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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05551
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AmSouth Funds
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(Exact name of registrant as specified in charter)
3435 Stelzer Road, Columbus, OH 43219
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(Address of principal executive offices) (Zip code)
BISYS Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219
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(Name and address of agent for service)
Registrant's telephone number, including area code: 614-470-8000
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Date of fiscal year end: 7/31/05
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Date of reporting period: 1/31/05
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Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 ("Act") (17 CFR
270.30e-1). The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
Item 1. Reports to Stockholders.
AMSOUTH FUNDS(R)
Semi-Annual Report
January 31, 2005
Not FDIC Insured o No Bank Guarantee o May Lose Value www.amsouthfunds.com
TABLE OF CONTENTS
Glossary of Terms..............................................................1
Management Discussion of Performance
Message from the Chairman and Investment Advisor.........................2
Fund Summary
Value Fund ..............................................................4
Select Equity Fund ......................................................5
Enhanced Market Fund ....................................................6
Large Cap Fund ..........................................................7
Capital Growth Fund .....................................................8
Mid Cap Fund ............................................................9
Small Cap Fund .........................................................10
International Equity Fund ..............................................11
Balanced Fund ..........................................................12
Strategic Portfolios ...................................................13
Government Income Fund .................................................14
Limited Term Bond Fund .................................................15
High Quality Bond Fund .................................................16
High Quality Municipal Bond Fund .......................................17
Florida Tax-Exempt Fund ................................................18
Tennessee Tax-Exempt Fund ..............................................19
Money Market Funds .....................................................20
Schedule of Portfolio Investments
Value Fund ..............................................................21
Select Equity Fund .....................................................22
Enhanced Market Fund ...................................................22
Large Cap Fund .........................................................26
Capital Growth Fund ....................................................27
Mid Cap Fund ...........................................................28
Small Cap Fund .........................................................32
International Equity Fund ..............................................33
Balanced Fund ..........................................................39
Strategic Portfolios: Aggressive Growth Portfolio ......................41
Strategic Portfolios: Growth Portfolio .................................41
Strategic Portfolios: Growth and Income Portfolio ......................42
Strategic Portfolios: Moderate Growth and Income Portfolio .............42
Government Income Fund .................................................43
Limited Term Bond Fund .................................................44
High Quality Bond Fund .................................................45
High Quality Municipal Bond Fund .......................................47
Florida Tax-Exempt Fund ................................................51
Tennessee Tax-Exempt Fund ..............................................53
Prime Money Market Fund ................................................54
Treasury Reserve Money Market Fund .....................................54
Tax-Exempt Money Market Fund ...........................................57
Institutional Prime Obligations Money Market Fund ......................57
Notes to Schedule of Portfolio Investments ...................................58
Statements of Assets and Liabilities .........................................62
Statements of Operations .....................................................66
Statements of Changes in Net Assets ..........................................70
Notes to Financial Statements ................................................74
Financial Highlights .........................................................86
GLOSSARY OF TERMS
Lehman Brothers Government/Credit Bond Index is composed of all bonds that are
investment grade rated Baa or higher by Moody's or BBB or higher by S&P, if
unrated by Moody's. Issues must have at least one year to maturity. Total return
comprises price appreciation/depreciation and income as a percentage of the
original investment. Indices are rebalanced monthly by market capitalization.
Lehman Brothers Mortgage Index is a broad-based index that represents the
general performance of fixed rate mortgage bonds.
Merrill Lynch 1-12-Year Municipal Bond Index is generally representative of
municipal bonds with intermediate maturities of no less than one year and no
more than twelve years.
Merrill Lynch 1-5-Year Government/Corporate Bond Index is representative of the
total return of short-term government and corporate bonds
Merrill Lynch Corporate/Government Master Index is comprised of approximately
4,821 issues which include corporate debt obligations rated BBB or better and
publicly issued, non-convertible domestic debt of the U.S. government or any
agency thereof. These quality parameters are based on composites of ratings
assigned by Standard and Poor's Ratings Group and Moody's Investors Service,
Inc. Only notes and bonds with a minimum maturity of one year are included.
Morgan Stanley Capital International Europe, Australasia and Far East Index
(MSCI EAFE) is a market capitalization-weighted equity index comprising 20 of
the 48 countries in the MSCI universe and representing the developed world
outside of North America. Each MSCI country index is created separately, then
aggregated, without change, into regional MSCI indices. EAFE performance data is
calculated in U.S. dollars and in local currency.
Russell 2000 Index measures the performance of the 2,000 smallest companies in
the Russell 3000 Index, which represents approximately 8% of the total market
capitalization of the Russell 3000 Index. The companies which comprise this
index have high price-to-book ratios and higher forecasted growth values..
S&P 500/BARRA Growth Index is a capitalization-weighted index of stocks in the
Standard & Poor's 500 index having the highest price to book ratios. The index
consists of approximately half of the S&P 500 on a market capitalization basis.
S&P 500/BARRA Value Index is a market capitalization-weighted index of the
stocks in the Standard & Poor's 500 Index having the lowest price to book
ratios. The index consists of approximately half of the S&P 500 on a market
capitalization basis.
Standard & Poor's 500 Index (S&P 500) is an index of 500 selected common stocks,
most of which are listed on the New York Stock Exchange, and is a measure of the
U.S. Stock market as a whole.
Standard & Poor's Mid Cap 400 Index is comprised of 400 domestic stocks chosen
for market size (median market capitalization of $676 million), liquidity and
industry group representation.
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Lipper Multi-Cap Core Funds Average is comprised of mutual funds that, by
portfolio practice, invest in a variety of market capitalization ranges, without
concentrating 75% of their equity assets in any one market capitalization range
over an extended period of time. Multi-Cap funds will generally have between 25%
to 75% of their assets invested in companies with market capitalizations (on a
three-year weighted basis) above 300% of the dollar-weighted median market
capitalization of the S&P Mid-Cap 400 Index. Multi-Cap Core funds have wide
latitude in the companies in which they invest. These funds will normally have
an average price-to-earnings ratio, price-to-book ratio, and three-year earnings
growth figure, compared to the U.S. diversified multi-cap equity funds universe
average.
Lipper Multi-Cap Growth Funds Average is comprised of mutual funds that invest
in a variety of market capitalization ranges, without concentrating 75% of their
equity assets in any one market capitalization range over an extended period of
time. Multi-cap funds will generally have between 25% to 75% of their assets
invested in companies with market capitalizations (on a three-year weighted
basis) above 300% of the dollar-weighted median market capitalization of the S&P
MidCap 400 Index. Multi-cap Growth funds normally invest in companies with
long-term earnings expected to grow significantly faster than the earnings of
the stocks represented in a major unmanaged stock index. These funds will
normally have an above average P/E and P/B ratio and three-year earnings growth
figure, compared to that of the U.S. diversified multi-cap equity funds universe
average.
Lipper Large Cap Value Funds Average is comprised of mutual funds that, by
portfolio practice, invest at least 75% of their equity assets in companies with
market capitalizations (on a three-year weighted basis) greater than 300% of the
dollar-weighted median market capitalization of the middle 1,000 securities of
the S&P SuperComposite 1500 Index. Large-cap value funds typically have a
below-average price-to-earnings ratio, price-to-book ratio, and three-year
sales-per-share growth value, compared to the S&P 500 Index.
Lipper Flexible Portfolio Funds Average is comprised of mutual funds that
allocate their investments across various asset classes, including domestic
common stocks, bonds, and money market instruments with a focus on total return.
The above indices are unmanaged and do not reflect the deduction of fees
associated with a mutual fund such as investment management and fund accounting
fees. However, the Lipper Average and the Fund's performance reflect the
deduction of fees for these value-added services.
Investors cannot invest directly in an index, although they can invest in its
underlying securities or funds.
1
MESSAGE FROM THE CHAIRMAN AND INVESTMENT ADVISOR
Dear Shareholders:
We are pleased to present this report for the six-month period between August 1,
2004 and January 31, 2005. The economy generated strong growth during that
period, despite the negative effect of high energy prices. Economic strength
helped fuel solid gains in the stock market. Fixed-income investments posted
mixed performance: Yields on short-term fixed income securities rose, causing
their prices to fall, while yields fell and prices rose on long-term bonds.
The economy shakes off rising oil prices
A number of factors contributed to a shaky economic environment at the beginning
of the six-month period. Chief among those factors was the sharp increase in oil
prices. Crude oil prices rose above $50 per barrel as an active hurricane season
disrupted supplies, growing global economies boosted demand and the threat of
terrorism caused commodity traders to bid up prices.
Rising oil prices hampered growth by reducing consumers' disposable income.
Meanwhile, a slowing pace of mortgage refinancing removed a key support to
consumer spending growth. What's more, the Federal Reserve Board had begun
reducing monetary stimulus to the economy in an effort to reduce the likelihood
of higher inflation.
Those factors caused the economy's growth rate in late summer to fall back to a
historically average rate. Growth remained supported by a strong housing sector,
low interest rates and an improving employment environment. Solid business
spending also boosted the economy. Many businesses made significant investments
during the fourth quarter, in an effort to take advantage of bonus depreciation
allowances that expired at the end of 2004.
The economy strengthened late in the period, as a decline in oil prices and an
improving job picture led to higher consumer spending. Meanwhile,
export-oriented firms received a boost from a declining dollar, which made the
companies' products more attractive to foreign buyers. The lower dollar also
increased the value of multinational firms' foreign profits. By the end of the
period the economy had reached a self-sustaining part of its cycle, in which
growth in jobs, income, consumer spending and business spending reinforced each
other.
Stocks stumble, then rally
The stock market slumped during the summer. Investors feared the uncertainties
brought about by the prospect of terrorism, a close presidential campaign,
higher oil prices, a decelerating economy and slower corporate-profit growth.
Major indices generally posted solid gains in September, as positive factors
such as relatively attractive valuations and a good profit outlook outweighed
negatives such as problems in the pharmaceuticals industry. By and large,
however, investors sat on the sidelines until a clearer picture of the economy's
health emerged and the presidential election was resolved.
Investors began looking past the election during October, and bid up stocks
despite rising oil prices, the close presidential campaign and a new
investigation into the insurance industry. The quick resolution of the election
provided clarity about regulations and taxes, encouraging investors that
businesses would increase spending. Meanwhile, oil prices declined. Stocks
rallied during November and December, as less political uncertainty and lower
oil prices left investors to focus on a solid outlook for the economy and
corporate profits.
Stocks declined during January, as investors took profits after the
fourth-quarter rally. Investors had a tax incentive to defer capital gains until
2005, so January saw the release of pent-up selling pressure. That phenomenon
contributed to stocks' losses, as did a renewed rise in oil prices.
The yield curve flattens
The Federal Reserve Board raised short-term interest rates gradually during the
period, in an effort to decrease the amount of monetary stimulus in the economy
and head off higher inflation. The Federal Reserve's actions pushed up yields on
short-term fixed income securities throughout the six-month period.
Yields on longer-term bonds were somewhat volatile. Investors bought Treasury
bonds early in the period, viewing them as shelter from the threat of terrorism.
A slowing economy and higher oil prices also encouraged investors to purchase
Treasury securities. Higher oil prices slowed the economy more than enough to
offset inflationary pressures attributable to the energy sector, ultimately
reducing the prospects for rising inflation going forward. That phenomenon made
investors more willing to buy long-term bonds. The yield on the 10-year Treasury
bond, which had reached 4.87% in mid-June, declined to 4.12% by the end of
August.
The yield curve continued flattening during September and October, as the
Federal Reserve Board raised short-term rates and high energy prices ate into
the economy's momentum. Meanwhile, election rhetoric and violence in Iraq
weighed on investor, business and consumer sentiment. The falling value of the
U.S. dollar also pushed down long-term yields as foreign central banks attempted
to stem the rise in their currencies.
Yields rose across the entire yield curve during November and December, as
investors responded to stronger than expected payroll reports and a decline in
oil prices. Signs that foreign
2
investors might choose not to finance growth in the trade and budget deficits
also contributed to higher yields. January saw further flattening in the yield
curve, as a renewed rise in oil prices caused investors to buy long-term bonds
in anticipation of slower economic growth going forward.
Corporate bonds outperformed Treasury securities during the period, as investors
sought higher yields than those available on government bonds. Lower-quality
corporate bonds performed best in that environment. Mortgage-backed securities,
which typically fare well in an environment of gradually rising interest rates,
also performed well.
Outlook
We believe the economy will continue its solid growth. The outlook for jobs and
income growth is bright, consumer and corporate balance sheets are in good shape
and low mortgage rates should sustain a high level of housing activity. What's
more, the ongoing necessity for productivity growth should boost business
capital spending, and the four-year long decline in the dollar should finally
reduce the sizable drag from foreign trade. Meanwhile, recovering capacity
utilization rates and the solid outlook for business profits should support
business spending during 2005. The economy should remain in the self-sustaining
part of the business cycle until some unforeseen obstacle to growth emerges.
We anticipate that inflation will remain low. The inability to pass on price
increases will keep companies focused on productivity and efficiency gains.
Global competitive pressures from countries such as China remain significant
deflationary influences. Additionally, the headwinds that the economy faces from
persistently high energy costs, ongoing geopolitical concerns and ongoing
Federal Reserve interest-rate increases should restrain inflationary pressures.
We believe the Federal Reserve will continue gradually raising interest rates.
We feel the Federal Reserve will be reluctant to raise rates dramatically, being
concerned with the need to support the economic recovery and thereby lower the
probability of future deflationary threats.
We hold a generally upbeat assessment for common stocks during the coming year.
We expect the economic expansion to help the companies represented in the S&P
500 grow operating earnings by as much as 8% to 10%. U.S. corporations hold $2.1
trillion in cash on their balance sheets, and they are likely to use that money
to pay down debt, boost capital expenditures, increase share repurchases,
initiate or increase dividend payouts, boost hiring, or engage in mergers and
acquisitions. Such activities should largely benefit stock performance.
We believe that the major threat to the equity markets is the potential for the
Federal Reserve to tighten monetary policy too aggressively, the traditional
source of bear markets. The Federal Reserve to this point has attempted to
"renormalize" the federal funds rate by gradually raising short-term interest
rates. We believe the key risk to the momentum of the economy and financial
markets is the chance that policymakers will increase interest rates too quickly
or too dramatically. We do not think such a scenario is very likely.
We anticipate that the yield on the ten-year Treasury will remain between 4.0%
and 4.5% until the Federal Reserve gives a sign that it is going to stop
boosting the federal funds rate. At that point, yields on long-term Treasuries
may rise--but we do not expect a large rise in long-term bond yields unless an
unexpected surge in economic growth or inflation materializes. We continue to
believe that investors' hunger for yield and the low inflation environment
suggest that bond yields do not have as much upside as they have during past
economic expansions.
Thank you for your confidence in the AmSouth Funds. We will continue to provide
a diverse selection of carefully managed mutual funds to help you meet your
financial goals. We look forward to serving your financial needs during the
months and years ahead.
Sincerely,
/s/ J. David Huber
J. David Huber
Chairman
AmSouth Funds
/s/ Joseph T. Keating
Joseph T. Keating
Chairman and Chief Investment Officer
AmSouth Asset Management, Inc.
Investments in the Funds are neither guaranteed by, nor obligations of, AmSouth
Bank or any other bank and are not insured by the FDIC or any other government
agency. Investment in mutual funds involves risk, including the possible loss of
principal. This report must be preceded or accompanied by a current prospectus.
3
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AMSOUTH VALUE FUND
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PORTFOLIO MANAGER
Brian B. Sullivan, CFA
Director, Value Equity Strategies
AmSouth Bank
AmSouth Asset Management, Inc.
Brian Sullivan has been the portfolio manager for the AmSouth Value and AmSouth
Balanced Fund since June 2004. Mr. Sullivan has more than 18 years of investment
management experience and holds an MBA in finance and a bachelor's degree in
economics.
INVESTMENT CONCERNS
Value-based investments are subject to the risk that the broad market may not
recognize their intrinsic value.
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
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PORTFOLIO MANAGER'S PERSPECTIVE
"The AmSouth Value Fund uses a 'value investing' approach. Rather than pursue
hot stocks that are in high demand, we search for solid companies with good
fundamentals that are available at attractive prices. By adhering to this
investment approach through entire market cycles, we seek to achieve above
average long-term results with less volatility than the overall market."
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Q&A
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Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 11.37% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 10.47% total return for the Fund's benchmark, the S&P
500/BARRA Value Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and 10 Year average annual total returns for the period ended
January 31, 2005, were 5.27%, 4.36%, 1.77% and 9.18%, respectively, for Class A
Shares. The returns quoted assume the reinvestment of dividends and capital
gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. A favorable backdrop, characterized by economic growth, the resolution of the
presidential election and a pullback in oil prices, helped stocks rally during
the fourth quarter of 2004. Value stocks performed particularly well, boosting
this Fund's returns.
Stock selection produced the largest contribution to the Fund's relative
performance. Strong performance by particular stocks in the restaurant and
retail industries helped the Fund's consumer-discretionary stocks outperform the
corresponding sector in the index. The Fund's relative returns also benefited
from our strategy in the energy sector whereby we reduced the Fund's energy
holdings during the period as prices on energy stocks increased. That strategy
boosted performance against the benchmark, as energy stocks declined late in the
period in response to falling oil prices.(+)
The Fund held an underweight position in utilities stocks during the period.
That stake weighed slightly on relative returns, as utilities stocks led the
benchmark. The reverse was true for telecommunications services stocks. We
over-weighted that sector, so its relatively weak performance modestly reduced
the Fund's return relative to the returns of the benchmark.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
4
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AMSOUTH SELECT EQUITY FUND
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PORTFOLIO MANAGERS
OakBrook Investments, LLC (sub-advisor)
Neil Wright, President and Chief Investment Officer
Janna Sampson, Director of Portfolio Management
Peter Jankovskis, Director of Research
As portfolio managers for the AmSouth Select Equity Fund, Neil Wright, Janna
Sampson and Peter Jankovskis are three veteran investment professionals who have
more than 50 years of combined experience. Neil and Peter hold PhDs in
economics, and Janna holds an MA in economics. They have worked together for the
past 12 years. They also serve as the portfolio managers for the AmSouth
Enhanced Market Fund and the AmSouth Mid Cap Fund.
INVESTMENT CONCERNS
A concentrated portfolio may add a measure of volatility to performance, as
major fluctuations in any one holding will likely affect the fund more than a
fund with a greater diversification. Equity securities (stocks) are more
volatile and carry more risk than other forms of investments, including
investments in high-grade fixed income securities. The net asset value per share
of this Fund will fluctuate as the value of the securities in the portfolio
changes.
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PORTFOLIO MANAGERS' PERSPECTIVE
"Our goal in managing the AmSouth Select Equity Fund is to outperform the S&P
500 Stock Index(1) over a complete market cycle while experiencing less
volatility than the broad stock market. We look for 20 to 25 leading companies
that have a dominant market position, or a well-known brand name, yet whose
stock price is undervalued. To make this 'growth at a reasonable price' strategy
work, we use economic theory to determine whether a company is likely to recover
its dominant position after a dip. We believe our patient, long-term approach
offers excellent defensive protection, which can reduce losses when the market
is weak."
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Q&A
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Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 8.94% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower), compared to a 8.15% total return for its benchmark, the S&P 500 Stock
Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and Since Inception (9/1/98) average annual total returns for the
period ended January 31, 2005, were 2.92%, 1.41%, 8.79% and 6.94%, respectively,
for Class A Shares. The returns quoted assume the reinvestment of dividends and
capital gains distributions. Past performance does not guarantee future results.
The performance data quoted represents past performance and current returns may
be lower or higher. Total return figures include change in share price,
reinvestment of dividends and capital gains and does not reflect the deduction
of taxes that a shareholder would pay on distributions and redemptions. The
investment return and principal value will fluctuate so that an investor's
shares, when redeemed may be worth more or less than the original cost. For
performance data current to the most recent month end please visit
www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. Large-cap stocks generated gains during most of the period, which included a
strong rally during November and December. That environment helped the Fund and
its benchmark produce positive returns.
This Fund's sub-advisor, OakBrook Investments, invests in select shares of
industry-leading companies with steady and predictable earnings growth. We
believe the Fund's managers positioned the portfolio to benefit from an economic
recovery, while avoiding exposure to stocks that were likely to be hurt by
rising interest rates.
That strategy helped the Fund stay even with the market during the first five
months of the period, as short-term interest rates increased and a cyclical
pick-up did occur. A decline in long-term interest rates offset some of the
benefits of the managers' strategy, however. What's more, rising commodity
prices had a negative impact on the Fund's holdings. Shares of the
industry-leading firms in which this Fund invests tend to be consumers of
commodities, rather than producers of them, and therefore suffer from rising
commodity prices.(+)
The market experienced a sell-off in January. This Fund's holdings fared better
than the benchmark in that environment, and generated most of the Fund's
relative gains for the six-month period. This may reflect the fact that
investors during January prized the earnings stability and predictability that
this Fund emphasizes.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
The AmSouth Select Equity Fund is subadvised by OakBrook Investments, LLC, which
is paid a fee for its services.
5
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AMSOUTH ENHANCED MARKET FUND
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PORTFOLIO MANAGERS
OakBrook Investments, LLC (sub-advisor):
Neil Wright, President and Chief Investment Officer
Janna Sampson, Director of Portfolio Management
Peter Jankovskis, Director of Research
As portfolio managers for the AmSouth Enhanced Market Fund, Neil Wright, Janna
Sampson and Peter Jankovskis are three veteran investment professionals who have
more than 50 years of combined experience. Neil and Peter have PhDs in
economics, and Janna holds an MA in economics. They have worked together for the
past 12 years. In addition to the Enhanced Market Fund, they also serve as
portfolio managers of the AmSouth Select Equity Fund and the AmSouth Mid Cap
Fund.
INVESTMENT CONCERNS
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
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PORTFOLIO MANAGERS' PERSPECTIVE
"Our stock selection strategy is for the AmSouth Enhanced Market Fund is fairly
conservative, with Fund returns having a very close correlation to those of the
S&P 500 Stock Index.(1) We try to be 100% invested and do not try to time the
market. Through the use of a sophisticated computer model, we attempt to
identify and invest in 350 to 400 stocks within the S&P 500 that are starting
to experience a widening range of investor expectations. We look to overweight
those stocks that we believe may outperform the overall market."
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Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 8.07% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). The Fund's benchmark, the S&P 500 Stock Index1, returned 8.15%.
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and Since Inception (9/1/98) average annual total returns for the
period ended January 31, 2005, were 2.15%, -0.20%, -3.52% and 3.42%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions. Past performance does not guarantee
future results. The performance data quoted represents past performance and
current returns may be lower or higher. Total return figures include change in
share price, reinvestment of dividends and capital gains and does not reflect
the deduction of taxes that a shareholder would pay on distributions and
redemptions. The investment return and principal value will fluctuate so that an
investor's shares, when redeemed may be worth more or less than the original
cost. For performance data current to the most recent month end please visit
www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. Large-cap stocks produced positive returns during most of the period,
including strong gains during the fourth quarter of 2004. That environment
helped the Fund and its benchmark generate positive returns.
This Fund's sub-advisor, OakBrook Investments, emphasizes or de-emphasizes the
stocks in the index based on a quantitative model that monitors investor
expectations for each stock. That approach enhanced the Fund's relative returns
during the period. Stock selection boosted returns against the benchmark,
particularly in the consumer discretionary and financial sectors. Sector
allocation also boosted relative returns slightly. The Fund benefited from an
overweight position in energy stocks and underweight stakes in
telecommunications and consumer discretionary shares.(+)
The Fund held a modest cash position throughout the period, to manage
shareholder redemptions and capture developing investment opportunities. That
cash stake weighed on returns versus the benchmark, as did trading costs and
fees. Those factors caused the Fund to lag its benchmark by a small margin.(+)
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
(1) See Glossary of Terms for additional information.
The AmSouth Enhanced Market Fund is subadvised by OakBrook Investments, LLC,
which is paid a fee for its services
6
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AMSOUTH LARGE CAP FUND
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PORTFOLIO MANAGER
Ronald E. Lindquist
Co-Director, Growth Equity Strategy
AmSouth Bank
AmSouth Asset Management, Inc.
Ron Lindquist has more than 35 years of focused investment management
experience. He has served as portfolio manager of AmSouth's Large Cap Fund since
its inception and also serves as co-director of growth equity strategies for
AmSouth Asset Management, Inc. A founding member of the Financial Analysts
Society of South Florida, Mr. Lindquist holds a master's degree in management
science from Florida International University and a bachelor's degree in finance
from Florida State University.
INVESTMENT CONCERNS
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"The AmSouth Large Cap Fund is managed in a traditional large-cap growth style.
Our goal is to outperform the S&P 500 Stock Index(1) over multiple market
cycles. We look for industry leaders that have shown the potential to generate
relatively predictable, above-average 3- to 5-year earnings streams. We
typically purchase stocks of large, high-quality companies with superior
earnings per share growth rates and correspondingly appropriate price/earnings
ratios(2). We consider sales when a stock's relative price/earnings ratio is
well in excess of historical, similar-market norms or when a significant and
ongoing earnings stream deterioration is forecast."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 5.33% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 8.15% total return for the Fund's benchmark, the S&P
500 Stock Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted. With the maximum sales charge of 5.50% and recurring fees, the Fund's
six month, 1 Year, 5 Year and 10 Year average annual total returns for the
period ended January 31, 2005, were -0.48%, -5.88%, -3.62% and 10.70%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund's performance during the period?
A. The equity market posted solid gains during the six-month period through
January, boosting the returns of the Fund and giving an even stronger lift to
the broad-market S&P 500.
The Fund has long emphasized large and high-quality growth stocks. That
philosophy muted its performance relative to its benchmark. The disparity
between the Fund's market-capitalization size, and that of its target, weighed
heavily on comparative returns during this period, as smaller and sometimes
riskier stocks significantly outperformed larger-company shares.(+)
Moreover, our Fund's traditional, long-term and rigorously focused growth style
approach typically leads it to hold larger stakes than its benchmark in both the
health care and the technology sectors. The recent powerful performance of
energy stocks undermined the Fund's relative returns. Our stock selection in the
industrials and, to some extent, the health care sectors also hurt our Fund's
relative performance.(+)
Our consumer discretionary and consumer staples allocations provided a modest
lift against all of the comparative indices. Conversely, our significantly
underweight position in the dramatically outperforming utilities sector hurt
relative performance. Our long-established practice of eschewing the sector
caused the Fund to lose some ground.(+)
We believe our Fund is well-positioned to compete successfully when large-cap
growth stocks resume market leadership. Until then, we will continue to execute
in the focused, traditional-growth style that historically has provided our
Fund's above-average long term returns.(+)
(1) See Glossary of Terms for additional information.
(2) Price to Earnings Ratio is a valuation ratio of a company's current share
price to its per-share earnings. A high P/E could mean high projected earnings
in the future
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
7
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AMSOUTH CAPITAL GROWTH FUND
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PORTFOLIO MANAGER
John Mark McKenzie
Co-Director, Growth Equity Strategy
AmSouth Asset Management, Inc.
John Mark McKenzie has been an investment manager since 1981. His experience
includes both equity portfolio and fixed income portfolio management. He has
managed a number of AmSouth Mutual Funds and was named portfolio manager of the
AmSouth Capital Growth Fund in 2004. In addition, he serves as Co-Director of
Growth Equity Strategy for AmSouth Asset Management, Inc. Mr. McKenzie holds a
bachelor's degree in banking and finance from the University of Mississippi, and
earned his law degree from the University of Mississippi School of Law. He is a
member of the Mississippi Society of Financial Analysts and the Mississippi
State Bar Association.
INVESTMENT CONCERNS
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"As a growth-oriented fund, the Capital Growth Fund focuses on industry leaders
with high earnings per share. We generally look for annual earnings growth of
15% or higher. After identifying strong themes, such as technology or health
care, we select companies that have financial strength, good return on equity,
reasonable debt-to-equity ratios and strong revenue growth. We apply sell
discipline through price targets and downside alerts."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 6.03% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 5.80% total return for the Fund's benchmark, the S&P
500/BARRA Growth Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted. With the maximum sales charge of 5.50% and recurring fees, the Fund's
six month, 1 Year, 5 Year and 10 Year average annual total returns for the
period ended January 31, 2005, were 0.19%, -5.49%, -6.16% and 8.66%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions. Past performance does not guarantee
future results. The performance data quoted represents past performance and
current returns may be lower or higher. Total return figures include change in
share price, reinvestment of dividends and capital gains and does not reflect
the deduction of taxes that a shareholder would pay on distributions and
redemptions. The investment return and principal value will fluctuate so that an
investor's shares, when redeemed may be worth more or less than the original
cost. For performance data current to the most recent month end please visit
www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. The stock market posted solid gains during the period, helping the returns of
the Fund and its benchmark. Value stocks led the market, however, creating a
headwind for this growth-oriented Fund.
Stock selection provided the largest benefit to the Fund's performance relative
to its benchmark. On the whole, the stocks in the Fund's portfolio showed
increases in sales and earnings growth and in returns on assets and returns on
equity. Those improvements helped the Fund's performance compared to its index.
In particular, the Fund's holdings in the health care and consumer discretionary
sectors significantly outperformed those sectors in the index. Individual
selections in the consumer staples sector did drag somewhat on relative
returns.(+)
We increased the Fund's stake in mid-capitalization shares during the period.
That change boosted returns against the benchmark, as smaller stocks generally
outperformed larger stocks. We also increased the Fund's emphasis on stocks with
relatively high growth rates and capital gains potential. That strategy reduced
the Fund's exposure to dividend-paying stocks, causing a decrease in yield
payouts to the Fund. That said, the more-aggressive strategy helped the Fund
out-gain its benchmark in a rising market.(+)
This Fund emphasizes long-term earnings growth. As a result we did not increase
the Fund's weightings in the energy or basic materials sectors, since those
sectors showed little long-term earnings growth potential.
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
8
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AMSOUTH MID CAP FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS
OakBrook Investments, LLC (sub-advisor):
Neil Wright, President and Chief Investment Officer
Janna Sampson, Director of Portfolio Management
Peter Jankovskis, Director of Research
As portfolio managers for the AmSouth Mid Cap Fund, Neil Wright, Janna Sampson
and Peter Jankovskis are three veteran investment professionals who have more
than 50 years of combined experience. Neil and Peter have PhDs in economics, and
Janna holds an MA in economics. They have worked together for the past 12 years.
The team also manages the AmSouth Select Equity Fund and the AmSouth Enhanced
Market Fund.
INVESTMENT CONCERNS
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
Mid-capitalization stocks typically carry additional risk, since smaller
companies generally have higher risk of failure and, historically, their stocks
have experienced a greater degree of volatility.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS' PERSPECTIVE
"Our stock selection strategy for the AmSouth Mid Cap Fund is fairly
conservative, with Fund returns having a very close correlation to those of the
S&P Mid Cap 400 Stock Index(1). We try to be 100% invested and do not try to
time the market. Through the use of a sophisticated computer model, we attempt
to identify and invest in 320 to 380 stocks within the S&P Mid Cap 400 that are
starting to experience a widening range of investor expectations. We look to
overweight those stocks that we believe may outperform the overall market."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 12.31% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 12.24% total return for the Fund's benchmark, the S&P
MidCap 400 Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and Since Inception (5/4/99) average annual total returns for the
periods ended January 31, 2005, were 6.16%, 4.63%, -5.43% and 4.74%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions. Past performance does not guarantee
future results. The performance data quoted represents past performance and
current returns may be lower or higher. Total return figures include change in
share price, reinvestment of dividends and capital gains and does not reflect
the deduction of taxes that a shareholder would pay on distributions and
redemptions. The investment return and principal value will fluctuate so that an
investor's shares, when redeemed may be worth more or less than the original
cost. For performance data current to the most recent month end please visit
www.amsouthfunds.com.
Q. What factors affected the Fund's performance during the period?
A. Mid-cap stocks posted strong returns during the period. Medium-sized stocks
lost ground during August, but surged from September through December before
slipping back in January. That environment helped the Fund and its benchmark
generate strong gains.
This Fund's sub-advisor, OakBrook Investments, over- or under-weights the stocks
in its benchmark based on a quantitative model that monitors investor
expectations surrounding each stock. That methodology boosted relative returns
during the period. Stock selection added to relative gains, as the Fund's
holdings in the information technology, consumer discretionary and industrials
sectors outperformed the respective sectors in the benchmark.(+)
Those positive factors were partly offset by the Fund's sector weightings--in
particular an overweight position in energy stocks during the last three months
of the period. Mid-cap energy stocks performed well during the first two months
of the recent period, but subsequently retrenched as energy prices declined.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
The AmSouth Mid Cap Fund is subadvised by OakBrook Investments, LLC, which is
paid a fee for its services.
9
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AMSOUTH SMALL CAP FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER
Sawgrass Asset Management, LLC (sub-advisor):
Dean McQuiddy, CFA
Principal and Director of Equity Investments
Dean McQuiddy serves as portfolio manager for the AmSouth Small Cap Fund. He has
nearly 20 years of experience in investment management and holds a BS in
finance. He created and managed the small-cap growth product at Barnett Capital
Advisors for 11 years.
INVESTMENT CONCERNS
Small capitalization funds typically carry additional risks since smaller
companies generally have a higher risk of failure.
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"For the AmSouth Small Cap Fund, we use a disciplined investment process to
identify 60 to 80 fundamentally attractive small companies that share certain
attributes: above-market sales and earnings growth, increasing estimates of
future earnings and reasonable valuations. We aim to buy these companies in the
early stages of their growth--before their stocks get overvalued in the
marketplace."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 12.53% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 13.48% total return for the Fund's benchmark, the
Russell 2000(R) Growth Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and Since Inception (3/3/98) average annual total returns for the
periods ended January 31, 2005, were 6.39%, 4.09%, -2.43% and -0.54%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund's performance during the period?
A. Small stocks rallied, helping the Fund and its benchmark post solid gains.
Growth shares lagged value stocks, creating a headwind for this growth-oriented
portfolio.
This Fund's sub-advisor, Sawgrass Asset Management, held a significantly
underweight position in health care stocks: The Fund held an average of 13.5% of
its assets in the health care sector, compared to an average of 21.5% for the
benchmark. That comparatively small stake boosted performance against the index,
as health care stocks lagged the market. Stock selection in the health care
sector also had a modestly beneficial effect on relative returns.(+)
The managers also under-weighted the technology sector, with an average
allocation of 22%, versus an average allocation of 27% for the benchmark.
Technology stocks trailed the market, so the Fund's smaller stake increased
relative gains. Stock selection in this sector also boosted returns against the
index. Selection among consumer discretionary stocks helped the Fund's relative
performance as well.(+)
Stock selection hurt relative returns in the basic materials sector, as the Fund
did not fully participate in a strong rally by shares of steel and aluminum
producers. The Fund held an overweight stake in energy stocks. That sector
generally posted strong performance, but the Fund's energy holdings did not keep
pace with those in the index. As a result, the Fund's holdings in that sector
weighed on the portfolio's relative performance.(+)
Similarly, the Fund's overweight position in industrial stocks included some
individual holdings that did not perform as well as the sector, which taken as a
whole posted relatively strong gains. As a result, the Fund's allocation to
industrial stocks hurt the portfolio's returns against the index.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
The AmSouth Small Cap Fund is subadvised by Sawgrass Asset Management, LLC,
which is paid a fee for its services.
10
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AMSOUTH INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS
Dimensional Fund Advisors Inc. (sub-advisor)
Dimensional Fund Advisors Inc. employs a team approach in subadvising the
International Equity Fund. The Investment Committee sets policy and procedures,
and portfolio managers make daily decisions regarding the Fund. Karen Umland, VP
and portfolio manager, heads the international group. Portfolio managers on the
international team are located in Los Angeles, London and Sydney.
INVESTMENT CONCERNS
An investment in this Fund entails the special risks of international investing,
including currency exchange fluctuation, government regulations, and the
potential for political and economic instability. The Fund's share price is
expected to be more volatile than that of a U.S.-only fund.
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes.
Value-based investments are subject to the risk that the broad market may not
recognize their intrinsic value.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS' PERSPECTIVE
"The AmSouth International Equity Fund is designed to provide diversified
exposure to the international large cap value asset class. The portfolio
invest in large cap stocks with high book values relative to price (value
stocks). The "value" parameter is determined on a country by country basis.
Currently, the Fund systematically invest in a broadly diversified portfolio
of large "value" stocks in 21 developed-market countries."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 20.47% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 16.68% total return for the Fund's benchmark, the
Morgan Stanley Capital International EAFE(R) (Europe, Australasia and Far East)
Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and Since Inception (8/18/97) average annual total returns for
the periods ended January 31, 2005, were 13.81%, 14.95%, 2.05% and 4.43%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions. Past performance does not guarantee
future results. The performance data quoted represents past performance and
current returns may be lower or higher. Total return figures include change in
share price, reinvestment of dividends and capital gains and does not reflect
the deduction of taxes that a shareholder would pay on distributions and
redemptions. The investment return and principal value will fluctuate so that an
investor's shares, when redeemed may be worth more or less than the original
cost. For performance data current to the most recent month end please visit
www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. Developed international stock markets generated strong returns during the
period, helping the Fund and the benchmark produce solid gains. The dollar
weakened compared to most foreign currencies. The Fund does not hedge its
exposure to foreign currencies, so dollar weakness increased the Fund's returns.
Strong performance among value and small-cap stocks also boosted the Fund's
absolute performance.(+)
The Fund's sub-advisor, Dimensional Fund Advisors, employs a strict value
methodology to construct a portfolio that is broadly diversified across
geographical regions. The managers rank the stocks in each of the 21 developed
markets represented in the index primarily using book value-to-market
capitalization, and invest in approximately the top 30% of stocks, by number, in
each country.(+)
That approach helped the Fund outperform its benchmark, since value stocks led
global stock markets during the period. The Fund's value discipline also
typically leads it to hold shares with smaller average market capitalizations
than the average stocks that comprise the Fund's benchmark. That dynamic also
boosted relative returns, as smaller shares outperformed larger stocks for the
six-month period.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
The AmSouth International Equity Fund is subadvised by Dimensional Fund Advisor
Inc, which is paid a fee for its services.
11
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AMSOUTH BALANCED FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS
Brian B. Sullivan, CFA
Director, Value Equity Strategies
John P. Boston, CFA
Chief Fixed Income Officer
AmSouth Bank
AmSouth Asset Investment Management, Inc.
Brian Sullivan has been the portfolio manager for the AmSouth Value and AmSouth
Balanced Fund since June 2004. Mr. Sullivan has more than 18 years of investment
management experience and holds an MBA in finance and a bachelor's degree in
economics.
John Boston manages the AmSouth High Quality Bond Fund and co-manages the
AmSouth Government Income Fund, AmSouth Limited Term Bond Fund and the AmSouth
Balanced Fund. Mr. Boston joined the Asset Management Division in 1987. Mr.
Boston earned his B.S. in Finance and Political Science from the University of
North Alabama. He is a member and past president of the Alabama Society of
Financial Analysts and holds the Chartered Financial Analyst designation.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS' PERSPECTIVE
"The AmSouth Balanced Fund is a diversified fund that offers investors a simple
and easy way to balance their investments between stocks and bonds. Within the
equity component, our diversified equity strategy invests in a broad array of
high quality stocks to provide long term growth. The fixed income component
contains a mix of investment grade bonds to generate income. We assess market
opportunities between the two asset classes and allocate assets in the Fund to
potentially achieve high risk-adjusted returns."
- --------------------------------------------------------------------------------
INVESTMENT CONCERNS
Equity securities (stocks) are more volatile and carry more risk than other
forms of investments, including investments in high-grade fixed income
securities. The net asset value per share of this Fund will fluctuate as the
value of the securities in the portfolio changes. Bonds offer a relatively
stable level of income, although bond prices will fluctuate providing the
potential for principal gain or loss. Intermediate-term, higher-quality bonds
generally offer less risk than longer-term bonds and a lower rate of return.
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 6.26% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). The Fund's benchmarks, the S&P 500 Stock Index1 and the Lehman Brothers
Government/Credit Bond Index(1), returned 8.15% and 4.02%, respectively.
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
The Fund held an average of approximately 60% of its assets in stocks and
roughly 40% of its assets in bonds. Stocks significantly outperformed bonds
during the period, so the Fund's emphasis on stocks helped boost returns.
With the maximum sales charge of 5.50% and recurring fees, the Fund's six month,
1 Year, 5 Year and 10 Year average annual total returns for the periods ended
January 31, 2005, were 0.44%, -1.15%, 5.15% and 8.72%, respectively, for Class A
Shares. The returns quoted assume the reinvestment of dividends and capital
gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. Stocks posted solid returns during the period, particularly during the fourth
calendar quarter of 2004. That trend boosted the returns of the Fund's equity
allocation. Yields on long-term bonds declined, while yields on short-term bonds
rose. The Fund's fixed-income portion generated modest gains in that
environment.(+)
We maintained a higher-than-neutral stock allocation throughout the period. The
Fund held 60% of its assets in stocks, compared to its neutral position of 50%.
The emphasis on equities boosted the Fund's returns relative to its neutral
weightings, as stocks significantly outperformed bonds.(+)
Stock selection helped the Fund's equity allocation outperform the S&P 500.
Selection in the health care sector was especially beneficial: The Fund's health
care stake out-gained the health care stocks in the S&P 500 by approximately
eight percentage points, largely because we avoided or under-weighted several
stocks that suffered very poor returns. The Fund's superior performance in the
health care sector made a significant impact on relative performance, because
health care stocks comprise a sizable portion of the index and this Fund. Stock
selection in the technology sector weighed on the equity allocation's returns
against the stock benchmark, largely due to weak returns among certain hardware
and networking stocks in the Fund's portfolio.(+)
The Fund's bond allocation lagged its benchmark for the period. We maintained a
short average duration relative to the fixed-income index, to protect against
rising interest rates. That strategy left the Fund underexposed to long-term
bonds, which saw their yields decline and their prices rise. We increased the
Fund's average duration late in the period.(+)
The bond allocation's returns relative to the fixed-income benchmark benefited
from an emphasis on corporate bonds, which outperformed government credit. The
Fund's high-quality focus prevented it from benefiting from even stronger
performance among lower-quality issues, however.(+)
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
(1) See Glossary of Terms for additional information.
12
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AMSOUTH STRATEGIC PORTFOLIOS
- --------------------------------------------------------------------------------
Aggressive Growth
Growth
Growth and Income
Moderate Growth and Income
The AmSouth Strategic Portfolios are managed by a team of AmSouth investment
managers, including both equity and fixed income specialists. The team has more
than 40 years of combined investment management experience.
INVESTMENT CONCERNS
The Funds invest in underlying funds, so the investment performance is directly
related to the performance of those underlying funds. Before investing in the
Fund, investors should assess the risks associated with and types of investments
made by each of the underlying funds in which the Funds invests.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS' PERSPECTIVE
"The Portfolios seek to provide investors with the potential to achieve a
variety of long- and short-term goals, commensurate with investors' specific
time horizons and tolerance for risk. Each of the four Strategic Portfolios
invests in a combination of underlying mutual funds from the AmSouth fund
family. Based on each Portfolio's asset-allocation target, the managers
periodically rebalance stock, bond and money market holdings--based on analysis
of economic and market trends."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Funds perform during the period?
A. During the six-month period ended January 31, 2005, the Funds' total returns,
benchmark returns and other comparative returns were as follows:
AmSouth Aggressive Growth Portfolio
(Class A Shares at NAV. Had the effects of the front-end sales charge been
included, the return would have been lower): 9.87%
S&P 500 Stock Index1: 8.15%
Lipper Multi-Cap Core Funds Average(1): 9.47%
AmSouth Growth Portfolio
(Class A Shares at NAV. Had the effects of the front-end sales charge been
included, the return would have been lower): 7.91%
S&P 500 Stock Index1: 8.15%
Lipper Multi-Cap Growth Funds Average(1): 10.47%
AmSouth Growth and Income Portfolio
(Class A Shares at NAV. Had the effects of the front-end sales charge been
included, the return would have been lower): 6.73%
S&P 500 Stock Index1: 8.15%
Merrill Lynch Government/Corporate Master Index(1): 3.98%
Lipper Large Cap Value Funds Average(1): 8.99%
AmSouth Moderate Growth and Income Portfolio
(Class A Shares at NAV. Had the effects of the front-end sales charge been
included, the return would have been lower): 6.03%
S&P 500 Stock Index1: 8.15%
Merrill Lynch Government/Corporate Master Index(1): 3.98%
Lipper Flexible Portfolio Funds Average(1): 7.54%
With the maximum sales charge of 5.50% and recurring fees, the six-month, 1
Year, 5 Year and Since Inceptions average annual total returns for the Class
A Shares for the periods ended January 31, 2005 were 3.87%, 1.11%, -0.53%
and 1.60%, respectively, for the Aggressive Growth Portfolio; 2.00%, 0.06%,
0.73% and 1.61%, respectively, for the Growth Portfolio; 0.88%, -0.81%,
2.21% and 2.44%, respectively, for the Growth and Income Portfolio; and
0.22%, -1.28%, 2.95% and 2.83%, respectively, for the Moderate Growth and
Income Portfolio. The returns quoted assume reinvestment of dividends and
capital gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Portfolios' performance?
A. The stock market staged a strong rally during the fourth quarter of 2004,
helping the Strategic Portfolios generate gains for the six-month period. The
Portfolios' returns benefited from their broad diversification in the stock
market, including funds that invest in various styles and market-cap sizes as
well as international shares.
Above-neutral allocations to stocks throughout the period boosted the
Portfolios' returns. The Aggressive Growth Portfolio held 99% of its assets in
stock during the period, compared to its neutral allocation of 85%. The Growth,
Growth and Income and Moderate Growth and Income Portfolios all held equity
allocations ten percentage points higher than their neutral positions.(+)
The diversification of the Portfolios' equity holdings helped those equity
stakes outperform the broad market, as measured by the Standard & Poor's 500
Index. In particular, the Portfolios benefited from their allocations to small
and medium-sized stocks, value shares and international equities, all of which
generated strong gains during the six-month period.
The bond funds in which the Portfolios invested lagged their benchmarks,
weighing down relative returns.
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
13
- --------------------------------------------------------------------------------
AMSOUTH GOVERNMENT INCOME FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS
John P. Boston, CFA
Chief Fixed Income Officer
Michael T. Lytle, CFA
Fund Manager
AmSouth Bank
AmSouth Asset Management, Inc.
John Boston manages the AmSouth High Quality Bond Fund and co-manages the
AmSouth Government Income Fund, AmSouth Limited Term Bond Fund and the AmSouth
Balanced Fund. Mr. Boston joined the Asset Management Division in 1987. Mr.
Boston earned his B.S. in Finance and Political Science from the University of
North Alabama. He is a member and past president of the Alabama Society of
Financial Analysts and holds the Chartered Financial Analyst designation.
Michael Lytle co-manages the AmSouth Government Income Fund. He joined the
AmSouth Asset management Division in 1999 after completing AmSouth Bank's
Management Associate Program. He earned his B.S. in Interdisciplinary Studies
from Berry College and holds the Chartered Financial Analyst designation.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS' PERSPECTIVE
"The AmSouth Government Income Fund is more suitable for investors who seek
income but also demand the safety of U.S. government securities. Although we
atttempt to consistently generate a high level of income, investors should be
aware that yields and principal values vary and that the Fund is not guaranteed
by the U.S. government."
- --------------------------------------------------------------------------------
INVESTMENT CONCERNS
U.S. Government guarantees apply only to certain underlying securities of the
Fund's portfolio and not the Fund's shares. Bonds offer a relatively stable
level of income, although bond prices will fluctuate providing the potential for
principal gain or loss. Intermediate-term, higher-quality bonds generally offer
less risk than longer-term bonds and a lower rate of return.
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 2.00% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 3.53% total return for the Fund's benchmark, the
Lehman Brothers Mortgage Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted. With the maximum sales charge of 4.00% and recurring fees, the Fund's
six month, 1 Year, 5 Year and 10 Year average annual total returns for the
periods ended January 31, 2005, were -2.07%, -1.99%, 5.21% and 5.91%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions. Past performance does not guarantee
future results. The performance data quoted represents past performance and
current returns may be lower or higher. Total return figures include change in
share price, reinvestment of dividends and capital gains and does not reflect
the deduction of taxes that a shareholder would pay on distributions and
redemptions. The investment return and principal value will fluctuate so that an
investor's shares, when redeemed may be worth more or less than the original
cost. For performance data current to the most recent month end please visit
www.amsouthfunds.com. (1)See Glossary of Terms for additional information.
Q. What factors affected the Fund's performance during the period?
This Fund invests primarily in mortgage-backed securities. Such issues fared
well during the period, as investors prized their relatively high yields and the
protection they offered against rising interest rates. That environment helped
the Fund and its benchmark post positive returns.
The Fund began the period with 50% of its assets in mortgage-backed securities,
40% in agency issues and 10% in Treasuries. We maintained those allocations
through December. In January we significantly increased the Fund's weighting in
mortgage-backed securities, to 82% of the Fund's assets, in order to take
advantage of the attractive yields and outlook those bonds offered. This Fund's
benchmark is comprised entirely of mortgage-backed securities, so the Fund's
smaller weighting dragged on relative returns as those bonds performed well.
That dynamic was the primary reason that the Fund lagged its benchmark.(+)
The Fund held an average duration that was modestly shorter than the benchmark
throughout the period, to help protect against rising interest rates. That
strategy had a slightly negative impact on returns against the benchmark, as
bonds with longer durations generally performed best.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
14
- --------------------------------------------------------------------------------
AMSOUTH LIMITED TERM BOND FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER
John P. Boston, CFA
Chief Fixed Income Officer
Scott Flurry, CFA
Fund Manager
AmSouth Bank
AmSouth Asset Management, Inc.
John Boston manages the AmSouth High Quality Bond Fund and co-manages the
AmSouth Government Income Fund, AmSouth Limited Term Bond Fund and the AmSouth
Balanced Fund. Mr. Boston joined the Asset Management Division in 1987. Mr.
Boston earned his B.S. in Finance and Political Science from the University of
North Alabama. He is a member and past president of the Alabama Society of
Financial Analysts and holds the Chartered Financial Analyst designation.
Scott Flurry co-manages the AmSouth Limited Term Bond Fund. Mr. Flurry joined
AmSouth Asset Management in 2003. Prior to joining AmSouth, Mr. Flurry managed
equity and fixed income portfolios at a large, regional bank since 1993. Mr.
Flurry earned his B.S. in Finance from the University of Alabama and holds the
Chartered Financial Analyst designation.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS' PERSPECTIVE
"The AmSouth Limited Term Bond Fund was designed to fill the gap between money
market funds and long-term bond funds. For investors looking for a diversified
bond fund, this Fund represents the first step out on the 'risk/return' spectrum
from the money market arena."
- --------------------------------------------------------------------------------
INVESTMENT CONCERNS
Short- or intermediate-term investment grade bonds offer less risk and generally
a lower rate of return than longer-term higher yielding bonds. Bonds offer a
relatively stable level of income, although bond prices will fluctuate providing
the potential for principal gain or loss. Intermediate-term, higher-quality
bonds generally offer less risk than longer-term bonds and a lower rate of
return.
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 0.55% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 1.22% total return for the Fund's benchmark, the
Merrill Lynch 1-5-Year Government/Corporate Bond Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 2.00% and recurring fees, the Fund's six month,
1 Year, 5 Year and 10 Year average annual total returns for the periods ended
January 31, 2005, were -3.51%, -3.57%, 4.19% and 5.06%, respectively, for Class
A Shares. The returns quoted assume the reinvestment of dividends and capital
gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com (1)See Glossary of Terms for
additional information.
Q. What factors affected the Fund's performance?
The Fund held a shorter average duration than the benchmark throughout the
period, in order to protect against the risk of rising interest rates. That
strategy hurt relative performance during the first three months, as short-term
yields declined. The Fund's relatively short average duration then helped
returns against the benchmark when yields rose during the second half of the
recent period. The Fund sacrificed some yield to pursue its low-duration
strategy, particularly early in the period when the yield curve was steeper,
with higher yields on longer-term issues.(+)
The Fund was overweight corporate bonds during the entire period, which helped
relative returns significantly. One- to five-year corporate bonds returned 43
basis points (0.43%) more than the index for the period as a whole. The
beneficial effect of the Fund's overweight position in corporate bonds was
tempered somewhat by the overall superior credit quality of the Fund, as lower
rated corporate bonds were by far the best performers.(+)
We further increased the Fund's overweight position in corporate bonds during
the period. The Fund held 53% of its assets in corporate issues as of August 1,
2004, compared to 60% by the end of the period.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
15
- --------------------------------------------------------------------------------
AMSOUTH HIGH QUALITY BOND FUND (formerly the AMSOUTH BOND FUND)
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER
John P. Boston, CFA
Chief Fixed Income Officer
AmSouth Bank
AmSouth Asset Management, Inc.
John Boston manages the AmSouth High Quality Bond Fund and co-manages the
AmSouth Government Income Fund, AmSouth Limited Term Bond Fund and the AmSouth
Balanced Fund. Mr. Boston joined the Asset Management Division in 1987. Mr.
Boston earned his B.S. in Finance and Political Science from the University of
North Alabama. He is a member and past president of the Alabama Society of
Financial Analysts and holds the Chartered Financial Analyst designation.
INVESTMENT CONCERNS
Bonds offer a relatively stable level of income, although bond prices will
fluctuate providing the potential for principal gain or loss. Intermediate-term,
higher-quality bonds generally offer less risk than longer-term bonds and a
lower rate of return.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"The AmSouth High Quality Bond Fund seeks to take advantage of changes in
interest rates to pursue strong returns. We buy longer bonds when interest rates
are high and expected to fall, and shorter bonds when interest rates are low
and expected to rise. The change in the average maturity or duration is one of
the most powerful determinants of return. Through the active use of high-quality
investments, we strive to obtain excellent returns."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 2.94% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 4.02% total return for the Fund's benchmark, the
Lehman Brothers Government/Credit Bond Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 4.00% and recurring fees, the Fund's six month,
1 Year, 5 Year and 10 Year average annual total returns for the periods ended
January 31, 2005, were -1.16%, -1.30%, 6.31% and 6.54%, respectively, for Class
A Shares. The returns quoted assume the reinvestment of dividends and capital
gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. Yields on short-term bonds rose during the period, while yields on
longer-term bonds declined. The decline in long-term bond yields helped the Fund
produce positive returns. The Fund benefited from its position in corporate
issues, which outperformed Treasury bonds.(+)
The Fund held an average duration shorter than that of the benchmark throughout
the period. We established and maintained that position to protect against a
rise in interest rates. That strategy left the Fund underexposed to long-term
bonds, so the relative strength of those securities weighed on returns versus
the benchmark.(+)
We lengthened the Fund's duration late in the period to benefit from any further
flattening of the yield curve--that is, any further decline in long-term rates
relative to short-term rates. That strategy boosted the Fund's relative returns
during January. The Fund began the recent six-month period with an average
duration of 4.61 years, and ended the period with an average duration of 5.05
years.(+)
The Fund held an overweight position in corporate bonds throughout the period.
That helped relative returns, as corporate bonds significantly outperformed
government-issued securities. The Fund's high-quality focus prevented it from
benefiting from even stronger performance among lower-quality corporate bonds,
which resulted in the Fund lagging its benchmark.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
16
- --------------------------------------------------------------------------------
AMSOUTH HIGH QUALITY MUNICIPAL BOND FUND (formerly the AMSOUTH MUNICIPAL BOND
FUND)
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER
Dorothy E. Thomas, CFA
Fund Manager
AmSouth Bank
AmSouth Asset Management, Inc.
Dorothy Thomas manages the AmSouth Municipal Bond Fund, AmSouth Florida
Tax-Exempt Fund and the AmSouth Tennessee Tax-Exempt Fund. Ms. Thomas joined the
Asset Management Division in 1983 after working in Corporate Finance since 1973.
Prior to moving to the Fixed Income team, she held positions as an equity
analyst and a portfolio manager. She earned a B.A. in Economics from Stanford
University and her MBA from the University of Alabama. She is a member of the
Alabama Society of Financial Analysts and holds the Chartered Financial Analyst
designation.
INVESTMENT CONCERNS
The Fund's income may be subject to certain state and local taxes and, depending
on your tax status, the federal alternative minimum tax. Bond funds will tend to
experience smaller fluctuations in value than stock funds. However, investors in
any bond fund should anticipate fluctuations in price, especially for
longer-term issues and in environments of rising interest rates.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"With the AmSouth High Quality Municipal Bond Fund, we concentrate on
high-quality municipal bonds--those in the top three rating classes, or of
comparable quality. As with other AmSouth bond funds, we strive to achieve
strong returns by taking advantage of anticipated changes in interest rates."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 2.01% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower) during the period. In comparison, the Fund's benchmark the Merrill Lynch
1-12-Year Municipal Bond Index1 returned 3.46%.
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 4.00% and recurring fees, the Fund's six month,
1 Year, 5 Year and 10 Year average annual total returns for the periods ended
January 31, 2005, were -2.10%, -2.59%, 4.57% and 4.49%, respectively, for Class
A Shares. The returns quoted assume the reinvestment of dividends and capital
gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund during the period?
A. Yields on long-term municipal bonds declined, while yields on short-term
municipal bonds rose. Yields on the four- to five-year securities which we
overweighted declined only slightly, so capital appreciation contributed
relatively little to Fund gains. Instead, bond yields generated most of the
Fund's positive returns.(+)
The Fund held a shorter average duration than that of the benchmark throughout
the period, in order to protect against rising interest rates. That approach
weighed on relative returns, since it prevented the Fund from holding many of
the longer-term issues that performed the best. We lengthened the Fund's average
duration late in the period in order to obtain additional yield for
shareholders. The Fund held an average duration of 3.91 years as of August 1,
2004, and ended the period on January 31, 2005 with an average duration of 4.80
years.(+)
The Fund held bonds with very high credit quality, in keeping with its
high-quality mandate. That had a mildly negative effect on returns against the
benchmark, as lower-quality bonds led the market.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
17
- --------------------------------------------------------------------------------
AMSOUTH FLORIDA TAX-EXEMPT FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER
Dorothy E. Thomas, CFA
Fund Manager
AmSouth Bank
AmSouth Asset Management, Inc.
Dorothy Thomas manages the AmSouth Municipal Bond Fund, AmSouth Florida
Tax-Exempt Fund and the AmSouth Tennessee Tax-Exempt Fund. Ms. Thomas joined the
Asset Management Division in 1983 after working in Corporate Finance since 1973.
Prior to moving to the Fixed Income team, she held positions as an equity
analyst and a portfolio manager. She earned a B.A. in Economics from Stanford
University and her MBA from the University of Alabama. She is a member of the
Alabama Society of Financial Analysts and holds the Chartered Financial Analyst
designation.
INVESTMENT CONCERNS
The geographical concentration of portfolio holdings in this Fund may involve
increased risk.
The Fund's income may be subject to certain state and local taxes and, depending
on your tax status, the federal alternative minimum tax.
Bond funds will tend to experience smaller fluctuations in value than stock
funds. However, investors in any bond fund should anticipate fluctuations in
price, especially for longer-term issues and in environments of rising interest
rates.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"The AmSouth Florida Tax-Exempt Fund has a portfolio of high-quality issues in
a fast-growing state with a strong economic base. Interest on the bonds is
exempt from both Federal income tax and the Florida intangibles tax. This
portfolio is managed to potentially benefit from anticipated interest rate
moves."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 2.29% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). That compared to a 3.46% return for the Fund's benchmark, the Merrill
Lynch 1-12-Year Municipal Bond Index.(1)
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted.
With the maximum sales charge of 4.00% and recurring fees, the Fund's six month,
1 Year, 5 Year and 10 Year average annual total returns for the periods ended
January 31, 2005, were -1.78%, -2.39%, 4.44% and 4.50%, respectively, for Class
A Shares. The returns quoted assume the reinvestment of dividends and capital
gains distributions.
Past performance does not guarantee future results. The performance data quoted
represents past performance and current returns may be lower or higher. Total
return figures include change in share price, reinvestment of dividends and
capital gains and does not reflect the deduction of taxes that a shareholder
would pay on distributions and redemptions. The investment return and principal
value will fluctuate so that an investor's shares, when redeemed may be worth
more or less than the original cost. For performance data current to the most
recent month end please visit www.amsouthfunds.com.
Q. What factors affected the Fund's performance?
A. The market for Florida municipal debt was similar to the national municipal
market: Yields on long-term municipal bonds fell, while yields on short-term
issues rose. This Fund over-weighted securities with durations of between four
and five years. Yields on those issues declined only slightly, so capital
appreciation was not a major factor in producing Fund returns.(+)
We maintained a shorter average duration than that of the Fund's benchmark
throughout the period, to protect against the potential for rising interest
rates. That strategy prevented the Fund from holding many of the longer-term
issues that performed the best during the period, hurting the Fund's returns
relative to the index. We lengthened the Fund's average duration late in the
period in order to capture additional yield. The Fund's holdings had an average
duration of 3.86 years as of August 1, 2004, and an average duration of 4.63
years as of January 31, 2005.(+)
The Fund invests in bonds with high credit quality. Lower-quality bonds led the
market, so this Fund's high-quality mandate weighed slightly on relative
returns.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
18
- --------------------------------------------------------------------------------
AMSOUTH TENNESSEE TAX-EXEMPT FUND
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER
Dorothy E. Thomas, CFA
Fund Manager
AmSouth Bank
AmSouth Asset Management, Inc.
Dorothy Thomas manages the AmSouth Municipal Bond Fund, AmSouth Florida
Tax-Exempt Fund and the AmSouth Tennessee Tax-Exempt Fund. Ms. Thomas joined the
Asset Management Division in 1983 after working in Corporate Finance since 1973.
Prior to moving to the Fixed Income team, she held positions as an equity
analyst and a portfolio manager. She earned a B.A. in Economics from Stanford
University and her MBA from the University of Alabama. She is a member of the
Alabama Society of Financial Analysts and holds the Chartered Financial Analyst
designation.
INVESTMENT CONCERNS
The geographical concentration of portfolio holdings in this Fund may involve
increased risk.
The Fund's income may be subject to certain state and local taxes and, depending
on your tax status, the federal alternative minimum tax.
Bond funds will tend to experience smaller fluctuations in value than stock
funds. However, investors in any bond fund should anticipate fluctuations in
price, especially for longer-term issues and in environments of rising interest
rates.
- --------------------------------------------------------------------------------
PORTFOLIO MANAGER'S PERSPECTIVE
"The AmSouth Tennessee Tax-Exempt Fund generates income that is exempt from both
Federal and the state of Tennessee income tax. The Fund only invests in
securities in the top three rating classes, or of comparable quality. As with
the other AmSouth bond funds, we strive to enhance long-term performance by
capitalizing on expected changes in interest rates."
- --------------------------------------------------------------------------------
- -----------------------------
Q&A
- -----------------------------
Q. How did the Fund perform during the six-month period ended January 31, 2005?
A. The Fund delivered a total return of 1.59% (Class A Shares at NAV. Had the
effects of the front-end sales charge been included, the return would have been
lower). The Fund's benchmark, the Merrill Lynch 1-12-Year Municipal Bond Index1,
returned 3.46%.
The Fund's total return does not reflect the deduction of a sales charge on
Class A Shares. If reflected, the sales charge would reduce the performance
quoted. With the maximum sales charge of 4.00% and recurring fees, the Fund's
six month, 1 Year, 5 Year and 10 Year average annual total returns for the
periods ended January 31, 2005, were -2.50%, -3.10%, 4.09% and 3.96%,
respectively, for Class A Shares. The returns quoted assume the reinvestment of
dividends and capital gains distributions. Past performance does not guarantee
future results. The performance data quoted represents past performance and
current returns may be lower or higher. Total return figures include change in
share price, reinvestment of dividends and capital gains and does not reflect
the deduction of taxes that a shareholder would pay on distributions and
redemptions. The investment return and principal value will fluctuate so that an
investor's shares, when redeemed may be worth more or less than the original
cost. For performance data current to the most recent month end please visit
www.amsouthfunds.com.
Q. What factors affected the Fund's performance during the period?
A. Tennessee municipal bonds generally performed in line with other states'
municipal bonds during this period, as yields fell on the long end of the yield
curve and rose on the short end. The Fund over-weighted securities with
durations between four and five years. Yields in that section of the curve
declined only modestly, so the yields produced by the Fund's portfolio were a
major factor in generating returns.(+)
We maintained a relatively short average duration throughout the period, to
protect shareholders' capital in case interest rates increased. The Fund held
few of the long-term issues that led the market, so the strategy dragged on
relative returns for the period as a whole. We lengthened the Fund's average
duration late in the period in order to capture additional yield. The Fund's
portfolio held securities with an average duration of 3.75 years as of August 1,
2004, and an average duration of 4.39 years as of January 31, 2005.(+)
This Fund's mandate calls for it to maintain a portfolio with high credit
quality. High-quality bonds lagged lower-quality issues during this period, so
the Fund's emphasis on high-quality securities dragged modestly on relative
returns.(+)
(1) See Glossary of Terms for additional information.
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
19
- --------------------------------------------------------------------------------
AMSOUTH MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
PORTFOLIO MANAGERS
Christine Taylor
Fund Manager
Kristie K. Jones
Fund Manager
AmSouth Bank
AmSouth Asset Management, Inc.
Ms. Taylor manages the taxable AmSouth Money Market mutual funds. She joined the
AmSouth Asset Management Division in 2002 after completing AmSouth Bank's
Management Associate Program. Prior to moving to the Fixed Income team, she was
a portfolio manager managing personal portfolios at AmSouth. She earned a B.S.
in Finance from the University of South Alabama. Ms. Taylor holds a Series 65
license and is a Level II candidate for the Chartered Financial Analyst
designation.
Ms. Jones manages the AmSouth Tax-Exempt Money Market Fund. Prior to moving to
the Fixed Income team, she was a portfolio manager managing personal portfolios
at AmSouth. She earned her B.S. in Finance with a concentration in Real Estate
from the University of Alabama. She holds her Series 7 and Series 65 licenses.
Ms. Jones is currently a candidate for Level II of the Chartered Financial
Analyst designation.
INVESTMENT CONCERNS
Investments in the Prime, the Treasury Reserve, the Tax-Exempt, and the
Institutional Prime Obligations Money Market Funds are neither insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the Funds seek to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Funds.
The AmSouth Tax Exempt Money Market Fund's income may be subject to certain
state and local taxes and, depending on one's tax status, the federal
alternative minimum tax.
- -----------------------------
Q&A
- -----------------------------
Q. What factors affected the Funds' performance during the six-month period
ended January 31, 2005?
A. The Federal Reserve Board raised its target short-term interest rate four
times, for a total increase of one percentage point. Those increases pushed up
yields on short-term debt. Rising short-term yields allowed the Funds to capture
additional yield for shareholders as the period progressed.
The Funds' investments had average maturities shorter than those of their
benchmarks throughout the period. That strategy provided the flexibility to
invest in higher-yielding securities as rates rose, while protecting
shareholders' capital. The Funds' relatively short average maturities boosted
performance against their benchmarks.(+)
These Funds, except for the Tax-Exempt Money Market Fund, focus on high-quality
fixed- and variable-rate securities. A limited supply of high-quality commercial
paper prevented the Funds from adding multiple new commercial paper names to the
portfolios. The Funds found opportunities in overnight repurchase agreements,
which adjust their yields on a day-to-day basis and therefore reflected changes
in Federal Reserve policy. The Tax-Exempt Money Market Fund emphasized
variable-rate securities, which benefited from the rising-rate environment.(+)
o As of January 31, 2005, the Prime Obligations Fund's average maturity was 28
days, compared with 28 days on July 31, 2004 and 59 days on January 31, 2004.(+)
o As of January 31, 2005, the Tax-Exempt Fund's average maturity was 20 days,
compared with 19 days on July 31, 2004 and 35 days on January 31, 2004.(+)
o As of January 31, 2005, the Treasury Reserve Fund's average maturity was 19
days, compared with 22 days on July 31, 2004 and 45 days on January 31, 2004.(+)
o As of January 31, 2005, the Institutional Prime Obligations Fund's average
maturity was 27 days, compared with 29 days on July 31, 2004 and 64 days on
January 31, 2004.(+)
(+) The Fund's portfolio is current to January 31, 2005 and subject to change.
