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<PAGE> PAGE 4
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<PAGE> PAGE 7
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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 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
008 A000601 BARNETT CAPITAL ADVISORS, INC.
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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
030 C000800 0.00
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050 000800 N
<PAGE> PAGE 42
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
054 A000800 N
054 B000800 N
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 N
054 I000800 N
054 J000800 N
054 K000800 N
054 L000800 N
054 M000800 N
054 N000800 N
054 O000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 N
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<PAGE> PAGE 43
067 000800 N
068 A000800 N
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069 000800 N
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070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
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070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
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070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
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070 R020800 N
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
051 000900 N
052 000900 N
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054 F000900 N
054 G000900 N
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054 J000900 N
054 K000900 N
054 L000900 N
054 M000900 N
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054 O000900 N
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056 000900 Y
057 000900 N
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<PAGE> PAGE 48
067 000900 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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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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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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047 001200 Y
048 001200 0.400
048 A011200 0
048 A021200 0.000
<PAGE> PAGE 62
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
054 A001200 N
054 B001200 N
054 C001200 N
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 N
054 H001200 N
054 I001200 N
054 J001200 N
054 K001200 N
054 L001200 N
054 M001200 N
054 N001200 N
054 O001200 N
055 A001200 Y
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 1000
062 A001200 Y
<PAGE> PAGE 63
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 18.0
062 N001200 38.0
062 O001200 0.0
062 P001200 34.2
062 Q001200 7.9
062 R001200 1.1
063 A001200 0
063 B001200 12.3
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 Y
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 N
<PAGE> PAGE 64
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 73696
071 B001200 64596
071 C001200 65457
071 D001200 97
072 A001200 12
072 B001200 4773
072 C001200 82
072 D001200 0
072 E001200 0
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072 G001200 48
072 H001200 0
072 I001200 38
072 J001200 16
072 K001200 0
072 L001200 34
072 M001200 3
072 N001200 29
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 8
072 S001200 4
072 T001200 5
072 U001200 13
072 V001200 0
072 W001200 14
072 X001200 495
072 Y001200 102
072 Z001200 4462
072AA001200 759
072BB001200 0
072CC011200 0
072CC021200 970
072DD011200 4361
072DD021200 101
072EE001200 836
073 A011200 0.6452
073 A021200 0.7423
073 B001200 0.1245
<PAGE> PAGE 65
073 C001200 0.0000
074 A001200 0
074 B001200 0
074 C001200 0
074 D001200 75763
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 822
074 J001200 0
074 K001200 0
074 L001200 1157
074 M001200 37
074 N001200 77779
074 O001200 0
074 P001200 37
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 526
074 S001200 0
074 T001200 77216
074 U011200 7285
074 U021200 163
074 V011200 10.37
074 V021200 10.41
074 W001200 0.0000
074 X001200 445
074 Y001200 0
075 A001200 0
075 B001200 70698
076 001200 0.00
008 A001301 BARNETT CAPITAL ADVISORS, INC.
008 B001301 A
008 C001301 801-000000
008 D011301 JACKSONVILLE
008 D021301 FL
008 D031301 32256
024 001300 Y
025 A001301 MERRILL LYNCH & CO.
025 C001301 D
025 D001301 162
025 A001302 MORGAN STANLEY & CO., INC.
025 C001302 D
025 D001302 518
025 A001303 LEHMAN BROTHERS, INC.
025 C001303 D
025 D001303 1620
025 A001304 DONALDSON, LUFKIN & JENRETTE
<PAGE> PAGE 66
025 C001304 D
025 D001304 485
