485APOS 1 amsouth_formn-14.txt As filed with the Securities and Exchange Commission on August 2, 2002 Registration No. 333-91338 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____ PRE-EFFECTIVE AMENDMENT NO.__ X POST-EFFECTIVE AMENDMENT NO. 1 ---- --- (Check appropriate box or boxes) --------------- AMSOUTH FUNDS (Exact Name of Registrant as Specified in Charter) 3435 Stelzer Road Columbus, OH 43219 (Address of principal executive offices) Registrant's telephone number, including area code: 1-800-451-8382 --------------- Name and address of agent for service: J. David Huber AmSouth Funds 3435 Stelzer Road Columbus, OH 43219 Copies to: Clifford J. Alexander, Esq. Kirkpatrick & Lockhart LLP 1800 Massachusetts Avenue, N.W. Washington, D.C. 20036 --------------- Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective. It is proposed that this filing will become effective on August 5, 2002 pursuant to paragraph (a)(1) of Rule 485. Title of securities being offered: Units of beneficial interest. No filing fee is due because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of securities. AMSOUTH FUNDS CONTENTS OF REGISTRATION STATEMENT ON FORM N-14 This Registration Statement consists of the following papers and documents: Cover Sheet Contents of Registration Statement on Form N-14 Letter to Shareholders * Notice of Special Meeting of Shareholders * Part A - Combined Prospectus and Proxy Statement * Part B - Statement of Additional Information Part C - Other Information Signature Pages Exhibits * Previously filed and incorporated herein by reference to the Registrant's Registration Statement on Form N-14, Registration No. 333-91338, filed with the Securities and Exchange Commission on June 27, 2002, Edgar Accession Number 0000898432-02-000448. The sole purpose of this filing is to include revised pro-forma financial statements in the Statement of Additional Information filed herein. AMSOUTH FUNDS STATEMENT OF ADDITIONAL INFORMATION This Statement of Additional Information contains information that may be of interest to investors but that is not included in the Combined Prospectus/Proxy Statement (the "Prospectus") [ , 2002], relating to the transfer of assets and liabilities from the AmSouth Equity Income Fund, the AmSouth Limited Term U.S. Government Fund and the AmSouth Limited Term Tennessee Tax-Exempt Fund to the AmSouth Value Fund, the AmSouth Government Income Fund and the AmSouth Tennessee Tax-Exempt Fund, respectively. The Statement of Additional Information for AmSouth Funds dated December 1, 2001, as supplemented on February 8, 2002 and June 21, 2002 ("AmSouth Funds SAI"), the AmSouth Funds' Annual Report to Shareholders for the period ended July 31, 2001 ("AmSouth Funds Annual Report") and the AmSouth Funds' Semi-Annual Report to Shareholders for the period ended January 31, 2002 (AmSouth Funds Semi-Annual Report"), have been filed with the Securities and Exchange Commission and are incorporated herein by reference. This Statement of Additional Information is not a prospectus and is authorized for distribution only when it accompanies or follows delivery of the Prospectus, AmSouth Funds SAI, AmSouth Funds Annual Report, and AmSouth Funds Semi-Annual Report. This Statement of Additional Information should be read in conjunction with that Prospectus, AmSouth Funds SAI, AmSouth Funds Annual Report, and AmSouth Funds Semi-Annual Report. A copy of the Prospectus, AmSouth Funds SAI, AmSouth Funds Annual Report, and AmSouth Funds Semi-Annual Report may be obtained, without charge, by writing AmSouth Funds, 3435 Stelzer Road, Columbus, OH 43219 or by calling 1-800-451-8382. Audited financial statements for the Funds for the period ended July 31, 2001 are contained in the AmSouth Funds Annual Report to Shareholders, filed with the SEC on September 28, 2001, EDGAR Accession Number 0001045969-01-501180. Unaudited financial statements for the Funds for the period ended January 31, 2001 are contained in the AmSouth Funds Semi-Annual Report filed with the SEC on April 1, 2002, EDGAR Accession Number 0000950109-02-001862. The date of this Statement of Additional Information is [______ __, 2002]. TABLE OF CONTENTS FINANCIAL STATEMENTS OF THE COMBINED VALUE FUND AND EQUITY INCOME FUND, THE COMBINED GOVERNMENT INCOME FUND AND LIMITED TERM U.S. GOVERNMENT FUND, AND THE COMBINED TENNESSEE TAX-EXEMPT FUND AND LIMITED TERM TENNESSEE TAX-EXEMPT FUND ON A PRO-FORMA BASIS FOR THE SIX-MONTHS ENDED JANUARY 31, 2002 Statements of Operations..................................................... Statements of Assets and Liabilities......................................... Schedules of Investments..................................................... Notes to Financial Statements................................................
AMSOUTH FUNDS STATEMENTS OF OPERATIONS For The Twelve Months Ended January 31, 2002 (Unaudited) (Amounts in thousands) Equity Value Income Pro Forma Pro Forma Fund Fund Adjustments Combined ----------- --------------------------------------- Investment Income: Dividend income $ 11,402 $ 3,156 $ 14,558 Interest income 54 573 627 Income from securities lending 313 43 356 ----------- --------------------------------------- Total Investment Income 11,769 3,772 15,541 ----------- --------------------------------------- Expenses: Investment advisory fees 5,264 1,170 6,434 Administration fees 1,316 293 1,609 Distribution fees - Class B Shares 78 210 288 Shareholder servicing fees - Class A Shares 237 95 332 Shareholder servicing fees - Class B Shares 26 70 96 Shareholder servicing fees - Trust Shares 829 121 950 Accounting fees 178 35 213 Custodian fees 181 40 221 Transfer agent fees 190 90 (8)(a) 272 Other fees 178 52 230 ----------- --------------------------------------- Total expenses before fee reductions 8,477 2,176 (8) 10,645 Expenses reduced by Investment Advisor - (4) 4 (b) - Expenses reduced by Administrator - (73) 73 (C) - Expenses reduced by Transfer Agent - (8) 8 (a) - Expenses reduced by Distributor (276) (40) (316) Expenses reduced by Fund Accountant (87) (21) (108) ----------- --------------------------------------- Net Expenses 8,114 2,030 77 10,221 ----------- --------------------------------------- Net Investment Income 3,655 1,742 (77) 5,320 ----------- --------------------------------------- Realized/Unrealized Gains/(Losses) from Investments: Net realized gains/(losses) from investment transactions 66,728 (18,220) 48,508 Change in unrealized appreciation/depreciation from investments (87,254) (9,699) (96,953) ----------- --------------------------------------- Net Realized/Unrealized Gains/(Losses) from Investments (20,526) (27,919) (48,445) ----------- --------------------------------------- Change in Net Assets from Operations $(16,871) $(26,177) $(77) $(43,125) =========== ======================================= (a) Adjustment to reflect the Transfer agent fee minimum of $10,000 per class plus OOP. (b) Adjustment to reflect the Investment Advisor Fee structure of the Value Fund (0.80% of net assets). (C) Adjustment to reflect the Administration fee structre of the Value Fund (0.20% of net assets).
SEE NOTES TO FINANCIALS
AMSOUTH FUNDS STATEMENTS OF OPERATIONS For The Twelve Months Ended January 31, 2002 Limited (Unaudited) Term (Amounts in thousands) Government U.S. Income Government Pro Forma Pro Forma Fund Fund Adjustments Combined ------------- ------------- ------------- ------------- Investment Income: Dividend income $ 445 $ 75 $ 520 Interest income 18,163 2,000 20,163 Income from securities lending 164 3 167 ------------- ------------- ------------- ------------- Total Investment Income 18,772 2,078 20,850 ------------- ------------- ------------- ------------- Expenses: Investment advisory fees 2,022 272 2,294 Administration fees 622 84 706 Distribution fees - Class B Shares 14 8 22 Shareholder servicing fees - Class A Shares 15 8 23 Shareholder servicing fees - Class B Shares 4 2 6 Shareholder servicing fees - Trust Shares 455 56 511 Accounting fees 97 17 114 Custodian fees 86 12 98 Transfer agent fees 87 54 (24) 117 Registration and filing fees 11 30 41 Other fees 74 15 89 ------------- ------------- ------------- ------------- Total expenses before fee reductions 3,487 558 (24) 4,021 Expenses reduced by Investment Advisor (467) (63) (530) Expenses reduced by Administrator (156) (21) (177) Expenses reduced by Transfer Agent - (24) 24 (a) - Expenses reduced by Distributor (152) (19) (171) Expenses reduced by Fund Accountant (42) (5) (47) ------------- ------------- ------------- ------------- Net Expenses 2,670 426 - 3,096 ------------- ------------- ------------- ------------- Net Investment Income 16,102 1,652 - 17,754 ------------- ------------- ------------- ------------- Realized/Unrealized Gains/(Losses) from Investments: Net realized gains/(losses) from investment transactions (1,031) 50 (981) Change in unrealized appreciation/depreciation from investments 4,788 362 5,150 ------------- ------------- ------------- ------------- Net Realized/Unrealized Gains from Investments 3,757 412 4,169 ------------- ------------- ------------- ------------- Change in Net Assets from Operations $ 19,859 $ 2,064 $ 21,923 ============= ============= ============= ============= (a) Adjustment to reflect the Transfer agent fee minimum of $10,000 per class plus OOP.