20
----------------------------------------
VALUE FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
---------- --------
COMMON STOCKS (98.6%)
ACE Ltd. ..................................... 268,000 $ 11,631
AFLAC, Inc. .................................. 130,000 5,136
Alcoa, Inc. .................................. 380,000 11,214
American Electric Power Co., Inc. ............ 155,000 5,464
American International Group, Inc. ........... 170,000 11,269
Bank of America Corp. ........................ 330,000 15,302
BellSouth Corp. .............................. 420,000 11,021
Bristol-Myers Squibb Co. ..................... 268,000 6,282
Caremark Rx, Inc. (a) ........................ 80,000 3,128
Caterpillar, Inc. ............................ 110,000 9,801
ChevronTexaco Corp. .......................... 204,800 11,141
Chubb Corp. .................................. 56,800 4,230
CIT Group, Inc. .............................. 130,000 5,248
Citigroup, Inc. .............................. 370,000 18,149
ConocoPhillips ............................... 134,000 12,434
Constellation Energy Group ................... 60,000 3,000
Costco Wholesale Corp. ....................... 184,000 8,698
Darden Restaurants, Inc. ..................... 260,000 7,686
Dominion Resources, Inc. # ................... 85,300 5,918
Dow Chemical Co. ............................. 118,900 5,909
Eastman Chemical Co. ......................... 200,000 10,830
EMC Corp. (a) ................................ 660,000 8,646
Entergy Corp. ................................ 45,100 3,135
Exxon Mobil Corp. ............................ 100,000 5,160
Freddie Mac .................................. 93,500 6,105
Genuine Parts Co. ............................ 170,000 7,196
Golden West Financial Corp. .................. 40,000 2,585
Goldman Sachs Group, Inc. .................... 40,800 4,400
Halliburton Co. .............................. 170,000 6,992
Health Management Associates, Inc.,
Class A # .................................. 470,000 10,377
Hewlett-Packard Co. .......................... 820,000 16,063
Home Depot, Inc. ............................. 191,500 7,901
Honeywell International, Inc. ................ 150,118 5,401
IBM Corp. .................................... 62,135 5,805
Ingersoll-Rand Co., Class A .................. 98,800 7,349
J.P. Morgan Chase & Co. ...................... 270,000 10,079
Kohl's Corp. (a) ............................. 110,000 5,171
Lincoln National Corp. ....................... 233,300 10,764
Lockheed Martin Corp. ........................ 185,000 10,694
Merrill Lynch & Co., Inc. .................... 90,000 5,406
MetLife, Inc. ................................ 90,000 3,578
Noble Corp. (a) .............................. 20,000 1,067
Nokia Corp. -- ADR ........................... 271,700 4,152
Office Depot, Inc. (a) ....................... 600,000 10,374
Pfizer, Inc. ................................. 210,000 5,074
Pier 1 Imports, Inc. ......................... 340,000 6,021
Prudential Financial, Inc. ................... 169,600 9,143
Raytheon Co. ................................. 209,800 7,847
SBC Communications, Inc. ..................... 448,000 10,644
Sprint Corp. # ............................... 450,000 10,724
St. Paul Travelers Cos., Inc. # .............. 463,100 17,385
SunTrust Banks, Inc. ......................... 56,200 4,048
Texas Instruments, Inc. ...................... 113,300 2,630
Time Warner, Inc. (a) ........................ 210,000 3,780
Tyco International, Ltd. # ................... 286,000 10,336
Continued
Shares Value
---------- --------
COMMON STOCKS, continued
U.S. Bancorp ................................. 180,000 $ 5,409
United Technologies Corp. .................... 53,800 5,417
Verizon Communications, Inc. ................. 108,966 3,878
Viacom, Inc., Class B ........................ 283,800 10,597
Wachovia Corp. ............................... 108,500 5,951
Washington Mutual, Inc. ...................... 320,000 12,912
WellPoint, Inc. (a) .......................... 20,000 2,430
Wells Fargo & Co. ............................ 105,000 6,437
Weyerhaeuser Co. ............................. 100,000 6,240
XL Capital, Ltd. ............................. 160,000 11,965
--------
TOTAL COMMON STOCKS .......................... 500,759
--------
INVESTMENT COMPANIES (0.8%)
Goldman Sachs Financial Square Prime
Obligations Fund ........................... 4,205,548 4,206
--------
TOTAL INVESTMENT COMPANIES ................... 4,206
--------
AFFILIATED SECURITIES (+)
AmSouth Prime Money Market Fund .............. 11,095 11
--------
TOTAL AFFILIATED SECURITIES .................. 11
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (6.3%)
BNY Institutional Cash Reserve Fund .......... 31,794,638 31,795
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ......................... 31,795
--------
TOTAL INVESTMENTS
(Cost $444,940)^ -- 105.7%.................. 536,771
Liabilities in excess of other assets --
(5.7%) ..................................... (28,968)
--------
NET ASSETS -- 100.0% ......................... $507,803
========
See notes to schedule of portfolio investments.
21
- -----------------------------------------------------
SELECT EQUITY FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
Common Stocks (98.4%)
American Power Conversion Corp. ..................... 322,000 $ 6,849
Automatic Data Processing, Inc. ..................... 227,700 9,901
Briggs & Stratton Corp. ............................. 89,800 3,483
Gannett Co., Inc. ................................... 106,000 8,484
General Mills, Inc. ................................. 127,800 6,772
Gillette Co. ........................................ 92,000 4,666
H.J. Heinz Co. ...................................... 169,300 6,401
Harley-Davidson, Inc. ............................... 106,600 6,408
Home Depot, Inc. .................................... 264,000 10,894
International Flavors & Fragrances, Inc. ............ 150,000 6,333
J.M. Smucker Co. .................................... 82,478 3,848
Kimberly-Clark Corp. ................................ 105,000 6,878
McDonald's Corp. .................................... 324,300 10,505
Neenah Paper, Inc. .................................. 3,181 101
Pfizer, Inc. ........................................ 108,020 2,610
Pitney Bowes, Inc. .................................. 215,900 9,659
Snap-on, Inc. ....................................... 98,200 3,251
SYSCO Corp. ......................................... 191,500 6,697
Tribune Co. ......................................... 128,000 5,117
Walt Disney Co. ..................................... 309,200 8,852
Waste Management, Inc. .............................. 291,460 8,452
--------
TOTAL COMMON STOCKS ................................. 136,161
--------
AFFILIATED SECURITIES (1.5%)
AmSouth Prime Money Market Fund ..................... 2,065,449 2,065
AmSouth Treasury Reserve Money
Market Fund ....................................... 1,791 2
--------
TOTAL AFFILIATED SECURITIES ......................... 2,067
--------
TOTAL INVESTMENTS
(Cost $119,130)^ -- 99.9% ......................... 138,228
Other assets in excess of liabilities --
0.1% .............................................. 161
--------
NET ASSETS -- 100.0% ................................ $138,389
========
See notes to schedule of portfolio investments.
----------------------------------------
ENHANCED MARKET FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS (98.9%)
3M Co. .............................................. 17,600 $ 1,485
Abbott Laboratories ................................. 34,200 1,540
ACE Ltd. ............................................ 5,000 217
ADC Telecommunications, Inc. (a) .................... 14,000 36
Adobe Systems, Inc. ................................. 4,100 233
Adolph Coors Co., Class B ........................... 600 45
AES Corp. (a) ....................................... 11,300 159
Aetna, Inc. ......................................... 5,000 635
AFLAC, Inc. ......................................... 17,200 680
Agilent Technologies, Inc. (a) ...................... 16,600 367
Air Products and Chemicals, Inc. .................... 7,900 465
Alberto-Culver Co. .................................. 3,150 171
Albertson's, Inc. ................................... 500 11
Alcoa, Inc. ......................................... 29,600 873
Allegheny Energy, Inc. (a) # ........................ 2,000 39
Allegheny Technologies, Inc. ........................ 1,300 31
Allergan, Inc. ...................................... 3,000 228
Allstate Corp. ...................................... 3,100 156
Altera Corp. (a) .................................... 6,500 125
Altria Group, Inc. .................................. 24,100 1,538
Ambac Financial Group, Inc. ......................... 3,700 284
Amerada Hess Corp. .................................. 3,100 269
Ameren Corp. ........................................ 3,300 165
American Electric Power Co., Inc. ................... 6,620 233
American Express Co. ................................ 9,500 507
American International Group, Inc. .................. 44,616 2,958
American Standard Cos., Inc. (a) .................... 3,700 148
Amgen, Inc. (a) ..................................... 14,248 887
Anadarko Petroleum Corp. ............................ 8,500 563
Analog Devices, Inc. ................................ 12,900 463
Anheuser-Busch Cos., Inc. ........................... 13,600 669
Apache Corp. ........................................ 11,002 599
Apartment Investment & Management Co.,
Class A ........................................... 1,500 54
Apple Computer, Inc. (a) ............................ 13,800 1,061
Applied Materials, Inc. (a) ......................... 45,300 720
Applied Micro Circuits Corp. (a) .................... 10,600 35
Archer-Daniels-Midland Co. .......................... 22,411 542
Archstone-Smith Trust ............................... 3,300 113
Ashland, Inc. ....................................... 2,500 153
Autodesk, Inc. ...................................... 5,300 156
Automatic Data Processing, Inc. ..................... 17,700 770
Avaya, Inc. (a) ..................................... 10,679 153
Ball Corp. .......................................... 1,900 81
Bank of America Corp. ............................... 59,776 2,772
Bank of New York Co., Inc. .......................... 26,500 787
Baxter International, Inc. .......................... 10,600 358
Becton, Dickinson & Co. ............................. 8,700 493
BellSouth Corp. ..................................... 31,100 816
Bemis Co., Inc. ..................................... 3,700 107
Best Buy Co., Inc. .................................. 5,500 296
BJ Services Co. ..................................... 4,200 202
Black & Decker Corp. # .............................. 2,100 173
BMC Software, Inc. (a) .............................. 6,500 109
Boeing Co. .......................................... 14,400 729
Boston Scientific Corp. (a) ......................... 29,000 959
Continued
22
----------------------------------------
ENHANCED MARKET FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- ---------
COMMON STOCKS, continued
Bristol-Myers Squibb Co. ............................ 46,900 $ 1,099
Broadcom Corp., Class A (a) ......................... 7,800 248
Brunswick Corp. ..................................... 2,800 129
Burlington Northern Santa Fe Corp. .................. 12,900 622
Burlington Resources, Inc. .......................... 13,400 586
C.R. Bard, Inc. ..................................... 3,600 244
Calpine Corp. (a) # ................................. 6,700 22
Cardinal Health, Inc. ............................... 14,800 834
Caremark Rx, Inc. (a) ............................... 7,900 309
Caterpillar, Inc. ................................... 11,500 1,025
CenterPoint Energy, Inc. ............................ 4,900 55
Centex Corp. ........................................ 3,300 202
CenturyTel, Inc. .................................... 4,800 156
ChevronTexaco Corp. ................................. 49,138 2,672
Chubb Corp. ......................................... 6,500 484
CIENA Corp. (a) ..................................... 19,600 50
CIGNA Corp. ......................................... 4,600 369
Cinergy Corp. ....................................... 2,900 117
Circuit City Stores, Inc. ........................... 7,200 103
Cisco Systems, Inc. (a) ............................. 145,900 2,632
CIT Group, Inc. ..................................... 3,700 149
Citigroup, Inc. ..................................... 100,266 4,918
Citizens Communications Co. ......................... 5,700 77
Citrix Systems, Inc. (a) ............................ 2,900 62
Clear Channel Communications, Inc. .................. 9,800 318
Clorox Co. .......................................... 5,000 297
CMS Energy Corp. (a) # .............................. 2,600 27
Coach, Inc. (a) ..................................... 4,100 230
Coca-Cola Co. ....................................... 41,300 1,714
Coca-Cola Enterprises, Inc. ......................... 8,100 178
Colgate-Palmolive Co. ............................... 16,000 841
Comcast Corp., Class A (a) # ........................ 16,612 535
Comerica, Inc. ...................................... 800 46
Computer Associates International, Inc. ............. 10,100 275
Computer Sciences Corp. (a) ......................... 3,300 170
Compuware Corp. (a) ................................. 13,400 92
ConocoPhillips ...................................... 19,564 1,815
Consolidated Edison, Inc. ........................... 4,100 180
Constellation Energy Group .......................... 2,800 140
Convergys Corp. (a) ................................. 5,000 71
Cooper Industries, Ltd., Class A .................... 3,100 215
Cooper Tire & Rubber Co. ............................ 1,100 24
Corning, Inc. (a) ................................... 47,400 519
Countrywide Financial Corp. ......................... 19,900 736
CSX Corp. ........................................... 5,400 216
Cummins, Inc. ....................................... 1,500 117
Dana Corp. # ........................................ 5,200 83
Darden Restaurants, Inc. ............................ 4,850 143
Deere & Co. ......................................... 8,600 597
Dell, Inc. (a) ...................................... 42,500 1,775
Delta Air Lines, Inc. (a) # ......................... 2,100 11
Devon Energy Corp. .................................. 15,300 622
Dillard's, Inc., Class A ............................ 1,400 37
Dollar General Corp. ................................ 9,000 182
Dominion Resources, Inc. ............................ 5,604 389
Dover Corp. ......................................... 6,900 264
Continued
Shares Value
--------- --------
COMMON STOCKS, continued
Dow Chemical Co. .................................... 16,000 $ 795
DTE Energy Co. ...................................... 2,800 123
Duke Energy Corp. ................................... 16,300 436
Dynergy, Inc., Class A (a) # ........................ 5,900 26
E*TRADE Financial Corp. (a) ......................... 11,000 151
E.I. du Pont de Nemours & Co. ....................... 30,878 1,470
Eastman Chemical Co. ................................ 1,300 70
Eaton Corp. ......................................... 5,200 354
eBay, Inc. (a) ...................................... 5,400 440
Ecolab, Inc. ........................................ 600 20
Edison International ................................ 5,500 179
El Paso Energy Corp. ................................ 11,053 120
Eli Lilly & Co. ..................................... 19,400 1,052
EMC Corp. (a) ....................................... 82,200 1,077
Emerson Electric Co. ................................ 14,400 968
Engelhard Corp. # ................................... 4,100 123
Entergy Corp. ....................................... 3,800 264
EOG Resources, Inc. ................................. 2,000 149
Equity Office Properties Trust ...................... 6,700 187
Equity Residential Property ......................... 4,800 151
Exelon Corp. ........................................ 11,350 501
Exxon Mobil Corp. ................................... 123,664 6,380
Family Dollar Stores, Inc. .......................... 2,900 97
Fannie Mae .......................................... 10,200 659
Federated Department Stores, Inc. ................... 5,600 318
Federated Investors, Inc., Class B .................. 1,900 56
Fifth Third Bancorp ................................. 300 14
FirstEnergy Corp. ................................... 5,497 219
Fiserv, Inc. (a) .................................... 3,300 126
Forest Laboratories, Inc. (a) ....................... 12,600 523
Fortune Brands, Inc. ................................ 4,300 361
FPL Group, Inc. # ................................... 3,100 238
Franklin Resources, Inc. ............................ 4,300 292
Freddie Mac ......................................... 5,600 366
Freeport-McMoRan Copper & Gold, Inc.,
Class B ........................................... 4,900 180
Freescale Semiconductor, Inc., Class B (a) # ........ 6,697 117
Gateway, Inc. (a) ................................... 5,100 24
General Dynamics Corp. .............................. 6,900 712
General Electric Co. ................................ 199,700 7,214
General Mills, Inc. ................................. 6,200 329
Genzyme Corp. (a) ................................... 4,200 244
Gillette Co. ........................................ 24,800 1,258
Golden West Financial Corp. ......................... 5,200 336
Goldman Sachs Group, Inc. ........................... 8,300 895
Goodrich Corp. ...................................... 4,100 141
Goodyear Tire & Rubber Co. (a) # .................... 3,000 46
Great Lakes Chemical Corp. .......................... 900 24
Guidant Corp. ....................................... 5,500 399
H & R Block, Inc. ................................... 2,800 135
H.J. Heinz Co. ...................................... 12,000 454
Halliburton Co. ..................................... 7,600 313
Harrah's Entertainment, Inc. ........................ 1,900 120
Hartford Financial Services Group ................... 5,000 336
Hasbro, Inc. ........................................ 2,800 55
Hercules, Inc. (a) .................................. 1,800 26
Continued
23
- -----------------------------------------------------
ENHANCED MARKET FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS, continued
Hewlett-Packard Co. ................................. 82,311 $1,612
Home Depot, Inc. .................................... 21,700 895
Honeywell International, Inc. ....................... 29,500 1,061
Hospira, Inc. (a) ................................... 2,680 77
Humana, Inc. (a) .................................... 5,000 171
Huntington Bancshares, Inc. ......................... 3,900 90
IBM Corp. ........................................... 32,100 2,999
IMS Health, Inc. .................................... 6,500 152
Ingersoll-Rand Co. .................................. 6,000 446
Intel Corp. ......................................... 120,100 2,696
International Flavors & Fragrances, Inc. ............ 3,300 139
International Game Technology ....................... 11,800 369
Intuit, Inc. (a) .................................... 3,300 129
ITT Industries, Inc. ................................ 3,200 273
J.C. Penney Co., Inc. Holding Company ............... 4,900 209
J.P. Morgan Chase & Co. ............................. 61,124 2,282
Jabil Circuit, Inc. (a) ............................. 6,200 146
JDS Uniphase Corp. (a) .............................. 41,100 88
Jefferson-Pilot Corp. ............................... 2,400 120
Johnson & Johnson ................................... 50,900 3,294
Johnson Controls, Inc. .............................. 6,600 390
Jones Apparel Group, Inc. ........................... 4,300 145
KB Home ............................................. 1,400 152
Kerr-McGee Corp. .................................... 5,200 321
KeySpan Corp. ....................................... 2,600 103
Kimberly-Clark Corp. ................................ 13,700 897
Kinder Morgan, Inc. ................................. 2,000 150
King Pharmaceuticals, Inc. (a) ...................... 4,166 44
KLA-Tencor Corp. (a) ................................ 4,400 204
Kroger Co. (a) ...................................... 12,900 221
L-3 Communications Holdings, Inc. ................... 2,700 193
Laboratory Corp. of America (a) ..................... 3,600 172
Leggett & Platt, Inc. ............................... 3,300 94
Lehman Brothers Holdings, Inc. ...................... 7,800 711
Lexmark International Group, Inc.,
Class A (a) ....................................... 3,000 250
Limited Brands ...................................... 13,452 319
Lincoln National Corp. .............................. 6,000 277
Liz Claiborne, Inc. ................................. 3,500 147
Lockheed Martin Corp. ............................... 15,200 879
Loews Corp. ......................................... 3,200 218
Louisiana-Pacific Corp. ............................. 1,900 49
Lowe's Cos., Inc. ................................... 18,100 1,032
LSI Logic Corp. (a) ................................. 13,200 81
Lucent Technologies, Inc. (a) # ..................... 74,800 244
M&T Bank Corp. ...................................... 2,000 205
Manor Care, Inc. .................................... 1,500 52
Marathon Oil Corp. .................................. 12,000 465
Marsh & McLennan Cos., Inc. ......................... 18,100 588
Marshall & Ilsley Corp. ............................. 3,900 167
Mattel, Inc. ........................................ 7,300 142
May Department Stores Co. ........................... 5,000 170
MBIA, Inc. .......................................... 300 18
MBNA Corp. .......................................... 41,550 1,104
McDonald's Corp. .................................... 32,300 1,046
McGraw Hill Cos., Inc. .............................. 6,500 588
Continued
Shares Value
--------- --------
COMMON STOCKS, continued
McKesson Corp. ....................................... 9,900 $ 341
MeadWestvaco Corp. ................................... 3,500 101
Medco Health Solutions, Inc. (a) ..................... 4,574 195
MedImmune, Inc. (a) .................................. 4,400 104
Medtronic, Inc. ...................................... 20,600 1,081
Mellon Financial Corp. ............................... 14,400 423
Merck & Co., Inc. .................................... 48,800 1,369
Meredith Corp. ....................................... 900 43
Merrill Lynch & Co., Inc. ............................ 20,600 1,237
MetLife, Inc. ........................................ 25,500 1,014
Microsoft Corp. ...................................... 186,400 4,900
Millipore Corp. (a) .................................. 1,700 74
Monsanto Co. ......................................... 9,231 500
Moody's Corp. ........................................ 2,600 218
Morgan Stanley ....................................... 23,800 1,332
Motorola, Inc. # ..................................... 78,900 1,242
Mylan Laboratories, Inc. # ........................... 4,600 76
National Semiconductor Corp. ......................... 10,000 169
Navistar International Corp. (a) ..................... 1,300 51
New York Times Co., Class A .......................... 3,900 152
Newmont Mining Corp. ................................. 13,700 570
News Corp., Class A .................................. 18,700 318
Nextel Communications, Inc., Class A (a) ............. 19,000 545
Nicor, Inc. .......................................... 700 26
Nike, Inc., Class B .................................. 4,500 390
NiSource, Inc. ....................................... 4,400 101
Noble Corp. (a) ...................................... 3,700 197
Nordstrom, Inc. ...................................... 3,900 188
Norfolk Southern Corp. ............................... 13,400 468
North Fork Bancorporation, Inc. ...................... 8,150 234
Northern Trust Corp. ................................. 7,500 327
Novell, Inc. (a) ..................................... 6,400 37
Novellus Systems, Inc. (a) ........................... 4,200 110
NVIDIA Corp. (a) ..................................... 5,000 115
Occidental Petroleum Corp. ........................... 6,800 397
Office Depot, Inc. (a) ............................... 5,500 95
OfficeMax, Inc. ...................................... 1,500 44
Omnicom Group, Inc. .................................. 3,300 280
Oracle Corp. (a) ..................................... 87,900 1,210
Pactiv Corp. (a) ..................................... 2,700 60
Pall Corp. ........................................... 2,100 57
Parametric Technology Corp. (a) ...................... 4,200 24
Parker Hannifin Corp. ................................ 4,000 261
Peoples Energy Corp. ................................. 600 26
PepsiCo, Inc. ........................................ 35,590 1,911
PerkinElmer, Inc. .................................... 4,400 101
Pfizer, Inc. ......................................... 142,473 3,443
PG&E Corp. (a) # ..................................... 7,000 245
Phelps Dodge Corp. ................................... 3,200 308
Pinnacle West Capital Corp. .......................... 1,500 63
Pitney Bowes, Inc. ................................... 7,100 318
Plum Creek Timber Co., Inc. .......................... 3,100 111
PMC-Sierra, Inc. (a) ................................. 3,100 32
PNC Financial Services Group ......................... 4,900 264
Power-One, Inc. (a) .................................. 1,300 10
PPG Industries, Inc. ................................. 5,900 406
Continued
24
----------------------------------------
ENHANCED MARKET FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- -------
COMMON STOCKS, continued
PPL Corp. ........................................... 3,350 $ 181
Praxair, Inc. ....................................... 5,600 242
Principal Financial Group, Inc. ..................... 5,400 219
Procter & Gamble Co. ................................ 49,800 2,651
Progress Energy, Inc. ............................... 4,137 183
Progressive Corp. ................................... 6,900 577
ProLogis ............................................ 2,900 111
Providian Financial Corp. (a) ....................... 9,300 155
Prudential Financial, Inc. .......................... 8,800 474
Public Service Enterprise Group, Inc. ............... 3,900 206
QLogic Corp. (a) .................................... 1,600 61
Qualcomm, Inc. ...................................... 28,100 1,046
Qwest Communications International,
Inc. (a) .......................................... 31,400 132
R.R. Donnelley & Sons Co. ........................... 3,800 127
RadioShack Corp. .................................... 2,800 93
Raytheon Co. ........................................ 15,300 572
Reebok International, Ltd. .......................... 2,100 94
Rockwell Automation ................................. 4,300 244
Rockwell Collins, Inc. .............................. 3,000 129
Rohm & Haas Co. ..................................... 3,900 173
Rowan Cos., Inc. (a) ................................ 1,900 54
Ryder System, Inc. .................................. 2,200 100
Sabre Holdings Corp. ................................ 2,400 51
Safeway, Inc. (a) ................................... 800 15
Sanmina-SCI Corp. (a) ............................... 15,100 93
Sara Lee Corp. ...................................... 26,900 632
SBC Communications, Inc. ............................ 56,880 1,351
Schering-Plough Corp. ............................... 1,800 33
Schlumberger Ltd. ................................... 18,300 1,245
Scientific-Atlanta, Inc. ............................ 4,100 124
Seagate Technology, Inc., Escrow Shares (a) ......... 2,400 --**
Sealed Air Corp. (a) ................................ 1,500 77
Sears, Roebuck & Co. ................................ 3,500 176
Sempra Energy ....................................... 3,800 141
Sherwin-Williams Co. ................................ 5,000 216
Siebel Systems, Inc. (a) ............................ 13,800 120
Simon Property Group, Inc. .......................... 3,800 225
Snap-on, Inc. ....................................... 2,000 66
Solectron Corp. (a) ................................. 26,300 131
Southern Co. ........................................ 12,700 429
Sprint Corp. ........................................ 25,200 601
St. Jude Medical, Inc. (a) .......................... 12,200 479
Starwood Hotels & Resorts Worldwide, Inc. ........... 3,600 208
Sun Microsystems, Inc. (a) .......................... 115,300 503
Sunoco, Inc. ........................................ 2,500 219
SunTrust Banks, Inc. ................................ 6,200 447
SUPERVALU, Inc. ..................................... 4,000 126
Symantec Corp. (a) .................................. 10,900 255
Symbol Technologies, Inc. ........................... 7,200 132
Synovus Financial Corp. ............................. 700 19
Target Corp. ........................................ 26,200 1,329
TECO Energy, Inc. ................................... 3,000 48
Tektronix, Inc. ..................................... 3,200 92
Continued
Shares Value
--------- --------
COMMON STOCKS, continued
Tellabs, Inc. (a) ................................... 7,200 $ 51
Temple-Inland, Inc. ................................. 1,900 121
Teradyne, Inc. (a) .................................. 6,600 93
Texas Instruments, Inc. ............................. 41,200 956
Textron, Inc. ....................................... 3,200 230
Thermo Electron Corp. (a) ........................... 4,700 141
Time Warner, Inc. (a) ............................... 43,200 778
Torchmark Corp. ..................................... 1,900 104
Toys "R" Us, Inc. (a) ............................... 3,700 79
Tribune Co. ......................................... 10,900 436
TXU Corp. # ......................................... 4,100 284
Tyco International, Ltd. ............................ 15,669 566
U.S. Bancorp ........................................ 10,507 316
Union Pacific Corp. ................................. 8,800 524
Unisys Corp. (a) .................................... 10,700 84
United Parcel Service, Inc., Class B ................ 14,100 1,053
United States Steel Corp. ........................... 3,900 202
United Technologies Corp. ........................... 15,200 1,530
UnitedHealth Group, Inc. ............................ 11,300 1,005
Unocal Corp. ........................................ 9,200 438
UST, Inc. ........................................... 2,900 147
Valero Energy Corp. ................................. 8,800 458
Veritas Software Corp. (a) .......................... 7,200 185
Verizon Communications, Inc. ........................ 30,906 1,100
Viacom, Inc., Class B ............................... 29,484 1,101
Visteon Corp. ....................................... 2,091 16
W. W. Grainger, Inc. ................................ 3,200 196
Wachovia Corp. ...................................... 27,473 1,507
Wal-Mart Stores, Inc. ............................... 72,600 3,803
Walgreen Co. ........................................ 6,000 256
Walt Disney Co. ..................................... 17,500 501
Waters Corp. (a) .................................... 3,200 157
Watson Pharmaceuticals, Inc. (a) .................... 3,700 110
WellPoint Health Networks, Inc. (a) ................. 5,100 620
Wells Fargo & Co. ................................... 21,900 1,342
Wendy's International, Inc. ......................... 3,900 153
Weyerhaeuser Co. .................................... 8,300 518
Whirlpool Corp. ..................................... 1,200 82
Williams Cos., Inc. ................................. 9,600 161
Wyeth ............................................... 31,100 1,232
Xcel Energy, Inc. ................................... 6,685 122
Xilinx, Inc. ........................................ 8,300 242
XL Capital, Ltd., Class A ........................... 2,400 179
Yahoo!, Inc. (a) .................................... 5,400 190
YUM! Brands, Inc. ................................... 10,000 464
Zimmer Holdings, Inc. (a) ........................... 4,110 324
Zions Bancorp. ...................................... 3,100 210
---------
TOTAL COMMON STOCKS ................................. 188,878
---------
AFFILIATED SECURITIES (1.0%)
AmSouth Prime Money Market Fund ..................... 1,843,188 1,843
AmSouth Treasury Reserve Money
Market Fund ....................................... 7,570 8
---------
TOTAL AFFILIATED SECURITIES ......................... 1,851
---------
Continued
25
- -----------------------------------------------------
ENHANCED MARKET FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
WARRANTS (+)
Progress Energy, Inc., CVO (a) .............. 500 $ --**
--------
TOTAL WARRANTS .............................. --**
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (1.4%)
BNY Institutional Cash Reserve Fund ......... 2,638,717 2,639
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ........................ 2,639
--------
TOTAL INVESTMENTS
(Cost $175,176)^ -- 101.3%................. 193,368
Liabilities in excess of other assets --
(1.3%) .................................... (2,474)
--------
NET ASSETS -- 100.0% ........................ $190,894
========
Open Futures Contracts
------------------------------------------------------
# of Contract Expiration Unrealized
Contracts Value Date Gain/(Loss)
----------- ---------- ------------ ------------
S&P 500 Index ........... 5 $1,477 3/18/05 ($34)
See notes to schedule of portfolio investments.
--------------------------------------
LARGE CAP FUND
Schedule of Portfolio Investments
--------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS (99.7%)
Abbott Laboratories ................................. 150,000 $ 6,753
AFLAC, Inc. ......................................... 90,000 3,556
Agilent Technologies, Inc. (a) # .................... 50,000 1,106
Allergan, Inc. ...................................... 40,000 3,038
American Express Co. ................................ 65,000 3,468
American International Group, Inc. .................. 55,000 3,645
Amgen, Inc. (a) # ................................... 150,000 9,336
Apollo Group, Inc., Class A (a) # ................... 40,000 3,128
Applied Materials, Inc. (a) ......................... 450,000 7,155
Automatic Data Processing, Inc. # ................... 180,000 7,826
Avery Dennison Corp. ................................ 50,000 3,005
Bed Bath & Beyond, Inc. (a) ......................... 90,000 3,626
Boeing Co. .......................................... 100,000 5,060
Cardinal Health, Inc. ............................... 70,000 3,942
Cisco Systems, Inc. (a) ............................. 350,000 6,314
Citigroup, Inc. ..................................... 70,000 3,434
Clorox Co. .......................................... 20,000 1,188
Coca-Cola Co. ....................................... 150,000 6,224
Dell, Inc. (a) ...................................... 150,000 6,264
Dollar General Corp. ................................ 200,000 4,042
Dover Corp. ......................................... 120,000 4,596
Electronic Arts, Inc. (a) ........................... 60,000 3,860
Eli Lilly & Co. ..................................... 75,000 4,068
EMC Corp. (a) ....................................... 450,000 5,895
Gap, Inc. ........................................... 175,000 3,852
Genentech, Inc. (a) # ............................... 100,000 4,771
General Dynamics Corp. .............................. 40,000 4,130
General Electric Co. ................................ 250,000 9,032
Gillette Co. ........................................ 90,000 4,565
Harley-Davidson, Inc. ............................... 45,000 2,705
Hewlett-Packard Co. ................................. 350,000 6,857
Home Depot, Inc. .................................... 200,000 8,252
Honeywell International, Inc. ....................... 50,000 1,799
IBM Corp. ........................................... 150,000 14,013
Illinois Tool Works, Inc. ........................... 40,000 3,479
Intel Corp. ......................................... 270,000 6,062
Johnson & Johnson ................................... 150,000 9,706
Linear Technology Corp. ............................. 150,000 5,661
Lowe's Cos., Inc. ................................... 52,500 2,992
McDonald's Corp. .................................... 160,000 5,182
McGraw Hill Cos., Inc. .............................. 40,000 3,620
MedImmune, Inc. (a) ................................. 135,000 3,193
Medtronic, Inc. ..................................... 170,000 8,923
Merck & Co., Inc. ................................... 200,000 5,610
Microsoft Corp. ..................................... 350,000 9,198
Motorola, Inc. # .................................... 100,000 1,574
Network Appliance, Inc. (a) ......................... 180,000 5,731
Nokia Oyj -- ADR .................................... 190,000 2,903
Oracle Corp. (a) .................................... 500,000 6,885
Paychex, Inc. ....................................... 150,000 4,574
PepsiCo, Inc. ....................................... 120,000 6,444
Pfizer, Inc. ........................................ 300,000 7,248
Pitney Bowes, Inc. .................................. 30,000 1,342
Procter & Gamble Co. ................................ 40,000 2,129
Qualcomm, Inc. ...................................... 70,000 2,607
Schering-Plough Corp. ............................... 300,000 5,568
Continued
26
- -----------------------------------------------------
LARGE CAP FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
---------- --------
COMMON STOCKS, continued
Staples, Inc. ....................................... 90,000 $ 2,947
Starbucks Corp. (a) ................................. 60,000 3,240
Stryker Corp. ....................................... 60,000 2,948
Sun Microsystems, Inc. (a) .......................... 240,000 1,046
SunGard Data Systems, Inc. (a) ...................... 190,000 5,109
Sysco Corp. # ....................................... 200,000 6,994
Tellabs, Inc. (a) ................................... 100,000 712
TJX Cos., Inc. ...................................... 300,000 7,512
United Technologies Corp. ........................... 40,000 4,027
UnitedHealth Group, Inc. ............................ 60,000 5,334
Wal-Mart Stores, Inc. ............................... 140,000 7,335
Walgreen Co. ........................................ 150,000 6,392
Walt Disney Co. ..................................... 200,000 5,726
Wyeth ............................................... 165,000 6,539
Xilinx, Inc. ........................................ 90,000 2,627
--------
TOTAL COMMON STOCKS ................................. 349,624
--------
INVESTMENT COMPANIES (0.3%)
AIM Liquid Assets Money Market Fund ................. 956,849 957
--------
TOTAL INVESTMENT COMPANIES .......................... 957
--------
AFFILIATED SECURITIES (+)
AmSouth Prime Money Market Fund ..................... 838 1
--------
TOTAL AFFILIATED SECURITIES ......................... 1
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (3.3%)
BNY Institutional Cash Reserve Fund ................. 11,421,103 11,421
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ................................ 11,421
--------
TOTAL INVESTMENTS
(Cost $266,111)^ -- 103.3% ........................ 362,003
Liabilities in excess of other assets --
(3.3%) ............................................ (11,476)
--------
NET ASSETS -- 100.0% ................................ $350,527
========
See notes to schedule of portfolio investments.
----------------------------------------
CAPITAL GROWTH FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
Common Stocks (98.6%)
3M Co. .............................................. 45,000 $ 3,796
Abbott Laboratories ................................. 85,000 3,827
American Express Co. ................................ 130,000 6,935
American International Group, Inc. .................. 39,400 2,612
American Power Conversion Corp. ..................... 85,000 1,808
Amgen, Inc. (a) ..................................... 90,000 5,601
Apollo Group, Inc., Class A (a) # ................... 48,000 3,753
Applied Materials, Inc. (a) # ....................... 220,000 3,498
Automatic Data Processing, Inc. ..................... 45,000 1,957
Barr Pharmaceuticals, Inc. (a) # .................... 67,500 3,210
Bed Bath & Beyond, Inc. (a) ......................... 36,000 1,450
Best Buy Co., Inc. # ................................ 60,000 3,227
Chico's FAS, Inc. (a) # ............................. 92,500 4,873
Cintas Corp. ........................................ 38,000 1,653
Cisco Systems, Inc. (a) ............................. 462,000 8,334
Citigroup, Inc. ..................................... 112,000 5,494
Dell, Inc. (a) ...................................... 181,000 7,559
eBay, Inc. (a) # .................................... 25,000 2,038
Electronic Arts, Inc. (a) ........................... 30,000 1,930
Eli Lilly & Co. ..................................... 58,000 3,146
EMC Corp. (a) ....................................... 110,000 1,441
First Data Corp. .................................... 75,000 3,056
Flextronics International, Ltd. (a) ................. 85,000 1,203
Genentech, Inc. (a) # ............................... 53,000 2,529
General Dynamics Corp. .............................. 25,600 2,643
General Electric Co. ................................ 273,000 9,863
Goldman Sachs Group, Inc. ........................... 29,000 3,128
Guidant Corp. ....................................... 23,000 1,667
Harley-Davidson, Inc. ............................... 30,000 1,803
Home Depot, Inc. .................................... 110,000 4,539
IBM Corp. ........................................... 93,000 8,687
Illinois Tool Works, Inc. ........................... 42,000 3,653
Intel Corp. ......................................... 350,000 7,858
Johnson & Johnson ................................... 164,000 10,610
Kohl's Corp. (a) # .................................. 36,000 1,692
Linear Technology Corp. ............................. 75,000 2,831
Lowe's Cos., Inc. ................................... 81,000 4,616
Medtronic, Inc. # ................................... 100,000 5,249
Mercury Interactive Corp. (a) # ..................... 30,000 1,313
Microsoft Corp. ..................................... 380,000 9,985
Network Appliance, Inc. (a) ......................... 40,000 1,274
Nike, Inc., Class B ................................. 14,000 1,213
Oracle Corp. (a) .................................... 345,000 4,751
Paychex, Inc. ....................................... 80,000 2,439
PepsiCo, Inc. ....................................... 108,000 5,799
Pfizer, Inc. ........................................ 150,000 3,624
Procter & Gamble Co. ................................ 98,000 5,217
Schlumberger Ltd. ................................... 45,000 3,062
Staples, Inc. ....................................... 79,000 2,586
Starbucks Corp. (a) ................................. 65,000 3,510
Stryker Corp. # ..................................... 112,000 5,504
Symantec Corp. (a) # ................................ 66,200 1,546
Sysco Corp. ......................................... 78,000 2,728
T. Rowe Price Group, Inc. ........................... 26,000 1,556
Target Corp. ........................................ 99,000 5,027
Texas Instruments, Inc. ............................. 143,000 3,319
Continued
27
- -----------------------------------------------------
CAPITAL GROWTH FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
---------- --------
COMMON STOCKS, continued
United Parcel Service, Inc., Class B # .............. 69,200 $ 5,168
United Technologies Corp. ........................... 54,000 5,437
UnitedHealth Group, Inc. ............................ 55,000 4,890
Wal-Mart Stores, Inc. ............................... 132,000 6,916
Walgreen Co. ........................................ 108,000 4,602
Walt Disney Co. ..................................... 91,000 2,605
Williams-Sonoma, Inc. (a) ........................... 112,500 3,893
Wyeth ............................................... 75,000 2,972
Yahoo!, Inc. (a) # .................................. 90,000 3,169
--------
TOTAL COMMON STOCKS ................................. 257,874
--------
INVESTMENT COMPANIES (1.4%)
AIM Liquid Assets Money Market Fund ................. 3,624,720 3,625
--------
TOTAL INVESTMENT COMPANIES .......................... 3,625
--------
AFFILIATED SECURITIES (+)
AmSouth Prime Money Market Fund ..................... 15,563 16
--------
TOTAL AFFILIATED SECURITIES ......................... 16
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (14.2%)
BNY Institutional Cash Reserve Fund ................. 37,079,073 37,079
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ................................ 37,079
--------
TOTAL INVESTMENTS
(Cost $260,436)^ -- 114.2% ........................ 298,594
Liabilities in excess of other assets --
(14.2%) ........................................... (37,088)
--------
NET ASSETS -- 100.0% ................................ $261,506
========
See notes to schedule of portfolio investments.
----------------------------------------
MID CAP FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS (96.7%)
3Com Corp. (a) ...................................... 152,500 $ 560
A.G. Edwards, Inc. .................................. 28,100 1,199
Abercrombie & Fitch Co., Class A .................... 30,600 1,534
Activision, Inc. (a) ................................ 27,950 632
Acxiom Corp. # ...................................... 17,100 395
Adesa, Inc. ......................................... 18,500 382
ADTRAN, Inc. ........................................ 15,400 276
Advance Auto Parts, Inc. (a) ........................ 15,800 681
Advent Software, Inc. (a) # ......................... 6,600 127
Aeropostale, Inc. (a) ............................... 11,200 311
AGCO Corp. (a) ...................................... 18,000 370
AGL Resources, Inc. ................................. 15,100 523
Airgas, Inc. ........................................ 14,800 348
AirTran Holdings, Inc. (a) # ........................ 17,000 145
Alaska Air Group, Inc. (a) .......................... 5,400 161
Albemarle Corp. ..................................... 8,300 291
Alexander & Baldwin, Inc. ........................... 8,500 391
Alliance Data Systems Corp. (a) ..................... 16,500 716
Alliant Energy Corp. ................................ 23,200 638
Alliant Techsystems, Inc. (a) ....................... 15,200 1,012
Allmerica Financial Corp. (a) ....................... 21,400 699
AMB Property Corp. .................................. 16,500 614
American Eagle Outfitters, Inc. # ................... 14,800 752
American Greetings Corp., Class A ................... 13,600 328
AmeriCredit Corp. (a) # ............................. 10,700 263
AmerUs Group Co. # .................................. 7,800 348
Ametek, Inc. ........................................ 13,600 520
Amphenol Corp., Class A (a) ......................... 30,300 1,192
Ann Taylor Stores Corp. (a) ......................... 28,400 610
Applebee's International, Inc. ...................... 16,350 456
Apria Healthcare Group, Inc. (a) # .................. 9,800 321
Aqua America, Inc. # ................................ 18,550 446
Aquila, Inc. (a) .................................... 48,600 180
Arrow Electronics, Inc. (a) # ....................... 23,300 550
Arthur J. Gallagher & Co. ........................... 1,700 50
Ascential Software Corp. (a) ........................ 11,725 168
Associated Banc-Corp. ............................... 26,050 860
Astoria Financial Corp. ............................. 15,000 565
Atmel Corp. (a) ..................................... 191,800 587
Avnet, Inc. (a) ..................................... 24,000 430
Avocent Corp. (a) ................................... 10,000 365
Bandag, Inc. ........................................ 3,800 184
Bank of Hawaii Corp. ................................ 21,300 1,020
Banknorth Group, Inc. ............................... 35,400 1,269
Banta Corp. ......................................... 4,900 212
Barnes & Noble, Inc. (a) ............................ 28,200 922
Barr Laboratories, Inc. (a) # ....................... 30,375 1,444
Beckman Coulter, Inc. ............................... 20,300 1,360
Belo Corp., Class A ................................. 22,900 536
BJ's Wholesale Club, Inc. (a) ....................... 13,900 398
Black Hills Corp. # ................................. 6,500 194
Blyth, Inc. ......................................... 8,100 254
Bob Evans Farms, Inc. # ............................. 7,000 171
Borders Group, Inc. ................................. 15,200 399
BorgWarner, Inc. .................................... 1,000 54
Boyd Gaming Corp. ................................... 17,500 697
Continued
28
----------------------------------------
MID CAP FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS, continued
Brink's Co. ......................................... 11,300 $ 400
Brinker International, Inc. (a) ..................... 1,900 71
Brown & Brown, Inc. ................................. 1,300 56
C.H. Robinson Worldwide, Inc. # ..................... 7,500 386
Cabot Corp. ......................................... 24,800 868
Cabot Microelectronics Corp. (a) # .................. 4,900 149
Cadence Design System, Inc. (a) # ................... 28,700 383
Caesars Entertainment, Inc. (a) ..................... 62,900 1,216
Callaway Golf Co. # ................................. 15,000 200
Career Education Corp. (a) # ........................ 34,400 1,386
Carlisle Cos., Inc. ................................. 12,500 788
CarMax, Inc. (a) .................................... 4,900 142
Catalina Marketing Corp. # .......................... 10,400 267
CBRL Group, Inc. .................................... 9,700 399
CDW Corp. # ......................................... 11,300 661
Cephalon, Inc. (a) # ................................ 4,600 226
Ceridian Corp. (a) .................................. 59,700 1,057
Certegy, Inc. # ..................................... 12,600 441
Charles River Laboratories International,
Inc. (a) # ........................................ 13,100 621
CheckFree Corp. (a) ................................. 4,500 176
Chico's FAS, Inc. (a) # ............................. 7,200 379
ChoicePoint, Inc. (a) ............................... 29,700 1,366
Church & Dwight, Inc. ............................... 12,600 434
Cincinnati Bell, Inc. (a) ........................... 48,800 207
City National Corp. ................................. 17,600 1,228
Claire's Stores, Inc. ............................... 39,800 821
CNF, Inc. ........................................... 20,800 976
Cognizant Technology Solutions Corp.,
Class A (a) ....................................... 26,800 1,016
Colonial BancGroup, Inc. ............................ 51,800 1,045
Commerce Bancorp, Inc. .............................. 7,400 426
CommScope, Inc. (a) # ............................... 10,800 162
Community Health Systems, Inc. (a) .................. 35,100 1,017
Constellation Brands, Inc., Class A (a) ............. 21,700 1,127
Cooper Cameron Corp. (a) ............................ 20,900 1,179
Copart, Inc. (a) .................................... 17,900 411
Corinthian Colleges, Inc. (a) ....................... 18,200 350
Covance, Inc. (a) ................................... 25,100 1,067
Coventry Health Care, Inc. (a) ...................... 18,100 1,030
Credence Systems Corp. (a) # ........................ 19,000 152
Cree, Inc. (a) # .................................... 14,900 358
Crompton Corp. ...................................... 22,800 266
CSG Systems International, Inc. (a) ................. 10,400 188
Cullen/Frost Bankers, Inc. .......................... 10,500 493
Cypress Semiconductor Corp. (a) ..................... 50,600 577
Cytec Industries, Inc. .............................. 8,000 408
Cytyc Corp. (a) ..................................... 22,500 564
D.R. Horton, Inc. ................................... 60,400 2,402
Dean Foods Co. (a) .................................. 46,500 1,637
DENTSPLY International, Inc. ........................ 6,500 364
Developers Diversified Realty Corp. ................. 21,700 863
Diebold, Inc. # ..................................... 24,200 1,302
Dollar Tree Stores, Inc. (a) ........................ 5,500 150
DPL, Inc. # ......................................... 25,200 655
DST Systems, Inc. (a) # ............................. 6,400 310
Continued
Shares Value
--------- --------
COMMON STOCKS, continued
Dun & Bradstreet Corp. (a) .......................... 23,100 $ 1,342
Duquesne Light Holdings, Inc. ....................... 15,300 284
Dycom Industries, Inc. (a) .......................... 9,700 263
Eaton Vance Corp. ................................... 6,200 155
Education Management Corp. (a) ...................... 29,600 945
Emmis Communications Corp., Class A (a) ............. 11,100 195
Energizer Holdings, Inc. (a) ........................ 15,500 877
Energy East Corp. ................................... 29,500 773
ENSCO International, Inc. ........................... 30,400 1,041
Entercom Communications Corp. (a) ................... 9,900 310
Equitable Resources, Inc. ........................... 12,300 702
Everest Re Group, Ltd. .............................. 17,300 1,502
Expeditors International of Washington, Inc.......... 11,800 662
Fair Isaac Corp. # .................................. 28,250 976
Fairchild Semiconductor Corp., Class A (a) .......... 48,100 686
Fastenal Co. ........................................ 6,500 391
Federal Signal Corp. # .............................. 9,600 159
Ferro Corp. ......................................... 8,300 165
Fidelity National Financial, Inc. ................... 46,985 2,058
First American Corp. ................................ 33,500 1,239
Flowserve Corp. (a) ................................. 11,000 274
FMC Corp. (a) ....................................... 7,300 344
FMC Technologies, Inc. (a) .......................... 13,800 423
Foot Locker, Inc. ................................... 51,500 1,386
Forest Oil Corp. (a) ................................ 12,000 404
Furniture Brands International, Inc. ................ 21,400 507
Gartner, Inc., Class A (a) # ........................ 22,300 252
GATX Corp. .......................................... 9,800 292
Gentex Corp. ........................................ 600 20
Glatfelter .......................................... 8,900 121
Graco, Inc. ......................................... 27,850 993
Granite Construction, Inc. .......................... 8,300 207
Grant Prideco, Inc. (a) ............................. 24,900 488
Great Plains Energy, Inc. # ......................... 14,800 449
Greater Bay Bancorp ................................. 10,200 278
GTECH Holdings Corp. # .............................. 43,600 1,019
Hanover Compressor Co. (a) # ........................ 15,500 220
Harman International Industries, Inc. ............... 17,000 2,067
Harris Corp. ........................................ 20,700 1,340
Harsco Corp. ........................................ 16,600 906
Harte-Hanks, Inc. ................................... 17,100 452
Hawaiian Electric Industries, Inc. .................. 16,000 466
HCC Insurance Holdings, Inc. ........................ 13,700 450
Health Net, Inc. (a) ................................ 3,800 111
Helmerich & Payne, Inc. ............................. 10,000 379
Henry Schein, Inc. (a) # ............................ 700 48
Hibernia Corp., Class A ............................. 49,300 1,298
Highwoods Properties, Inc. .......................... 10,700 262
Hillenbrand Industries, Inc. ........................ 22,300 1,212
HNI Corp. ........................................... 22,600 912
Horace Mann Educators Corp. ......................... 8,500 157
Hormel Foods Corp. .................................. 27,900 879
Hospitality Properties Trust ........................ 13,400 572
Hovnanian Enterprises, Inc., Class A (a) # .......... 23,400 1,222
Hubbell, Inc., Class B .............................. 1,500 74
IDACORP, Inc. ....................................... 8,400 254
Continued
29
- -----------------------------------------------------
MID CAP FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS, continued
Imation Corp. # ..................................... 6,900 $ 238
INAMED Corp. (a) .................................... 14,400 996
Independence Community Bank Corp. ................... 4,100 161
IndyMac Bancorp, Inc. ............................... 12,500 462
Integrated Device Technology, Inc. (a) .............. 42,900 504
International Rectifier Corp. (a) # ................. 25,800 1,010
International Speedway Corp., Class A ............... 500 27
Investors Financial Services Corp. .................. 2,400 121
Invitrogen Corp. (a) ................................ 4,900 337
ITT Educational Services, Inc. (a) .................. 9,100 447
IVAX Corp. (a) ...................................... 27,525 414
J.B. Hunt Transport Services, Inc. .................. 5,400 238
J.M. Smucker Co. .................................... 23,300 1,087
Jacobs Engineering Group, Inc. (a) .................. 22,600 1,148
Jefferies Group, Inc. ............................... 11,500 449
JetBlue Airways Corp. (a) # ......................... 20,600 408
Keane, Inc. (a) ..................................... 12,300 161
Kelly Services, Inc., Class A ....................... 7,000 204
KEMET Corp. (a) ..................................... 17,200 145
Kennametal, Inc. .................................... 7,700 377
Korn/Ferry International (a) ........................ 7,700 152
LaBranche & Co., Inc. (a) # ......................... 12,100 121
Lam Research Corp. (a) .............................. 27,400 733
Lancaster Colony Corp. .............................. 7,100 300
Lattice Semiconductor Corp. (a) # ................... 22,600 101
Laureate Education, Inc. (a) ........................ 9,700 430
Lear Corp. .......................................... 22,500 1,215
Legg Mason, Inc. .................................... 12,600 973
Lennar Corp. ........................................ 22,500 1,271
Leucadia National Corp. # ........................... 10,050 364
Liberty Property Trust .............................. 17,200 672
LifePoint Hospitals, Inc. (a) # ..................... 7,700 291
Lincare Holdings, Inc. (a) .......................... 11,700 486
Longview Fibre Co. .................................. 10,200 158
LTX Corp. (a) # ..................................... 12,300 71
Lubrizol Corp. ...................................... 26,800 966
Lyondell Chemical Co. # ............................. 48,600 1,429
Mack-Cali Realty Corp. .............................. 12,100 508
Macromedia, Inc. (a) ................................ 14,300 490
Macrovision Corp. (a) ............................... 9,800 229
Mandalay Resort Group ............................... 13,600 960
Manpower, Inc. # .................................... 29,400 1,430
McAfee, Inc. (a) .................................... 51,700 1,335
McDATA Corp., Class A (a) ........................... 23,600 99
MDU Resources Group, Inc. # ......................... 23,800 636
Media General, Inc., Class A ........................ 4,700 301
Mentor Graphics Corp. (a) # ......................... 15,400 215
Mercantile Bankshares Corp. ......................... 5,600 284
Michaels Stores, Inc. ............................... 27,200 836
Micrel, Inc. (a) .................................... 18,200 157
Microchip Technology, Inc. .......................... 22,675 591
Millenium Pharmaceuticals, Inc. (a) ................. 31,300 288
Minerals Technologies, Inc. ......................... 4,100 256
Modine Manufacturing Co. ............................ 6,900 218
Mohawk Industries, Inc. (a) ......................... 18,400 1,629
MoneyGram International, Inc. ....................... 17,600 341
Continued
Shares Value
--------- --------
COMMON STOCKS, continued
MPS Group, Inc. (a) ................................. 20,900 $ 236
Murphy Oil Corp. .................................... 18,500 1,651
National Fuel Gas Co. ............................... 16,400 462
National-Oilwell, Inc. (a) # ........................ 17,100 631
New Plan Excel Realty Trust ......................... 20,700 523
New York Community Bancorp, Inc. .................... 53,266 950
Newfield Exploration Co. (a) ........................ 21,600 1,322
Newport Corp. (a) ................................... 8,600 112
Nieman Marcus Group, Inc. ........................... 2,400 161
Noble Energy, Inc. .................................. 20,600 1,219
Nordson Corp. ....................................... 7,100 267
Northeast Utilities ................................. 25,500 477
NSTAR ............................................... 10,600 597
OGE Energy Corp. .................................... 17,900 468
Ohio Casualty Corp. (a) ............................. 12,200 280
Old Republic International Corp. .................... 58,350 1,354
Olin Corp. .......................................... 13,900 310
Omnicare, Inc. ...................................... 21,000 646
ONEOK, Inc. ......................................... 20,800 576
Outback Steakhouse, Inc. ............................ 2,800 129
Overseas Shipholding Group, Inc. .................... 7,800 435
PacifiCare Health Systems, Inc. (a) # ............... 8,200 505
Packaging Corp. of America # ........................ 21,300 475
Par Pharmaceutical Cos., Inc. (a) # ................. 13,700 519
Patterson Cos., Inc. (a) ............................ 15,100 703
Patterson-UTI Energy, Inc. .......................... 33,700 655
Payless ShoeSource, Inc. (a) # ...................... 13,600 161
Peabody Energy Corp. ................................ 13,000 1,102
Pentair, Inc. ....................................... 32,600 1,446
Pepco Holdings, Inc. # .............................. 37,800 826
PepsiAmericas, Inc. ................................. 2,200 47
Perrigo Co. ......................................... 14,500 249
PETsMART, Inc. ...................................... 15,400 466
Pier 1 Imports, Inc. ................................ 17,300 306
Pioneer Natural Resources Co. ....................... 29,300 1,125
Plains Exploration & Production Co. (a) ............. 15,300 440
Plantronics, Inc. ................................... 19,500 726
Plexus Corp. (a) .................................... 8,700 100
PMI Group, Inc. # ................................... 32,400 1,289
PNM Resources, Inc. ................................. 12,000 303
Pogo Producing Co. .................................. 23,800 1,012
Polycom, Inc. (a) ................................... 39,600 684
Potlatch Corp. ...................................... 5,900 272
Powerwave Technologies, Inc. (a) # .................. 20,800 164
Precision Castparts Corp. ........................... 21,300 1,498
Pride International, Inc. (a) ....................... 54,300 1,270
Protective Life Corp. ............................... 14,000 576
Puget Energy, Inc. .................................. 19,800 476
Quanta Services, Inc. (a) # ......................... 23,300 174
Questar Corp. ....................................... 17,000 864
Radian Group, Inc. .................................. 28,800 1,380
Raymond James Financial, Inc. ....................... 14,650 457
Rayonier, Inc. ...................................... 9,899 441
Reader's Digest Assoc., Class A ..................... 19,800 319
Regis Corp. ......................................... 17,800 710
Renal Care Group, Inc. (a) # ........................ 13,600 519
Continued
30
----------------------------------------
MID CAP FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS, continued
Republic Services, Inc. ............................. 46,600 $ 1,537
Retek, Inc. (a) ..................................... 11,100 70
Reynolds & Reynolds Co., Class A .................... 12,900 352
RF Micro Devices, Inc. (a) .......................... 75,300 412
Rollins, Inc. ....................................... 9,100 226
Ross Stores, Inc. ................................... 10,400 298
RPM International, Inc. ............................. 46,800 825
RSA Security, Inc. (a) # ............................ 14,000 247
Ruddick Corp. ....................................... 9,300 196
Ryland Group, Inc. .................................. 19,000 1,233
Saks, Inc. .......................................... 56,100 798
SanDisk Corp. (a) # ................................. 18,700 462
SCANA Corp. # ....................................... 22,600 882
Scholastic Corp. (a) # .............................. 7,900 271
SEI Investments Co. ................................. 20,500 766
Sensient Technologies Corp. ......................... 9,300 212
Sepracor, Inc. (a) # ................................ 15,100 863
Sequa Corp., Class A (a) ............................ 2,000 118
Sierra Pacific Resources (a) # ...................... 23,300 229
Silicon Laboratories, Inc. (a) ...................... 10,500 358
Silicon Valley Bancshares (a) # ..................... 7,100 310
Smith International, Inc. (a) ....................... 30,700 1,816
Smithfield Foods, Inc. (a) .......................... 40,700 1,232
Sonoco Products Co. ................................. 1,400 36
Sotheby's Holdings Inc., Class A (a) ................ 12,800 230
SPX Corp. # ......................................... 1,800 75
StanCorp Financial Group, Inc. ...................... 11,500 978
Steel Dynamics, Inc. ................................ 9,100 344
Steris Corp. (a) .................................... 13,800 327
Storage Technology Corp. (a) ........................ 21,400 674
Sybase, Inc. (a) .................................... 38,300 746
Synopsys, Inc. (a) .................................. 1,600 27
TCF Financial Corp. ................................. 10,900 306
Tech Data Corp. (a) ................................. 11,700 492
Techne Corp. (a) .................................... 8,300 289
Tecumseh Products Co., Class A ...................... 3,700 150
Teleflex, Inc. ...................................... 16,200 822
Telephone and Data Systems, Inc. .................... 4,400 363
Thomas & Betts Corp. (a) ............................ 11,700 342
Thor Industries, Inc. ............................... 11,400 394
Tidewater, Inc. ..................................... 24,400 946
Timberland Co., Class A (a) # ....................... 13,900 914
Titan Corp. (a) ..................................... 34,100 573
Toll Brothers, Inc. (a) ............................. 6,900 539
Tootsie Roll Industries, Inc. ....................... 10,400 335
Transaction Systems Architects, Inc.,
Class A (a) ....................................... 7,600 161
Triad Hospitals, Inc. (a) ........................... 900 37
Trinity Industries, Inc. # .......................... 9,400 284
TriQuint Semiconductor, Inc. (a) .................... 27,300 92
Tupperware Corp. # .................................. 11,600 233
Tyson Foods, Inc., Class A .......................... 40,500 695
United Dominion Realty Trust, Inc. .................. 26,700 593
United Rentals, Inc. (a) # .......................... 15,500 264
Unitrin, Inc. ....................................... 2,000 86
Universal Corp. ..................................... 5,100 241
Continued
Shares Value
---------- --------
COMMON STOCKS, continued
Universal Health Services, Inc. ..................... 23,500 $ 1,011
Urban Outfitters, Inc. (a) .......................... 16,300 686
Valassis Communications, Inc. (a) ................... 10,300 350
Valspar Corp. # ..................................... 20,700 1,014
Varco International, Inc. (a) ....................... 19,700 603
Varian Medical Systems, Inc. (a) .................... 37,700 1,422
Varian, Inc. (a) .................................... 6,900 276
VCA Antech, Inc. (a) # .............................. 16,500 306
Vectren Corp. ....................................... 15,100 417
Vertex Pharmaceuticals, Inc. (a) # .................. 15,900 162
Vishay Intertechnology, Inc. (a) .................... 66,800 873
VISX, Inc. (a) ...................................... 9,900 266
W.R. Berkley Corp. .................................. 28,550 1,362
Waddell & Reed Financial, Inc., Class A ............. 33,300 728
Washington Post Co., Class B ........................ 1,400 1,280
Weatherford International, Ltd. (a) ................. 27,300 1,482
Webster Financial Corp. ............................. 21,400 960
Weinharten Realty Investors ......................... 17,900 640
Werner Enterprises, Inc. ............................ 15,800 337
Westamerica Bankcorporation ......................... 6,300 327
Westar Energy, Inc. # ............................... 17,100 398
Western Gas Resources, Inc. ......................... 14,700 448
Westwood One, Inc. (a) .............................. 38,700 935
WGL Holdings, Inc. .................................. 9,700 294
Whole Foods Market, Inc. ............................ 6,900 617
Williams-Sonoma, Inc. (a) ........................... 9,600 332
Wind River Systems, Inc. (a) ........................ 16,300 205
Wisconsin Energy Corp. .............................. 23,400 800
Worthington Industries, Inc. ........................ 16,000 328
WPS Resources Corp. # ............................... 7,400 378
York International Corp. ............................ 8,200 298
Zebra Technologies Corp., Class A (a) ............... 4,850 247
--------
TOTAL COMMON STOCKS ................................. 211,014
--------
AFFILIATED SECURITIES (3.1%)
AmSouth Prime Money Market Fund ..................... 6,559,699 6,560
AmSouth Treasury Reserve Money
Market Fund ....................................... 97,831 98
--------
TOTAL AFFILIATED SECURITIES ......................... 6,658
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (8.7%)
BNY Institutional Cash Reserve Fund ................. 19,062,179 19,062
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ................................ 19,062
--------
TOTAL INVESTMENTS
(Cost $208,717)^ -- 108.5% ........................ 236,734
Liabilities in excess of other assets -- (8.5%) ..... (18,634)
--------
NET ASSETS -- 100.0% ................................ $218,100
========
Open Futures Contracts
------------------------------------------------------
# of Contract Expiration Unrealized
Contracts Value Date Gain/(Loss)
----------- ---------- ------------ ------------
S&P 400 Index ......... 22 $7,118 3/17/05 ($50)
Continued
31
- -----------------------------------------------------
SMALL CAP FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS (96.5%)
A.S.V., Inc. (a) .................................... 37,200 $ 1,492
Alamosa Holdings Inc (a) # .......................... 335,700 4,297
Altiris, Inc. (a) ................................... 23,000 748
American Medical Systems Holdings, Inc.
(a) # ............................................. 84,000 3,299
Ameristar Casinos, Inc. ............................. 34,200 1,496
ANSYS, Inc. (a) ..................................... 162,400 5,246
Armor Holdings, Inc. (a) # .......................... 108,300 4,761
Aviall, Inc. (a) # .................................. 219,500 6,323
Cal Dive International, Inc. (a) .................... 135,500 5,921
California Pizza Kitchen, Inc. (a) .................. 30,100 765
Carpenter Technology Corp. .......................... 65,700 4,025
Cash America International, Inc. .................... 116,200 3,323
Catalina Marketing Corp. # .......................... 112,400 2,889
CEC Entertainment, Inc. (a) ......................... 75,000 2,936
Centene Corp. (a) ................................... 94,800 3,181
Charles River Laboratories International,
Inc. (a) .......................................... 13,524 641
Chattem, Inc. (a) ................................... 92,300 3,329
Choice Hotels International, Inc. ................... 47,000 2,726
Coldwater Creek, Inc. (a) # ......................... 183,100 4,995
Commercial Capital Bancorp, Inc. .................... 93,800 1,866
Cooper Cos., Inc. # ................................. 33,147 2,542
Deckers Outdoor Corp. (a) # ......................... 86,200 3,342
DiamondCluster International, Inc. (a) .............. 315,800 4,723
Digital River, Inc. (a) # ........................... 75,900 2,968
DRS Technologies, Inc. (a) .......................... 84,400 3,427
Dycom Industries, Inc. (a) .......................... 135,900 3,686
Earthlink, Inc. (a) # ............................... 267,400 2,682
Elizabeth Arden, Inc. (a) ........................... 64,400 1,524
Energen Corp. ....................................... 77,800 4,562
Energy Partners, Ltd. (a) # ......................... 218,300 4,792
Euronet Worldwide, Inc. (a) # ....................... 58,500 1,407
First Horizon Pharmaceutical Corp. (a) # ............ 67,400 1,205
Forward Air Corp. (a) # ............................. 62,100 2,646
Genesco, Inc. (a) # ................................. 106,000 3,068
Guitar Center, Inc. (a) # ........................... 101,900 5,834
HealthExtras, Inc. (a) # ............................ 297,000 4,582
Hughes Supply, Inc. ................................. 127,700 3,880
InfoSpace, Inc. (a) # ............................... 103,200 4,872
Internet Security Systems, Inc. (a) ................. 66,800 1,493
iPayment Holdings, Inc. (a) # ....................... 83,800 3,935
j2 Global Communications, Inc. (a) # ................ 135,800 4,411
Joy Global, Inc. # .................................. 156,400 4,368
Kirby Corp. (a) ..................................... 48,200 2,123
Korn/Ferry International (a) ........................ 112,900 2,228
Labor Ready, Inc. (a) # ............................. 250,400 3,966
LCA-Vision, Inc. .................................... 26,400 704
Longview Fibre Co. .................................. 63,100 980
Matria Healthcare, Inc. (a) # ....................... 73,400 3,367
MICROS Systems, Inc. (a) # .......................... 32,700 2,286
Navigant Consulting, Inc. (a) # ..................... 151,800 3,633
NCI Building Systems, Inc. (a) # .................... 118,800 4,508
Continued
Shares Value
---------- --------
COMMON STOCKS, continued
NETGEAR, Inc. (a) # ................................. $ 181,700 $ 2,733
Ohio Casualty Corp. (a) ............................. 170,500 3,920
Oil States International, Inc. (a) .................. 32,500 619
Overnite Corp. ...................................... 73,300 2,264
Overseas Shipholding Group, Inc. .................... 48,700 2,718
Palomar Medical Technologies, Inc. (a) # ............ 206,000 5,149
Pantry, Inc. (a) # .................................. 152,800 4,393
Penn National Gaming, Inc. (a) ...................... 105,300 6,906
Portfolio Recovery Associates, Inc. (a) ............. 74,800 3,097
ProAssurance Corp. (a) .............................. 87,500 3,347
Province Healthcare Co. (a) ......................... 66,100 1,497
Range Resources Corp. ............................... 57,000 1,265
Remington Oil & Gas Corp. (a) ....................... 128,200 3,750
Rofin-Sinar Technologies, Inc. (a) .................. 84,200 3,376
SeaChange International, Inc. (a) # ................. 219,700 3,607
Selective Insurance Group, Inc. ..................... 112,400 4,851
Sierra Health Services, Inc. (a) # .................. 65,900 3,620
SRA International, Inc., Class A (a) ................ 12,700 705
Superior Energy Services, Inc. (a) .................. 172,700 2,749
Synaptics, Inc. (a) # ............................... 21,500 797
Teledyne Technologies, Inc. (a) ..................... 171,400 5,153
Tenneco Automotive, Inc. (a) ........................ 46,100 744
Tesoro Petroleum Corp. (a) .......................... 29,100 927
Texas Capital Bancshares, Inc. (a) .................. 53,800 1,276
The Men's Wearhouse, Inc. (a) ....................... 58,900 1,960
Too, Inc. (a) ....................................... 27,700 752
United Defense Industries, Inc. (a) ................. 60,000 2,876
Websense, Inc. (a) # ................................ 106,700 5,730
WellCare Health Plans, Inc. (a) ..................... 19,000 669
--------
TOTAL COMMON STOCKS ................................. 245,453
--------
AFFILIATED SECURITIES (1.7%)
AmSouth Prime Money Market Fund ..................... 4,296,211 4,296
--------
TOTAL AFFILIATED SECURITIES ......................... 4,296
--------
U.S. TREASURY OBLIGATIONS* (1.6%)
2.08%, 3/3/05 # ..................................... 4,000 3,993
--------
TOTAL U.S. TREASURY
OBLIGATIONS ....................................... 3,993
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (25.5%)
BNY Institutional Cash Reserve Fund ................. 64,708,579 64,709
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ................................ 64,709
--------
TOTAL INVESTMENTS
(Cost $283,529) -- 125.3%.......................... 318,451
Liabilities in excess of other assets --
(25.3%) ........................................... (64,294)
--------
NET ASSETS -- 100.0% ................................ $254,157
========
See notes to schedule of portfolio investments.
