<PAGE>
EMERALD FUNDS
EMERALD EQUITY VALUE FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD SHORT-TERM FIXED INCOME FUND
EMERALD MANAGED BOND FUND
RETAIL SHARES
SUPPLEMENT DATED MAY 30, 1997
TO THE PROSPECTUS DATED APRIL 1, 1997
EQUITY VALUE, SMALL CAPITALIZATION AND SHORT-TERM FIXED INCOME FUNDS --
ADDITIONAL PORTFOLIO MANAGEMENT INFORMATION.
Don W. Bryant, C.F.A., has assumed co-responsibility with Martin E. LaPrade,
C.F.A., for the day-to-day management of the Equity Value Fund. For information
regarding Mr. Bryant's past business experience, see "The Business of the Funds
- -- Fund Management" in the Prospectus.
Martin E. LaPrade, C.F.A., has assumed co-responsibility with Dean McQuiddy,
C.F.A., for the day-to-day management of the Small Capitalization Fund. For
information regarding Mr. LaPrade's past business experience, see "The Business
of the Funds -- Fund Management" in the Prospectus.
David Furfine has assumed co-responsibility with Jeffrey A. Greenert for the
day-to-day management of the Short-Term Fixed Income Fund. Mr. Furfine joined
the Adviser in 1996 from Barnett Mortgage Company. Prior to joining Barnett
Mortgage Company in 1995, Mr. Furfine managed the hedging and trading desk for
Prudential Home Mortgage. He received his BS in Economics from the Wharton
School at the University of Pennsylvania. Mr. Furfine has 13 years of investment
experience.
MANAGED BOND FUND -- PORTFOLIO MATURITY.
The description of the Managed Bond Fund in the Prospectus is modified to
provide that there are no minimum or maximum limitations regarding the
dollar-weighted average portfolio maturity of the Managed Bond Fund. The Fund's
average portfolio maturity will change from time to time, and may be longer or
shorter than ten years in light of Barnett's views of prevailing market and
economic conditions.
<PAGE>
EMERALD FUNDS
EMERALD EQUITY VALUE FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD SHORT-TERM FIXED INCOME FUND
EMERALD MANAGED BOND FUND
INSTITUTIONAL SHARES FOR BARNETT PRIVATE CLIENT CUSTOMERS
SUPPLEMENT DATED MAY 30, 1997
TO THE PROSPECTUS DATED APRIL 1, 1997
EQUITY VALUE, SMALL CAPITALIZATION AND SHORT-TERM FIXED INCOME FUNDS --
ADDITIONAL PORTFOLIO MANAGEMENT INFORMATION.
Don W. Bryant, C.F.A., has assumed co-responsibility with Martin E. LaPrade,
C.F.A., for the day-to-day management of the Equity Value Fund. For information
regarding Mr. Bryant's past business experience, see "The Business of the Funds
- -- Fund Management" in the Prospectus.
Martin E. LaPrade, C.F.A., has assumed co-responsibility with Dean McQuiddy,
C.F.A., for the day-to-day management of the Small Capitalization Fund. For
information regarding Mr. LaPrade's past business experience, see "The Business
of the Funds -- Fund Management" in the Prospectus.
David Furfine has assumed co-responsibility with Jeffrey A. Greenert for the
day-to-day management of the Short-Term Fixed Income Fund. Mr. Furfine joined
the Adviser in 1996 from Barnett Mortgage Company. Prior to joining Barnett
Mortgage Company in 1995, Mr. Furfine managed the hedging and trading desk for
Prudential Home Mortgage. He received his BS in Economics from the Wharton
School at the University of Pennsylvania. Mr. Furfine has 13 years of investment
experience.
MANAGED BOND FUND -- PORTFOLIO MATURITY.
The description of the Managed Bond Fund in the Prospectus is modified to
provide that there are no minimum or maximum limitations regarding the
dollar-weighted average portfolio maturity of the Managed Bond Fund. The Fund's
average portfolio maturity will change from time to time, and may be longer or
shorter than ten years in light of Barnett's views of prevailing market and
economic conditions.
<PAGE>
EMERALD FUNDS
EMERALD EQUITY VALUE FUND
EMERALD SMALL CAPITALIZATION FUND
EMERALD SHORT-TERM FIXED INCOME FUND
EMERALD MANAGED BOND FUND
INSTITUTIONAL SHARES FOR QUALIFIED RETIREMENT PLANS
SUPPLEMENT DATED MAY 30, 1997
TO THE PROSPECTUS DATED APRIL 1, 1997
EQUITY VALUE, SMALL CAPITALIZATION AND SHORT-TERM FIXED INCOME FUNDS --
ADDITIONAL PORTFOLIO MANAGEMENT INFORMATION.
Don W. Bryant, C.F.A., has assumed co-responsibility with Martin E. LaPrade,
C.F.A., for the day-to-day management of the Equity Value Fund. For information
regarding Mr. Bryant's past business experience, see "The Business of the Funds
- -- Fund Management" in the Prospectus.
Martin E. LaPrade, C.F.A., has assumed co-responsibility with Dean McQuiddy,
C.F.A., for the day-to-day management of the Small Capitalization Fund. For
information regarding Mr. LaPrade's past business experience, see "The Business
of the Funds -- Fund Management" in the Prospectus.
David Furfine has assumed co-responsibility with Jeffrey A. Greenert for the
day-to-day management of the Short-Term Fixed Income Fund. Mr. Furfine joined
the Adviser in 1996 from Barnett Mortgage Company. Prior to joining Barnett
Mortgage Company in 1995, Mr. Furfine managed the hedging and trading desk for
Prudential Home Mortgage. He received his BS in Economics from the Wharton
School at the University of Pennsylvania. Mr. Furfine has 13 years of investment
experience.
MANAGED BOND FUND -- PORTFOLIO MATURITY.
The description of the Managed Bond Fund in the Prospectus is modified to
provide that there are no minimum or maximum limitations regarding the
dollar-weighted average portfolio maturity of the Managed Bond Fund. The Fund's
average portfolio maturity will change from time to time, and may be longer or
shorter than ten years in light of Barnett's views of prevailing market and
economic conditions.
<PAGE>
EMERALD FUNDS
EMERALD SMALL CAPITALIZATION FUND
EMERALD MANAGED BOND FUND
INSTITUTIONAL SHARES
FOR BARNETT EMPLOYEE SAVINGS & THRIFT (BEST) PLAN
SUPPLEMENT DATED MAY 30, 1997
TO THE PROSPECTUS DATED APRIL 1, 1997
SMALL CAPITALIZATION FUND -- ADDITIONAL PORTFOLIO MANAGEMENT INFORMATION.
Martin E. LaPrade, C.F.A., has assumed co-responsibility with Dean McQuiddy,
C.F.A., for the day-to-day management of the Small Capitalization Fund. For
information regarding Mr. LaPrade's past business experience, see "The Business
of the Funds -- Fund Management" in the Prospectus.
MANAGED BOND FUND -- PORTFOLIO MATURITY.
The description of the Managed Bond Fund in the Prospectus is modified to
provide that there are no minimum or maximum limitations regarding the
dollar-weighted average portfolio maturity of the Managed Bond Fund. The Fund's
average portfolio maturity will change from time to time, and may be longer or
shorter than ten years in light of Barnett's views of prevailing market and
economic conditions.
