AMSOUTH MUTUAL FUNDS
497, 1998-02-13
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<PAGE>   1
 
                              AMSOUTH MUTUAL FUNDS
 
                                  INCOME FUNDS
 
                     SUPPLEMENT DATED FEBRUARY 13, 1998 TO
                       PROSPECTUS DATED DECEMBER 1, 1997
 
     Capitalized terms used in this Supplement and not defined have the meaning
assigned to them in the Prospectus.
 
     The Prospectus is hereby amended as follows:
 
     Paragraph 5 under "INVESTMENT ADVISOR" on page 42 is amended to read as
follows and a new paragraph is also added:
 
          Dorothy E. Thomas, CFA is the portfolio manager for the Municipal Bond
     Fund since inception and as such, has primary responsibility for the
     day-to-day portfolio management of the Fund's portfolio. Ms. Thomas has
     been associated with AmSouth's Trust Investment Group for over ten years
     and is currently Vice President and Trust Investment Officer.
 
          Steven L. Cass, effective February 11, 1998, is the portfolio manager
     for the Florida Fund and, as such, has primary responsibility for the
     day-to-day portfolio management of the Fund's portfolio. Mr. Cass has been
     associated with AmSouth's Trust Investment Group since October, 1995 and is
     currently Assistant Vice President and Trust Investment Officer. Mr. Cass
     was a registered representative and insurance agent employed by First of
     America Securities, Great Western Financial Securities, and CM Financial
     Group for three years prior to joining AmSouth.
 
                    INVESTORS SHOULD RETAIN THIS SUPPLEMENT
                    WITH THE PROSPECTUS FOR FUTURE REFERENCE
 
AS2S021398
<PAGE>   2
 
                              AMSOUTH MUTUAL FUNDS
 
                                 PREMIER SHARES
 
                     SUPPLEMENT DATED FEBRUARY 13, 1998 TO
                       PROSPECTUS DATED DECEMBER 1, 1997
 
     Capitalized terms used in this Supplement and not defined have the meaning
assigned to them in the Prospectus.
 
     The Prospectus is hereby amended as follows:
 
     Paragraph 5 under "INVESTMENT ADVISOR" on page 58 is amended to read as
follows and a new paragraph is also added:
 
          Dorothy E. Thomas, CFA is the portfolio manager for the Municipal Bond
     Fund since inception and as such, has primary responsibility for the
     day-to-day portfolio management of the Fund's portfolio. Ms. Thomas has
     been associated with AmSouth's Trust Investment Group for over ten years
     and is currently Vice President and Trust Investment Officer.
 
          Steven L. Cass, effective February 11, 1998, is the portfolio manager
     for the Florida Fund and, as such, has primary responsibility for the
     day-to-day portfolio management of the Fund's portfolio. Mr. Cass has been
     associated with AmSouth's Trust Investment Group since October, 1995 and is
     currently Assistant Vice President and Trust Investment Officer. Mr. Cass
     was a registered representative and insurance agent employed by First of
     America Securities, Great Western Financial Securities, and CM Financial
     Group for three years prior to joining AmSouth.
 
                    INVESTORS SHOULD RETAIN THIS SUPPLEMENT
                    WITH THE PROSPECTUS FOR FUTURE REFERENCE
 
AS4S021398


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