32
----------------------------------------
INTERNATIONAL EQUITY FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
-------- --------
COMMON STOCKS (99.2%)
Australia (5.8%)
Amcor Ltd. .......................................... 60,664 $ 334
AMP Ltd. ............................................ 497,366 2,939
Ansell Ltd. ......................................... 42,951 305
APN News & Media, Ltd. .............................. 2,293 9
AXA Asia Pacific Holdings, Ltd. ..................... 452,900 1,467
BHP Steel, Ltd. ..................................... 210,920 1,514
Boral Ltd. .......................................... 179,362 999
Brambles Industries, Ltd.# .......................... 14,503 82
Caltex Australia, Ltd. .............................. 62,640 541
Commonwealth Bank of Australia ...................... 22,928 595
CSR Ltd. ............................................ 240,599 468
Futuris Corporation, Ltd. ........................... 20,000 35
Insurance Australia Group, Ltd. ..................... 377,957 1,902
Lend Lease Corp., Ltd. .............................. 98,363 1,039
Lion Nathan, Ltd. ................................... 142,100 903
Mayne Group, Ltd. ................................... 2,999 11
Mirvac Group ........................................ 164,473 600
National Australia Bank, Ltd. ....................... 20,762 477
OneSteel Ltd. ....................................... 133,621 287
Origin Energy, Ltd. ................................. 174,099 939
PaperlinX Ltd. ...................................... 124,518 437
Publishing & Broadcasting, Ltd. ..................... 168,201 2,132
Qantas Airways, Ltd. ................................ 459,707 1,268
QBE Insurance Group, Ltd. ........................... 168,153 1,986
Rinker Group, Ltd. .................................. 240,599 2,087
Santos Ltd. ......................................... 155,030 1,121
Seven Network, Ltd. ................................. 50,074 291
Southcorp Ltd. (a) .................................. 197,966 677
WMC Resources, Ltd. ................................. 314,251 1,748
--------
27,193
--------
Austria (0.4%)
Bank Austria Creditanstalt# ......................... 2,829 246
Boehler-Uddeholm AG (a) ............................. 957 124
Voestalpine AG# ..................................... 13,266 1,004
Wienerberger AG ..................................... 7,637 352
-------
1,726
-------
Belgium (1.4%)
Ackermans & van Haaren NV ........................... 803 30
Algemene Maatschappij voor
Nijverheidskredit NV .............................. 28,500 2,957
Banque Nationale de Belgique ........................ 102 484
Bekaert NV .......................................... 5,300 421
Cofinimmo ........................................... 212 34
Delhaize Group ...................................... 23,804 1,754
Dexia (a) ........................................... 13,573 303
S.A. D' Ieteren NV .................................. 132 27
Tessenderlo Chemie NV ............................... 6,968 287
Umicore ............................................. 3,045 272
Umicore Strip (a) ................................... 145 --**
-------
6,569
-------
Denmark (1.0%)
Carlsberg A/S, B Shares ............................. 7,737 367
Codan A/S ........................................... 7,490 399
Continued
Shares Value
-------- --------
COMMON STOCKS, continued
Denmark, continued
Danisco A/S ......................................... 5,630 $ 333
Danske Bank A/S ..................................... 68,900 2,015
Jyske Bank A/S (a) .................................. 7,120 255
Rockwool International A/S, B Shares ................ 2,200 150
Sydbank A/S ......................................... 780 159
TDC A/S ............................................. 29,060 1,206
--------
4,884
--------
Finland (2.1%)
Fortum Oyj .......................................... 261,437 4,673
Kemira GrowHow Oyj (a) .............................. 11,007 82
Kemira Oyj .......................................... 51,800 681
Kesko Oyj, B Shares ................................. 47,600 1,226
M-real Oyj, B Shares# ............................... 156,380 847
Metso Oyj ........................................... 24,388 369
OKO Bank, A Shares .................................. 3,200 47
Outokumpu Oyj ....................................... 73,450 1,300
Stora Enso Oyj, R Shares ............................ 30,700 442
UPM-Kymmene Oyj ..................................... 7,800 165
Wartsila Oyj, B Shares .............................. 3,900 88
-------
9,920
-------
France (10.0%)
Air France# ......................................... 35,339 647
Alstom (a) .......................................... 141,022 130
Assurances Generales de France# ..................... 31,292 2,375
AXA# ................................................ 232,931 5,652
BNP Paribas SA# ..................................... 21,013 1,515
Bongrain SA ......................................... 1,900 143
Business Objects SA (a) ............................. 8,941 218
Cap Gemini SA (a) ................................... 19,882 643
Ciments Francais SA# ................................ 5,752 552
Club Mediterranee SA (a) # .......................... 2,497 130
Compagnie de Saint-Gobain ........................... 50,398 3,110
Compagnie Gernerale des Etablissements
Michelin .......................................... 18,496 1,196
Credit Agricole SA# ................................. 43,900 1,308
Eiffage SA .......................................... 3,200 389
Esso S.A.F. ......................................... 1,000 160
Euler & Hermes SA ................................... 4,100 308
Eurazeo ............................................. 2,820 243
Faurecia ............................................ 3,872 320
Financiere Marc de Lacharriere ...................... 5,918 275
Gecina SA ........................................... 6,800 697
Havas SA ............................................ 37,200 206
Imerys SA# .......................................... 6,400 535
Lafarge SA# ......................................... 19,478 2,010
Lagardere S.C.A. .................................... 15,000 1,131
Nexans SA ........................................... 2,982 130
Pinault-Printemps Redoute SA ........................ 15,221 1,604
PSA Peugeot Citroen ................................. 31,847 1,981
Remy Cointreau SA ................................... 7,035 282
Renault SA .......................................... 38,039 3,106
Rexel SA ............................................ 6,820 341
Schneider Electric SA ............................... 29,712 2,270
Scor SA (a) ......................................... 105,685 213
Continued
33
- -----------------------------------------------------
INTERNATIONAL EQUITY FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
-------- -------
COMMON STOCKS, continued
France, continued
Societe BIC SA ...................................... 7,062 $ 386
Societe Generale .................................... 14,186 1,413
Sodexho Alliance SA# ................................ 17,516 523
Suez SA ............................................. 124,500 3,352
Technip-Coflexip SA ................................. 3,062 514
Thomson ............................................. 36,199 919
Unibail# ............................................ 4,164 495
Valeo SA ............................................ 10,595 431
Vallourec SA ........................................ 1,200 226
Vivendi Universal SA (a) ............................ 145,652 4,604
Wendel Investissement ............................... 6,000 459
-------
47,142
-------
Germany (7.3%)
Aareal Bank AG ...................................... 3,957 127
Allianz AG (a) ...................................... 2,993 356
AMG Generali Holding AG ............................. 9,635 818
Bayer AG ............................................ 81,798 2,656
Bayerische Hypo-und Vereinsbank AG (a) .............. 96,485 2,115
Bayerische Motoren Werke AG ......................... 8,045 339
Bilfinger Berger AG ................................. 4,109 186
Commerzbank AG (a)# ................................. 77,149 1,640
DaimlerChrysler AG# ................................. 120,954 5,496
Deutsche Bank AG .................................... 61,312 5,203
Deutsche Lufthansa AG (a) ........................... 37,015 516
E.On AG ............................................. 39,934 3,570
Fraport AG .......................................... 10,784 413
Fresenius Medical Care AG ........................... 3,500 283
HeidelbergCement AG ................................. 15,666 1,051
Heidelberger Druckmaschinen AG (a)# ................. 11,327 385
Hochtief AG ......................................... 7,839 255
Hypo Real Estate Holding AG (a) ..................... 11,475 453
Infineon Technologies AG (a) ........................ 86,124 798
KarstadtQuelle AG# .................................. 13,809 130
Lanxess AG (a) ...................................... 8,180 158
Linde AG ............................................ 11,568 733
MAN AG .............................................. 12,850 530
Merck KGaA .......................................... 5,543 367
MG Technologies AG (a) .............................. 25,691 308
Muenchener Rueckversicherungs-
Gesellschaft AG ................................... 6,489 740
Salzgitter AG ....................................... 6,052 129
Suedzucker AG ....................................... 3,767 76
ThyssenKrupp AG# .................................... 82,537 1,760
TUI AG# ............................................. 24,187 565
Volkswagen AG# ...................................... 45,511 2,184
-------
34,340
-------
Greece (0.4%)
Agricultural Bank of Greece (a) ..................... 30,900 307
Bank of Greece ...................................... 3,010 380
Commercial Bank of Greece ........................... 21,740 706
Hellenic Petroleum SA ............................... 37,800 426
Intracom SA ......................................... 27,100 152
-------
1,971
-------
Continued
Shares Value
--------- --------
COMMON STOCKS, continued
Hong Kong (2.1%)
Cheung Kong Holdings, Ltd. .......................... 105,000 $ 963
China Unicom, Ltd.# ................................. 186,000 152
Hang Lung Group, Ltd.# .............................. 194,000 339
Henderson Land Development Co., Ltd. ................ 265,000 1,258
Hopewell Holdings, Ltd. ............................. 84,000 212
Hutchison Whampoa, Ltd. ............................. 182,000 1,657
Hysan Development Co., Ltd. ......................... 181,485 347
i-CABLE Communications, Ltd. ........................ 33,500 12
Kerry Properties, Ltd. .............................. 176,182 370
MTR Corp., Ltd. ..................................... 112,000 176
New Asia Realty & Trust Co., Ltd. ................... 45,000 21
New World Development Co., Ltd. ..................... 513,928 501
Shagri-La Asia, Ltd.# ............................... 398,108 541
Sino Land Co., Ltd.# ................................ 703,962 627
Sun Hung Kai Properties, Ltd. ....................... 19,000 176
Swire Pacific, Ltd. ................................. 144,000 1,130
Wharf Ltd.# ......................................... 335,000 1,083
Wheelock & Co., Ltd. ................................ 358,000 540
--------
10,105
--------
Ireland (1.5%)
Allied Irish Banks PLC .............................. 15,342 305
CRH PLC ............................................. 111,281 2,937
Elan Corp. PLC (a) .................................. 100,566 2,706
Irish Life & Permanent PLC .......................... 54,167 972
--------
6,920
--------
Italy (3.9%)
Alitalia S.p.A. (a)# ................................ 495,790 163
Banca Antonveneta S.p.A. (a) ........................ 3,170 83
Banca Intesa S.p.A. ................................. 672,950 3,126
Banca Monte dei Paschi di Siena S.p.A.# ............. 313,406 1,012
Banca Nazionale del Lavoro S.p.A. (a)# .............. 457,031 1,228
Banca Popolare de Lodi S.c.r.l. ..................... 43,973 503
Banca Popolare di Milano S.c.r.l. ................... 80,000 708
Benetton Group S.p.A. ............................... 23,239 303
Beni Stabili S.p.A. ................................. 355,000 368
Buzzi Unicem S.p.A. ................................. 20,000 326
Caltagirone Editore S.p.A. .......................... 13,962 132
Capitalia S.p.A. .................................... 355,000 1,605
Edison S.p.A. (a)# .................................. 356,434 719
ERG S.p.A. .......................................... 20,708 229
Ericsson S.p.A. ..................................... 2,239 114
Fiat S.p.A. (a)# .................................... 102,453 850
Fondiaria-SAI S.p.A.# ............................... 16,477 420
Ifil S.p.A. ......................................... 104,000 476
Italcementi S.p.A. .................................. 37,000 625
Italmobiliare S.p.A. ................................ 2,839 211
Pirelli & C. S.p.A.# ................................ 533,332 759
SanPaolo IMI S.p.A. ................................. 15,937 223
Societa' Cattolica di Assicurazioni ................. 9,900 449
Telecom Italia S.p.A. ............................... 866,478 3,434
Tiscali S.p.A. (a)# ................................. 74,000 250
--------
18,316
--------
Continued
34
----------------------------------------
INTERNATIONAL EQUITY FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
-------- -------
COMMON STOCKS, continued
Japan (20.4%)
77th Bank, Ltd. ..................................... 57,000 $ 412
Acom Co., Ltd. ...................................... 23,700 1,663
Aichi Steel Corp.# .................................. 29,000 148
Aioi Insurance Co., Ltd. ............................ 110,000 503
Aisin Seiki Co., Ltd. ............................... 42,200 997
Akita Bank, Ltd. .................................... 29,000 127
Amada Co., Ltd. ..................................... 59,000 347
Aoyama Trading Co., Ltd. ............................ 9,800 260
Asahi Breweries, Ltd. ............................... 42,000 524
Asahi National Broadcasting Co., Ltd. ............... 146 314
Asatsu-dk, Inc. ..................................... 6,800 197
Autobacs Seven Co., Ltd. ............................ 4,900 146
Awa Bank, Ltd. ...................................... 31,000 201
Bank of Fukuoka, Ltd. # ............................. 92,000 586
Bank of Kyoto, Ltd. # ............................... 49,000 422
Bank of Nagoya, Ltd. ................................ 26,000 162
Benesse Corp. ....................................... 14,200 507
Chiba Bank, Ltd. .................................... 123,000 813
Chudenko Corp. ...................................... 8,500 139
Chugoku Bank, Ltd. .................................. 35,000 443
Citizen Watch Co., Ltd. ............................. 41,000 371
Coca-Cola West Japan Co., Ltd. ...................... 15,300 364
COMSYS Holdings Corp. ............................... 21,000 198
Cosmo Oil Co., Ltd. ................................. 83,000 260
Dai Nippon Printing Co., Ltd. ....................... 63,000 992
Daicel Chemical Industries, Ltd. .................... 48,000 257
Daihatsu Motor Co., Ltd. ............................ 63,000 478
Daiichi Pharmaceutical Co., Ltd. .................... 15,400 356
Dainippon Ink & Chemicals, Inc. ..................... 115,000 289
Dainippon Pharmaceutical Co., Ltd. .................. 24,000 231
Daishi Bank, Ltd. ................................... 50,000 213
Daiwa House Industry Co., Ltd. ...................... 80,000 923
Denso Corp. ......................................... 114,300 2,964
Ebara Corp. ......................................... 40,000 185
Ezaki Glico Co., Ltd. ............................... 19,000 145
Fuji Electric Co., Ltd. ............................. 111,000 318
Fuji Fire & Marine Insurance Co., Ltd. .............. 71,000 215
Fuji Heavy Industries, Ltd. ......................... 116,000 547
Fuji Oil Co., Ltd. .................................. 8,200 106
Fuji Photo Film Co., Ltd. ........................... 67,000 2,409
Fujikura Ltd. ....................................... 57,000 253
Fukui Bank, Ltd. .................................... 36,000 153
Fukuyama Transporting Co., Ltd. ..................... 36,000 158
Furukawa Electric Co., Ltd. (a) ..................... 95,000 508
Futaba Industrial Co., Ltd. ......................... 10,000 175
Glory Ltd. .......................................... 11,000 191
Gunma Bank, Ltd. .................................... 74,000 436
Gunze Ltd. .......................................... 31,000 144
Hachijuni Bank, Ltd. ................................ 79,000 562
Hanshin Electric Railway Co., Ltd. .................. 50,000 182
Heiwa Corp. ......................................... 10,400 180
Higo Bank, Ltd. ..................................... 37,000 280
Hitachi Cable, Ltd. ................................. 55,000 251
Hitachi Ltd. ........................................ 501,000 3,329
Hitachi Maxell, Ltd. ................................ 13,000 172
Continued
Shares Value
-------- -------
COMMON STOCKS, continued
Japan, continued
Hitachi Metals, Ltd. ................................ 47,000 $ 309
Hokkoku Bank, Ltd. .................................. 52,000 245
Hokuetsu Paper Mills, Ltd. .......................... 23,000 130
House Foods Corp. ................................... 16,500 241
Hyakugo Bank, Ltd. .................................. 33,000 207
Hyakujushi Bank, Ltd. ............................... 47,000 301
Ishikawajima-Harima Heavy
Industries Co., Ltd. (a) .......................... 189,000 277
Itoham Foods, Inc. .................................. 31,000 162
Iyo Bank, Ltd. ...................................... 47,000 406
Joyo Bank, Ltd. ..................................... 126,000 659
Juroku Bank, Ltd. ................................... 54,000 263
Kagoshima Bank, Ltd. ................................ 30,000 206
Kamigumi Co., Ltd. .................................. 40,000 327
Kandenko Co., Ltd. .................................. 30,000 172
Kansai Paint Co., Ltd. .............................. 14,000 87
Katokichi Co., Ltd. ................................. 7,900 163
Kawasaki Heavy Industries, Ltd. ..................... 203,000 335
Kikkoman Corp. ...................................... 29,000 290
Kinden Corp. ........................................ 35,000 261
Kirin Brewery Co., Ltd. ............................. 143,000 1,445
Kissei Pharmaceutical Co., Ltd. # ................... 9,000 182
Kobe Steel, Ltd. .................................... 378,000 602
Koito Manufacturing Co., Ltd. ....................... 23,000 217
Kokuyo Co., Ltd. .................................... 18,700 234
Komatsu Ltd. ........................................ 140,000 1,039
Komori Corp. ........................................ 11,000 168
Kuraray Co., Ltd. ................................... 55,000 507
Kuraya Sanseido, Inc. ............................... 7,600 95
Kureha Chemical Industry Co., Ltd. .................. 28,000 120
Kyorin Pharmaceutical Co., Ltd. ..................... 12,000 173
Makita Corp. ........................................ 20,000 360
Marubeni Corp. ...................................... 213,000 620
Marui Co., Ltd. ..................................... 56,000 746
Maruichi Steel Tube, Ltd. ........................... 13,000 265
Matsushita Electric Industrial Co., Ltd. ............ 365,000 5,412
Matsushita Electric Works, Ltd. ..................... 36,000 320
Meiji Seika Kaisha, Ltd. ............................ 57,000 265
Michinoku Bank, Ltd. ................................ 20,000 101
Mitsubishi Gas Chemical Co., Inc. ................... 72,000 339
Mitsubishi Heavy Industries, Ltd. ................... 502,000 1,361
Mitsubishi Logistics Corp. .......................... 25,000 267
Mitsubishi Materials Corp. .......................... 165,000 375
Mitsubishi Motors Corp. (a)# ........................ 96,000 132
Mitsubishi Securities Co., Ltd. ..................... 47,000 455
Mitsubishi Tokyo Financial Group, Inc. .............. 297 2,806
Mitsui Engineering & Shipbuilding
Co., Ltd. ......................................... 123,000 224
Mitsui Trust Holdings, Inc. ......................... 119,000 1,256
Mitsumi Electric Co., Ltd. .......................... 10,600 115
Mizuho Financial Group, Inc. ........................ 1,376 6,625
Musashino Bank, Ltd. ................................ 4,700 221
Nagase & Co., Ltd. .................................. 20,000 186
Nanto Bank, Ltd. .................................... 36,000 188
NGK Insulators, Ltd. ................................ 53,000 535
Continued
35
- -----------------------------------------------------
INTERNATIONAL EQUITY FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
-------- -------
COMMON STOCKS, continued
Japan, continued
NGK Spark Plug Co., Ltd. ............................ 33,000 $ 333
Nichicon Corp. ...................................... 10,700 135
Nichirei Corp. ...................................... 46,000 186
Nihon Unisys, Ltd. .................................. 16,000 194
Nikko Cordial Corp. ................................. 152,000 717
Nippon Broadcasting System, Inc.# ................... 4,500 259
Nippon Electric Glass Co., Ltd. ..................... 21,000 276
Nippon Electric Glass Co., Ltd. -- When
Issued (a) ........................................ 21,000 276
Nippon Kayaku Co., Ltd. ............................. 26,000 149
Nippon Meat Packers, Inc. ........................... 33,000 448
Nippon Oil Corp. .................................... 221,000 1,513
Nippon Paint Co., Ltd. .............................. 38,000 156
Nippon Sheet Glass Co., Ltd. ........................ 66,000 285
Nippon Shinpan Co., Ltd. (a) ........................ 44,000 184
Nippon Shokubai Co., Ltd. ........................... 25,000 216
Nippon Television Network Corp. ..................... 1,360 210
Nishimatsu Construction Co., Ltd. ................... 36,000 132
Nissay Dowa General Insurance Co., Ltd. ............. 61,000 310
Nisshin Seifun Group, Inc. .......................... 35,000 392
Nisshin Steel Co., Ltd. ............................. 145,000 344
Nisshinbo Industries, Inc. .......................... 28,000 222
NSK Ltd. ............................................ 80,000 414
Obayashi Corp. ...................................... 105,000 671
Okumura Corp. ....................................... 33,000 207
Onward Kashiyama Co., Ltd. .......................... 25,000 384
PanaHome Corp. ...................................... 24,000 132
Promise Co., Ltd. ................................... 19,500 1,371
Q.P. Corp. .......................................... 23,100 204
Rengo Co., Ltd. ..................................... 35,000 167
Resona Holdings, Inc. (a) ........................... 822,000 1,676
San-in Godo Bank, Ltd. .............................. 23,000 212
Santen Pharmaceutical Co., Ltd. ..................... 4,000 87
Sanwa Shutter Corp. ................................. 18,000 102
Sanyo Shinpan Finance Co., Ltd. ..................... 5,000 331
Sapporo Hokuyo Holdings, Inc. ....................... 48 340
Sapporo Holdings, Ltd.# ............................. 52,000 241
Seino Transportation Co., Ltd. ...................... 26,000 244
Sekisui Chemical Co., Ltd. .......................... 78,000 608
Sekisui House, Ltd.# ................................ 103,000 1,192
Shiga Bank, Ltd. .................................... 39,000 238
Shimachu Co., Ltd.# ................................. 6,700 163
Shinko Securities Co., Ltd. ......................... 107,000 332
Shizuoka Bank, Ltd. ................................. 109,000 1,101
Shohkoh Fund & Co., Ltd. ............................ 1,690 422
Sumitomo Bakelite Co., Ltd. ......................... 24,000 151
Sumitomo Corp. ...................................... 107,000 916
Sumitomo Electric Industries, Ltd. .................. 109,000 1,188
Sumitomo Forestry Co., Ltd. # ....................... 23,000 233
Sumitomo Metal Industries, Ltd. ..................... 479,000 721
Sumitomo Metal Mining Co., Ltd. ..................... 47,000 323
Sumitomo Osaka Cement Co., Ltd. ..................... 62,000 153
Sumitomo Realty & Development Co., Ltd. 54,000 754
Sumitomo Rubber Industries, Ltd. .................... 32,000 304
Sumitomo Trust & Banking Co., Ltd. .................. 121,000 821
Continued
Shares Value
-------- --------
COMMON STOCKS, continued
Japan, continued
Suzuken Co., Ltd. ................................... 6,000 $ 159
Taiheiyo Cement Corp. ............................... 138,000 362
Taiyo Yuden Co., Ltd. ............................... 16,000 169
Takara Standard Co., Ltd. ........................... 22,000 137
Takashimaya Co., Ltd. ............................... 44,000 422
Takefuji Corp. ...................................... 17,570 1,231
TDK Corp. ........................................... 11,000 763
Teijin Ltd. ......................................... 135,000 559
Teikoku Oil Co., Ltd. ............................... 44,000 276
Toda Corp. .......................................... 47,000 243
Toho Bank, Ltd. ..................................... 33,000 132
Tokuyama Corp. ...................................... 37,000 230
Tokyo Broadcasting System, Inc. ..................... 26,000 434
Tokyo Steel Manufacturing Co., Ltd.# ................ 23,100 342
Tokyo Style Co., Ltd. ............................... 13,000 150
Tokyo Tatemono Co., Ltd. ............................ 12,000 85
Toppan Printing Co., Ltd. ........................... 102,000 1,091
Toray Industries, Inc. .............................. 204,000 949
Toshiba TEC Corp. ................................... 42,000 195
Tostem Inax Holding Corp. ........................... 27,000 491
Toyo Ink Manufacturing Co., Ltd. .................... 40,000 173
Toyo Seikan Kaisha, Ltd. ............................ 31,000 598
Toyo Suisan Kaisha, Ltd. ............................ 7,000 98
Toyota Auto Body Co., Ltd. .......................... 12,800 211
Toyota Industries Corp. ............................. 45,700 1,105
UNY Co., Ltd. ....................................... 27,000 316
Wacoal Corp. ........................................ 19,000 211
Yamaguchi Bank, Ltd. ................................ 29,000 335
Yamanashi Chuo Bank, Ltd. ........................... 28,000 177
Yamazaki Baking Co., Ltd. ........................... 29,000 276
Yokohama Rubber Co., Ltd. ........................... 45,000 175
-------
96,138
-------
Netherlands (4.8%)
ABN Amro Holding NV ................................. 102,573 2,778
Aegon NV ............................................ 248,069 3,365
AM NV ............................................... 13,643 143
Buhrmann NV ......................................... 21,050 217
DSM NV .............................................. 16,542 1,030
Hagemeyer NV (a) # .................................. 75,855 184
Hunter Douglas NV ................................... 7,838 414
IHC Caland N.V. ..................................... 4,437 280
ING Groep NV ........................................ 219,044 6,312
Koninklijke Ahold NV (a) ............................ 138,261 1,141
Koninklijke KPN NV .................................. 38,382 369
Koninklijke Numico NV (a) ........................... 18,747 718
Koninklijke Philips Electronics NV .................. 122,350 3,193
Koninklijke Vopak NV ................................ 9,588 224
Nutreco Holding NV .................................. 5,436 163
NV Holdingsmaatschappij De Telegraaf ................ 3,200 80
Oce NV .............................................. 13,438 206
Royal Nedlloyd NV ................................... 2,900 145
Vedior NV ........................................... 13,287 236
Versatel Telecom International NV (a)# .............. 74,287 197
VNU NV .............................................. 39,262 1,147
-------
22,542
-------
Continued
36
----------------------------------------
INTERNATIONAL EQUITY FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
-------- --------
COMMON STOCKS, continued
New Zealand (0.2%)
Auckland International Airport, Ltd. ......... 67,870 $ 381
Carter Holt Harvey, Ltd. ..................... 237,750 368
Fletcher Building, Ltd. ...................... 35,323 164
--------
913
--------
Norway (0.8%)
Aker Kvaerner ASA (a) ........................ 7,361 212
Aker Yards AS (a) ............................ 4,538 118
DnB Holding ASA .............................. 57,600 527
Norsk Hydro ASA .............................. 16,080 1,225
Norske Skogindustrier ASA .................... 47,500 929
Storebrand ASA ............................... 74,200 656
--------
3,667
--------
Portugal (0.3%)
Banco BPI SA ................................. 14,440 59
Banco Espirito Santo SA ...................... 3,990 69
Portugal Telecom, SGPS, SA ................... 110,300 1,366
--------
1,494
--------
Singapore (0.8%)
DBS Group Holdings, Ltd.# .................... 102,000 984
Fraser & Neave, Ltd. ......................... 22,600 230
Jardine Cycle & Carriage, Ltd. ............... 5,000 31
Keppel Corp., Ltd. ........................... 49,000 275
Oversea-Chinese Banking Corp., Ltd. .......... 77,000 644
SembCorp Industries, Ltd. .................... 51,000 58
Singapore Airlines, Ltd. ..................... 119,000 851
Singapore Land, Ltd. ......................... 20,000 67
United Overseas Bank, Ltd. ................... 94,000 799
United Overseas Land, Ltd. ................... 33,000 44
--------
3,983
--------
Spain (5.1%)
Acciona SA ................................... 3,705 324
Acerinox SA .................................. 28,744 438
Antena 3 Television SA (a) ................... 871 67
Banco Bilbao Vizcaya Argentaria SA# .......... 99,000 1,669
Banco de Andalucia SA ........................ 900 82
Banco de Sabadell SA# ........................ 18,768 479
Banco Pastor SA .............................. 2,400 85
Banco Santander Central Hispano SA# .......... 721,018 8,553
Cementos Portland SA ......................... 3,328 219
Corporacion Mapfre SA# ....................... 21,977 321
Ebro Puleva SA # ............................. 15,256 230
Endesa SA# ................................... 92,041 2,095
Iberia Lineas Aereas de Espana SA# ........... 116,152 402
Inmobiliaria Colonial SA ..................... 4,000 177
Inmobiliaria Urbis SA ........................ 13,781 217
Red Electrica de Espana# ..................... 6,000 140
Repsol YPF SA# ............................... 130,632 3,341
Sociedad General de Aguas de Barcelona SA 18,371 390
Sol Melia SA# ................................ 21,812 235
Telefonica SA ................................ 257,754 4,688
Vallehermoso SA# ............................. 7,072 113
--------
24,265
--------
Continued
Shares Value
-------- --------
COMMON STOCKS, continued
Sweden (2.8%)
Electrolux AB, B Shares (a) .................. 13,000 $ 277
Gambro AB, A Shares .......................... 32,500 476
Gambro AB, B Shares .......................... 10,500 151
Holmen AB, B Shares .......................... 9,900 330
Kinnevik Investment AB ....................... 24,150 232
NCC AB, B Shares ............................. 4,000 57
Nordea AB .................................... 334,300 3,099
Skandia Forsakrings AB ....................... 108,400 562
Skandinaviska Enskilda Banken AB ............. 76,700 1,367
Skanska AB, B Shares ......................... 4,900 57
SSAB, A Shares ............................... 9,400 225
SSAB, B Shares ............................... 2,000 47
Svenska Cellulosa AB, Class B ................ 26,100 998
Tele2 AB, B Shares ........................... 15,600 534
TeliaSonera AB ............................... 382,000 2,167
Trelleborg AB, B Shares ...................... 9,000 145
Volvo AB, A Shares ........................... 16,900 660
Volvo AB, B Shares ........................... 35,900 1,456
Wihlborgs Fastigheter AB# .................... 10,185 205
--------
13,045
--------
Switzerland (7.0%)
Baloise Holding, Ltd. ........................ 30,600 1,442
Bank Sarasin & Cie AG, B Shares .............. 90 161
Banque Cantonale Vaudoise .................... 2,200 437
Berner Kantonalbank .......................... 4,900 685
Ciba Specialty Chemicals AG .................. 18,300 1,324
Clariant AG (a) .............................. 47,100 774
Compagnie Financiere Richemont AG ............ 175,900 5,501
Converium Holding AG ......................... 7,200 68
Credit Suisse Group .......................... 35,900 1,446
Ems-Chemie Holding AG ........................ 1,150 105
Georg Fischer AG (a) ......................... 1,910 505
Givaudan SA .................................. 200 126
Helvetia Patria Holding ...................... 3,400 499
Holcim Ltd. .................................. 65,100 4,069
Julius Baer Holding, Ltd., B Shares .......... 220 77
Luzerner Kantonalbank ........................ 2,393 480
PSP Swiss Property AG ........................ 16,800 715
Rieter Holding AG ............................ 1,590 482
SIG Holding AG ............................... 3,000 732
Sika AG ...................................... 380 245
St. Galler Kantonalbank ...................... 2,770 711
Swiss Life Holding (a) ....................... 12,920 1,941
Swiss Prime Site (a) ......................... 720 179
Swiss Re ..................................... 9,300 636
Syngenta AG .................................. 40,600 4,368
Unaxis Holding AG ............................ 7,000 768
Valiant Holding (a) .......................... 4,300 395
Valora Holding AG ............................ 2,230 567
Vontobel Holding AG .......................... 14,200 344
Zurich Financial Services AG ................. 20,500 3,408
--------
33,190
--------
Continued
37
- -----------------------------------------------------
INTERNATIONAL EQUITY FUND
Schedule of Portfolio Investments
- -----------------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
COMMON STOCKS, continued
United Kingdom (21.1%)
Aggregate Industries PLC ........................... 314,207 $ 816
Amvescap PLC ....................................... 128,900 849
Arriva PLC ......................................... 48,410 501
Associated British Foods PLC ....................... 166,073 2,356
Associated British Ports Holdings PLC .............. 71,400 624
Aviva PLC .......................................... 564,393 6,752
BAA PLC ............................................ 264,218 3,102
BAE Systems PLC .................................... 731,996 3,384
Barratt Developments PLC ........................... 57,000 652
BBA Group PLC ...................................... 116,000 706
Bellway PLC ........................................ 12,000 192
Berkeley Group PLC (a) ............................. 35,610 557
Big Food Group PLC ................................. 72,054 128
Bovis Homes Group PLC .............................. 19,000 221
Bradford & Bingley PLC ............................. 74,000 461
Brambles Industries PLC ............................ 142,000 734
Britannic Group PLC ................................ 31,800 298
British Airways PLC (a) ............................ 298,000 1,492
British Land Co. PLC ............................... 136,012 2,204
British Vita PLC ................................... 40,829 212
Brixton PLC ........................................ 55,200 364
Cable & Wireless PLC ............................... 676,845 1,568
COLT Telecom Group PLC (a) ......................... 416,000 446
Corus Group PLC (a) ................................ 1,223,858 1,238
De Vere Group PLC .................................. 23,984 226
DS Smith PLC ....................................... 78,167 235
easyJet PLC (a) .................................... 108,000 447
FKI PLC ............................................ 122,150 290
Friends Provident PLC .............................. 418,000 1,257
George Wimpey PLC .................................. 95,673 756
Great Portland Estates PLC ......................... 34,119 214
Greene King PLC .................................... 16,000 387
Hammerson PLC ...................................... 76,100 1,214
Hanson PLC ......................................... 179,000 1,668
HHG PLC (a) ........................................ 408,291 478
Hilton Group PLC ................................... 451,145 2,507
Inchcape PLC ....................................... 11,000 419
InterContinental Hotels Group PLC .................. 159,275 2,001
International Power PLC (a) ........................ 410,172 1,300
ITV PLC ............................................ 625,987 1,376
J Sainsbury PLC .................................... 480,263 2,557
Kingfisher PLC ..................................... 120,511 693
Land Securities Group PLC .......................... 19,091 495
Lex Service PLC .................................... 16,900 207
Liberty International PLC .......................... 75,374 1,376
Logica PLC ......................................... 97,950 325
London Merchant Securities PLC ..................... 51,163 215
Mersey Docks & Harbour Co. ......................... 16,401 301
Millennium & Copthorne Hotels PLC .................. 78,527 549
Mitchells & Butlers PLC ............................ 125,921 772
mmO2 PLC (a) ....................................... 2,392,000 5,663
Pearson PLC ........................................ 174,000 2,018
Peninsular & Oriental Steam Navigation Co. ......... 162,000 937
Persimmon PLC ...................................... 54,001 730
Pilkington PLC ..................................... 330,594 740
Continued
Shares Value
---------- --------
COMMON STOCKS, continued
United Kingdom, continued
Pillar Property PLC ................................ 18,694 $ 294
Premier Oil PLC (a) ................................ 17,081 185
Quintain Estates & Development PLC ................. 22,000 235
RMC Group PLC ...................................... 73,000 1,162
Rolls-Royce PLC .................................... 466,575 2,295
Royal & Sun Alliance Insurance Group PLC ........... 604,850 974
Schroders PLC ...................................... 49,000 690
Scottish & Newcastle PLC ........................... 155,500 1,282
Scottish Power PLC ................................. 351,325 2,786
Shire Pharmaceuticals Group PLC .................... 100,389 1,170
Singer & Friedlander Group PLC ..................... 36,185 186
Slough Estates PLC ................................. 114,800 1,107
Somerfield PLC ..................................... 105,223 313
Stagecoach Group PLC ............................... 288,166 637
Stanley Leisure PLC ................................ 26,625 209
Tate & Lyle PLC .................................... 101,294 839
Taylor Woodrow PLC ................................. 138,496 747
Thus Group PLC (a) ................................. 236,007 70
Trinity Mirror PLC ................................. 80,510 1,030
Vodafone Group PLC ................................. 6,573,300 16,952
Westbury PLC ....................................... 20,310 181
WH Smith Group PLC ................................. 44,640 301
WH Smith PLC, C Shares (a) ......................... 62,000 72
Whitbread PLC ...................................... 81,000 1,344
William Morrison Supermarkets PLC .................. 257,994 978
Wilson Bowden PLC .................................. 18,000 396
Wolverhampton & Dudley Breweries PLC ............... 15,306 310
Woolworths Group PLC ............................... 247,175 230
--------
99,185
--------
TOTAL COMMON STOCKS ................................ 467,508
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (8.3%)
BNY Institutional Cash Reserve Fund ................ 39,218,655 39,219
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDINGS .............................. 39,219
--------
TOTAL INVESTMENTS
(Cost $345,094)^ -- 107.5% ....................... 506,727
Liabilities in excess of other assets --
(7.5%) ........................................... (35,482)
--------
NET ASSETS -- 100.0% ............................... $471,245
========
See notes to schedule of portfolio investments.
38
----------------------------------------
BALANCED FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares or
Principal
Amount Value
----------- --------
COMMON STOCKS (57.7%)
3M Co. ............................................ $ 15,000 $ 1,265
Abbott Laboratories ............................... 24,000 1,080
AFLAC, Inc. ....................................... 40,000 1,580
American Electric Power Co., Inc. ................. 30,000 1,058
American International Group, Inc. ................ 20,000 1,326
Amgen, Inc. (a) ................................... 50,000 3,112
Anadarko Petroleum Corp. .......................... 16,000 1,059
Bank of America Corp. ............................. 50,000 2,319
Becton, Dickinson & Co. ........................... 10,000 567
BellSouth Corp. ................................... 50,000 1,312
Boeing Co. ........................................ 30,000 1,518
BP PLC -- ADR ..................................... 19,516 1,164
Bristol-Myers Squibb Co. .......................... 60,000 1,406
Caremark Rx, Inc. (a) ............................. 27,000 1,056
ChevronTexaco Corp. ............................... 41,762 2,272
Cisco Systems, Inc. (a) ........................... 170,000 3,066
Citigroup, Inc. ................................... 65,000 3,188
Constellation Energy Group ........................ 24,000 1,200
Dell, Inc. (a) .................................... 70,000 2,922
Dollar General Corp. .............................. 60,000 1,213
Dow Chemical Co. .................................. 27,000 1,342
E.I. du Pont de Nemours & Co. ..................... 16,000 761
Eli Lilly & Co. ................................... 18,000 976
EMC Corp. (a) ..................................... 75,000 983
Emerson Electric Co. .............................. 19,000 1,278
Exxon Mobil Corp. ................................. 70,000 3,612
First Data Corp. .................................. 24,000 978
Freddie Mac ....................................... 20,487 1,338
Genentech, Inc. (a) # ............................. 40,000 1,908
General Dynamics Corp. ............................ 12,000 1,239
General Electric Co. .............................. 36,000 1,300
Genuine Parts Co. ................................. 24,000 1,016
Golden West Financial Corp. ....................... 17,000 1,099
Goldman Sachs Group, Inc. ......................... 10,246 1,105
H & R Block, Inc. # ............................... 30,000 1,449
Harley-Davidson, Inc. ............................. 20,000 1,202
Hewlett-Packard Co. ............................... 129,678 2,540
Home Depot, Inc. .................................. 27,193 1,122
Honeywell International, Inc. ..................... 30,000 1,079
IBM Corp. ......................................... 9,260 865
Ingersoll-Rand Co., Class A ....................... 14,000 1,041
International Paper Co. # ......................... 30,000 1,175
J.P. Morgan Chase & Co. ........................... 53,672 2,004
Johnson & Johnson ................................. 17,000 1,100
Kohl's Corp. (a) .................................. 22,000 1,034
Linear Technology Corp. ........................... 27,000 1,019
Lowe's Cos., Inc. ................................. 20,000 1,140
MeadWestvaco Corp. ................................ 38,000 1,098
Medtronic, Inc. ................................... 24,000 1,260
Merrill Lynch & Co., Inc. ......................... 17,000 1,021
MGIC Investment Corp. ............................. 16,000 1,022
Microsoft Corp. ................................... 103,441 2,718
Office Depot, Inc. (a) ............................ 30,000 519
Continued
Shares or
Principal
Amount Value
----------- --------
COMMON STOCKS, continued
Paychex, Inc. ..................................... $ 25,000 $ 762
PepsiCo, Inc. ..................................... 20,000 1,074
Pfizer, Inc. ...................................... 42,000 1,015
Procter & Gamble Co. .............................. 40,000 2,129
Raytheon Co. ...................................... 20,000 748
Rockwell Automation, Inc. ......................... 28,155 1,596
Sara Lee Corp. .................................... 100,000 2,348
SBC Communications, Inc. .......................... 40,583 964
Southern Co. ...................................... 15,000 507
St. Paul Travelers Cos., Inc. ..................... 30,000 1,126
Staples, Inc. ..................................... 70,000 2,292
Starbucks Corp. (a) ............................... 18,000 972
Stryker Corp. ..................................... 28,000 1,376
Sysco Corp. ....................................... 35,000 1,224
Target Corp. ...................................... 20,000 1,015
Texas Instruments, Inc. ........................... 30,000 696
U.S. Bancorp ...................................... 30,000 902
Verizon Communications, Inc. ...................... 32,023 1,140
Wachovia Corp. .................................... 19,000 1,042
Walgreen Co. ...................................... 26,000 1,108
Washington Mutual, Inc. ........................... 60,000 2,421
Wellpoint Inc. (a) ................................ 28,000 3,402
--------
TOTAL COMMON STOCKS ............................... 106,885
--------
CORPORATE BONDS (18.3%)
Alabama Power Co., 3.50%, 11/15/07 ................ 500 496
Alcoa, Inc., 7.38%, 8/1/10 ........................ 900 1,036
Berkshire Hathaway, Inc., 3.38%, 10/15/08 ......... 1,000 985
Black & Decker Corp., 4.75%, 11/1/14 (b) .......... 500 497
Bottling Group LLC, 2.45%, 10/16/06 # ............. 1,000 982
Branch Banking & Trust, 4.88%, 1/15/13 ............ 500 507
Caterpillar Financial Services Corp.,
2.50%, 10/3/06, MTN ............................. 1,000 983
Coca-Cola Co., 4.00%, 6/1/05 ...................... 1,000 1,004
Conoco, Inc., 6.35%, 4/15/09 ...................... 1,500 1,635
DaimlerChrysler NA Holding Corp.,
6.50%, 11/15/13 ................................. 1,000 1,092
Devon Financial Corp., ULC,
6.88%, 9/30/11 .................................. 500 566
Diageo Capital PLC, 3.50%, 11/19/07 # ............. 1,000 993
Duke Energy Corp., 6.25%, 1/15/12 ................. 500 549
First Data Corp., 6.75%, 7/15/05 .................. 2,000 2,035
General Dynamics Corp., 4.50%, 8/15/10 ............ 1,000 1,019
General Electric Co., 5.00%, 2/1/13 # ............. 1,500 1,549
General Motors Acceptance Corp.,
5.63%, 5/15/09 .................................. 500 489
Honeywell, Inc., 7.00%, 3/15/07 ................... 320 341
Hormel Foods Corp., 6.63%, 6/1/11 ................. 450 507
IBM Corp., 7.50%, 6/15/13 ......................... 1,000 1,204
International Paper Co., 5.30%, 4/1/15 ............ 500 516
Lehman Brothers Holdings, Inc.,
3.50%, 8/7/08 ................................... 1,000 985
McDonald's Corp., 5.75%, 3/1/12 ................... 700 756
Continued
39
- -----------------------------------------
BALANCED FUND
Schedule of Portfolio Investments
- -----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares or
Principal
Amount Value
---------- --------
CORPORATE BONDS, continued
Northern Trust Co., 7.10%, 8/1/09 ................ $1,000 $ 1,114
Protective Life Secured Trust, 4.00%,
10/7/09, MTN ................................... 500 495
Prudential Funding LLC, 6.60%,
5/15/08 (b) .................................... 2,000 2,158
St. Paul Cos., Inc., 5.75%, 3/15/07 .............. 750 777
SunTrust Banks, Inc., 7.38%, 7/1/06 .............. 2,000 2,102
Sysco Corp., 4.75%, 7/30/05 ...................... 1,000 1,009
Target Corp., 5.88%, 3/1/12 ...................... 500 547
Unilever Capital Corp., 6.88%, 11/1/05 ........... 2,000 2,055
Unilever Capital Corp., 7.13%, 11/1/10 ........... 300 344
Union Pacific Corp., 5.75%, 10/15/07 ............. 400 420
Unitedhealth Group, Inc., 5.00%, 8/15/14 ......... 500 507
Wachovia Corp., 6.63%, 11/15/06 # ................ 1,475 1,554
--------
TOTAL CORPORATE BONDS ............................ 33,808
--------
U.S. TREASURY BONDS (8.4%)
7.50%, 11/15/16 # ................................ 1,300 1,679
7.25%, 8/15/22 # ................................. 1,500 1,975
6.25%, 8/15/23 # ++ .............................. 8,125 9,747
5.50%, 8/15/28 # ................................. 2,000 2,236
--------
TOTAL U.S. TREASURY BONDS ........................ 15,637
--------
U.S. GOVERNMENT AGENCIES (8.0%)
5.83%, 2/9/06 .................................... 2,000 2,052
6.21%, 11/7/07 ................................... 2,300 2,456
6.25%, 3/5/12, Callable 3/5/07 @ 100 ............. 1,500 1,563
5.50%, 11/1/16 - 11/1/17 ......................... 3,294 3,402
6.50%, 11/20/28 - 10/15/33 ....................... 4,077 4,293
6.00%, 6/15/33 ................................... 975 1,014
--------
TOTAL U.S. GOVERNMENT
AGENCIES ....................................... 14,780
--------
U.S. TREASURY NOTES (4.6%)
3.00%, 2/15/09 # ................................. 2,000 1,957
4.00%, 6/15/09 # ................................. 1,500 1,523
4.25%, 11/15/13 # ................................ 5,000 5,057
--------
TOTAL U.S. TREASURY NOTES ........................ 8,537
--------
AFFILIATED SECURITIES (1.4%)
AmSouth Prime Money Market Fund .................. 2,535,597 2,536
--------
TOTAL AFFILIATED SECURITIES ...................... 2,536
--------
Continued
Shares or
Principal
Amount Value
---------- --------
MUNICIPAL BONDS (1.0%)
Chicago Public Building, 7.00%, 1/1/06 ........... $ 1,800 $ 1,861
--------
TOTAL MUNICIPAL BONDS ............................ 1,861
--------
SHORT-TERM SECURITES HELD
AS COLLATERAL FOR
SECURITIES LENDING (12.8%)
BNY Institutional Cash Reserve Fund .............. 23,735,448 23,735
--------
TOTAL SHORT-TERM SECURITES
HELD AS COLLATERAL FOR
SECURITIES LENDING ............................. 23,735
--------
TOTAL INVESTMENTS
(Cost $183,059)^ -- 112.2% ..................... 207,779
Liabilities in excess of other assets --
(12.2%) ........................................ (22,662)
--------
NET ASSETS -- 100.0% ............................. $185,117
========
See notes to schedule of portfolio investments.
40
- ------------------------------------------
STRATEGIC PORTFOLIOS:
AGGRESSIVE GROWTH PORTFOLIO
Schedule of Portfolio Investments
- ------------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
------- -------
AFFILIATED SECURITIES (100.3%)
Investment Companies (100.3%)
AmSouth Capital Growth Fund, I Shares .......... 758,989 $ 7,446
AmSouth Enhanced Market Fund, I Shares ......... 889,656 10,196
AmSouth International Equity Fund,
I Shares ..................................... 397,609 5,463
AmSouth Large Cap Fund, I Shares ............... 270,628 4,860
AmSouth Limited Term Bond Fund,
I Shares ..................................... 45 --**
AmSouth Mid Cap Fund, I Shares ................. 376,949 5,209
AmSouth Prime Money Market Fund,
I Shares ..................................... 493,905 494
AmSouth Select Equity Fund, I Shares ........... 344,086 5,000
AmSouth Small Cap Fund, I Shares (a) ........... 561,617 5,223
AmSouth Value Fund, I Shares ................... 477,783 7,855
-------
TOTAL INVESTMENTS IN
AFFILIATES ................................... 51,746
-------
TOTAL INVESTMENTS
(Cost $43,211)^ -- 100.3% .................... 51,746
Liabilities in excess of other assets --
(0.3)% ....................................... (142)
-------
NET ASSETS -- 100.0% ........................... $51,604
=======
See notes to schedule of portfolio investments.
----------------------------------------
STRATEGIC PORTFOLIOS:
GROWTH PORTFOLIO
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
------- -------
AFFILIATED SECURITIES (99.7%)
Investment Companies (99.7%)
AmSouth Capital Growth Fund, I Shares ................. 659,253 $ 6,467
AmSouth Enhanced Market Fund,
I Shares ............................................ 806,835 9,247
AmSouth Government Income Fund,
I Shares ............................................ 231,375 2,272
AmSouth High Quality Bond Fund,
I Shares ............................................ 693,115 7,728
AmSouth International Equity Fund,
I Shares ............................................ 370,721 5,094
AmSouth Large Cap Fund, I Shares ...................... 240,660 4,322
AmSouth Limited Term Bond Fund,
I Shares ............................................ 434,079 4,497
AmSouth Mid Cap Fund, I Shares ........................ 344,313 4,758
AmSouth Prime Money Market Fund,
I Shares ............................................ 564,642 565
AmSouth Select Equity Fund, I Shares .................. 316,944 4,605
AmSouth Small Cap Fund, I Shares (a) .................. 497,237 4,624
AmSouth Value Fund, I Shares .......................... 438,320 7,206
-------
TOTAL INVESTMENTS IN
AFFILIATES .......................................... 61,385
-------
TOTAL INVESTMENTS
(Cost $55,193)^ -- 99.7% ............................ 61,385
Other assets in excess of liabilities -- 0.3% ......... 177
-------
NET ASSETS -- 100.0% .................................. $61,562
=======
See notes to schedule of portfolio investments.
41
- ----------------------------------------
STRATEGIC PORTFOLIOS:
GROWTH AND INCOME PORTFOLIO
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- --------
AFFILIATED SECURITIES (100.1%)
Investment Companies (100.1%)
AmSouth Capital Growth Fund, I Shares ............... 981,417 $ 9,628
AmSouth Enhanced Market Fund, I Shares .............. 1,218,074 13,959
AmSouth Government Income Fund,
I Shares .......................................... 975,060 9,575
AmSouth High Quality Bond Fund,
I Shares .......................................... 1,818,420 20,275
AmSouth International Equity Fund,
I Shares .......................................... 531,002 7,296
AmSouth Large Cap Fund, I Shares .................... 363,628 6,531
AmSouth Limited Term Bond Fund,
I Shares .......................................... 1,302,508 13,494
AmSouth Mid Cap Fund, I Shares ...................... 520,041 7,187
AmSouth Prime Money Market Fund,
I Shares .......................................... 1,046,639 1,047
AmSouth Select Equity Fund, I Shares ................ 479,837 6,972
AmSouth Small Cap Fund, I Shares (a) ................ 739,228 6,875
AmSouth Value Fund, I Shares ........................ 663,573 10,909
--------
TOTAL INVESTMENTS IN
AFFILIATES ........................................ 113,748
--------
TOTAL INVESTMENTS
(Cost $102,605)^ -- 100.1% ........................ 113,748
Liabilities in excess of other assets -- (0.1)% ..... (63)
--------
NET ASSETS -- 100.0% ................................ $113,685
========
See notes to schedule of portfolio investments.
-----------------------------------------
STRATEGIC PORTFOLIOS: MODERATE
GROWTH AND INCOME PORTFOLIO
Schedule of Portfolio Investments
-----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares Value
--------- -------
AFFILIATED SECURITIES (100.0%)
Investment Companies (100.0%)
AmSouth Capital Growth Fund, I Shares .............. 396,701 $ 3,892
AmSouth Enhanced Market Fund, I Shares ............. 414,203 4,747
AmSouth Government Income Fund,
I Shares ......................................... 524,380 5,149
AmSouth High Quality Bond Fund,
I Shares ......................................... 1,016,407 11,332
AmSouth International Equity Fund,
I Shares ......................................... 209,182 2,874
AmSouth Large Cap Fund, I Shares ................... 143,677 2,580
AmSouth Limited Term Bond Fund,
I Shares ......................................... 750,428 7,774
AmSouth Mid Cap Fund, I Shares ..................... 199,775 2,761
AmSouth Prime Money Market Fund,
I Shares ......................................... 487,620 488
AmSouth Select Equity Fund, I Shares ............... 181,400 2,636
AmSouth Small Cap Fund, I Shares (a) ............... 276,831 2,575
AmSouth Value Fund, I Shares ....................... 233,186 3,834
-------
TOTAL INVESTMENTS IN
AFFILIATES ....................................... 50,642
-------
TOTAL INVESTMENTS
(Cost $47,477)^ -- 100.0% ........................ 50,642
Other assets in excess of liabilities -- + ......... 19
-------
NET ASSETS -- 100.0% ............................... $50,661
=======
See notes to schedule of portfolio investments.
42
-----------------------------------------
GOVERNMENT INCOME FUND
Schedule of Portfolio Investments
-----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
---------- --------
U.S. GOVERNMENT AGENCIES (95.9%)
Fannie Mae (25.9%)
6.44%, 8/14/07, MTN .............................. $ 425 $ 454
7.50%, 4/1/15 - 6/1/15 ........................... 520 553
5.00%, 6/30/15, Callable 3/18/05 @ 100 ........... 850 849
5.00%, 9/1/33 - 1/1/35 ........................... 13,394 13,375
8.00%, 7/1/15 -9/1/33 ............................ 356 378
6.50%, 12/1/31 -2/1/34 ........................... 14,487 15,180
5.50%, 11/1/34 -1/1/35 ........................... 13,539 13,801
--------
44,590
--------
Federal Farm Credit Bank (11.7%)
5.75%, 9/1/05, MTN ............................... 425 432
2.48%, 2/27/06, Callable 3/15/05 @ 100 ........... 2,525 2,506
3.00%, 12/15/06, Callable 3/15/05 @ 100 .......... 6,725 6,673
5.70%, 9/3/08 .................................... 5,875 6,248
5.05%, 12/27/12, Callable 12/27/05 @ 100 ......... 4,200 4,237
--------
20,096
--------
Federal Home Loan Bank (3.2%)
5.82%, 3/30/09 ................................... 850 915
5.89%, 3/30/09 ................................... 4,200 4,532
--------
5,447
--------
Freddie Mac (21.6%)
5.50%, 8/1/08 - 1/1/35 ........................... 13,756 14,033
4.00%, 2/1/10 .................................... 1,993 1,984
6.00%, 5/1/16 - 11/1/33 .......................... 4,588 4,765
6.50%, 5/1/31 .................................... 192 202
7.00%, 6/1/31 .................................... 468 496
5.00%, 1/1/35 - 2/1/35 ........................... 15,580 15,572
--------
37,052
--------
Government National Mortgage Assoc. (33.5%)
4.50%, 7/15/18 - 11/15/18 ........................ 11,394 11,480
5.00%, 12/15/17 - 6/15/18 ........................ 14,168 14,510
5.50%, 2/15/14 - 2/20/32 ......................... 6,360 6,594
6.00%, 5/15/16 - 6/15/31 ......................... 12,367 12,959
6.50%, 7/15/14 - 3/15/33 ......................... 5,394 5,722
6.75%, 4/15/26 ................................... 548 581
7.00%, 8/15/11 - 12/15/30 ........................ 2,027 2,152
7.50%, 5/15/10 - 8/20/30 ......................... 2,298 2,468
8.00%, 7/15/29 - 6/20/30 ......................... 853 925
8.50%, 11/15/20 - 2/15/23 ........................ 19 20
9.00%, 6/15/18 - 9/15/22 ......................... 100 111
9.50%, 5/15/18 - 8/15/21 ......................... 92 104
--------
57,626
--------
TOTAL U.S. GOVERNMENT
AGENCIES ....................................... 164,811
--------
U.S. TREASURY OBLIGATIONS (2.3%)
5.63%, 2/15/06 # ................................. 3,775 3,878
--------
TOTAL U.S. TREASURY
OBLIGATIONS .................................... 3,878
--------
Continued
Shares
or
Principal
Amount Value
---------- --------
INVESTMENT COMPANIES (1.0%)
AIM Treasury Money Market Fund ................... $1,669,370 $ 1,669
--------
TOTAL INVESTMENT COMPANIES ....................... 1,669
--------
AFFILIATED SECURITIES (0.4%)
Amsouth Treasury Reserve Money
Market Fund .................................... 660,496 660
--------
TOTAL AFFILIATED SECURITIES ...................... 660
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (2.4%)
BNY Institutional Cash Reserve Fund .............. 4,230,149 4,230
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ............................. 4,230
--------
TOTAL INVESTMENTS
(Cost $173,075)^ -- 102.0% ..................... 175,248
Liabilities in excess of other assets --
(2.0%) ......................................... (3,369)
--------
NET ASSETS -- 100.0% ............................. $171,879
========
See notes to schedule of portfolio investments.
43
- ----------------------------------------
LIMITED TERM BOND FUND
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
----------- --------
CORPORATE BONDS (64.0%)
3M Co., 4.15%, 6/30/05, MTN ......................... $ 500 $ 502
Abbott Laboratories, 5.40%, 9/15/08 ................. 2,000 2,111
Alabama Power Co., 2.65%, 2/15/06 ................... 500 497
Alabama Power Co., 2.80%, 12/1/06 ................... 1,000 986
Allstate Financial Global Fund, 7.13%,
9/26/05 (b) ....................................... 2,000 2,050
American Honda Finance, 2.36%, ......................
5/11/07, MTN (c) .................................... 3,000 3,004
Asif Global Finance, 2.55%, 12/11/06 (b) (c) 3,000 3,003
Bank of New York Co., Inc., 3.90%, 9/1/07 ........... 1,000 1,005
Becton, Dickinson and Co., 7.15%, 10/1/09 ........... 1,000 1,128
Berkshire Hathaway, Inc., 3.38%,
10/15/08 (b) ...................................... 3,000 2,955
Boeing Capital Corp., 5.65%, 5/15/06 ................ 403 414
Bottling Group, LLC, 2.45%, 10/16/06 ................ 3,000 2,947
Bristol-Myers Squibb Co., 4.75%, 10/1/06 ............ 1,650 1,680
Caterpillar Financial Services Corp.,
2.50%, 10/3/06, MTN ............................... 2,000 1,966
Caterpillar Financial Services Corp.,
3.10%, 5/15/07, MTN ............................... 500 494
Chase Manhattan Corp., 7.13%, 2/1/07 ................ 2,500 2,670
Coca-Cola Enterprises, Inc., 2.50%, 9/15/06 ......... 1,000 984
Coca-Cola Enterprises, Inc., 5.25%, 5/15/07 ......... 1,000 1,035
Colgate-Palmolive Co., 5.34%, 3/27/06 ............... 2,000 2,045
Consolidated Edison, Inc., 3.63%, 8/1/08 # .......... 500 494
DaimlerChrysler NA Holding,
7.20%, 9/1/09 ..................................... 2,000 2,218
Diageo Capital PLC, 3.50%, 11/19/07 ................. 1,000 993
Diageo Finance BV, 3.00%, 12/15/06 .................. 1,000 988
Donaldson Lufkin Jenrette, Inc., 6.90%,
10/1/07, MTN ...................................... 1,500 1,613
Eli Lilly & Co., 5.50%, 7/15/06 ..................... 2,000 2,060
Emerson Electric Co., 7.88%, 6/1/05 ................. 2,000 2,033
Fifth Third Bank, 2.70%, 1/30/07 .................... 2,000 1,964
First Data Corp., 4.70%, 11/1/06 .................... 3,000 3,053
First Union Corp., 6.88%, 9/15/05 ................... 2,000 2,045
FleetBoston Financial Corp., 4.88%,
12/1/06 ........................................... 2,000 2,045
General Electric Capital corp., 3.75%,
12/15/09 .......................................... 4,000 3,935
Gillette Co., 2.50%, 6/1/08 ......................... 2,000 1,939
GlaxoSmithKline Capital PLC, 2.38%,
4/16/07 ........................................... 1,100 1,075
Goldman Sachs Group, Inc., 2.75%,
1/9/07, MTN (c) ................................... 3,000 3,004
GTE California, Inc., 7.65%, 3/15/07 ................ 2,000 2,146
Hartford Life Global Fund, 2.66%, 9/15/09 ........... 2,000 1,993
Hershey Foods Corp., 6.70%, 10/1/05 ................. 1,710 1,749
IBM Corp., 4.13%, 6/30/05 ........................... 1,000 1,005
IBM Corp., 3.80%, 2/1/08 ............................ 1,000 1,005
Keycorp, 2.75%, 2/27/07, MTN ........................ 2,000 1,958
Continued
Shares
or
Principal
Amount Value
----------- --------
CORPORATE BONDS, continued
Lehman Brothers Holdings, Inc.,
3.50%, 8/7/08 ..................................... $ 2,000 $ 1,970
Lowe's Cos., Inc., 6.38%, 12/15/05 .................. 1,000 1,025
McDonald's Corp., 3.88%, 8/15/07, MTN ............... 3,000 3,000
Merrill Lynch & Co.,, 4.13%, 9/10/09 ................ 4,000 3,995
Morgan Stanley Dean Witter and Co.,
6.10%, 4/15/06 .................................... 3,500 3,609
National City Bank of Indiana, 2.38%,
8/15/06 ........................................... 2,000 1,965
Nationwide Life Global Fund, 2.75%,
5/15/07 (b) ....................................... 2,000 1,955
New York Times Co., 7.63%, 3/15/05 .................. 2,000 2,010
New York Times Co., 4.63%, 6/25/07,
MTN ............................................... 2,000 2,038
Northern Trust Co., 6.70%, 9/15/05 .................. 1,725 1,760
Ontario, 3.35%, 7/16/07 ............................. 3,000 2,978
Pacific Life Global Funding, 3.75%,
1/15/09 (b) ....................................... 1,000 987
Premium Asset Trust, 2.86%, 10/8/09 ................. 2,000 2,000
Procter & Gamble Co., 3.50%, 12/15/08 ............... 1,000 992
Protective Life Secured Trusts, 4.00%,
10/7/09, MTN ...................................... 2,000 1,980
R.R. Donnelley & Sons Co., 5.00%,
11/15/06 .......................................... 1,000 1,019
Sears Credit Account Master Trust,
6.75%, 9/16/09 .................................... 5,000 5,105
SLM Corp., 4.47%, 2/1/10 ............................ 2,000 1,985
Smith Enron, 5.97%, 12/15/06 ........................ 413 415
St. Paul Cos., Inc., 5.75%, 3/15/07 ................. 2,500 2,591
SunTrust Banks, Inc., 6.90%, 7/1/07 ................. 510 547
SunTrust Banks, Inc., 6.25%, 6/1/08 ................. 1,000 1,076
Sysco Corp., 4.75%, 7/30/05 ......................... 1,500 1,513
Sysco Corp., 7.25%, 4/15/07 ......................... 1,115 1,197
Target Corp., 7.50%, 2/15/05 ........................ 1,000 1,001
Target Corp., 3.38%, 3/1/08 ......................... 800 791
Toyota Motor Credit Corp., 5.65%, 1/15/07 ........... 3,000 3,112
U.S. Bancorp, 2.75%, 3/30/06 ........................ 2,000 1,983
Unilever Capital Corp., 6.88%, 11/1/05 .............. 3,000 3,081
United Technologies Corp., 4.88%, 11/1/06 ........... 2,000 2,048
UnitedHealth Group, Inc., 5.20%, 1/17/07 ............ 1,000 1,028
UnitedHealth Group, Inc., 3.38%, 8/15/07 ............ 1,035 1,024
Univision Communications, Inc., 2.88%,
10/15/06 .......................................... 1,500 1,477
USAA Capital Corp., 4.00%, 12/10/07,
MTN (b) ........................................... 2,200 2,216
Vulcan Materials Co., 6.40%, 2/1/06 ................. 2,500 2,582
Wal-Mart Stores, Inc., 5.45%, 8/1/06 # .............. 2,000 2,063
Wells Fargo & Co., 2.58%, 9/15/06 (c) ............... 1,000 1,001
--------
TOTAL CORPORATE BONDS ............................... 141,910
--------
Continued
44
- -----------------------------------------
LIMITED TERM BOND FUND
Schedule of Portfolio Investments
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
- -----------------------------------------
Shares
or
Principal
Amount Value
---------- --------
U.S. TREASURY OBLIGATIONS (18.2%)
2.00%, 5/15/06 # ................................ $ 11,000 $ 10,863
2.25%, 2/15/07 # ................................ 26,000 25,484
3.88%, 5/15/09 # ................................ 4,000 4,044
--------
TOTAL U.S. TREASURY
OBLIGATIONS ................................... 40,391
--------
U.S. GOVERNMENT AGENCIES (17.1%)
Fannie Mae (4.5%)
7.00%, 7/15/05 .................................. 5,000 5,095
3.41%, 8/30/07, Callable 9/1/05 @100 ............ 5,000 4,966
--------
10,061
--------
Federal Farm Credit Bank (3.1%)
2.38%, 12/23/05, Callable 2/11/05 @ 100 ......... 5,000 4,956
2.70%, 11/24/06 ................................. 2,000 1,974
--------
6,930
--------
Federal Home Loan Bank (3.1%)
2.38%, 9/16/05 (c) .............................. 2,000 2,000
2.25%, 10/18/05 ................................. 2,000 1,990
2.38%, 8/15/06 # ................................ 10,000 9,857
--------
13,847
--------
Freddie Mac (2.7%)
3.75%, 8/3/07 # ................................. 6,000 6,000
--------
Government National Mortgage Assoc. (0.5%)
7.50%, 4/15/09 - 8/15/11 ........................ 336 355
8.00%, 12/15/07 - 4/15/10 ....................... 649 689
8.50%, 9/15/09 - 12/15/09 ....................... 91 99
--------
1,143
--------
TOTAL U.S. GOVERNMENT
AGENCIES ...................................... 37,981
--------
INVESTMENT COMPANIES (+)
Goldman Sachs Financial Square Prime
Obligations ................................... 67,336 67
--------
TOTAL INVESTMENT COMPANIES ...................... 67
--------
AFFILIATED SECURITIES (0.1%)
AmSouth Prime Money Market Fund ................. 123,778 124
AmSouth Treasury Reserve Money
Market Fund ................................... 730 1
--------
TOTAL AFFILIATED SECURITIES ..................... 125
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (21.2%)
BNY Institutional Cash Reserve Fund ............. 46,931,750 46,932
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ............................ 46,932
--------
TOTAL INVESTMENTS
(Cost $267,893)^ -- 120.6% .................... 267,406
Liabilities in excess of other assets --
(20.6%) ....................................... (45,639)
--------
NET ASSETS -- 100.0% ............................ $221,767
========
See notes to schedule of portfolio investments.
