<PAGE>
EMERALD FUNDS
EMERALD EQUITY FUND
EMERALD EQUITY VALUE FUND
EMERALD INTERNATIONAL EQUITY FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD BALANCED FUND
EMERALD SHORT-TERM FIXED INCOME FUND
EMERALD U.S. GOVERNMENT SECURITIES FUND
EMERALD MANAGED BOND FUND
EMERALD FLORIDA TAX-EXEMPT FUND
EMERALD PRIME FUND
EMERALD TREASURY FUND
EMERALD TAX-EXEMPT FUND
RETAIL SHARES
SUPPLEMENT DATED JULY 11, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
Barnett Capital Advisors, Inc., a newly-organized, wholly-owned subsidiary
of Barnett Bank, N.A. which, in turn, is a wholly-owned subsidiary of Barnett
Banks, Inc., has assumed the investment advisory responsibilities of Barnett
Banks Trust Company, N.A. for each of the Funds on the terms and conditions
stated in the Prospectus. This change did not involve a change in control or
management of the investment adviser or a change in the Funds' portfolio
managers. Barnett Capital Advisors, Inc. maintains offices at 9000 Southside
Boulevard, Building 100, Jacksonville, Florida 32256.
<PAGE>
EMERALD FUNDS
EMERALD PRIME TRUST FUND
EMERALD TREASURY TRUST FUND
SUPPLEMENT DATED JULY 11, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
Barnett Capital Advisors, Inc., a newly-organized, wholly-owned subsidiary
of Barnett Bank, N.A. which, in turn, is a wholly-owned subsidiary of Barnett
Banks, Inc., has assumed the investment advisory responsibilities of Barnett
Banks Trust Company, N.A. for each of the Funds on the terms and conditions
stated in the Prospectus. This change did not involve a change in control or
management of the investment adviser or a change in the Funds' portfolio
managers. Barnett Capital Advisors, Inc. maintains offices at 9000 Southside
Boulevard, Building 100, Jacksonville, Florida 32256.
<PAGE>
EMERALD FUNDS
EMERALD PRIME FUND
EMERALD TREASURY FUND
EMERALD TAX-EXEMPT FUND
INSTITUTIONAL SHARES/SERVICE SHARES
SUPPLEMENT DATED JULY 11, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
Barnett Capital Advisors, Inc., a newly-organized, wholly-owned subsidiary
of Barnett Bank, N.A. which, in turn, is a wholly-owned subsidiary of Barnett
Banks, Inc., has assumed the investment advisory responsibilities of Barnett
Banks Trust Company, N.A. for each of the Funds on the terms and conditions
stated in the Prospectus. This change did not involve a change in control or
management of the investment adviser or a change in the Funds' portfolio
managers. Barnett Capital Advisors, Inc. maintains offices at 9000 Southside
Boulevard, Building 100, Jacksonville, Florida 32256.
<PAGE>
EMERALD FUNDS
EMERALD EQUITY FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD BALANCED FUND
EMERALD MANAGED BOND FUND
EMERALD PRIME FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED JULY 11, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
Barnett Capital Advisors, Inc., a newly-organized, wholly-owned subsidiary
of Barnett Bank, N.A. which, in turn, is a wholly-owned subsidiary of Barnett
Banks, Inc., has assumed the investment advisory responsibilities of Barnett
Banks Trust Company, N.A. for each of the Funds on the terms and conditions
stated in the Prospectus. This change did not involve a change in control or
management of the investment adviser or a change in the Funds' portfolio
managers. Barnett Capital Advisors, Inc. maintains offices at 9000 Southside
Boulevard, Building 100, Jacksonville, Florida 32256.
<PAGE>
EMERALD FUNDS
EMERALD EQUITY FUND
EMERALD EQUITY VALUE FUND
EMERALD INTERNATIONAL EQUITY FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD BALANCED FUND
EMERALD SHORT-TERM FIXED INCOME FUND
EMERALD U.S. GOVERNMENT SECURITIES FUND
EMERALD MANAGED BOND FUND
EMERALD FLORIDA TAX-EXEMPT FUND
EMERALD PRIME FUND
EMERALD TREASURY FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED JULY 11, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
Barnett Capital Advisors, Inc., a newly-organized, wholly-owned subsidiary
of Barnett Bank, N.A. which, in turn, is a wholly-owned subsidiary of Barnett
Banks, Inc., has assumed the investment advisory responsibilities of Barnett
Banks Trust Company, N.A. for each of the Funds on the terms and conditions
stated in the Prospectus. This change did not involve a change in control or
management of the investment adviser or a change in the Funds' portfolio
managers. Barnett Capital Advisors, Inc. maintains offices at 9000 Southside
Boulevard, Building 100, Jacksonville, Florida 32256.
<PAGE>
EMERALD FUNDS
EMERALD EQUITY FUND
EMERALD EQUITY VALUE FUND
EMERALD INTERNATIONAL EQUITY FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD BALANCED FUND
EMERALD SHORT-TERM FIXED INCOME FUND
EMERALD U.S. GOVERNMENT SECURITIES FUND
EMERALD MANAGED BOND FUND
EMERALD FLORIDA TAX-EXEMPT FUND
INSTITUTIONAL SHARES
SUPPLEMENT DATED JULY 11, 1996
TO THE PROSPECTUS DATED APRIL 1, 1996
Barnett Capital Advisors, Inc., a newly-organized, wholly-owned subsidiary
of Barnett Bank, N.A. which, in turn, is a wholly-owned subsidiary of Barnett
Banks, Inc., has assumed the investment advisory responsibilities of Barnett
Banks Trust Company, N.A. for each of the Funds on the terms and conditions
stated in the Prospectus. This change did not involve a change in control or
management of the investment adviser or a change in the Funds' portfolio
managers. Barnett Capital Advisors, Inc. maintains offices at 9000 Southside
Boulevard, Building 100, Jacksonville, Florida 32256.