025 A001305 GOLDMAN SACHS & CO.
025 C001305 D
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025 D001306 0
025 D001307 0
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028 B021300 33
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028 C021300 33
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028 E011300 11890
028 E021300 46
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028 F011300 12205
028 F021300 51
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028 G011300 38417
028 G021300 238
028 G031300 0
028 G041300 3410
028 H001300 0
029 001300 N
030 A001300 0
030 B001300 0.00
030 C001300 0.00
031 A001300 0
031 B001300 0
032 001300 0
033 001300 0
034 001300 N
035 001300 0
036 B001300 0
037 001300 N
038 001300 0
039 001300 N
<PAGE> PAGE 67
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 100
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 2
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.400
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
054 A001300 N
054 B001300 N
054 C001300 N
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 N
<PAGE> PAGE 68
054 H001300 N
054 I001300 N
054 J001300 N
054 K001300 N
054 L001300 N
054 M001300 N
054 N001300 N
054 O001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 1000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 18.1
062 N001300 23.8
062 O001300 0.0
062 P001300 52.8
062 Q001300 1.8
062 R001300 2.6
063 A001300 0
063 B001300 2.7
064 A001300 Y
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
<PAGE> PAGE 69
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 Y
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 71999
071 B001300 31756
071 C001300 20546
071 D001300 138
072 A001300 12
072 B001300 1450
072 C001300 70
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072 G001300 17
072 H001300 0
072 I001300 39
072 J001300 8
072 K001300 0
072 L001300 10
072 M001300 1
072 N001300 30
072 O001300 0
072 P001300 0
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<PAGE> PAGE 70
072 S001300 0
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072 U001300 13
072 V001300 0
072 W001300 7
072 X001300 231
072 Y001300 100
072 Z001300 1389
072AA001300 57
072BB001300 0
072CC011300 238
072CC021300 0
072DD011300 1345
072DD021300 45
072EE001300 48
073 A011300 0.5817
073 A021300 0.6733
073 B001300 0.0323
073 C001300 0.0000
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074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
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074 J001300 0
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074 N001300 54489
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074 Q001300 0
074 R011300 0
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074 S001300 0
074 T001300 54185
074 U011300 5282
074 U021300 98
074 V011300 10.07
074 V021300 10.07
074 W001300 0.0000
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074 Y001300 0
075 A001300 0
075 B001300 24062
<PAGE> PAGE 71
076 001300 0.00
008 A001401 BARNETT CAPITAL ADVISORS, INC.
008 B001401 A
008 C001401 801-000000
008 D011401 JACKSONVILLE
008 D021401 FL
008 D031401 32256
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030 B001400 0.00
030 C001400 0.00
034 001400 N
035 001400 0
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
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042 B001400 0
<PAGE> PAGE 72
042 C001400 100
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 0
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.600
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048 A021400 0.000
048 B011400 0
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048 F021400 0.000
048 G011400 0
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048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
054 A001400 N
054 B001400 N
054 C001400 N
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
054 I001400 N
054 J001400 N
054 K001400 N
<PAGE> PAGE 73
054 L001400 N
054 M001400 N
054 N001400 N
054 O001400 N
055 A001400 Y
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 1000
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
066 A001400 Y
066 C001400 Y
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
<PAGE> PAGE 74
070 H011400 Y
070 H021400 N
070 I011400 Y
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
070 L021400 Y
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 3691
071 B001400 422
071 C001400 2251
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072 Y001400 111
<PAGE> PAGE 75
072 Z001400 66
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008 A001501 BARNETT CAPITAL ADVISORS, INC.