- ----------------------------------------
HIGH QUALITY BOND FUND
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
----------- --------
CORPORATE BONDS (47.1%)
Alabama Power Co., 7.13%, 10/1/07 .................. $ 1,700 $ 1,839
Alcoa, Inc., 7.38%, 8/1/10 ......................... 4,000 4,606
Allstate Financial Global Fund, 7.13%,
9/26/05 (b) ...................................... 1,000 1,025
Asif Global Financing, 3.85%, 11/26/07 (b) ......... 5,000 4,999
Baltimore Gas & Electric, 7.50%, 1/15/07 ........... 3,100 3,317
Bank One Corp., 7.00%, 7/15/05 ..................... 3,157 3,212
Bank One, Texas NA, 6.25%, 2/15/08 ................. 1,000 1,060
Bear Stearns Cos., Inc., 4.00%, 1/31/08 ............ 2,800 2,810
BellSouth Telecommunications, 6.50%,
6/15/05 .......................................... 3,500 3,544
Berkshire Hathaway, Inc., 3.38%,
10/15/08 (b) ..................................... 3,000 2,955
Black & Decker Corp., 4.75%, 11/1/14 ............... 4,500 4,472
Bottling Group, LLC, 2.45%, 10/16/06 ............... 5,500 5,404
Branch Banking & Trust, 4.88%, 1/15/13 ............. 4,500 4,561
British Columbia, 4.63%, 10/3/06 ................... 3,000 3,059
Caterpillar Financial Services Corp.,
2.50%, 10/3/06, MTN .............................. 2,100 2,064
Caterpillar Financial Services Corp.,
3.10%, 5/15/07, MTN # ............................ 2,300 2,273
Caterpillar, Inc., 6.55%, 5/1/11 # ................. 1,000 1,123
Chubb Corp., 6.15%, 8/15/05 ........................ 1,000 1,015
Chubb Corp., 6.00%, 11/15/11 ....................... 1,000 1,084
Clorox Co., 6.13%, 2/1/11 .......................... 500 548
Colgate-Palmolive Co., 5.34%, 3/27/06 .............. 4,400 4,499
Conoco, Inc., 6.35%, 4/15/09 # ..................... 1,000 1,090
DaimlerChrysler NA Holding Corp.,
6.50%, 11/15/13 .................................. 6,000 6,547
Devon Financing Corp., ULC, 6.88%,
9/30/11 .......................................... 5,000 5,656
Duke Energy Corp., 6.25%, 1/15/12 .................. 5,000 5,489
Emerson Electric Co., 6.30%, 11/1/05 ............... 1,500 1,532
Fifth Third Bank, 6.75%, 7/15/05 ................... 4,000 4,065
Fifth Third Bank, 2.70%, 1/30/07 ................... 1,000 982
First Data Corp., 4.70%, 11/1/06 # ................. 7,000 7,123
First Union Corp., 6.88%, 9/15/05 .................. 5,000 5,113
FleetBoston Financial Corp., 4.88%,
12/1/06 .......................................... 2,100 2,147
Ford Motor Credit Co., 6.25%, 12/8/05 .............. 3,485 3,557
General Electric Co., 5.00%, 2/1/13 ................ 12,000 12,387
General Motors Acceptance Corp.,
7.50%, 7/15/05 ................................... 3,000 3,049
General Motors Acceptance Corp.,
6.15%, 4/5/07 .................................... 2,000 2,030
General Motors Acceptance Corp.,
5.63%, 5/15/09 ................................... 5,000 4,893
Georgia Power Co., 4.00%, 1/15/11 .................. 3,000 2,927
GlaxoSmithKline Capital PLC, 2.38%,
4/16/07 .......................................... 1,000 977
GTE California, Inc., 7.65%, 3/15/07 ............... 1,000 1,073
GTE California, Inc., 6.70%, 9/1/09 ................ 1,500 1,631
Honeywell, Inc., 7.00%, 3/15/07 .................... 2,000 2,132
Continued
45
- ----------------------------------------
HIGH QUALITY BOND FUND
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
----------- -------
CORPORATE BONDS, continued
Hormel Foods Corp., 6.63%, 6/1/11 .............. $ 7,000 $ 7,893
Household Finance Corp., 6.50%, 1/24/06 ........ 5,000 5,151
IBM Corp., 5.38%, 2/1/09 ....................... 5,000 5,275
International Paper Co., 5.30%, 4/1/15 ......... 5,000 5,156
John Deere Capital Corp, 7.00%, 3/15/12 ........ 6,000 6,945
John Hancock Financial Services, Inc.,
5.63%, 12/1/08 ............................... 5,000 5,281
Kimberly-Clark Corp., 7.10%, 8/1/07 ............ 1,700 1,842
Lehman Brothers Holdings, Inc., 3.50%,
8/7/08 ....................................... 6,000 5,909
May Department Stores Co., 7.90%,
10/15/07 ..................................... 1,000 1,095
McDonald's Corp., 5.38%, 4/30/07, MTN .......... 2,000 2,075
McDonald's Corp., 5.35%, 9/15/08 ............... 5,500 5,782
McDonald's Corp., 6.00%, 4/15/11, MTN .......... 700 762
McDonnell Douglas Corp., 6.88%, 11/1/06 ........ 2,145 2,258
Mellon Funding Corp., 6.40%, 5/14/11 ........... 2,000 2,223
MetLife, Inc., 6.13%, 12/1/11 .................. 1,000 1,095
Morgan Stanley, 6.50%, 11/1/05 ................. 3,500 3,592
NationsBank Corp., 7.75%, 8/15/15 .............. 1,100 1,337
New York Times Co., 4.63%,
6/25/07, MTN ................................. 2,800 2,853
Nike, Inc., 5.50%, 8/15/06 ..................... 3,500 3,607
Northern Trust Co., 7.10%, 8/1/09 .............. 6,000 6,686
Pharmacia Corp., 5.75%, 12/1/05 ................ 2,600 2,655
Phillips Petroleum Co., 6.38%, 3/30/09 ......... 2,000 2,180
PPG Industries, Inc., 7.05%, 8/15/09 ........... 2,500 2,769
Protective Life Secured Trusts, 4.00%,
10/7/09, MTN ................................. 3,500 3,465
Prudential Funding LLC, 6.60%, (b)
5/15/08 ...................................... 6,000 6,473
Rockwell International Corp., 6.63%, 6/1/05..... 3,456 3,495
Sara Lee Corp., 6.15%, 6/19/08, MTN ............ 5,625 6,036
Sears Credit Account Master Trust,
6.75%, 9/16/09 ............................... 5,000 5,106
Smith Enron, 5.97%, 12/15/06 ................... 638 641
St. Paul Cos., Inc., 5.75%, 3/15/07 ............ 9,125 9,456
State Street Corp., 7.65%, 6/15/10 ............. 5,000 5,858
SunTrust Bank, Inc., 6.38%, 4/1/11 ............. 500 556
SunTrust Banks, Inc., 7.38%, 7/1/06 ............ 3,159 3,321
Sysco Corp., 4.75%, 7/30/05 .................... 2,500 2,522
Target Corp., 5.88%, 3/1/12 # .................. 3,500 3,837
Texaco Capital, 7.09%, 2/1/07 .................. 4,000 4,270
Unilever Capital Corp., 7.13%, 11/1/10 ......... 5,000 5,739
United Technologies Corp., 7.13%,
11/15/10 ..................................... 5,000 5,742
UnitedHealth Group, Inc., 5.00%, 8/15/14 ....... 5,000 5,074
US Bank NA, 3.75%, 2/6/09 ...................... 2,000 1,976
Vulcan Materials Co., 6.00%, 4/1/09 ............ 2,000 2,127
Wachovia Corp., 6.61%, 10/1/25 ................. 1,875 2,147
Wal-Mart Stores, Inc., 5.45%, 8/1/06 ........... 4,500 4,642
Wisconsin Electric Power, 6.63%, 11/15/06 ...... 3,500 3,679
-------
TOTAL CORPORATE BONDS .......................... 304,452
-------
Continued
Shares
or
Principal
Amount Value
----------- -------
U.S. TREASURY OBLIGATIONS (31.1%)
3.00%, 2/15/09 # ............................... $ 30,000 $29,363
4.25%, 11/15/13 # .............................. 38,000 38,431
7.50%, 11/15/16 # .............................. 19,000 24,535
6.25%, 8/15/23 # ............................... 64,900 77,856
5.50%, 8/15/28 # ............................... 28,000 31,306
-------
TOTAL U.S. TREASURY
OBLIGATIONS .................................. 201,491
-------
U.S. GOVERNMENT AGENCIES (19.7%)
Fannie Mae (10.1%)
1.92%, 7/6/05 .................................. 4,000 4,000
2.43%, 10/3/05 ................................. 4,000 4,000
2.63%, 1/19/07, Callable 1/19/05 @ 100 # ....... 10,000 9,847
7.13%, 3/15/07 ................................. 5,000 5,370
3.52%, 1/28/08, Callable 1/28/05 @ 100 ......... 5,000 4,979
3.75%, 9/15/08, Callable 9/15/05 @ 100 ......... 21,000 20,869
5.50%, 12/1/17 ................................. 11,114 11,482
6.00%, 7/1/33 .................................. 5,251 5,424
-------
65,971
-------
Federal Farm Credit Bank (0.3%)
2.32%, 10/3/05 ................................. 2,000 2,000
-------
Federal Home Loan Bank (0.8%)
2.38%, 8/15/06 # ............................... 5,000 4,929
-------
Freddie Mac (4.9%)
3.75%, 8/3/07 # ................................ 21,000 21,000
6.25%, 3/5/12, Callable 3/5/07 @ 100 ........... 10,000 10,425
-------
31,425
-------
Government National Mortgage Association (3.6%)
6.50%, 8/15/11 - 12/15/32 ...................... 18,312 19,301
7.00%, 9/15/11 - 5/15/32 ....................... 3,345 3,551
7.50%, 8/15/11 ................................. 108 115
8.00%, 5/15/10 ................................. 79 85
-------
23,052
-------
TOTAL U.S. GOVERNMENT
AGENCIES ..................................... 127,377
-------
MUNICIPAL BONDS (0.1%)
Georgia (0.1%)
Atlanta Downtown Development Lease
Revenue Bond, 6.88%, 2/1/21 .................. 800 963
-------
TOTAL MUNICIPAL BONDS .......................... 963
-------
INVESTMENT COMPANIES (0.4%)
Goldman Sachs Financial Square Prime
Obligations .................................. 2,343,843 2,344
-------
TOTAL INVESTMENT COMPANIES ..................... 2,344
-------
AFFILIATED SECURITIES (0.1%)
AmSouth Prime Money Market Fund ................ 925,472 926
AmSouth Treasury Reserve Money
Market Fund .................................. 9,490 9
-------
TOTAL AFFILIATED SECURITIES .................... 935
-------
Continued
46
- ---------------------------------------
HIGH QUALITY BOND FUND
Schedule of Portfolio Investments
- ---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
----------- --------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (13.1%)
BNY Institutional Cash Reserve Fund ......... $84,924,071 $ 84,924
--------
TOTAL SHORT-TERM SECURITIES
HELD AS COLLATERAL FOR
SECURITIES LENDING ........................ 84,924
--------
TOTAL INVESTMENTS
(Cost $696,403)^ -- 111.6% ................ 722,486
--------
Liabilities in excess of other assets --
(11.6%) ................................... (75,539)
--------
NET ASSETS -- 100.0% ........................ $646,947
========
See notes to schedule of portfolio investments.
---------------------------------------
HIGH QUALITY
MUNICIPAL BOND FUND
Schedule of Portfolio Investments
---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- -------
MUNICIPAL BONDS (99.1%)
Alabama (33.3%)
Alabama 21st Century Authority Tobacco
Settlement Revenue, 5.13%, 12/1/05 ......... $ 1,000 $ 1,013
Alabama 21st Century Authority Tobacco
Settlement Revenue, 5.25%, 12/1/06 ......... 1,000 1,031
Alabama State Agriculture & Mechanical
University, Revenue, 4.55%, 11/1/09,
Callable 5/1/08 @ 102, MBIA ................ 2,245 2,398
Alabama State Agriculture & Mechanical
University, Revenue, 4.65%, 11/1/10,
Callable 5/1/08 @ 102, MBIA ................ 2,355 2,512
Alabama State Public School & College
Authority, 5.13%, 11/1/14, Callable
11/1/08 @ 101.5, FSA ....................... 8,000 8,744
Alabama State Water Pollution Control
Authority, Revolving Fund, Series B,
5.25%, 8/15/08, Callable 8/15/06 @ 100,
AMBAC ...................................... 1,095 1,141
Alabama State Water Pollution Control
Authority, Revolving Fund, Series B,
5.38%, 8/15/10, Callable 8/15/06 @ 100,
AMBAC ...................................... 860 898
Alabama State Water Pollution Control
Authority, Revolving Fund, Series B,
5.40%, 8/15/11, Callable 8/15/06 @ 100,
AMBAC ...................................... 1,840 1,921
Alabama State Water Pollution Control
Authority, Revolving Fund, Series B,
5.50%, 8/15/16, Callable 8/15/06 @ 100,
AMBAC ...................................... 3,890 4,071
Alabama State, Series E, GO,
4.00%, 9/1/08 .............................. 2,855 2,986
Alabama State, Series E, GO,
4.00%, 9/1/09 .............................. 4,210 4,418
Athens, Warrants, GO,
1.85%, 2/1/06, MBIA ........................ 680 677
Athens, Warrants, GO,
2.35%, 2/1/07, MBIA ........................ 690 688
Auburn University, University Revenues,
General Fee, 5.00%, 6/1/13, Callable
6/1/12 @ 100, AMBAC ........................ 4,800 5,293
Auburn University, University Revenues,
General Fee, Series A, 5.50%, 6/1/12,
Callable 6/1/11 @ 100, MBIA ................ 2,125 2,400
Birmingham, Capital Improvements,
Series A, GO, 4.75%, 10/1/10,
Callable 4/1/08 @ 102 ...................... 1,340 1,434
Birmingham, Capital Improvements,
Series A, GO, 4.85%, 10/1/11,
Callable 4/1/08 @ 102 ...................... 1,430 1,527
Birmingham, Capital Improvements,
Series B, GO, 4.80%, 10/1/08,
Callable 4/1/07 @ 102 ...................... 1,040 1,106
Continued
47
- -----------------------------------------
HIGH QUALITY
MUNICIPAL BOND FUND
Schedule of Portfolio Investments
- -----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Alabama, continued
Birmingham, Industrial Water Board,
Industrial Water Supply, 5.40%, 3/1/05,
Callable 12/6/04 @ 101, OID, ETM ................. $ 1,000 $ 1,003
Birmingham, Industrial Water Board,
Industrial Water Supply, 5.50%, 3/1/06,
Prerefunded 3/1/05 @ 100, OID .................... 1,300 1,304
Birmingham, Industrial Water Board,
Industrial Water Supply, 6.20%, 7/1/08,
Prerefunded 1/1/07 @ 100 ......................... 1,885 1,975
Birmingham, Special Care Facilities Funding
Authority, Series D, 4.95%, 11/1/14,
Prerefunded 11/1/07 @ 100 ........................ 2,235 2,370
Clark & Mobile County, Gas District, 5.60%,
12/1/17, Callable 12/1/06 @ 102, MBIA ............ 1,045 1,124
Decatur, Warrants, Series A, GO,
2.25%, 12/1/05 ................................... 435 435
Decatur, Warrants, Series A, GO,
2.40%, 12/1/06 ................................... 205 205
Decatur, Warrants, Series A, GO,
2.50%, 12/1/07 ................................... 210 210
Decatur, Warrants, Series B, GO,
2.25%, 12/1/05 ................................... 215 215
Decatur, Warrants, Series B, GO,
2.40%, 12/1/06 ................................... 100 100
Decatur, Warrants, Series B, GO,
2.50%, 12/1/07 ................................... 140 140
Decatur, Warrants, Series C, GO,
2.50%, 8/1/05 .................................... 245 245
Decatur, Warrants, Series C, GO,
2.88%, 8/1/06 .................................... 200 201
Decatur, Warrants, Series C, GO,
2.88%, 8/1/07 .................................... 220 222
Decatur, Warrants, Series D, GO,
2.50%, 8/1/05 .................................... 580 581
Decatur, Warrants, Series D, GO,
2.88%, 8/1/06 .................................... 590 594
Decatur, Warrants, Series D, GO,
2.88%, 8/1/07 .................................... 610 615
Dothan, GO, 5.05%, 9/1/09, FSA ..................... 905 990
Dothan, GO, 5.10%, 9/1/10, Callable
9/1/09 @ 101, FSA ................................ 1,515 1,663
Florence Water, Series B, 4.70%, 12/1/13,
Callable 12/1/08 @ 102, FSA ...................... 1,025 1,089
Florence, Warrants, GO, 4.00%, 9/1/13, FSA ......... 1,340 1,396
Florence, Warrants, GO, 4.00%, 9/1/14,
Callable 3/1/14 @ 100, FSA ....................... 1,245 1,290
Florence, Warrants, Series A, GO,
4.35%, 12/1/07, FSA .............................. 390 409
Florence, Warrants, Series A, GO,
2.40%, 9/1/08, MBIA .............................. 1,370 1,353
Florence, Warrants, Series A, GO,
4.40%, 12/1/08, FSA .............................. 405 430
Florence, Warrants, Series A, GO,
4.50%, 12/1/09, FSA .............................. 425 456
Continued
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Alabama, continued
Florence, Warrants, Series A, GO, 4.60%,
12/1/10, Callable 12/1/08 @ 102, FSA ............. $ 445 $ 478
Florence, Warrants, Series B, GO, 4.35%,
12/1/07, FSA ..................................... 790 829
Florence, Warrants, Series B, GO, 4.40%,
12/1/08, FSA ..................................... 825 877
Florence, Warrants, Series B, GO, 4.50%,
12/1/09, Callable 12/1/08 @ 102, FSA ............. 865 928
Florence, Warrants, Series B, GO, 4.60%,
12/1/10, Callable 12/1/08 @ 102, FSA ............. 900 967
Homewood Board of Education, Warrants,
Capital Outlay, 4.00%, 2/1/10, FSA ............... 1,085 1,138
Homewood Board of Education, Warrants,
Capital Outlay, 4.00%, 2/1/11, FSA ............... 1,000 1,049
Homewood Board of Education, Warrants,
Capital Outlay, 4.00%, 2/1/12, FSA ............... 1,010 1,057
Huntsville, Series A, GO, 4.75%, 11/1/18,
Callable 11/1/08 @ 101 ........................... 1,445 1,533
Huntsville Electric, 4.60%, 12/1/09,
Callable 12/1/07 @ 102 ........................... 550 585
Huntsville Electric, 4.70%, 12/1/10,
Callable 12/1/07 @ 102 ........................... 660 701
Huntsville Electric, 4.80%, 12/1/11,
Callable 12/1/07 @ 102 ........................... 680 729
Huntsville, Warrants, Series B, GO,
4.10%, 11/1/07 ................................... 3,380 3,519
Huntsville, Water Treatment Systems,
Series A, GO, 5.13%, 5/1/20, Callable
5/1/12 @ 102, OID ................................ 1,895 2,075
Jefferson County, Warrants, GO,
5.10%, 2/15/10, FSA .............................. 1,000 1,100
Madison Water & Wastewater Board,
Water & Sewer Revenue, 4.60%,
12/1/11, AMBAC ................................... 725 776
Mobile County, Warrants, GO, 5.25%,
8/1/12, FSA ...................................... 6,165 6,954
Mobile County, Warrants, GO, 5.25%,
8/1/13, FSA ...................................... 3,440 3,900
Mobile, Warrants, GO, 4.85%, 2/15/09 ............... 1,505 1,554
Montgomery Downtown Redevelopment
Authority, Lease Revenue, 5.00%,
10/1/08, MBIA .................................... 1,895 2,044
Montgomery, Warrants, GO, 5.00%,
5/1/11, AMBAC .................................... 1,530 1,691
Montgomery, Warrants, GO, 5.25%,
5/1/12, AMBAC .................................... 2,545 2,865
Montgomery, Waterworks & Sanitation
Sewer Board, Water & Sewer Systems
Revenue, 5.50%, 9/1/08, Callable
9/1/06 @ 101, OID, MBIA .......................... 3,000 3,169
Montgomery, Waterworks & Sanitation
Sewer Board, Water & Sewer Systems
Revenue, 5.25%, 9/1/18, Callable
9/1/11 @ 101, AMBAC .............................. 4,125 4,571
Continued
48
----------------------------------------
HIGH QUALITY
MUNICIPAL BOND FUND
Schedule of Portfolio Investments
----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Alabama, continued
Shelby County Board of Education,
Warrants, Capital Outlay, 4.80%, 2/1/10,
Callable 2/1/09 @ 101, AMBAC ................... $ 1,005 $ 1,084
University of Alabama General Fee, 4.60%,
6/1/09, Unrefunded Portion, OID, MBIA .......... 890 942
University of Alabama General Fee, 4.60%,
6/1/09, Prerefunded 6/1/07 @ 102, OID,
MBIA ........................................... 310 331
University of Alabama General Fee, 4.70%,
6/1/10, Unrefunded Portion, OID, MBIA .......... 960 1,018
University of Alabama General Fee, 4.70%,
6/1/10, Prerefunded 6/1/07 @ 102, OID,
MBIA ........................................... 340 364
University of Alabama General Fee, 4.75%,
6/1/11, Prerefunded 6/1/07 @ 102, OID,
MBIA ........................................... 395 423
University of Alabama General Fee, 4.75%,
6/1/11, Unrefunded Portion, OID, MBIA .......... 1,105 1,175
University of South Alabama, University
Revenues, Tuition, 4.70%, 11/15/08,
Callable 5/15/06 @ 102, OID, AMBAC ............. 2,185 2,287
-------
117,586
-------
Arizona (3.0%)
Arizona School Facilities, Board Revenue,
State School Improvement, 5.50%, 7/1/10 3,000 3,381
Phoenix Arizona Civic Improvement
Corporation, Wastewater System Revenue,
5.25%, 7/1/14, MBIA ............................ 6,305 7,181
-------
10,562
-------
California (1.8%)
Franklin-McKinley School District, GO,
6.00%, 7/1/16, FSA ............................. 1,000 1,213
San Mateo County Transit District, Sales
Tax Revenue, Series A, 5.25%, 6/1/16,
Callable 6/1/09 @ 101, FSA ..................... 4,765 5,247
-------
6,460
-------
Colorado (1.9%)
Central Platte Valley Metropolitan District,
5.20%, 12/1/17, Prerefunded 12/1/09 @
101, OID, ACA .................................. 5,940 6,616
-------
Connecticut (1.8%)
Connecticut State, Special Tax Obligation
Revenue, 5.25%, 7/1/17, AMBAC .................. 5,385 6,242
-------
Florida (11.1%)
Collier County, GO, 5.00%, 1/1/13,
AMBAC .......................................... 3,805 4,257
Dade County, Series DD, GO, 7.70%,
10/1/08, AMBAC ................................. 1,760 2,064
Dade County, Series DD, GO, 7.70%,
10/1/12, AMBAC ................................. 1,000 1,272
Florida State Board of Education, Capital
Outlay, Series A, GO, 5.00%, 6/1/08 ............ 6,500 6,997
Continued
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Florida, continued
Jacksonville, Water & Sewer District,
Revenue, 5.00%, 10/1/20, Prerefunded
9/30/08 @ 101, OID, MBIA ....................... $ 9,550 $10,141
Key West Utilities Board, Electric Revenue,
6.00%, 10/1/13, AMBAC .......................... 2,450 2,919
Reedy Creek, Improvement District,
Series 1, 5.50%, 10/1/08, Callable
10/1/07 @ 101, AMBAC ........................... 8,070 8,745
Seminole County, Water and Sewer Revenue,
6.00%, 10/1/19, OID, ETM, MBIA ................. 2,060 2,494
-------
38,889
-------
Hawaii (1.1%)
Hawaii State, GO, 5.50%, 3/1/16,
Prerefunded 3/1/07 @ 102, FGIC ................. 3,625 3,920
-------
Illinois (0.5%)
Will County Forest Preservation District,
Series B, 0.00%, 12/1/18, OID, FGIC ............ 3,000 1,626
-------
Kentucky (0.6%)
Carrollton & Henderson Public Energy
Authority, Gas Revenue, Series A,
5.00%, 1/1/09, FSA ............................. 2,000 2,159
-------
Louisiana (0.4%)
Louisiana Local Government Environmental
Facilities, Community Development
Authority Revenue, Capital Projects &
Equipment Acquisition, 5.25%,
12/1/18, AMBAC ................................. 1,085 1,232
-------
Maryland (2.0%)
Prince Georges County, Series C, GO,
5.00%, 12/1/15, Callable 12/1/14 @ 100 ......... 2,045 2,290
Prince Georges County, Series E, GO,
5.00%, 12/1/15, Callable 12/1/14 @ 100 ......... 4,175 4,677
-------
6,967
-------
Minnesota (0.7%)
Centennial Independent School District No.
12, Series A, GO, 5.60%, 2/1/07, MBIA .......... 2,175 2,311
-------
Mississippi (0.3%)
Mississippi State, Series B, GO, 5.90%,
11/15/09, OID .................................. 1,000 1,134
-------
Missouri (0.6%)
Fort Zumalt School District, GO, 5.00%,
3/1/16, Callable 3/1/15 @ 100 .................. 1,955 2,177
-------
New Jersey (3.3%)
New Jersey State Highway Authority,
Garden State Parkway General Revenue,
5.50%, 1/1/13, ETM, FGIC ....................... 10,000 11,458
-------
Ohio (3.1%)
Ohio State Higher Education, Series A,
GO, 5.20%, 2/1/10 .............................. 9,700 10,725
-------
Oklahoma (0.5%)
Moore, GO, 5.75%, 4/1/12, MBIA ................... 1,530 1,753
-------
Continued
49
- -----------------------------------------
HIGH QUALITY
MUNICIPAL BOND FUND
Schedule of Portfolio Investments
- -----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Oregon (2.3%)
Salem, GO, 4.45%, 12/1/10, Callable
6/1/09 @ 100, OID, FSA ......................... $ 2,365 $ 2,504
Washington County Criminal Justice
Facilities, GO, 5.00%, 12/1/09, Callable
12/1/07 @ 100 .................................. 5,285 5,619
-------
8,123
-------
Pennsylvania (3.3%)
Pennsylvania State, GO, 5.38%, 7/1/17 ............ 10,000 11,596
-------
Rhode Island (1.0%)
Rhode Island State, Series A, GO, 5.75%,
9/1/13, Prerefunded 9/1/09 @ 101, FGIC ......... 3,065 3,475
-------
South Carolina (1.6%)
Beaufort County School District, Series B,
GO, 4.10%, 2/1/09, Callable 2/1/07 @
101, SCSDE ..................................... 5,525 5,721
-------
Tennessee (1.5%)
Metropolitan Government, Nashville &
Davidson County, Industrial Development
Board, Revenue, Multi-Family Housing,
Arbor, Series B, 7.50%, 11/15/10,
Prerefunded 5/15/10 @ 100 ...................... 2,050 2,498
Metropolitan Government, Nashville &
Davidson County, Industrial Development
Board, Revenue, Multi-Family Housing,
Arbor, Series C, 7.50%, 11/15/12,
Prerefunded 5/15/12 @ 100 ...................... 1,000 1,268
Tennessee State, Series B, GO, 5.00%,
5/1/15, Prerefunded 5/1/08 @ 100 ............... 1,500 1,611
-------
5,377
-------
Texas (10.6%)
Austin Texas, GO, 5.00%, 9/1/16, Callable
3/1/15 @ 100, MBIA ............................. 2,000 2,215
Dallas County, Series A, GO, 5.25%, 8/15/09 3,000 3,276
Harris County, Housing Financial Corp.,
Multi-Family Housing Revenue, Breton
Mill Partners, 7.00%, 3/1/07, Prerefunded
2/15/07 @ 100 .................................. 1,000 1,091
Katy Independent School District, Series A,
GO, 4.50%, 2/15/20, Callable 2/15/08 @
100, OID, PSF-GTD .............................. 3,600 3,637
Lubbock Health Facilities Development
Corp., Hospital Revenue, Methodist
Hospital, Series B, 6.75%, 12/1/10,
ETM, AMBAC ..................................... 1,000 1,193
Mesquite Independent School District, Series
A, GO, 4.70%, 8/15/08, Callable 8/15/07
@ 100, OID, PSF-GTD ............................ 4,000 4,190
Richardson Independent School District,
Series C, 4.75%, 2/15/22, Callable 2/15/08
@ 100, OID, PSF-GTD ............................ 1,000 1,014
San Antonio, Series A, GO, 4.75%, 2/1/19,
Prerefunded 2/1/09 @ 100, OID .................. 10 11
Continued
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Texas, continued
San Antonio, Series A, GO, 4.75%, 2/1/19,
Unrefunded Portion, Callable 2/1/09 @
100, OID ....................................... $ 1,580 $ 1,659
Texas State, Public Finance Authority,
Series A, GO, 5.25%, 10/1/08 ................... 7,965 8,680
University of Texas, 4.60%, 7/1/08,
Callable 7/1/06 @ 100, OID, PUFG ............... 3,575 3,672
University of Texas, Series B, 4.25%,
8/15/09, Prerefunded 8/15/07 @ 100, OID 5,455 5,696
Whitehouse Independent School District,
GO, 4.80%, 2/15/12, Callable 2/15/08 @
100, OID, PSF-GTD .............................. 1,000 1,043
-------
37,377
-------
Utah (2.6%)
Davis County, School District, GO, 4.38%,
6/1/08, School Board Guaranty .................. 4,805 5,071
Jordan School District, GO, 4.80%, 6/15/08,
Prerefunded 6/15/07 @ 100, OID, SBG ............ 3,810 4,017
-------
9,088
-------
Virginia (3.2%)
Virginia College Building Authority,
Series A, 5.00%, 9/1/12, Prerefunded
9/1/07 @ 101, OID .............................. 2,000 2,144
Virginia State, GO, 5.00%, 6/1/08,
Prerefunded 6/1/07 @ 100 ....................... 5,000 5,291
Virginia State, Public School Authority,
Series S, 5.25%, 8/1/09 ........................ 3,500 3,857
-------
11,292
-------
Washington (6.2%)
King & Snohomish County School District,
School District No. 417 - Northshore, GO,
5.00%, 6/1/16, Callable 6/1/15 @ 100,
FSA, SBG ....................................... 3,000 3,317
King County Public Hospital District
No. 002, GO, 5.25%, 12/1/13, Callable
12/1/08 @ 101, MBIA ............................ 1,095 1,198
King County School District No. 406,
South Central, GO, 5.00%, 12/1/17,
Callable 12/1/14 @ 100, FSA, SBG ............... 3,000 3,265
Snohomish County, GO, 3.13%,
12/1/11, OID ................................... 1,225 1,214
Washington State, GO, 5.75%, 9/1/08, OID ......... 6,500 7,164
Washington State, Series 2-A, GO, 5.00%,
7/1/10, FSA .................................... 5,000 5,487
-------
21,645
-------
Wisconsin (0.8%)
Wisconsin State Health & Educational
Facilities Authority, Revenue, Wheaton
Franciscan Services, Inc., 6.10%, 8/15/09,
OID, MBIA ...................................... 2,420 2,732
-------
TOTAL MUNICIPAL BONDS ............................ 348,243
-------
Continued
50
- ----------------------------------------
HIGH QUALITY
MUNICIPAL BOND FUND
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- --------
INVESTMENT COMPANIES (1.0%)
Goldman Sachs Tax-Free Money
Market Fund .......................... $3,578,873 $ 3,579
--------
TOTAL INVESTMENT COMPANIES ............. 3,579
--------
AFFILIATED SECURITIES (+)
AmSouth Tax-Exempt Money
Market Fund .......................... 165,266 165
--------
TOTAL AFFILIATED SECURITIES ............ 165
--------
TOTAL INVESTMENTS
(Cost $333,907)^ -- 100.1%............ 351,987
Liabilities in excess of other assets --
(0.1%) ............................... (381)
--------
NET ASSETS -- 100.0% ................... $351,606
========
See notes to schedule of portfolio investments.
---------------------------------------
FLORIDA TAX-EXEMPT FUND
Schedule of Portfolio Investments
---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- -------
MUNICIPAL BONDS (95.4%)
Florida (95.4%)
Altamonte Springs, Health Facilities
Authority, Hospital Revenue, Series 1,
5.60%, 10/1/10, ETM .............................. $ 545 $ 621
Boca Raton, GO, 3.38%, 7/1/15, Callable
7/1/14 @ 100, OID ................................ 1,085 1,061
Boynton Beach, Community Redevelopment
Agency, Tax Increment Revenue, 5.00%,
10/1/17, Callable 10/1/14 @ 100, MBIA ............ 1,165 1,286
Broward County Gas Tax Revenue,
5.25%, 9/1/09 .................................... 500 552
Broward County, Series B, GO,
5.00%, 1/1/09 .................................... 800 868
Broward County, Series B, GO,
5.00%, 1/1/10 .................................... 1,000 1,097
Clearwater Utility Revenue, ETM,
6.10%, 12/1/07 ................................... 700 770
Collier County, Gas Tax Revenue, 5.25%,
6/1/14, Callable 6/1/13 @ 100, AMBAC ............. 1,200 1,350
Collier County, GO, 5.00%, 1/1/13, AMBAC 1,000 1,119
Dade County School Board, Certificates
of Participation, Series C, 5.25%,
8/1/06, FSA ...................................... 750 781
Dade County School District, GO, 5.00%,
2/15/14, Callable 2/15/07 @ 101, MBIA ............ 1,000 1,058
Escambia County Utility Authority, Utility
System Revenue, 5.00%, 1/1/08, FGIC .............. 1,000 1,068
Florida Housing Finance Agency,
Homeowner Mortgages, Series 1A, 5.65%,
1/1/09, Callable 1/1/06 @ 102, FHA ............... 365 379
Florida State Board of Education, Lottery
Revenue, Series B, 5.25%, 7/1/09,
Callable 7/1/08 @ 101, FGIC ...................... 1,000 1,090
Florida State Board of Education, Lottery
Revenue, Series C, 5.00%, 1/1/14,
Callable 1/1/13 @101, MBIA ....................... 1,000 1,112
Florida State Board of Education, Series A,
GO, 5.00%, 1/1/15, Callable 1/1/08 @ 101 ......... 1,000 1,062
Florida State Board of Education, Series B,
GO, 5.38%, 6/1/08, Callable 6/1/07 @ 101 ......... 1,000 1,074
Florida State Department of Environmental
Protection and Preservation, Revenue,
Florida Forever, Series B, 5.00%,
7/1/10, MBIA ..................................... 2,000 2,206
Florida State Department of Transportation,
Right of Way, Series B, GO, 5.50%,
7/1/08, Callable 7/1/07 @ 101, OID ............... 3,310 3,572
Florida State Division of Bond Finance,
Department of General Services
Revenues, Preservation 2000, Series A,
5.00%, 7/1/12, Callable 7/1/07 @ 101,
OID, AMBAC ....................................... 2,000 2,133
Florida State Turnpike Authority, Turnpike
Revenue, Department of Transportation,
Series A, 5.50%, 7/1/11, 101, FGIC ............... 1,000 1,024
Continued
51
- ----------------------------------------
FLORIDA TAX-EXEMPT FUND
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Florida, continued
Florida State, Senior Lien, Jacksonville
Transportation, GO, 5.25%, 7/1/15,
Callable 7/1/07 @ 101 ........................... $ 1,000 $ 1,070
Florida Water PCR, 5.50%, 1/15/14,
Callable 7/15/11 @ 100 .......................... 1,000 1,129
Hillsborough County, Capital Improvement,
County Center Project, Series B,
5.00%, 7/1/13, Callable 7/1/06 @ 102,
OID, MBIA ....................................... 1,000 1,055
Jacksonville Water & Sewer Systems
Revenue, Series B, 5.25%, 10/1/09, FSA .......... 1,000 1,104
Jacksonville, Sales Tax Revenue,
5.00%, 10/1/09, AMBAC ........................... 1,000 1,096
Key West Utilities Board, Electric Revenue,
6.00%, 10/1/13, AMBAC ........................... 1,500 1,787
Lee County Florida Tourist Development
Tax Revenue, 5.25%, 10/1/16, MBIA ............... 665 766
Lee County Transportation Facilities,
Revenue, Series A, 5.50%, 10/1/11,
AMBAC ........................................... 1,500 1,712
Manatee County School Board, Certificates
of Participation, 5.75%, 7/1/09,
Prerefunded 7/1/06 @ 102, OID, MBIA ............. 500 533
Marco Island Utilities System Revenue,
5.25%, 10/1/14, Callable 10/1/13 @ 100,
MBIA ............................................ 600 677
Miami Beach Water & Sewer Revenue,
5.38%, 9/1/08, Callable 9/1/05 @ 102,
OID, FSA ........................................ 1,000 1,038
Miami-Dade County Educational Facilities
Authority Revenue, Series A, 5.75%,
4/1/13, Callable 4/1/10 @ 101, AMBAC ............ 1,060 1,202
Okeechobee Utility Authority, Utility
System Revenue, 5.25%, 10/1/14,
Callable 10/1/09 @ 101, FSA ..................... 1,675 1,851
Orange County, Health Facilities Authority
Revenue, 5.00%, 1/1/16, Callable
1/1/15 @ 100 .................................... 1,025 1,138
Orange County, Sales Tax Revenue, 4.80%,
1/1/17, Callable 1/1/07 @ 101, OID, FGIC ........ 1,000 1,026
Orange County, Tourist Development, Tax
Revenue, 5.00%, 10/1/08, AMBAC .................. 1,500 1,624
Orlando Utilities Commission, Water &
Electric Revenue, Series B, 5.10%,
10/1/11, Callable 10/1/06 @ 100, OID ............ 1,500 1,565
Palm Beach County, Criminal Justice
Facilities, 5.38%, 6/1/10, OID, FGIC ............ 1,000 1,120
Palm Beach County, Criminal Justice
Facilities Revenue, 5.00%, 6/1/12 ............... 1,095 1,221
Palm Beach County, Public Improvement
Revenue, 2.80%, 8/1/11, OID ..................... 1,225 1,190
Palm Beach County, Public Improvement
Revenue, 5.00%, 8/1/13 .......................... 260 290
Continued
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Florida, continued
Palm Beach County, Public Improvement
Revenue, 5.00%, 8/1/16, Callable
08/01/14 @ 100 .................................. $ 1,000 $ 1,106
Polk County, School District Sales Tax
Revenue, 5.25%, 10/1/14, FSA .................... 1,000 1,141
South Florida, Water Management District,
Special Obligation, Land Acquisition,
5.25%, 10/1/13, AMBAC ........................... 1,000 1,137
St. Petersburg Excise Tax Revenue,
5.15%, 10/1/12, FGIC ............................ 760 857
St. Petersburg Utility Tax Revenue,
5.00%, 6/1/08, AMBAC ............................ 1,145 1,233
Tallahasee Capital Bonds, 5.00%,
10/1/14, FSA .................................... 500 560
Tampa Bay Occupational License Tax,
Series A, 5.38%, 10/1/14, Callable
10/1/12 @100, FGIC .............................. 1,000 1,131
Tampa Bay Water Utility System Revenue,
5.00%, 10/1/11, FGIC ............................ 1,000 1,112
Tampa Bay Water Utility System Revenue,
Series A, 4.40%, 10/1/10, Callable
10/1/08 @ 101, OID, FGIC ........................ 550 582
Tampa-Hillsborough County, Expressway,
5.00%, 7/1/10, Callable 7/1/07 @ 101,
AMBAC ........................................... 1,000 1,066
Volusia County Sales Tax Revenue, 5.00%,
10/1/13, Callable 10/1/08 @ 101, MBIA ........... 1,000 1,084
-------
60,486
-------
TOTAL MUNICIPAL BONDS ............................. 60,486
-------
INVESTMENT COMPANIES (2.8%)
Dreyfus Florida Money Market Fund ................. 1,775,807 1,776
-------
TOTAL INVESTMENT COMPANIES ........................ 1,776
-------
AFFILIATED SECURITIES (1.0%)
AmSouth Tax-Exempt Fund ........................... 631,688 632
-------
TOTAL AFFILIATED SECURITIES ....................... 632
-------
TOTAL INVESTMENTS
(Cost $60,390)^ -- 99.2% ........................ 62,894
Other assets in excess of liabilities -- 0.8% ..... 508
-------
NET ASSETS -- 100.0% .............................. $63,402
=======
See notes to schedule of portfolio investments.
52
---------------------------------------
TENNESSEE TAX-EXEMPT FUND
Schedule of Portfolio Investments
---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
---------- -------
MUNICIPAL BONDS (93.9%)
Anderson County, GO, 5.00%, 4/1/09, FSA ........... $ 1,055 $ 1,137
Chattanooga, GO, 5.00%, 9/1/13,
Prerefunded 9/1/06 @101, OID, FGIC .............. 100 105
Chattanooga, Series A, GO, 5.00%, 11/1/06 ......... 1,000 1,045
Clarksville, Water Sewer & Gas Revenue,
5.15%, 2/1/14, FSA .............................. 1,570 1,770
Dickson County, Public Improvements &
Schools, GO, 5.25%, 4/1/16, Callable
4/1/10 @ 100, OID, FSA .......................... 1,000 1,110
Franklin Special School District, GO,
5.00%, 6/1/10 ................................... 1,020 1,119
Germantown, GO, 4.50%, 8/1/05 ..................... 500 506
Hamilton County, GO, 5.00%, 11/1/11,
Callable 11/1/08 @ 101 .......................... 1,000 1,086
Johnson City, GO, 4.70%, 6/1/12,
OID, FGIC ....................................... 1,000 1,091
Knox County Health Educational & Housing
Facility Board, Hospital Facilities
Revenue, Fort Sanders Alliance, 7.25%,
1/1/08, MBIA .................................... 750 843
Knoxville, Water Revenue, 5.00%, 3/1/13,
Callable 3/1/10 @ 100, MBIA ..................... 1,000 1,086
Marion County, GO, 5.00%, 4/1/11,
AMBAC ........................................... 1,000 1,105
Memphis, GO, 6.00%, 11/1/06 ....................... 1,000 1,062
Metropolitan Government, Nashville &
Davidson County, Electric Revenue,
Series B, 5.50%, 5/15/12 ........................ 1,000 1,141
Metropolitan Government, Nashville &
Davidson County, Electric Revenue,
Series B, 5.50%, 5/15/14 ........................ 1,000 1,157
Metropolitan Government, Nashville &
Davidson County, GO, 5.00%, 12/1/06 ............. 600 628
Metropolitan Government, Nashville &
Davidson County, GO, 6.00%, 12/1/09 ............. 1,500 1,709
Metropolitan Government, Nashville &
Davidson County, Health & Education
Facilities Board Revenue, The Vanderbilt
University, Series A, 6.00%, 7/1/07 ............. 500 540
Metropolitan Nashville Airport Authority,
Airport Revenue Improvement, Series A,
6.63%, 7/1/07, FGIC ............................. 500 546
Oak Ridge, GO, 5.00%, 4/1/13, Callable
4/1/11 @ 100, AMBAC ............................. 1,000 1,093
Putnam County Schools, GO, 5.50%, 4/1/19,
OID, Prerefunded 4/1/10 @ 100, FGIC ............. 1,000 1,122
Rutherford County, Capital Outlay Notes,
Series A, GO, 6.50%, 5/1/06 ..................... 1,050 1,104
Rutherford County, Public Improvements,
GO, 5.40%, 4/1/13, Prerefunded 4/1/06 @
100, OID ........................................ 1,000 1,036
Continued
Shares
or
Principal
Amount Value
---------- -------
MUNICIPAL BONDS, continued
Shelby County Health Educational &
Housing Facility Board, Hospital Revenue,
Methodist Health Systems, Inc., 6.25%,
8/1/07, MBIA .................................... $ 3,500 $ 3,816
Shelby County, Public Improvements,
Series A, GO, 5.88%, 6/1/20, Prerefunded
6/1/06 @ 100, OID ............................... 1,500 1,570
Shelby County, Series B, GO, 5.25%,
12/1/10, Callable 12/1/06 @ 101, OID ............ 1,000 1,059
Sullivan County Schools, GO, 5.00%,
5/1/16, Callable 5/1/15@102, AMBAC .............. 500 562
Tennessee Housing Development Agency,
Housing Revenue, Series A, 4.90%,
7/1/16, Callable 7/1/13@100 ..................... 1,000 1,067
Tennessee State School Board Authority,
Higher Educational Facilities, Series A,
5.00%, 5/1/11, FSA .............................. 2,000 2,210
Tennessee State, GO, 5.00%, 5/1/09,
Callable 5/1/07 @ 101.5, OID .................... 500 533
Williamson County, GO, 6.00%, 3/1/08, OID 500 550
Williamson County, GO, 5.00%, 3/1/11 .............. 1,000 1,105
Williamson County, GO, 5.10%, 3/1/14,
Prerefunded 3/1/10 @ 100, OID ................... 550 606
-------
TOTAL MUNICIPAL BONDS ............................. 36,219
-------
INVESTMENT COMPANIES (1.2%)
AIM Tax-Free Money Market Fund .................... 448,219 448
-------
TOTAL INVESTMENT COMPANIES ........................ 448
-------
AFFILIATED SECURITIES (0.8%)
AmSouth Tax-Exempt Fund ........................... 309,913 310
-------
TOTAL AFFILIATED SECURITIES ....................... 310
-------
TOTAL INVESTMENTS
(Cost $35,463)^ -- 95.9% ........................ 36,977
Other assets in excess of liabilities -- 4.1% ..... 1,567
-------
NET ASSETS -- 100.0% .............................. $38,544
=======
See notes to schedule of portfolio investments.
53
- ---------------------------------------
PRIME MONEY MARKET FUND
Schedule of Portfolio Investments
- ---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares or
Principal
Amount Value
------- --------
COMMERCIAL PAPER -- DOMESTIC* (53.6%)
Abbey National North America LLC,
2.33%, 2/11/05 ................................... $17,000 $ 16,989
AIG Funding, Inc., 2.36%, 2/22/05 .................. 17,000 16,977
Alfa Corp., 2.25%, 2/2/05 .......................... 17,000 16,999
American Express Co., 2.40%, 2/24/05 ............... 17,000 16,974
American General Corp., 2.40%, 2/25/05 ............. 17,000 16,973
Anheuser-Busch Cos., Inc., 2.56%, 4/12/05 18,000 17,911
Bank of America Corp., 2.38%, 3/8/05 ............... 18,000 17,959
Bear Stearns Cos., Inc., 2.32%, 2/7/05 ............. 18,000 17,992
Citicorp, 2.55%, 4/1/05 ............................ 18,000 17,925
Credit Suisse First Boston, 2.45%, 3/10/05 ......... 17,000 16,957
General Electric Capital Corp.,
2.27%, 2/17/05 ................................... 20,000 19,980
Goldman Sachs Group, Inc.,
2.41%, 2/23/05 ................................... 17,000 16,975
Morgan Stanley Dean Witter and Co.,
2.42%, 2/18/05 ................................... 18,000 17,980
Pfizer, Inc., 2.62%, 5/5/05 ........................ 16,000 15,893
Societe Generale North America,
2.39%, 3/9/05 .................................... 18,000 17,957
Toyota Motor Credit Corp., 2.48%, 4/4/05 ........... 17,000 16,928
UBS Financial Services, Inc.,
2.25%, 2/3/05 .................................... 18,000 17,998
--------
TOTAL COMMERCIAL PAPER --
DOMESTIC ......................................... 297,367
--------
U.S. GOVERNMENT AGENCIES* (22.4%)
Fannie Mae (9.5%)
2.17%, 2/4/05 ...................................... 18,000 17,997
2.42%, 3/16/05 ..................................... 18,000 17,948
2.47%, 4/11/05 ..................................... 17,000 16,920
--------
52,865
--------
Federal Home Loan Bank (3.2%)
2.56%, 4/20/05 ..................................... 18,000 17,901
--------
Freddie Mac (9.7%)
2.25%, 2/15/05 ..................................... 18,000 17,985
2.36%, 3/1/05 ...................................... 19,000 18,966
2.49%, 4/26/05 ..................................... 17,000 16,902
--------
53,853
--------
TOTAL U.S. GOVERNMENT
AGENCIES ......................................... 124,619
--------
REPURCHASE AGREEMENTS (24.2%)
Morgan Stanley, 2.50%, 2/1/05, dated
1/31/05, with maturity value of $67,320 .......... 67,316 67,316
Wachovia, 2.51%, 2/1/05, dated
1/31/05, with maturity value of $67,320 .......... 67,315 67,315
--------
TOTAL REPURCHASE
AGREEMENTS ....................................... 134,631
--------
TOTAL INVESTMENTS
(Cost $556,617)^^ -- 100.2% ...................... 556,617
Liabilities in excess of other assets -- (0.2%) (1,133)
--------
NET ASSETS -- 100.0% ............................... $555,484
========
See notes to schedule of portfolio investments.
---------------------------------------
TREASURY RESERVE
MONEY MARKET FUND
Schedule of Portfolio Investments
---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Principal
Amount Value
------ --------
U.S. TREASURY BILLS* (37.2%)
1.88%, 2/3/05 # .................................... $7,000 $ 7,000
1.94%, 2/10/05 # ................................... 5,000 4,998
2.05%, 2/17/05 ..................................... 5,000 4,995
2.11%, 3/3/05 ...................................... 5,000 4,991
2.14%, 2/24/05 # ................................... 6,000 5,992
2.15%, 3/31/05 # ................................... 6,000 5,979
2.18%, 3/24/05 ..................................... 6,000 5,982
2.20%, 3/10/05 # ................................... 6,000 5,986
2.26%, 4/14/05 ..................................... 6,000 5,973
2.35%, 4/21/05 ..................................... 6,000 5,969
2.39%, 5/5/05 ...................................... 6,000 5,963
2.50%, 5/12/05 ..................................... 6,000 5,959
--------
TOTAL U.S. TREASURY BILLS .......................... 69,787
--------
REPURCHASE AGREEMENTS (63.0%)
Deutsche Bank, 2.43%, 2/1/05, dated
1/31/05 with a maturity value of $46,803 ......... 46,800 46,800
Morgan Stanley, 2.41%, 2/1/05, dated
1/31/05 With a maturity value of $24,569 ......... 24,567 24,567
Wachovia, 2.43%, 2/1/05, dated 1/31/05
With a maturity value of $46,803 ................. 46,800 46,800
--------
TOTAL REPURCHASE AGREEMENTS ........................ 118,167
--------
SHORT-TERM SECURITIES HELD
AS COLLATERAL FOR
SECURITIES LENDING (7.9%)
Goldman Sachs & Co. Repurchase
Agreement, 2.50%, 2/1/05, dated 1/31/05,
with a maturity value of $14,852 ................. 14,851 14,851
--------
TOTAL SHORT-TERM SECURITES
HELD AS COLLATERAL FOR
SECURITIES LENDING ............................... 14,851
--------
TOTAL INVESTMENTS
(Cost $202,805)^^ -- 108.1% ...................... 202,805
Liabilities in excess of other assets --
(8.1%) ........................................... (15,244)
--------
NET ASSETS -- 100.0% ............................... $187,561
========
See notes to schedule of portfolio investments.
54
---------------------------------------
TAX-EXEMPT MONEY
MARKET FUND
Schedule of Portfolio Investments
---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
---------- --------
DEMAND NOTES (c) (83.7%)
Alabama (4.9%)
Alabama Housing Finance Authority,
Multi-Family Housing Revenue, Rime
Village Huntsville Project, Series B,
1.89%, 6/15/26, FNMA .......................... $ 1,500 $ 1,500
Mobile Industrial Development Board,
PCR, Alabama Power Co. Project, Series
B 1.89%, 8/1/17 ............................... 2,000 2,000
Port City Medical Clinic Board, Revenue,
Infirmary Health, Series B, 1.86%,
2/1/25, AMBAC, SPA: The Bank of
Nova Scotia and KBC Bank NV ................... 2,000 2,000
Special Care Facilities Financing
Authority, Montgomery Hospital Revenue,
1.73%, 4/1/15, FGIC, SPA:SPI .................. 1,400 1,400
--------
6,900
--------
Arizona (2.4%)
Phoenix Industrial Development Authority,
Multi-Family Housing Revenue,
Del Mar Terrace, Series A, 1.85%,
10/1/29, FHLMC ................................ 3,450 3,450
--------
California (2.0%)
State Economic Recovery, Revenue,
Series C-5, 1.82%, 7/1/23, SPA:
Bank of America NA ............................ 2,885 2,885
--------
Colorado (1.1%)
Colorado Health Facilities Authority,
Revenue, North Colorado Medical
Center, 1.77%, 5/15/20, MBIA, SPA:
Dexia Bank .................................... 1,600 1,600
--------
Connecticut (4.3%)
Connecticut State Health & Educational
Facilities Authority, Revenue, Yale
University, Series T-1, 1.92%, 7/1/29 ......... 5,000 5,000
Connecticut State Health & Educational
Facilities Authority, Revenue, Yale
University, Series V-1, 1.97%, 7/1/36 ......... 1,000 1,000
--------
6,000
--------
District of Columbia (1.3%)
District of Columbia Institute for
International Economics, Revenue,
1.85%, 6/1/25, LOC: SunTrust Bank ............. 1,800 1,800
--------
Florida (7.8%)
Broward County Educational Facilities
Authority, Nova Southeastern University,
Revenue, 1.91%, 4/1/24, LOC: Bank of
America NA .................................... 3,200 3,200
Continued
Shares
or
Principal
Amount Value
---------- --------
DEMAND NOTES (c), continued
Florida, continued
Hillsborough County Industrial
Development Authority, Goodwill
Industries, Suncoast Project, 1.85%,
11/1/21, LOC: SunTrust Bank ................... $ 3,000 $ 3,000
Orange County Housing Finance Authority,
Multi-Family Housing Revenue,
Post Lake Apartments Project, 1.85%,
6/1/25, FNMA .................................. 1,915 1,915
Sarasota County Public Hospital Board,
Revenue, Sarasota Memorial Hospital,
Series A, 1.97%, 7/1/37, AMBAC ................ 2,925 2,925
--------
11,040
--------
Georgia (12.9%)
Appling County, Development Authority,
PCR, Georgia Power Co., 1.91%, 9/1/29 ......... 1,900 1,900
Burke County Development Authority,
PCR, Oglethorpe Power Corp., Series A,
1.91%, 1/1/20, AMBAC, SPA: Morgan
Guaranty Trust ................................ 1,400 1,400
Burke County Development Authority,
PCR, Oglethorpe Power Corporation
Project, Series C, 1.91%, 1/1/18, MBIA,
SPA: JP Morgan Chase Bank ..................... 4,500 4,500
Cobb County Housing Authority, Multi-
Family Housing Revenue, Post Mill
Project, 1.85%, 6/1/25, FNMA .................. 1,000 1,000
Fulton County Development Authority,
Revenue, Lovett School Project, 1.85%,
7/1/26, LOC: SunTrust Bank .................... 2,200 2,200
Macon-Bibb County Georgia Hospital
Authority, Revenue Anticipation
Certificates, 1.91%, 5/1/30, LOC:
SunTrust Bank ................................. 1,000 1,000
Monroe County Development Authority,
PCR, Oglethorpe Power Corp., Series B,
1.91%, 1/1/20, AMBAC, SPA: Morgan
Guaranty Trust ................................ 1,000 1,000
Municipal Electric Authority, Revenue,
Project One, Sub-Series D, 1.80%,
1/1/20, MBIA, LOC: Bayerische
Landesbank, US Bank Trust NA,
Westdeutsche Landesbank, Landesbank
Hessen-Thueringen ............................. 5,000 5,000
--------
18,000
--------
Idaho (0.9%)
Health Facilities Authority, St. Luke's
Medical Center, Revenue, 1.82%, 7/1/30,
FSA, SPA: Harris Trust & Savings Bank ......... 1,300 1,300
--------
Continued
55
- ----------------------------------------
TAX-EXEMPT MONEY
MARKET FUND
Schedule of Portfolio Investments
- ----------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
---------- --------
DEMAND NOTES (c), continued
Illinois (5.2%)
Elmhurst, Revenue, Joint Common
Accredation, 1.86%, 7/1/18, LOC: Dexia
Credit Local de France ........................ $ 4,230 $ 4,230
Illinois Developmental Finance Authority,
Revenue, Provena Health, Series C,
1.82%, 5/1/28, MBIA, SPA:
Bank One NA ................................... 3,100 3,100
--------
7,330
--------
Indiana (1.4%)
Purdue University, Student Fee Revenue,
Series T, 1.88%, 7/1/27, SPA:
Bank One NA ................................... 2,000 2,000
--------
Iowa (0.8%)
Des Moines, Metro Waste and Water
Reclamation Authority, Series A, 3.00%,
6/1/05, MBIA .................................. 1,110 1,114
--------
Kansas (1.7%)
State Department of Transportation,
Highway Revenue, Series B-1, 1.82%,
9/1/20 ........................................ 2,350 2,350
--------
Maryland (2.1%)
Washington Suburban Sanitation District,
Bond Anticipation Notes, Series A,
1.80%, 6/1/23, SPA: Landesbank
Hessen-Thueringen ............................. 1,000 1,000
Washington Suburban Sanitation District,
Bond Anticipation Notes, Series B,
1.80%, 6/1/23, SPA: Bank of
America NA .................................... 2,000 2,000
--------
3,000
--------
Massachusetts (0.7%)
State Water Resource Authority, GO,
Series C, 1.97%, 8/1/20, LOC:
Landesbank Hessen-Thueringen .................. 1,000 1,000
--------
Michigan (1.5%)
Huron County Economic Development,
Huron Memorial Hospital Project,
Corporate Limited Obligation Revenue,
1.85%, 10/1/28, LOC: Fifth Third Bank ......... 2,150 2,150
--------
Missouri (2.6%)
State Health & Educational Facilities
Authority, Dialysis Clinic, Inc. Project,
Revenue, 1.85%, 11/1/20 ....................... 3,600 3,600
--------
New Jersey (2.1%)
New Jersey State Educational Facilities
Authority, Revenue, Princeton
University, Series B, 1.95%, 7/1/21 ........... 2,900 2,900
--------
Continued
Shares
or
Principal
Amount Value
---------- --------
DEMAND NOTES (c), continued
New York (7.5%)
New York, GO, Series F-3, 1.84%, 2/15/13,
LOC: Morgan Guaranty Trust .................... $ 5,000 $ 5,000
New York, GO, Sub-Series A-7, 1.80%,
11/1/24, AMBAC, SPA: Bank of
Nova Scotia ................................... 1,400 1,400
New York, GO, Sub-Series B-2, 1.83%,
8/15/20, LOC: Morgan Guaranty Trust ........... 2,160 2,160
New York, GO, Sub-Series E2, 1.83%,
8/1/20, LOC: JP Morgan Chase Bank ............. 2,000 2,000
--------
10,560
--------
North Carolina (1.4%)
University of North Carolina Hospital at
Chapel Hill, Hospital Revenue, Series A,
1.82%, 2/15/31, SPA: Landesbank
Hessen-Thueringen ............................. 2,000 2,000
--------
Tennessee (11.8%)
Blount County Health Educational &
Housing Facilities Board, Revenue,
Presbyterian Homes Tennessee Project,
1.85%, 1/1/19, LOC: SunTrust Bank ............. 1,100 1,100
Chattanooga Health Educational & Housing
Facilty Board, Baylor School Project,
Revenue, 1.85%, 1/1/23, LOC: SunTrust
Bank .......................................... 2,500 2,500
Clarksville Public Building Authority,
Revenue, 1.85%, 7/1/16, LOC: SunTrust
Bank .......................................... 2,700 2,700
Dickson County, Tennessee Industrial
Development Board, Revenue,
Renaissance Learning Center, 1.85%,
11/1/12, LOC: SunTrust Bank Nashville ......... 1,500 1,500
Metropolitan Government, Nashville &
Davidson County, Industrial
Development Board, Revenue, Country
Music Hall of Fame, 1.84%, 6/1/22,
LOC: Bank of America NA ....................... 2,760 2,760
Sevier County, Tennessee Public Building
Authority, Local Government Series
III-A-1, Revenue, 1.86%, 6/1/07,
AMBAC, SPA: Landesbank Hessen-
Thueringen .................................... 2,050 2,050
Sumner County, School Capital Outlay
Notes, 1.85%, 6/1/05, LOC: SunTrust
Bank .......................................... 4,000 4,000
--------
16,610
--------
Texas (2.1%)
Gulf Coast Waste Disposal Authority, Texas
Pollution Control Revenue, Exxon
Project, 1.75%, 10/1/24 ....................... 3,000 3,000
--------
Continued
56
- ---------------------------------------
TAX-EXEMPT MONEY
MARKET FUND
Schedule of Portfolio Investments
- ---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares
or
Principal
Amount Value
--------- --------
DEMAND NOTES (c), continued
Virginia (2.1%)
Loudoun County Industrial Development
Authority, Revenue, Howard Hughes
Medical, Series C, 1.97%, 2/15/38 ............. $ 2,900 $ 2,900
--------
Washington (3.1%)
Washington State, GO, Series VR 96B,
1.73%, 6/1/20, SPA: Landesbank
Hessen-Thueringen ............................. 4,400 4,400
--------
TOTAL DEMAND NOTES .............................. 117,889
--------
MUNICIPAL BONDS (12.2%)
California (2.1%)
Los Angeles, Tax & Revenue Notes, GO,
3.00%, 6/30/05 ................................ 3,000 3,019
--------
Florida (2.0%)
Broward County, Certificates of
Participation, 2.00%, 6/1/05, MBIA ............ 2,880 2,885
--------
South Carolina (1.9%)
Anderson County, School District Number
001, Bond Anticipation Notes, GO,
2.00%, 8/19/05, SCSDE ......................... 2,700 2,701
--------
Texas (2.9%)
Houston, Public Improvements, GO,
Series A, 5.00%, 3/1/05 ....................... 1,005 1,008
State Tax & Revenue Anticipation Notes,
3.00%, 8/31/05 ................................ 3,000 3,025
--------
4,033
--------
Utah (2.2%)
Utah State, GO, Series F, 5.50%, 7/1/05 ......... 3,000 3,044
--------
Vermont (1.1%)
Vermont State, GO, Series A, 1.10%,
2/1/05 ........................................ 1,535 1,535
--------
TOTAL MUNICIPAL BONDS ........................... 17,217
--------
INVESTMENT COMPANIES (4.0%)
AIM Tax-Free Money Market Fund .................. 351,720 352
Goldman Sachs Tax-Free Money
Market Fund ................................... 5,254,611 5,254
--------
TOTAL INVESTMENT COMPANIES ...................... 5,606
--------
TOTAL INVESTMENTS
(Cost $140,712)^^ -- 99.9% .................... 140,712
Other assets in excess of liabilities -- 0.1% 141
--------
NET ASSETS -- 100.0% ............................ $140,853
========
See notes to schedule of portfolio investments.
---------------------------------------
INSTITUTIONAL PRIME OBLIGATIONS
MONEY MARKET FUND
Schedule of Portfolio Investments
---------------------------------------
January 31, 2005
(Unaudited)
(amounts in thousands, except shares)
Shares or
Principal
Amount Value
------ --------
COMMERCIAL PAPER -- DOMESTIC* (47.5%)
Abbey National North America LLC,
2.33%, 2/11/05 ........................................ $9,000 $ 8,994
AIG Funding, Inc., 2.36%, 2/22/05 ....................... 11,000 10,985
Alfa Corp., 2.25%, 2/2/05 ............................... 9,000 8,999
American Express Co., 2.40%, 2/24/05 .................... 12,000 11,982
American General Corp., 2.40%, 2/25/05 .................. 12,000 11,981
Anheuser-Busch Cos., Inc., 2.56%, 4/12/05 ............... 13,000 12,936
Bank of America Corp., 2.38%, 3/8/05 .................... 12,000 11,972
Bear Stearns Cos., Inc., 2.32%, 2/7/05 .................. 11,000 10,996
Citicorp, 2.55%, 4/1/05 ................................. 13,000 12,946
Credit Suisse First Boston, 2.45%, 3/10/05 .............. 12,000 11,970
General Electric Capital Corp.,
2.27%, 2/17/05 ........................................ 11,000 10,989
Goldman Sachs Group, Inc., 2.41%, 2/23/05 ............... 13,000 12,981
HSBC Finance Corporation, 2.59%, 4/5/05 ................. 13,000 12,941
Morgan Stanley Dean Witter and Co.,
2.42%, 2/18/05 ........................................ 13,000 12,985
Pfizer, Inc., 2.62%, 5/5/05 ............................. 10,771 10,699
Societe Generale North America,
2.39%, 3/9/05 ......................................... 10,000 9,976
Toyota Motor Credit Corp., 2.48%, 4/4/05 ................ 11,000 10,953
UBS Financial Services, Inc., 2.25%, 2/3/05 ............. 9,000 8,999
--------
TOTAL COMMERCIAL PAPER --
DOMESTIC .............................................. 204,284
--------
U.S. GOVERNMENT AGENCIES* (20.4%)
Fannie Mae (6.3%)
2.42%, 3/16/05 .......................................... 10,000 9,971
2.50%, 4/6/05 ........................................... 7,000 6,969
2.47%, 4/11/05 .......................................... 10,000 9,953
--------
26,893
--------
Federal Home Loan Bank (5.3%)
2.28%, 3/7/05 ........................................... 10,000 9,979
2.56%, 4/20/05 .......................................... 13,000 12,928
--------
22,907
--------
Freddie Mac (8.8%)
2.18%, 2/1/05 ........................................... 8,000 8,000
2.25%, 2/15/05 .......................................... 9,000 8,992
2.36%, 3/1/05 ........................................... 10,000 9,982
2.49%, 4/26/05 .......................................... 11,000 10,938
--------
37,912
--------
TOTAL U.S. GOVERNMENT
AGENCIES .............................................. 87,712
--------
REPURCHASE AGREEMENTS (32.3%)
Morgan Stanley, 2.50%, 2/1/05, dated
1/31/05, with a maturity value of $69,360.............. 69,355 69,355
Wachovia, 2.51%, 2/1/05, dated 1/31/05,
with a maturity value of $69,360 ...................... 69,354 69,354
--------
TOTAL REPURCHASE AGREEMENTS ............................. 138,709
--------
TOTAL INVESTMENTS
(Cost $430,705)^^ -- 100.2% ........................... 430,705
Liabilities in excess of other assets -- (0.2%) ......... (820)
--------
NET ASSETS -- 100.0% .................................... $429,885
--------
See notes to schedule of portfolio investments.
57
- -----------------------------------------------
AMSOUTH FUNDS
Notes to Schedule of Portfolio Investments
January 31, 2005
(Unaudited)
- -----------------------------------------------
- --------------
(a) Represents non-income producing security.
(b) 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.
(c) Variable Rate Security. Rate presented represents rate in effect at January
31, 2005. Put and demand features exist allowing the fund to require the
repurchase of the instrument within variable time periods including daily,
weekly, monthly and semi-annually.
^ Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of the losses
recognized for financial reporting purposes in excess of federal income tax
reporting.
^^ Cost and value for federal income tax and financial reporting purposes are
the same.
* Rates disclosed represent yield effective at purchase.
** Due to rounding, figure is below thousand-dollar threshold.
+ Amount is less than 0.1%.
++ A portion of this security is used as collateral for securities on loan.
# A portion or all of this security is out on loan as of January 31, 2005.
ACA -- ACA Certificate of Bond Insurance
ADR -- American Depositary Receipt
AMBAC -- Insured by AMBAC Indemnity Corp.
BNY -- Bank of New York
ETM -- Escrowed to Maturity
FGIC -- Insured by Financial Guaranty Insurance Corp.
FHA -- Insured by Federal Housing Administration
FHLMC -- Federal Home Loan Mortgage Corp. Enhancement
FNMA -- Insured by Federal National Mortgage Assoc.
FSA -- Insured by Financial Security Assurance, Inc.
GO -- General Obligation
LLC -- Limited Liability Company
LOC -- Letter of Credit
MBIA -- Insured by Municipal Bond Insurance Assoc.
MTN -- Medium Term Note
NA -- North American
OID -- Original Issue Discount
PCR -- Pollution Control Revenue
PLC -- Public Limited Company
PSF-GTD -- Permanent School Fund Guaranty
PUFG -- Permanent University Fund Guaranty
SBG -- School Board Guaranty
SCSDE -- South Carolina School District Enhancement
SPA -- Standby Purchase Agreement
SPI -- Securities Purchase, Inc.
