<PAGE>
EMERALD FUNDS
EQUITY FUND
BALANCED FUND
SMALL CAPITALIZATION FUND
MANAGED BOND FUND
INSTITUTIONAL SHARES FOR BARNETT EMPLOYEE
SAVINGS AND THRIFT (BEST) PLAN
SUPPLEMENT DATED MARCH 3, 1998
TO PROSPECTUS DATED APRIL 1, 1997
The following individuals, each a portfolio manager of Barnett Capital
Advisors, Inc. ("Barnett"), have assumed portfolio management responsibilities
for the Funds listed below:
EQUITY FUND - Jeffrey Moser, CFA, is part of the Barnett team responsible for
the day-to-day management of the Equity Fund. Mr. Moser is also a Senior
Product Manager, Equity Management for TradeStreet Investment Associates, Inc.
("TradeStreet"), an investment advisory subsidiary of NationsBank, N.A.
("NationsBank"). Mr. Moser has worked for NationsBank and its affiliated
companies since 1983. Mr. Moser graduated Phi Beta Kappa with a BS in
Mathematics from Wake Forest University. He is a member of the Association for
Investment Management and Research ("AIMR"). He has 15 years of investment
experience.
BALANCED FUND - Julie L. Hale, CFA, is part of the Barnett team responsible for
the day-to-day management of the Balanced Fund. Ms. Hale is also a Senior
Product Manager, Equity Management for TradeStreet. Previously, she was Vice
President and Senior Portfolio Manager for the Investment Management Group at
NationsBank. Ms. Hale received a BS in Business and Finance from Mount St.
Mary's College and an MBA from Kent State University. She is a member of AIMR
and the World Affairs Council of Washington D.C. She has 17 years of investment
experience.
SMALL CAPITALIZATION FUND - C. Thomas Clapp, CFA, and Scott Billeadeau, CFA, are
part of the Barnett team responsible for the day-to-day management of the Small
Capitalization Fund. Mr. Clapp is also a Director of Equities for TradeStreet.
Prior to coming to NationsBank, Mr. Clapp was a research analyst and
institutional portfolio manager for the Capital Management Group at First Union
National Bank and a Senior Portfolio Manager of the Royal Insurance Group. Mr.
Clapp received a BA in Economics from the University of North Carolina at Chapel
Hill and an MBA from the University of South Carolina. He is a member of AIMR
and has 14 years of investment experience. Mr. Billeadeau is
<PAGE>
also a Senior Portfolio Manager, Equity Management for TradeStreet. Prior to
June 1997, Mr. Billeadeau was a Senior Analyst and Senior Portfolio Manager for
BankAmerica. Mr. Billeadeau received a BA in Economics from Princeton
University. He is a member of AIMR, as well as the Seattle Society of
Securities Analysts. He has 12 years of investment experience.
MANAGED BOND FUND - Gregory H. Cobb is part of the Barnett team responsible for
the day-to-day management of the Managed Bond Fund. Mr. Cobb is also a Senior
Product Manager, Fixed Income Management for TradeStreet. Previously, he was
Vice President and Senior Portfolio Manager for the Investment Management Group
at NationsBank. Mr. Cobb received a BA in Economics from the University of
North Carolina at Chapel Hill. He has 11 years of investment experience.
-2-
<PAGE>
EMERALD FUNDS
EQUITY FUND
EQUITY VALUE FUND
BALANCED FUND
SMALL CAPITALIZATION FUND
MANAGED BOND FUND
SHORT-TERM FIXED INCOME FUND
U.S. GOVERNMENT SECURITIES FUND
INSTITUTIONAL SHARES FOR QUALIFIED RETIREMENT PLANS
SUPPLEMENT DATED MARCH 3, 1998
TO PROSPECTUS DATED APRIL 1, 1997
The following individuals, each a portfolio manager of Barnett Capital
Advisors, Inc. ("Barnett"), have assumed portfolio management responsibilities
for the Funds listed below:
EQUITY FUND - Jeffrey Moser, CFA, is part of the Barnett team responsible for
the day-to-day management of the Equity Fund. Mr. Moser is also a Senior
Product Manager, Equity Management for TradeStreet Investment Associates, Inc.
("TradeStreet"), an investment advisory subsidiary of NationsBank, N.A.
("NationsBank"). Mr. Moser has worked for NationsBank and its affiliated
companies since 1983. Mr. Moser graduated Phi Beta Kappa with a BS in
Mathematics from Wake Forest University. He is a member of the Association for
Investment Management and Research ("AIMR"). He has 15 years of investment
experience.
