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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
811-5551 November 30, 1999
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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 Funds
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4. Address of principal executive office (number, street, city, state, zip code):
3435 Stelzer Road, Columbus, Ohio 43219-8001
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Report of Independent Accountants
To the Board of Trustees of
AmSouth Mutual Funds
We have examined management's assertion, included in the accompanying "Report of
Management on Compliance with Rule 17f-2 of the Investment Company Act of 1940,"
that AmSouth Balanced Fund, AmSouth Capital Growth Fund, AmSouth Enhanced Market
Fund, AmSouth Equity Fund, AmSouth Equity Income Fund, AmSouth Regional Equity
Fund, AmSouth Select Equity Fund, AmSouth Small Cap Fund, AmSouth Bond Fund,
AmSouth Government Income Fund, AmSouth Limited Maturity Fund, AmSouth Tax-Free
Fund, AmSouth Municipal Bond Fund, AmSouth U.S. Treasury Fund, AmSouth
Tax-Exempt Fund, AmSouth Prime Obligations Fund and AmSouth Institutional Prime
Obligations Fund of the Amsouth Mutual Funds (collectively, 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 the Funds'
compliance 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 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, 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;
o Count and inspection of all securities and similar investments located
in the vault of AmSouth Bank in Birmingham, Alabama, without prior
notice to management;
o Confirmation of all securities and similar investments held by
institutions in book entry form with The Bank of New York and
Depository Trust Company;
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and the Custodian;
o Confirmation of all repurchase agreements with brokers and agreement of
underlying collateral with The Bank of New York or Chase Manhattan Bank
records; and
o Agreement of 10 security and/or investment purchases and 7 security
and/or investment sales or maturities since our last examination from
the books and records of the Funds to broker confirmations.
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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 Mutual 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 Mutual 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.
Ernst & Young LLP
March 20, 2000
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REPORT OF MANAGEMENT ON COMPLIANCE WITH RULE 17f-2 OF THE
INVESTMENT COMPANY ACT OF 1940
March 20, 2000
We, as members of management of Amsouth Mutual 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 accounts of the Funds.
/s/ John F. Calvano
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John F. Calvano, President
/s/ Jeffrey C. Cusick
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Jeffrey C. Cusick, Vice President
/s/ Charles L. Booth
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Charles L. Booth, Treasurer