ULC -- Unlimited Liability Company
58
--------------------------------------------
AMSOUTH FUNDS
Notes to Schedule of Portfolio Investments
January 31, 2005
--------------------------------------------
Cost of Net
Investments for Gross Gross Unrealized
Federal Tax Unrealized Unrealized Appreciation/
Purposes Appreciation Depreciation Depreciation
----------------- -------------- -------------- --------------
Value Fund ....................................................... 415,741 94,626 (5,391) 89,235
Select Equity Fund ............................................... 119,131 22,097 (3,000) 19,097
Enhanced Market Fund ............................................. 177,366 20,643 (7,234) 13,409
Large Cap Fund ................................................... 254,690 125,833 (29,940) 95,893
Capital Growth Fund .............................................. 227,847 40,960 (7,292) 33,668
Mid Cap Fund ..................................................... 190,297 32,936 (5,304) 27,632
Small Cap Fund ................................................... 219,222 37,336 (2,816) 34,520
International Equity Fund ........................................ 311,655 164,499 (5,366) 159,133
Balanced Fund .................................................... 159,815 25,290 (1,061) 24,229
Strategic Portfolios: Aggressive Growth Portfolio ................ 44,194 7,628 (76) 7,552
Strategic Portfolios: Growth Portfolio ........................... 55,718 5,992 (324) 5,668
Strategic Portfolios: Growth & Income Portfolio .................. 104,004 10,893 (1,150) 9,743
Strategic Portfolios: Moderate Growth & Income Portfolio ......... 47,675 3,536 (569) 2,967
Government Income Fund ........................................... 168,829 2,502 (314) 2,188
Limited Term Bond Fund ........................................... 222,267 20 (1,813) (1,793)
High Quality Bond Fund ........................................... 613,650 24,981 (1,069) 23,912
High Quality Municipal Bond Fund ................................. 333,253 18,854 (121) 18,733
Florida Tax-Exempt Fund .......................................... 60,366 2,586 (58) 2,528
Tennessee Tax-Exempt Fund ........................................ 35,462 1,594 (79) 1,515
The investment concentrations for the Equity Funds as a percentage of net
assets, by industry, as of January 31, 2005, were as follows:
Select Enhanced Large Capital International
Value Equity Market Cap Growth Mid Cap Small Cap Equity Balanced
Fund Fund Fund Fund Fund Fund Fund Fund Fund
--------- -------- ---------- --------- --------- --------- ----------- -------------- ---------
Affiliated Securities ......... + 1.5% 1.0% + + 3.1% 1.7% -- 1.4%
Cash Equivalents .............. 6.3% -- 1.4% 3.3% 14.2% 8.7% 25.5% 8.3% 12.8%
Consumer Discretionary ........ 13.3% 38.7% 8.8% 15.3% 16.5% 18.4% 20.7% 15.7% 11.9%
Consumer Staples .............. -- 25.5% 9.8% 11.8% 9.7% 4.0% 4.4% 3.9% 8.3%
Energy ........................ 7.2% -- 9.5% -- 1.2% 8.9% 6.0% 7.6% 5.6%
Financials .................... 37.0% -- 18.4% 4.0% 7.5% 16.9% 12.8% 36.0% 20.3%
Health Care ................... 5.4% 1.9% 12.9% 24.8% 20.2% 9.2% 12.0% 1.4% 10.2%
Industrials ................... 11.2% 27.7% 13.2% 11.3% 14.9% 15.5% 20.3% 16.0% 4.8%
Information Technology ........ 7.3% -- 16.6% 32.5% 28.6% 12.2% 12.0% 0.3% 5.9%
Investment Companies .......... 0.8% -- -- 0.3% 1.4% -- -- -- --
Materials ..................... 6.7% 4.6% 4.0% -- -- 4.9% 4.6% 5.6% 3.9%
Municipal Bonds ............... -- -- -- -- -- -- -- -- 1.0%
Sovereign ..................... -- -- -- -- -- -- 1.6% -- 21.0%
Telecommunication Services .... 7.1% -- 2.5% -- -- 0.3% -- 8.8% 1.8%
Utilities ..................... 3.4% -- 3.2% -- -- 6.4% 3.7% 3.9% 3.3%
- ---------
+ Amount is less than 0.1%.
The investment concentrations for the Strategic Portfolios as a percentage of
net assets, by industry, as of January 31, 2005, were as follows:
Strategic Strategic
Portfolios: Strategic Strategic Portfolios:
Aggressive Portfolios: Portfolios: Moderate
Growth Growth Growth & Income Growth & Income
Portfolio Portfolio Portfolio Portfolio
------------- ------------- ----------------- ----------------
Bond Funds ................. + 23.5% 38.1% 47.9%
Equity Funds ............... 99.3% 75.3% 61.1% 51.1%
Money Market Funds ......... 1.0% 0.9% 0.9% 1.0%
- ---------
+ Amount is less than 0.1%.
See notes to financial statements.
59
- ----------------------------------------------
AMSOUTH FUNDS
Notes to Schedule of Portfolio Investments
January 31, 2005
- ----------------------------------------------
The investment concentrations for the Bond and Money Market Funds as a
percentage of net assets, by industry, as of January 31, 2005, were as follows:
Institutional
Government Limited High Quality Prime Prime Obligations
Income Term Bond Bond Money Market Money Market
Fund Fund Fund Fund Fund
------------ ----------- -------------- -------------- ------------------
Aerospace/Defense ........................... -- 1.1% 1.2% -- --
Affiliated Securities ....................... 0.4% 0.1% 0.1% -- --
Aluminum .................................... -- -- 0.7% -- --
Automotive .................................. -- -- -- 3.0% 2.5%
Automotive -- Finance ....................... -- 3.8% 3.1% -- --
Banking ..................................... -- 9.0% 6.7% 3.2% 2.8%
Beverages ................................... -- 3.1% 0.8% 3.2% 3.0%
Broadcasting / Cable ........................ -- 0.7% -- -- --
Brokerage Services .......................... -- 6.4% 1.9% 15.9% 14.4%
Building Products ........................... -- -- 0.3% -- --
Cash Equivalents ............................ 2.4% 21.2% 13.1% 24.2% 32.3%
Computers & Peripherals ..................... -- 0.9% 0.8% -- --
Consumer Goods .............................. -- 1.4% 1.4% -- --
Consumer Products ........................... -- -- 0.1% -- --
Cosmetics / Personal Care ................... -- 2.2% 1.0% -- --
Data Processing / Management ................ -- 1.4% 1.1% -- --
Electric .................................... -- -- -- 3.6% 2.6%
Electric -- Integrated ...................... -- -- 1.6% -- --
Electrical & Electronic ..................... -- 0.9% 1.9% -- --
Electronic Components / Instruments ......... -- -- 0.6% -- --
Financial Services .......................... -- 4.6% 2.8% 6.1% 8.6%
Food Products & Services .................... -- 2.0% 1.3% -- --
Foreign Banking ............................. -- -- -- 6.5% 4.4%
Foreign Government .......................... -- 1.3% 0.5% -- --
Health Care ................................. -- -- 0.8% -- --
Hospital & Medical Service Plans ............ -- 0.9% -- -- --
Industrial Goods & Services ................. -- 0.2% 2.0% -- --
Insurance ................................... -- 7.9% 5.0% 6.1% 4.6%
Investment Companies ........................ 1.0% + 0.4% -- --
Machinery -- Construction & Mining .......... -- 1.1% 0.8% -- --
Machinery -- Farm ........................... -- -- 1.1% -- --
Manufacturing ............................... -- -- 0.4% -- --
Materials ................................... -- 1.2% -- -- --
Meat Packing Plants ......................... -- -- 1.2% -- --
Mortgage Banks .............................. -- -- -- 3.1% 2.1%
Municipal Bonds ............................. -- -- 0.1% -- --
Newspapers .................................. -- 1.8% 0.4% -- --
Oil & Gas Production & Services ............. -- -- 1.2% -- --
Pharmaceuticals ............................. -- 3.6% 0.6% 2.9% 2.5%
Printing .................................... -- 0.5% -- -- --
Restaurants ................................. -- 1.4% 1.3% -- --
Retail ...................................... -- 4.5% 2.3% -- --
Sovereign ................................... 98.2% 35.3% 50.8% 22.4% 20.4%
Utilities -- Electric & Gas ................. -- 1.1% 1.2% -- --
Utilities -- Telecommunications ............. -- 1.0% 1.0% -- --
- -------
+ Amount is less than 0.1%.
See notes to financial statements.
60
--------------------------------------------
AMSOUTH FUNDS
Notes to Schedule of Portfolio Investments
January 31, 2005
--------------------------------------------
The investment concentrations for the Municipal Bond Funds as a percentage of
net assets, by industry, as of January 31, 2005, were as follows:
High Quality
Municipal Florida Tennessee Tax-Exempt
Bond Tax-Exempt Tax-Exempt Money Market
Fund Fund Fund Fund
------------- ------------ ------------ -------------
Administration of General Economic Programs ........... -- 5.1% -- 2.8%
Affiliated Securities ................................. + 1.0% 0.8% --
Airports .............................................. -- -- 1.4% --
Air, Water, & Solid Waste ............................. 8.1% 3.4% 7.4% 5.3%
Colleges & Universities ............................... 14.2% 1.9% 1.4% 7.7%
Education -- Elementary & Secondary ................... 2.8% -- 7.3% --
Educational Services .................................. 12.5% 12.4% 5.7% 5.6%
Environmental Quality ................................. 2.6% -- -- 4.3%
Facilities Support Services ........................... -- -- -- 3.4%
Finance & Taxation .................................... 6.1% 18.1% -- 5.3%
General Obligation .................................... 35.1% 4.8% 49.8% 22.1%
Health Services ....................................... 1.7% -- 12.1% 10.2%
Highway & Street Construction ......................... -- 1.6% -- --
Hospital and Medical Services ......................... -- -- -- 1.7%
Hospitals ............................................. 1.0% 2.8% -- 3.3%
Housing ............................................... -- -- 2.8% --
Industrial Revenue .................................... -- -- -- 5.5%
Investment Companies .................................. 1.1% 2.8% 1.2% 4.0%
Justice & Public Order ................................ -- 3.7% -- --
Local & Suburban Transportation ....................... 1.5% 2.7% -- --
Mulit-Family Housing .................................. 2.0% -- -- 7.6%
Regulation & Administration of Transportation ......... 3.3% 9.0% -- 1.7%
Regulation & Administration of Utilities .............. 6.0% 15.6% -- 3.5%
Single-Family Housing ................................. -- 0.6% -- 2.1%
Urban & Community Development ......................... 2.1% 7.5% -- 3.0%
Utilities ............................................. -- -- 6.0% --
Water and Sewer ....................................... -- 6.2% -- 0.8%
- -------
+ Amount is less than 0.1%.
The investment concentrations for the AmSouth Treasury Reserve Money Market
Fund as a percentage of net assets, by maturity schedule, as of January 31,
2005, were as follows:
Days Percent
- ------------------- ----------
1 - 2 ............. 70.9%
3 - 14 ............ 6.4%
15 - 29 ........... 5.9%
30 - 59 ........... 12.2%
60 - 89 ........... 6.4%
90 - 179 .......... 6.3%
See notes to financial statements.
61
- --------------------------------------------------
AMSOUTH FUNDS January 31, 2005
Statements of Assets and Liabilities (Unaudited)
(amounts in thousands, except per share amounts)
- --------------------------------------------------
Select
Value Equity
Fund Fund
------------ ------------
Assets:
Investments:
Investments, at cost* ........................................................ $ 413,145 $119,130
Net unrealized appreciation/(depreciation) ................................... 91,831 19,098
--------- --------
Investments, at value ........................................................ 504,976 138,228
Foreign currency, at value** .................................................. -- --
Cash .......................................................................... -- --
Collateral for securities loaned .............................................. 31,795 --
Interest and dividends receivable ............................................. 743 58
Receivable from capital shares issued ......................................... 5 27
Receivable from investments sold .............................................. 9,009 143
Receivable from margin variation on futures ................................... -- --
Receivable from foreign tax withholding reclaims .............................. -- --
Prepaid expenses and other assets ............................................. 27 7
--------- --------
Total Assets ................................................................. 546,555 138,463
Liabilities:
Payable to custodian .......................................................... -- --
Payable for investments purchased ............................................. 6,650 --
Payable for securities loaned ................................................. 31,795 --
Payable for capital shares redeemed ........................................... 38 9
Payable for margin variations on futures ...................................... -- --
Accrued expenses and other payables:
Investment advisory fees ..................................................... 44 12
Administration fees .......................................................... 63 14
Shareholder servicing and distribution fees .................................. 82 27
Custodian fees ............................................................... 2 1
Other ........................................................................ 78 11
--------- --------
Total Liabilities ............................................................ 38,752 74
--------- --------
Net Assets .................................................................... $ 507,803 $138,389
========= ========
Composition of Net Assets:
Capital ....................................................................... $ 449,359 $119,367
Accumulated net investment income/(loss) ...................................... 75 (61)
Accumulated net realized gains/(losses) from investments, foreign currency,
futures, and option transactions ............................................. (33,462) (15)
Unrealized appreciation/(depreciation) from investments, futures, and
translation of assets and liabilities denominated in foreign currencies ...... 91,831 19,098
--------- --------
Net Assets .................................................................... $ 507,803 $138,389
========= ========
Class A Shares:
Net Assets ................................................................... $ 129,744 $ 20,606
Shares Outstanding ........................................................... 7,878 1,425
Net Asset Value and Redemption Price per share ............................... $ 16.47 $ 14.46
========= ========
Maximum Sales Load ........................................................... 5.50% 5.50%
========= ========
Maximum Offering Price per share (Net Assets Value/(100% -- maximum
sales charge)) .............................................................. $ 17.43 $ 15.30
========= ========
Class B Shares:
Net Assets ................................................................... $ 28,758 $ 16,802
Shares Outstanding ........................................................... 1,783 1,198
Net Asset Value and Offering Price per share*** .............................. $ 16.13 $ 14.03
========= ========
Class I Shares:
Net Assets ................................................................... $ 349,301 $100,981
Shares Outstanding ........................................................... 21,248 6,951
Net Asset Value, Offering Price, and Redemption Price per share .............. $ 16.44 $ 14.53
========= ========
Enhanced Large
Market Cap
Fund Fund
---------------- -----------
Assets:
Investments:
Investments, at cost* ........................................................ $172,571 $254,690
Net unrealized appreciation/(depreciation) ................................... 18,158 95,892
-------- --------
Investments, at value ........................................................ 190,729 350,582
Foreign currency, at value** .................................................. -- --
Cash .......................................................................... 95**** --
Collateral for securities loaned .............................................. 2,639 11,421
Interest and dividends receivable ............................................. 134 129
Receivable from capital shares issued ......................................... 2 20
Receivable from investments sold .............................................. -- --
Receivable from margin variation on futures ................................... 9 --
Receivable from foreign tax withholding reclaims .............................. -- --
Prepaid expenses and other assets ............................................. 11 26
-------- --------
Total Assets ................................................................. 193,619 362,178
Liabilities:
Payable to custodian .......................................................... -- --
Payable for investments purchased ............................................. -- --
Payable for securities loaned ................................................. 2,639 11,421
Payable for capital shares redeemed ........................................... 5 49
Payable for margin variations on futures ...................................... -- --
Accrued expenses and other payables:
Investment advisory fees ..................................................... 7 29
Administration fees .......................................................... 18 33
Shareholder servicing and distribution fees .................................. 28 62
Custodian fees ............................................................... 1 2
Other ........................................................................ 27 55
-------- --------
Total Liabilities ............................................................ 2,725 11,651
-------- --------
Net Assets .................................................................... $190,894 $350,527
======== ========
Composition of Net Assets:
Capital ....................................................................... $172,863 $238,092
Accumulated net investment income/(loss) ...................................... 41 (233)
Accumulated net realized gains/(losses) from investments, foreign currency,
futures, and option transactions ............................................. (168) 16,776
Unrealized appreciation/(depreciation) from investments, futures, and
translation of assets and liabilities denominated in foreign currencies ...... 18,158 95,892
-------- --------
Net Assets .................................................................... $190,894 $350,527
======== ========
Class A Shares:
Net Assets ................................................................... $ 27,171 $105,817
Shares Outstanding ........................................................... 2,375 5,925
Net Asset Value and Redemption Price per share ............................... $ 11.44 $ 17.86
======== ========
Maximum Sales Load ........................................................... 5.50% 5.50%
======== ========
Maximum Offering Price per share (Net Assets Value/(100% -- maximum
sales charge)) .............................................................. $ 12.11 $ 18.90
======== ========
Class B Shares:
Net Assets ................................................................... $ 10,734 $ 23,687
Shares Outstanding ........................................................... 961 1,399
Net Asset Value and Offering Price per share*** .............................. $ 11.17 $ 16.93
======== ========
Class I Shares:
Net Assets ................................................................... $152,989 $221,023
Shares Outstanding ........................................................... 13,349 12,306
Net Asset Value, Offering Price, and Redemption Price per share .............. $ 11.46 $ 17.96
======== ========
* Represents investments in affiliates for the Strategic Portfolios.
** Cost of foreign currency for the International Equity Fund is $32.
*** Redemption Price per share varies by length of time shares are held.
**** Deposits for financial futures.
See notes to financial statements.
62
---------------------------------------------------
January 31, 2005 AMSOUTH FUNDS
(Unaudited) Statements of Assets and Liabilities
(amounts in thousands, except per share amounts)
---------------------------------------------------
Strategic
Strategic Strategic Portfolios:
Portfolios: Strategic Portfolios: Moderate
Capital Small Aggressive Portfolios: Growth & Growth &
Growth Mid Cap Cap International Balanced Growth Growth Income Income
Fund Fund Fund Equity Fund Fund Portfolio Portfolio Portfolio Portfolio
- ------------- ---------------- ------------ --------------- ------------- ------------- ------------- ------------- ------------
$ 223,357 $189,705 $ 218,820 $ 305,875 $ 159,324 $ 43,211 $ 55,193 $102,605 $47,477
38,158 27,967 34,922 161,633 24,720 8,535 6,192 11,143 3,165
---------- -------- --------- --------- --------- -------- -------- -------- -------
261,515 217,672 253,742 467,508 184,044 51,746 61,385 113,748 50,642
-- -- -- 32 -- -- -- -- --
-- 308**** -- 3,280 -- -- -- -- --
37,079 19,062 64,709 39,219 23,735 -- -- -- --
107 99 11 301 1,197 1 1 1 1
-- 7 4 81 16 20 270 33 51
-- -- 4,105 -- 583 -- -- -- --
-- 86 -- -- -- -- -- -- --
-- -- -- 135 -- -- -- -- --
24 24 14 51 10 11 9 5 2
---------- -------- --------- --------- --------- -------- -------- -------- -------
298,725 237,258 322,585 510,607 209,585 51,778 61,665 113,787 50,696
-- -- -- -- -- -- -- -- --
-- -- 3,615 -- 579.00 -- -- -- --
37,079 19,062 64,709 39,219 23,735 -- -- -- --
21 9 7 17 40 141 63 61 1
-- --
23 14 22 42 16 1 1 1 1
27 20 23 40 18 6 7 15 6
32 27 24 44 48 14 23 23 14
1 1 1 -- 1 -- -- -- --
36 25 27 -- 31 12 9 2 13
---------- -------- --------- --------- --------- -------- -------- -------- -------
37,219 19,158 68,428 39,362 24,468 174 103 102 35
---------- -------- --------- --------- --------- -------- -------- -------- -------
$ 261,506 $218,100 $ 254,157 $ 471,245 $ 185,117 $ 51,604 $ 61,562 $113,685 $50,661
========== ======== ========= ========= ========= ======== ======== ======== =======
$ 339,319 $201,987 $ 258,155 $ 337,177 $ 149,503 $ 50,981 $ 59,131 $111,286 $48,437
(244) (12) (1,257) (317) (307) 57 4 88 45
(115,727) (11,842) (37,663) (27,273) 11,201 (7,969) (3,765) (8,832) (986)
38,158 27,967 34,922 161,658 24,720 8,535 6,192 11,143 3,165
---------- -------- --------- --------- --------- -------- -------- -------- -------
$ 261,506 $218,100 $ 254,157 $ 471,245 $ 185,117 $ 51,604 $ 61,562 $113,685 $50,661
========== ======== ========= ========= ========= ======== ======== ======== =======
$ 27,940 $ 21,658 $ 10,081 $ 21,962 $ 103,805 $ 22,583 $ 28,260 $ 55,029 $23,261
2,853 1,574 1,100 1,605 8,188 2,378 2,936 5,488 2,336
$ 9.79 $ 13.76 $ 9.16 $ 13.68 $ 12.68 $ 9.50 $ 9.63 $ 10.03 $ 9.96
========== ======== ========= ========= ========= ======== ======== ======== =======
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
========== ======== ========= ========= ========= ======== ======== ======== =======
$ 10.36 $ 14.56 $ 9.69 $ 14.48 $ 13.42 $ 10.05 $ 10.19 $ 10.61 $ 10.54
========== ======== ========= ========= ========= ======== ======== ======== =======
$ 7,357 $ 7,932 $ 2,664 $ 2,876 $ 25,613 $ 13,234 $ 24,961 $ 17,027 $12,630
806 602 307 215 2,028 1,452 2,624 1,704 1,276
$ 9.13 $ 13.18 $ 8.68 $ 13.38 $ 12.63 $ 9.11 $ 9.51 $ 9.99 $ 9.90
========== ======== ========= ========= ========= ======== ======== ======== =======
$ 226,209 $188,510 $ 241,412 $ 446,407 $ 55,699 $ 15,787 $ 8,341 $ 41,629 $14,770
23,055 13,641 25,969 32,493 4,393 1,662 863 4,135 1,479
$ 9.81 $ 13.82 $ 9.30 $ 13.74 $ 12.68 $ 9.50 $ 9.67 $ 10.07 $ 9.99
========== ======== ========= ========= ========= ======== ======== ======== =======
See notes to financial statements.
63
- --------------------------------------------------
AMSOUTH FUNDS January 31, 2005
Statements of Assets and Liabilities (Unaudited)
(amounts in thousands, except per share amounts)
- --------------------------------------------------
Limited High High Quality
Government Term Quality Municipal
Income Bond Bond Bond
Fund Fund Fund Fund
------------ ------------ ------------ -------------
Assets:
Investments:
Investments, at cost ............................... $168,845 $220,961 $611,479 $ 333,907
Net unrealized appreciation ........................ 2,173 (487) 26,083 18,080
Repurchase agreements, at cost ..................... -- -- -- --
-------- -------- -------- ---------
Investments, at value .............................. 171,018 220,474 637,562 351,987
Cash ................................................ -- -- -- --
Collateral for securities loaned .................... 4,230 46,932 84,924 --
Interest and dividends receivable ................... 1,065 2,473 9,737 4,596
Receivable from capital shares issued ............... -- -- -- --
Receivable from investments sold .................... -- -- 5,632 1,558
Prepaid expenses and other assets ................... 22 14 28 16
-------- -------- -------- ---------
Total Assets ....................................... 176,335 269,893 737,883 358,157
Liabilities:
Dividends payable ................................... -- -- -- --
Payable to custodian ................................ -- -- 1 --
Payable for investments purchased ................... -- 1,000 5,755 6,434
Payable for securities loaned ....................... 4,230 46,932 84,924 --
Payable for capital shares redeemed ................. 143 96 21 --
Accrued expenses and other payables:
Investment advisory fees ........................... 9 12 35 15
Administration fees ................................ 22 22 55 32
Shareholder servicing and distribution fees ........ 22 35 66 35
Custodian fees ..................................... 1 1 3 2
Other .............................................. 29 28 76 33
-------- -------- -------- ---------
Total Liabilities .................................. 4,456 48,126 90,936 6,551
-------- -------- -------- ---------
Net Assets .......................................... $171,879 $221,767 $646,947 $ 351,606
======== ======== ======== =========
Composition of Net Assets:
Capital ............................................. $166,899 $225,561 $622,116 $ 331,848
Accumulated net investment income (loss) ............ (1,033) (1,481) (2,999) 898
Accumulated net realized gains/(losses) from
investment transactions ............................ 3,840 (1,826) 1,747 780
Unrealized appreciation from investments ............ 2,173 (487) 26,083 18,080
-------- -------- -------- ---------
Net Assets .......................................... $171,879 $221,767 $646,947 $ 351,606
======== ======== ======== =========
Class A Shares (a):
Net Assets ......................................... $ 16,762 $ 24,554 $ 51,640 $ 18,334
Shares Outstanding ................................. 1,707 2,372 4,633 1,787
Net Asset Value and Redemption Price per share ..... $ 9.82 $ 10.35 $ 11.15 $ 10.26
======== ======== ======== =========
Maximum Sales Load ................................. 4.00% 2.00% 4.00% 4.00%
======== ======== ======== =========
Maximum Offering Price per share (Net Assets
Value/(100% -- maximum sales charge)) ............. $ 10.23 $ 10.56 $ 11.61 $ 10.69
======== ======== ======== =========
Class B Shares (b):
Net Assets ......................................... $ 6,572 $ 16,837 $ 6,709 $ 3,923
Shares Outstanding ................................. 669 1,629 604 383
Net Asset Value and Offering Price per share* ...... $ 9.82 $ 10.34 $ 11.11 $ 10.24
======== ======== ======== =========
Class I Shares (c):
Net Assets ......................................... $148,545 $180,376 $588,598 $ 329,349
Shares Outstanding ................................. 15,121 17,413 52,803 32,088
Net Asset Value, Offering Price, and Redemption
Price per share ................................... $ 9.82 $ 10.36 $ 11.15 $ 10.26
======== ======== ======== =========
* Redemption price per share varies by length of time shares are held.
(a) Represents Class 2 Shares for the Institutional Prime Obligations Money
Market Fund.
(b) Represents Class 3 Shares for the Institutional Prime Obligations Money
Market Fund.
(c) Represents Class 1 Shares for the Institutional Prime Obligations Money
Market Fund.
See notes to financial statements.
64
--------------------------------------------------
January 31, 2005 AMSOUTH FUNDS
(Unaudited) Statements of Assets and Liabilities
(amounts in thousands, except per share amounts)
--------------------------------------------------
Institutional
Treasury Prime
Prime Reserve Tax-Exempt Obligations
Florida Tennessee Money Money Money Money
Tax-Exempt Tax-Exempt Market Market Market Market
Fund Fund Fund Fund Fund Fund
- ------------ ------------ -------------- --------------- ---------------- --------------
$ 60,390 $ 35,463 $421,986 $ 69,787 $140,712 $ 291,996
2,504 1,514 -- -- -- --
-- -- 134,631 118,167 -- 138,709
--------- -------- -------- --------- -------- ---------
62,894 36,977 556,617 187,954 140,712 430,705
-- -- -- -- -- --
-- -- -- 14,851 -- --
612 526 9 22 342 10
-- -- -- -- -- --
1,030 1,056 -- -- -- --
3 6 32 9 11 14
--------- -------- -------- --------- -------- ---------
64,539 38,565 556,658 202,836 141,065 430,729
-- -- 767 256 142 682
-- -- -- -- -- --
1,112 -- -- -- -- --
-- -- -- 14,851 -- --
-- -- -- -- -- --
3 2 170 56 31 24
7 7 46 16 12 29
9 6 100 19 12 50
-- -- 2 1 1 2
6 6 89 76 14 57
--------- -------- -------- --------- -------- ---------
1,137 21 1,174 15,275 212 844
--------- -------- -------- --------- -------- ---------
$ 63,402 $ 38,544 $555,484 $ 187,561 $140,853 $ 429,885
========= ======== ======== ========= ======== =========
$ 60,844 $ 36,978 $555,487 $ 187,558 $141,158 $ 429,885
46 9 -- 1 -- --
8 43 (3) 2 (305) --
2,504 1,514 -- -- -- --
--------- -------- -------- --------- -------- ---------
$ 63,402 $ 38,544 $555,484 $ 187,561 $140,853 $ 429,885
========= ======== ======== ========= ======== =========
$ 10,006 $ 5,700 $389,343 $ 76,617 $ 32,352 $ 137,787
939 558 389,381 76,627 32,413 137,788
$ 10.66 $ 10.22 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======== ========= ======== =========
4.00% 4.00% -- -- -- --
========= ======== ======== ========= ======== =========
$ 11.10 $ 10.65
========= ========
$ 3,071 $ 2,403 $ 2,877 N/A N/A $ 53,592
289 235 2,876 N/A N/A 53,592
$ 10.63 $ 10.23 $ 1.00 N/A N/A $ 1.00
========= ======== ======== ========= ======== =========
$ 50,325 $ 30,441 $163,264 $ 110,944 $108,501 $ 238,506
4,719 2,981 163,254 110,954 108,747 238,511
$ 10.66 $ 10.21 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======== ========= ======== =========
See notes to financial statements.
65
- --------------------------
AMSOUTH FUNDS Six months ended January 31, 2005
Statements of Operations (Unaudited)
(amounts in thousands)
- --------------------------
Select Enhanced Large
Value Equity Market Cap
Fund Fund Fund Fund
--------- ------- ------- -------
Investment Income:
Dividends ................................................................... $ 5,344 $ 1,320 $ 2,136 $ 3,201
Dividends from affiliates ................................................... 25 -- 12 --
Interest .................................................................... 2 10 1 --
Securities lending .......................................................... 7 -- 2 5
--------- ------- ------- -------
Total Investment Income .................................................... 5,378 1,330 2,151 3,206
--------- ------- ------- -------
Expenses:
Investment advisory ......................................................... 2,086 527 389 1,482
Administration .............................................................. 517 131 186 366
Distribution -- Class B Shares .............................................. 109 58 41 92
Shareholder servicing -- Class A Shares ..................................... 158 23 33 129
Shareholder servicing -- Class B Shares ..................................... 36 19 14 31
Shareholder servicing -- Class I Shares ..................................... 275 74 113 182
Accounting .................................................................. 57 15 28 41
Custodian ................................................................... 64 16 23 46
Transfer agent .............................................................. 94 27 37 89
Registration and filing ..................................................... 5 -- 4 13
Other ....................................................................... 123 32 42 93
--------- ------- ------- -------
Total expenses before fee reductions/reimbursements ........................ 3,524 922 910 2,564
Expenses reduced by:
Investment Advisor ........................................................ (8) (3) (4) (93
Administrator ............................................................. (32) (22) (32) (62
Custodian ................................................................. (40) (10) (14) (29
Transfer Agent ............................................................ (3) (7) (7) (3
Distributor ............................................................... (92) (25) (38) (61
Fund Accountant ........................................................... (39) (10) (14) (28
Expenses reimbursed by:
Administrator ............................................................. (40) (11) (15) (26
--------- ------- ------- -------
Net Expenses ............................................................... 3,270 834 786 2,262
--------- ------- ------- -------
Net Investment Income (Loss) ................................................ 2,108 496 1,365 944
--------- ------- ------- -------
Realized/Unrealized Gains/(Losses) from Investments
Net realized gains/(losses) from investment transactions and futures** ...... 79,761 (14) 6,547 16,956
Realized gain distributions from underlying funds ........................... -- -- -- --
Change in unrealized appreciation/depreciation from investments, futures, and
translation of assets and liabilities denominated in foreign currencies .... (26,259) 10,757 6,760 2,263
--------- ------- ------- -------
Net Realized/Unrealized Losses from Investments ............................. 53,502 10,743 13,307 19,219
--------- ------- ------- -------
Change in Net Assets Resulting from Operations .............................. $ 55,610 $11,239 $14,672 $20,163
========= ======= ======= =======
* Dividends for the International Equity Fund are net of foreign withholding
taxes of $389.
** Represents realized gains/(losses) from investment transactions with
affiliates for the Strategic Portfolios.
See notes to financial statements.
66
Six months ended January 31, 2005
(Unaudited)
------------------------------
AMSOUTH FUNDS
Statements of Operations
(amounts in thousands)
------------------------------
Strategic
Strategic Strategic Portfolios:
Portfolios: Strategic Portfolios: Moderate
Capital International Aggressive Portfolios: Growth & Growth &
Growth Mid Cap Small Cap Equity Balanced Growth Growth Income Income
Fund Fund Fund Fund Fund Portfolio Portfolio Portfolio Portfolio
- ------------ ------------ ------------- --------------- ------------ ------------- ------------- ------------- ------------
$ 2,414 $ 1,091 $ 259 $ 3,323* $ 1,245 $ -- $ -- $ -- $ --
-- 31 35 -- 15 252 501 1,216 607
6 1 23 67 1,728 -- -- -- --
-- 5 20 -- 12 -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- --------
2,420 1,128 337 3,390 3,000 252 501 1,216 607
-------- -------- -------- -------- -------- -------- -------- -------- --------
1,063 943 1,303 2,417 729 49 57 111 49
266 194 236 423 182 51 58 111 51
29 29 10 9 96 44 79 58 44
34 23 10 21 120 25 31 61 26
10 10 3 3 32 15 26 19 14
173 127 171 309 45 13 8 35 13
30 29 27 86 24 5 6 12 5
33 24 29 70 22 6 7 14 6
44 38 40 49 63 44 33 40 37
3 9 3 15 6 5 5 -- 4
57 42 52 39 46 10 12 12 11
-------- -------- -------- -------- -------- -------- -------- -------- --------
1,742 1,468 1,884 3,441 1,365 267 322 473 260
-- (354) (128) (671) (5) (24) (28) (55) (25)
(44) (33) (41) (68) (31) (20) (23) (6) (20)
(20) (15) (18) -- (14) (4) (4) (9) (4)
(7) (8) (9) (9) (4) (11) (11) (7) (11)
(58) (42) (57) (103) (15) (20) (26) (44) (20)
(20) (15) (18) (32) (14) (4) (4) (8) (4)
(23) (16) (19) (32) (15) (6) (6) (10) (6)
-------- -------- -------- -------- -------- -------- -------- -------- --------
1,570 985 1,594 2,526 1,267 178 220 334 170
-------- -------- -------- -------- -------- -------- -------- -------- --------
850 143 (1,257) 864 1,733 74 281 882 437
-------- -------- -------- -------- -------- -------- -------- -------- --------
(963) 5,227 14,772 3,930 13,848 600 491 969 465
-- -- -- -- -- 484 444 683 253
16,082 17,281 14,837 75,470 (4,765) 3,353 2,969 4,558 1,644
-------- -------- -------- -------- -------- -------- -------- -------- --------
15,119 22,508 29,609 79,400 9,083 4,437 3,904 6,210 2,362
-------- -------- -------- -------- -------- -------- -------- -------- --------
$ 15,969 $ 22,651 $ 28,352 $ 80,264 $ 10,816 $ 4,511 $ 4,185 $ 7,092 $ 2,799
======== ======== ======== ======== ======== ======== ======== ======== ========
See notes to financial statements.
67
- --------------------------
AMSOUTH FUNDS Six months ended January 31, 2005
Statements of Operations (Unaudited)
(amounts in thousands)
- --------------------------
Limited High High Quality
Government Term Quality Municipal
Income Bond Bond Bond
Fund Fund Fund Fund
------------ ------------- ------------ -------------
Investment Income:
Dividends .......................................................... $ 24 $ 4 $ 35 $ 41
Dividends from affiliates .......................................... -- -- -- --
Interest ........................................................... 4,744 4,302 14,971 7,603
Securities lending ................................................. -- -- -- --
-------- -------- -------- --------
Total Investment Income ........................................... 4,768 4,306 15,006 7,644
-------- -------- -------- --------
Expenses:
Investment advisory ................................................ 650 746 1,920 1,079
Administration ..................................................... 218 247 631 356
Distribution -- Class B Shares (b) ................................. 27 69 26 16
Shareholder servicing -- Class A Shares (a) ........................ 21 35 59 23
Shareholder servicing -- Class B Shares (b) ........................ 9 23 9 5
Shareholder servicing -- Class I Shares (c) ........................ 143 151 440 253
Accounting ......................................................... 36 32 76 49
Custodian .......................................................... 27 31 79 44
Transfer agent ..................................................... 34 37 111 38
Registration and filing ............................................ -- 3 6 2
Other .............................................................. 62 60 144 80
-------- -------- -------- --------
Total expenses before fee reductions/reimbursements ............... 1,227 1,434 3,501 1,945
Expenses reduced by:
Investment Advisor ............................................... (115) (129) (324) (361)
Administrator .................................................... (39) (43) (108) (63)
Custodian ........................................................ (17) (19) (49) (28)
Transfer Agent ................................................... (8) (7) (6) (8)
Distributor ...................................................... (48) (50) (147) (84)
Fund Accountant .................................................. (16) (19) (48) (27)
Expenses reimbursed by:
Administrator .................................................... (19) (19) (44) (26)
-------- -------- -------- --------
Net Expenses ...................................................... 965 1,148 2,775 1,348
-------- -------- -------- --------
Net Investment Income .............................................. 3,803 3,158 12,231 6,296
-------- -------- -------- --------
Realized/Unrealized Gains/(Losses) from Investments
Net realized gains from investment transactions .................... 4,567 56 1,752 780
Change in unrealized appreciation/depreciation from investments .... (3,632) (1,681) 4,901 141
-------- -------- -------- --------
Net Realized/Unrealized Gains from Investments ..................... 935 (1,625) 6,653 921
-------- -------- -------- --------
Change in Net Assets Resulting from Operations ..................... $ 4,738 $ 1,533 $ 18,884 $ 7,217
======== ======== ======== ========
(a) Represents Class 2 Shares for the Institutional Prime Obligations Money
Market.
(b) Represents Class 3 Shares for the Institutional Prime Obligations Money
Market.
(c) Represents Class 1 Shares for the Institutional Prime Obligations Money
Market.
See notes to financial statements.
68
----------------------------
Six months ended January 31, 2005 AMSOUTH FUNDS
(Unaudited) Statements of Operations
(amounts in thousands)
----------------------------
Institutional
Treasury Prime
Prime Reserve Tax-Exempt Obligations
Florida Tennessee Money Money Money Money
Tax-Exempt Tax-Exempt Market Market Market Market
Fund Fund Fund Fund Fund Fund
- ------------ ------------ ----------- ---------- ------------ --------------
$ 10 $ 4 $ -- $ -- $ 48 $ --
------- ------- ------- ------- ------- -------
1,207 766 5,573 1,722 1,084 3,283
-- -- 3 51 -- 2
------- ------- ------- ------- ------- -------
1,217 770 5,576 1,773 1,132 3,285
------- ------- ------- ------- ------- -------
187 120 1,192 393 308 345
64 43 589 194 153 197
11 9 12 -- -- 125
12 8 523 87 40 131
4 3 4 -- -- --
38 24 131 95 91 --
10 7 64 21 21 37
8 5 73 24 19 41
16 15 84 40 15 29
1 4 11 5 3 1
14 10 159 43 37 75
------- ------- ------- ------- ------- -------
365 248 2,842 902 687 981
(64) (21) (149) (49) (115) (224)
(29) (9) (249) (82) (21) --
(5) (3) (46) (15) (12) (26)
(10) (12) (5) -- (3) (1)
(13) (8) (53) (67) (54) --
(5) (3) (45) (15) (12) (26)
(7) (6) (42) (14) (12) (25)
------- ------- ------- ------- ------- -------
232 186 2,253 660 458 679
------- ------- ------- ------- ------- -------
985 584 3,323 1,113 674 2,606
------- ------- ------- ------- ------- -------
27 41 -- -- (6) --
322 57 -- -- -- --
------- ------- ------- ------- ------- -------
349 98 -- -- (6) --
------- ------- ------- ------- ------- -------
$ 1,334 $ 682 $ 3,323 $ 1,113 $ 668 $ 2,606
======= ======= ======= ======= ======= =======
See notes to financial statements.
69
- ---------------------------------------
AMSOUTH FUNDS
Statements of Changes in Net Assets
(amounts in thousands)
- ---------------------------------------
Six Months
Ended Year Ended
January 31, July 31,
2005 2004
----------------- ------------
(Unaudited)
Value Fund
------------------------------
Net Assets, Beginning of Period ............................... $ 513,889 $ 532,221
------------ ---------
Operations:
Net investment income (loss) ................................. 2,108 4,675
Net realized gains (losses) from investment transactions
and option contracts ........................................ 79,761 41,594#
Change in unrealized appreciation/depreciation from
investments ................................................. (26,259) 29,509
------------ ---------
Change in net assets resulting from operations ................ 55,610 75,778
------------ ---------
Dividends to:
Class A Shareholders:
From net investment income ................................... (528) (951)
From net realized gains from investment transactions ......... -- --
Class B Shareholders:
From net investment income ................................... (33) (84)
From net realized gains from investment transactions ......... -- --
Class I Shareholders:
From net investment income ................................... (1,782) (3,633)
From net realized gains from investment transactions ......... -- --
------------ ---------
Change in net assets from dividends to shareholders ........... (2,343) (4,668)
------------ ---------
Change in net assets from capital share transactions .......... (59,353) (89,442)
------------ ---------
Proceeds from redemption fees collected ....................... -- --
------------ ---------
Change in net assets .......................................... (6,086) (18,332)
------------ ---------
Net Assets, End of Period ..................................... $ 507,803 $ 513,889
============ =========
Accumulated Net Investment Income/(Loss) ...................... -- $ 310
============ =========
Six Months Six Months
Ended Year Ended Ended Year Ended
January 31, July 31, January 31, July 31,
2005 2004 2005 2004
--------------- ------------ ----------------- --------------
(Unaudited) (Unaudited)
Select Equity Fund Enhanced Market Fund
---------------------------- --------------------------------
Net Assets, Beginning of Period ............................... $ 119,968 $ 59,412 $ 178,652 $129,130
------------- -------- ------------ --------
Operations:
Net investment income (loss) ................................. 496 339 1,365 1,345
Net realized gains (losses) from investment transactions
and option contracts ........................................ (14) 2,506 6,547 7,726
Change in unrealized appreciation/depreciation from
investments ................................................. 10,757 4,784 6,760 8,460
------------- -------- ------------ --------
Change in net assets resulting from operations ................ 11,239 7,629 14,672 17,531
------------- -------- ------------ --------
Dividends to:
Class A Shareholders:
From net investment income ................................... (77) (50) (187) (186)
From net realized gains from investment transactions ......... (17) (76) (960) --
Class B Shareholders:
From net investment income ................................... (39) (17) (53) (26)
From net realized gains from investment transactions ......... (15) (77) (393) --
Class I Shareholders:
From net investment income ................................... (441) (322) (1,131) (1,122)
From net realized gains from investment transactions ......... (88) (459) (5,361) --
------------- -------- ------------ --------
Change in net assets from dividends to shareholders ........... (677) (1,001) (8,085) (1,334)
------------- -------- ------------ --------
Change in net assets from capital share transactions .......... 7,859 53,928 5,655 33,325
------------- -------- ------------ --------
Proceeds from redemption fees collected ....................... -- -- -- --
------------- -------- ------------ --------
Change in net assets .......................................... 18,421 60,556 12,242 49,522
------------- -------- ------------ --------
Net Assets, End of Period ..................................... $ 138,389 $119,968 $ 190,894 $178,652
============= ======== ============ ========
Accumulated Net Investment Income/(Loss) ...................... $ (61) $ -- $ 41 $ 47
============= ======== ============ ========
International Equity Fund
------------------------------
(Unaudited)
Net Assets, Beginning of Period ............................... $ 388,719 $ 260,257
------------ ---------
Operations:
Net investment income (loss) ................................. 864 3,904
Net realized gains (losses) from investments, futures, and
foreign currency transactions* .............................. 3,930 8,248
Realized gain distributions from underlying funds ............ -- --
Change in unrealized appreciation/depreciation from
investments, futures, and translation of assets and
liabilities in foreign currencies ........................... 75,470 73,633
------------ ---------
Change in net assets resulting from operations ................ 80,264 85,785
------------ ---------
Dividends to:
Class A Shareholders:
From net investment income ................................... (157) (63)
From net realized gains from investment transactions ......... -- --
From tax return of capital ................................... -- --
Class B Shareholders:
From net investment income ................................... (8) --
From net realized gains from investment transactions ......... -- --
From tax return of capital ................................... -- --
Class I Shareholders:
From net investment income ................................... (4,115) (3,090)
From net realized gains from investment transactions ......... -- --
From tax return of capital ................................... -- --
------------ ---------
Change in net assets from dividends to shareholders ........... (4,280) (3,153)
------------ ---------
Change in net assets from capital transactions ................ 6,542 45,636
------------ ---------
Proceeds from redemption fees collected ....................... 194
------------ ---------
Change in net assets .......................................... 82,526 128,462
------------ ---------
Net Assets, End of Period ..................................... $ 471,245 $ 388,719
============ =========
Accumulated Net Investment Income/(Loss) ...................... $ (317) $ 3,099
============ =========
Strategic Portfolios:
Aggressive Growth
Balanced Fund Portfolio
-------------------------- ---------------------------
(Unaudited) (Unaudited)
Net Assets, Beginning of Period ............................... $ 174,204 $161,459 $ 45,254 $27,727
-------------- -------- ------------ --------
Operations:
Net investment income (loss) ................................. 1,733 2,748 74 (33)
Net realized gains (losses) from investments, futures, and
foreign currency transactions* .............................. 13,848 2,534 600 1,577
Realized gain distributions from underlying funds ............ -- -- 484 26
Change in unrealized appreciation/depreciation from
investments, futures, and translation of assets and
liabilities in foreign currencies ........................... (4,765) 8,066 3,353 1,826
-------------- -------- ------------ -------
Change in net assets resulting from operations ................ 10,816 13,348 4,511 3,396
-------------- -------- ------------ -------
Dividends to:
Class A Shareholders:
From net investment income ................................... (1,079) (1,566) (9) --
From net realized gains from investment transactions ......... (263) -- -- --
From tax return of capital ................................... -- -- -- (18)
Class B Shareholders:
From net investment income ................................... (196) (251) -- --
From net realized gains from investment transactions ......... (69) -- -- --
From tax return of capital ................................... -- -- -- (4)
Class I Shareholders:
From net investment income ................................... (716) (1,216) (8) --
From net realized gains from investment transactions ......... (161) -- -- --
From tax return of capital ................................... -- -- -- (18)
-------------- -------- ------------ -------
Change in net assets from dividends to shareholders ........... (2,484) (3,033) (17) (40)
-------------- -------- ------------ -------
Change in net assets from capital transactions ................ 2,581 2,430 1,856 14,167
-------------- -------- ------------ -------
Proceeds from redemption fees collected ....................... -- -- -- 4
-------------- -------- ------------ -------
Change in net assets .......................................... 10,913 12,745 6,350 17,527
-------------- -------- ------------ -------
Net Assets, End of Period ..................................... $ 185,117 $174,204 $ 51,604 $45,254
============== ======== ============ =======
Accumulated Net Investment Income/(Loss) ...................... $ (307) $ (49) $ 57 $ --
============== ======== ============ =======
* Represents realized gains/(losses) from investment transactions with
affiliates for the Strategic Portfolios.
# Includes reimbursement of $406 by advisor and administrator for losses
realized on the disposal of investments in violation of restrictions.
See notes to financial statements.
70
--------------------------------------
AMSOUTH FUNDS
Statements of Changes in Net Assets
(amounts in thousands)
--------------------------------------
Six Months Six Months Six Months Six Months
Ended Year Ended Ended Year Ended Ended Year Ended Ended Year Ended
January 31, July 31, January 31, July 31, January 31, July 31, January 31, July 31,
2005 2004 2005 2004 2005 2004 2005 2004
- --------------- ------------ --------------- ------------ --------------- -------------- ------------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Large Cap Fund Capital Growth Fund Mid Cap Fund Small Cap Fund
- ------------------------------ ------------------------------ -------------------------------- ---------------------------
$ 372,557 $ 506,066 $ 261,672 $ 257,284 $ 172,286 $133,108 $220,073 $182,657
------------ ---------- ------------ --------- ------------ -------- -------- --------
944 (251) 850 (679) 143 245 (1,257) (2,390)
16,956 77,919 (963) 25,035 5,227 26,138 14,772 33,469
2,263 (43,628) 16,082 (8,058) 17,281 (4,252) 14,837 (8,325)
------------ ---------- ------------ --------- ------------ -------- -------- --------
20,163 34,040 15,969 16,298 22,651 22,131 28,352 22,754
------------ ---------- ------------ --------- ------------ -------- -------- --------
(330) -- (109) -- (13) (19) -- --
(2,743) (15) -- -- -- -- -- --
(66) -- (28) -- -- (1) -- --
(681) -- -- -- -- -- -- --
(781) -- (957) -- (143) (224) -- --
(6,178) (118) -- -- -- -- -- --
------------ ---------- ------------ --------- ------------ -------- -------- --------
(10,779) (133) (1,094) -- (156) (244) -- --
------------ ---------- ------------ --------- ------------ -------- -------- --------
(31,414) (167,416) (15,041) (11,910) 23,319 17,268 5,732 14,607
------------ ---------- ------------ --------- ------------ -------- -------- --------
-- -- -- -- -- 23 -- 55
------------ ---------- ------------ --------- ------------ -------- -------- --------
(22,030) (133,509) (166) 4,388 45,814 39,178 34,084 37,416
------------ ---------- ------------ --------- ------------ -------- -------- --------
$ 350,527 $ 372,557 $ 261,506 $ 261,672 $ 218,100 $172,286 $254,157 $220,073
============ ========== ============ ========= ============ ======== ======== ========
$ (233) $ -- $ (244) $ -- $ (12) $ 1 $ (1,257) $ --
============ ========== ============ ========= ============ ======== ======== ========
Strategic Portfolios: Strategic Portfolios:
Strategic Portfolios: Growth & Income Moderate Growth &
Growth Portfolio Portfolio Income Portfolio
- ------------------------------ ---------------------------- -----------------------------
(Unaudited) (Unaudited) (Unaudited)
$ 50,752 $ 26,102 $ 104,423 $ 84,244 $ 45,565 $31,300
- ------------- ---------- ------------- --------- ------------- -------
281 251 882 1,246 437 605
491 1,197 969 4,435 465 1,158
444 44 683 150 253 68
2,969 1,075 4,558 1,145 1,644 106
- ------------- ---------- ------------- --------- ------------- -------
4,185 2,567 7,092 6,976 2,799 1,937
- ------------- ---------- ------------- --------- ------------- -------
(157) (120) (428) (476) (212) (209)
-- -- -- -- -- --
-- -- -- -- -- --
(105) (29) (94) (51) (87) (62)
-- -- -- -- -- --
-- -- -- -- -- --
(68) (72) (416) (694) (172) (309)
-- -- -- -- -- --
-- -- -- -- -- --
- ------------- ---------- ------------- --------- ------------- -------
(330) (221) (938) (1,221) (471) (580)
- ------------- ---------- ------------- --------- ------------- -------
6,955 22,303 3,108 14,422 2,768 12,907
- ------------- ---------- ------------- --------- ------------- -------
-- 1 -- 2 -- 1
- ------------- ---------- ------------- --------- ------------- -------
10,810 24,650 9,262 20,179 5,096 14,265
- ------------- ---------- ------------- --------- ------------- -------
$ 61,562 $ 50,752 $ 113,685 $ 104,423 $ 50,661 $45,565
============= ========== ============= ========= ============= =======
$ 4 $ 53 -- $ 144 -- $ 79
============= ========== ============= ========= ============= =======
See notes to financial statements.
71
- ----------------------------------------
AMSOUTH FUNDS
Statements of Changes in Net Assets
(amounts in thousands)
- ----------------------------------------
Six Months
Ended Year Ended
January 31, July 31,
2005 2004
--------------- --------------
(Unaudited)
Government Income Fund
------------------------------
Net Assets, Beginning of Period ....................................... $ 243,273 $284,396
------------- --------
Operations:
Net investment income ................................................ 3,803 9,381
Net realized gains from investment transactions ...................... 4,567 1,082
Change in unrealized appreciation/depreciation from investments ...... (3,632) (3,917)
------------- --------
Change in net assets resulting from operations ........................ 4,738 6,546
------------- --------
Dividends to:
Class A Shareholders:
From net investment income ........................................... (359) (770)
From net realized gains from investment transactions ................. (43) (21)
Class B Shareholders:
From net investment income ........................................... (125) (289)
From net realized gains from investment transactions ................. (18) (11)
Class I Shareholders:
From net investment income ........................................... (4,141) (10,008)
From net realized gains from investment transactions ................. (471) (281)
------------- --------
Change in net assets from dividends to shareholders ................... (5,157) (11,380)
------------- --------
Change in net assets from capital share transactions .................. (70,975) (36,389)
------------- --------
Proceeds from redemption fees collected ............................... -- 100
------------- --------
Change in net assets .................................................. (71,394) (41,123)
------------- --------
Net Assets, End of Period ............................................. $ 171,879 $243,273
============= ========
Accumulated Net Investment Income/(Loss) .............................. $ (1,033) $ (211)
============= ========
Six Months
Ended Year Ended
January 31, July 31,
2005 2004
--------------- -----------
(Unaudited)
Limited Term Bond Fund
---------------------------
Net Assets, Beginning of Period ....................................... $ 258,563 $242,588
------------- --------
Operations:
Net investment income ................................................ 3,158 6,526
Net realized gains from investment transactions ...................... 56 881
Change in unrealized appreciation/depreciation from investments ...... (1,681) (4,549)
------------- --------
Change in net assets resulting from operations ........................ 1,533 2,858
------------- --------
Dividends to:
Class A Shareholders:
From net investment income ........................................... (442) (960)
From net realized gains from investment transactions ................. -- --
Class B Shareholders:
From net investment income ........................................... (226) (480)
From net realized gains from investment transactions ................. -- --
Class I Shareholders:
From net investment income ........................................... (3,327) (6,563)
From net realized gains from investment transactions ................. -- --
------------- --------
Change in net assets from dividends to shareholders ................... (3,995) (8,003)
------------- --------
Change in net assets from capital share transactions .................. (34,334) 21,016
------------- --------
Proceeds from redemption fees collected ............................... -- 104
------------- --------
Change in net assets .................................................. (36,796) 15,975
------------- --------
Net Assets, End of Period ............................................. $ 221,767 $258,563
============= ========
Accumulated Net Investment Income/(Loss) .............................. $ (1,481) $ (644)
============= ========
Prime
Money Market Fund
------------------------------
(Unaudited)
Net Assets, Beginning of Period ....................................... $ 604,145 $664,565
-------------- ---------
Operations:
Net investment income ................................................ 3,323 2,402
Net realized gains (losses) from investment transactions ............. -- --
Change in unrealized appreciation/depreciation from investments ...... -- --
-------------- --------
Change in net assets resulting from operations ........................ 3,323 2,402
-------------- --------
Dividends to:
Class A Shareholders (a):
From net investment income ........................................... (2,242) (1,406)
Class B Shareholders (b):
From net investment income ........................................... (15) (5)
Class I Shareholders (c):
From net investment income ........................................... (1,066) (991)
-------------- --------
Change in net assets from dividends to shareholders ................... (3,323) (2,402)
-------------- --------
Change in net assets from capital share transactions .................. (48,661) (60,420)
-------------- --------
Change in net assets .................................................. (48,661) (60,420)
-------------- --------
Net Assets, End of Period ............................................. $ 555,484 $604,145
============== ========
Accumulated Net Investment Income/(Loss) .............................. $ -- $ --
============== ========
Treasury Reserve
Money Market Fund
----------------------------
(Unaudited)
Net Assets, Beginning of Period ....................................... $ 207,111 $ 88,429
-------------- --------
Operations:
Net investment income ................................................ 1,113 499
Net realized gains (losses) from investment transactions ............. -- 3
Change in unrealized appreciation/depreciation from investments ...... -- --
-------------- --------
Change in net assets resulting from operations ........................ 1,113 502
-------------- --------
Dividends to:
Class A Shareholders (a):
From net investment income ........................................... (389) (185)
Class B Shareholders (b):
From net investment income ........................................... -- --
Class I Shareholders (c):
From net investment income ........................................... (727) (314)
-------------- --------
Change in net assets from dividends to shareholders ................... (1,116) (499)
-------------- --------
Change in net assets from capital share transactions .................. (19,547) 118,679
-------------- --------
Change in net assets .................................................. (19,550) 118,682
-------------- --------
Net Assets, End of Period ............................................. $ 187,561 $207,111
============== ========
Accumulated Net Investment Income/(Loss) .............................. $ (2) $ 4
============== ========
(a) Represents Class 2 for Institutional Prime Obligations Money Market Fund.
(b) Represents Class 3 for Institutional Prime Obligations Money Market Fund.
(c) Represents Class 1 for Institutional Prime Obligations Money Market Fund.
See notes to financial statements.
72
--------------------------------------
AMSOUTH FUNDS
Statements of Changes in Net Assets
(amounts in thousands)
--------------------------------------
Six Months Six Months Six Months Six Months
Ended Year Ended Ended Year Ended Ended Year Ended Ended Year Ended
January 31, July 31, January 31, July 31, January 31, July 31, January 31, July 31,
2005 2004 2005 2004 2005 2004 2005 2004
- ------------------ ------------ --------------- -------------- ------------- ------------ ------------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
High Quality Municial Bond Florida Tennessee
High Quality Bond Fund Fund Tax-Exempt Fund Tax-Exempt Fund
- ------------------------------- ------------------------------ -------------------------- -------------------------
$ 623,540 $ 660,008 $ 358,775 $ 371,902 $ 55,771 $ 61,298 $ 41,698 $ 51,830
--------- --------- --------- --------- --------- --------- --------- ---------
12,231 24,987 6,296 12,863 985 2,007 584 1,320
1,752 4,168 780 1,026 27 344 41 308
4,901 (10,284) 141 (2,779) 322 (512) 57 (246)
--------- --------- --------- --------- --------- --------- --------- ---------
18,884 18,871 7,217 11,110 1,334 1,839 682 1,382
--------- --------- --------- --------- --------- --------- --------- ---------
(1,019) (1,933) (317) (542) (148) (145) (88) (205)
(59) (356) (50) (14) (44) (5) (27) (31)
(124) (297) (56) (116) (37) (92) (28) (60)
(8) (68) (10) (4) (15) (5) (12) (14)
(12,887) (25,832) (6,002) (12,316) (822) (1,791) (486) (1,110)
(697) (4,584) (844) (307) (247) (73) (145) (178)
--------- --------- --------- --------- --------- --------- --------- ---------
(14,794) (33,070) (7,279) (13,299) (1,313) (2,111) (786) (1,598)
--------- --------- --------- --------- --------- --------- --------- ---------
19,317 (22,322) (7,107) (10,938) 7,610 (5,255) (3,050) (9,916)
--------- --------- --------- --------- --------- --------- --------- ---------
-- 53 -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
23,407 (36,468) (7,169) (13,127) 7,631 (5,527) (3,154) (10,132)
--------- --------- --------- --------- --------- --------- --------- ---------
$ 646,947 $ 623,540 $ 351,606 $ 358,775 $ 63,402 $ 55,771 $ 38,544 $ 41,698
========= ========= ========= ========= ========= ========= ========= =========
$ (2,999) $ (1,200) $ 898 $ 977 $ 46 $ 68 $ 9 $ 27
========= ========= ========= ========= ========= ========= ========= =========
Institutional
Tax-Exempt Prime Obligations
Money Market Fund Money Market Fund
- ------------------------------- ------------------------------
(Unaudited) (Unaudited)
$ 159,922 $ 163,163 $ 318,336 $ 461,070
---------- ---------- ---------- ----------
674 527 2,606 2,804
(6) -- -- --
-- -- -- --
---------- ---------- ---------- ----------
668 527 2,606 2,804
---------- ---------- ---------- ----------
(142) (110) (759) (837)
-- -- (292) (234)
(532) (417) (1,586) (1,733)
---------- ---------- ---------- ----------
(674) (527) (2,637) (2,804)
---------- ---------- ---------- ----------
(19,063) (3,241) 111,580 (142,734)
---------- ---------- ---------- ----------
(19,069) (3,241) 111,549 (142,734)
---------- ---------- ---------- ----------
$ 140,853 $ 159,922 $ 429,885 $ 318,336
========== ========== ========== ==========
$ -- $ -- $ (31) $ 31
========== ========== ========== ==========
See notes to financial statements.
73
- --------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
January 31, 2005
(Unaudited)
- --------------------------------
1. Organization:
AmSouth Funds (the "Trust") was organized on October 1, 1987, and is
registered under the Investment Company Act of 1940, as amended ("the 1940
Act"), as an open-end investment company established as a Massachusetts
business trust.
The Trust is authorized to issue an unlimited number of shares without par
value. The Trust currently offers shares of the AmSouth Value Fund, the AmSouth
Select Equity Fund, the AmSouth Enhanced Market Fund, the AmSouth Large Cap
Fund, the AmSouth Capital Growth Fund, the AmSouth Mid Cap Fund, the AmSouth
Small Cap Fund, the AmSouth International Equity Fund, the AmSouth Balanced
Fund, the AmSouth Strategic Portfolios: Aggressive Growth Portfolio, the
AmSouth Strategic Portfolios: Growth Portfolio, the AmSouth Strategic
Portfolios: Growth and Income Portfolio, the AmSouth Strategic Portfolios:
Moderate Growth and Income Portfolio, the AmSouth Government Income Fund, the
AmSouth Limited Term Bond Fund, the AmSouth High Quality Bond Fund, the AmSouth
High Quality Municipal Bond Fund, the AmSouth Florida Tax-Exempt Fund, the
AmSouth Tennessee Tax-Exempt Fund, (collectively, "the variable net asset
funds"), the AmSouth Prime Money Market Fund, the AmSouth Treasury Reserve
Money Market Fund, the AmSouth Tax-Exempt Money Market Fund and the AmSouth
Institutional Prime Obligations Money Market Fund (collectively, "the money
market funds") (collectively, "the Funds" and individually "a Fund").
Under the Trust's organizational documents, its officers and trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust
enters into contracts with their vendors and others that provide for general
indemnifications. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust.
However, based on experience, the Trust expects that risk of loss to be remote.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. These policies are
in conformity with U.S. generally accepted accounting principles ("GAAP"). The
preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses for the period.
Actual results could differ from those estimates.
Securities Valuation:
Investments of the money market funds are valued at amortized cost. Under
the amortized cost method, discount or premium is amortized on a constant basis
to the maturity of the security.
Bond 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 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-sized 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 or exchanges 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, which approximates market value.
Portfolio securities listed or traded on domestic securities exchanges or
the NASDAQ/NMS, including American Depositary Receipts ("ADR's"), are valued at
the closing price on the exchange or system where the security is principally
traded or at the Nasdaq Official Closing Price, if applicable. Investments for
which market quotations are not readily available are valued at fair value
using guidelines adopted by the Trustees. Most foreign markets close before the
close of trading on the New York Stock Exchange ("NYSE"). If the International
Equity Fund determines that developments between the close of a foreign market
and the close of the NYSE will, in its judgment, materially affect the value of
some or all of its portfolio securities, which in turn will affect the Fund's
share price, the Fund will adjust the previous closing prices to reflect the
fair value of the securities as of the
Continued
74
--------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
--------------------------------
2. Significant Accounting Policies (continued)
close of the NYSE, as determined in good faith by the Pricing Committee
established by the Fund's Trustees. A Fund may also fair value securities in
other situations, such as when a particular foreign market is closed but the
Fund is open. In deciding whether to make fair value adjustments, the Fund
reviews a variety of factors, including developments in foreign markets, the
performance of U.S. securities markets, and the performance of instruments
trading in U.S. markets that represent foreign securities and baskets of
foreign securities. The Fund uses outside pricing services to provide it with
closing market prices and information used for adjusting those prices.
Investments in investment companies are valued at their net asset values
as reported by such companies.
The differences between cost and market values of investments are
reflected as unrealized appreciation or depreciation.
Investments in restricted securities are valued by the Trustees, or by
procedures approved by the 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.
Securities Transactions and Related Income:
Changes in holdings of portfolio securities shall be reflected no later
than in the calculation on the first business day following the trade date.
However, for financial reporting purposes, portfolio security transactions are
reported on trade date. Net realized gains or losses from sales of securities
are determined on the specific identification cost method. Interest income and
expenses are recognized on the accrual basis. Dividends are recorded on the
ex-dividend date. Interest income includes premium amortization and discount
accretion for financial reporting.
Financial Futures Contracts:
The Enhanced Market, Select Equity, Large Cap, Capital Growth, Mid Cap,
International Equity, Limited Term Bond, High Quality Bond, and Tennessee
Tax-Exempt Funds may invest in financial futures contracts for the purpose of
hedging its existing portfolio securities, or securities that it intends to
purchase, against fluctuations in fair value caused by changes in prevailing
market interest rates. Upon entering into a financial futures contract, a Fund
is required to pledge to the broker an amount of cash and/or other assets equal
to a certain percentage of the contract amount (initial margin deposit).
Subsequent payments, known as "variation margin," are made or received by a
Fund each day, depending on the daily fluctuations in the fair value of the
underlying security. A Fund recognizes a gain or loss equal to the daily
variation margin. Should market conditions move unexpectedly, the Fund may not
achieve the anticipated benefits of the financial futures contracts and may
realize a loss. The use of futures transactions involves the risk of imperfect
correlation in movements in the price of futures contracts, interest rates, and
the underlying hedged assets.
Repurchase Agreements:
The Funds may invest in repurchase agreements with institutions that are
deemed by AmSouth Asset Management Inc. ("AAMI"), (the "Advisor"), to be of
good standing and creditworthy under guidelines established by the Trustees.
Each repurchase agreement is valued at cost. The Fund requires that collateral
received in a repurchase agreement transaction be transferred to a custodian in
a manner sufficient to enable the Fund to obtain collateral in the event of a
counterparty default. If the counterparty defaults and the fair value of the
collateral declines, realization of the collateral by the Funds may be delayed
or limited. The Funds, along with other affiliates of the Fund, may transfer
uninvested cash balances into one or more joint trading accounts. These
balances are invested in one or more repurchase agreements which are fully
collateralized by U.S. Treasury or U.S. government agency obligations, with
counterparties approved by the Trustees, consistent with the Fund's investment
policy. As of January 31, 2005, all repurchase agreements were fully
collateralized by U.S. Treasury or U.S. Government Agency obligations.
Continued
75
- --------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------
2. Significant Accounting Policies (continued)
Foreign Currency Translation:
The market value of investment securities, other assets and liabilities of
the International Equity Fund denominated in a foreign currency are translated
into U.S. dollars at the current exchange rate. Purchases and sales of
securities, income receipts and expense payments are translated into U.S.
dollars at the exchange rate on the dates of the transactions.
The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gains or losses
from investments.
Reported net realized foreign exchange gains or losses arise from sales
and maturities of fund securities, sales of foreign currencies, currency
exchange fluctuations between the trade and settlement dates of securities
transactions, and the difference between the amounts of assets and liabilities
recorded and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, including investments in securities,
resulting from changes in currency exchange rates.
Risks Associated with Foreign Securities and Currencies:
Investments in securities of foreign issuers carry certain risks not
ordinarily associated with investments in securities of domestic issuers. Such
risks include future political and economic developments and the possible
imposition of exchange controls or other foreign governmental laws and
restrictions. In addition, with respect to certain countries, there is the
possibility of expropriation of assets, confiscatory taxation, political or
social instability or diplomatic developments which could adversely affect
investments in those countries.
Certain countries may also impose substantial restrictions on investments
in their capital markets by foreign entities, including restrictions on
investments in issuers or industries deemed sensitive to relevant national
interests. These factors may limit the investment opportunities available to
the International Equity Fund or result in a lack of liquidity and high price
volatility with respect to securities of issuers from developing countries.
Forwards may involve market or credit risk in excess of the amounts
reflected on the Fund's statement of assets and liabilities. The gain or loss
from the difference between the cost of original contracts and the amount
realized upon the closing of such contracts is included in net realized
gains/losses from investment and foreign currency transactions. Fluctuations in
the value of forwards held are recorded for financial reporting purposes as
unrealized gains and losses by the Fund.
Securities Lending:
To generate additional income, the Funds may lend up to 331/3% of total
assets pursuant to agreements requiring that the loan be continuously secured
by cash, U.S. government or U.S. government agency securities, shares of an
investment trust or mutual fund, or any combination of cash and such securities
as collateral equal at all times to at least 100% of the prior day's market
value plus accrued interest on the securities lent. The Funds continue to earn
interest and dividends on securities lent while simultaneously seeking to earn
interest on the investment of collateral.
When cash is received as collateral for securities loaned, the Funds may
invest such cash in short-term U.S. government securities, repurchase
agreements, or other short-term corporate securities. The cash or subsequent
short-term investments are recorded as assets of the Funds, offset by a
corresponding liability to repay the cash at the termination of the loan. Fixed
income securities received as collateral are not recorded as an asset or
liability of the Fund because the Fund does not have effective control of such
securities.