EQUITY VALUE FUND - Sharon M. Herrmann, CFA, is part of the Barnett team
responsible for the day-to-day management of the Equity Value Fund. Ms.
Herrmann is also a Director of Equity Management for TradeStreet. She has
worked for NationsBank and its affiliated companies since 1981. She attended
Virginia Wesleyan College and is a member of AIMR. She has 17 years of
investment experience.
BALANCED FUND - Julie L. Hale, CFA, is part of the Barnett team responsible for
the day-to-day management of the Balanced Fund. Ms. Hale is also a Senior
Product Manager, Equity Management for TradeStreet. Previously, she was Vice
President and Senior Portfolio Manager for the Investment Management Group at
NationsBank. Ms. Hale received a BS in Business and Finance from Mount St.
Mary's College and an MBA from Kent State University. She is a member of AIMR
and the World Affairs Council of Washington D.C. She has 17 years of investment
experience.
<PAGE>
SMALL CAPITALIZATION FUND - C. Thomas Clapp, CFA, and Scott Billeadeau, CFA, are
part of the Barnett team responsible for the day-to-day management of the Small
Capitalization Fund. Mr. Clapp is also a Director of Equities for TradeStreet.
Prior to coming to NationsBank, Mr. Clapp was a research analyst and
institutional portfolio manager for the Capital Management Group at First Union
National Bank and a Senior Portfolio Manager of the Royal Insurance Group. Mr.
Clapp received a BA in Economics from the University of North Carolina at Chapel
Hill and an MBA from the University of South Carolina. He is a member of AIMR
and has 14 years of investment experience. Mr. Billeadeau is also a Senior
Portfolio Manager, Equity Management for TradeStreet. Prior to June 1997, Mr.
Billeadeau was a Senior Analyst and Senior Portfolio Manager for BankAmerica.
Mr. Billeadeau received a BA in Economics from Princeton University. He is a
member of AIMR, as well as the Seattle Society of Securities Analysts. He has
12 years of investment experience.
MANAGED BOND FUND - Gregory H. Cobb is part of the Barnett team responsible for
the day-to-day management of the Managed Bond Fund. Mr. Cobb is also a Senior
Product Manager, Fixed Income Management for TradeStreet. Previously, he was
Vice President and Senior Portfolio Manager for the Investment Management Group
at NationsBank. Mr. Cobb received a BA in Economics from the University of
North Carolina at Chapel Hill. He has 11 years of investment experience.
SHORT-TERM FIXED INCOME FUND - J. Patrick Frith, CFA, is part of the Barnett
team responsible for the day-to-day management of the Short-Term Fixed Income
Fund. Mr. Frith is also a Portfolio Manager, Fixed Income Management for
TradeStreet. Previously, he managed other fixed-income investment products for
TradeStreet. Mr. Frith received a BS from the University of Virginia with a
double-major in Marketing and Management Information Systems. He also received
an MBA from the Colgate Darden Graduate School of Business Administration at the
University of Virginia. He is a member of AIMR. He has 8 years of investment
experience.
U.S. GOVERNMENT SECURITIES FUND - Christopher G. Gunster, CFA, is part of the
Barnett team responsible for the day-to-day management of the U.S. Government
Securities Fund. Mr. Gunster is also a Portfolio Manager, Fixed Income
Management at TradeStreet. Previously, he was Assistant Vice President for the
Investment Management Group at NationsBank. Mr. Gunster received a BA from
Kenyon College and an MBA in Finance from Babson Graduate School of Business.
He is a member of AIMR and has 11 years of investment experience.
-2-
<PAGE>
EMERALD FUNDS
EQUITY FUND
EQUITY VALUE FUND
BALANCED FUND
SMALL CAPITALIZATION FUND
MANAGED BOND FUND
SHORT-TERM FIXED INCOME FUND
U.S. GOVERNMENT SECURITIES FUND
FLORIDA TAX-EXEMPT FUND
INSTITUTIONAL SHARES FOR BARNETT PRIVATE CLIENTS
SUPPLEMENT DATED MARCH 3, 1998
TO PROSPECTUS DATED APRIL 1, 1997
The following individuals, each a portfolio manager of Barnett Capital
Advisors, Inc. ("Barnett"), have assumed portfolio management responsibilities
for the Funds listed below:
EQUITY FUND - Jeffrey Moser, CFA, is part of the Barnett team responsible for
the day-to-day management of the Equity Fund. Mr. Moser is also a Senior
Product Manager, Equity Management for TradeStreet Investment Associates, Inc.
("TradeStreet"), an investment advisory subsidiary of NationsBank, N.A.
