FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-34080
October 1, 1999
ISG FUNDS
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1999
First American Corporation, the ultimate parent of First American
National Bank (the "Adviser"), the Funds' investment adviser, has announced that
it will merge with and into AmSouth Bancorp effective on or about October 1,
1999.
As a result of regulatory requirements, the Board of Directors
approved, subject to shareholder approval, a new investment advisory agreement
with the Adviser and new sub-investment advisory agreements between the Adviser
and the relevant Funds' sub-investment advisers effective as of the date of the
merger. The contractual rate chargeable to the Funds for investment advisory
services will remain the same.
A special meeting of shareholders to consider the new agreements is
scheduled to be held in the first quarter of 2000. Proxy materials are expected
to be mailed in January 2000.