There may be risks of delay in recovery of the securities or even loss of
rights in the collateral should the borrower of the securities fail
financially. However, loans will be made only to borrowers deemed by the
Advisor to be of good standing and creditworthy under guidelines established by
the Trustees and when, in the judgment of the Advisor, the consideration which
Continued
76
--------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
--------------------------------
2. Significant Accounting Policies (continued)
can be earned currently from such securities loans justifies the attendant
risks. Loans are subject to termination by the Funds or the borrower at any
time, and are, therefore, not considered to be illiquid investments. The Bank
of New York serves as the Securities Lending Agent. For providing this service,
the Securities Lending Agent retains 25% of the Securities Lending income. The
fee is shown as net of the Securities lending income on The Statement of
Operations. As of January 31, 2005, the following Funds had securities on loan
(amounts in thousands):
Market
Fees Paid to Market Value of
The Bank Value of Loaned
of New York Collateral Securities
-------------- ------------ -----------
Value Fund ................................. $ 3 $31,795 $31,397
Enhanced Market Fund ....................... 1 2,639 2,552
Large Cap Fund ............................. 2 11,421 11,183
Capital Growth Fund ........................ 2 37,079 36,591
Mid Cap Fund ............................... 2 19,062 18,876
Small Cap Fund ............................. 9 64,709 64,348
International Equity Fund .................. 28 39,219 37,833
Balanced Fund .............................. 5 23,735 23,303
Government Income Fund ..................... 6 4,230 4,150
Limited Term Bond Fund ..................... 16 46,932 45,985
High Quality Bond Fund ..................... 42 84,924 83,293
Treasury Reserve Money Market Fund ......... 15 14,851 14,816
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are declared
and paid monthly for the variable net asset value funds, except for the
International Equity Fund, which dividends are declared and paid annually.
Distributable net realized gains, if any, are declared and distributed at least
annually.
The amounts of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income tax
regulations, which may differ from GAAP. These differences are primarily due to
differing treatment for mortgage-backed securities, amortization and/or
accretion of securities, foreign currency transactions, expiring capital loss
carryforwards and deferrals of certain losses. These "book/tax" differences are
either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within the
composition of net assets based on their federal tax-basis treatment; temporary
differences do not require reclassification. To the extent they exceed net
investment income and net realized gains for tax purposes, they are reported as
distributions of capital.
The Funds may utilize equalization accounting for tax purposes and
designate earnings and profits distributed to shareholders on redemption of
shares, as a part of the dividends paid deduction for income tax purposes.
Federal Income Taxes:
It is the policy of each Fund to continue to qualify as a regulated
investment company by complying with the provisions available to certain
investment companies, as defined in applicable sections, including Subchapter
M, of the Internal Revenue Code ("the Code"), and to make distributions of net
investment income and net realized capital gains sufficient to relieve it from
all, or substantially all, federal income taxes.
In-Kind Redemptions:
In certain circumstances, the Funds may distribute portfolio securities
rather than cash as payment for redemption of fund shares (in-kind redemption).
For financial reporting purposes, the Funds recognize a gain on the in-kind
redemptions to the extent the value of the distributed securities on the date
of redemption exceeds the cost of those securities; the Funds recognize a loss
if the cost exceeds value. Gains and losses realized on in-kind redemptions are
not recognized for tax purposes and are reclassified
Continued
77
- --------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------
2. Significant Accounting Policies (continued)
from undistributed realized gain (loss) to paid-in-capital. During the six
months ended January 31, 2005, the Government Income Fund realized $907,975 of
net gain on $33,144,600 of in-kind redemptions.
Other:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses for the Trust are prorated to
all the Funds on the basis of relative net assets. Fees paid under a Fund's
shareholder servicing or distribution plans are borne by the specific class of
shares to which they apply. Income, expenses, and realized and unrealized gains
or losses on investments are allocated to each class of shares based on its
relative net assets, except that each class separately bears expenses related
specifically to that class, such as distribution fees.
Redemption Fee:
The variable net asset funds may impose a redemption fee. This fee can be
assessed on redemptions and exchanges of fund shares within 30 days from the
date the funds shares were purchased.
3. Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities and
U.S. Government securities) for the period ended January 31, 2005 were as
follows (amounts in thousands):
Purchases Sales
----------- -----------
Value Fund .......................................................... $189,667 $258,061
Select Equity Fund .................................................. 8,347 1,865
Enhanced Market Fund ................................................ 83,809 83,987
Large Cap Fund ...................................................... 16,426 56,866
Capital Growth Fund ................................................. 21,970 32,659
Mid Cap Fund ........................................................ 97,983 79,481
Small Cap Fund ...................................................... 192,321 201,387
International Equity Fund ........................................... 12,512 9,972
Balanced Fund ....................................................... 47,168 50,849
Strategic Portfolios: Aggressive Growth Portfolio ................... 4,847 2,153
Strategic Portfolios: Growth Portfolio .............................. 12,407 5,234
Strategic Portfolios: Growth and Income Portfolio ................... 14,015 10,237
Strategic Portfolios: Moderate Growth and Income Portfolio .......... 9,620 6,695
Government Income Fund .............................................. 40,035 86,193
Limited Term Bond Fund .............................................. 40,363 41,142
High Quality Bond Fund .............................................. 91,662 124,935
High Quality Municipal Bond Fund .................................... 47,278 59,369
Florida Tax-Exempt Fund ............................................. 7579 3,064
Tennessee Tax-Exempt Fund ........................................... 2,202 5,353
Continued
78
--------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------
4. Affiliated Party Transactions:
AAMI serves as Investment Advisor for the Trust. Under the terms of the
investment advisory agreement, AAMI, a separate, wholly owned subsidiary of
AmSouth Bank ("AmSouth"), is entitled to receive fees based on a percentage of
the average daily net assets of each of the Funds as follows:
Annual Fee as a
Percentage of Average
Daily Net Assets
----------------------
Value Fund ......................................................... 0.80%
Select Equity Fund ................................................. 0.80%
Enhanced Market Fund ............................................... 0.35%
Large Cap Fund ..................................................... 0.80%
Capital Growth Fund ................................................ 0.80%
Mid Cap Fund ....................................................... 0.90%
Small Cap Fund ..................................................... 0.90%
International Equity Fund .......................................... 0.90%
Balanced Fund ...................................................... 0.80%
Strategic Portfolios: Aggressive Growth Portfolio .................. 0.20%
Strategic Portfolios: Growth Portfolio ............................. 0.20%
Strategic Portfolios: Growth and Income Portfolio .................. 0.20%
Strategic Portfolios: Moderate Growth and Income Portfolio ......... 0.20%
Government Income Fund ............................................. 0.50%
Limited Term Bond Fund ............................................. 0.50%
High Quality Bond Fund ............................................. 0.50%
High Quality Municipal Bond Fund ................................... 0.50%
Florida Tax-Exempt Fund ............................................ 0.50%
Tennessee Tax-Exempt Fund .......................................... 0.50%
Prime Money Market Fund ............................................ 0.40%
Treasury Reserve Money Market Fund ................................. 0.40%
Tax-Exempt Money Market Fund ....................................... 0.40%
Institutional Prime Obligations Money Market Fund .................. 0.20%
Effective October 5, 2004, the Funds employed a new Chief Compliance
Officer for the Funds, who also serves as a Senior Vice President of AmSouth
Bank, for which the Funds will incur an additional expense.
AmSouth serves as Custodian for the Trust, with the exception of the
International Equity Fund. Pursuant to the custodian agreement with the Trust,
AmSouth receives compensation from each Fund for such services in an amount
equal to an asset-based fee plus fixed fees charged for certain portfolio
transactions and out-of-pocket expenses. The Bank of New York serves as
custodian for the International Equity Fund.
Administrator
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services
("BISYS"), an Ohio Limited Partnership, BISYS Fund Services Ohio, Inc. ("BISYS
Ohio"), and BISYS Fund Services, Inc. ("BISYS Inc.") are subsidiaries of the
BISYS Group, Inc.
ASO Services Company ("ASO"), a wholly owned subsidiary of the BISYS
Group, Inc., serves the Funds as Administrator ("Administrator"). Under the
terms of the administration agreement, the Administrator receives a fee
computed based on an annual percentage of 0.15% of the average daily net assets
of each of the Funds except the Institutional Prime Obligations Money Market
Fund, which is 0.10%. AmSouth and BISYS Ohio, with whom certain officers and
trustees of the Trust are affiliated, serve as the Funds' sub-administrators.
Such officers and trustees are paid no fees directly by the Funds for serving
as officers and trustees of the Trust. Pursuant to its current agreement with
the Administrator, AmSouth has assumed certain Administration duties, for which
AmSouth receives a fee, paid by the Administrator, based on a percentage of
each Fund's daily average net assets. ASO also serves the Funds as Fund
Accountant for whom ASO receives a fee based on a percentage of each Fund's
average daily net assets. BISYS Ohio and the Advisor may, from time to time,
directly or through an affiliate, use their fee revenue, past profits, or other
Continued
79
- --------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------
4. Affiliated Party Transactions (continued)
revenue sources, without limitation, to pay promotional, administrative,
shareholder support, and other expenses to third parties, including
broker-dealers, in connection with the offer, sale and administration of shares
of the Funds.
In December 2004, BISYS Ohio reimbursed $440,576 to the Funds.
Pursuant to its agreement with the Administrator, BISYS Ohio, as
sub-administrator, is entitled to compensation as mutually agreed upon from
time to time by it and the Administrator. BISYS serves as the Funds'
distributor and is entitled to receive commissions on sales of shares of the
variable net asset value funds. For the period ended January 31, 2005, BISYS
received $1,561,428 from commissions earned on sales of shares of the Funds'
variable net asset value funds. BISYS reallowed $2,155 to affiliated broker
dealers of the Fund's shares. BISYS receives no fees from the Funds for
providing distribution services to the Funds.
BISYS Ohio, serves the Funds as Transfer Agent. Under the terms of the
transfer agent agreement, BISYS Ohio, receives a fee based on a percentage of
each Fund's average daily net assets, plus out of pocket charges.
Class A and Class I of the Trust are subject to a Shareholder Servicing
Plan (the "Servicing Plan") permitting payment of compensation to financial
institutions that agree to provide certain administrative support services for
their customers or account holders. Each Fund has entered into a specific
arrangement with BISYS for the provision of such services and reimburses BISYS
for its cost of providing these services, subject to a maximum rate of 0.25% of
the Class A Shares and 0.15% of the Class I Shares of the average daily net
assets of each of the Funds.
Class B Shares, Class 2 Shares and Class 3 Shares of the Trust are subject
to a Distribution and Shareholder Servicing Plan (the "Distribution Plan")
permitting payment of compensation to a participating organization as payment
for its services or expenses in connection with distribution assistance of the
Funds' Class B Shares, Class 2 Shares and Class 3 Shares to the participating
organizations customers. Each Fund has entered into a specific arrangement with
BISYS for the provision of such services and pays BISYS for its cost of
providing such services, subject to a maximum rate of 1.00% of the average
daily net assets of the Class B Shares of each of the Funds, which includes a
Shareholder Servicing Fee of 0.25% of the average daily net assets of the Class
B Shares of each Fund. Class 2 Shares and Class 3 Shares are subject to a
maximum rate of 0.25% and 0.50% of daily average net assets, respectively, for
such services.
During the period, there were no commissions paid to affiliated brokers
for security transactions.
AAMI, AmSouth, ASO, BISYS, and BISYS Ohio have voluntarily agreed to waive
a portion of their fees. These expense waivers are voluntary and may be
discontinued at any time.
The officers of the Trust receive no compensation directly from the Trust
for performing the duties of their offices. ASO receives fees from the Trust
for acting as Administrator and BISYS Fund Services, Inc. receives fees from
the Trust for acting as Transfer Agent for and for providing fund accounting
services to the Trust.
The Independent Trustees are compensated directly from the Trust for a
quarterly meeting fee of $3,500 and a quarterly retainer fee of $3,750. The
Independent Trustees receive compensation for special meetings of $1,000.
Continued
80
--------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
--------------------------------
5. Concentration of Credit Risk
The High Quality Municipal Bond Fund invests a large portion of its assets
in tax-exempt debt obligations issued by the State of Alabama, its
municipalities, counties, and other taxing districts. The issuers' abilities to
meet their obligations may be affected by Alabama's economic, regional, and
political developments.
The Florida Tax-Exempt Fund invests substantially all of its assets in a
non-diversified portfolio of tax-exempt debt obligations primarily consisting
of securities issued by the State of Florida, its municipalities, counties and
other taxing districts. The issuers' abilities to meet their obligations may be
affected by Florida's economic, regional, and political developments.
The Tennessee Tax-Exempt Fund invests substantially all of its assets in a
non-diversified portfolio of tax-exempt debt obligations primarily consisting
of securities issued by the State of Tennessee, its municipalities, counties
and other taxing districts. The issuers' abilities to meet their obligations
may be affected by Tennessee's economic, regional, and political developments.
6. Capital Share Transactions:
The Trust has issued three classes of Fund shares: Class A Shares, Class I
Shares, and Class B Shares in the Prime Money Market Fund and the variable net
asset funds. The Trust has issued three classes of fund shares in the
Institutional Prime Obligations Money Market Fund: Class 1, Class 2 and Class
3. The Trust has issued two classes of Fund shares: Class A Shares and Class I
Shares in the other money market funds. Each class of shares in a Fund 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.
Continued
81
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
7. Capital Share Transactions (continued)
Transactions in capital shares for the Funds were as follows (amounts in
thousands):
CAPITAL TRANSACTIONS (amounts in thousands):
------------------------------------------------------------------------------
Class A Shares: Class B Shares:
--------------------------------------------------- --------------------------
Proceeds Cost of Total Proceeds
from shares Dividends shares Class A from shares Dividends
issued reinvested redeemed Shares issued reinvested
------------- ------------ ------------ ----------- ------------- ------------
Value Fund
Period Ended January 31, 2005 ........ $15,158 489 (20,722) (5,075) 357 29
Year Ended July 31, 2004 ............. $20,214 883 (27,203) (6,106) 1,365 76
Select Equity Fund
Period Ended January 31, 2005 ........ $ 5,378 83 (2,011) 3,450 3,120 49
Year Ended July 31, 2004 ............. $10,389 113 (2,671) 7,831 5,979 82
Enhanced Market Fund
Period Ended January 31, 2005 ........ $ 3,568 1,092 (3,057) 1,603 339 411
Year Ended July 31, 2004 ............. $ 8,421 175 (7,935) 661 2,203 24
Large Cap Fund
Period Ended January 31, 2005 ........ $15,114 2,844 (13,946) 4,012 906 681
Year Ended July 31, 2004 ............. $29,837 14 (25,341) 4,510 4,125 --
Capital Growth Fund
Period Ended January 31, 2005 ........ $ 3,863 94 (3,687) 270 139 25
Year Ended July 31, 2004 ............. $ 8,936 -- (8,211) 725 790 --
Mid Cap Fund
Period Ended January 31, 2005 ........ $ 5,729 12 (1,893) 3,848 340 --
Year Ended July 31, 2004 ............. $ 8,312 19 (3,401) 4,930 1,036 1
Small Cap Fund
Period Ended January 31, 2005 ........ $ 2,846 -- (1,723) 1,123 113 --
Year Ended July 31, 2004 ............. $ 4,241 -- (2,995) 1,246 886 --
International Equity Fund
Period Ended January 31, 2005 ........ $ 7,859 144 (4,688) 3,315 441 7
Year Ended July 31, 2004 ............. $17,312 60 (7,958) 9,414 1,266 --
Balanced Fund
Period Ended January 31, 2005 ........ $19,995 1,289 (12,247) 9,037 1,926 236
Year Ended July 31, 2004 ............. $24,380 1,502 (19,149) 6,733 7,302 226
Aggressive Growth Portfolio
Period Ended January 31, 2005 ........ $ 4,395 9 (2,131) 2,273 2,800 --
Year Ended July 31, 2004 ............. $11,247 18 (5,635) 5,630 8,623 4
Growth Portfolio
Period Ended January 31, 2005 ........ $ 6,887 154 (3,620) 3,421 7,437 103
Year Ended July 31, 2004 ............. $15,856 118 (4,928) 11,046 13,564 28
Growth & Income Portfolio
Period Ended January 31, 2005 ........ $10,994 425 (2,928) 8,491 3,957 90
Year Ended July 31, 2004 ............. $25,497 474 (12,745) 13,226 10,279 49
Moderate Growth & Income Portfolio
Period Ended January 31, 2005 ........ $ 7,813 204 (2,389) 5,628 2,494 79
Year Ended July 31, 2004 ............. $ 9,637 200 (4,624) 5,213 8,489 59
CAPITAL TRANSACTIONS (amounts in thousands):
----------------------------------------------------------------------------
Class B Shares: Class I Shares:
---------------------- --------------------------------------
Cost of Total Proceeds Cost of Total
shares Class B from shares Dividends shares Class I
redeemed Shares issued reinvested redeemed Shares
---------- ----------- ------------- ------------ ------------ ------------
Value Fund
Period Ended January 31, 2005 ........ (3,153) (2,767) 14,659 559 (66,729) (51,511)
Year Ended July 31, 2004 ............. (5,404) (3,963) 44,063 1,076 (124,512) (79,373)
Select Equity Fund
Period Ended January 31, 2005 ........ (1,043) 2,126 10,702 249 (8,668) 2,283
Year Ended July 31, 2004 ............. (1,204) 4,857 58,750 382 (17,892) 41,240
Enhanced Market Fund
Period Ended January 31, 2005 ........ (1,208) (458) 16,288 3,536 (15,314) 4,510
Year Ended July 31, 2004 ............. (2,109) 118 61,507 381 (29,342) 32,546
Large Cap Fund
Period Ended January 31, 2005 ........ (3,060) (1,473) 18,173 3,921 (56,047) (33,953)
Year Ended July 31, 2004 ............. (4,140) (15) 47,648 65 (219,624) (171,911)
Capital Growth Fund
Period Ended January 31, 2005 ........ (1,021) (857) 13,611 228 (28,293) (14,454)
Year Ended July 31, 2004 ............. (2,043) (1,253) 60,638 -- (72,020) (11,382)
Mid Cap Fund
Period Ended January 31, 2005 ........ (644) (304) 29,999 42 (10,266) 19,775
Year Ended July 31, 2004 ............. (1,284) (247) 84,163 77 (71,632) 12,608
Small Cap Fund
Period Ended January 31, 2005 ........ (320) (207) 23,014 -- (18,198) 4,816
Year Ended July 31, 2004 ............. (532) 354 54,797 -- (41,735) 13,062
International Equity Fund
Period Ended January 31, 2005 ........ (159) 289 22,747 1,849 (21,658) 2,938
Year Ended July 31, 2004 ............. (244) 1,022 69,560 1,368 (35,534) 35,394
Balanced Fund
Period Ended January 31, 2005 ........ (2,464) (302) 3,810 794 (10,758) (6,154)
Year Ended July 31, 2004 ............. (4,128) 3,400 10,088 1,097 (18,888) (7,703)
Aggressive Growth Portfolio
Period Ended January 31, 2005 ........ (677) 2,123 1,202 8 (3,750) (2,540)
Year Ended July 31, 2004 ............. (763) 7,864 3,507 17 (2,847) 677
Growth Portfolio
Period Ended January 31, 2005 ........ (1,312) 6,228 676 68 (3,438) (2,694)
Year Ended July 31, 2004 ............. (1,125) 12,467 4,040 72 (5,321) (1,209)
Growth & Income Portfolio
Period Ended January 31, 2005 ........ (988) 3,059 1,282 403 (10,127) (8,442)
Year Ended July 31, 2004 ............. (1,245) 9,083 6,559 675 (15,119) (7,885)
Moderate Growth & Income Portfolio
Period Ended January 31, 2005 ........ (762) 1,811 783 172 (5,626) (4,671)
Year Ended July 31, 2004 ............. (1,143) 7,405 2,953 309 (2,972) 290
CAPITAL TRANSACTIONS
(amounts in
thousands):
---------------------
Total net increase
(decrease) from
capital transactions
---------------------
Value Fund
Period Ended January 31, 2005 ........ $ (59,353)
Year Ended July 31, 2004 ............. $ (89,442)
Select Equity Fund
Period Ended January 31, 2005 ........ $ 7,859
Year Ended July 31, 2004 ............. $ 53,928
Enhanced Market Fund
Period Ended January 31, 2005 ........ $ 5,655
Year Ended July 31, 2004 ............. $ 33,325
Large Cap Fund
Period Ended January 31, 2005 ........ $ (31,414)
Year Ended July 31, 2004 ............. $(167,416)
Capital Growth Fund
Period Ended January 31, 2005 ........ $ (15,041)
Year Ended July 31, 2004 ............. $ (11,910)
Mid Cap Fund
Period Ended January 31, 2005 ........ $ 23,319
Year Ended July 31, 2004 ............. $ 17,291
Small Cap Fund
Period Ended January 31, 2005 ........ $ 5,732
Year Ended July 31, 2004 ............. $ 14,662
International Equity Fund
Period Ended January 31, 2005 ........ $ 6,542
Year Ended July 31, 2004 ............. $ 45,830
Balanced Fund
Period Ended January 31, 2005 ........ $ 2,581
Year Ended July 31, 2004 ............. $ 2,430
Aggressive Growth Portfolio
Period Ended January 31, 2005 ........ $ 1,856
Year Ended July 31, 2004 ............. $ 14,171
Growth Portfolio
Period Ended January 31, 2005 ........ $ 6,955
Year Ended July 31, 2004 ............. $ 22,304
Growth & Income Portfolio
Period Ended January 31, 2005 ........ $ 3,108
Year Ended July 31, 2004 ............. $ 14,424
Moderate Growth & Income Portfolio
Period Ended January 31, 2005 ........ $ 2,768
Year Ended July 31, 2004 ............. $ 12,908
Continued
82
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
7. Capital Share Transactions (continued)
SHARE TRANSACTIONS (amounts in thousands):
-------------------------------------------------------------------------------------
Class A Shares: Class B Shares:
------------------------------------------ ------------------------------------------
Total Total
Class A Class B
Issued Reinvested Redeemed Shares Issued Reinvested Redeemed Shares
-------- ------------ ---------- --------- -------- ------------ ---------- ---------
Value Fund
Period Ended January 31, 2005 ........ 939 31 (1,291) (321) 21 2 (206) (183)
Year Ended July 31, 2004 ............. 1,394 62 (1,884) (428) 97 6 (380) (277)
Select Equity Fund
Period Ended January 31, 2005 ........ 383 6 (143) 246 232 4 (77) 159
Year Ended July 31, 2004 ............. 774 9 (196) 587 457 6 (92) 371
Enhanced Market Fund
Period Ended January 31, 2005 ........ 313 94 (267) 140 31 36 (109) (42)
Year Ended July 31, 2004 ............. 773 16 (726) 63 208 2 (195) 15
Large Cap Fund
Period Ended January 31, 2005 ........ 850 156 (782) 224 54 39 (182) (89)
Year Ended July 31, 2004 ............. 1,679 1 (1,424) 256 243 -- (243) --
Capital Growth Fund
Period Ended January 31, 2005 ........ 403 10 (384) 29 16 3 (114) (95)
Year Ended July 31, 2004 ............. 952 -- (862) 90 89 -- (227) (138)
Mid Cap Fund
Period Ended January 31, 2005 ........ 438 1 (144) 295 28 -- (52) (24)
Year Ended July 31, 2004 ............. 690 2 (285) 407 89 -- (111) (22)
Small Cap Fund
Period Ended January 31, 2005 ........ 326 -- (201) 125 14 -- (39) (25)
Year Ended July 31, 2004 ............. 521 -- (367) 154 114 -- (69) 45
International Equity Fund
Period Ended January 31, 2005 ........ 611 11 (395) 227 35 1 (13) 23
Year Ended July 31, 2004 ............. 1,630 6 (800) 836 120 -- (23) 97
Balanced Fund
Period Ended January 31, 2005 ........ 1,599 103 (980) 722 156 19 (199) (24)
Year Ended July 31, 2004 ............. 2,021 125 (1,597) 549 611 19 (342) 288
Aggressive Growth Portfolio
Period Ended January 31, 2005 ........ 479 1 (234) 246 320 -- (77) 243
Year Ended July 31, 2004 ............. 1,309 2 (641) 670 1,030 -- (90) 940
Growth Portfolio
Period Ended January 31, 2005 ........ 733 16 (389) 360 805 11 (143) 673
Year Ended July 31, 2004 ............. 1,794 13 (568) 1,239 1,525 3 (127) 1,401
Growth & Income Portfolio
Period Ended January 31, 2005 ........ 1,120 43 (300) 863 407 9 (101) 315
Year Ended July 31, 2004 ............. 2,686 50 (1,349) 1,387 1,082 5 (131) 956
Moderate Growth & Income Portfolio
Period Ended January 31, 2005 ........ 806 21 (245) 582 257 8 (78) 187
Year Ended July 31, 2004 ............. 1,011 21 (493) 539 891 6 (120) 777
SHARE TRANSACTIONS (amounts in thousands):
------------------------------------------------------------------
Class I Shares:
----------------------------------------------
Total Total net increase
Class I (decrease) from
Issued Reinvested Redeemed Shares share transactions
-------- ------------ ------------ ----------- -------------------
Value Fund
Period Ended January 31, 2005 ........ 922 35 (4,202) (3,245) (3,749)
Year Ended July 31, 2004 ............. 3,084 76 (8,635) (5,475) (6,180)
Select Equity Fund
Period Ended January 31, 2005 ........ 773 17 (612) 178 583
Year Ended July 31, 2004 ............. 4,360 29 (1,357) 3,032 3,990
Enhanced Market Fund
Period Ended January 31, 2005 ........ 1,429 303 (1,335) 397 495
Year Ended July 31, 2004 ............. 5,717 35 (2,736) 3,016 3,094
Large Cap Fund
Period Ended January 31, 2005 ........ 1,029 213 (3,093) (1,851) (1,716)
Year Ended July 31, 2004 ............. 2,683 4 (12,537) (9,850) (9,594)
Capital Growth Fund
Period Ended January 31, 2005 ........ 1,447 23 (2,948) (1,478) (1,544)
Year Ended July 31, 2004 ............. 6,444 -- (7,622) (1,178) (1,226)
Mid Cap Fund
Period Ended January 31, 2005 ........ 2,282 3 (775) 1,510 1,781
Year Ended July 31, 2004 ............. 7,006 6 (6,134) 878 1,263
Small Cap Fund
Period Ended January 31, 2005 ........ 2,624 -- (2,042) 582 682
Year Ended July 31, 2004 ............. 6,656 -- (5,168) 1,488 1,687
International Equity Fund
Period Ended January 31, 2005 ........ 1,800 137 (1,675) 262 512
Year Ended July 31, 2004 ............. 6,298 127 (3,381) 3,044 3,977
Balanced Fund
Period Ended January 31, 2005 ........ 306 63 (856) (487) 211
Year Ended July 31, 2004 ............. 836 92 (1,566) (638) 199
Aggressive Growth Portfolio
Period Ended January 31, 2005 ........ 132 1 (408) (275) 214
Year Ended July 31, 2004 ............. 410 2 (339) 73 1,683
Growth Portfolio
Period Ended January 31, 2005 ........ 72 7 (359) (280) 753
Year Ended July 31, 2004 ............. 455 8 (610) (147) 2,493
Growth & Income Portfolio
Period Ended January 31, 2005 ........ 130 41 (1,019) (848) 330
Year Ended July 31, 2004 ............. 701 71 (1,586) (814) 1,529
Moderate Growth & Income Portfolio
Period Ended January 31, 2005 ........ 80 18 (578) (480) 289
Year Ended July 31, 2004 ............. 309 32 (312) 29 1,345
Continued
83
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
7. Capital Share Transactions (continued)
CAPITAL TRANSACTIONS (amounts in thousands):
------------------------------------------------------------------------------
Class A Shares: Class B Shares:
--------------------------------------------------- --------------------------
Proceeds Cost of Total Proceeds
from shares Dividends shares Class A from shares Dividends
issued reinvested redeemed Shares issued reinvested
------------- ------------ ------------ ----------- ------------- ------------
Government Income Fund
Period Ended January 31, 2005 ......... $ 1,864 374 (2,362) (124) 473 110
Year Ended July 31, 2004 .............. $ 5,663 721 (9,813) (3,429) 720 235
Limited Term Bond Fund
Period Ended January 31, 2005 ......... $ 6,157 365 (10,625) (4,103) 400 164
Year Ended July 31, 2004 .............. $10,698 759 (20,123) (8,666) 3,529 346
High Quality Bond Fund
Period Ended January 31, 2005 ......... $14,611 947 (7,214) 8,344 259 96
Year Ended July 31, 2004 .............. $20,113 1,959 (28,575) (6,503) 710 279
High Quality Municipal Bond Fund
Period Ended January 31, 2005 ......... $ 4,602 256 (2,546) 2,312 167 36
Year Ended July 31, 2004 .............. $ 2,737 393 (3,379) (249) 594 62
Florida Tax-Exempt Fund
Period Ended January 31, 2005 ......... $ 5,178 178 (269) 5,087 92 30
Year Ended July 31, 2004 .............. $ 2,983 89 (5,119) (2,047) 505 60
Tennessee Tax-Exempt Fund
Period Ended January 31, 2005 ......... $ 30 38 (1,315) (1,247) 188 26
Year Ended July 31, 2004 .............. $ 982 82 (3,409) (2,345) 189 50
CAPITAL TRANSACTIONS (amounts in thousands):
----------------------------------------------------------------------------
Class B Shares: Class I Shares:
---------------------- -----------------------------------------------------
Cost of Total Proceeds Cost of Total
shares Class B from shares Dividends shares Class I
redeemed Shares issued reinvested redeemed Shares
---------- ----------- ------------- ------------ ------------ ------------
Government Income Fund
Period Ended January 31, 2005 ......... (1,548) (965) 9,618 2,421 (81,925) (69,886)
Year Ended July 31, 2004 .............. (3,469) (2,514) 48,149 5,080 (83,575) (30,346)
Limited Term Bond Fund
Period Ended January 31, 2005 ......... (3,186) (2,622) 23,266 1,134 (52,009) (27,609)
Year Ended July 31, 2004 .............. (7,024) (3,149) 116,705 2,029 (85,799) 32,935
High Quality Bond Fund
Period Ended January 31, 2005 ......... (1,049) (694) 79,447 3,731 (71,511) 11,667
Year Ended July 31, 2004 .............. (3,617) (2,628) 110,317 9,136 (132,591) (13,138)
High Quality Municipal Bond Fund
Period Ended January 31, 2005 ......... (435) (232) 16,848 716 (26,751) (9,187)
Year Ended July 31, 2004 .............. (965) (309) 41,254 804 (52,438) (10,380)
Florida Tax-Exempt Fund
Period Ended January 31, 2005 ......... (40) 82 6,015 48 (3,622) 2,441
Year Ended July 31, 2004 .............. (1,366) (801) 10,158 38 (12,603) (2,407)
Tennessee Tax-Exempt Fund
Period Ended January 31, 2005 ......... (277) (63) 1,429 109 (3,278) (1,740)
Year Ended July 31, 2004 .............. (689) (450) 3,366 155 (10,642) (7,121)
CAPITAL TRANSACTIONS
(amounts in
thousands):
---------------------
Total net increase
(decrease) from
capital transactions
---------------------
Government Income Fund
Period Ended January 31, 2005 ......... $(70,975)
Year Ended July 31, 2004 .............. $(36,289)
Limited Term Bond Fund
Period Ended January 31, 2005 ......... $(34,334)
Year Ended July 31, 2004 .............. $ 21,120
High Quality Bond Fund
Period Ended January 31, 2005 ......... $ 19,317
Year Ended July 31, 2004 .............. $(22,269)
High Quality Municipal Bond Fund
Period Ended January 31, 2005 ......... $ (7,107)
Year Ended July 31, 2004 .............. $(10,938)
Florida Tax-Exempt Fund
Period Ended January 31, 2005 ......... $ 7,610
Year Ended July 31, 2004 .............. $ (5,255)
Tennessee Tax-Exempt Fund
Period Ended January 31, 2005 ......... $ (3,050)
Year Ended July 31, 2004 .............. $ (9,916)
Continued
84
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
7. Capital Share Transactions (continued)
SHARE TRANSACTIONS (amounts in thousands):
----------------------------------------------------------
Class A Shares:*
----------------------------------------------------------
Total
Class A
Issued Reinvested Redeemed Shares
---------------- ------------ --------------- ------------
Government Income Fund
Period Ended January 31, 2005 ......... 188 38 (238) (12)
Year Ended July 31, 2004 .............. 564 72 (980) (344)
Limited Term Bond Fund
Period Ended January 31, 2005 ......... 589 35 (1,019) (395)
Year Ended July 31, 2004 .............. 1,007 72 (1,898) (819)
High Quality Bond Fund
Period Ended January 31, 2005 ......... 1,307 85 (645) 747
Year Ended July 31, 2004 .............. 1,776 174 (2,528) (578)
High Quality Municipal Bond Fund
Period Ended January 31, 2005 ......... 446 25 (247) 224
Year Ended July 31, 2004 .............. 263 38 (325) (24)
Florida Tax-Exempt Fund
Period Ended January 31, 2005 ......... 484 17 (25) 476
Year Ended July 31, 2004 .............. 278 8 (473) (187)
Tennessee Tax-Exempt Fund
Period Ended January 31, 2005 ......... 3 4 (127) (120)
Year Ended July 31, 2004 .............. 95 8 (328) (225)
Prime Money Market Fund+
Period Ended January 31, 2005 ......... 185,588 1,864 (234,172) (46,720)
Year Ended July 31, 2004 .............. 509,997 1,318 (514,313) (2,998)
Treasury Reserve Money Market Fund+
Period Ended January 31, 2005 ......... 94,384 82 (90,778) 3,688
Year Ended July 31, 2004 .............. 211,979(a) 35 (185,836) 26,178
Tax-Exempt Money Market Fund+
Period Ended January 31, 2005 ......... 40,384 117 (39,981) 520
Year Ended July 31, 2004 .............. 72,294 103 (74,312) (1,915)
Institutional Prime Obligations Money
Market Fund+
Period Ended January 31, 2005 ......... 353,488 -- (305,305) 48,183
Year Ended July 31, 2004 .............. 999,579 -- (1,103,434) (103,855)
SHARE TRANSACTIONS (amounts in thousands):
---------------------------------------------------------------------------------------
Class B Shares:** Class I Shares:***
-------------------------------------------------------- -----------------------------
Total
Issued Reinvested Redeemed Class B Shares Issued Reinvested
---------- ------------ --------------- ---------------- ---------------- ------------
Government Income Fund
Period Ended January 31, 2005 ......... 47 11 (156) (98) 973 245
Year Ended July 31, 2004 .............. 72 23 (346) (251) 4,804 508
Limited Term Bond Fund
Period Ended January 31, 2005 ......... 38 16 (305) (251) 2,222 109
Year Ended July 31, 2004 .............. 332 33 (664) (299) 10,951 192
High Quality Bond Fund
Period Ended January 31, 2005 ......... 23 9 (94) (62) 7,130 334
Year Ended July 31, 2004 .............. 63 25 (322) (234) 9,765 810
High Quality Municipal Bond Fund
Period Ended January 31, 2005 ......... 16 3 (42) (23) 1,634 70
Year Ended July 31, 2004 .............. 57 6 (93) (30) 3,947 77
Florida Tax-Exempt Fund
Period Ended January 31, 2005 ......... 9 3 (4) 8 561 4
Year Ended July 31, 2004 .............. 47 6 (128) (75) 935 3
Tennessee Tax-Exempt Fund
Period Ended January 31, 2005 ......... 18 3 (27) (6) 139 11
Year Ended July 31, 2004 .............. 18 5 (66) (43) 323 15
Prime Money Market Fund+
Period Ended January 31, 2005 ......... 860 9 (1,168) (299) 575,117 178
Year Ended July 31, 2004 .............. 1,926 4 (2,322) (392) 1,237,080 237
Treasury Reserve Money Market Fund+
Period Ended January 31, 2005 ......... -- -- -- -- 129,978 135
Year Ended July 31, 2004 .............. -- -- -- -- 366,375(b) 76
Tax-Exempt Money Market Fund+
Period Ended January 31, 2005 ......... -- -- -- -- 100,310 12
Year Ended July 31, 2004 .............. -- -- -- -- 187,036 17
Institutional Prime Obligations Money
Market Fund+
Period Ended January 31, 2005 ......... 172,792 -- (171,375) 1,417 351,689 322
Year Ended July 31, 2004 .............. 412,435 -- (452,075) (39,640) 625,457 251
SHARE TRANSACTIONS (amounts in thousands):
-----------------------------------------------
Class I Shares:***
--------------------------
Total Total net increase
Class I (decrease) from
Redeemed Shares share transactions
--------------- --------- -------------------
Government Income Fund
Period Ended January 31, 2005 ......... (8,290) (7,072) (7,182)
Year Ended July 31, 2004 .............. (8,341) (3,029) (3,624)
Limited Term Bond Fund
Period Ended January 31, 2005 ......... (4,980) (2,649) (3,295)
Year Ended July 31, 2004 .............. (8,076) 3,067 1,949
High Quality Bond Fund
Period Ended January 31, 2005 ......... (6,398) 1,066 1,751
Year Ended July 31, 2004 .............. (11,710) (1,135) (1,947)
High Quality Municipal Bond Fund
Period Ended January 31, 2005 ......... (2,592) (888) (687)
Year Ended July 31, 2004 .............. (5,033) (1,009) (1,063)
Florida Tax-Exempt Fund
Period Ended January 31, 2005 ......... (337) 228 712
Year Ended July 31, 2004 .............. (1,165) (227) (489)
Tennessee Tax-Exempt Fund
Period Ended January 31, 2005 ......... (319) (169) (295)
Year Ended July 31, 2004 .............. (1,022) (684) (952)
Prime Money Market Fund+
Period Ended January 31, 2005 ......... (576,937) (1,642) (48,661)
Year Ended July 31, 2004 .............. (1,294,347) (57,030) (60,420)
Treasury Reserve Money Market Fund+
Period Ended January 31, 2005 ......... (153,350) (23,237) (19,549)
Year Ended July 31, 2004 .............. (273,950) 92,501 118,679
Tax-Exempt Money Market Fund+
Period Ended January 31, 2005 ......... (119,904) (19,582) (19,062)
Year Ended July 31, 2004 .............. (188,379) (1,326) (3,241)
Institutional Prime Obligations Money
Market Fund+
Period Ended January 31, 2005 ......... (290,031) 61,980 111,580
Year Ended July 31, 2004 .............. (624,947) 761 (142,734)
- -----
+ Capital Transactions are done at par value of $1.00 per share.
* Represents Class 2 Shares for Institutional Prime Obligations Money Market
Fund.
** Represents Class 3 Shares for Institutional Prime Obligations Money Market
Fund.
*** Represents Class 1 Shares for Institutional Prime Obligations Money Market
Fund.
(a) Shares Issued include 52,531 issued in connection with the AmSouth U.S.
Treasury Money Market Fund Merger.
(b) Shares Issued include 70,966 issued in connection with the AmSouth U.S.
Treasury Money Market Fund Merger.
Continued
85
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
A SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ --------------------------------------
Net Realized
Net Asset Net and Unrealized Net Realized
Value, Investment Gains (Losses) Total from Net Gains from
Beginning Income from Investments Investment Investment Investment Total
of Period (Loss) and Futures Activities Income Transactions Dividends
----------- ---------- ---------------- ---------- ---------- ------------- ---------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... $14.86 0.11 1.62 1.73 (0.12) -- (0.12)
Year Ended July 31, 2004 ... $13.06 0.11 1.80** 1.91 (0.11) -- (0.11)
Year Ended July 31, 2003 ... $12.76 0.14 0.81 0.95 (0.13) (0.52) (0.65)
Year Ended July 31, 2002 ... $20.38 0.09 (6.01) (5.92) (0.09) (1.61) (1.70)
Year Ended July 31, 2001+ .. $19.54 0.11 3.64 3.75 (0.14) (2.77) (2.91)
Year Ended July 31, 2000 ... $25.25 0.23 (2.21) (1.98) (0.23) (3.50) (3.73)
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... $13.34 0.05 1.14 1.19 (0.06) (0.01) (0.07)
Year Ended July 31, 2004 ... $11.89 0.06 1.55 1.61 (0.06) (0.10) (0.16)
Year Ended July 31, 2003 ... $10.98 0.05 0.91 0.96 (0.05) -- (0.05)
Year Ended July 31, 2002 ... $11.23 0.02 (0.25) (0.23) (0.02) -- (0.02)
Year Ended July 31, 2001+ .. $ 8.72 0.01 2.51 2.52 (0.01) -- (0.01)
Year Ended July 31, 2000+ .. $11.88 0.07 (2.35) (2.28) (0.07) (0.81) (0.88)
ENHANCED MARKET
FUND
Six Months Ended
January 31, 2005^^^ ....... $11.04 0.08 0.82 0.90 (0.08) (0.42) (0.50)
Year Ended July 31, 2004 ... $ 9.87 0.08 1.17 1.25 (0.08) -- (0.08)
Year Ended July 31, 2003 ... $ 9.16 0.08 0.70 0.78 (0.07) -- (0.07)
Year Ended July 31, 2002 ... $12.27 0.04 (2.96) (2.92) (0.03) (0.16) (0.19)
Year Ended July 31, 2001+ .. $14.64 0.03 (2.15) (2.12) (0.03) (0.22) (0.25)
Year Ended July 31, 2000 ... $13.86 0.07 1.23 1.30 (0.07) (0.45) (0.52)
LARGE CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $17.46 0.04 0.90 0.94 (0.06) (0.48) (0.54)
Year Ended July 31, 2004 ... $16.34 (0.02) 1.14 1.12 -- -- --
Year Ended July 31, 2003 ... $15.45 0.01 1.53 1.54 (0.02) (0.63) (0.65)
Year Ended July 31, 2002 ... $21.22 (0.01) (4.57) (4.58) -- (1.19) (1.19)
Year Ended July 31, 2001+ .. $28.14 (0.04) (2.82) (2.86) -- (4.06) (4.06)
Period Ended
July 31, 2000 (a) ......... $28.02 (0.01) 0.14 0.13 (0.01) -- (0.01)
Year Ended
December 31, 1999+ ........ $27.55 0.03 5.07 5.10 (0.03) (4.60) (4.63)
Ratios (to average net assets)/Supplemental Data
------------------------------------------------------------------------------
Net Asset
Value, Total Return Net Expenses (before
Redemption End (Excluding Investment Net Reductions/
Fees of Period Sales Charge) Income Expenses Reimbursements)
---------- ----------- ------------- ---------- -------- -----------------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 16.47 11.37%^ 0.75%^^ 1.32%^^ 1.36%^^
Year Ended July 31, 2004 ... --# $ 14.86 14.69%## 0.78% 1.34% 1.38%
Year Ended July 31, 2003 ... -- $ 13.06 8.02% 1.17% 1.36% 1.39%
Year Ended July 31, 2002 ... -- $ 12.76 (31.21)% 0.49% 1.35% 1.36%
Year Ended July 31, 2001+ .. -- $ 20.38 21.10% 0.53% 1.34% 1.35%
Year Ended July 31, 2000 ... $ 19.54 ( 8.19)% 1.07% 1.35% 1.35%
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 14.46 8.94%^ 0.71%^^ 1.29%^^ 1.40%^^
Year Ended July 31, 2004 ... --# $ 13.34 13.54% 0.39% 1.29% 1.39%
Year Ended July 31, 2003 ... -- $ 11.89 8.77% 0.48% 1.34% 1.49%
Year Ended July 31, 2002 ... -- $ 10.98 ( 2.01)% 0.28% 1.46% 1.71%
Year Ended July 31, 2001+ .. -- $ 11.23 28.96% 0.05% 1.71% 2.07%
Year Ended July 31, 2000+ .. $ 8.72 (19.86)% 0.67% 1.44% 1.96%
ENHANCED MARKET
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 11.44 8.07%^ 1.38%^^ 0.91%^^ 1.00%^^
Year Ended July 31, 2004 ... --# $ 11.04 12.73% 0.76% 0.95% 1.04%
Year Ended July 31, 2003 ... -- $ 9.87 8.54% 0.81% 1.00% 1.12%
Year Ended July 31, 2002 ... -- $ 9.16 (24.10)% 0.41% 1.07% 1.19%
Year Ended July 31, 2001+ .. -- $ 12.27 (14.60)% 0.26% 1.04% 1.14%
Year Ended July 31, 2000 ... -- $ 14.64 9.46% 0.48% 1.01% 1.22%
LARGE CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 17.86 5.33%^ 0.44%^^ 1.27%^^ 1.38%^^
Year Ended July 31, 2004 ... --# $ 17.46 6.87% (0.12)% 1.26% 1.39%
Year Ended July 31, 2003 ... -- $ 16.34 10.45% 0.09% 1.26% 1.39%
Year Ended July 31, 2002 ... -- $ 15.45 (22.75)% (0.05)% 1.26% 1.37%
Year Ended July 31, 2001+ .. -- $ 21.22 (11.72)% (0.16)% 1.25% 1.36%
Period Ended
July 31, 2000 (a) ......... -- 28.14% 0.45%^ (0.07)%^^ 1.14%^^ 1.37%^^
Year Ended
December 31, 1999+ ........ -- 28.02% 18.85% 0.12% 1.04% 1.39%
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
--------- -------------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... 38% $129,744
Year Ended July 31, 2004 ... 44% $121,862
Year Ended July 31, 2003 ... 117% $112,701
Year Ended July 31, 2002 ... 59% $ 97,393
Year Ended July 31, 2001+ .. 43% $113,164
Year Ended July 31, 2000 ... 17% $ 45,255
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... 1% $ 20,606
Year Ended July 31, 2004 ... 18% $ 15,730
Year Ended July 31, 2003 ... 8% $ 7,034
Year Ended July 31, 2002 ... 38% $ 4,511
Year Ended July 31, 2001+ .. 19% $ 2,665
Year Ended July 31, 2000+ .. 25% $ 2,512
ENHANCED MARKET
FUND
Six Months Ended
January 31, 2005^^^ ....... 46% $ 27,171
Year Ended July 31, 2004 ... 64% $ 24,665
Year Ended July 31, 2003 ... 27% $ 21,431
Year Ended July 31, 2002 ... 34% $ 17,473
Year Ended July 31, 2001+ .. 42% $ 24,666
Year Ended July 31, 2000 ... 30% $ 20,555
LARGE CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 5% $105,817
Year Ended July 31, 2004 ... 8% $ 99,518
Year Ended July 31, 2003 ... 7% $ 88,989
Year Ended July 31, 2002 ... 11% $ 57,330
Year Ended July 31, 2001+ .. 10% $ 66,813
Period Ended
July 31, 2000 (a) ......... 10% $ 81,099
Year Ended
December 31, 1999+ ........ 15% $ 79,211
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
## The total return shown includes the losses on the disposal of investments
that were reimbursed by the advisor and administrator, which otherwise would
have reduced the total return by 0.08%.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Includes 0.01 from reimbursement from affiliates for investment losses.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
86
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
A SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------- -------------------------------------
Net Realized
and Unrealized
Gains (Losses)
Net Asset Net from Investments, Net Realized
Value, Investment Futures and Total from Net Gains from
Beginning Income Foreign Investment Investment Investment Total
of Period (Loss) Currencies Activities Income Transactions Dividends
--------- ---------- ----------------- ---------- ---------- ------------ ---------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... $ 9.27 0.03 0.53 0.56 (0.04) -- (0.04)
Year Ended July 31, 2004 ... $ 8.75 (0.03) 0.55 0.52 -- -- --
Year Ended July 31, 2003 ... $ 7.96 (0.03) 0.82 0.79 -- -- --
Year Ended July 31, 2002 ... $10.86 (0.07) (2.83) (2.90) -- -- --
Year Ended July 31, 2001+ .. $14.97 (0.09) (2.86) (2.95) -- (1.16) (1.16)
Period Ended
July 31, 2000 (a) ......... $14.37 (0.04) 0.64 0.60 -- -- --
Year Ended
December 31, 1999+ ........ $14.20 (0.04) 2.97 2.93 -- (2.76) (2.76)
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $12.26 -- 1.51 1.51 (0.01) -- (0.01)
Year Ended July 31, 2004 ... $10.42 0.01 1.85 1.86 (0.02) -- (0.02)
Year Ended July 31, 2003 ... $ 9.39 0.01 1.03 1.04 (0.01) -- (0.01)
Year Ended July 31, 2002 ... $12.06 (0.16) (2.51) (2.67) -- -- --
Year Ended July 31, 2001+ .. $16.67 (0.17) (4.44) (4.61) -- -- --
Period Ended
July 31, 2000 (a)+ ........ $17.33 (0.13) (0.53) (0.66) -- -- --
Period Ended
December 31, 1999 (b)+ .... $10.00 (0.14) 7.47 7.33 -- -- --
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $ 8.14 (0.04) 1.06 1.02 -- -- --
Year Ended July 31, 2004 ... $ 7.22 (0.10) 1.02 0.92 -- -- --
Year Ended July 31, 2003 ... $ 7.13 (0.07) 0.16 0.09 -- -- --
Year Ended July 31, 2002 ... $10.12 (0.11) (2.88) (2.99) -- -- --
Year Ended July 31, 2001+ .. $12.52 (0.14) (1.05) (1.19) -- (1.21) (1.21)
Year Ended July 31, 2000 ... $ 8.40 (0.08) 4.20 4.12 -- -- --
INTERNATIONAL EQUITY
FUND
Six Months Ended
January 31, 2005^^^ ....... $11.45 0.02 2.32 2.34 (0.11) -- (0.11)
Year Ended July 31, 2004 ... $ 8.69 0.07 2.78 2.85 (0.09) -- (0.09)
Year Ended July 31, 2003 ... $ 7.81 0.01 0.87 0.88 (0.01) -- (0.01)
Year Ended July 31, 2002 ... $ 9.49 0.02 (1.70) (1.68) -- -- --
Year Ended July 31, 2001+ .. $12.36 0.06 (2.54) (2.48) (0.03) (0.36) (0.39)
Period Ended
July 31, 2000 (a)+ ........ $13.27 0.05 (0.96) (0.91) -- -- --
Year Ended
December 31, 1999 ......... $10.58 0.02 2.81 2.83 (0.14) -- (0.14)
Ratios (to average net assets)/Supplemental Data
----------------------------------------------------------------------------
Net Asset
Value, Total Return Net Expenses (before
Redemption End (Excluding Investment Net Reductions/
Fees of Period Sales Charge) Income Expenses Reimbursements)
---------- --------- ------------- ---------- -------- ----------------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.79 6.03%^ 0.52%^^ 1.29%^^ 1.37%^^
Year Ended July 31, 2004 ... --# $ 9.27 5.94% (0.35)% 1.30% 1.38%
Year Ended July 31, 2003 ... -- $ 8.75 9.92% (0.47)% 1.31% 1.38%
Year Ended July 31, 2002 ... -- $ 7.96 (26.70)% (0.76)% 1.31% 1.37%
Year Ended July 31, 2001+ .. -- $10.86 (21.27)% (0.67)% 1.30% 1.36%
Period Ended
July 31, 2000 (a) ......... -- $14.97 4.18%^ (0.49)%^^ 1.32%^^ 1.37%^^
Year Ended
December 31, 1999+ ........ -- $14.37 21.85% (0.33)% 1.32% 1.33%
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $13.76 12.31%^ 0.04%^^ 1.10%^^ 1.57%^^
Year Ended July 31, 2004 ... --# $12.26 17.84% 0.08% 1.10% 1.60%
Year Ended July 31, 2003 ... -- $10.42 11.08% 0.08% 1.15% 1.65%
Year Ended July 31, 2002 ... -- $ 9.39 (22.14)% (1.31)% 1.66% 1.83%
Year Ended July 31, 2001+ .. -- $12.06 (27.65)% (1.17)% 1.57% 1.65%
Period Ended
July 31, 2000 (a)+ ........ -- $16.67 ( 3.81)%^ (1.27)%^^ 1.62%^^ 1.65%^^
Period Ended
December 31, 1999 (b)+ .... -- $17.33 73.30%^ (1.62)%^^ 2.28%^^ 2.29%^^
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.16 12.53%^ (1.19)%^^ 1.47%^^ 1.75%^^
Year Ended July 31, 2004 ... --# $ 8.14 12.74% (1.29)% 1.58% 1.78%
Year Ended July 31, 2003 ... -- $ 7.22 1.26% (1.25)% 1.60% 1.78%
Year Ended July 31, 2002 ... -- $ 7.13 (29.55)% (1.25)% 1.61% 1.77%
Year Ended July 31, 2001+ .. -- $10.12 (10.33)% (1.22)% 1.61% 1.77%
Year Ended July 31, 2000 ... -- $12.52 49.05% (1.11)% 1.53% 1.85%
INTERNATIONAL EQUITY
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $13.68 20.47%^ 0.24%^^ 1.31%^^ 1.70%^^
Year Ended July 31, 2004 ... --# $11.45 32.90% 1.20% 1.34% 1.85%
Year Ended July 31, 2003 ... 0.01 $ 8.69 11.35% 1.25% 1.36% 1.86%
Year Ended July 31, 2002 ... -- $ 7.81 (17.70)% 0.35% 1.60% 1.89%
Year Ended July 31, 2001+ .. -- $ 9.49 (20.62)% 0.52% 1.62% 1.89%
Period Ended
July 31, 2000 (a)+ ........ -- $12.36 (6.78)%^ 0.69%^^ 1.69%^^ 2.01%^^
Year Ended
December 31, 1999 ......... -- $13.27 26.77% 0.26% 1.59% 2.12%
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
--------- ------------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... 9% $27,940
Year Ended July 31, 2004 ... 71% $26,181
Year Ended July 31, 2003 ... 151% $23,915
Year Ended July 31, 2002 ... 115% $16,457
Year Ended July 31, 2001+ .. 100% $19,574
Period Ended
July 31, 2000 (a) ......... 91% $14,137
Year Ended
December 31, 1999+ ........ 178% $10,310
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 41% $21,658
Year Ended July 31, 2004 ... 105% $15,681
Year Ended July 31, 2003 ... 59% $ 9,085
Year Ended July 31, 2002 ... 221% $ 8,234
Year Ended July 31, 2001+ .. 120% $12,546
Period Ended
July 31, 2000 (a)+ ........ 39% $11,536
Period Ended
December 31, 1999 (b)+ .... 20% $ 2,357
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 89% $10,081
Year Ended July 31, 2004 ... 171% $ 7,940
Year Ended July 31, 2003 ... 221% $ 5,929
Year Ended July 31, 2002 ... 227% $ 5,114
Year Ended July 31, 2001+ .. 220% $ 8,346
Year Ended July 31, 2000 ... 318% $ 8,408
INTERNATIONAL EQUITY
FUND
Six Months Ended
January 31, 2005^^^ ....... 2% $21,962
Year Ended July 31, 2004 ... 7% $15,782
Year Ended July 31, 2003 ... 18% $ 4,711
Year Ended July 31, 2002 ... 160% $ 3,932
Year Ended July 31, 2001+ .. 45% $ 2,685
Period Ended
July 31, 2000 (a)+ ........ 32% $ 1,799
Year Ended
December 31, 1999 ......... 40% $ 1,033
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
(b) For the period from May 4, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements.
87
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
A SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities
-------------------------------------------
Net Asset Net Net Realized
Value, Investment and Unrealized Total from
Beginning Income Gains (Losses) Investment
of Period (Loss) from Investments* Activities
--------- ---------- ----------------- ----------
BALANCED FUND
Six Months Ended
January 31, 2005^^^ .......... $12.10 0.24 0.63 0.87
Year Ended July 31, 2004 ...... $11.37 0.20 0.75 0.95
Year Ended July 31, 2003 ...... $10.89 0.22 0.66 0.88
Year Ended July 31, 2002 ...... $12.46 0.30 (1.20) (0.90)
Year Ended July 31, 2001+ ..... $12.48 0.36 1.28 1.64
Year Ended July 31, 2000 ...... $14.93 0.44 (0.64) (0.20)
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 8.65 0.02 0.83 0.85
Year Ended July 31, 2004 ...... $ 7.73 -- 0.93 0.93
Year Ended July 31, 2003 ...... $ 7.04 -- 0.69 0.69
Year Ended July 31, 2002 ...... $ 9.91 (0.02) (2.21) (2.23)
Year Ended July 31, 2001+ ..... $11.53 0.08 (0.39) (0.31)
Period Ended
July 31, 2000 (a) ............ $11.54 0.02 (0.01) 0.01
Period Ended
December 31, 1999 (b) ........ $10.00 0.09 1.60 1.69
GROWTH PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 8.98 0.06 0.65 0.71
Year Ended July 31, 2004 ...... $ 8.21 0.07 0.76 0.83
Year Ended July 31, 2003 ...... $ 7.59 0.07 0.62 0.69
Year Ended July 31, 2002 ...... $ 9.38 0.08 (1.48) (1.40)
Year Ended July 31, 2001+ ..... $10.47 0.23 (0.42) (0.19)
Period Ended
July 31, 2000 (a) ............ $10.58 0.07 (0.11) (0.04)
Period Ended
December 31, 1999 (c) ........ $ 9.93 0.14 0.73 0.87
GROWTH AND INCOME
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 9.48 0.09 0.55 0.64
Year Ended July 31, 2004 ...... $ 8.88 0.12 0.60 0.72
Year Ended July 31, 2003 ...... $ 8.33 0.12 0.56 0.68
Year Ended July 31, 2002 ...... $ 9.76 0.18 (1.14) (0.96)
Year Ended July 31, 2001+ ..... $10.54 0.24 (0.07) 0.17
Period Ended
July 31, 2000 (a) ............ $10.48 0.14 0.04 0.18
Period Ended
December 31, 1999 (d) ........ $10.10 0.11 0.41 0.52
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 9.49 0.09 0.48 0.57
Year Ended July 31, 2004 ...... $ 9.04 0.16 0.45 0.61
Year Ended July 31, 2003 ...... $ 8.58 0.16 0.50 0.66
Year Ended July 31, 2002 ...... $ 9.74 0.21 (0.94) (0.73)
Year Ended July 31, 2001+ ..... $10.06 0.32 0.15 0.47
Period Ended
July 31, 2000 (a) ............ $ 9.96 0.14 0.10 0.24
Period Ended
December 31, 1999 (e) ........ $ 9.86 0.17 0.16 0.33
Ratios (to average net
Less Dividends from assets)/Supplemental Data
------------------------------------------------- -------------------------
Net Realized Net Asset
Net Gains from From Tax Value, Total Return
Investment Investment Return of Total Redemption End (Excluding
Income Transactions Capital Dividends Fees of Period Sales Charge)
---------- ------------ --------- --------- ---------- --------- -------------
BALANCED FUND
Six Months Ended
January 31, 2005^^^ .......... (0.26) (0.03) -- (0.29) --# $12.68 6.26%^
Year Ended July 31, 2004 ...... (0.22) -- -- (0.22) --# $12.10 8.36%
Year Ended July 31, 2003 ...... (0.26) (0.14) -- (0.40) -- $11.37 8.34%
Year Ended July 31, 2002 ...... (0.31) (0.36) -- (0.67) -- $10.89 (7.55)%
Year Ended July 31, 2001+ ..... (0.39) (1.27) -- (1.66) -- $12.46 13.93%
Year Ended July 31, 2000 ...... (0.47) (1.78) -- (2.25) -- $12.48 (1.05)%
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... -- -- -- -- --# $ 9.50 9.87%^
Year Ended July 31, 2004 ...... -- -- (0.01) (0.01) --# $ 8.65 12.01%
Year Ended July 31, 2003 ...... -- -- -- -- -- $ 7.73 9.81%
Year Ended July 31, 2002 ...... -- (0.64) -- (0.64) -- $ 7.04 (23.76)%
Year Ended July 31, 2001+ ..... (0.15) (1.16) -- (1.31) -- $ 9.91 (3.42)%
Period Ended
July 31, 2000 (a) ............ (0.02) -- -- (0.02) -- $11.53 0.06%^
Period Ended
December 31, 1999 (b) ........ (0.11) (0.04) -- (0.15) -- $11.54 16.92%^
GROWTH PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.06) -- (0.06) -- --# $ 9.63 7.91%^
Year Ended July 31, 2004 ...... (0.06) -- -- (0.06) --# $ 8.98 10.14%
Year Ended July 31, 2003 ...... (0.07) -- -- (0.07) -- $ 8.21 9.18%
Year Ended July 31, 2002 ...... (0.09) (0.30) -- (0.39) -- $ 7.59 (15.49)%
Year Ended July 31, 2001+ ..... (0.23) (0.67) -- (0.90) -- $ 9.38 (2.04)%
Period Ended
July 31, 2000 (a) ............ (0.07) -- -- (0.07) -- $10.47 (0.43)%^
Period Ended
December 31, 1999 (c) ........ (0.14) (0.08) -- (0.22) -- $10.58 8.85%^
GROWTH AND INCOME
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.09) -- (0.09) -- --# $10.03 6.73%^
Year Ended July 31, 2004 ...... (0.12) -- -- (0.12) --# $ 9.48 8.13%
Year Ended July 31, 2003 ...... (0.13) -- -- (0.13) -- $ 8.88 8.30%
Year Ended July 31, 2002 ...... (0.19) (0.28) -- (0.47) -- $ 8.33 (10.17)%
Year Ended July 31, 2001+ ..... (0.32) (0.63) -- (0.95) -- $ 9.76 1.61%
Period Ended
July 31, 2000 (a) ............ (0.12) -- -- (0.12) -- $10.54 1.69%^
Period Ended
December 31, 1999 (d) ........ (0.11) (0.03) -- (0.14) -- $10.48 5.21%^
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.10) -- (0.10) -- --# $ 9.96 6.03%^
Year Ended July 31, 2004 ...... (0.16) -- -- (0.16) --# $ 9.49 6.71%
Year Ended July 31, 2003 ...... (0.17) (0.03) -- (0.20) -- $ 9.04 7.85%
Year Ended July 31, 2002 ...... (0.23) (0.20) -- (0.43) -- $ 8.58 (7.80)%
Year Ended July 31, 2001+ ..... (0.34) (0.45) -- (0.79) -- $ 9.74 4.91%
Period Ended
July 31, 2000 (a) ............ (0.14) -- -- (0.14) -- $10.06 2.43%^
Period Ended
December 31, 1999 (e) ........ (0.17) (0.06) -- (0.23) -- $ 9.96 3.37%^
Ratios (to average net assets)/Supplemental Data
------------------------------------------------
Net Expenses (before Portfolio Net Assets,
Investment Net Reductions/ Turnover End of Period
Income Expenses Reimbursements) Rate** (000's)
------------ -------- ------------------ --------- -------------
BALANCED FUND
Six Months Ended
January 31, 2005^^^ .......... 1.95%^^ 1.33%^^ 1.40%^^ 30% $103,805
Year Ended July 31, 2004 ...... 1.64% 1.32% 1.41% 19% $ 90,369
Year Ended July 31, 2003 ...... 2.03% 1.34% 1.42% 86% $ 78,679
Year Ended July 31, 2002 ...... 2.57% 1.34% 1.41% 34% $ 69,674
Year Ended July 31, 2001+ ..... 2.90% 1.31% 1.38% 14% $ 54,978
Year Ended July 31, 2000 ...... 3.28% 1.35% 1.37% 16% $ 21,951
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 0.46%^^ 0.56%^^ 0.91%^^ 4% $ 22,583
Year Ended July 31, 2004 ...... 0.02% 0.57% 0.96% 31% $ 18,440
Year Ended July 31, 2003 ...... (0.02)% 0.66% 1.09% 100% $ 11,310
Year Ended July 31, 2002 ...... (0.31)% 0.71% 1.12% 50% $ 7,565
Year Ended July 31, 2001+ ..... 0.78% 0.79% 1.20% 36% $ 1,393
Period Ended
July 31, 2000 (a) ............ 0.26%^^ 0.86%^^ 1.24%^^ 22% $ 476
Period Ended
December 31, 1999 (b) ........ 1.65%^^ 0.96%^^ 6.10%^^ 95% $ 450
GROWTH PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 1.25%^^ 0.51%^^ 0.84%^^ 9% $ 28,260
Year Ended July 31, 2004 ...... 0.84% 0.51% 0.90% 27% $ 23,117
Year Ended July 31, 2003 ...... 0.94% 0.61% 1.06% 128% $ 10,978
Year Ended July 31, 2002 ...... 0.96% 0.71% 1.14% 63% $ 4,448
Year Ended July 31, 2001+ ..... 2.31% 0.78% 1.22% 38% $ 981
Period Ended
July 31, 2000 (a) ............ 1.27%^^ 0.86%^^ 1.25%^^ 97% $ 763
Period Ended
December 31, 1999 (c) ........ 2.44%^^ 0.94%^^ 9.41%^^ 76% $ 164
GROWTH AND INCOME
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 1.69%^^ 0.52%^^ 0.77%^^ 9% $ 55,029
Year Ended July 31, 2004 ...... 1.27% 0.58% 0.83% 38% $ 43,856
Year Ended July 31, 2003 ...... 1.51% 0.62% 0.86% 135% $ 28,745
Year Ended July 31, 2002 ...... 2.04% 0.60% 0.82% 69% $ 14,312
Year Ended July 31, 2001+ ..... 2.44% 0.63% 0.87% 51% $ 6,535
Period Ended
July 31, 2000 (a) ............ 2.15%^^ 72.00%^^ 88.00%^^ 21% $ 271
Period Ended
December 31, 1999 (d) ........ 2.44%^^ 95.00%^^ 2.27%^^ 57% $ 535
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 1.95%^^ 0.53%^^ 0.88%^^ 14% $ 23,261
Year Ended July 31, 2004 ...... 1.68% 0.59% 0.98% 34% $ 16,640
Year Ended July 31, 2003 ...... 1.87% 0.64% 1.07% 136% $ 10,988
Year Ended July 31, 2002 ...... 2.48% 0.65% 1.07% 65% $ 6,236
Year Ended July 31, 2001+ ..... 3.26% 0.77% 1.20% 62% $ 231
Period Ended
July 31, 2000 (a) ............ 2.85%^^ 91.00%^^ 1.26%^^ 21% $ 48
Period Ended
December 31, 1999 (e) ........ 3.32%^^ 93.00%^^ 9.78%^^ 124% $ 172
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Represents investments in affiliates for the Strategic Portfolios.
** Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
(b) For the period from January 13, 1999 (commencement of operations) through
December 31, 1999.
(c) For the period from February 11, 1999 (commencement of operations) through
December 31, 1999.
(d) For the period from March 8, 1999 (commencement of operations) through
December 31, 1999.
(e) For the period from February 9, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements.