SEE NOTES TO FINANCIALS
AMSOUTH FUNDS STATEMENTS OF OPERATIONS For The Twelve Months Ended January 31, 2002 (Unaudited) (Amounts in thousands) Limited Term Tennessee Tennessee Tax-Exempt Tax-Exempt Pro Forma Pro Forma Fund Fund Adjustments Combined ----------- ------------- -------------- ------------- Investment Income: Dividend income $ 54 $ 16 $ 70 Interest income 2,603 524 3,127 ----------- ------------- ------------------------------- Total Investment Income 2,657 540 3,197 ----------- ------------- ------------------------------- Expenses: Investment advisory fees 398 89 487 Administration fees 123 27 150 Distribution fees - Class B Shares 11 3 14 Shareholder servicing fees - Class A Shares 9 33 42 Shareholder servicing fees - Class B Shares 3 1 4 Shareholder servicing fees - Trust Shares 84 - 84 Accounting fees 23 7 30 Custodian fees 17 4 21 Transfer agent fees 54 31 (20)(a) 65 Registration and filing fees 31 30 61 Other fees 24 8 32 ----------- ------------- -------------- ------------- Total expenses before fee reductions 777 233 (20) 990 Expenses reduced by Investment Advisor (92) (20) (112) Expenses reduced by Administrator (31) (14) (45) Expenses reduced by Transfer Agent (21) (18) 20 (a) (19) Expenses reduced by Distributor (28) - (28) Expenses reduced by Fund Accountant (8) (2) (10) ----------- ---------------------------- ------------- Net Expenses 597 179 - 776 ----------- ---------------------------- ------------- Net Investment Income 2,060 361 2,421 ----------- ------------- -------------- ------------- Realized/Unrealized Gains/(Losses) from Investments: Net realized gains from investment transactions 883 253 1,136 Change in unrealized appreciation/depreciation from investments (486) (159) (645) ----------- ------------- ------------------------------- Net Realized/Unrealized Gains from Investments 397 94 491 ----------- ------------- ------------------------------- Change in Net Assets from Operations $ 2,457 $ 455 $ 2,912 =========== ============= =============================== (a) Adjustment to reflect the Transfer agent fee minimum of $10,000 per class plus OOP.
SEE NOTES TO FINANCIALS
AMSOUTH FUNDS STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 2002 (UNAUDITED) (Amounts in thousands, except per share amounts) Equity Value Income Pro Forma Fund Fund Adjustments Combined ------------ ----------------------- ------------ ASSETS: Investments: Investments at cost $ 529,041 $ 111,168 $ 640,209 Net unrealized appreciation 138,223 6,404 144,627 ------------ ----------------------- ------------ Total investments at value 667,264 117,572 784,836 Collateral for securities loaned 99,436 11,594 111,030 Interest and dividends receivable 754 373 1,127 Receivable from capital shares issued 154 19 173 Receivable from investments sold - 2,858 2,858 Prepaid expenses and other assets 20 10 30 ------------ ----------------------- ------------ Total Assets 767,628 132,426 900,054 LIABILITIES: Payable to custodian - 575 575 Payable for investments purchased 13,267 - 13,267 Payable for securities loaned 99,436 11,594 111,030 Payable for capital shares redeemed 38 26 64 Accrued expenses and other payables: Investment advisory fees 198 37 235 Administration fees 11 1 12 Shareholder servicing and distribution fees 82 35 117 Custodian fees 15 3 18 Other 64 25 89 ------------ ----------------------- ------------ Total Liabilities 113,111 12,296 125,407 ------------ ----------------------- ------------ NET ASSETS $654,517 $120,130 $774,647 ============ ======================= ============ NET ASSETS CONSIST OF: Capital $ 485,484 $ 144,920 $ 630,404 Accumulated (distributions in excess of) net investment income 63 (234) (171) Accumulated (distributions in excess of) net realized gains/(losses) from investments 30,747 (30,960) (213) Unrealized appreciation from investments 138,223 6,404 144,627 ------------ ----------------------- ------------ NET ASSETS $654,517 $120,130 $774,647 ============ ======================= ============ CLASS A SHARES: Net Assets $ 128,135 $ 36,884 $ 165,019 Shares outstanding 7,306 3,022 (920) (a) 9,408 Redemption price per share $ 17.54 $ 12.21 $ 17.54 ============ ======================= ============ Maximum Sales Load 5.50% 5.50% 5.50% ------------ ----------------------- ------------ Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) $18.56 $12.92 $18.56 CLASS B SHARES: Net Assets $ 14,170 $ 25,602 $ 39,772 Shares outstanding 819 2,113 (632) (a) 2,300 Offering price per share* $ 17.29 $ 12.12 $ 17.29 ============ ======================= ============ TRUST SHARES: Net Assets $ 512,212 $ 57,644 $ 569,856 Shares outstanding 29,252 4,717 (1,424) (a) 32,545 Offering and redemption price per share $17.51 $12.22 $17.51 ============ ======================= ============ *Redemption price per share varies by length of time shares are held. (a) Adjustment to convert Equity Income Fund's shares outstanding to Value Fund's based on the Value Fund's NAV
AMSOUTH FUNDS STATEMENTS OF ASSETS AND LIABILITIES January 31, 2002 (Unaudited) (Amounts in thousands, except per share amounts) Limited Term Government U.S. Combined Income Government Pro Forma Fund Fund Adjustments ------------- --------------------------- -------------- Assets: Investments: Investments at cost $ 279,867 $ 49,384 $ 329,251 Net unrealized appreciation 13,274 671 13,945 ------------- --------------------------- -------------- Total investments at value 293,141 50,055 343,196 Collateral for securities loaned 58,961 8,465 67,426 Interest and dividends receivable 3,388 640 4,028 Receivable from capital shares issued 1 9 10 Prepaid expenses and other assets 25 16 41 ------------- --------------------------- -------------- Total Assets 355,516 59,185 414,701 Liabilities: Payable for securities loaned 58,961 8,465 67,426 Accrued expenses and other payables: Investment advisory fees 57 10 67 Administration fees 4 1 5 Shareholder servicing and distribution fees 28 6 34 Custodian fees 7 1 8 Other 38 7 45 ------------- --------------------------- -------------- Total Liabilities 59,095 8,490 67,585 ------------- --------------------------- -------------- Net Assets $296,421 $50,695 $347,116 ============= =========================== ============== Net Assets consist of: Capital $ 286,424 $ 51,186 $ 337,610 Accumulated (distributions in excess of) net investment income (406) 67 (339) Accumulated net realized gains/(losses) from investment transactions (2,871) (1,229) (4,100) Unrealized appreciation from investments 13,274 671 13,945 ------------- --------------------------- -------------- Net Assets $296,421 $50,695 $347,116 ============= =========================== ============== Class A Shares: Net Assets $ 6,951 $ 3,561 $ 10,512 Shares outstanding 688 346 6 (a) 1,040 Redemption price per share $ 10.11 $ 10.29 $ 10.11 ============= =========================== ============== Maximum Sales Load 4.00% 4.00% 4.00% ------------- --------------------------- -------------- Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) $10.53 $10.72 $10.53 Class B Shares: Net Assets $ 2,545 $ 2,239 $ 4,784 Shares outstanding 252 218 3 (a) 473 Offering price per share* $ 10.11 $ 10.28 $ 10.11 ============= =========================== ============== Trust Shares: Net Assets $ 286,925 $ 44,895 $ 331,820 Shares outstanding 28,375 4,366 80 (a) 32,821 Offering and redemption price per share $10.11 $10.28 $10.11 ============= =========================== ============== *Redemption price per share varies by length of time shares are held. (a) Adjustment to convert Limited Term US Goverment Fund's shares outstanding to Government Income Fund's based on Government Income Fund's NAV.
