Funds