88
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
A SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------- --------------------------------------
Net Asset Net Realized Net Realized
Value, Net and Unrealized Total from Net Gains from
Beginning Investment Gains (Losses) Investment Investment Investment Total
of Period Income from Investments Activities Income Transactions Dividends
--------- ----------- ---------------- ---------- ---------- ------------- ---------
GOVERNMENT INCOME
FUND
Six Months Ended
January 31, 2005^^^ ....... $ 9.86 0.17 0.03 0.20 (0.21) (0.03) (0.24)
Year Ended July 31, 2004 ... $10.05 0.34 (0.11) 0.23 (0.41) (0.01) (0.42)
Year Ended July 31, 2003 ... $10.26 0.41 (0.05) 0.36 (0.42) (0.15) (0.57)
Year Ended July 31, 2002 ... $10.10 0.48 0.20 0.68 (0.52) -- (0.52)
Year Ended July 31, 2001+ .. $ 9.60 0.55 0.50 1.05 (0.55) -- (0.55)
Year Ended July 31, 2000 ... $ 9.62 0.56 (0.04) 0.52 (0.54) -- (0.54)
LIMITED TERM BOND
FUND
Six Months Ended
January 31, 2005^^^ ....... $10.46 0.13 (0.07) 0.06 (0.17) -- (0.17)
Year Ended July 31, 2004 ... $10.65 0.23 (0.11) 0.12 (0.31) -- (0.31)
Year Ended July 31, 2003 ... $10.70 0.36 0.01 0.37 (0.42) -- (0.42)
Year Ended July 31, 2002 ... $10.55 0.48 0.18 0.66 (0.51) -- (0.51)
Year Ended July 31, 2001+ .. $10.13 0.57 0.43 1.00 (0.58) -- (0.58)
Year Ended July 31, 2000 ... $10.29 0.59 (0.13) 0.46 (0.62) -- (0.62)
HIGH QUALITY BOND
FUND
Six Months Ended
January 31, 2005^^^ ....... $11.08 0.21 0.11 0.32 (0.24) (0.01) (0.25)
Year Ended July 31, 2004 ... $11.33 0.43 (0.11) 0.32 (0.48) (0.09) (0.57)
Year Ended July 31, 2003 ... $11.43 0.46 0.11 0.57 (0.52) (0.15) (0.67)
Year Ended July 31, 2002 ... $11.13 0.53 0.36 0.89 (0.56) (0.03) (0.59)
Year Ended July 31, 2001+ .. $10.52 0.58 0.62 1.20 (0.59) -- (0.59)
Year Ended July 31, 2000 ... $10.63 0.58 (0.06) 0.52 (0.61) (0.02) (0.63)
Ratios (to average net assets)/Supplemental Data
--------------------------------------------------------------
Net Asset
Value, Total Return Net Expenses (before
Redemption End (Excluding Investment Net Reductions/
Fees of Period Sales Charge) Income Expenses Reimbursements)
---------- --------- ------------- ---------- -------- ----------------
GOVERNMENT INCOME
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.82 2.00%^ 3.43%^^ 1.01%^^ 1.25%^^
Year Ended July 31, 2004 ... --# $ 9.86 2.36% 3.48% 1.00% 1.23%
Year Ended July 31, 2003 ... -- $10.05 3.47% 3.84% 1.01% 1.23%
Year Ended July 31, 2002 ... -- $10.26 6.96% 4.74% 1.00% 1.21%
Year Ended July 31, 2001+ .. -- $10.10 11.25% 5.47% 0.99% 1.20%
Year Ended July 31, 2000 ... -- $ 9.60 5.55% 5.77% 0.85% 1.30%
LIMITED TERM BOND
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $10.35 0.55%^ 2.48%^^ 0.99%^^ 1.19%^^
Year Ended July 31, 2004 ... --# $10.46 1.17% 2.40% 0.98% 1.22%
Year Ended July 31, 2003 ... -- $10.65 3.52% 3.28% 0.98% 1.22%
Year Ended July 31, 2002 ... -- $10.70 6.44% 4.54% 1.00% 1.21%
Year Ended July 31, 2001+ .. -- $10.55 10.12% 5.43% 1.00% 1.22%
Year Ended July 31, 2000 ... -- $10.13 4.59% 5.60% 0.96% 1.24%
HIGH QUALITY BOND
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $11.15 2.94%^ 3.69%^^ 0.99%^^ 1.16%^^
Year Ended July 31, 2004 ... --# $11.08 2.83% 3.76% 0.99% 1.22%
Year Ended July 31, 2003 ... -- $11.33 5.04% 3.97% 0.99% 1.22%
Year Ended July 31, 2002 ... -- $11.43 8.19% 4.69% 0.99% 1.20%
Year Ended July 31, 2001+ .. -- $11.13 11.63% 5.30% 0.99% 1.20%
Year Ended July 31, 2000 ... -- $10.52 5.10% 5.54% 0.91% 1.21%
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
--------- -------------
GOVERNMENT INCOME
FUND
Six Months Ended
January 31, 2005^^^ ....... 36% $16,762
Year Ended July 31, 2004 ... 39% $16,943
Year Ended July 31, 2003 ... 43% $20,721
Year Ended July 31, 2002 ... 18% $ 8,800
Year Ended July 31, 2001+ .. 25% $ 5,672
Year Ended July 31, 2000 ... 42% $ 5,879
LIMITED TERM BOND
FUND
Six Months Ended
January 31, 2005^^^ ....... 18% $24,554
Year Ended July 31, 2004 ... 34% $28,945
Year Ended July 31, 2003 ... 32% $38,211
Year Ended July 31, 2002 ... 29% $22,813
Year Ended July 31, 2001+ .. 44% $ 9,918
Year Ended July 31, 2000 ... 34% $ 7,913
HIGH QUALITY BOND
FUND
Six Months Ended
January 31, 2005^^^ ....... 26% $51,640
Year Ended July 31, 2004 ... 37% $43,044
Year Ended July 31, 2003 ... 33% $50,591
Year Ended July 31, 2002 ... 35% $35,869
Year Ended July 31, 2001+ .. 24% $16,877
Year Ended July 31, 2000 ... 27% $ 9,500
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
See notes to financial statements.
89
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
A SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ -------------------------------------
Net Asset Net Realized Net Realized
Value, Net and Unrealized Total from Net Gains from
Beginning Investment Gains (Losses) Investment Investment Investment Total
of Period Income from Investments Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
HIGH QUALITY
MUNICIPAL BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $10.26 0.17 0.04 0.21 (0.18) (0.03) (0.21)
Year Ended July 31, 2004 ... $10.32 0.35 (0.05) 0.30 (0.35) (0.01) (0.36)
Year Ended July 31, 2003 ... $10.38 0.35 (0.05) 0.30 (0.33) (0.03) (0.36)
Year Ended July 31, 2002 ... $10.18 0.37 0.23 0.60 (0.39) (0.01) (0.40)
Year Ended July 31, 2001+ .. $ 9.76 0.39 0.41 0.80 (0.38) -- (0.38)
Year Ended July 31, 2000 ... $ 9.87 0.40 (0.06) 0.34 (0.40) (0.05) (0.45)
FLORIDA TAX-EXEMPT
FUND
Six Months Ended
January 31, 2005^^^ ....... $10.64 0.16 0.08 0.24 (0.17) (0.05) (0.22)
Year Ended July 31, 2004 ... $10.70 0.35 (0.05) 0.30 (0.35) (0.01) (0.36)
Year Ended July 31, 2003 ... $10.79 0.36 (0.08) 0.28 (0.37) -- (0.37)
Year Ended July 31, 2002 ... $10.51 0.39 0.27 0.66 (0.38) -- (0.38)
Year Ended July 31, 2001+ .. $10.16 0.40 0.35 0.75 (0.40) -- (0.40)
Year Ended July 31, 2000 ... $10.22 0.44 (0.06) 0.38 (0.41) (0.03) (0.44)
TENNESSEE TAX-EXEMPT
FUND
Six Months Ended
January 31, 2005^^^ ....... $10.26 0.14 0.02 0.16 (0.15) (0.05) (0.20)
Year Ended July 31, 2004 ... $10.33 0.29 (0.01) 0.28 (0.30) (0.05) (0.35)
Year Ended July 31, 2003 ... $10.37 0.29 (0.05) 0.24 (0.28) -- (0.28)
Year Ended July 31, 2002 ... $10.10 0.31 0.27 0.58 (0.31) -- (0.31)
Year Ended July 31, 2001+ .. $ 9.74 0.36 0.36 0.72 (0.36) -- (0.36)
Period Ended
July 31, 2000 (a) ......... $ 9.55 0.21 0.18 0.39 (0.20) -- (0.20)
Year Ened
December 31, 1999 ......... $10.19 0.33 (0.64) (0.31) (0.33) -- (0.33)
Ratios (to average net assets)/Supplemental Data
-------------------------------------------------------------
Net Asset
Value, Total Return Net Expenses (before
Redemption End (Excluding Investment Net Reductions/
Fees of Period Sales Charge) Income Expenses Reimbursements)
---------- --------- ------------- ---------- -------- ----------------
HIGH QUALITY
MUNICIPAL BOND FUND
Six Months Ended
January 31, 2005^^^ ....... --# $10.26 2.01%^ 3.37%^^ 0.88%^^ 1.18%^^
Year Ended July 31, 2004 ... --# $10.26 2.93% 3.36% 0.88% 1.21%
Year Ended July 31, 2003 ... -- $10.32 2.96% 3.35% 0.89% 1.21%
Year Ended July 31, 2002 ... -- $10.38 6.05% 3.72% 0.89% 1.20%
Year Ended July 31, 2001+ .. -- $10.18 8.36% 3.88% 0.89% 1.20%
Year Ended July 31, 2000 ... -- $ 9.76 3.62% 4.12% 0.82% 1.20%
FLORIDA TAX-EXEMPT
FUND
Six Months Ended
January 31, 2005^^^ ....... -- $10.66 2.29%^ 3.06%^^ 0.83%^^ 1.24%^^
Year Ended July 31, 2004 ... -- $10.64 2.89% 3.25% 0.83% 1.25%
Year Ended July 31, 2003 ... -- $10.70 2.58% 3.35% 0.84% 1.25%
Year Ended July 31, 2002 ... -- $10.79 6.38% 3.64% 0.87% 1.26%
Year Ended July 31, 2001+ .. -- $10.51 7.46% 3.79% 0.90% 1.29%
Year Ended July 31, 2000 ... -- $10.16 3.99% 4.10% 0.74% 1.30%
TENNESSEE TAX-EXEMPT
FUND
Six Months Ended
January 31, 2005^^^ ....... -- $10.22 1.59%^ 2.85%^^ 1.00%^^ 1.33%^^
Year Ended July 31, 2004 ... -- $10.26 2.69% 2.76% 1.00% 1.29%
Year Ended July 31, 2003 ... -- $10.33 2.29% 2.70% 1.07% 1.34%
Year Ended July 31, 2002 ... -- $10.37 5.87% 3.02% 1.08% 1.31%
Year Ended July 31, 2001+ .. -- $10.10 7.55% 3.63% 1.09% 1.33%
Period Ended
July 31, 2000 (a) ......... -- $ 9.74 4.15%^ 3.78%^^ 1.13%^^ 1.27%^^
Year Ened
December 31, 1999 ......... -- $ 9.55 (3.07%) 3.34% 1.25% 1.26%
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
--------- -------------
HIGH QUALITY
MUNICIPAL BOND FUND
Six Months Ended
January 31, 2005^^^ ....... 17% $18,334
Year Ended July 31, 2004 ... 5% $16,038
Year Ended July 31, 2003 ... 7% $16,385
Year Ended July 31, 2002 ... 10% $11,553
Year Ended July 31, 2001+ .. 5% $ 8,022
Year Ended July 31, 2000 ... 9% $ 6,516
FLORIDA TAX-EXEMPT
FUND
Six Months Ended
January 31, 2005^^^ ....... 5% $10,006
Year Ended July 31, 2004 ... 11% $ 4,925
Year Ended July 31, 2003 ... 6% $ 6,955
Year Ended July 31, 2002 ... 13% $ 4,002
Year Ended July 31, 2001+ .. 7% $ 3,267
Year Ended July 31, 2000 ... 11% $ 2,655
TENNESSEE TAX-EXEMPT
FUND
Six Months Ended
January 31, 2005^^^ ....... 6% $ 5,700
Year Ended July 31, 2004 ... 0% $ 6,954
Year Ended July 31, 2003 ... 21% $ 9,325
Year Ended July 31, 2002 ... 60% $ 3,432
Year Ended July 31, 2001+ .. 123% $ 3,764
Period Ended
July 31, 2000 (a) ......... 23% $ 2,919
Year Ened
December 31, 1999 ......... 64% $ 3,324
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
90
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
A SHARES+
Selected data for a share outstanding throughout the period indicated.
Investment Activities
------------------------------------------
Less
Net Asset Net Realized Dividends
Value, Net and Unrealized Total from from Net
Beginning Investment Gains (Losses) Investment Investment
of Period Income from Investments Activities Income
--------- ---------- ---------------- ---------- ----------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.005 -- 0.005 (0.005)
Year Ended July 31, 2004 ................. $1.000 0.003 -- 0.003 (0.003)
Year Ended July 31, 2003 ................. $1.000 0.006 -- 0.006 (0.006)
Year Ended July 31, 2002 ................. $1.000 0.015 -- 0.015 (0.015)
Year Ended July 31, 2001 ................. $1.000 0.049 -- 0.049 (0.049)
Year Ended July 31, 2000 ................. $1.000 0.051 -- 0.051 (0.051)
TREASURY RESERVE MONEY MARKET
FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.006 -- 0.006 (0.006)
Year Ended July 31, 2004 ................. $1.000 0.002 -- 0.002 (0.002)
Year Ended July 31, 2003 ................. $1.000 0.006 -- 0.006 (0.006)
Year Ended July 31, 2002 ................. $1.000 0.015 -- 0.015 (0.015)
Year Ended July 31, 2001 ................. $1.000 0.048 -- 0.048 (0.048)
Period Ended
July 31, 2000 (a) ........................ $1.000 0.030 -- 0.030 (0.030)
Year Ended
December 31, 1999 ........................ $1.000 0.043 -- 0.043 (0.043)
TAX-EXEMPT MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.004 -- 0.004 (0.004)
Year Ended July 31, 2004 ................. $1.000 0.003 -- 0.003 (0.003)
Year Ended July 31, 2003 ................. $1.000 0.005 -- 0.005 (0.005)
Year Ended July 31, 2002 ................. $0.999 0.009 (0.001) 0.008 (0.009)
Year Ended July 31, 2001 ................. $0.998 0.028 0.001 0.029 (0.028)
Year Ended July 31, 2000 ................. $1.000 0.031 (0.002) 0.029 (0.031)
INSTITUTIONAL PRIME OBLIGATIONS
MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.007 -- 0.007 (0.007)
Year Ended July 31, 2004 ................. $1.000 0.006 -- 0.006 (0.006)
Year Ended July 31, 2003 ................. $1.000 0.009 -- 0.009 (0.009)
Year Ended July 31, 2002 ................. $1.000 0.018 -- 0.018 (0.018)
Year Ended July 31, 2001 ................. $1.000 0.052 -- 0.052 (0.052)
Year Ended July 31, 2000 ................. $1.000 0.054 -- 0.054 (0.054)
Ratios (to average net assets)/Supplemental Data
--------------------------------------------------------------------------
Net Asset
Value, Total Return Net Expenses (before
End (Excluding Investment Net Reductions/
of Period Sales Charge) Income Expenses Reimbursements)
--------- ------------- ---------- -------- ----------------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.55%^ 1.07%^^ 0.80%^^ 0.96%^^
Year Ended July 31, 2004 ................. $1.000 0.31% 0.31% 0.79% 0.97%
Year Ended July 31, 2003 ................. $1.000 0.63% 0.64% 0.80% 0.97%
Year Ended July 31, 2002 ................. $1.000 1.53% 1.53% 0.79% 0.94%
Year Ended July 31, 2001 ................. $1.000 5.03% 4.96% 0.77% 0.94%
Year Ended July 31, 2000 ................. $1.000 5.20% 5.35% 0.75% 0.94%
TREASURY RESERVE MONEY MARKET
FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.56%^ 1.11%^^ 0.70%^^ 0.97%^^
Year Ended July 31, 2004 ................. $1.000 0.25% 0.26% 0.77% 1.02%
Year Ended July 31, 2003 ................. $1.000 0.56% 0.60% 0.84% 1.01%
Year Ended July 31, 2002 ................. $1.000 1.53% 1.54% 0.79% 0.96%
Year Ended July 31, 2001 ................. $1.000 4.95% 4.90% 0.72% 0.95%
Period Ended
July 31, 2000 (a) ........................ $1.000 3.07%^ 5.21%^^ 0.65%^^ 0.86%^^
Year Ended
December 31, 1999 ........................ $1.000 4.38% 4.28% 0.60% 0.70%
TAX-EXEMPT MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.45%^ 0.89%^^ 0.59%^^ 0.97%^^
Year Ended July 31, 2004 ................. $1.000 0.34% 0.34% 0.64% 0.96%
Year Ended July 31, 2003 ................. $1.000 0.48% 0.48% 0.79% 0.97%
Year Ended July 31, 2002 ................. $0.998 0.87% 0.87% 0.81% 0.96%
Year Ended July 31, 2001 ................. $0.999 2.83% 2.84% 0.80% 0.96%
Year Ended July 31, 2000 ................. $0.998 3.11% 3.14% 0.71% 0.97%
INSTITUTIONAL PRIME OBLIGATIONS
MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $1.000 0.71%^ 1.43%^^ 0.49%^^ 0.65%^^
Year Ended July 31, 2004 ................. $1.000 0.61% 0.60% 0.50% 0.66%
Year Ended July 31, 2003 ................. $1.000 0.93% 0.92% 0.51% 0.66%
Year Ended July 31, 2002 ................. $1.000 1.83% 1.91% 0.50% 0.64%
Year Ended July 31, 2001 ................. $1.000 5.31% 5.00% 0.50% 0.65%
Year Ended July 31, 2000 ................. $1.000 5.55% 5.69% 0.45% 0.66%
Net Assets,
End of Period
(000's)
-------------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $389,343
Year Ended July 31, 2004 ................. $436,063
Year Ended July 31, 2003 ................. $439,061
Year Ended July 31, 2002 ................. $551,767
Year Ended July 31, 2001 ................. $564,977
Year Ended July 31, 2000 ................. $645,275
TREASURY RESERVE MONEY MARKET
FUND
Six Months Ended January 31, 2005^^^ ..... $ 76,617
Year Ended July 31, 2004 ................. $ 72,929
Year Ended July 31, 2003 ................. $ 46,753
Year Ended July 31, 2002 ................. $ 98,582
Year Ended July 31, 2001 ................. $ 99,777
Period Ended
July 31, 2000 (a) ........................ $143,901
Year Ended
December 31, 1999 ........................ $143,208
TAX-EXEMPT MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $ 32,352
Year Ended July 31, 2004 ................. $ 31,833
Year Ended July 31, 2003 ................. $ 33,748
Year Ended July 31, 2002 ................. $ 31,408
Year Ended July 31, 2001 ................. $ 40,728
Year Ended July 31, 2000 ................. $ 51,260
INSTITUTIONAL PRIME OBLIGATIONS
MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ ..... $137,787
Year Ended July 31, 2004 ................. $ 89,613
Year Ended July 31, 2003 ................. $193,468
Year Ended July 31, 2002 ................. $207,511
Year Ended July 31, 2001 ................. $361,629
Year Ended July 31, 2000 ................. $180,873
+ Represents Class 2 Shares for Institutional Prime Obligations Money Market
Fund.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
See notes to financial statements.
91
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
B SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ -------------------------------------
Net Realized
Net Asset Net and Unrealized Net Realized
Value, Investment Gains (Losses) Total from Net Gains from
Beginning Income from Investments Investment Investment Investment Total
of Period (Loss) and Futures Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... $14.56 0.01 1.59 1.60 (0.03) -- (0.03)
Year Ended July 31, 2004 ... $12.83 -- 1.77** 1.77 (0.04) -- (0.04)
Year Ended July 31, 2003 ... $12.57 0.05 0.79 0.84 (0.06) (0.52) (0.58)
Year Ended July 31, 2002 ... $20.15 (0.02) (5.93) (5.95) (0.02) (1.61) (1.63)
Year Ended July 31, 2001+ .. $19.41 (0.03) 3.58 3.55 (0.04) (2.77) (2.81)
Year Ended July 31, 2000 ... $25.14 0.07 (2.19) (2.12) (0.11) (3.50) (3.61)
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... $12.97 -- 1.10 1.10 (0.03) (0.01) (0.04)
Year Ended July 31, 2004 ... $11.61 (0.03) 1.51 1.48 (0.02) (0.10) (0.12)
Year Ended July 31, 2003 ... $10.77 (0.02) 0.88 0.86 (0.02) -- (0.02)
Year Ended July 31, 2002 ... $11.08 (0.03) (0.28) (0.31) -- -- --
Year Ended July 31, 2001+ .. $ 8.64 (0.08) 2.52 2.44 -- -- --
Year Ended July 31, 2000 ... $11.83 (0.01) (2.34) (2.35) (0.03) (0.81) (0.84)
ENHANCED MARKET
FUND
Six Months Ended
January 31, 2005^^^ ....... $10.80 0.04 0.81 0.85 (0.06) (0.42) (0.48)
Year Ended July 31, 2004 ... $ 9.68 0.01 1.14 1.15 (0.03) -- (0.03)
Year Ended July 31, 2003 ... $ 8.99 0.01 0.69 0.70 (0.01) -- (0.01)
Year Ended July 31, 2002 ... $12.11 (0.05) (2.91) (2.96) -- (0.16) (0.16)
Year Ended July 31, 2001+ .. $14.55 (0.06) (2.14) (2.20) (0.02) (0.22) (0.24)
Year Ended July 31, 2000 ... $13.82 (0.04) 1.22 1.18 -- (0.45) (0.45)
LARGE CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $16.62 (0.02) 0.86 0.84 (0.05) (0.48) (0.53)
Year Ended July 31, 2004 ... $15.68 (0.15) 1.09 0.94 -- -- --
Year Ended July 31, 2003 ... $14.94 (0.09) 1.46 1.37 -- (0.63) (0.63)
Year Ended July 31, 2002 ... $20.70 (0.15) (4.42) (4.57) -- (1.19) (1.19)
Year Ended July 31, 2001+ .. $27.74 (0.21) (2.77) (2.98) -- (4.06) (4.06)
Period Ended
July 31, 2000 (a) ......... $27.75 (0.13) 0.12 (0.01) -- -- --
Year Ended
December 31, 1999+ ........ $27.54 (0.23) 5.04 4.81 -- (4.60) (4.60)
Ratios (to average net assets)/Supplemental Data
-----------------------------------------------------------------------------
Net Asset Total Return
Value, (Excluding Net Expenses (before
Redemption End Redemption Investment Net Reductions/
Fees of Period Charge) Income Expenses Reimbursements)
---------- --------- ------------ ---------- -------- ----------------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... --# $16.13 10.98%^ (0.01)%^^ 2.07%^^ 2.13%^^
Year Ended July 31, 2004 ... --# $14.56 13.81%## 0.04% 2.09% 2.13%
Year Ended July 31, 2003 ... -- $12.83 7.17% 0.45% 2.11% 2.14%
Year Ended July 31, 2002 ... -- $12.57 (31.68)% (0.27)% 2.10% 2.11%
Year Ended July 31, 2001+ .. -- $20.15 20.09% (0.16)% 2.09% 2.10%
Year Ended July 31, 2000 ... -- $19.41 (8.86)% 0.32% 2.10% 2.11%
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... --# $14.03 8.54%^ (0.03)%^^ 2.04%^^ 2.16%^^
Year Ended July 31, 2004 ... --# $12.97 12.74% (0.35)% 2.04% 2.14%
Year Ended July 31, 2003 ... -- $11.61 7.98% (0.28)% 2.08% 2.24%
Year Ended July 31, 2002 ... -- $10.77 (2.77)% (0.45)% 2.19% 2.44%
Year Ended July 31, 2001+ .. -- $11.08 28.24% (0.75)% 2.44% 2.80%
Year Ended July 31, 2000 ... -- $ 8.64 (20.47)% (0.08)% 2.21% 2.72%
ENHANCED MARKET
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $11.17 7.73%^ 0.62%^^ 1.66%^^ 1.81%^^
Year Ended July 31, 2004 ... --# $10.80 11.84% 0.02% 1.70% 1.79%
Year Ended July 31, 2003 ... -- $ 9.68 7.79% 0.06% 1.75% 1.87%
Year Ended July 31, 2002 ... -- $ 8.99 (24.73)% (0.34)% 1.82% 1.94%
Year Ended July 31, 2001+ .. -- $12.11 (15.28)% (0.48)% 1.80% 1.89%
Year Ended July 31, 2000 ... -- $14.55 8.65% (0.31)% 1.77% 1.93%
LARGE CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $16.93 4.99%^ (0.31)%^^ 2.02%^^ 2.16%^^
Year Ended July 31, 2004 ... --# $16.62 5.99% (0.87)% 2.01% 2.14%
Year Ended July 31, 2003 ... -- $15.68 9.63% (0.66)% 2.01% 2.14%
Year Ended July 31, 2002 ... -- $14.94 (23.31)% (0.80)% 2.01% 2.12%
Year Ended July 31, 2001+ .. -- $20.70 (12.40)% (0.91)% 2.00% 2.11%
Period Ended
July 31, 2000 (a) ......... -- $27.74 (0.04)%^ (0.93)%^^ 2.00%^^ 2.07%^^
Year Ended
December 31, 1999+ ........ -- $27.75 17.78% (0.79)% 1.98% 2.00%
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
--------- -------------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... 38% $28,758
Year Ended July 31, 2004 ... 44% $28,634
Year Ended July 31, 2003 ... 117% $28,786
Year Ended July 31, 2002 ... 59% $13,133
Year Ended July 31, 2001+ .. 43% $10,322
Year Ended July 31, 2000 ... 17% $ 7,949
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... 1% $16,802
Year Ended July 31, 2004 ... 18% $13,476
Year Ended July 31, 2003 ... 8% $ 7,758
Year Ended July 31, 2002 ... 38% $ 4,800
Year Ended July 31, 2001+ .. 19% $ 1,586
Year Ended July 31, 2000 ... 25% $ 715
ENHANCED MARKET
FUND
Six Months Ended
January 31, 2005^^^ ....... 46% $10,734
Year Ended July 31, 2004 ... 64% $10,839
Year Ended July 31, 2003 ... 27% $ 9,566
Year Ended July 31, 2002 ... 34% $ 8,644
Year Ended July 31, 2001+ .. 42% $13,713
Year Ended July 31, 2000 ... 30% $17,095
LARGE CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 5% $23,687
Year Ended July 31, 2004 ... 8% $24,733
Year Ended July 31, 2003 ... 7% $23,334
Year Ended July 31, 2002 ... 11% $21,739
Year Ended July 31, 2001+ .. 10% $28,118
Period Ended
July 31, 2000 (a) ......... 10% $24,655
Year Ended
December 31, 1999+ ........ 15% $18,584
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
## The total return shown includes the losses on the disposal of investments
that were reimbursed by the advisor and administrator, which otherwise would
have reduced the total return by 0.08%.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Includes 0.01 from reimbursement from affiliates for investment losses.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
92
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
B SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------- --------------------------------------
Net Realized
and Unrealized
Gains (Losses)
Net Asset Net from Investments, Net Realized
Value, Investment Futures, and Total from Net Gains from
Beginning Income Foreign Investment Investment Investment Total
of Period (Loss) Currencies Activities Income Transactions Dividends
--------- ---------- ----------------- ---------- ---------- ------------ ---------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... $ 8.67 (0.01) 0.50 0.49 (0.03) -- (0.03)
Year Ended July 31, 2004 ... $ 8.25 (0.11) 0.53 0.42 -- -- --
Year Ended July 31, 2003 ... $ 7.56 (0.10) 0.79 0.69 -- -- --
Year Ended July 31, 2002 ... $10.39 (0.27) (2.56) (2.83) -- -- --
Year Ended July 31, 2001+ .. $14.46 (0.17) (2.74) (2.91) -- (1.16) (1.16)
Period Ended
July 31, 2000 (a) ......... $13.93 (0.09) 0.62 0.53 -- -- --
Year Ended
December 31, 1999+ ........ $13.92 (0.14) 2.91 2.77 -- (2.76) (2.76)
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $11.78 (0.05) 1.45 1.40 -- -- --
Year Ended July 31, 2004 ... $10.07 (0.08) 1.79 1.71 -- -- --
Year Ended July 31, 2003 ... $ 9.13 (0.07) 1.01 0.94 -- -- --
Year Ended July 31, 2002 ... $11.83 (0.25) (2.45) (2.70) -- -- --
Year Ended July 31, 2001+ .. $16.52 (0.27) (4.42) (4.69) -- -- --
Period Ended
July 31, 2000 (a)+ ........ $17.28 (0.20) (0.56) (0.76) -- -- --
Period Ended
December 31, 1999 (b)+ .... $10.00 (0.19) 7.47 7.28 -- -- --
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $ 7.75 (0.08) 1.01 0.93 -- -- --
Year Ended July 31, 2004 ... $ 6.92 (0.15) 0.98 0.83 -- -- --
Year Ended July 31, 2003 ... $ 6.89 (0.12) 0.15 0.03 -- -- --
Year Ended July 31, 2002 ... $ 9.85 (0.17) (2.79) (2.96) -- -- --
Year Ended July 31, 2001+ .. $12.31 (0.22) (1.03) (1.25) -- (1.21) (1.21)
Year Ended July 31, 2000 ... $ 8.31 (0.14) 4.14 4.00 -- -- --
INTERNATIONAL EQUITY
FUND
Six Months Ended
January 31, 2005^^^ ....... $11.19 (0.03) 2.26 2.23 (0.04) -- (0.04)
Year Ended July 31, 2004 ... $ 8.49 (0.03) 2.73 2.70 -- -- --
Year Ended July 31, 2003 ... $ 7.64 -- 0.85 0.85 -- -- --
Year Ended July 31, 2002 ... $ 9.35 (0.03) (1.68) (1.71) -- -- --
Year Ended July 31, 2001+ .. $12.25 (0.05) (2.49) (2.54) -- (0.36) (0.36)
Period Ended
July 31, 2000 (a)+ ........ $13.21 -- (0.96) (0.96) -- -- --
Period Ended
December 31, 1999 (c) ..... $10.66 (0.02) 2.69 2.67 (0.12) -- (0.12)
Ratios (to average net assets)/Supplemental Data
-----------------------------------------------------------------------------
Net Asset Total Return
Value, (Excluding Net Expenses (before
Redemption End Redemption Investment Net Reductions/
Fees of Period Charge) Income Expenses Reimbursements)
---------- --------- ------------ ---------- -------- ----------------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.13 5.56%^ (0.22)%^^ 2.04%^^ 2.22%^^
Year Ended July 31, 2004 ... --# $ 8.67 5.09% (1.10)% 2.05% 2.13%
Year Ended July 31, 2003 ... -- $ 8.25 9.13% (1.21)% 2.06% 2.13%
Year Ended July 31, 2002 ... -- $ 7.56 (27.24)% (3.86)% 2.04% 2.12%
Year Ended July 31, 2001+ .. -- $10.39 (21.77)% (1.35)% 1.96% 2.11%
Period Ended
July 31, 2000 (a) ......... -- $14.46 3.80%^ (1.11)%^^ 1.96%^^ 2.07%^^
Year Ended
December 31, 1999+ ........ -- $13.93 21.11% (0.93)% 1.92% 1.93%
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $13.18 11.89%^ (0.70)%^^ 1.85%^^ 2.40%^^
Year Ended July 31, 2004 ... --# $11.78 17.00% (0.67)% 1.85% 2.35%
Year Ended July 31, 2003 ... -- $10.07 10.30% (0.68)% 1.90% 2.40%
Year Ended July 31, 2002 ... -- $ 9.13 (22.82)% (2.07)% 2.41% 2.58%
Year Ended July 31, 2001+ .. -- $11.83 (28.29)% (1.91)% 2.32% 2.41%
Period Ended
July 31, 2000 (a)+ ........ -- $16.52 (4.40)%^ (2.00)%^^ 2.33%^^ 2.37%^^
Period Ended
December 31, 1999 (b)+ .... -- $17.28 72.80%^ (2.17)%^^ 2.86%^^ 2.86%^^
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 8.68 12.00%^ (1.94)%^^ 2.22%^^ 2.76%^^
Year Ended July 31, 2004 ... --# $ 7.75 11.99% (2.03)% 2.33% 2.52%
Year Ended July 31, 2003 ... -- $ 6.92 0.44% (2.01)% 2.35% 2.53%
Year Ended July 31, 2002 ... -- $ 6.89 (30.05)% (2.01)% 2.36% 2.52%
Year Ended July 31, 2001+ .. -- $ 9.85 (11.03)% (1.97)% 2.36% 2.52%
Year Ended July 31, 2000 ... -- $12.31 48.13% (1.99)% 2.39% 2.59%
INTERNATIONAL EQUITY
FUND
Six Months Ended
January 31, 2005^^^ ....... --# $13.38 19.94%^ (0.50)%^^ 2.06%^^ 2.80%^^
Year Ended July 31, 2004 ... --# $11.19 31.80% 0.30% 2.09% 2.59%
Year Ended July 31, 2003 ... -- $ 8.49 11.13% 0.75% 2.11% 2.61%
Year Ended July 31, 2002 ... -- $ 7.64 (18.29)% (0.39)% 2.36% 2.64%
Year Ended July 31, 2001+ .. -- $ 9.35 (21.25)% (0.44)% 2.38% 2.65%
Period Ended
July 31, 2000 (a)+ ........ -- $12.25 (7.19)%^ (0.04)%^^ 2.47%^^ 2.72%^^
Period Ended
December 31, 1999 (c) ..... -- $13.21 25.98%^ (0.54)%^^ 2.45%^^ 2.73%^^
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
-------- -------------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... 9% $ 7,357
Year Ended July 31, 2004 ... 71% $ 7,818
Year Ended July 31, 2003 ... 151% $ 8,571
Year Ended July 31, 2002 ... 115% $ 8,746
Year Ended July 31, 2001+ .. 100% $ 8,967
Period Ended
July 31, 2000 (a) ......... 91% $ 8,939
Year Ended
December 31, 1999+ ........ 178% $ 7,704
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 41% $ 7,932
Year Ended July 31, 2004 ... 105% $ 7,376
Year Ended July 31, 2003 ... 59% $ 6,525
Year Ended July 31, 2002 ... 221% $ 7,066
Year Ended July 31, 2001+ .. 120% $11,323
Period Ended
July 31, 2000 (a)+ ........ 39% $12,912
Period Ended
December 31, 1999 (b)+ .... 20% $ 2,177
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 89% $ 2,664
Year Ended July 31, 2004 ... 171% $ 2,575
Year Ended July 31, 2003 ... 221% $ 1,987
Year Ended July 31, 2002 ... 227% $ 2,014
Year Ended July 31, 2001+ .. 220% $ 2,975
Year Ended July 31, 2000 ... 318% $ 2,619
INTERNATIONAL EQUITY
FUND
Six Months Ended
January 31, 2005^^^ ....... 2% $ 2,876
Year Ended July 31, 2004 ... 7% $ 2,147
Year Ended July 31, 2003 ... 18% $ 810
Year Ended July 31, 2002 ... 160% $ 471
Year Ended July 31, 2001+ .. 45% $ 516
Period Ended
July 31, 2000 (a)+ ........ 32% $ 595
Period Ended
December 31, 1999 (c) ..... 40% $ 228
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
(b) For the period from May 4, 1999 (commencement of operations) through
December 31, 1999.
(c) For the period from February 2, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements.
93
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
B SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities
-------------------------------------------
Net Asset Net Net Realized
Value, Investment and Unrealized Total from
Beginning Income Gains (Losses) Investment
of Period (Loss) from Investments* Activities
--------- ---------- ----------------- ----------
BALANCED FUND
Six Months Ended
January 31, 2005^^^ .......... $12.07 0.14 0.61 0.75
Year Ended July 31, 2004 ...... $11.34 0.11 0.75 0.86
Year Ended July 31, 2003 ...... $10.86 0.14 0.66 0.80
Year Ended July 31, 2002 ...... $12.42 0.22 (1.19) (0.97)
Year Ended July 31, 2001+ ..... $12.45 0.28 1.26 1.54
Year Ended July 31, 2000 ...... $14.90 0.34 (0.64) (0.30)
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 8.32 (0.01) 0.80 0.79
Year Ended July 31, 2004 ...... $ 7.49 (0.03) 0.87 0.84
Year Ended July 31, 2003 ...... $ 6.87 (0.03) 0.65 0.62
Year Ended July 31, 2002 ...... $ 9.77 (0.07) (2.19) (2.26)
Year Ended July 31, 2001+ ..... $11.42 0.06 (0.44) (0.38)
Period Ended
July 31, 2000 (a) ............ $11.47 (0.03) (0.02) (0.05)
Period Ended
December 31, 1999 (b) ........ $10.03 0.07 1.50 1.57
GROWTH PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 8.88 0.02 0.65 0.07
Year Ended July 31, 2004 ...... $ 8.16 0.01 0.74 0.75
Year Ended July 31, 2003 ...... $ 7.55 0.01 0.62 0.63
Year Ended July 31, 2002 ...... $ 9.34 0.02 (1.48) (1.46)
Year Ended July 31, 2001+ ..... $10.44 0.15 (0.41) (0.26)
Period Ended
July 31, 2000 (a) ............ $10.57 0.03 (0.12) (0.09)
Period Ended
December 31, 1999 (c) ........ $ 9.84 0.12 0.81 0.93
GROWTH AND INCOME
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 9.46 0.06 0.53 0.59
Year Ended July 31, 2004 ...... $ 8.86 0.05 0.61 0.66
Year Ended July 31, 2003 ...... $ 8.32 0.06 0.56 0.62
Year Ended July 31, 2002 ...... $ 9.77 0.12 (1.16) (1.04)
Year Ended July 31, 2001+ ..... $10.53 0.24 (0.12) 0.12
Period Ended
July 31, 2000 (a) ............ $10.50 0.10 0.02 0.12
Period Ended
December 31, 1999 (b) ........ $10.00 0.08 0.53 0.61
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... $ 9.44 0.06 0.47 0.53
Year Ended July 31, 2004 ...... $ 9.01 0.08 0.45 0.53
Year Ended July 31, 2003 ...... $ 8.56 0.09 0.50 0.59
Year Ended July 31, 2002 ...... $ 9.71 0.17 (0.95) (0.78)
Year Ended July 31, 2001+ ..... $10.04 0.25 0.15 0.40
Period Ended
July 31, 2000 (a) ............ $ 9.96 0.13 0.07 0.20
Period Ended
December 31, 1999 (d) ........ $10.00 0.13 0.02 0.15
Ratios (to average net
Less Dividends from assets)/Supplemental Data
------------------------------------------------- -------------------------
Net Realized Net Asset Total Return
Net Gains from From Tax Value, (Excluding
Investment Investment Return of Total Redemption End Redemption
Income Transactions Capital Dividends Fees of Period Charge)
---------- ------------ --------- --------- ---------- --------- ------------
BALANCED FUND
Six Months Ended
January 31, 2005^^^ .......... (0.16) (0.03) -- (0.19) --# $12.63 5.73%^
Year Ended July 31, 2004 ...... (0.13) -- -- (0.13) --# $12.07 7.59%
Year Ended July 31, 2003 ...... (0.18) (0.14) -- (0.32) -- $11.34 7.55%
Year Ended July 31, 2002 ...... (0.23) (0.36) -- (0.59) -- $10.86 (8.17)%
Year Ended July 31, 2001+ ..... (0.30) (1.27) -- (1.57) -- $12.42 13.03%
Year Ended July 31, 2000 ...... (0.37) (1.78) -- (2.15) -- $12.45 (1.80)%
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... -- -- -- -- --# $ 9.11 9.50%^
Year Ended July 31, 2004 ...... -- -- (0.01) (0.01) --# $ 8.32 11.16%
Year Ended July 31, 2003 ...... -- -- -- -- -- $ 7.49 9.02%
Year Ended July 31, 2002 ...... -- (0.64) -- (0.64) -- $ 6.87 (24.43)%
Year Ended July 31, 2001+ ..... (0.11) (1.16) -- (1.27) -- $ 9.77 (4.06)%
Period Ended
July 31, 2000 (a) ............ -- -- -- -- -- $11.42 (0.43)%^
Period Ended
December 31, 1999 (b) ........ (0.09) (0.04) -- (0.13) -- $11.47 15.70%^
GROWTH PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.04) -- -- (0.04) --# $ 9.51 7.58%^
Year Ended July 31, 2004 ...... (0.03) -- -- (0.03) --# $ 8.88 9.15%
Year Ended July 31, 2003 ...... (0.02) -- -- (0.02) -- $ 8.16 8.39%
Year Ended July 31, 2002 ...... (0.03) (0.30) -- (0.33) -- $ 7.55 (16.13)%
Year Ended July 31, 2001+ ..... (0.17) (0.67) -- (0.84) -- $ 9.34 (2.82)%
Period Ended
July 31, 2000 (a) ............ (0.04) -- -- (0.04) -- $10.44 (0.84)%^
Period Ended
December 31, 1999 (c) ........ (0.12) (0.08) -- (0.20) -- $10.57 9.48%^
GROWTH AND INCOME
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.06) -- -- (0.06) --# $ 9.99 6.22%^
Year Ended July 31, 2004 ...... (0.06) -- -- (0.06) --# $ 9.46 7.49%
Year Ended July 31, 2003 ...... (0.08) -- -- (0.08) -- $ 8.86 7.45%
Year Ended July 31, 2002 ...... (0.13) (0.28) -- (0.41) -- $ 8.32 (10.98)%
Year Ended July 31, 2001+ ..... (0.25) (0.63) -- (0.88) -- $ 9.77 1.09%
Period Ended
July 31, 2000 (a) ............ (0.09) -- -- (0.09) -- $10.53 1.13%^
Period Ended
December 31, 1999 (b) ........ (0.08) (0.03) -- (0.11) -- $10.50 6.10%^
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.07) -- (0.07) --# $ 9.90 5.64%^
Year Ended July 31, 2004 ...... (0.10) -- (0.10) --# $ 9.44 5.86%
Year Ended July 31, 2003 ...... (0.11) (0.03) (0.14) -- $ 9.01 7.02%
Year Ended July 31, 2002 ...... (0.17) (0.20) (0.37) -- $ 8.56 (8.38)%
Year Ended July 31, 2001+ ..... (0.28) (0.45) (0.73) -- $ 9.71 4.09%
Period Ended
July 31, 2000 (a) ............ (0.12) -- -- (0.12) -- $10.04 2.00%^
Period Ended
December 31, 1999 (d) ........ (0.13) (0.06) -- (0.19) -- $ 9.96 1.50%^
Ratios (to average net assets)/Supplemental Data
------------------------------------------------
Net Expenses (before Portfolio Net Assets,
Investment Net Reductions/ Turnover End of Period
Income Expenses Reimbursements) Rate** (000's)
-------------- ---------- ------------------ --------- -------------
BALANCED FUND
Six Months Ended
January 31, 2005^^^ .......... 1.21%^^ 2.08%^^ 2.18%^^ 30% $25,613
Year Ended July 31, 2004 ...... 0.89% 2.07% 2.16% 19% $24,755
Year Ended July 31, 2003 ...... 1.27% 2.09% 2.17% 86% $20,004
Year Ended July 31, 2002 ...... 1.81% 2.09% 2.16% 34% $16,742
Year Ended July 31, 2001+ ..... 2.20% 2.06% 2.12% 14% $ 9,004
Year Ended July 31, 2000 ...... 2.54% 2.10% 2.12% 16% $ 7,072
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... (0.26)%^^ 1.31%^^ 1.69%^^ 4% $13,234
Year Ended July 31, 2004 ...... (0.79)% 1.31% 1.70% 31% $10,062
Year Ended July 31, 2003 ...... (0.78)% 1.40% 1.83% 100% $ 2,014
Year Ended July 31, 2002 ...... (1.04)% 1.46% 1.87% 50% $ 761
Year Ended July 31, 2001+ ..... 0.58% 1.52% 1.93% 36% $ 386
Period Ended
July 31, 2000 (a) ............ (0.44)%^^ 1.56%^^ 1.94%^^ 22% $ 390
Period Ended
December 31, 1999 (b) ........ 0.92%^^ 1.52%^^ 7.86%^^ 95% $ 456
GROWTH PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 0.54%^^ 1.25%^^ 1.60%^^ 9% $24,961
Year Ended July 31, 2004 ...... 0.08% 1.25% 1.64% 27% $17,334
Year Ended July 31, 2003 ...... 0.19% 1.36% 1.81% 128% $ 4,491
Year Ended July 31, 2002 ...... 0.22% 1.45% 1.89% 63% $ 1,886
Year Ended July 31, 2001+ ..... 1.53% 1.53% 1.97% 38% $ 1,710
Period Ended
July 31, 2000 (a) ............ 0.46%^^ 1.56%^^ 1.97%^^ 97% $ 1,241
Period Ended
December 31, 1999 (c) ........ 2.14%^^ 1.55%^^ 6.75%^^ 76% $ 998
GROWTH AND INCOME
PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 0.95%^^ 1.26%^^ 1.56%^^ 9% $17,027
Year Ended July 31, 2004 ...... 0.52% 1.33% 1.58% 38% $13,141
Year Ended July 31, 2003 ...... 0.76% 1.37% 1.61% 135% $ 3,839
Year Ended July 31, 2002 ...... 1.31% 1.35% 1.58% 69% $ 1,607
Year Ended July 31, 2001+ ..... 2.40% 1.37% 1.60% 51% $ 1,656
Period Ended
July 31, 2000 (a) ............ 1.58%^^ 1.40%^^ 1.57%^^ 21% $ 1,613
Period Ended
December 31, 1999 (b) ........ 1.74%^^ 1.52%^^ 4.26%^^ 57% $ 1,725
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended
January 31, 2005^^^ .......... 1.20%^^ 1.28%^^ 1.66%^^ 14% $12,630
Year Ended July 31, 2004 ...... 0.95% 1.33% 1.72% 34% $10,280
Year Ended July 31, 2003 ...... 1.12% 1.40% 1.82% 136% $ 2,812
Year Ended July 31, 2002 ...... 1.74% 1.39% 1.81% 65% $ 970
Year Ended July 31, 2001+ ..... 2.59% 1.51% 1.92% 62% $ 1,231
Period Ended
July 31, 2000 (a) ............ 2.19%^^ 1.55%^^ 1.88%^^ 21% $ 832
Period Ended
December 31, 1999 (d) ........ 2.80%^^ 1.54%^^ 6.90%^^ 124% $ 941
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Represents investments in affiliates for the Strategic Portfolios.
** Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
(b) For the period from January 27, 1999 (commencement of operations) through
December 31, 1999.
(c) For the period from February 15, 1999 (commencement of operations) through
December 31, 1999.
(d) For the period from January 28, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements.
94
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
B SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ -------------------------------------
Net Asset Net Realized Net Realized
Value, Net and Unrealized Total from Net Gains from
Beginning Investment Gains (Losses) Investment Investment Investment Total
of Period Income from Investments Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
GOVERNMENT
INCOME FUND
Six Months Ended
January 31, 2005^^^ ....... $ 9.85 0.14 0.04 0.18 (0.18) (0.03) (0.21)
Year Ended July 31, 2004 ... $10.04 0.27 (0.11) 0.16 (0.34) (0.01) (0.35)
Year Ended July 31, 2003 ... $10.26 0.33 (0.06) 0.27 (0.34) (0.15) (0.49)
Year Ended July 31, 2002 ... $10.10 0.42 0.19 0.61 (0.45) -- (0.45)
Year Ended July 31, 2001+ .. $ 9.61 0.47 0.51 0.98 (0.49) -- (0.49)
Period Ended
July 31, 2000 (a) ......... $ 9.48 0.18 0.10 0.28 (0.15) -- (0.15)
LIMITED TERM
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $10.45 0.09 (0.07) 0.02 (0.13) -- (0.13)
Year Ended July 31, 2004 ... $10.64 0.16 (0.12) 0.04 (0.23) -- (0.23)
Year Ended July 31, 2003 ... $10.69 0.28 0.01 0.29 (0.34) -- (0.34)
Year Ended July 31, 2002 ... $10.54 0.42 0.17 0.59 (0.44) -- (0.44)
Year Ended July 31, 2001+ .. $10.13 0.49 0.42 0.91 (0.50) -- (0.50)
Year Ended July 31, 2000 ... $10.27 0.48 (0.10) 0.38 (0.52) -- (0.52)
HIGH QUALITY
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $11.05 0.16 0.11 0.27 (0.20) (0.01) (0.21)
Year Ended July 31, 2004 ... $11.30 0.33 (0.10) 0.23 (0.39) (0.09) (0.48)
Year Ended July 31, 2003 ... $11.40 0.37 0.11 0.48 (0.43) (0.15) (0.58)
Year Ended July 31, 2002 ... $11.10 0.43 0.37 0.80 (0.47) (0.03) (0.50)
Year Ended July 31, 2001+ .. $10.50 0.50 0.61 1.11 (0.51) -- (0.51)
Year Ended July 31, 2000 ... $10.60 0.49 (0.05) 0.44 (0.52) (0.02) (0.54)
Ratios (to average net assets)/Supplemental Data
------------------------------------------------------------------------
Net Asset Total Return
Value, (Excluding Net Expenses (before Portfolio
Redemption End Redemption Investment Net Reductions/ Turnover
Fees of Period Charge) Income Expenses Reimbursements) Rate*
---------- --------- ------------ ---------- -------- ---------------- ----------
GOVERNMENT
INCOME FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.82 1.74%^ 2.68%^^ 1.76%^^ 2.05%^^ 36%
Year Ended July 31, 2004 ... --# $ 9.85 1.58% 2.73% 1.75% 1.98% 39%
Year Ended July 31, 2003 ... -- $10.04 2.61% 3.08% 1.76% 1.98% 43%
Year Ended July 31, 2002 ... -- $10.26 6.18% 4.00% 1.75% 1.96% 18%
Year Ended July 31, 2001+ .. -- $10.10 10.36% 4.65% 1.74% 1.95% 25%
Period Ended
July 31, 2000 (a) ......... -- $ 9.61 2.98%^ 4.77%^^ 1.75%^^ 1.98%^^ 42%
LIMITED TERM
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... --# $10.34 0.18%^ 1.74%^^ 1.74%^^ 1.95%^^ 18%
Year Ended July 31, 2004 ... --# $10.45 0.41% 1.65% 1.73% 1.97% 34%
Year Ended July 31, 2003 ... -- $10.64 2.76% 2.52% 1.73% 1.97% 32%
Year Ended July 31, 2002 ... -- $10.69 5.69% 3.78% 1.75% 1.96% 29%
Year Ended July 31, 2001+ .. -- $10.54 9.20% 4.66% 1.75% 1.97% 44%
Year Ended July 31, 2000 ... -- $10.13 3.85% 4.79% 1.76% 1.99% 34%
HIGH QUALITY
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... 0.01 $11.11 2.48%^ 2.94%^^ 1.75%^^ 2.04%^^ 26%
Year Ended July 31, 2004 ... --# $11.05 2.07% 3.00% 1.74% 1.98% 37%
Year Ended July 31, 2003 ... -- $11.30 4.27% 3.24% 1.74% 1.97% 33%
Year Ended July 31, 2002 ... -- $11.40 7.43% 3.90% 1.74% 1.95% 35%
Year Ended July 31, 2001+ .. -- $11.10 10.77% 4.55% 1.73% 1.95% 24%
Year Ended July 31, 2000 ... -- $10.50 4.30% 4.72% 1.74% 1.96% 27%
Net Assets,
End of Period
(000's)
-------------
GOVERNMENT
INCOME FUND
Six Months Ended
January 31, 2005^^^ ....... $ 6,572
Year Ended July 31, 2004 ... $ 7,558
Year Ended July 31, 2003 ... $10,228
Year Ended July 31, 2002 ... $ 3,542
Year Ended July 31, 2001+ .. $ 1,635
Period Ended
July 31, 2000 (a) ......... $ 520
LIMITED TERM
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $16,837
Year Ended July 31, 2004 ... $19,641
Year Ended July 31, 2003 ... $23,190
Year Ended July 31, 2002 ... $10,307
Year Ended July 31, 2001+ .. $ 2,614
Year Ended July 31, 2000 ... $ 1,815
HIGH QUALITY
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $ 6,709
Year Ended July 31, 2004 ... $ 7,356
Year Ended July 31, 2003 ... $10,168
Year Ended July 31, 2002 ... $ 9,796
Year Ended July 31, 2001+ .. $ 7,342
Year Ended July 31, 2000 ... $ 3,636
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
95
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
B SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ -------------------------------------
Net Asset Net Realized Net Realized
Value, Net and Unrealized Total from Net Gains from
Beginning Investment Gains (Losses) Investment Investment Investment Total
of Period Income from Investments Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
HIGH QUALITY
MUNICIPAL BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $10.24 0.13 0.04 0.17 (0.14) (0.03) (0.17)
Year Ended July 31, 2004 ... $10.31 0.27 (0.06) 0.21 (0.27) (0.01) (0.28)
Year Ended July 31, 2003 ... $10.36 0.27 (0.04) 0.23 (0.25) (0.03) (0.28)
Year Ended July 31, 2002 ... $10.17 0.30 0.22 0.52 (0.32) (0.01) (0.33)
Year Ended July 31, 2001+ .. $ 9.75 0.32 0.41 0.73 (0.31) -- (0.31)
Year Ended July 31, 2000 ... $ 9.87 0.31 (0.05) 0.26 (0.33) (0.05) (0.38)
FLORIDA
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ....... $10.62 0.13 0.06 0.19 (0.13) (0.05) (0.18)
Year Ended July 31, 2004 ... $10.68 0.27 (0.05) 0.22 (0.27) (0.01) (0.28)
Year Ended July 31, 2003 ... $10.76 0.29 (0.08) 0.21 (0.29) -- (0.29)
Year Ended July 31, 2002 ... $10.49 0.29 0.28 0.57 (0.30) -- (0.30)
Year Ended July 31, 2001+ .. $10.15 0.32 0.34 0.66 (0.32) -- (0.32)
Year Ended July 31, 2000 ... $10.20 0.32 (0.01) 0.31 (0.33) (0.03) (0.36)
TENNESSEE
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ....... $10.26 0.11 0.03 0.14 (0.12) (0.05) (0.17)
Year Ended July 31, 2004 ... $10.34 0.21 (0.02) 0.19 (0.22) (0.05) (0.27)
Year Ended July 31, 2003 ... $10.38 0.20 (0.04) 0.16 (0.20) -- (0.20)
Year Ended July 31, 2002 ... $10.12 0.24 0.26 0.50 (0.24) -- (0.24)
Year Ended July 31, 2001+ .. $ 9.76 0.29 0.36 0.65 (0.29) -- (0.29)
Period Ended
July 31, 2000 (a) ......... $ 9.57 0.17 0.18 0.35 (0.16) -- (0.16)
Year Ened
December 31, 1999 ......... $10.21 0.27 (0.64) (0.37) (0.27) -- (0.27)
Ratios (to average net assets)/Supplemental Data
------------------------------------------------------------------------
Net Asset Total Return
Value, (Excluding Net Expenses (before Portfolio Net Assets,
End Redemption Investment Net Reductions/ Turnover End of Period
of Period Charge) Income Expenses Reimbursements) Rate* (000's)
--------- ------------ ---------- -------- ---------------- --------- -------------
HIGH QUALITY
MUNICIPAL BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $10.24 1.65%^ 2.62%^^ 1.63%^^ 2.13%^^ 17% $3,923
Year Ended July 31, 2004 ... $10.24 2.06% 2.61% 1.63% 1.96% 5% $4,157
Year Ended July 31, 2003 ... $10.31 2.19% 2.61% 1.64% 1.96% 7% $4,496
Year Ended July 31, 2002 ... $10.36 5.20% 2.95% 1.64% 1.95% 10% $3,844
Year Ended July 31, 2001+ .. $10.17 7.60% 3.12% 1.64% 1.95% 5% $1,777
Year Ended July 31, 2000 ... $ 9.75 2.75% 3.30% 1.64% 1.96% 9% $ 889
FLORIDA
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ....... $10.63 1.83%^ 2.31%^^ 1.58%^^ 2.22%^^ 5% $3,071
Year Ended July 31, 2004 ... $10.62 2.12% 2.49% 1.58% 2.00% 11% $2,988
Year Ended July 31, 2003 ... $10.68 1.91% 2.61% 1.59% 2.00% 6% $3,807
Year Ended July 31, 2002 ... $10.76 5.56% 2.90% 1.62% 2.01% 13% $2,647
Year Ended July 31, 2001+ .. $10.49 6.61% 3.03% 1.64% 2.04% 7% $1,385
Year Ended July 31, 2000 ... $10.15 3.14% 3.22% 1.62% 2.05% 11% $ 729
TENNESSEE
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ....... $10.23 1.32%^ 2.11%^^ 1.75%^^ 2.32%^^ 6% $2,403
Year Ended July 31, 2004 ... $10.26 1.83% 2.01% 1.75% 2.04% 0% $2,473
Year Ended July 31, 2003 ... $10.34 1.56% 1.95% 1.82% 2.09% 21% $2,936
Year Ended July 31, 2002 ... $10.38 4.98% 2.29% 1.82% 2.07% 60% $1,839
Year Ended July 31, 2001+ .. $10.12 6.75% 2.85% 1.84% 2.08% 123% $1,432
Period Ended
July 31, 2000 (a) ......... $ 9.76 3.74%^ 3.07%^^ 1.83%^^ 1.96%^^ 23% $1,054
Year Ened
December 31, 1999 ......... $ 9.57 (3.65)% 2.72% 1.84% 1.85% 64% $1,288
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
96
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
B SHARES+
Selected data for a share outstanding throughout the period indicated.
Less
Net Asset Dividends
Value, Net from Net
Beginning Investment Investment
of Period Income Income
--------- ---------- ----------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ . $1.000 0.005 (0.005)
Year Ended July 31, 2004 ............. $1.000 0.002 (0.002)
Year Ended July 31, 2003 ............. $1.000 0.003 (0.003)
Year Ended July 31, 2002 ............. $1.000 0.008 (0.008)
Year Ended July 31, 2001 ............. $1.000 0.042 (0.042)
Year Ended July 31, 2000 ............. $1.000 0.042 (0.042)
INSTITUTIONAL PRIME OBLIGATIONS
MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ . $1.000 0.006 (0.006)
Year Ended July 31, 2004 ............. $1.000 0.004 (0.004)
Year Ended July 31, 2003 ............. $1.000 0.007 (0.007)
Year Ended July 31, 2002 ............. $1.000 0.016 (0.016)
Year Ended July 31, 2001 ............. $1.000 0.049 (0.049)
Year Ended July 31, 2000 ............. $1.000 0.052 (0.052)
Ratios (to average net assets)/Supplemental Data
-------------------------------------------------------------------------
Net Asset
Value, Net Expenses (before Net Assets,
End Investment Net Reductions/ End of Period
of Period Total Return Income Expenses Reimbursements) (000's)
--------- ------------ ---------- -------- ---------------- -------------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ . $1.000 0.47%^ 0.92%^^ 0.95%^^ 2.01%^^ $ 2,877
Year Ended July 31, 2004 ............. $1.000 0.16% 0.16% 0.94% 1.72% $ 3,175
Year Ended July 31, 2003 ............. $1.000 0.26% 0.26% 1.18% 1.72% $ 3,567
Year Ended July 31, 2002 ............. $1.000 0.77% 0.71% 1.54% 1.69% $ 3,891
Year Ended July 31, 2001 ............. $1.000 4.25% 3.75% 1.52% 1.69% $ 1,908
Year Ended July 31, 2000 ............. $1.000 4.31% 4.35% 1.61% 1.69% $ 727
INSTITUTIONAL PRIME OBLIGATIONS
MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ . $1.000 0.59%^ 1.13%^^ 0.75%^^ 0.91%^^ $ 53,592
Year Ended July 31, 2004 ............. $1.000 0.36% 0.35% 0.75% 0.91% $ 52,183
Year Ended July 31, 2003 ............. $1.000 0.68% 0.77% 0.76% 0.91% $ 91,824
Year Ended July 31, 2002 ............. $1.000 1.58% 1.50% 0.75% 0.89% $210,031
Year Ended July 31, 2001 ............. $1.000 5.04% 4.81% 0.75% 0.90% $169,676
Year Ended July 31, 2000 ............. $1.000 5.29% 5.43% 0.71% 0.91% $114,401
^ Annualized.
^^ Not Annualized.
^^^ Unaudited.
+ Represents Class 3 Shares for Institutional Prime Obligations Money Market
Fund.
See notes to financial statements.
97
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
I SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ --------------------------------------
Net Realized
Net Asset and Unrealized Net Realized
Value, Net Gains (Losses) Total from Net Gains from
Beginning Investment from Investments Investment Investment Investment Total
of Period Income and Futures Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... $14.84 0.13 1.61 1.74 (0.14) -- (0.14)
Year Ended July 31, 2004 ... $13.04 0.13 1.80%** 1.93 (0.13) -- (0.13)
Year Ended July 31, 2003 ... $12.74 0.16 0.81 0.97 (0.15) (0.52) (0.67)
Year Ended July 31, 2002 ... $20.34 0.11 (5.99) (5.88) (0.11) (1.61) (1.72)
Year Ended July 31, 2001+ .. $19.53 0.15 3.59 3.74 (0.16) (2.77) (2.93)
Year Ended July 31, 2000 ... $25.27 0.28 (2.24) (1.96) (0.28) (3.50) (3.78)
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... $13.40 0.06 1.14 1.20 (0.06) (0.01) (0.07)
Year Ended July 31, 2004 ... $11.93 0.07 1.57 1.64 (0.07) (0.10) (0.17)
Year Ended July 31, 2003 ... $11.01 0.07 0.91 0.98 (0.06) -- (0.06)
Year Ended July 31, 2002 ... $11.25 0.04 (0.25) (0.21) (0.03) -- (0.03)
Year Ended July 31, 2001+ .. $ 8.73 0.02 2.52 2.54 (0.02) -- (0.02)
Year Ended July 31, 2000 ... $11.89 0.09 (2.36) (2.27) (0.08) (0.81) (0.89)
ENHANCED
MARKET FUND
Six Months Ended
January 31, 2005^^^ ....... $11.05 0.09 0.83 0.92 (0.09) (0.42) (0.51)
Year Ended July 31, 2004 ... $ 9.88 0.10 1.17 1.27 (0.10) -- (0.10)
Year Ended July 31, 2003 ... $ 9.17 0.08 0.71 0.79 (0.08) -- (0.08)
Year Ended July 31, 2002 ... $12.28 0.06 (2.97) (2.91) (0.04) (0.16) (0.20)
Year Ended July 31, 2001+ .. $14.65 0.06 (2.17) (2.11) (0.04) (0.22) (0.26)
Year Ended July 31, 2000 ... $13.86 0.10 1.23 1.33 (0.09) (0.45) (0.54)
LARGE CAP FUND
Six Months Ended
January 31, 2005 +++ ...... $17.54 0.06 0.90 0.96 (0.06) (0.48) (0.54)
Year Ended July 31, 2004 ... $16.40 -- 1.14 1.14 -- -- --
Year Ended July 31, 2003 ... $15.49 0.03 1.54 1.57 (0.03) (0.63) (0.66)
Year Ended July 31, 2002 ... $21.25 0.02 (4.58) (4.56) (0.01) (1.19) (1.20)
Year Ended July 31, 2001+ .. $28.14 -- (2.83) (2.83) -- (4.06) (4.06)
Period Ended
July 31, 2000 (a) ......... $28.01 -- 0.14 0.14 (0.01) -- (0.01)
Year Ended
December 31, 1999+ ........ $27.54 0.03 5.07 5.10 (0.03) (4.60) (4.63)
Ratios (to average net assets)/Supplemental Data
-------------------------------------------------------------------------
Net Asset
Value, Net Expenses (before Portfolio Net Assets,
End Total Investment Net Reductions/ Turnover End of Period
of Period Return Income Expenses Reimbursements) Rate* (000's)
--------- -------- ---------- -------- ---------------- --------- --------------
VALUE FUND
Six Months Ended
January 31, 2005^^^ ....... $16.44 11.40%^ 0.89%^^ 1.17%^^ 1.26%^^ 38% $349,301
Year Ended July 31, 2004 ... $14.84 14.86%# 0.94% 1.19% 1.28% 44% $363,393
Year Ended July 31, 2003 ... $13.04 8.21% 1.32% 1.20% 1.29% 117% $390,734
Year Ended July 31, 2002 ... $12.74 (31.09)% 0.64% 1.20% 1.26% 59% $420,054
Year Ended July 31, 2001+ .. $20.34 21.10% 0.76% 1.19% 1.25% 43% $565,484
Year Ended July 31, 2000 ... $19.53 (8.11)% 1.30% 1.13% 1.15% 17% $560,804
SELECT EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... $14.53 9.01%^ 0.88%^^ 1.14%^^ 1.26%^^ 1% $100,981
Year Ended July 31, 2004 ... $13.40 13.73% 0.51% 1.14% 1.29% 18% $ 90,762
Year Ended July 31, 2003 ... $11.93 8.96% 0.57% 1.19% 1.39% 8% $ 44,620
Year Ended July 31, 2002 ... $11.01 (1.84)% 0.42% 1.33% 1.63% 38% $ 8,419
Year Ended July 31, 2001+ .. $11.25 29.12% 0.19% 1.56% 1.97% 19% $ 7,043
Year Ended July 31, 2000 ... $ 8.73 (19.72)% 0.88% 1.25% 1.78% 25% $ 5,100
ENHANCED
MARKET FUND
Six Months Ended
January 31, 2005^^^ ....... $11.46 8.21%^ 1.53%^^ 0.76%^^ 0.88%^^ 46% $152,989
Year Ended July 31, 2004 ... $11.05 12.85% 0.91% 0.80% 0.94% 64% $143,148
Year Ended July 31, 2003 ... $ 9.88 8.71% 0.92% 0.83% 1.00% 27% $ 98,133
Year Ended July 31, 2002 ... $ 9.17 (24.00)% 0.53% 0.93% 1.10% 34% $ 6,793
Year Ended July 31, 2001+ .. $12.28 (14.53)% 0.43% 0.90% 1.04% 42% $ 15,469
Year Ended July 31, 2000 ... $14.65 9.73% 0.65% 0.81% 0.98% 30% $ 31,622
LARGE CAP FUND
Six Months Ended
January 31, 2005 +++ ...... $17.96 5.43%^ 0.62%^^ 1.12%^^ 1.28%^^ 5% $221,023
Year Ended July 31, 2004 ... $17.54 6.99% 0.03% 1.11% 1.29% 8% $248,306
Year Ended July 31, 2003 ... $16.40 10.65% 0.25% 1.11% 1.29% 7% $393,743
Year Ended July 31, 2002 ... $15.49 (22.64)% 0.10% 1.11% 1.27% 11% $393,942
Year Ended July 31, 2001+ .. $21.25 (11.60)% (0.01)% 1.10% 1.26% 10% $521,412
Period Ended
July 31, 2000 (a) ......... $28.14 (0.50)%^ 0.00%^^ 1.07%^^ 1.22%^^ 10% $694,107
Year Ended
December 31, 1999+ ........ $28.01 18.84% 0.11% 1.04% 1.14% 15% $706,313
+ Net investment income (loss) is based on average shares outstanding during
the period.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
** Includes 0.01 from reimbursement from affiliates for investment losses.
# The total return shown includes the losses on the disposal of investments
that were reimbursed by the advisor and administrator, which otherwise would
have reduced the total return by 0.08%.
