<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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048 I021000 0.000
048 J011000 0
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048 K021000 0.000
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060 A001000 Y
060 B001000 Y
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062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
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062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
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062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
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<PAGE> PAGE 42
063 B001000 0.0
066 A001000 Y
066 C001000 Y
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 Y
070 Q021000 N
070 R011000 N
070 R021000 N
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071 B001000 137348
071 C001000 69040
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<PAGE> PAGE 43
072 E001000 0
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072 J001000 83
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072 M001000 12
072 N001000 25
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072 S001000 10
072 T001000 25
072 U001000 12
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072 X001000 1116
072 Y001000 64
072 Z001000 -503
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072DD021000 0
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074 N001000 95704
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<PAGE> PAGE 44
074 R021000 0
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074 U021000 204
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028 A011100 3826
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028 C011100 199
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<PAGE> PAGE 45
033 001100 0
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062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
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062 N001100 12.2
062 O001100 0.0
<PAGE> PAGE 46
062 P001100 23.1
062 Q001100 1.3
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063 B001100 0.0
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070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 Y
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
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070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 Y
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 57006
071 B001100 47711
071 C001100 56840
071 D001100 84
<PAGE> PAGE 47
072 A001100 12
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072 S001100 18
072 T001100 18
072 U001100 13
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072 W001100 7
072 X001100 745
072 Y001100 526
072 Z001100 2171
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074 I001100 5216
074 J001100 877
074 K001100 55
074 L001100 513
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074 N001100 78111
<PAGE> PAGE 48
074 O001100 618
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028 A011200 2218
028 A021200 338
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028 A041200 2800
028 B011200 1213
028 B021200 345
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028 B041200 575
028 C011200 1889
028 C021200 339
028 C031200 0
028 C041200 1673
028 D011200 1463
028 D021200 349
028 D031200 0
028 D041200 1976
028 E011200 1489
028 E021200 333
028 E031200 0
028 E041200 1907
028 F011200 2124
028 F021200 327
028 F031200 0
028 F041200 1695
028 G011200 10396
028 G021200 2031
028 G031200 0
028 G041200 10626
028 H001200 121
029 001200 Y
030 A001200 9
030 B001200 4.50
<PAGE> PAGE 49
030 C001200 0.25
031 A001200 1
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033 001200 0
034 001200 Y
035 001200 0
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<PAGE> PAGE 50
062 L001200 0.0
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
029 001300 Y
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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SIGNATURE MABEL BERNARDO
TITLE FIN. RPT. ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD FUNDS
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<NAME> EMERALD PRIME FUND INVESTOR SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD EQUITY FUND INSTITUTIONAL SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000831101
<NAME> EMERALD FUNDS
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<NAME> EMERALD FLORIDA TAX-EXEMPT FUND CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD FUNDS
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<NAME> EMERALD FLORIDA TAX-EXEMPT FUND CLASS B SHARES
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<NAME> EMERALD U.S. GOVERNMENT SECURITIES FUND CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD FUNDS
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<NAME> EMERALD U.S. GOVERNMENT FUND INSTITUTIONAL SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD SMALL CAPITALIZATION FUND CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERALD FUNDS
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<NAME> EMERALD SMALL CAPITALIZATION FUND CLASS B SHARES
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<TABLE> <S> <C>
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<NAME> EMERALD FUNDS
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<NAME> EMERALD SMALL CAPITALIZATION FUND INSTITUTIONAL SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 11
<NAME> EMERALD BALANCED FUND CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000831101
<NAME> EMERALD FUNDS
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<NAME> EMERALD BALANCED FUND CLASS B SHARES
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<NAME> EMERALD FUNDS
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<NAME> EMERALD BALANCED FUND INSTITUTIONAL SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000831101
<NAME> EMERALD FUNDS
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<NAME>EMERALD MANAGED BOND FUND CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000831101
<NAME> EMERALD FUNDS
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<NAME>EMERALD MANAGED BOND FUND CLASS B SHARES
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<NAME> EMERALD FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
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<NAME>EMERALD SHORT TERM FIXED INCOME FUND CLASS A SHARES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 13
<NAME>EMERALD SHORT TERM FIXED INCOME FUND CLASS B SHARES
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<TABLE> <S> <C>
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<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
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<NAME>EMERALD SHORT TERM FIXED INCOME FUND INSTITUTIONAL SHARES
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</TABLE>