AMSOUTH FUNDS STATEMENTS OF ASSETS AND LIABILITIES January 31, 2002 (Unaudited) (Amounts in thousands, except per share amounts) Limited Term Tennessee Tennessee Tax-Exempt Tax-Exempt Pro Forma Fund Fund Adjustments Combined ------------- -------------------------- ---------- Assets: Investments: Investments at cost $ 55,321 $ 12,407 $ 67,728 Net unrealized appreciation 962 162 1,124 ------------- -------------------------- ---------- Total investments at value 56,283 12,569 68,852 Interest and dividends receivable 874 144 1,018 Prepaid expenses and other assets 21 17 38 ------------- -------------------------- ---------- Total Assets 57,178 12,730 69,908 Liabilities: Payable for investments purchased - 479 479 Accrued expenses and other payables: Investment advisory fees 11 2 13 Administration fees 1 - 1 Shareholder servicing and distribution fees 6 3 9 Custodian fees 1 - 1 Other 14 4 18 ------------- -------------------------- ---------- Total Liabilities 33 488 521 ------------- -------------------------- ---------- - Net Assets $57,145 $12,242 $69,387 ============= ========================== ========== Net Assets consist of: Capital $ 56,630 $ 12,182 $ 68,812 Accumulated net investment income 62 9 71 Accumulated net realized losses from investment transactions (509) (111) (620) Unrealized appreciation from investments 962 162 1,124 ------------- -------------------------- ---------- Net Assets $57,145 $12,242 $69,387 ============= ========================== ========== Class A Shares: Net Assets $ 2,934 $ 11,814 $ 14,748 Shares outstanding 290 1,165 2 (a) 1,457 Redemption price per share $ 10.12 $ 10.15 $ 10.12 ============= ========================== ========== Maximum Sales Load 4.00% 4.00% 4.00% ------------- -------------------------- ---------- Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) $10.54 $10.57 $10.54 Class B Shares: Net Assets $ 1,470 $ 428 $ 1,898 Shares outstanding 145 42 187 Offering price per share* $ 10.13 $ 10.15 $ 10.13 ============= ========================== ========== Trust Shares: Net Assets $ 52,741 - $ 52,741 Shares outstanding 5,216 - 5,216 Offering and redemption price per share $10.11 $0.00 $10.11 ============= ========================== ========== *Redemption price per share varies by length of time shares are held. (a) Adjustment to convert Limited Term Tennessee Tax Exempt Fund's shares outstanding to Tennessee Tax Exempt Fund's based on Tennessee Tax Exempt Fund's NAV.
January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS SHARES OR PRINCIPAL AMOUNT ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED COMMON STOCKS (97.4%) AEROSPACE/DEFENSE (1.4%) 9,600 9,600 250,000 250,000 AUTOMOTIVE (0.0%) 4,294 4,294 AUTOMOTIVE PARTS (0.5%) 250,000 250,000 BANKING (2.8%) 242,184 242,184 11,000 11,000 12,000 12,000 155,000 155,000 BUSINESS SERVICES (3.3%) 2,343,500 2,343,500 325,000 325,000 CHEMICALS-SPECIALITY (2.3%) 107,800 107,800 530,050 530,050 COMPUTER HARDWARE (2.9%) 533,100 533,100 1,000,000 1,000,000 6,400 6,400 100,000 100,000 COMPUTER SOFTWARE (0.1%) 56,600 56,600 COMPUTER SOFTWARE & SERVICES (3.2%) 310,000 310,000 1,245,000 1,245,000 CONSUMER DISCRETIONARY (2.0%) $ 3,430 $ 3,430 20,900 20,900 69,000 69,000 36,223 36,223 $ 35,000 $ 35,000 109,000 109,000 CONSUMER STAPLES (1.3%) 53,300 53,300 59,870 59,870 $ 2,100 2,100 37,000 37,000 ENERGY (0.8%) 62,700 62,700 45,486 45,486 60,000 60,000
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS VALUE ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED General Dynamics Corp. $860 $ 860 Raytheon Company 9,567 9,567 ----------------------------------------- 10,427 10,427 ----------------------------------------- Ford Motor Co. 66 66 Dana Corp. 3,653 3,653 Bank of America Corp. 15,265 15,265 PNC Financial Service Group 635 635 U.S. Bancorp 250 250 Wachovia Corp. 5,154 5,154 ----------------------------------------- 21,304 21,304 ----------------------------------------- MPS Group, Inc. (b) 17,107 17,107 Reynolds & Reynolds Co., Class A 8,678 8,678 ----------------------------------------- 25,785 25,785 ----------------------------------------- Dow Chemical Co. 3,184 3,184 Engelhard Corp. 14,768 14,768 ----------------------------------------- 17,952 17,952 ----------------------------------------- Compaq Computer Corp. 6,584 6,584 Gateway, Inc. (b) 5,210 5,210 Hewlett-Packard Co. 142 142 IBM Corp. 10,788 10,788 ----------------------------------------- 22,724 22,724 ----------------------------------------- Keane, Inc. (b) 1,036 1,036 Computer Associates International, Inc. 10,683 10,683 Enterasys Networks, Inc. (b) 13,720 13,720 ----------------------------------------- 24,403 24,403 ----------------------------------------- Costco Co., 0.00%, CVT. BD., 8/19/02 3,584 3,584 Johnson Controls, Inc. 1,757 1,757 Marriott International, Inc., Class A 2,814 2,814 Omnicom Group, Inc. 3,165 3,165 Reliant Energy/AOL, 2.00%, CVT. BD., 3/8/02 (b) 1,508 1,508 Walt Disney (The) Co. 2,296 2,296 ----------------------------------------- 15,124 15,124 ----------------------------------------- Anheuser-Busch Cos., Inc. 2,519 2,519 PepsiCo, Inc. 3,000 3,000 Performance Food Group Co., 5.50%, CVT. BD., 10/16/04 2,848 2,848 Suiza Capital Trust II, 5.50%, CVT. PFD., 4/1/28 1,748 1,748 ----------------------------------------- 10,115 10,115 ----------------------------------------- Apache Corp., $2.02, CVT. PFD., 5/15/02 2,771 2,771 Exxon Mobil Corp. 1,776 1,776 Nabors Industries, Inc. (b) 1,879 1,879 ----------------------------------------- 6,426 6,426 -----------------------------------------
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS SHARES OR PRINCIPAL AMOUNT ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED ELECTRICAL & ELECTRONIC (1.7%) 497,000 497,000 FINANCE (7.3%) 37,000 37,000 58,000 58,000 222,732 73,837 296,569 23,000 23,000 13,500 40,622 54,122 18,800 46,100 64,900 11,600 11,600 36,800 36,800 40,000 40,000 650,000 650,000 29,750 29,750 FOOD PRODUCTS, PROCESSING, & PACKAGING (1.1%) 405,000 405,000 FOREST & PAPER PRODUCTS (4.4%) 200,000 200,000 200,000 200,000 175,000 175,000 195,000 195,000 HEALTH CARE (3.9%) 49,100 49,100 $ 1,840 $ 1,840 36,000 36,000 $ 1,260 $ 1,260 22,500 22,500 597,001 597,001 43,674 43,674 56,400 56,400 65,900 65,900 HOTELS & LODGING (2.0%) 1,300,000 1,300,000 INDUSTRIALS (1.7%) 78,100 78,100 24,300 24,300 $ 2,900 $ 2,900 22,000 22,000 42,000 42,000 INSURANCE (9.5%) 290,000 290,000 10,297 10,297 270,000 270,000 117,000 117,000 150,000 150,000 480,000 480,000 MATERIALS (0.4%) 39,400 39,400