("NationsBank"). Mr. Moser has worked for NationsBank and its affiliated
companies since 1983. Mr. Moser graduated Phi Beta Kappa with a BS in
Mathematics from Wake Forest University. He is a member of the Association for
Investment Management and Research ("AIMR"). He has 15 years of investment
experience.
EQUITY VALUE FUND - Sharon M. Herrmann, CFA, is part of the Barnett team
responsible for the day-to-day management of the Equity Value Fund. Ms.
Herrmann is also a Director of Equity Management for TradeStreet. She has
worked for NationsBank and its affiliated companies since 1981. She attended
Virginia Wesleyan College and is a member of AIMR. She has 17 years of
investment experience.
BALANCED FUND - Julie L. Hale, CFA, is part of the Barnett team responsible for
the day-to-day management of the Balanced Fund. Ms. Hale is also a Senior
Product Manager, Equity Management for TradeStreet. Previously, she was Vice
President and Senior Portfolio Manager for the Investment Management Group at
NationsBank. Ms. Hale received a BS in Business and Finance from Mount St.
Mary's College and an MBA from Kent State University. She is a member of AIMR
and the World Affairs Council of Washington D.C. She has 17 years of investment
experience.
SMALL CAPITALIZATION FUND - C. Thomas Clapp, CFA, and Scott Billeadeau, CFA, are
part of the Barnett team responsible for the day-to-day management of the Small
Capitalization Fund. Mr.
<PAGE>
Clapp is also a Director of Equities for TradeStreet. Prior to coming to
NationsBank, Mr. Clapp was a research analyst and institutional portfolio
manager for the Capital Management Group at First Union National Bank and a
Senior Portfolio Manager of the Royal Insurance Group. Mr. Clapp received a BA
in Economics from the University of North Carolina at Chapel Hill and an MBA
from the University of South Carolina. He is a member of AIMR and has 14 years
of investment experience. Mr. Billeadeau is also a Senior Portfolio Manager,
Equity Management for TradeStreet. Prior to June 1997, Mr. Billeadeau was a
Senior Analyst and Senior Portfolio Manager for BankAmerica. Mr. Billeadeau
received a BA in Economics from Princeton University. He is a member of AIMR,
as well as the Seattle Society of Securities Analysts. He has 12 years of
investment experience.
MANAGED BOND FUND - Gregory H. Cobb is part of the Barnett team responsible for
the day-to-day management of the Managed Bond Fund. Mr. Cobb is also a Senior
Product Manager, Fixed Income Management for TradeStreet. Previously, he was
Vice President and Senior Portfolio Manager for the Investment Management Group
at NationsBank. Mr. Cobb received a BA in Economics from the University of
North Carolina at Chapel Hill. He has 11 years of investment experience.
SHORT-TERM FIXED INCOME FUND - J. Patrick Frith, CFA, is part of the Barnett
team responsible for the day-to-day management of the Short-Term Fixed Income
Fund. Mr. Frith is also a Portfolio Manager, Fixed Income Management for
TradeStreet. Previously, he managed other fixed-income investment products for
TradeStreet. Mr. Frith received a BS from the University of Virginia with a
double-major in Marketing and Management Information Systems. He also received
an MBA from the Colgate Darden Graduate School of Business Administration at the
University of Virginia. He is a member of AIMR. He has 8 years of investment
experience.
U.S. GOVERNMENT SECURITIES FUND - Christopher G. Gunster, CFA, is part of the
Barnett team responsible for the day-to-day management of the U.S. Government
Securities Fund. Mr. Gunster is also a Portfolio Manager, Fixed Income
Management at TradeStreet. Previously, he was Assistant Vice President for the
Investment Management Group at NationsBank. Mr. Gunster received a BA from
Kenyon College and an MBA in Finance from Babson Graduate School of Business.
He is a member of AIMR and has 11 years of investment experience.
FLORIDA TAX-EXEMPT FUND - Michele Poirier is part of the Barnett team
responsible for the day-to-day management of the Florida Tax-Exempt Fund. Ms.
Poirier is Director, Municipal Fixed Income Management, at TradeStreet. Ms.
Poirier received a BA in Marketing from Georgia State University. She has 24
years of investment experience.
-2-
<PAGE>
EMERALD FUNDS
EQUITY FUND,
EQUITY VALUE FUND,
BALANCED FUND,
SMALL CAPITALIZATION FUND,
MANAGED BOND FUND,
SHORT-TERM FIXED INCOME FUND,
U.S. GOVERNMENT SECURITIES FUND,
FLORIDA TAX-EXEMPT FUND
RETAIL SHARES
SUPPLEMENT DATED MARCH 3, 1998
TO PROSPECTUS DATED APRIL 1, 1997
The following individuals, each a portfolio manager of Barnett Capital
Advisors, Inc. ("Barnett"), have assumed portfolio management responsibilities
for the Funds listed below:
EQUITY FUND - Jeffrey Moser, CFA, is part of the Barnett team responsible for
the day-to-day management of the Equity Fund. Mr. Moser is also a Senior
Product Manager, Equity Management for TradeStreet Investment Associates, Inc.
