November 23, 1999
ISG FUNDS
Supplement to Prospectus
Dated May 1, 1999
As you may know, First American Corporation completed a merger with AmSouth
Bancorporation on October 1, 1999. As a result, the new organization has since
taken steps to consolidate its mutual fund investment advisory activities. As
the next step in the consolidation process, the Fund's Board has approved,
subject to shareholder approval, a proposal to transfer all of the assets and
liabilities of each ISG Fund to a corresponding series of AmSouth Mutual Funds
(the "AmSouth Funds") in a tax-free exchange for shares of the relevant AmSouth
Fund (the "Reorganization"). Each AmSouth Fund is advised by AmSouth Bank, a
wholly-owned subsidiary of AmSouth Bancorporation. Shareholders of each ISG Fund
as of the record date -- December 2, 1999 -- will be asked to approve the
Reorganization at a special meeting of shareholders to be held on or about
February 11, 2000. A Prospectus/Proxy Statement with respect to the proposed
Reorganization will be mailed prior to the meeting to ISG Fund shareholders of
record, which will describe each AmSouth Fund and other matters. If approved,
the Reorganization will become effective on or about March 13, 2000, and each
ISG Fund shareholder will become a shareholder of the corresponding AmSouth Fund
listed below.
ISG Prime Money Market Fund -- AmSouth Prime Money Market Fund
ISG Treasury Money Market -- AmSouth Treasury Reserve Money Market
Fund Fund
ISG Tax-Exempt Money Market Fund -- AmSouth Tax-Exempt Money Market Fund
<PAGE>
November 23, 1999
ISG FUNDS
Supplement to Prospectus
Dated May 1, 1999
As you may know, First American Corporation completed a merger with AmSouth
Bancorporation on October 1, 1999. As a result, the new organization has since
taken steps to consolidate its mutual fund investment advisory activities. As
the next step in the consolidation process, the Fund's Board has approved,
subject to shareholder approval, a proposal to transfer all of the assets and
liabilities of each ISG Fund to a corresponding series of AmSouth Mutual Funds
(the "AmSouth Funds") in a tax-free exchange for shares of the relevant AmSouth
Fund (the "Reorganization"). Each AmSouth Fund is advised by AmSouth Bank, a
wholly-owned subsidiary of AmSouth Bancorporation. Shareholders of each ISG Fund
as of the record date -- December 2, 1999 -- will be asked to approve the
Reorganization at a special meeting of shareholders to be held on or about
February 11, 2000. A Prospectus/Proxy Statement with respect to the proposed
Reorganization will be mailed prior to the meeting to ISG Fund shareholders of
record, which will describe each AmSouth Fund and other matters. If approved,
the Reorganization will become effective on or about March 13, 2000, and each
ISG Fund shareholder will become a shareholder of the corresponding AmSouth Fund
listed below.
ISG International Equity Fund -- AmSouth International Equity Fund
ISG Small-Cap Opportunity Fund -- AmSouth Small Cap Fund
ISG Mid-Cap Fund -- AmSouth Mid Cap Fund
ISG Capital Growth Fund -- AmSouth Capital Growth Fund
ISG Large-Cap Equity Fund -- AmSouth Large Cap Fund
ISG Equity Income Fund -- AmSouth Equity Income Fund
ISG Income Fund -- AmSouth Bond Fund
ISG Government Income Fund -- AmSouth Government Income Fund
ISG Limited Term Income Fund -- AmSouth Limited Term Bond Fund
ISG Limited Term U.S. Government Fund -- AmSouth Limited Term U.S. Government
Fund
ISG Tennessee Tax-Exempt Fund -- AmSouth Tennessee Tax-Exempt Fund
ISG Limited Term Tennessee -- AmSouth Limited Term Tennessee
Tax-Exempt Fund Tax-Exempt Fund
ISG Municipal Income Fund -- AmSouth Municipal Bond Fund
ISG Aggressive Growth Portfolio -- AmSouth Strategic Portfolios:
Aggressive Growth Portfolio
ISG Growth Portfolio -- AmSouth Strategic Portfolios:
Growth Portfolio
ISG Growth & Income Portfolio -- AmSouth Strategic Portfolios: Growth
and Income Portfolio
ISG Moderate Growth & Income Portfolio -- AmSouth Strategic Portfolios:
Moderate Growth and Income
Portfolio
ISG Current Income Portfolio -- AmSouth Strategic Portfolios: Current
Income Portfolio