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS VALUE ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED Avnet, Inc. 13,245 13,245 Ace Ltd., 8.25%, CVT. PFD., 5/16/03 2,899 2,899 American Express Co. 2,079 2,079 Citigroup, Inc. 10,557 3,500 14,057 Goldman Sachs Group, Inc. 2,001 2,001 J.P. Morgan Chase & Co. 460 1,383 1,843 Lehman Brothers Holdings, Inc. 1,218 2,986 4,204 Morgan Stanley Dean Witter & Co. 638 638 MBIA, Inc. 1,983 1,983 Prudential Financial, Inc. 2,198 2,198 Washington Mutual, Inc. 22,308 22,308 Washington Mutual, Inc., 8.00%, CVT.PFD., 8/16/04 (PIES) 2,255 2,255 ------------------------------------------ 35,181 21,284 56,465 ------------------------------------------ Sara Lee Corp. 8,566 8,566 Georgia Pacific Corp. 5,000 5,000 International Paper Co. 8,356 8,356 Weyerhaeuser 10,206 10,206 Willamette Industries, Inc. 10,813 10,813 ------------------------------------------ 34,375 34,375 ------------------------------------------ Abbott Laboratories 2,833 2,833 Amerisource Health Corp., 5.00%, CVT. BD., 12/1/07 2,629 2,629 Anthem, Inc., 6.00%, CVT. PFD., 11/15/04 2,451 2,451 Gilead Sciences, Inc., 5.00%, CVT. BD., 12/20/03 1,959 1,959 HCA-The Healthcare Co. 956 956 Health Management Assoc., Inc., Class A (b) 11,600 11,600 Johnson & Johnson 2,512 2,512 Pfizer, Inc. 2,350 2,350 Pharmacia Corp. 2,669 2,669 ------------------------------------------ 12,556 17,403 29,959 ------------------------------------------ Hilton Hotels Corp. 15,600 15,600 General Electric Co. 2,901 2,901 Illinois Tool Works, Inc. 1,735 1,735 L-3 Communications, Inc., 5.25%, CVT. BD., 6/1/09 4,095 4,095 Minnesota Mining & Manufacturing Co. 2,438 2,438 W.W. Grainger, Inc. 2,281 2,281 ------------------------------------------ 13,450 13,450 ------------------------------------------ ACE Ltd. 11,267 11,267 American International Group, Inc. 764 764 Chubb Corp. 18,049 18,049 Marsh & McLennan Cos., Inc. 11,916 11,916 MGIC Investment Corp. 10,050 10,050 St. Paul Cos., Inc. 21,455 21,455 ------------------------------------------ 73,501 73,501 ------------------------------------------ Ball Corp. 3,101 3,101
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS SHARES OR PRINCIPAL AMOUNT ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED MEDICAL SUPPLIES (2.0%) 320,000 ` 320,000 METALS & MINING (0.0%) 9,800 9,800 NEWSPAPERS (0.8%) 96,000 96,000 OIL & GAS EXPLORATION, PRODUCTION, & SERVICES (15.4%) 6,396 6,396 153,000 153,000 173,369 173,369 150,000 150,000 235,000 235,000 521,600 521,600 300,000 300,000 15,300 15,300 420,000 420,000 585,367 585,367 750,000 750,000 PHARMACEUTICALS (2.8%) 294,450 294,450 300,000 300,000 RESTAURANTS (0.5%) 150,000 150,000 RETAIL (2.5%) 320,000 320,000 200,000 200,000 175,000 175,000 TECHNOLOGY (2.8%) $ 2,015 $ 2,015 79,000 79,000 62,100 62,100 $ 2,050 $ 2,050 34,500 34,500 $ 2,100 $ 2,100 $ 1,710 $ 1,710 $ 1,335 $ 1,335 70,000 70,000 69,280 69,280 TELECOMMUNICATIONS-EQUIPMENT (3.9%) 345,000 345,000 1,760,000 1,760,000 900,000 900,000 TELECOM SERVICES (2.5%) 225,000 46,000 271,000 98,000 98,000 105,000 50,950 155,950 TELECOMMUNICATIONS-WIRELESS (0.2%) 157,682 157,682 TRANSPORTATION LEASING & TRUCKING (1.0%) 300,000 300,000 TRAVEL (1.3%) 3,200 3,200 550,000 550,000
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS VALUE ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED C.R. Bard, Inc. 15,696 15,696 Alcoa, Inc. 351 351 Gannett Co., Inc. 6,475 6,475 BP Amoco, PLC, ADR 299 299 Burlington Resources, Inc. 5,239 5,239 ChevronTexaco Corp. 14,528 14,528 El Paso Corp. 5,693 5,693 Kerr-McGee Corp. 12,443 12,443 Marathon Oil Corp. 14,631 14,631 Noble Affiliates 9,750 9,750 Royal Dutch Petroleum Co. 765 765 Sunoco, Inc. 16,194 16,194 Valero Energy Corp. 26,891 26,891 Williams Cos., Inc. 13,260 13,260 ------------------------------------------ 119,693 119,693 ------------------------------------------ Pharmacia Corp. 11,925 11,925 Schering-Plough Corp. 9,714 9,714 ------------------------------------------ 21,639 21,639 ------------------------------------------ McDonald's Corp. 4,077 4,077 CVS Corp. 8,704 8,704 Gap (The), Inc. 2,880 2,880 Target Corp. 7,772 7,772 ------------------------------------------ 19,356 19,356 ------------------------------------------ Affiliated Computer Services, 3.50%, CVT. BD., 2/15/06 2,538 2,538 Agilent Technologies, Inc. (b) 2,398 2,398 Dell Computer Corp. (b) 1,707 1,707 Extreme Networks, Inc., 3.50%, CVT. BD., 12/01/06(c) 1,963 1,963 Microsoft Corp. (b) 2,198 2,198 Photronics, Inc., 4.75%, CVT. BD., 12/20/04, (c) 2,447 2,447 Semtech Corp., 4.50%, CVT. BD., 2/1/07 1,832 1,832 Siebel Systems, Inc., 5.50%, CVT. BD., 9/15/02 2,169 2,169 Solectron Corp., 7.25%, CVT. PFD., 11/15/04 2,084 2,084 Texas Instruments, Inc. 2,162 2,162 ------------------------------------------ 21,498 21,498 ------------------------------------------ Harris Corp. 12,072 12,072 Lucent Technologies, Inc. 11,510 11,510 Nortel Networks Corp., ADR 6,516 6,516 ------------------------------------------ 30,098 30,098 ------------------------------------------ BellSouth Corp. 9,000 1,840 10,840 Mediaone Group/Vodafone, 7.00%, CVT. PFD., 11/15/02 2,313 2,313 SBC Communications, Inc. 3,932 1,908 5,840 ------------------------------------------ 12,932 6,061 18,993 ------------------------------------------ AT&T Wireless Services Inc. (b) 1,813 1,813 Ryder System, Inc. 7,494 7,494 Carnival Corp. 87 87 Cendant Corp. (b) 9,614 9,614 ------------------------------------------ 9,701 9,701 ------------------------------------------
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS SHARES OR PRINCIPAL AMOUNT ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED UTILITIES-ELECTRIC & GAS (6.9%) 475,000 475,000 156,264 156,264 6,400 6,400 1,725,000 1,725,000 680,000 680,000 UTILITIES-TELECOMMUNICATIONS (2.6%) 265,000 265,000 330,000 330,000 UTILITIES (0.2%) 32,300 32,300 TOTAL COMMON STOCKS & SECURITIES CONVERTIBLE TO COMMON STOCKS INVESTMENT COMPANIES (3.3%) 18,105,837 18,105,837 5,991,894 5,991,894 11,700 11,700
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January 31, 2002 (Unaudited) AMSOUTH VALUE AND EQUITY INCOME FUND (Amounts in thousands, except shares) SCHEDULE OF INVESTMENTS VALUE ------------------------------------------ VALUE FUND EQUITY INCOME FUND COMBINED Constellation Energy Group 13,395 13,395 Duke Energy Corp. 5,449 5,449 Exelon Corp. 315 315 Mirant Corp. (b) 17,268 17,268 Reliant Energy, Inc. 17,054 17,054 ------------------------------------------ 53,481 53,481 ------------------------------------------ AT&T Corp. 4,691 4,691 Verizon Communications 15,295 15,295 ------------------------------------------ 19,986 19,986 ------------------------------------------ Sierra Pacific Resources, 9.00%, CVT.PFD., 11/15/05 1,786 1,786 ------------------------------------------ 643,166 116,248 759,414 AmSouth Prime Money Market Fund 18,106 18,106 AmSouth U.S. Treasury Money Market 5,992 5,992 S & P 500 Depositary Receipt 1,324 1,324 ------------------------------------------ TOTAL INVESTMENT COMPANIES 24,098 1,324 25,422 ------------------------------------------ TOTAL INVESTMENTS - 101.3% 667,264 117,572 784,836 Cost (a) 529,041 111,168 640,209 Liabilities in excess of other assets - (1.3)% (12,747) 2,558 (10,189) ------------------------------------------ NET ASSETS 654,517 120,130 774,647 ========================================== There were no adjustments necessary to the pro forma Schedules of Portfolio Investments in order to comply with applicable regulatory requirements. (a) Represents cost for financial reporting purposes, is substantially the same as cost for federal income tax purposes, and differs from market value by unrealized appreciation of securities as follows: Unrealized appreciation $186,879 Unrealized depreciation (42,252) =========== Net unrealized appreciation $144,627 (b) Represents a non-income producing security. (c) Represents a restricted security, purchased under Rule 144A, which is exempt from registration under the Security Act of 1933, as amended. These securities have been deemed liquid under guidelines established by the Board of Trustees. ADR - American Depositary Receipt CVT. BD. - Convertible Bond CVT. PFD. - Convertible Preferred Stock PIES - Premium Income Equity Securities PLC - Public Limited Company Breakdown of Sectors* Common Stocks 92.2% Convertible Preferred 2.5% Convertible Bonds 3.3% Investment Companies 3.3% -------- Total 101.3% ======== * Percentages indicated are based on net assets.
