Yep. I can't think of any way conversion could be taking place during fermentation.
You surely know a lot more about this than I do, but there are a number of articles both in print and online that are similar to this:
Alpha amylase converts starches into about 80% maltose and 20% dextrins. After the cooking process distillers yeast is introduced into the mash and converts sugars into alcohol which reduces the sugar content. At a certain point in the fermentation process the beta amylase enzyme, which is still active in the mash, initiates a secondary conversion of starches into sugars which increases the alcohol yield.