AMSOUTH FUNDS

                        SUPPLEMENT DATED OCTOBER 1, 2003
          TO STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 2002



THIS SUPPLEMENT PROVIDES THE FOLLOWING UPDATED INFORMATION:

U.S. TREASURY FUND REORGANIZATION

      On September 23, 2003, the board of trustees of AmSouth Funds approved the
reorganization  of the AmSouth U.S.  Treasury Money Market Fund ("U.S.  Treasury
Fund")  into the AmSouth  Treasury  Reserve  Money  Market  Fund.  The merger is
expected to be completed on November 28, 2003.  Accordingly,  all  references to
the U.S.  Treasury Fund in the Statement of  Additional  Information  are hereby
deleted.

TRANSFER OF INVESTMENT ADVISORY SERVICES

      AmSouth Bank has reorganized its investment  advisory business to transfer
the  investment  advisory  services  provided by AmSouth  Investment  Management
Company,  LLC  ("AIMCO")  to AmSouth  Asset  Management  Inc.  ("AAMI"),  each a
separate,   wholly  owned   subsidiary   of  AmSouth   Bank.   As  part  of  the
reorganization,   AIMCO's  investment  advisory  agreement  with  AmSouth  Funds
("Trust") and each related investment sub-advisory agreement will be transferred
from AIMCO to AAMI. The Trustees approved the transfer of AIMCO's  agreements to
AAMI at a meeting held on September 23, 2003.  Accordingly,  on October 1, 2003,
AAMI will succeed AIMCO as the investment  advisor to the Funds.  The management
and investment  personnel of AIMCO that provided investment  management services
to AmSouth Funds will continue to do so as the personnel of AAMI. All references
to the Advisor or AIMCO in the statement of additional  information now refer to
AAMI.

      Prior to June 27, 2003, AAMI was named Five Points Capital Advisors,  Inc.
Accordingly,  all  references  to  Five  Points  Capital  Advisors  Inc.  in the
statement of additional information have been deleted in their entirety.



         SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT WITH THE STATEMENT
                OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.