4A Am South Government Income Fund and Limited Term U.S. Government Income Fund Schedule of Investments January 31, 2002 (Unaudited) (Amounts in thousands, except shares) Shares or Principal Amount ------------------------------------------------------------------------------------------------------------------------------------ Government Income Ltd. Term U.S. Govt Combined U.S. Government Agencies (70.4%) Fannie Mae (9.4%) 2,000 2,000 5.75%, 4/15/03 5,000 5,000 5.65%, 3/21/06, Callable 3/21/03 @ 100 2,000 2,000 6.94%, 9/5/07, Callable 9/5/02 @ 100 5,000 5,000 6.27%, 2/5/08, Callable 2/5/03 @ 100, MTN 7,000 7,000 6.00%, 5/15/08 4,637 4,637 7.50%, 4/1/15 - 6/1/15 2,506 2,506 8.00%, 7/1/15 1,000 1,000 5.38%, 3/15/02 500 500 5.98%, 11/12/02 500 500 5.63%, 5/14/04 250 250 5.75%, 6/15/05 500 500 6.44%, 8/14/07 500 500 6.65%, 11/14/07 Federal Farm Credit Bank (8.3%) 10,000 10,000 6.20%, 7/1/02 8,000 8,000 5.07%, 12/15/03 7,000 7,000 5.70%, 9/3/08 750 750 5.76%, 7/7/03 1,000 1,000 5.07%, 12/15/03 1,000 1,000 3.88%, 12/15/04 500 500 5.75%, 9/1/05, MTN Federal Government Loan Mortgage Corporation (0.8%) 2,760 2,760 6.50%, 5/1/31 Federal Home Loan Bank (10.1%) 3,000 3,000 5.35%, 12/1/03 2,250 2,250 6.34%, 6/29/04 10,000 10,000 7.25%, 5/13/05 10,000 10,000 5.80%, 9/2/08 5,000 5,000 5.89%, 3/30/09 1,000 1,000 1.91%, 2/27/02 750 750 6.34%, 6/29/04 375 375 5.50%, 8/15/08 1,000 1,000 5.82%, 3/30/09 Freddie Mac (10.5%) 10,000 10,000 5.00%, 1/15/04 2,954 2,954 5.50%, 8/1/08 10,000 10,000 5.75%, 3/15/09 5,613 5,613 6.00%, 6/1/16 - 8/1/18 3,371 3,371 7.00%, 6/1/31 500 500 6.16%, 9/25/02 1,500 1,500 3.25%, 12/15/03 1,000 1,000 5.00%, 1/15/04 985 985 5.50%, 8/1/08 Government Income Ltd. Term U.S. Govt Combined Government National Mortgage Assoc. (21.8%) 4,202 4,202 5.50%, 2/15/14 - 10/15/28 10,107 10,107 6.00%, 5/15/16 - 6/15/31 9,555 9,555 6.50%, 7/15/14 - 5/15/31 12,189 12,189 7.00%, 12/15/26 - 2/20/29 23,433 23,433 7.50%, 9/20/15 - 8/20/30 9,543 9,543 8.00%, 7/15/26 - 6/20/30 96 96 8.50%, 12/15/19 - 2/15/23 368 368 9.00%, 6/15/18 - 9/15/22 307 307 9.50%, 5/15/18 - 8/15/21 1,967 1,967 5.50%, 3/15/16 - 8/20/16 700 700 7.00%, 8/15/11 - 9/15/11 902 902 7.50%, 5/15/10 - 10/15/11 20 20 9.00%, 2/15/03 Private Export Funding (4.7%) 2,000 2,000 6.31%, 9/30/04, Series C 2,500 2,500 5.53%, 4/30/06 2,000 2,000 6.49%, 7/15/07, Series B 3,800 3,800 5.75%, 1/15/08 3,000 3,000 5.87%, 7/31/08, Series D 1,000 1,000 6.45%, 9/30/04 1,000 1,000 5.53%, 4/30/06 500 500 5.75%, 1/15/08 Sallie Mae (0.7%) 2,300 2,300 5.25%, 3/15/06 Tennessee Valley Authority (4.1%) 1,500 1,500 5.38%, 11/13/08 5,000 5,000 5.63%, 1/18/11, Series A 5,000 5,000 6.75%, 11/1/25 1,000 1,000 6.00%, 9/24/02 1,350 1,350 5.38%, 11/13/08 U.S. Treasury Bonds (7.6%) 7,900 7.50%, 11/15/16 7,000 7.25%, 8/15/22 7,000 7.63%, 11/15/22 U.S. Treasury Notes (14.7%) 10,000 7.50%, 5/15/02 19,000 5.75%, 8/15/03 - 8/15/10 1,500 1,500 6.63%, 4/30/02 3,000 3,000 7.50%, 5/15/02 - 2/15/05 750 750 6.25%, 6/30/02 1,000 1,000 5.75%, 10/31/02 3,000 3,000 5.63%, 12/31/02 - 2/15/06 1,000 1,000 4.25%, 3/31/03 1,000 1,000 4.00%, 4/30/03 2,000 2,000 2.75%, 9/30/03 4,000 4,000 6.50%, 8/15/05 - 10/15/05 2,000 2,000 3.50%, 11/15/06 1,000 1,000 4.75%, 11/15/08
Investment Companies (6.2%) 13,655,502 2,495,761 16,151,263 3,518,649 1,698,791 5,217,440 There were no adjustments necessary to the pro forma Schedules of Portfolio Investments in order to comply with applicable regulatory requirements. (a) Represents cost for financial reporting purposes, is substantially the same as cost for federal income tax purposes, and differs from market value by unrealized appreciation of securities as follows: Unrealized appreciation $ 14,250 Unrealized depreciation (305) ========= Net unrealized appreciation $ 13,945 MTN - Medium Term Note -----------------------------------------------------------------------------------------------------------------------
Value -------------------------------------------------------------------------------- Government Income Ltd. Term U.S. Govt Combined 2,077 2,077 5,163 5,163 2,050 2,050 5,150 5,150 7,301 7,301 4,859 4,859 2,637 2,637 1,004 1,004 515 515 522 522 262 262 533 533 515 515 -------------------------------------------------------------------------------- 29,237 3,351 32,588 -------------------------------------------------------------------------------- 10,177 10,177 8,250 8,250 7,144 7,144 781 781 781 1,031 1,031 1,031 998 998 998 522 522 522 -------------------------------------------------------------------------------- 25,571 3,332 28,903 -------------------------------------------------------------------------------- 2,783 2,783 3,106 3,106 2,384 2,384 10,928 10,928 10,238 10,238 5,119 5,119 999 999 795 795 378 378 1,019 1,019 -------------------------------------------------------------------------------- 31,775 3,191 34,966 -------------------------------------------------------------------------------- 10,296 10,296 2,961 2,961 10,225 10,225 5,624 5,624 3,450 3,450 513 513 1,498 1,498 1,030 1,030 987 987 -------------------------------------------------------------------------------- 32,556 4,028 36,584 -------------------------------------------------------------------------------- Value -------------------------------------------------------------------------------- Government Income Ltd. Term U.S. Govt Combined 4,112 4,112 10,142 10,142 9,736 9,736 12,540 12,540 24,575 24,575 10,071 10,071 106 106 405 405 343 343 1,956 1,956 734 734 955 955 21 21 -------------------------------------------------------------------------------- 72,030 3,666 75,696 -------------------------------------------------------------------------------- 2,125 2,125 2,575 2,575 2,140 2,140 3,914 3,914 3,086 3,086 1,065 1,065 1,030 1,030 515 515 -------------------------------------------------------------------------------- 13,840 2,610 16,450 -------------------------------------------------------------------------------- 2,346 2,346 1,494 1,494 4,938 4,938 5,282 5,282 1,016 1,016 1,345 1,345 -------------------------------------------------------------------------------- 11,714 2,361 14,075 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AGENCIES 219,506 24,885 244,391 -------------------------------------------------------------------------------- 9,417 8,317 8,646 -------------------------------------------------------------------------------- TOTAL U.S. TREASURY BONDS 26,380 26,380 -------------------------------------------------------------------------------- 10,166 19,915 1,518 1,518 3,229 3,229 764 764 1,027 1,027 3,138 3,138 1,021 1,021 1,019 1,019 1,997 1,997 4,339 4,339 1,926 1,926 997 997 -------------------------------------------------------------------------------- TOTAL U.S. TREASURY NOTES 30,081 20,975 51,056 -------------------------------------------------------------------------------- Value -------------------------------------------------------------------------------- Government Income Ltd. Term U.S. Govt Combined AIM Treasury Money Market Fund 13,655 2,496 16,151 AmSouth Treasury Reserve Money Market Fund 3,519 1,699 5,218 -------------------------------------------------------------------------------- TOTAL INVESTMENT COMPANIES 17,174 4,195 21,369 -------------------------------------------------------------------------------- TOTAL INVESTMENTS - 98.9% 293,141 50,055 343,196 Cost(a) 279,867 49,384 329,251 Other Assets in Excess of Liabilities - 1.1.% 3,280 640 3,920 -------------------------------------------------------------------------------- NET ASSETS 296,421 50,695 347,116 ================================================================================
January 31, 2002 AMSOUTH TENNESSEE TAX-EXEMPT FUND AND LIMITED TERM TENNESSEE TAX-EXEMPT FUND (Unaudited) SCHEDULE OF INVESTMENTS (Amounts in thousands, except shares) SHARES OR PRINCIPAL AMOUNT VALUE --------------------------------------- ------------------------------------------ TENNESSEE LTD. TERM TN TENNESSEE LTD. TERM TN TAX-EXEMPT TAX-EXEMPT COMBINED TAX-EXEMPT TAX-EXEMPT COMBINED MUNICIPAL BONDS (96.6%) TENNESSEE (96.6%) Anderson County, Refunding, GO, 1,055 1,055 5.00%, 4/1/09, FSA 1,114 1,114 Bradley County, Refunding, Hospital, 1,000 1,000 GO, 4.25%, 3/1/10, FGIC 998 998 Bristol Health & Educational Facilities, Revenue, Bristol Memorial Hospital, 3000 3,000 6.75%, 9/1/07, FGIC 3,431 3,431 Chattanooga Health Education & Housing Facilities Board, Revenue, Catholic Health Initiatives, Refunding, 500 500 5.50%, 12/1/05 535 535 Chattanooga, GO, 5.38%, 9/1/09, 595 595 Callable 9/1/06 @ 101, FGIC 640 640 Chattanooga-Hamilton County Hospital Authority, Hospital Revenue, 1,000 1,000 5.63%, 10/1/09, FSA 1,093 1,093 Clarksville, Water, Sewer & Gas, Refunding, 6.13%, 2/1/12, Callable 500 500 2/1/02 @ 102, OID, MBIA 510 510 Clarksville, Water Sewer & Gas 1570 1,570 Revenue, Refunding, 5.15%, 2/1/14 FSA 1,653 1,653 Dickson County, Public Improvements & Schools, GO, 5.25%, 4/1/16, Callable 1,000 1,000 4/1/10 @ 100, OID, FSA 1,033 1,033 