AMSOUTH MUTUAL FUNDS
497, 1996-12-03
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<PAGE>   1
 
                              AMSOUTH MUTUAL FUNDS
 
                               MONEY MARKET FUNDS
 
                       SUPPLEMENT DATED NOVEMBER 30, 1996
                     TO PROSPECTUS DATED NOVEMBER 30, 1996
 
     Capitalized terms used in this Supplement have the meaning assigned to them
in the Prospectus.
 
     From December 2, 1996 through March 28, 1997 the Trust's Distributor, BISYS
Fund Services will conduct a promotion regarding the PCMA account offered by
AmSouth Bank of Alabama and its affiliates -- a product that involves the use of
the Classic Shares of the Trust's Money Market Funds as a cash sweep vehicle.
The promotion will be open only to authorized representatives of AmSouth
Investment Services, Inc. (member NASD). Awards will be based on number and
aggregate account balance of new PCMA accounts opened. Awards under the
promotion will consist of complementary travel to, and hotel accommodations at,
Ocean Key House, Key West Florida.
 
                INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
                        PROSPECTUS FOR FUTURE REFERENCE
 
                                   ASOS113006


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