U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar Investments in the
Custody
of Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270, 17f-2]
1. Investment Company Act File Number: Date examination completed:
811-6511 June 30, 2003
2. State Identification Number:
AL AK AZ AR CA CO
CT DE DC FL GA HI
ID IL IN IA KS KY
LA ME MD MA MI MN
MS MO MT NE NV NH
NJ NM NY NC ND OH
OK OR PA RI SC SD
TN TX UT VT VA WA
WV WI WY PUERTO RICO
Other (specify):
3. Exact number of investment company as specified in registration
statement:
REGIONS MORGAN KEEGAN SELECT FUNDS
4. Address of principal executive office: (number, street, city, state,
zip code)
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
INSTRUCTIONS
This Form must be completed by the investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
Note: The estimated average burden hours are made solely for purposes of the
Paperwork Reduction Act, and are not derived from a comprehensive or even a
representative survey or study of the costs of SEC rules and forms. Direct any
comments concerning the accuracy of the estimated average burden hours for
compliance with SEC rules and forms to Kenneth A. Fogash, Deputy Executive
Director, U.S. Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington, D.C. 20549 and Gary Waxman, Clearance Officer, Office of Management
and Budget, Room 3208 New Executive Office Building, Washington, D.C. 20503.
REGIONS MORGAN KEEGAN TRUST
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
We, as members of management of the Regions Morgan Keegan Select Funds
(comprised of the following portfolios: Regions Morgan Keegan Select Government
Money Market Fund, Regions Morgan Keegan Select Treasury Money Market Fund,
Regions Morgan Keegan Select Limited Maturity Government Fund, Regions Morgan
Keegan Select Fixed Income Fund, Regions Morgan Keegan Select Balanced Fund,
Regions Morgan Keegan Select Value Fund, Regions Morgan Keegan Select Growth
Fund, Regions Morgan Keegan Select Aggressive Growth Fund and Regions Morgan
Keegan Strategic Equity Fund hereafter referred to as the "Funds"), are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Funds' compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of June 30,
2003, and from November 30, 2002 through June 30, 2003.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of June 30, 2003, and from November 30, 2002 through June 30,
2003, with respect to securities reflected in the investment account of the
Funds.
By: /s/James M. Atkisson
James M. Atkisson
Trust Operations Manager Mutual Fund
Group
9/15/2003
Date
PriceWaterhouse Coopers
Pricewaterhouse
Coopers LLP
250 W. Pratt St.
Suite 2100
Baltimore MD
21201-2304
Telephone (410)
783-7600
Facsimile (410)
783-7680
Report of Independent Accountants
To the Board of Directors and Shareholders of The Regions Morgan Keegan Select
Funds:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Regions Morgan Keegan Select Funds (comprised of the
following portfolios: Regions Morgan Keegan Select Government Money Market Fund,
Regions Morgan Keegan Select Treasury Money Market Fund, Regions Morgan Keegan
Select Limited Maturity Government Fund, Regions Morgan Keegan Select Fixed
Income Fund, Regions Morgan Keegan Select Balanced Fund, Regions Morgan Keegan
Select Value Fund, Regions Morgan Keegan Select Growth Fund, Regions Morgan
Keegan Select Aggressive Growth Fund and Regions Morgan Keegan Select Strategic
Equity Fund hereafter referred to as the "Funds") compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of June 30, 2003. Management is responsible
for the Funds' compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Funds' compliance based
on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Funds'
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of June 30, 2003, and with respect to agreement
of security purchases and sales, for the period from November 30, 2002 (the date
of our last examination), through June 30, 2003:
- Confirmation of all securities held by institutions in book entry form at
the Bank of New York.
- Reconciliation of all such securities to the books and records of the Funds
and Regions Bank (the Custodian);
- Confirmation of all repurchase agreements with brokers/banks and agreement
of underlying collateral with Custodian records;
- Confirmation of all securities hypothecated, pledged, placed in escrow, or
out for transfer with brokers, pledgees and/or transfer agents; and
- Agreement of a selection of security purchases and a selection of security
sales or maturities since our last report from the books and records of the
Funds to broker confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that the Funds were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of June 30,2003 with respect to securities reflected in
the investment account of the Funds is fairly stated, in all material respects.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
Pricewaterhouse Coopers LLP
August 17, 2003