008 B001501 A
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<PAGE> PAGE 76
008 A001502 BRANDES INVESTMENT PARTNERS, L.P.
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039 001500 N
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<PAGE> PAGE 77
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048 H021500 0.000
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048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
054 A001500 N
054 B001500 N
054 C001500 N
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 N
054 H001500 N
054 I001500 N
054 J001500 N
054 K001500 N
054 L001500 N
<PAGE> PAGE 78
054 M001500 N
054 N001500 N
054 O001500 N
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 1000
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070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
<PAGE> PAGE 79
070 H021500 N
070 I011500 Y
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 Y
070 M011500 Y
070 M021500 Y
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
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070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
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071 B001500 2022
071 C001500 4031
071 D001500 50
072 A001500 12
072 B001500 23
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<PAGE> PAGE 80
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074 N001500 18681
074 O001500 909
074 P001500 33
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074 U021500 10
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SIGNATURE JOHN SIEBERT
TITLE SUPERVISOR
Emerald Funds (the "Trust")
FORM N-SAR
Report for the Fiscal Year Ended 11/30/96
Sub-item 77C Submission of matters to a
vote of security holders
On August 19, 1996, all the holders of the
Institutional and Retail Shares of the
International Equity Fund of the Trust
consented to and took the following
action in lieu of a meeting: approved
Revised Amendment No. 2 to the Investment
Advisory Agreement between the Trust
and Barnett Capital Advisors, Inc. and
the Sub-Advisory Agreement between Barnett
Capital Advisors, Inc. and Brandes
Investment Partners, L.P. relating to
the International Equity Fund, in the
forms previously approved by the Trust's
Board of Trustees.
On August 19, 1996, all the holders of
the Institutional and Retail Shares of
the Equity Value Fund of the Trust
consented to and took the following
action in lieu of a meeting: approved
Revised Amendment No. 2 to the Investment
Advisory Agreement between the Trust and
Barnett Capital Advisors, Inc. relating
to the Equity Value Fund, in the form
previously approved by the Trust's Board
of Trustees.
On October 30, 1996, a special meeting
of the shareholders of the Prime
Advantage Institutional Fund (formerly,
Prime Trust Fund) and Treasury Advantage
Institutional Fund (formerly, Treasury
Trust Fund) was held to approve a
new investment advisory agreement
between the Trust and Barnett Capital
Advisors, Inc. relating to the Prime
Advantage Institutional Fund and
Treasury Advantage Institutional Fund.
The results of such solicitation are as
follows:
Prime Advantage Institutional Fund:
In Favor: 116,669,369.96
Opposed: 726,809.79
Abstain: 1,802,093.44
Treasury Advantage Institutional Fund:
In Favor: 122,330,846.44
Opposed: 4,203,464.48
Abstain: 8,936,063.18
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 011
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 2143204949
<INVESTMENTS-AT-VALUE> 2143204949
<RECEIVABLES> 10927428
<ASSETS-OTHER> 66312
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2154198689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9870080
<TOTAL-LIABILITIES> 9870080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2144332550
<SHARES-COMMON-STOCK> 598009591<F1>
<SHARES-COMMON-PRIOR> 462636209<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3941
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2144328609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 113756349
<OTHER-INCOME> 0
<EXPENSES-NET> 13541106
<NET-INVESTMENT-INCOME> 100215243
<REALIZED-GAINS-CURRENT> 4995
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 100220238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 32620075<F1>
<DISTRIBUTIONS-OF-GAINS> 94766<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2479220000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2343846000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 334668920
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 349939
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5099884
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14598986
<AVERAGE-NET-ASSETS> 628007935<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .052<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .052<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> .38<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 012
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 2143204949
<INVESTMENTS-AT-VALUE> 2143204949
<RECEIVABLES> 10927428
<ASSETS-OTHER> 66312
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2154198689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9870080
<TOTAL-LIABILITIES> 9870080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2144332550
<SHARES-COMMON-STOCK> 989228491<F1>
<SHARES-COMMON-PRIOR> 901831725<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3941
<ACCUM-APPREC-OR-DEPREC> 0
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 13541106
<NET-INVESTMENT-INCOME> 100215243
<REALIZED-GAINS-CURRENT> 4995
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 100220238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43011011<F1>
<DISTRIBUTIONS-OF-GAINS> 175645<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1878670000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1794568000<F1>
<SHARES-REINVESTED> 3294000<F1>
<NET-CHANGE-IN-ASSETS> 334668920
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 349939
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14598986
<AVERAGE-NET-ASSETS> 885891619<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .049<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .049<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> .72<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 013