^ Not annualized
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
98
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
I SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------- -------------------------------------
Net Realized
and Unrealized
Gains (Losses)
Net Asset Net from Investments, Net Realized
Value, Investment Futures and Total from Net Gains from
Beginning Income Foreign Investment Investment Investment Total
of Period (Loss) Currencies Activities Income Transactions Dividends
--------- ---------- ----------------- ---------- ---------- ------------ ---------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... $ 9.28 0.03 0.54 0.57 (0.04) -- (0.04)
Year Ended July 31, 2004 ... $ 8.74 (0.02) 0.56 0.54 -- -- --
Year Ended July 31, 2003 ... $ 7.94 (0.03) 0.83 0.80 -- -- --
Year Ended July 31, 2002 ... $10.82 (0.04) (2.84) (2.88) -- -- --
Year Ended July 31, 2001+ .. $14.89 (0.06) (2.85) (2.91) -- (1.16) (1.16)
Period Ended
July 31, 2000 (a) ......... $14.27 (0.02) 0.64 0.62 -- -- --
Year Ended
December 31, 1999+ ........ $14.09 (0.01) 2.95 2.94 -- (2.76) (2.76)
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $12.30 0.01 1.52 1.53 (0.01) -- (0.01)
Year Ended July 31, 2004 ... $10.44 0.03 1.85 1.88 (0.02) -- (0.02)
Year Ended July 31, 2003 ... $ 9.40 0.02 1.04 1.06 (0.02) -- (0.02)
Year Ended July 31, 2002 ... $12.06 (0.13) (2.53) (2.66) -- -- --
Year Ended July 31, 2001+ .. $16.70 (0.15) (4.49) (4.64) -- -- --
Period Ended
July 31, 2000 (a)+ ........ $17.37 (0.11) (0.56) (0.67) -- -- --
Period Ended
December 31, 1999 (b)+ .... $10.00 (0.12) 7.49 7.37 -- -- --
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... $ 8.25 (0.05) 1.10 1.05 -- -- --
Year Ended July 31, 2004 ... $ 7.31 (0.09) 1.03 0.94 -- -- --
Year Ended July 31, 2003 ... $ 7.21 (0.07) 0.17 0.10 -- -- --
Year Ended July 31, 2002 ... $10.22 (0.08) (2.93) (3.01) -- -- --
Year Ended July 31, 2001+ .. $12.61 (0.12) (1.06) (1.18) -- (1.21) (1.21)
Year Ended July 31, 2000 ... $ 8.44 (0.07) 4.24 4.17 -- -- --
INTERNATIONAL
EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... $11.50 0.03 2.34 2.37 (0.13) -- (0.13)
Year Ended July 31, 2004 ... $ 8.73 0.11 2.76 2.87 (0.11) -- (0.11)
Year Ended July 31, 2003 ... $ 7.83 0.02 0.89 0.91 (0.02) -- (0.02)
Year Ended July 31, 2002 ... $ 9.50 0.04 (1.70) (1.66) (0.01) -- (0.01)
Year Ended July 31, 2001+ .. $12.37 0.06 (2.53) (2.47) (0.04) (0.36) (0.40)
Period Ended
July 31, 2000 (a)+ ........ $13.27 0.06 (0.96) (0.90) -- -- --
Period Ended
December 31, 1999 ......... $10.58 0.08 2.75 2.83 (0.14) -- (0.14)
Ratios (to average net assets)/Supplemental Data
----------------------------------------------------------------------------
Net Asset
Value, Net Expenses (before
Redemption End Total Investment Net Reductions/
Fees of Period Return Income Expenses Reimbursements)
---------- --------- -------- ---------- -------- ----------------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... -- $ 9.81 6.14%^ 0.68%^^ 1.14%^^ 1.25%^^
Year Ended July 31, 2004 ... -- $ 9.28 6.18% (0.20)% 1.15% 1.28%
Year Ended July 31, 2003 ... -- $ 8.74 10.08% (0.31)% 1.16% 1.28%
Year Ended July 31, 2002 ... -- $ 7.94 (26.62)% (0.48)% 1.15% 1.27%
Year Ended July 31, 2001+ .. -- $10.82 (21.11)% (0.50)% 1.11% 1.26%
Period Ended
July 31, 2000 (a) ......... -- $14.89 4.36%^ (0.26)%^^ 1.11%^^ 1.22%^^
Year Ended
December 31, 1999+ ........ -- $14.27 22.09% (0.09)% 1.07% 1.08%
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $13.82 12.45%^ 0.20%^^ 0.95%^^ 1.43%^^
Year Ended July 31, 2004 ... --# $12.30 18.05% 0.22% 0.95% 1.50%
Year Ended July 31, 2003 ... -- $10.44 11.26% 0.23% 0.99% 1.54%
Year Ended July 31, 2002 ... -- $ 9.40 (22.06)% (1.16)% 1.51% 1.73%
Year Ended July 31, 2001+ .. -- $12.06 (27.78)% (1.03)% 1.42% 1.55%
Period Ended
July 31, 2000 (a)+ ........ -- $16.70 (3.86)%^ (1.08)%^^ 1.46%^^ 1.53%^^
Period Ended
December 31, 1999 (b)+ .... -- $17.37 73.70%^ (1.47)%^^ 2.18%^^ 2.18%^^
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.30 12.73%^ (1.04)%^^ 1.32%^^ 1.54%^^
Year Ended July 31, 2004 ... --# $ 8.25 12.86% (1.13)% 1.43% 1.68%
Year Ended July 31, 2003 ... -- $ 7.31 1.39% (1.11)% 1.45% 1.68%
Year Ended July 31, 2002 ... -- $ 7.21 (29.45)% (1.11)% 1.46% 1.67%
Year Ended July 31, 2001+ .. -- $10.22 (10.16)% (1.07)% 1.46% 1.67%
Year Ended July 31, 2000 ... -- $12.61 49.41% (1.01)% 1.42% 1.70%
INTERNATIONAL
EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... -- $13.74 20.59%^ 0.41%^^ 1.16%^^ 1.57%^^
Year Ended July 31, 2004 ... 0.01 $11.50 33.02% 1.13% 1.19% 1.74%
Year Ended July 31, 2003 ... 0.01 $ 8.73 11.73% 1.52% 1.21% 1.76%
Year Ended July 31, 2002 ... -- $ 7.83 (17.49)% 0.56% 1.45% 1.79%
Year Ended July 31, 2001+ .. -- $ 9.50 (20.50)% 0.59% 1.47% 1.79%
Period Ended
July 31, 2000 (a)+ ........ -- $12.37 (6.71)%^ 0.83%^^ 1.59%^^ 1.88%^^
Period Ended
December 31, 1999 ......... -- $13.27 26.72% 0.80% 1.56% 1.84%
Portfolio Net Assets,
Turnover End of Period
Rate* (000's)
--------- -------------
CAPITAL GROWTH FUND
Six Months Ended
January 31, 2005^^^ ....... 9% $226,209
Year Ended July 31, 2004 ... 71% $227,673
Year Ended July 31, 2003 ... 151% $224,798
Year Ended July 31, 2002 ... 115% $242,193
Year Ended July 31, 2001+ .. 100% $299,177
Period Ended
July 31, 2000 (a) ......... 91% $298,771
Year Ended
December 31, 1999+ ........ 178% $241,810
MID CAP FUND
Six Months Ended
January 31, 2005^^^ ....... 41% $188,510
Year Ended July 31, 2004 ... 105% $149,229
Year Ended July 31, 2003 ... 59% $117,498
Year Ended July 31, 2002 ... 221% $ 30,453
Year Ended July 31, 2001+ .. 120% $ 41,611
Period Ended
July 31, 2000 (a)+ ........ 39% $ 63,696
Period Ended
December 31, 1999 (b)+ .... 20% $ 37,186
SMALL CAP FUND
Six Months Ended
January 31, 2005^^^ ........ 89% $241,412
Year Ended July 31, 2004 ... 171% $209,558
Year Ended July 31, 2003 ... 221% $174,741
Year Ended July 31, 2002 ... 227% $139,099
Year Ended July 31, 2001+ .. 220% $172,735
Year Ended July 31, 2000 ... 318% $162,215
INTERNATIONAL
EQUITY FUND
Six Months Ended
January 31, 2005^^^ ....... 2% $446,407
Year Ended July 31, 2004 ... 7% $370,790
Year Ended July 31, 2003 ... 18% $254,736
Year Ended July 31, 2002 ... 160% $185,374
Year Ended July 31, 2001+ .. 45% $145,744
Period Ended
July 31, 2000 (a)+ ........ 32% $105,034
Period Ended
December 31, 1999 ......... 40% $ 46,104
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
(b) For the period from May 4, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements.
99
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
I SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities
-------------------------------------------
Net Asset Net Net Realized
Value, Investment and Unrealized Total from
Beginning Income Gains (Losses) Investment
of Period (Loss) from Investments* Activities
--------- ---------- ----------------- ----------
BALANCED FUND
Six Months Ended January 31, 2005^^^ $12.11 0.26 0.62 0.88
Year Ended July 31, 2004 .............. $11.38 0.22 0.75 0.97
Year Ended July 31, 2003 .............. $10.90 0.23 0.66 0.89
Year Ended July 31, 2002 .............. $12.45 0.32 (1.18) (0.86)
Year Ended July 31, 2001+ ............. $12.47 0.40 1.26 1.66
Year Ended July 31, 2000 .............. $14.93 0.46 (0.64) (0.18)
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended January 31, 2005^^^ .. $ 8.65 0.02 0.83 0.85
Year Ended July 31, 2004 .............. $ 7.73 0.01 0.92 0.93
Year Ended July 31, 2003 .............. $ 7.03 -- 0.70 0.70
Year Ended July 31, 2002 .............. $ 9.90 (0.02) (2.21) (2.23)
Year Ended July 31, 2001+ ............. $11.51 0.14 (0.44) (0.30)
Period Ended July 31, 2000 (a) ........ $11.53 0.02 (0.02) --
Period Ended December 31, 1999 (b) .... $10.05 0.12 1.52 1.64
GROWTH PORTFOLIO
Six Months Ended January 31, 2005^^^... $ 9.01 0.06 0.66 0.72
Year Ended July 31, 2004 .............. $ 8.24 0.07 0.76 0.83
Year Ended July 31, 2003 .............. $ 7.62 0.07 0.62 0.69
Year Ended July 31, 2002 .............. $ 9.42 0.09 (1.50) (1.41)
Year Ended July 31, 2001 .............. $10.51 0.24 (0.42) (0.18)
Period Ended July 31, 2000 (a) ........ $10.61 0.08 (0.11) (0.03)
Period Ended December 31, 1999 (c) .... $10.00 0.16 0.69 0.85
GROWTH AND INCOME
PORTFOLIO
Six Months Ended January 31, 2005^^^... $ 9.52 0.09 0.55 0.64
Year Ended July 31, 2004 .............. $ 8.91 0.13 0.60 0.73
Year Ended July 31, 2003 .............. $ 8.36 0.14 0.55 0.69
Year Ended July 31, 2002 .............. $ 9.80 0.20 (1.16) (0.96)
Year Ended July 31, 2001+ ............. $10.56 0.32 (0.12) 0.20
Period Ended July 31, 2000 (a) ........ $10.51 0.14 0.03 0.17
Period Ended December 31, 1999 (d) .... $ 9.85 0.13 0.69 0.82
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended January 31, 2005^^^... $ 9.52 0.10 0.47 0.57
Year Ended July 31, 2004 .............. $ 9.07 0.16 0.45 0.61
Year Ended July 31, 2003 .............. $ 8.61 0.17 0.49 0.66
Year Ended July 31, 2002 .............. $ 9.76 0.23 (0.95) (0.72)
Year Ended July 31, 2001+ ............. $10.08 0.34 0.14 0.48
Period Ended July 31, 2000 (a) ........ $ 9.98 0.18 0.07 0.25
Period Ended December 31, 1999 (e) .... $ 9.88 0.20 0.16 0.36
Ratios (to average net
Less Dividends from assets)/Supplemental Data
------------------------------------------------- -------------------------
Net Realized Net Asset
Net Gains from From Tax Value,
Investment Investment Return of Total End Total
Income Transactions Capital Dividends of Period Return
---------- ------------ --------- --------- --------- ---------
BALANCED FUND
Six Months Ended January 31, 2005^^^ (0.28) (0.03) -- (0.31) $12.68 6.24%^
Year Ended July 31, 2004 .............. (0.24) -- -- (0.24) $12.11 8.52%
Year Ended July 31, 2003 .............. (0.27) (0.14) -- (0.41) $11.38 8.49%
Year Ended July 31, 2002 .............. (0.33) (0.36) -- (0.69) $10.90 (7.27)%
Year Ended July 31, 2001+ ............. (0.41) (1.27) -- (1.68) $12.45 14.09%
Year Ended July 31, 2000 .............. (0.50) (1.78) -- (2.28) $12.47 (0.90)%
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended January 31, 2005^^^ .. -- -- -- -- $ 9.50 9.88%^
Year Ended July 31, 2004 .............. -- -- (0.01) (0.01) $ 8.65 12.02%
Year Ended July 31, 2003 .............. -- -- -- -- $ 7.73 9.97%
Year Ended July 31, 2002 .............. -- (0.64) -- (0.64) $ 7.03 (23.78)%
Year Ended July 31, 2001+ ............. (0.15) (1.16) -- (1.31) $ 9.90 (3.30)%
Period Ended July 31, 2000 (a) ........ (0.02) -- -- (0.02) $11.51 0.01%^
Period Ended December 31, 1999 (b) .... (0.12) (0.04) -- (0.16) $11.53 16.31%^
GROWTH PORTFOLIO
Six Months Ended January 31, 2005^^^... (0.06) -- -- (0.06) $ 9.67 8.00%^
Year Ended July 31, 2004 .............. (0.06) -- -- (0.06) $ 9.01 10.13%
Year Ended July 31, 2003 .............. (0.07) -- -- (0.07) $ 8.24 9.19%
Year Ended July 31, 2002 .............. (0.09) (0.30) -- (0.39) $ 7.62 (15.50)%
Year Ended July 31, 2001 .............. (0.24) (0.67) -- (0.91) $ 9.42 (1.98)%
Period Ended July 31, 2000 (a) ........ (0.07) -- -- (0.07) $10.51 (0.29)%^
Period Ended December 31, 1999 (c) .... (0.16) (0.08) -- (0.24) $10.61 8.59%^
GROWTH AND INCOME
PORTFOLIO
Six Months Ended January 31, 2005^^^... (0.09) -- -- (0.09) $10.07 6.72%^
Year Ended July 31, 2004 .............. (0.12) -- -- (0.12) $ 9.52 8.25%
Year Ended July 31, 2003 .............. (0.14) -- -- (0.14) $ 8.91 8.32%
Year Ended July 31, 2002 .............. (0.20) (0.28) -- (0.48) $ 8.36 (10.19)%
Year Ended July 31, 2001+ ............. (0.33) (0.63) -- (0.96) $ 9.80 1.84%
Period Ended July 31, 2000 (a) ........ (0.12) -- -- (0.12) $10.56 1.64%^
Period Ended December 31, 1999 (d) .... (0.13) (0.03) -- (0.16) $10.51 8.40%^
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended January 31, 2005^^^... (0.10) -- -- (0.10) $ 9.99 6.03%^
Year Ended July 31, 2004 .............. (0.16) -- -- (0.16) $ 9.52 6.73%
Year Ended July 31, 2003 .............. (0.17) (0.03) -- (0.20) $ 9.07 7.87%
Year Ended July 31, 2002 .............. (0.23) (0.20) -- (0.43) $ 8.61 (7.65)%
Year Ended July 31, 2001+ ............. (0.35) (0.45) -- (0.80) $ 9.76 4.93%
Period Ended July 31, 2000 (a) ........ (0.15) -- -- (0.15) $10.08 2.50%^
Period Ended December 31, 1999 (e) .... (0.20) (0.06) -- (0.26) $ 9.98 3.64%^
Ratios (to average net assets)/Supplemental Data
------------------------------------------------
Net Expenses (before Portfolio Net Assets,
Investment Net Reductions/ Turnover End of Period
Income Expenses Reimbursements) Rate** (000's)
------------ -------- ------------------ --------- -------------
BALANCED FUND
Six Months Ended January 31, 2005^^^ 2.11%^^ 1.18%^^ 1.30%^^ 30% $ 55,699
Year Ended July 31, 2004 .............. 1.80% 1.17% 1.31% 19% $ 59,080
Year Ended July 31, 2003 .............. 2.19% 1.19% 1.32% 86% $ 62,776
Year Ended July 31, 2002 .............. 2.72% 1.19% 1.31% 34% $ 68,542
Year Ended July 31, 2001+ ............. 3.16% 1.16% 1.27% 14% $102,780
Year Ended July 31, 2000 .............. 3.50% 1.13% 1.17% 16% $166,797
AGGRESSIVE GROWTH
PORTFOLIO
Six Months Ended January 31, 2005^^^ .. 0.50%^^ 0.51%^^ 0.82%^^ 4% $ 15,787
Year Ended July 31, 2004 .............. 0.08% 0.52% 0.86% 31% $ 16,752
Year Ended July 31, 2003 .............. 0.03% 0.61% 0.99% 100% $ 14,403
Year Ended July 31, 2002 .............. (0.23)% 0.68% 1.04% 50% $ 13,497
Year Ended July 31, 2001+ ............. 1.34% 0.72% 1.08% 36% $ 23,313
Period Ended July 31, 2000 (a) ........ 0.38%^^ 0.75%^^ 1.09%^^ 22% $ 20,485
Period Ended December 31, 1999 (b) .... 3.23%^^ 0.73%^^ 2.10%^^ 95% $ 18,847
GROWTH PORTFOLIO
Six Months Ended January 31, 2005^^^... 1.29%^^ 0.46%^^ 0.80%^^ 9% $ 8,341
Year Ended July 31, 2004 .............. 0.88% 0.46% 0.80% 27% $ 10,301
Year Ended July 31, 2003 .............. 1.01% 0.55% 0.95% 128% $ 10,633
Year Ended July 31, 2002 .............. 1.03% 0.66% 1.05% 63% $ 11,930
Year Ended July 31, 2001 .............. 2.40% 0.73% 1.12% 38% $ 18,048
Period Ended July 31, 2000 (a) ........ 1.28%^^ 0.76%^^ 1.10%^^ 97% $ 19,495
Period Ended December 31, 1999 (c) .... 4.82%^^ 0.73%^^ 3.14%^^ 76% $ 11,372
GROWTH AND INCOME
PORTFOLIO
Six Months Ended January 31, 2005^^^... 1.70%^^ 0.47%^^ 0.67%^^ 9% $ 41,629
Year Ended July 31, 2004 .............. 1.35% 0.53% 0.73% 38% $ 47,426
Year Ended July 31, 2003 .............. 1.60% 0.57% 0.76% 135% $ 51,660
Year Ended July 31, 2002 .............. 2.07% 0.55% 0.73% 69% $ 55,180
Year Ended July 31, 2001+ ............. 3.25% 0.57% 0.75% 51% $ 74,878
Period Ended July 31, 2000 (a) ........ 2.39%^^ 0.58%^^ 0.72%^^ 21% $ 87,453
Period Ended December 31, 1999 (d) .... 3.43%^^ 0.70%^^ 0.98%^^ 57% $ 86,700
MODERATE GROWTH AND
INCOME PORTFOLIO
Six Months Ended January 31, 2005^^^... 1.97%^^ 0.48%^^ 0.79%^^ 14% $ 14,770
Year Ended July 31, 2004 .............. 1.76% 0.54% 0.88% 34% $ 18,645
Year Ended July 31, 2003 .............. 1.99% 0.59% 0.96% 136% $ 17,500
Year Ended July 31, 2002 .............. 2.54% 0.59% 0.97% 65% $ 17,843
Year Ended July 31, 2001+ ............. 3.48% 0.71% 1.09% 62% $ 20,264
Period Ended July 31, 2000 (a) ........ 3.03%^^ 0.74%^^ 1.03%^^ 21% $ 20,081
Period Ended December 31, 1999 (e) .... 4.46%^^ 0.73%^^ 1.87%^^ 124% $ 21,384
+ Net investment income (loss) is based on average shares outstanding during
the period.
* Represents investments in affiliates for the Strategic Portfolios.
** Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
(b) For the period from January 28, 1999 (commencement of operations) through
December 31, 1999.
(c) For the period from February 1, 1999 (commencement of operations) through
December 31, 1999.
(d) For the period from February 8, 1999 (commencement of operations) through
December 31, 1999.
(e) For the period from February 10, 1999 (commencement of operations) through
December 31, 1999.
See notes to financial statements.
100
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
I SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ -------------------------------------
Net Asset Net Realized Net Realized
Value, Net and Unrealized Total from Net Gains from
Beginning Investment Gains (Losses) Investment Investment Investment Total
of Period Income from Investments Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
GOVERNMENT
INCOME FUND
Six Months Ended
January 31, 2005^^^ ....... $ 9.86 0.17 0.04 0.21 (0.22) (0.03) (0.25)
Year Ended July 31, 2004 ... $10.05 0.36 (0.11) 0.25 (0.43) (0.01) (0.44)
Year Ended July 31, 2003 ... $10.26 0.42 (0.05) 0.37 (0.43) (0.15) (0.58)
Year Ended July 31, 2002 ... $10.10 0.49 0.21 0.70 (0.54) -- (0.54)
Year Ended July 31, 2001+ .. $ 9.61 0.56 0.50 1.06 (0.57) -- (0.57)
Year Ended July 31, 2000 ... $ 9.62 0.57 (0.03) 0.54 (0.55) -- (0.55)
LIMITED TERM
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $10.47 0.14 (0.07) 0.07 (0.18) -- (0.18)
Year Ended July 31, 2004 ... $10.66 0.27 (0.13) 0.14 (0.33) -- (0.33)
Year Ended July 31, 2003 ... $10.70 0.38 0.02 0.40 (0.44) -- (0.44)
Year Ended July 31, 2002 ... $10.55 0.50 0.18 0.68 (0.53) -- (0.53)
Year Ended July 31, 2001+ .. $10.13 0.58 0.43 1.01 (0.59) -- (0.59)
Year Ended July 31, 2000 ... $10.29 0.59 (0.12) 0.47 (0.63) -- (0.63)
HIGH QUALITY
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... $11.08 0.22 0.11 0.33 (0.25) (0.01) (0.26)
Year Ended July 31, 2004 ... $11.33 0.45 (0.11) 0.34 (0.50) (0.09) (0.59)
Year Ended July 31, 2003 ... $11.43 0.49 0.10 0.59 (0.54) (0.15) (0.69)
Year Ended July 31, 2002 ... $11.13 0.53 0.37 0.90 (0.57) (0.03) (0.60)
Year Ended July 31, 2001+ .. $10.52 0.60 0.61 1.21 (0.60) -- (0.60)
Year Ended July 31, 2000 ... $10.63 0.59 (0.06) 0.53 (0.62) (0.02) (0.64)
Ratios (to average net
assets)/Supplemental Data
-------------------------------------
Net Asset
Value, Net
Redemption End Total Investment
Fees of Period Return Income
---------- --------- -------- -----------
GOVERNMENT
INCOME FUND
Six Months Ended
January 31, 2005^^^ ....... --# $ 9.82 2.08%^ 3.58%^^
Year Ended July 31, 2004 ... --# $ 9.86 2.51% 3.63%
Year Ended July 31, 2003 ... -- $10.05 3.62% 4.08%
Year Ended July 31, 2002 ... -- $10.26 7.12% 4.88%
Year Ended July 31, 2001+ .. -- $10.10 11.30% 5.62%
Year Ended July 31, 2000 ... -- $ 9.61 5.91% 5.68%
LIMITED TERM
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... --# $10.36 0.62%^ 2.64%^^
Year Ended July 31, 2004 ... --# $10.47 1.32% 2.55%
Year Ended July 31, 2003 ... -- $10.66 3.76% 3.52%
Year Ended July 31, 2002 ... -- $10.70 6.57% 4.71%
Year Ended July 31, 2001+ .. -- $10.55 10.26% 5.59%
Year Ended July 31, 2000 ... -- $10.13 4.71% 5.74%
HIGH QUALITY
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... --# $11.15 3.01%^ 3.84%^^
Year Ended July 31, 2004 ... --# $11.08 2.99% 3.91%
Year Ended July 31, 2003 ... -- $11.33 5.19% 4.14%
Year Ended July 31, 2002 ... -- $11.43 8.34% 4.77%
Year Ended July 31, 2001+ .. -- $11.13 11.79% 5.47%
Year Ended July 31, 2000 ... -- $10.52 5.24% 5.66%
Ratios (to average net
assets)/Supplemental
Data
-----------------------------
Expenses (before Portfolio Net Assets,
Net Reductions/ Turnover End of Period
Expenses Reimbursements) Rate* (000's)
-------- ---------------- --------- -------------
GOVERNMENT
INCOME FUND
Six Months Ended
January 31, 2005^^^ ....... 0.86%^^ 1.08%^^ 36% $148,545
Year Ended July 31, 2004 ... 0.85% 1.13% 39% $218,772
Year Ended July 31, 2003 ... 0.86% 1.13% 43% $253,447
Year Ended July 31, 2002 ... 0.85% 1.11% 18% $263,211
Year Ended July 31, 2001+ .. 0.84% 1.10% 25% $302,099
Year Ended July 31, 2000 ... 0.85% 1.13% 42% $356,642
LIMITED TERM
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... 0.84%^^ 1.06%^^ 18% $180,376
Year Ended July 31, 2004 ... 0.83% 1.12% 34% $209,977
Year Ended July 31, 2003 ... 0.83% 1.12% 32% $181,187
Year Ended July 31, 2002 ... 0.86% 1.12% 29% $151,819
Year Ended July 31, 2001+ .. 0.86% 1.12% 44% $155,261
Year Ended July 31, 2000 ... 0.82% 1.07% 34% $177,323
HIGH QUALITY
BOND FUND
Six Months Ended
January 31, 2005^^^ ....... 0.85%^^ 1.06%^^ 26% $588,598
Year Ended July 31, 2004 ... 0.84% 1.12% 37% $573,140
Year Ended July 31, 2003 ... 0.84% 1.12% 33% $599,249
Year Ended July 31, 2002 ... 0.84% 1.10% 35% $588,979
Year Ended July 31, 2001+ .. 0.84% 1.10% 24% $609,708
Year Ended July 31, 2000 ... 0.78% 1.03% 27% $501,550
+ Net investment income (loss) is based on average shares outstanding during
the period.
# Less than one cent per share.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
See notes to financial statements.
101
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
I SHARES
Selected data for a share outstanding throughout the period indicated.
Investment Activities Less Dividends from
------------------------------------------ -------------------------------------
Net Asset Net Realized Net Realized
Value, Net and Unrealized Total from Net Gains from
Beginning Investment Gains (Losses) Investment Investment Investment Total
of Period Income from Investments Activities Income Transactions Dividends
--------- ---------- ---------------- ---------- ---------- ------------ ---------
HIGH QUALITY MUNICIPAL
BOND FUND
Six Months Ended
January 31, 2005^^^ ............ $10.27 0.19 0.02 0.21 (0.19) (0.03) (0.22)
Year Ended July 31, 2004 ........ $10.33 0.37 (0.05) 0.32 (0.37) (0.01) (0.38)
Year Ended July 31, 2003 ........ $10.38 0.37 (0.04) 0.33 (0.35) (0.03) (0.38)
Year Ended July 31, 2002 ........ $10.19 0.40 0.21 0.61 (0.41) (0.01) (0.42)
Year Ended July 31, 2001+ ....... $ 9.77 0.41 0.41 0.82 (0.40) -- (0.40)
Year Ended July 31, 2000 ........ $ 9.87 0.41 (0.05) 0.36 (0.41) (0.05) (0.46)
FLORIDA
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ............ $10.66 0.18 0.05 0.23 (0.18) (0.05) (0.23)
Year Ended July 31, 2004 ........ $10.71 0.36 (0.03) 0.33 (0.37) (0.01) (0.38)
Year Ended July 31, 2003 ........ $10.80 0.38 (0.09) 0.29 (0.38) -- (0.38)
Year Ended July 31, 2002 ........ $10.52 0.40 0.27 0.67 (0.39) -- (0.39)
Year Ended July 31, 2001+ ....... $10.16 0.41 0.36 0.77 (0.41) -- (0.41)
Year Ended July 31, 2000 ........ $10.22 0.42 (0.02) 0.40 (0.43) (0.03) (0.46)
TENNESSEE
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ............ $10.25 0.15 0.02 0.17 (0.16) (0.05) (0.21)
Year Ended July 31, 2004 ........ $10.32 0.30 (0.01) 0.29 (0.31) (0.05) (0.36)
Year Ended July 31, 2003 ........ $10.36 0.31 (0.05) 0.26 (0.30) -- (0.30)
Year Ended July 31, 2002 ........ $10.10 0.33 0.26 0.59 (0.33) -- (0.33)
Year Ended July 31, 2001+ ....... $ 9.74 0.38 0.36 0.74 (0.38) -- (0.38)
Period Ended July 31, 2000 (a) .. $ 9.55 0.22 0.18 0.40 (0.21) -- (0.21)
Year Ened December 31, 1999 ..... $10.19 0.35 (0.64) (0.29) (0.35) -- (0.35)
Ratios (to average net assets)/Supplemental Data
-----------------------------------------------------------------------
Net Asset
Value, Net Expenses (before Portfolio Net Assets,
End Total Investment Net Reductions/ Turnover End of Period
of Period Return Income Expenses Reimbursements) Rate* (000's)
--------- ------ ---------- -------- ---------------- --------- -------------
HIGH QUALITY MUNICIPAL
BOND FUND
Six Months Ended
January 31, 2005^^^ ............ $10.26 1.98%^ 3.52%^^ 0.73%^^ 1.05%^^ 17% $329,349
Year Ended July 31, 2004 ........ $10.27 3.08% 3.51% 0.73% 1.11% 5% $338,580
Year Ended July 31, 2003 ........ $10.33 3.21% 3.51% 0.74% 1.11% 7% $351,021
Year Ended July 31, 2002 ........ $10.38 6.10% 3.89% 0.75% 1.10% 10% $371,126
Year Ended July 31, 2001+ ....... $10.19 8.52% 4.04% 0.74% 1.10% 5% $380,330
Year Ended July 31, 2000 ........ $ 9.77 3.85% 4.25% 0.68% 1.02% 9% $387,511
FLORIDA
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ............ $10.66 2.16%^ 3.21%^^ 0.68%^^ 1.06%^^ 5% $ 50,325
Year Ended July 31, 2004 ........ $10.66 3.14% 3.38% 0.68% 1.15% 11% $ 47,858
Year Ended July 31, 2003 ........ $10.71 2.72% 3.51% 0.69% 1.15% 6% $ 50,536
Year Ended July 31, 2002 ........ $10.80 6.54% 3.80% 0.72% 1.16% 13% $ 54,901
Year Ended July 31, 2001+ ....... $10.52 7.72% 3.95% 0.75% 1.19% 7% $ 57,181
Year Ended July 31, 2000 ........ $10.16 4.02% 4.19% 0.65% 1.11% 11% $ 61,877
TENNESSEE
TAX-EXEMPT FUND
Six Months Ended
January 31, 2005^^^ ............ $10.21 1.66%^ 3.00%^^ 0.85%^^ 1.10%^^ 6% $ 30,441
Year Ended July 31, 2004 ........ $10.25 2.85% 2.91% 0.85% 1.19% 0% $ 32,271
Year Ended July 31, 2003 ........ $10.32 2.47% 2.86% 0.92% 1.24% 21% $ 39,569
Year Ended July 31, 2002 ........ $10.36 5.93% 3.18% 0.93% 1.21% 60% $ 49,148
Year Ended July 31, 2001+ ....... $10.10 7.70% 3.77% 0.94% 1.23% 123% $ 56,693
Period Ended July 31, 2000 (a) .. $ 9.74 4.26%^ 3.95%^^ 0.95%^^ 1.11%^^ 23% $ 65,160
Year Ened December 31, 1999 ..... $ 9.55 (2.83)% 3.57% 1.00% 1.00% 64% $ 75,537
+ Net investment income (loss) is based on average shares outstanding during
the period.
* Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
102
- --------------------------------------------------------------------------------
AMSOUTH FUNDS
Financial Highlights
- --------------------------------------------------------------------------------
I SHARES+
Selected data for a share outstanding throughout the period indicated.
Investment Activities
--------------------------------------------
Less
Net Asset Net Realized Dividends
Value, Net and Unrealized Total from from Net
Beginning Investment Gains (Losses) Investment Investment
of Period Income from Investments Activities Income
--------- ---------- ---------------- ---------- ----------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.006 -- 0.006 (0.006)
Year Ended July 31, 2004 .............. $1.000 0.005 -- 0.005 (0.005)
Year Ended July 31, 2003 .............. $1.000 0.008 -- 0.008 (0.008)
Year Ended July 31, 2002 .............. $1.000 0.017 -- 0.017 (0.017)
Year Ended July 31, 2001 .............. $1.000 0.051 -- 0.051 (0.051)
Year Ended July 31, 2000 .............. $1.000 0.052 -- 0.052 (0.052)
TREASURY RESERVE MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.006 -- 0.006 (0.006)
Year Ended July 31, 2004 .............. $1.000 0.003 -- 0.003 (0.003)
Year Ended July 31, 2003 .............. $1.000 0.007 -- 0.007 (0.007)
Year Ended July 31, 2002 .............. $1.000 0.017 -- 0.017 (0.017)
Year Ended July 31, 2001 .............. $1.000 0.049 -- 0.049 (0.049)
Period Ended July 31, 2000 (a) ........ $1.000 0.031 -- 0.031 (0.031)
Year Ended December 31, 1999 .......... $1.000 0.043 -- 0.043 (0.043)
TAX-EXEMPT MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.004 -- 0.004 (0.004)
Year Ended July 31, 2004 .............. $1.000 0.003 -- 0.003 (0.003)
Year Ended July 31, 2003 .............. $0.999 0.006 0.001 0.007 (0.006)
Year Ended July 31, 2002 .............. $0.998 0.010 0.001 0.011 (0.010)
Year Ended July 31, 2001 .............. $0.998 0.029 -- 0.029 (0.029)
Year Ended July 31, 2000 .............. $1.000 0.032 (0.002) 0.030 (0.032)
INSTITUTIONAL PRIME OBLIGATIONS MONEY
MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.008 -- 0.008 (0.008)
Year Ended July 31, 2004 .............. $1.000 0.009 -- 0.009 (0.009)
Year Ended July 31, 2003 .............. $1.000 0.012 -- 0.012 (0.012)
Year Ended July 31, 2002 .............. $1.000 0.021 -- 0.021 (0.021)
Year Ended July 31, 2001 .............. $1.000 0.054 -- 0.054 (0.054)
Year Ended July 31, 2000 .............. $1.000 0.057 -- 0.057 (0.057)
Ratios (to average net assets)/Supplemental Data
-----------------------------------------------------------------------
Net Asset
Value, Net Expenses (before Net Assets,
End Total Investment Net Reductions/ End of Period
of Period Return Income Expenses Reimbursements) (000's)
--------- ------ ---------- -------- ---------------- -------------
PRIME MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.62%^ 1.22%^^ 0.65%^^ 0.86%^^ $163,264
Year Ended July 31, 2004 .............. $1.000 0.46% 0.46% 0.64% 0.87% $164,907
Year Ended July 31, 2003 .............. $1.000 0.78% 0.83% 0.65% 0.87% $221,937
Year Ended July 31, 2002 .............. $1.000 1.68% 1.68% 0.64% 0.84% $770,519
Year Ended July 31, 2001 .............. $1.000 5.18% 5.06% 0.63% 0.84% $745,662
Year Ended July 31, 2000 .............. $1.000 5.31% 5.24% 0.67% 0.76% $731,762
TREASURY RESERVE MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.59%^ 1.15%^^ 0.65%^^ 0.87%^^ $110,944
Year Ended July 31, 2004 .............. $1.000 0.33% 0.35% 0.69% 0.92% $134,182
Year Ended July 31, 2003 .............. $1.000 0.71% 0.78% 0.68% 0.90% $ 41,676
Year Ended July 31, 2002 .............. $1.000 1.68% 1.70% 0.65% 0.86% $218,404
Year Ended July 31, 2001 .............. $1.000 5.06% 4.99% 0.62% 0.85% $266,738
Period Ended July 31, 2000 (a) ........ $1.000 3.10%^ 5.24%^^ 0.61%^^ 0.76%^^ $280,546
Year Ended December 31, 1999 .......... $1.000 4.39% 4.31% 0.59% 0.60% $341,803
TAX-EXEMPT MONEY MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.45%^ 0.87%^^ 0.60%^^ 0.85%^^ $108,501
Year Ended July 31, 2004 .............. $1.000 0.34% 0.34% 0.64% 0.86% $128,089
Year Ended July 31, 2003 .............. $1.000 0.62% 0.63% 0.65% 0.87% $129,415
Year Ended July 31, 2002 .............. $0.999 1.02% 1.02% 0.66% 0.86% $175,135
Year Ended July 31, 2001 .............. $0.998 2.98% 2.95% 0.65% 0.86% $151,905
Year Ended July 31, 2000 .............. $0.998 3.23% 3.28% 0.59% 0.80% $141,874
INSTITUTIONAL PRIME OBLIGATIONS MONEY
MARKET FUND
Six Months Ended January 31, 2005^^^ .. $1.000 0.83%^ 1.66%^^ 0.25%^^ 0.40%^^ $238,506
Year Ended July 31, 2004 .............. $1.000 0.86% 0.85% 0.25% 0.41% $176,540
Year Ended July 31, 2003 .............. $1.000 1.19% 1.20% 0.26% 0.41% $175,778
Year Ended July 31, 2002 .............. $1.000 2.09% 2.08% 0.25% 0.39% $250,091
Year Ended July 31, 2001 .............. $1.000 5.57% 5.12% 0.25% 0.40% $221,876
Year Ended July 31, 2000 .............. $1.000 5.82% 5.73% 0.21% 0.41% $138,779
+ Represents Class 1 Shares for Institutional Prime Obligations Money Market
Fund.
^ Not annualized.
^^ Annualized.
^^^ Unaudited.
(a) For the period from January 1, 2000 through July 31, 2000. In conjunction
with the reorganization of the AmSouth Funds, the Fund changed its fiscal
year end to July 31.
See notes to financial statements.
103
As a shareholder of the AmSouth Funds, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchases, reinvested
dividends, or other distributions; redemption fees; and exchange fees; (2)
ongoing costs, including management fees; distribution [and/or service] 12b-1
fees; and other Fund expenses. This example is intended to help you understand
your ongoing costs (in dollars) of investing in the AmSouth Funds and to compare
these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period from August 1, 2004 through January
31, 2005.
Actual Expenses
The table below provides information about actual account values and actual
expenses. You may use the information below, together with the amount you
invested, to estimate the expenses that you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600 account value divided by
$1,000 = 8.6), then multiply the result by the number in the table under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the table
is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio
Account Value Account Value During Period* During Period
8/1/04 1/31/05 8/1/04 - 1/31/05 8/1/04 - 1/31/05
------------- ------------- ---------------- ----------------
Value Fund .................... Class A Shares $1,000.00 $1,113.70 $ 7.03 1.32%
Class B Shares 1,000.00 1,109.80 11.01 2.07%
Class I Shares 1,000.00 1,114.00 6.23 1.17%
Select Equity Fund ............ Class A Shares 1,000.00 1,089.40 6.79 1.29%
Class B Shares 1,000.00 1,085.40 10.72 2.04%
Class I Shares 1,000.00 1,090.10 6.01 1.14%
Enhanced Market Fund .......... Class A Shares 1,000.00 1,080.70 4.77 0.91%
Class B Shares 1,000.00 1,077.30 8.69 1.66%
Class I Shares 1,000.00 1,082.10 3.99 0.76%
Large Cap Fund ................ Class A Shares 1,000.00 1,053.30 6.57 1.27%
Class B Shares 1,000.00 1,049.90 10.44 2.02%
Class I Shares 1,000.00 1,054.30 5.80 1.12%
Capital Growth Fund ........... Class A Shares 1,000.00 1,060.30 6.70 1.29%
Class B Shares 1,000.00 1,055.60 10.57 2.04%
Class I Shares 1,000.00 1,061.40 5.92 1.14%
Mid Cap Fund .................. Class A Shares 1,000.00 1,123.10 5.89 1.10%
Class B Shares 1,000.00 1,118.90 9.88 1.85%
Class I Shares 1,000.00 1,124.50 5.09 0.95%
Small Cap Fund ................ Class A Shares 1,000.00 1,125.30 7.87 1.47%
Class B Shares 1,000.00 1,120.00 11.86 2.22%
Class I Shares 1,000.00 1,127.30 7.08 1.32%
International Equity Fund ..... Class A Shares 1,000.00 1,204.70 7.28 1.31%
Class B Shares 1,000.00 1,199.40 11.42 2.06%
Class I Shares 1,000.00 1,205.90 6.45 1.16%
Balanced Fund ................. Class A Shares 1,000.00 1,062.60 6.91 1.33%
Class B Shares 1,000.00 1,057.30 10.79 2.08%
Class I Shares 1,000.00 1,062.40 6.13 1.18%
* Expenses are equal to the average account value times the Fund's annualized
expense ratio multiplied by the number of days in the most recently fiscal
half-year divided by the number of days in the fiscal year.
104
Beginning Ending Expense Paid Expense Ratio
Account Value Account Value During Period* During Period
8/1/04 1/31/05 8/1/04 - 1/31/05 8/1/04 - 1/31/05
------------- ------------- ---------------- ----------------
Strategic Portfolios: Aggressive
Growth Portfolio ........................... Class A Shares 1,000.00 1,098.70 2.96 0.56%
Class B Shares 1,000.00 1,095.00 6.92 1.31%
Class I Shares 1,000.00 1,098.80 2.70 0.51%
Strategic Portfolios: Growth Portfolio ...... Class A Shares 1,000.00 1,079.10 2.67 0.51%
Class B Shares 1,000.00 1,075.80 6.54 1.25%
Class I Shares 1,000.00 1,080.00 2.41 0.46%
Strategic Portfolios: Growth and
Income Portfolio ........................... Class A Shares 1,000.00 1,067.30 2.71 0.52%
Class B Shares 1,000.00 1,062.20 6.55 1.26%
Class I Shares 1,000.00 1,067.20 2.45 0.47%
Strategic Portfolios: Moderate Growth and
Income Portfolio ........................... Class A Shares 1,000.00 1,060.30 2.75 0.53%
Class B Shares 1,000.00 1,056.40 6.63 1.28%
Class I Shares 1,000.00 1,060.30 2.49 0.48%
Government Income Fund ...................... Class A Shares 1,000.00 1,020.00 5.14 1.01%
Class B Shares 1,000.00 1,017.40 8.95 1.76%
Class I Shares 1,000.00 1,020.80 4.38 0.86%
Limited Term Bond Fund ...................... Class A Shares 1,000.00 1,005.50 5.00 0.99%
Class B Shares 1,000.00 1,001.80 8.78 1.74%
Class I Shares 1,000.00 1,006.20 4.25 0.84%
High Quality Bond Fund ...................... Class A Shares 1,000.00 1,029.40 5.06 0.99%
Class B Shares 1,000.00 1,024.80 8.93 1.75%
Class I Shares 1,000.00 1,030.10 4.35 0.85%
Class B Shares 1,000.00 1,016.50 8.28 1.63%
Class I Shares 1,000.00 1,019.80 3.72 0.73%
Class I Shares 1,000.00 1,019.80 3.72 0.73%
Florida Tax-Exempt Fund ..................... Class A Shares 1,000.00 1,022.90 4.23 0.83%
Class B Shares 1,000.00 1,018.30 8.04 1.58%
Class I Shares 1,000.00 1,021.60 3.46 0.68%
Tennessee Tax-Exempt Fund ................... Class A Shares 1,000.00 1,015.90 5.08 1.00%
Class B Shares 1,000.00 1,013.20 8.88 1.75%
Class I Shares 1,000.00 1,016.60 4.32 0.85%
Prime Money Market Fund ..................... Class A Shares 1,000.00 1,005.50 4.04 0.80%
Class B Shares 1,000.00 1,004.70 4.80 0.95%
Class I Shares 1,000.00 1,006.20 3.29 0.65%
Treasury Reserve Money Market Fund .......... Class A Shares 1,000.00 1,005.60 3.54 0.70%
Class I Shares 1,000.00 1,005.90 3.29 0.65%
Tax-Exempt Money Market Fund ................ Class A Shares 1,000.00 1,004.50 2.98 0.59%
Class I Shares 1,000.00 1,004.50 3.03 0.60%
Institutional Prime Obligations
Money Market Fund .......................... Class 1 Shares 1,000.00 1,008.30 1.27 0.25%
Class 2 Shares 1,000.00 1,007.10 2.48 0.49%
Class 3 Shares 1,000.00 1,005.90 3.79 0.75%
* Expenses are equal to the average account value times the Fund's annualized
expense ratio multiplied by the number of days in the most recently fiscal
half-year divided by the number of days in the fiscal year.
105
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on each AmSouth Funds' actual expense ratio and an
assumed rate of return of 5% per year before expenses, which is not the Fund's
actual return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the table
is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.
Beginning Ending Expense Paid Expense Ratio
Account Value Account Value During Period* During Period
8/1/04 1/31/05 8/1/04 - 1/31/05 8/1/04 - 1/31/05
------------- ------------- ---------------- ----------------
Value Fund ......................... Class A Shares $1,000.00 $1,018.55 $ 6.72 1.32%
Class B Shares 1,000.00 1,014.77 10.51 2.07%
Class I Shares 1,000.00 1,019.31 5.96 1.17%
Select Equity Fund ................. Class A Shares 1,000.00 1,018.70 6.56 1.29%
Class B Shares 1,000.00 1,014.92 10.36 2.04%
Class I Shares 1,000.00 1,019.46 5.80 1.14%
Enhanced Market Fund ............... Class A Shares 1,000.00 1,020.62 4.63 0.91%
Class B Shares 1,000.00 1,016.84 8.44 1.66%
Class I Shares 1,000.00 1,021.37 3.87 0.76%
Large Cap Fund ..................... Class A Shares 1,000.00 1,018.80 6.46 1.27%
Class B Shares 1,000.00 1,015.02 10.26 2.02%
Class I Shares 1,000.00 1,019.56 5.70 1.12%
Capital Growth Fund ................ Class A Shares 1,000.00 1,018.70 6.56 1.29%
Class B Shares 1,000.00 1,014.92 10.36 2.04%
Class I Shares 1,000.00 1,019.46 5.80 1.14%
Mid Cap Fund ....................... Class A Shares 1,000.00 1,019.66 5.60 1.10%
Class B Shares 1,000.00 1,015.88 9.40 1.85%
Class I Shares 1,000.00 1,020.42 4.84 0.95%
Small Cap Fund ..................... Class A Shares 1,000.00 1,017.80 7.48 1.47%
Class B Shares 1,000.00 1,014.01 11.27 2.22%
Class I Shares 1,000.00 1,018.55 6.72 1.32%
International Equity Fund .......... Class A Shares 1,000.00 1,018.60 6.67 1.31%
Class B Shares 1,000.00 1,014.82 10.46 2.06%
Class I Shares 1,000.00 1,019.36 5.90 1.16%
Balanced Fund ...................... Class A Shares 1,000.00 1,018.50 6.77 1.33%
Class B Shares 1,000.00 1,014.72 10.56 2.08%
Class I Shares 1,000.00 1,019.26 6.01 1.18%
Strategic Portfolios: Aggressive
Growth Portfolio .................. Class A Shares 1,000.00 1,022.38 2.85 0.56%
Class B Shares 1,000.00 1,018.60 6.67 1.31%
Class I Shares 1,000.00 1,022.63 2.60 0.51%
* Expenses are equal to the average account value times the Fund's annualized
expense ratio multiplied by the number of days in the most recently fiscal
half-year divided by the number of days in the fiscal year.
106
Beginning Ending Expense Paid Expense Ratio
Account Value Account Value During Period* During Period
8/1/04 1/31/05 8/1/04 - 1/31/05 8/1/04 - 1/31/05
------------- ------------- ---------------- ----------------
Strategic Portfolios: Growth Portfolio ...... Class A Shares 1,000.00 1,022.63 2.60 0.51%
Class B Shares 1,000.00 1,018.90 6.36 1.25%
Class I Shares 1,000.00 1,022.89 2.35 0.46%
Strategic Portfolios: Growth and
Income Portfolio ........................... Class A Shares 1,000.00 1,022.58 2.65 0.52%
Class B Shares 1,000.00 1,018.85 6.41 1.26%
Class I Shares 1,000.00 1,022.84 2.40 0.47%
Strategic Portfolios: Moderate Growth and
Income Portfolio ........................... Class A Shares 1,000.00 1,022.53 2.70 0.53%
Class B Shares 1,000.00 1,018.75 6.51 1.28%
Class I Shares 1,000.00 1,022.79 2.45 0.48%
Government Income Fund ...................... Class A Shares 1,000.00 1,020.11 5.14 1.01%
Class B Shares 1,000.00 1,016.33 8.94 1.76%
Class I Shares 1,000.00 1,020.87 4.38 0.86%
Limited Term Bond Fund ...................... Class A Shares 1,000.00 1,020.21 5.04 0.99%
Class B Shares 1,000.00 1,016.43 8.84 1.74%
Class I Shares 1,000.00 1,020.97 4.28 0.84%
High Quality Bond Fund ...................... Class A Shares 1,000.00 1,020.21 5.04 0.99%
Class B Shares 1,000.00 1,016.38 8.89 1.75%
Class I Shares 1,000.00 1,020.92 4.33 0.85%
High Quality Municipal Bond Fund ............ Class A Shares 1,000.00 1,020.77 4.48 0.88%
Class B Shares 1,000.00 1,016.99 8.29 1.63%
Class I Shares 1,000.00 1,021.53 3.72 0.73%
Florida Tax-Exempt Fund ..................... Class A Shares 1,000.00 1,021.02 4.23 0.83%
Class B Shares 1,000.00 1,017.24 8.03 1.58%
Class I Shares 1,000.00 1,021.78 3.47 0.68%
Tennessee Tax-Exempt Fund ................... Class A Shares 1,000.00 1,020.16 5.09 1.00%
Class B Shares 1,000.00 1,016.38 8.89 1.75%
Class I Shares 1,000.00 1,020.92 4.33 0.85%
Prime Money Market Fund ..................... Class A Shares 1,000.00 1,021.17 4.08 0.80%
Class B Shares 1,000.00 1,020.42 4.84 0.95%
Class I Shares 1,000.00 1,021.93 3.31 0.65%
Treasury Reserve Money Market Fund .......... Class A Shares 1,000.00 1,021.68 3.57 0.70%
Class I Shares 1,000.00 1,021.93 3.31 0.65%
Tax-Exempt Money Market Fund ................ Class A Shares 1,000.00 1,022.23 3.01 0.59%
Class I Shares 1,000.00 1,022.18 3.06 0.60%
Institutional Prime Obligations
Money Market Fund .......................... Class 1 Shares 1,000.00 1,023.95 1.28 0.25%
Class 2 Shares 1,000.00 1,022.74 2.50 0.49%
Class 3 Shares 1,000.00 1,021.42 3.82 0.75%
* Expenses are equal to the average account value times the Fund's annualized
expense ratio multiplied by the number of days in the most recently fiscal
half-year divided by the number of days in the fiscal year.
107
Trustees and Officers of AmSouth Funds (the "Trust") (Unaudited)
Position
Held with Term of Office and
AmSouth Length of Time Number of Funds
Name and Date of Birth Funds Served* Overseen
- ---------------------- --------- ------------------ ---------------
INDEPENDENT TRUSTEES:
Dick D. Briggs, Jr., M.D. .. Trustee Since 1992 Trustee of AmSouth
Date of Birth: 1/28/1934 Funds (consisting of
23 portfolios).
Wendell D. Cleaver ......... Trustee Since 1992 Trustee of AmSouth
Date of Birth: 9/23/1934 Funds (consisting of
23 portfolios).
James H. Woodward, Jr. ..... Trustee Since 1987 Trustee of AmSouth
Date of Birth: 11/24/1939 Funds (consisting
of 23 portfolios);
Trustee of Variable
Insurance Funds
(consisting of
15 portfolios, 7 of
which are advised
by the Advisor).
Edward P. Farley ........... Trustee Since 2001 Trustee of AmSouth
Date of Birth: 9/19/1939 Funds (consisting of
23 funds).
Samuel W. Jackson .......... Trustee Since 2003 Trustee of AmSouth
Date of Birth: 12/1/1951 Funds (consisting of
23 portfolios).
Robert J. McMullan ......... Trustee Since 2003 Trustee of AmSouth
Date of Birth: 3/31/1954 Funds (consisting of
23 portfolios).
Other
Directorships Principal Occupation(s) During
Name and Date of Birth Held the Past Five Years
- ---------------------- ------------- ---------------------------------------
INDEPENDENT TRUSTEES:
Dick D. Briggs, Jr., M.D. .. N/A From March 1997 to present, Chief
Date of Birth: 1/28/1934 Medical Officer, Best DoctorsTM
Worldwide Healthcare Services; from
September 1967 to present, Emeritus
Professor and Eminent Scholar Chair,
Univ. of Alabama at Birmingham: from
October 1971 to present, Physician,
University of AlabamaHealth Services
Foundation
Wendell D. Cleaver ......... N/A From September 3, 1993 to present,
Date of Birth: 9/23/1934 retired; from December 1988 to August
1993, Executive Vice President, Chief
Operating Officer and Director, Mobile
Gas Service Corporation.
James H. Woodward, Jr. ..... N/A From 1992 to 2002, Trustee, J.A. Jones,
Date of Birth: 11/24/1939 Inc., Construction Company; from July
1989 to present, Chancellor, The
University of North Carolina at Charlotte.
Edward P. Farley ........... N/A Retired, 1999; Executive Vice President,
Date of Birth: 9/19/1939 Old Kent Bank from January 1981-
March 1999; Director, Kent Funds,
an open-end investment management
company, for which BISYS Fund
Services L.P. serves as distributor, from
March 1999 until December 2001.
Samuel W. Jackson .......... N/A From 1997 to present, Principal, Jackson
Date of Birth: 12/1/1951 Fowlkes & Co., Inc.;
Robert J. McMullan ......... N/A From 1998 to present, Chief Financial
Date of Birth: 3/31/1954 Officer, GlobeSpan Virata, Inc.' from
1989 through 1998, Executive Vice
President & Chief Financial Officer,
The BISYS Group, Inc.
108
Trustees and Officers of AmSouth Funds (the "Trust") (Unaudited) (Continued)
Position
Held with Term of Office and
AmSouth Length of Time Number of Funds
Name and Date of Birth Funds Served* Overseen
- ---------------------- ------------- ------------------- ----------------------
INTERESTED TRUSTEES:
J. David Huber ............. Chairman and Since 1987 Chairman and Trustee
Date of Birth: 5/3/1946 Trustee of AmSouth Funds
Geoffrey von Kuhn .......... Trustee Since 2002 (consisting of 23
Date of Birth: 10/26/1951 portfolios).
Trustee of AmSouth
Funds (consisting of
23 portfolios).
Other
Directorships Principal Occupation(s) During
Name and Date of Birth Held the Past Five Years
- ---------------------- ------------- --------------------------------------
INTERESTED TRUSTEES:
J. David Huber ............. N/A From June 1987 to present, employee of
Date of Birth: 5/3/1946 BISYS Funds Services L.P.
Geoffrey von Kuhn .......... N/A From April 2001 to present, Senior
Date of Birth: 10/26/1951 Executive Vice President, AmSouth
Bancorporation and AmSouth Bank, Head
Wealth Management Group; April 2000
to April 2001, Head, U.S. Private Bank,
Citigroup: February 1998 to April 2000,
Senior Managing Director and Vice
Chairman, Banc One Capital Markets.
- ----------------
* There is no defined term of office for Trustees of AmSouth Funds.
The address for each Trustee is 3435 Stelzer Road, Columbus, Ohio 43219.
Messrs. Huber and von Kuhn are considered to be interested persons (as
defined in the 1940 Act) of AmSouth Funds. Mr. Huber is considered an
interested person on the basis of his employment with BISYS Fund Services L.P.,
AmSouth Funds' Distributor. Mr. von Kuhn is considered to be an interested
person on the basis of his employment by AmSouth Bank, the Advisor's parent
company.
109
Trustees and Officers of AmSouth Funds (the "Trust") (Unaudited) (Continued)
Executive Officers
Position
Held with Term of Office and
AmSouth Length of Time
Name and Date of Birth Funds Served*
- ------------------------------ ---------------- --------------------
John F. Calvano .............. President Since 1999
Date of Birth: 3/30/1960
Walter B. Grimm .............. Vice President Since 1994
Date of Birth: 6/30/1945
Trent Statczar ............... Treasurer Since 2004
Date of Birth: 1/26/1969
Warren Leslie ................ Secretary Since 2004
Date of Birth: 2/13/1962
Alaina V. Metz ............... Assistant Since 1995
Date of Birth: 4/7/1967 Secretary
Joan Guerin .................. Chief Since 2004
Date of Birth: 1/20/1951 Compliance
Officer
Other
Number of Funds Directorships Principal Occupation(s) During
Name and Date of Birth Overseen Held the Past Five Years
- ------------------------------ ---------------------- --------------- ------------------------------------------
John F. Calvano .............. President of AmSouth N/A From September 1999 to present, Senior
Date of Birth: 3/30/1960 Funds (consisting of Vice President, AmSouth Bank; from
23 portfolios). October 1994 to September 1999,
employee of BISYS Fund Services
Limited Partnership.
Walter B. Grimm .............. Vice President of N/A From June 1992 to present, employee of
Date of Birth: 6/30/1945 AmSouth Funds BISYS Fund Services Ohio, Inc.
(consisting of
23 portfolios).
Trent Statczar ............... Treasurer of N/A From June 1993 to present, employee of
Date of Birth: 1/26/1969 AmSouth Funds BISYS Fund Services Ohio, Inc.
(consisting of
23 portfolios).
Warren Leslie ................ Secretary of N/A From May 1995 to present, employee of
Date of Birth: 2/13/1962 AmSouth Funds BISYS Fund Services Ohio, Inc.
(consisting of
23 portfolios).
Alaina V. Metz ............... Assistant Secretary N/A From June 1995 to present, Vice
Date of Birth: 4/7/1967 of AmSouth Funds President, Administrative and
(consisting of Regulatory Services, BISYS Fund
23 portfolios). Services Ohio, Inc.
Assistant Secretary
of Variable Insurance
Funds (consisting of
15 portfolios, 7 of
which are advised
by the advisor.
Joan Guerin .................. Chief Compliance N/A From November 1995 to May 2004,
Date of Birth: 1/20/1951 Officer of AmSouth Chief Financial Officer and Chief
Funds (consisting of Operations Officer of AmSouth
23 portfolios). Investment Services, Inc.; from May
2004 to present, Senior Vice President of
Wealth Management Quality Assurance
and Compliance and Chief Compliance
Officer, AmSouth Bank.
- -------
* There is no defined term of office for officers of the Trust.
The officers of the Trust are interested persons (as defined in the 1940
Act) and receive no compensation directly from the Trust for performing the
duties of their offices.
The Statement of Additional Information ("SAI") includes additional
information about the Trustees and Officers of the Trust. To obtain a copy of
the SAI, without charge, call (800) 451-8382.
Proxy Voting
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities and information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is available (i) without charge,
upon request, by calling (800) 451-8379/8382 or on the Fund's website,
http://www.amsouthfunds.com; and (ii) on the Securities and Exchange
Commission's website at http://www.sec.gov.
110
Portfolio Holdings
The Trust files a complete schedule of portfolio holdings for each Fund
with the Securities and Exchange Commission for the first and third quarters of
each fiscal year on Form N-Q. The information on Form N-Q is available (i)
without charge, upon request, by calling (800) 451-8379/8382 or on the Funds'
website, http://www.amsouthfunds.com; (ii) on the Securities and Exchange
Commission's website at http://www.sec.gov; and (iii) at the Securities and
Exchange Commission's Public Reference Room in Washington, DC, where it may be
reviewed and copied. Information on the operation of the Public Reference Room
may be obtained by calling (800) SEC-0330.
Compensation of Trustees and Officers of AmSouth Funds (the "Trust")(Unaudited)
The officers of the Trust receive no compensation directly from the Trust
for performing the duties of their offices. BISYS receives fees from the Trust
for acting as Administrator and BISYS Fund Services, Inc., receives fees from
the Trust for acting as Transfer Agent and for providing fund accounting
services to the Trust. Messrs. Grimm, Statczar, and Leslie and Ms. Metz are
employees of BISYS Fund Services Limited Partnerships.
COMPENSATION TABLE (1)
Pension or
Retirement Estimated Total
Aggregate Benefits Annual Compensation
Compensation from Accrued as Part Benefits from AmSouth
AmSouth Fund of Fund upon Mutual Funds
Name Expenses Expenses Retirement Paid to Trustee
- ---- ----------------- --------------- ---------- ---------------
J. David Huber .................... None None None None
Geoffrey A. von Kuhn .............. None None None None
James H. Woodward, Jr. ............ $19,750 None None $19,750
Wendell D. Cleaver ................ $19,750 None None $19,750
Dick D. Briggs, Jr., M.D. ......... $20,500 None None $20,500
Edward P. Farley .................. $19,000 None None $19,000
Samuel W. Jackson, Jr. ............ $20,500 None None $20,500
Robert J. McMullan ................ $19,750 None None $19,750
- -------
(1) Figures are for the Trust's six-month period ended January 31, 2005.
111
AMSOUTH FUNDS (R)
[GRAPHIC OMITTED]
SEMI-ANNUAL REPORT
January 31, 2005
Investment Advisor
AmSouth Asset Management, Inc.
1901 6th Avenue North
Suite 620
Birmingham, AL 35203
Investment Subadvisors
OakBrook Investments, LLC
701 Warrenville Road, Suite 335
Lisle, IL 60532
o Enhanced Market Fund
o Mid Cap Fund
o Select Equity Fund
Sawgrass Asset Management, LLC
1579 The Greens Way, Suite 20
Jacksonville, FL 32250
o Small Cap Fund
Dimensional Fund Advisors Inc.
1299 Ocean Avenue
Santa Monica, CA 90401
o International Equity Fund
Distributor
BISYS Fund Services
3435 Stelzer Road, Suite 1000
Columbus, OH 43219
Legal Counsel
Kirkpatrick & Lockhart Nicholson Graham LLP Lockhart, LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Transfer Agent
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road, Suite 1000
Columbus, OH 43219
Auditors
Ernst & Young, LLP
1100 Huntington Center
41 South High Street
Columbus, OH 43215
www.amsouthfunds.com
3/05 ASO-SAR
Item 2. Code of Ethics.
Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party. If the registrant has not adopted such a
code of ethics, explain why it has not done so.
Not applicable.
The registrant must briefly describe the nature of any amendment, during
the period covered by the report, to a provision of its code of ethics
that applies to the registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, and that
relates to any element of the code of ethics definition enumerated in
paragraph (b) of this Item. The registrant must file a copy of any such
amendment as an exhibit pursuant to Item 11(a)(1), unless the registrant
has elected to satisfy paragraph (f) of this Item by posting its code of
ethics on its website pursuant to paragraph (f)(2) of this
Item, or by undertaking to provide its code of ethics to any person
without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted
a waiver, including an implicit waiver, from a provision of the code of
ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, that
relates to one or more items set forth in paragraph (b) of this Item,
the registrant must briefly describe the nature of the waiver, the name
of the person to whom the waiver was granted, and the date of the
waiver.
During the period covered by the report, with respect to the
registrant's code of ethics that applies to its principal executive
officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions; there have been no
amendments to, nor any waivers granted from, a provision that relates to
any element of the code of ethics definition enumerated in paragraph (b)
of this Item 2.
Item 3. Audit Committee Financial Expert.
(a) (1) Disclose that the registrant's board of directors has determined
that the registrant either:
(i) Has at least one audit committee financial expert serving on
its audit committee; or
(ii) Does not have an audit committee financial expert serving
on its audit committee.
Not applicable.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to
be considered "independent" for purposes of this Item, a member of an
audit committee may not, other than in his or her capacity as a member
of the audit committee, the board of directors, or any other board
committee:
(i) Accept directly or indirectly any consulting, advisory, or
other compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as
defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-
2(a)(19)).
Not applicable.
(3) If the registrant provides the disclosure required by paragraph
(a)(1)(ii) of this Item, it must explain why it does not have an audit
committee financial expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed
for each of the last two fiscal years for professional services rendered
by the principal accountant for the audit of the registrant's annual
financial statements or services that are normally provided by the
accountant in connection with statutory and regulatory filings or
engagements for those fiscal years.
Not applicable.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees
billed in each of the last two fiscal years for assurance and related
services by the principal accountant that are reasonably related to the
performance of the audit of the registrant's financial statements and
are not reported under paragraph (a) of this Item. Registrants shall
describe the nature of the services comprising the fees disclosed under
this category.
Not applicable.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in
each of the last two fiscal years for professional services rendered by
the principal accountant for tax compliance, tax advice, and tax
planning. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Not applicable.
(d) Disclose, under the caption All Other Fees, the aggregate fees
billed in each of the last two fiscal years for products and services
provided by the principal accountant, other than the services reported
in paragraphs (a) through (c) of this Item. Registrants shall describe
the nature of the services comprising the fees disclosed under this
category.
Not applicable.
(e) (1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of
Regulation S-X.
Not applicable.
(2) Disclose the percentage of services described in each of
paragraphs (b) through (d) of this Item that were approved by
the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule
2-01 of Regulation S-X.
Not applicable.
(f) If greater than 50 percent, disclose the percentage of hours
expended on the principal accountant's engagement to audit the
registrant's financial statements for the most recent fiscal year that
were attributed to work performed by persons other than the principal
accountant's full-time, permanent employees.
Not applicable.
(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose
role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling,
controlled by, or under common control with the adviser that provides
ongoing services to the registrant for each of the last two fiscal years
of the registrant.
Not applicable.
(h) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that
were rendered to the registrant's investment adviser (not including any
subadviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal accountant's
independence.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under
the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant
has a separately-designated standing audit committee established in
accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C.
78c(a)(58)(A)). If the registrant has such a committee, however
designated, identify each committee member. If the entire board of
directors is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so
state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from
the listing standards for all audit committees.
Not applicable.
Item 6. Schedule of Investments.
File Schedule I - Investments in securities of unaffiliated issuers as
of the close of the reporting period as set forth in ss. 210.12-12 of
Regulation S-X, unless the schedule is included as part of the report to
shareholders filed under Item 1 of this Form.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
A closed-end management investment company that is filing an annual
report on this Form N-CSR must, unless it invests exclusively in
non-voting securities, describe the policies and procedures that it uses
to determine how to vote proxies
relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of
its shareholders, on the one hand, and those of the company's investment
adviser; principal underwriter; or any affiliated person (as defined in
Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C.
80a-2(a)(3)) and the rules thereunder) of the company, its investment
adviser, or its principal underwriter, on the other. Include any
policies and procedures of the company's investment adviser, or any
other third party, that the company uses, or that are used on the
company's behalf, to determine how to vote proxies relating to portfolio
securities.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
provide the information specified in paragraph (b) of this Item with
respect to any purchase made by or on behalf of the registrant or any
"affiliated purchaser," as defined in Rule 10b-18(a)(3) under the
Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any
class of the registrant's equity securities that is registered by the
registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of
Schedule 14A (17 CFR 240.14a-101), or this Item.
Not applicable.
Item 10. Controls and Procedures.
(a) Disclose the conclusions of the registrant's principal executive and
principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph, based on
the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or
15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).
The registrant's principal executive officer and principal financial
officer have concluded, based on their evaluation of the registrant's
disclosure controls and procedures as conducted within 90 days of the
filing date of this report, that these disclosure controls and
procedures are adequately designed and are operating effectively to
ensure that information required to be disclosed by the registrant on
Form N-CSR is: (i) accumulated and communicated to the investment
company's management, including its certifying officers, to allow timely
decisions regarding required disclosure; and (ii) recorded, processed,
summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms.
(b) Disclose any change in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the registrant's last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
There were no changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of
the quarter of the period covered by this report that have materially
affected or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 11. Exhibits.
(a) File the exhibits listed below as part of this Form. Letter or
number the exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the
subject of the disclosure required by Item 2, to the extent that
the registrant intends to satisfy the Item 2 requirements
through filing of an exhibit.
The code of ethics that is the subject of the disclosure required by Item 2
is attached hereto.
(2) A separate certification for each principal executive
officer and principal financial officer of the registrant as
required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).
Certifications pursuant to Rule 30a-2(a) are attached hereto.
(3) Any written solicitation to purchase securities under Rule
23c-1 under the Act (17 CFR 270.23c-1) sent or given during the
period covered by the report by or on behalf of the registrant
to 10 or more persons.
Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange
Act, provide the certifications required by rule 30a-2(b) under the Act
(17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the
Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350
of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as
an exhibit. A certification furnished pursuant to this paragraph will
not be deemed "filed" for purposes of Section 18 of the Exchange Act (15
U.S.C. 78r), or otherwise subject to the liability of that section. Such
certification will not be deemed to be incorporated by reference into
any filing under the Securities Act of 1933 or the Exchange Act, except
to the extent that the registrant specifically incorporates it by
reference.
Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) AmSouth Funds
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By (Signature and Title)* /s/ Trent Statczar
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Trent Statczar, Treasurer
Date April 11, 2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John Calvano
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John Calvano, President
Date April 11, 2005
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By (Signature and Title)* /s/ Trent Statczar
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Trent Statczar, Treasurer
Date April 11, 2005
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* Print the name and title of each signing officer under his or her signature.