("TradeStreet"), an investment advisory subsidiary of NationsBank, N.A.
("NationsBank"). Mr. Moser has worked for NationsBank and its affiliated
companies since 1983. Mr. Moser graduated Phi Beta Kappa with a BS in
Mathematics from Wake Forest University. He is a member of the Association for
Investment Management and Research ("AIMR"). He has 15 years of investment
experience.
EQUITY VALUE FUND - Sharon M. Herrmann, CFA, is part of the Barnett team
responsible for the day-to-day management of the Equity Value Fund. Ms.
Herrmann is also a Director of Equity Management for TradeStreet. She has
worked for NationsBank and its affiliated companies since 1981. She attended
Virginia Wesleyan College and is a member of AIMR. She has 17 years of
investment experience.
BALANCED FUND - Julie L. Hale, CFA, is part of the Barnett team responsible for
the day-to-day management of the Balanced Fund. Ms. Hale is also a Senior
Product Manager, Equity Management for TradeStreet. Previously, she was Vice
President and Senior Portfolio Manager for the Investment Management Group at
NationsBank. Ms. Hale received a BS in Business and Finance from Mount St.
Mary's College and an MBA from Kent State University. She is a member of AIMR
and the World Affairs Council of Washington D.C. She has 17 years of investment
experience.
SMALL CAPITALIZATION FUND - C. Thomas Clapp, CFA, and Scott Billeadeau, CFA, are
part of the Barnett team responsible for the day-to-day management of the Small
Capitalization Fund. Mr.
<PAGE>
Clapp is also a Director of Equities for TradeStreet. Prior to coming to
NationsBank, Mr. Clapp was a research analyst and institutional portfolio
manager for the Capital Management Group at First Union National Bank and a
Senior Portfolio Manager of the Royal Insurance Group. Mr. Clapp received a BA
in Economics from the University of North Carolina at Chapel Hill and an MBA
from the University of South Carolina. He is a member of AIMR and has 14 years
of investment experience. Mr. Billeadeau is also a Senior Portfolio Manager,
Equity Management for TradeStreet. Prior to June 1997, Mr. Billeadeau was a
Senior Analyst and Senior Portfolio Manager for BankAmerica. Mr. Billeadeau
received a BA in Economics from Princeton University. He is a member of AIMR,
as well as the Seattle Society of Securities Analysts. He has 12 years of
investment experience.
MANAGED BOND FUND - Gregory H. Cobb is part of the Barnett team responsible for
the day-to-day management of the Managed Bond Fund. Mr. Cobb is also a Senior
Product Manager, Fixed Income Management for TradeStreet. Previously, he was
Vice President and Senior Portfolio Manager for the Investment Management Group
at NationsBank. Mr. Cobb received a BA in Economics from the University of
North Carolina at Chapel Hill. He has 11 years of investment experience.
SHORT-TERM FIXED INCOME FUND - J. Patrick Frith, CFA, is part of the Barnett
team responsible for the day-to-day management of the Short-Term Fixed Income
Fund. Mr. Frith is also a Portfolio Manager, Fixed Income Management for
TradeStreet. Previously, he managed other fixed-income investment products for
TradeStreet. Mr. Frith received a BS from the University of Virginia with a
double-major in Marketing and Management Information Systems. He also received
an MBA from the Colgate Darden Graduate School of Business Administration at the
University of Virginia. He is a member of AIMR. He has 8 years of investment
experience.
U.S. GOVERNMENT SECURITIES FUND - Christopher G. Gunster, CFA, is part of the
Barnett team responsible for the day-to-day management of the U.S. Government
Securities Fund. Mr. Gunster is also a Portfolio Manager, Fixed Income
Management at TradeStreet. Previously, he was Assistant Vice President for the
Investment Management Group at NationsBank. Mr. Gunster received a BA from
Kenyon College and an MBA in Finance from Babson Graduate School of Business.
He is a member of AIMR and has 11 years of investment experience.
FLORIDA TAX-EXEMPT FUND - Michele Poirier is part of the Barnett team
responsible for the day-to-day management of the Florida Tax-Exempt Fund. Ms.
Poirier is Director, Municipal Fixed Income Management, at TradeStreet. Ms.
Poirier received a BA in Marketing from Georgia State University. She has 24
years of investment experience.
