EXHIBIT 11(a)(1)
AMSOUTH FUNDS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS
I. Covered Officers/Purpose of the Code
AmSouth Funds' (the "Company" or the "Funds") code of ethics (this "Code")
applies to the Company's Principal Executive Officer ("President") and Principal
Financial Officer ("Treasurer") (the "Covered Officers" each of whom are set
forth in Exhibit A) for the purpose of promoting:
o honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
o full, fair, accurate, timely and understandable disclosure in reports
and documents that a registrant files with, or submits to, the
Securities and Exchange Commission ("SEC") and in other public
communications made by the Company;
o compliance with applicable laws and governmental rules and
regulations;
o the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and
o accountability for adherence to the Code.
Each Covered Officer must adhere to a high standard of business ethics and
must be sensitive to situations that may give rise to actual as well as apparent
conflicts of interest.
II. Covered Officers Must Handle Ethically Actual and Apparent Conflicts of
Interest
Overview. A "conflict of interest" occurs when a Covered Officer's private
interest interferes with the interests of, or his service to, the Company. For
example, a conflict of interest would arise if a Covered Officer, or a member of
his family, receives improper personal benefits as a result of his position in
the Company.
Certain conflicts of interest arise out of the relationships between
Covered Officers and the Company and already are subject to conflict of interest
provisions in the Investment Company Act and the Investment Advisers Act. For
example, Covered Officers may not individually engage in certain transactions
(such as the purchase or sale of securities or other property) with the Company
because of their status as "affiliated persons" of the Company. The President is
an employee of an affiliate of the investment adviser and the Treasurer is an
employee of the administrator ("Service Provider") to the Company. The Company's
and Service Provider's compliance programs and procedures covering the President
and the Treasurer, respectively, are designed to prevent, or identify and
correct, violations of these provisions. This Code does not, and is not
intended to, repeat or replace these programs and procedures, and such conflicts
fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal
benefit, conflicts arise from, or as a result of, the contractual relationship
between the Company and the investment adviser and the Service Provider. As a
result, this Code recognizes that the Covered Officers will, in the normal
course of their duties (whether formally for the Company, for the investment
adviser or for the Service Provider), be involved in establishing policies and
implementing decisions which will have different effects on the investment
adviser, the Service Provider and the Company. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
the Company and the investment adviser and the Service Provider and is
consistent with the performance by the Covered Officers of their duties as
officers of the Company. Thus, if such participation is performed in conformity
with the provisions of the Investment Company Act and the Investment Advisers
Act, it will be deemed to have been handled ethically. In addition, it is
recognized by the Board of Trustees (the "Board") that the Covered Officers may
also be officers or employees of one or more other investment companies covered
by this or other Codes.
Other conflicts of interest are covered by the Code, even if such conflicts
of interest are not subject to provisions in the Investment Company Act and the
Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Officers should keep in mind that these
examples are not exhaustive. The overarching principle is that the personal
interest of a Covered Officer must not be placed improperly before the interest
of the Company.
Each Covered Officer must:
o not use his personal influence or personal relationships improperly to
influence investment decisions or financial reporting by the Company
whereby the Covered Officer would benefit personally to the detriment
of the Company;
o not cause the Company to take action, or fail to take action, for the
individual personal benefit of the Covered Officer rather than for the
benefit of the Company;
o not use material non-public knowledge of portfolio transactions made
or contemplated for the Company to trade personally or cause others to
trade personally in contemplation of the market effect of such
transactions.
III. Disclosure & Compliance
o Each Covered Officer must familiarize himself with the disclosure
requirements generally applicable to the Company;
o each Covered Officer must not knowingly misrepresent, or cause others
to misrepresent, facts about the Company to others, whether within or
outside the
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Company, including to the Company's directors and auditors, and to
governmental regulators and self-regulatory organizations;
o each Covered Officer must, to the extent appropriate within his area
of responsibility, consult with other officers and employees of the
Company and the Company's adviser or subadviser with the goal of
promoting full, fair, accurate, timely and understandable disclosure
in the reports and documents the Company files with, or submit to, the
SEC and in other public communications made by the Company; and
o it is the responsibility of each Covered Officer to promote compliance
with the standards and restrictions imposed by applicable laws, rules
and regulations.
IV. Reporting and Accountability
Each Covered Officer must:
o upon adoption of the Code (or thereafter as applicable, upon becoming
a Covered Officer), affirm in writing to the Board that he has
received, read, and understands the Code;
o annually thereafter affirm to the Board that he has complied with the
requirements of the Code;
o not retaliate against any employee or Covered Officer or their
affiliated persons for reports of potential violations that are made
in good faith;
o notify the Company's Chief Legal Officer (the "Legal Officer")
promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code; and
o report at least annually any change in his affiliations from the prior
year.
The Company's Legal Officer is responsible for applying this Code to
specific situations in which questions are presented under it and has the
authority to interpret this Code in any particular situation.
The Company will follow these procedures in investigating and enforcing
this Code:
o the Legal Officer will take all appropriate action to investigate any
potential violations reported to him;
o if, after such investigation, the Legal Officer believes that no
violation has occurred, the Legal Officer is not required to take any
further action;
o any matter that the Legal Officer believes is a violation will be
reported to the Board;
o if the Board concurs that a violation has occurred, it will consider
appropriate action, which may include review of, and appropriate
modifications to, applicable
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policies and procedures; notification to appropriate personnel of the
Service Provider or the investment adviser or its board; or a
recommendation to dismiss the Covered Officer; and
o any changes to this Code will, to the extent required, be disclosed as
provided by SEC rules.
V. Other Policies and Procedures
This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the Funds, the Funds' adviser, principal underwriter,
or other service providers govern or purport to govern the behavior or
activities of the Covered Officers who are subject to this Code, they are
superceded by this Code to the extent that they overlap or conflict with the
provisions of this Code. The Funds' and their investment adviser's,
subadviser's, principal underwriter's and service providers' codes of ethics
under Rule 17j-1 under the Investment Company Act and the adviser's more
detailed policies and procedures are separate requirements applying to the
Covered Officers and others, and are not part of this Code.
VI. Amendments
Any amendments to this Code, other than amendments to Exhibit A, must be
approved or ratified by a majority vote of the Company's board, including a
majority of independent directors/trustees.
VII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will
be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the appropriate Board and its counsel, the
investment adviser and the respective Service Providers.
VIII. Internal Use
The Code is intended solely for the internal use by the Funds and does not
constitute an admission, by or on behalf of any Company, as to any fact,
circumstance, or legal conclusion.
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Exhibit A
Persons Covered by this Code of Ethics - As of September 23, 2003
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Principal Executive Officer and President - John F. Calvano
Principal Financial Officer and Treasurer - Trent Statczar