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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 July 31, 2000
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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 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 Value Fund, AmSouth Growth Fund, AmSouth Capital Growth Fund,
AmSouth Large Cap Fund, AmSouth Mid Cap Fund, AmSouth Small Cap Fund, AmSouth
Equity Income Fund, AmSouth Balanced Fund, AmSouth Select Equity Fund, AmSouth
Enhanced Market Fund, AmSouth Strategic Portfolios: Aggressive Growth Portfolio,
AmSouth Strategic Portfolios: Growth Portfolio, AmSouth Strategic Portfolios:
Growth and Income Portfolio, AmSouth Strategic Portfolios: Moderate Growth and
Income Portfolio, AmSouth Strategic Portfolios: Current Income Portfolio,
AmSouth Bond Fund, AmSouth Limited Term Bond Fund, AmSouth Government Income
Fund, AmSouth Limited Term U.S. Government Fund, AmSouth Municipal Bond Fund,
AmSouth Florida Tax-Exempt Fund, AmSouth Tennessee Tax-Exempt Fund, AmSouth
Limited Term Tennessee Tax-Exempt Fund, AmSouth Prime Money Market Fund, AmSouth
U.S. Treasury Money Market Fund, AmSouth Treasury Reserve Money Market Fund,
AmSouth Tax-Exempt Money Market Fund and AmSouth Institutional Prime Obligations
Fund of the Amsouth 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 July 31, 2000 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 July 31, 2000, and with respect to agreement
of security and similar investments purchases and sales, for the period from May
31, 2000 (the date of last examination) through July 31, 2000;
o Count and inspection of all securities and similar investments located
in the vault of AmSouth Bank in Birmingham, Alabama;
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 Confirmation of all securities and similar investments hypothecated,
pledged, placed in escrow, or out for transfer with brokers, pledgees
and/or transfer agents;
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and the Custodian;
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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 15 security and/or investment purchases and 13 security
and/or investment sales or maturities since our 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 July 31, 2000, 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.
Ernst & Young LLP
December 5, 2000
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REPORT OF MANAGEMENT ON COMPLIANCE WITH RULE 17f-2 OF THE
INVESTMENT COMPANY ACT OF 1940
December 5, 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 July 31, 2000.
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 July 31, 2000 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