Franklin, Refunding, GO, 4.25%, 470 470 11/01/2010 475 475 Hamilton County, GO, 5.00%, 11/1/11, 1,000 1,000 Callable 11/1/08 @ 101 1,048 1,048 Jackson, Hospital Revenue, Refunding 1,000 1,000 and Improvement, 6.00%, 4/1/05, AMBAC 1,088 1,088 Johnson City Health & Educational Facilities Board, Hospital Revenue, Refunded-1st, MTG-MTN, States 1,000 1,000 Health-A, 6.50%, 7/1/14, MBIA 1,164 1,164 Johnson City, Refunding, GO, 4.70%, 1,000 1,000 6/1/12, OID, FGIC 1,027 1,027 Knox County Health Education & Housing Facilities Board, Hospital Facilities Revenue, Mercy Health System, Series B, 5.30%, 9/1/04, 1000 1,000 Callable 9/1/03 @ 102, AMBAC, OID 1061 1,061 Knox County Health Education & Housing Facilities Board, Hospital Revenue, Refunding, 7.25%, 1/1/08, 750 750 MBIA 877 877 Knox County, Public Improvements, 425 425 GO, 5.00%, 5/1/02 453 453 Knox County Health Education & Housing Facilities Board, Hospital Facilities Revenue, Fort Sanders 2000 2,000 Alliance, 7.25%, 1/1/09, MBIA 2,361 2,361 Knox County, GO, 5.00%, 2/1/12, 2,000 2,000 Callable 2/1/04 @ 101, OID 2,120 2,120 January 31, 2002 AMSOUTH TENNESSEE TAX-EXEMPT FUND AND LIMITED TERM TENNESSEE TAX-EXEMPT FUND (Unaudited) SCHEDULE OF INVESTMENTS (Amounts in thousands, except shares) SHARES OR PRINCIPAL AMOUNT VALUE --------------------------------------- ------------------------------------------ TENNESSEE LTD. TERM TN TENNESSEE LTD. TERM TN TAX-EXEMPT TAX-EXEMPT COMBINED TAX-EXEMPT TAX-EXEMPT COMBINED Knox County, Refunding, GO, 6.50%, 1,500 1,500 4/1/04, Callable 4/1/03 @ 102 1,598 1,598 2,000 2,000 Knox County, Refunding, GO, 5.50% 4/1/11 2,178 2,178 Knoxville, Water Revenue, 5.00%, 1,000 1,000 3/1/13, Callable 3/1/10 @ 100, MBIA 1,030 1,030 1,000 1,000 Marion County, GO, 5.00%, 4/1/11 AMBAC 1,051 1,051 Memphis, Electrical Systems Revenue, Refunding, 6.00%, 1/1/05, 500 500 OID 541 541 Memphis, Refunding, GO, 6.00%, 500 500 11/01/2003 534 534 1,000 1,000 Memphis Water Revenue, 5.90%, 1/1/04 OID 1,064 1,064 Memphis, General Improvements, 1000 1,000 Refunding, GO, 5.00%, 11/1/15 1,037 1,037 1,000 1,000 Memphis, GO, 6.25%, 7/1/04 1,089 1,089 1,000 1,000 Memphis, GO, 6.00%, 11/1/06 1,117 1,117 Metropolitan Government, Nashville & Davidson County, Health & Education Facilities Board, Revenue, The Vanderbilt University, Series A, 500 500 6.00%, 7/1/07 557 557 Metropolitan Government, Nashville & Davidson County, Refunding, GO, 750 750 5.00%, 12/1/06 806 806 Metropolitan Government, Nashville & Davidson County, Electric Revenue, 1,000 1,000 Refunding, Series B, 5.50%, 5/15/12 1,092 1,092 Metropolitan Government, Nashville & Davidson County, Electric Revenue, 1,000 1,000 Refunding, Series B, 5.50%, 5/15/14 1,090 1,090 Metropolitan Government, Nashville & Davidson County, Refunding & Improvement, Series A & B, GO, 1000 1,000 5.25%, 10/15/09 1,080 1,080 Metropolitan Government, Nashville & Davidson County, Refunding, GO, 1500 1,500 6.00%, 12/1/09 1,694 1,694 Metropolitan Nashville Airport Authority, Airport Revenue, Refunding, 500 500 Series A, 6.63%, 7/1/07, FGIC 568 568 Oak Ridge, GO, 5.00%, 4/1/13, 1,000 1,000 Callable 4/1/11 @ 100, AMBAC 1,034 1,034 Putnam County, Schools, GO, 5.50%, 1000 1,000 4/1/19, Prerefunded 4/1/10 @100, OID, FGIC 1,099 1,099 Rutherford County, Capital Outlay 500 500 Notes, GO, 6.00%, 4/1/04 537 537 Rutherford County, Capital Outlay 1050 1,050 Notes, Series A, GO, 6.50%, 5/1/06 1181 1,181 Rutherford County, Capital Outlay, 1,500 1,500 Series A, GO, 6.25%, 5/1/04 1,624 1,624 Rutherford County, Public Improvements, GO, 5.40%, 4/1/13, 1000 1,000 OID, Prerefunded 4/1/06 @ 100 1,083 1,083 Shelby County Health Educational & Housing Facility Board, Hospital Revenue, Methodist Healthcare, 5.50%, 600 600 4/1/05, MBIA 642 642 January 31, 2002 AMSOUTH TENNESSEE TAX-EXEMPT FUND AND LIMITED TERM TENNESSEE TAX-EXEMPT FUND (Unaudited) SCHEDULE OF INVESTMENTS (Amounts in thousands, except shares) SHARES OR PRINCIPAL AMOUNT VALUE -------------------------------------- ------------------------------------------ ENNESSEE LTD. TERM TN TENNESSEE LTD. TERM TN AX-EXEMPT TAX-EXEMPT COMBINED TAX-EXEMPT TAX-EXEMPT COMBINED Shelby County Health Education & Housing Facilities Board, Hospital Revenue, Methodist Healthcare, 5.10%, 2,000 2,000 4/1/12, Callable 4/1/08 @ 101, MBIA 2,073 2,073 Shelby County Health Education, & Housing Facilities Board, Hospital Revenue, Methodist Health Systems, 3500 3,500 Inc., 6.25%, 8/1/07, MBIA 3,900 3,900 Shelby County Schools, Series A, GO, 1000 1,000 5.88%, 6/1/19, Prerefunded 6/1/06 @ 100 1105 1,105 Shelby County, Public Improvements, Series A, GO, 5.88%, 6/1/20, 1,000 500 1,500 Prerefunded 6/1/06 @ 100, OID 1,105 553 1,658 Shelby County, Refunding, Series B, 1,000 1,000 GO, 5.25%, 12/1/10, Callable 12/1/06 @ 101,OID 1,054 1,054 1,000 1,000 Shelby County, Series A, GO, 6.75% 4/1/05 1,111 1,111 Tennesse State School Board Authority, Refunding, Higher 500 500 Educational Facilities, 5.00%, 5/1/05 530 530 Tennessee State, GO, 5.00%, 5/1/09, 500 500 Callable 5/1/07 @ 101.5, OID 529 529 Tennessee State, Refunding, Series A, 500 500 GO, 5.00%, 5/1/05 531 531 1500 1,500 Tennessee State, Series B, GO, 6.00% 5/1/05 1,640 1,640 2000 2,000 Tennessee State, Series A, GO, 7.00% 3/1/05 2233 2,233 Williamson County, GO, 6.00%, 500 500 03/01/2008 557 557 1000 1,000 Williamson County, GO, 5.00%, 3/1/11 1056 1,056 Williamson County, Public Improvements, 1000 1,000 GO, 5.00%, 3/1/07 1064 1,064 ----------------------------------- TOTAL MUNICIPAL BONDS 55,612 11,436 67,048 ----------------------------------- INVESTMENT COMPANIES (2.6%) 669,519 544,357 1,213,876 AIM Tax-Free Money Market Fund 670 544 1,214 1,437 588,321 589,758 AmSouth Tax-Exempt Money Market Fund 1 589 590 ----------------------------------- TOTAL INVESTMENT COMPANIES 671 1,133 1,804 ----------------------------------- TOTAL INVESTMENTS - 99.2% 56,283 12,569 68,852 Cost (a) 55,321 12,407 67,728 Other Assets in Excess of Liabilities -0.8% 862 (327) 535 ----------------------------------- NET ASSETS 57,145 12,242 69,387 =================================== There were no adjustments necessary to the pro forma Schedules of Portfolio Investments in order to comply with applicable regulatory requirements. (a) Represents cost for financial reporting purposes, is substantially the same as cost for federal income tax purposes, and differs from market value by unrealized appreciation of securities as follows: Unrealized appreciation $ 1,316 Unrealized depreciation (192) ========= Net unrealized appreciation $ 1,124 AMBAC - Insured by AMBAC Indemnity Corp. FGIC - Insured by Financial Guaranty Insurance Corp. FSA - Insured by Financial Security Assurance Inc. GO - General Obligation MBIA - Insured by Municipal Bond Insurance Assoc. MTN - Medium Term Note OID - Original Issue Discount
AMSOUTH MUTUAL FUNDS Notes to Pro Forma Financial Statements (Unaudited) ------- 1. BASIS OF COMBINATION: The unaudited Pro Forma Combining Statements of Assets and Liabilities, Statements of Operations, and Schedules of Portfolio Investments reflect the accounts of six investment portfolios offered by the AmSouth Mutual Funds (the "AmSouth Funds"): the AmSouth Equity Income Fund, the AmSouth Value Fund, the AmSouth Limited Term U.S. Government Fund, the AmSouth Government Income Fund, the AmSouth Limited Term Tennessee Tax-Exempt Fund, and the AmSouth Tennessee Tax-Exempt Fund,. (collectively, the "Funds" and individually a "Fund") as if the proposed reorganization occurred as of and for the six months ended January 31, 2002. These statements have been derived from books and records utilized in calculating daily net asset value at January 31, 2002. The Reorganization Agreement provides that on the Closing Date of the Reorganization, all of the assets and liabilities will be transferred as follows such that at and after the Reorganization, the assets and liabilities of the applicable Acquired Funds will become the assets and liabilities of the corresponding Acquiring Fund (see table below): AmSouth Equity Income Fund AmSouth Value Fund AmSouth Limited Term U.S. Government Fund AmSouth Government Income Fund AmSouth Limited Term Tennessee Tax-Exempt Fund AmSouth Tennessee Tax-Exempt Fund In exchange for the transfer of assets and liabilities, the Company will issue to the Value Fund, the Limited Term Bond Fund, and the Tennessee Tax-Exempt Fund (each, an "Acquiring Fund") full and fractional shares of the corresponding Equity Income Fund, the Limited Term U.S. Government Fund, the Limited Term Tennessee Tax-Exempt Fund (each, an "Acquired Fund"), and the Acquired Funds will make a liquidating distribution of such shares to its shareholders. The number of shares of the Acquiring Funds so issued will be equal in value to the full and fractional shares of the Acquired Funds that are outstanding immediately prior to the Reorganization. At and after the Reorganization, all debts, liabilities and obligations of Acquired Funds will attach to