Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
1. Investment Company Act File Number: 811-5551
Date examination completed: 11/30/99
2. State identification Number:
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<S> <C> <C> <C> <C> <C>
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 Funds
4. Address of principal executive office (number, street, city, state, zip
code):
3435 STELZER ROAD, COLUMBUS, OHIO 43219-8001 /s/ Ernst & Young LLP
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Report of Independent Accountants
To the Board of Trustees of
AmSouth Funds
We have examined management's assertion, included in the accompanying "Report of
Management on Compliance with Rules 17f-2 of the Investment Company Act of
1940," that AmSouth Funds (the "Funds") complied with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 (the
"Act") as of November 30, 1999 with respect to securities and similar
investments reflected in the investment account of the Funds. Management is
responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion based on our
examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
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, 1999, and with respect to
agreement of security and similar investments purchases and sales, for the
period from July 31, 1999 (the date of last examination) through November 30,
1999;
-- Count and inspection of all securities and similar investments located in
the vault of AmSouth Bank in Birmingham, without prior notice to
management;
-- Confirmation of all securities and similar investments held by
institutions in book entry form with Federal Reserve Bank of Atlanta, Bank
of New York, Depository Trust Company, BISYS Fund Services, Bear Stearns,
Goldman Sachs, Dreyfus, and Federated Investors.
-- Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and the custodian,
AmSouth Bank;
-- Confirmation of all repurchase agreements with brokers/banks and agreement
of underlying collateral with AmSouth Bank's records; and
-- Agreement of ten security and/or investment purchases and seven security
and/or investment sales or maturities since the last examination from the
books and records of the Funds to broker confirmations.
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 AmSouth Funds complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1999, with respect to securities and similar
investments reflected in the investment account of the Funds, is fairly stated,
in all material respects
This report is intended solely for the information and use of the board of
trustees and management of AmSouth Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
/s/ Ernst & Young LLP
March 20, 2000
Columbus, Ohio
<PAGE>
Report of Management on Compliance With Rules 17f-2 of the Investment
Company Act of 1940
March 20, 2000
We, as members of management of AmSouth Funds (the "Funds"), are responsible for
complying with the requirements of subsections (b) and (c) of Rule 17f-2,
"Custody of Investments by Registered Management Investment Companies," of the
Investment Company Act of 1940. We also are responsible for establishing and
maintaining effective internal control over compliance with those requirements.
We have performed an evaluation of the Funds' compliance with the requirements
of subsections (b) and (c) of Rule 17f-2 as of November 30, 1999.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of November 30, 1999 with respect to securities and similar
investments reflected in the investment account of the Company.
Chuck Booth, Treasurer
AmSouth Funds
