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SECURITIES AND EXCHANGE COMMISSION --------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2 --------------------------
OMB Number: 3235-0360
Certificate of Accounting of Securities and Similar Expires: July 31, 1994
Investment in the Custody of Estimated average burden
Management Investment Companies hours per response... 0.05
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date examination completed
811-05551 November 30, 1998
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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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[PRICEWATERHOUSECOOPERS LETTERHEAD]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of the AmSouth Mutual Funds
We have examined management's assertion about the AmSouth Mutual Funds' (the
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, the Capital Growth Fund, the Equity
Income Fund, the Small Cap Fund, the Select Equity Fund, the Enhanced Market
Fund, and the Institutional Prime Obligation Fund) compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 as of November 30, 1998, included in the accompanying
Management Statement Regarding Compliance With Certain Provisions of the
Investment Company Act of 1940. Management is responsible for the Funds'
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about the 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 November 30, 1998, with respect to the securities of the 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
mutual fund investments with transfer agents;
o Confirmation, or other procedures as 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.
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[PRICEWATERHOUSECOOPERS LETTERHEAD]
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that the Funds were in compliance with
the above-mentioned provisions of Rule 17f-2 of the Investment Company Act of
1940 as of November 30, 1998, 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/ PricewaterhouseCoopers LLP
February 15, 1999
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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 (the 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, the Capital Growth Fund, the Equity Income Fund, the Small
Cap Fund, the Select Equity Fund, the Enhanced Market Fund, and the
Institutional Prime Obligation Fund) are responsible for complying with the
requirements of Rule 17f-2, "Custody of Investments by Registered Management
Investments Companies," of the Investment Company Act of 1940. We are also
responsible for establishing and maintaining an effective internal control 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
November 30, 1998. Based on this evaluation, we assert that the Funds were in
compliance with the provisions of subsection (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of November 30, 1998 with respect to
securities reflected in the investment account of the AmSouth Mutual Funds.
AMSOUTH MUTUAL FUNDS