the Acquiring Funds and may thereafter be enforced against the Acquiring Funds to the same extent as if the Acquiring Funds had incurred them. The pro forma statements give effect to the proposed transfer described above. Under the purchase method of accounting for business combinations under accounting principles generally accepted in the United States of America ("GAAP"), the basis on the part of the Acquiring Funds, of the assets of the Acquired Funds will be the fair market value of such assets on the Closing Date of the Reorganization. The Acquiring Funds will recognize no gain or loss for federal tax purposes on its issuance of shares in the Reorganization, and the basis to the Acquiring Funds of the assets of the Acquired Funds received pursuant to the Reorganization will equal the fair market value of the (Continued) AMSOUTH MUTUAL FUNDS Notes to Pro Forma Financial Statements (Unaudited) ------- consideration furnished, and costs incurred, by the Acquired Funds in the Reorganization -- i.e., the sum of the liabilities assumed, the fair market value of the Acquired Funds shares issued, and such costs. For accounting purposes, the Acquiring Funds are the surviving portfolios of this Reorganization. The pro forma statements reflect the combined results of operations of the Acquired Funds and the Acquiring Funds. However, should such Reorganization be effected, the statements of operations of the Acquiring Funds will not be restated for pre-combination period results of the corresponding Acquired Funds. The Pro Forma Combining Statements of Assets and Liabilities, Statements of Operations, and Schedules of Portfolio Investments should be read in conjunction with the historical financial statements of the Funds incorporated by reference in the Statement of Additional Information. The Acquiring Funds and the Acquired Funds are each separate portfolios of the AmSouth Mutual Funds, and are registered as open-end management companies under the Investment Company Act of 1940. The investment objectives of each fund are listed below. ----------------------------------------------------------------------------------------------------------------------------------- EQUITY INCOME FUND VALUE FUND ----------------------------------------------------------------------------------------------------------------------------------- Investment Objective Seeks above average income and capital Seeks capital growth by investing primarily in a appreciation by investing primarily in a diversified portfolio of common stock and securities diversified portfolio of common stocks, convertible into common stock. The production of preferred stocks, and securities that are current income is a secondary objective. convertible into common stocks, such as convertible bonds and convertible preferred stock. ----------------------------------------------------------------------------------------------------------------------------------- LIMITED TERM U.S. GOVERNMENT FUND GOVERNMENT INCOME FUND ----------------------------------------------------------------------------------------------------------------------------------- Investment Objective Seeks to provide investors with high current Seeks current income consistent with the preservation income without assuming undue risk. of capital. ----------------------------------------------------------------------------------------------------------------------------------- LIMITED TERM TENNESSEE TAX-EXEMPT FUND TENNESSEE TAX-EXEMPT FUND ----------------------------------------------------------------------------------------------------------------------------------- Investment Objective Seeks to provide investors with current income Same exempt from federal and Tennessee income taxes without assuming undue risk. -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES AIMCO, a separate, wholly owned subsidiary of AmSouth Bank, serves as the AmSouth Funds' investment advisor. Rockhaven Asset Management, LL, serves as sub-investment advisor to the AmSouth Equity Income Fund. AmSouth Bank serves as the custodian. ASO Services Company ("ASO") serves as the administrator and mutual fund accountant for the AmSouth Funds. AmSouth and BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services (BISYS) serve as (Continued) AMSOUTH MUTUAL FUNDS Notes to Pro Forma Financial Statements (Unaudited) ------- sub-administrators to the AmSouth Funds. BISYS Fund Services Ohio ("BISYS Ohio") serves as the transfer and dividend disbursing agent for the AmSouth Funds. ASO, BISYS and BISYS Ohio are subsidiaries of The BISYS Group, Inc. AMSOUTH FUNDS: The AmSouth Funds offer three classes of Fund shares: Class A Shares, Trust Shares, and Class B Shares (except for the Limited Term Tennessee Tax-Exempt Fund which does not offer Trust Shares). Each class of shares has identical rights and privileges except with respect to fees paid under shareholder servicing or distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. Class A Shares are subject to an initial sales charge upon purchase. Class B Shares are subject to a contingent deferred sales change (CDSC) upon redemption. Under the terms of the investment advisory agreement, AIMCO is entitled to receive fees computed at the annual rate based on each Fund's average daily net assets (see table below). Rockhaven Asset Management, LLC, serves as sub-investment advisor to the AmSouth Equity Income Fund and receives an annual fee from AmSouth Bank of 0.48% of the average daily net assets of the Fund. Such fees are accrued daily and paid monthly. For the six months ended January 31, 2002, total investment advisory fees incurred by the AmSouth Funds were as follows (amounts in thousands): Percentage Fee Total Fees Fees Waived Equity Income 0.80% $ 526 $ 1 Value 0.80% 2,649 - Limited Term U.S. Government 0.65% 154 35 Government Income 0.65% 996 230 Limited Term Tennessee Tax-Exempt 0.65% 43 10 Tennessee Tax-Exempt 0.65% 195 45 Under the terms of the administration agreement, ASO's fees are computed at the annual rate of 0.20% of each Fund's daily average net assets. For the year ended January 31, 2002, the administration fees incurred by the AmSouth Funds were as follows (amounts in thousands): (Continued) AMSOUTH MUTUAL FUNDS Notes to Pro Forma Financial Statements (Unaudited) ------- Total Fees Fees Waived Equity Income $ 132 $ 33 Value 662 - Limited Term U.S. Government 47 12 Government Income 307 77 Limited Term Tennessee Tax-Exempt 13 7 Tennessee Tax-Exempt 60 15 PRO FORMA ADJUSTMENTS AND PRO FORMA COMBINED COLUMNS The pro forma adjustments and pro forma combined columns of the Statements of Operations reflect the adjustments necessary to show expenses at the rates which would have been in effect if the Acquired Funds were included in the Acquiring Funds for the twelve months ended January 31, 2002. Investment advisory, administration, 12b-1, shareholder service, accounting and custodian fees in the pro forma combined column are calculated at the rates in effect for the Acquiring Funds based upon the combined net assets of the corresponding Acquired Funds and the Acquiring Funds. Certain pro forma adjustments were made to estimate the benefit of combining operations of separate funds into one survivor fund. The pro forma Schedules of Portfolio Investments give effect to the proposed transfer of such assets as if the Reorganization had occurred at January 31, 2002. There were no adjustments necessary to the pro forma Schedules of Portfolio Investments in order to comply with applicable regulatory requirements. 2. PORTFOLIO VALUATION, SECURITIES TRANSACTIONS AND RELATED INCOME: Bonds and other fixed income securities (other than short term obligations but including listed issues) are valued on the basis of valuations furnished by a pricing service, the use of which has been approved by the Trust's Board of Trustees. In making such valuations the pricing service utilizes both dealer-supplied valuations and the use of electronic and matrix techniques which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics other than market data and without exclusive reliance upon quoted prices of over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. All debt portfolio securities with a remaining maturity of 60 days or less are valued at amortized cost. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight- line) basis to the maturity of the security. (Continued) AMSOUTH MUTUAL FUNDS Notes to Pro Forma Financial Statements (Unaudited) ------- The value of each equity security is based either on the last sale price on a national securities exchange, or in the absence of recorded sales, at the closing bid prices on such exchanges, or at the quoted bid price in the over-the-counter market. Securities or other assets for which market quotations are not readily available are valued by or at the direction of the Trust's Board of Trustees. Investments in restricted securities are valued by the Board of Trustees, or by procedures approved by the Board of Trustees, by considering pertinent factors, including the results of operations and the sales price of recent private placements in its common stock. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term. Security transactions are recorded on trade date. Realized gains and losses from sales of investments are calculated on the identified cost basis. Interest income, including accretion of discount and amortization of premium on investments, is accrued daily. Dividend income is recorded on the ex-dividend date. AMSOUTH FUNDS Part C Item 15. Indemnification -------- --------------- The information required by this item is incorporated by reference to Item 25 of Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A (File No. 33-21660) under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (File No. 811-5551). Item 16. Exhibits -------- -------- (1) Amended and Restated Declaration of Trust of the Registrant, dated as of November 23, 1999. 7 (2) (a) Bylaws of the Registrant. 7 (b) Amendment No. 1 to the Registrant's Bylaws. 7 (3) Voting trust agreement - none. (4) Form of Plan of Reorganization and Termination - Appendix A to Part A (Combined Prospectus/Proxy Statement).10 (5) Provisions of instruments defining the rights of holders of securities are contained in Articles III, IV, VI, VIII and IX of the Registrant's Amended and Restated Declaration of Trust and Articles 9 and 11 of the Registrant's Bylaws. (6) (a) Investment Advisor Agreement dated as of May 12, 2001 between the Registrant and AmSouth Investment Management Company, LLC ("Advisor"). 1 (b) Investment Sub-Advisory Agreement dated May 12, 2001 between Advisor and Peachtree Asset Management.1 (c) Investment Sub-Advisory Agreement dated as of May 12, 2001 between Advisor and Five Points Capital Advisors, Inc. 1 (7) (a) Distribution Agreement dated as of July 16, 1997 between the Registrant and BISYS Fund Services, Limited Partnership.2 (b) Amended Schedules A, B, C and D dated November 23, 1999 to the Distribution Agreement between the Registrant and BISYS Fund Services, Limited Partnership. 3 (c) Dealer Agreement between The Winsbury Company and AmSouth Investment Services, Inc. 9 (d) Dealer Agreement between The Winsbury Company and National Financial Services Corporation.9 (e) Dealer Agreement between The Winsbury Company and AmSouth Bank N.A. 9 (8) Copies of all bonus, profit sharing, pension or other similar contracts - none. (9) (a) Custodian Agreement dated as of April 17, 1997 between the Registrant and AmSouth Bank. 4 (b) Amended Schedule A dated March 13, 2000 to the Custodian Agreement between Registrant and AmSouth Bank. 3 (10) (a) Form of Distribution and Shareholder Services Plan between the Registrant and BISYS Funds Services, Inc.5 (b) Multiple Class Plan for AmSouth Funds adopted by the Board of Trustees on December 6, 1995, as amended and restated as of November 23, 1999. 3 (11) Opinion and Consent of Kirkpatrick & Lockhart LLP regarding the legality of the shares being registered. 10 (12) Opinion of Kirkpatrick & Lockhart LLP regarding certain tax matters (to be filed). (13) (a) Transfer Agency and Shareholder Service Agreement dated as of November 23, 1999 between the Registrant and BISYS Fund Services, Inc. 3 (b) Management and Administration Agreement dated as of November 23, 1999 between the Registrant and ASO Services Company and AmSouth Bank. 3 (c) Sub-Administration Agreement dated as of November 23, 1999 between ASO Services Company and AmSouth Bank. 3 (d) Sub-Administration Agreement dated as of November 23, 1999 between ASO Services Company and BISYS Fund Services, Inc. 3 (e) Fund Accounting Agreement dated as of November 23, 1999 between the Registrant and ASO Services Company, Inc. 3 (f) Shareholder Servicing Plan for AmSouth Mutual Funds adopted by the Board of Trustees on December 6, 1995. 6 (g) Amended Schedule I dated March 13, 2000 to the Shareholder Servicing Plan. 3 (h) Model Shareholder Servicing Agreement for AmSouth Mutual Funds adopted by the Board of Trustees on December 6, 1995. 6 (14) Consent of Ernst & Young LLP. (filed herewith) (15) Financial statements omitted from Part B - none. (16) Powers of Attorney. 7 (a) Power of Attorney for Edward P. Farley. 8 (b) Power of Attorney for Geoffrey A von Kuhn (filed herewith) (17) Additional Exhibits (a) Proxy Card for AmSouth Equity Income Fund 10 (b) Proxy Card for AmSouth Limited Term U.S. Government Fund 10 (c) Proxy Card for AmSouth Limited Term Tennessee Tax-Exempt Fund 10 --------------- 1. Incorporated by reference from the Registrant's Post-Effective Amendment No. 35 to its Registration Statement on Form N-1A filed with the Securities and Exchange Commission on September 28, 2001. 2. Incorporated by reference from the Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A filed with the Securities and Exchange Commission on August 27, 1997. 3. Incorporated by reference from the Registrant's Post-Effective Amendment No. 32 to its Registration Statement on Form N-1A filed with the Securities and Exchange Commission on March 13, 2000. 4. Incorporated by reference from the Registrant's Post-Effective Amendment No. 23 to its Registration Statement on Form N-1A filed with the Securities and Exchange Commission on July 3, 1997. 5. Incorporated by reference from the Registrant's Post-Effective Amendment No. 33 to its Registration Statement on Form N-1A filed with the Securities and Exchange Commission on September 29, 2000. 6. Incorporated by reference from the Registrant's Post-Effective Amendment No. 18 to its Registration Statement on Form N-1A filed with the Securities and Exchange Commission on January 31, 1996. 7. Incorporated by reference from the Registrant's Registration Statement on Form N-14, Registration No. 333-84778, filed with the Securities and Exchange Commission on March 22, 2002. 8. Incorporated by reference from the Registrant's Post-Effective Amendment No. 1 to its Registration Statement on Form N-14, Registration No. 333-84778, filed with the Securities and Exchange Commission on April 25, 2002. 9. Incorporated by reference from the Registrant's Post-Effective Amendment No. 2 to its Registration Statement on Form N-14, Registration No. 333-84778, filed with the Securities and Exchange Commission on June 24, 2002. 10. Incorporated by reference from the Registrant's Registration Statement on Form N-14, Registration No. 333-91338, filed with the Securities and Exchange Commission on June 27, 2002. Item 17. Undertakings -------- ------------ (1) The undersigned Registrant agrees that prior to any public re-offering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the re-offering prospectus will contain the information called for by the applicable registration form for re-offerings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. (2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. SIGNATURES As required by the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14 has been signed on behalf of the Registrant, in the City of Washington, District of Columbia on this 2nd day of August, 2002. AMSOUTH FUNDS By: /s/ J. David Huber ** ------------------------------ J. David Huber, Chairman Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14 has been signed below by the following persons in the capacities and on the dates indicated: Signature Title Date /s/ J. David Huber ** Chairman August 2, 2002 -------------------------------- J. David Huber /s/ John F. Calvano ** President August 2, 2002 -------------------------------- John F. Calvano /s/ Charles L. Booth** Treasurer August 2, 2002 --------------------------- and Principal Financial Charles L. Booth Officer /s/ James H. Woodward, Jr. ** Trustee August 2, 2002 -------------------------------- James H. Woodward, Jr. /s/ Wendell D. Cleaver** Trustee August 2, 2002 --------------------------- Wendell D. Cleaver /s/ Dick D. Briggs, Jr.** Trustee August 2, 2002 --------------------------- Dick D. Briggs, Jr. /s/ Edward P. Farley** Trustee August 2, 2002 --------------------------- Edward P. Farley /s/ Geoffrey A. von Kuhn Trustee August 2, 2002 --------------------------- Geoffrey A. von Kuhn
**Signed by Kathy Kresch Ingber, Attorney-In-Fact pursuant to Powers of Attorney filed on March 22, 2002, Edgar Accession Number 0000898432-02-00206, on April 25, 2002, Edgar Accession Number 0000898432-02-00308, on June 27, 2002, Edgar Accession Number 0000898432-02-000448 and filed herewith as Exhibit 16 (b). Exhibit Index (14) Consent of Ernst & Young LLP (16)(b) Power of Attorney for Geoffrey A. von Kuhn Exhibit 14 CONSENT OF INDEPENDENT AUDITORS We consent to the use of our report dated September 13, 2001, incorporated by reference in the Statement of Additional Information, which is incorporated by reference in Post Effective Amendment No. 1 to the Registration Statement (Form N-14, No. 333-91338) for AmSouth Funds. ERNST & YOUNG LLP Columbus, Ohio July 29, 2002