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 2143204949
<INVESTMENTS-AT-VALUE> 2143204949
<RECEIVABLES> 10927428
<ASSETS-OTHER> 66312
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2154198689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9870080
<TOTAL-LIABILITIES> 9870080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2144332550
<SHARES-COMMON-STOCK> 557094468<F1>
<SHARES-COMMON-PRIOR> 444841816<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3941
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2144328609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 113756349
<OTHER-INCOME> 0
<EXPENSES-NET> 13541106
<NET-INVESTMENT-INCOME> 100215243
<REALIZED-GAINS-CURRENT> 4995
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<NET-CHANGE-FROM-OPS> 100220238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24584157<F1>
<DISTRIBUTIONS-OF-GAINS> 88464<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 505915000<F1>
<NUMBER-OF-SHARES-REDEEMED> 416228000<F1>
<SHARES-REINVESTED> 22566000<F1>
<NET-CHANGE-IN-ASSETS> 334668920
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 349939
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 5099884
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14598986
<AVERAGE-NET-ASSETS> 526054068<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .047<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .047<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> .90<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 021
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 988635064
<INVESTMENTS-AT-VALUE> 988635064
<RECEIVABLES> 10001335
<ASSETS-OTHER> 34563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 998670962
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55083044
<TOTAL-LIABILITIES> 55083044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 944116019
<SHARES-COMMON-STOCK> 218164830<F1>
<SHARES-COMMON-PRIOR> 236482130<F1>
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 528101
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 943587918
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 6568143
<NET-INVESTMENT-INCOME> 41837011
<REALIZED-GAINS-CURRENT> (220299)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 41616712
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12557469<F1>
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<NUMBER-OF-SHARES-SOLD> 882693000<F1>
<NUMBER-OF-SHARES-REDEEMED> 901010000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 132540093
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 307802
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6708481
<AVERAGE-NET-ASSETS> 246935837<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .049<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .049<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .47<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 022
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 988635064
<INVESTMENTS-AT-VALUE> 988635064
<RECEIVABLES> 10001335
<ASSETS-OTHER> 34563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 998670962
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55083044
<TOTAL-LIABILITIES> 55083044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 944116019
<SHARES-COMMON-STOCK> 682983738<F1>
<SHARES-COMMON-PRIOR> 525808234<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 528101
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 943587918
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 6568143
<NET-INVESTMENT-INCOME> 41837011
<REALIZED-GAINS-CURRENT> (220299)
<APPREC-INCREASE-CURRENT> 0
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27088342<F1>
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<NUMBER-OF-SHARES-SOLD> 1506655000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1350730000<F1>
<SHARES-REINVESTED> 1251000<F1>
<NET-CHANGE-IN-ASSETS> 132540093
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6708481
<AVERAGE-NET-ASSETS> 592040834<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .046<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .046<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .82<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SERVICE SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 023
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 988635064
<INVESTMENTS-AT-VALUE> 988635064
<RECEIVABLES> 10001335
<ASSETS-OTHER> 34563
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 998670962
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55083044
<TOTAL-LIABILITIES> 55083044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 944116019
<SHARES-COMMON-STOCK> 42967451<F1>
<SHARES-COMMON-PRIOR> 49065263<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 528101
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 943587918
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 48405154
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<EXPENSES-NET> 6568143
<NET-INVESTMENT-INCOME> 41837011
<REALIZED-GAINS-CURRENT> (220299)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2191200<F1>
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<NUMBER-OF-SHARES-SOLD> 163474000<F1>
<NUMBER-OF-SHARES-REDEEMED> 171801000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 132540093
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6708481
<AVERAGE-NET-ASSETS> 48915334<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .045<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .045<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .97<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>RETAIL SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 031
<NAME> EMERALD TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 195294308
<INVESTMENTS-AT-VALUE> 195294308
<RECEIVABLES> 872062
<ASSETS-OTHER> 94975
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 196261345
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 663199
<TOTAL-LIABILITIES> 663199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195649837
<SHARES-COMMON-STOCK> 145630684<F1>
<SHARES-COMMON-PRIOR> 156377768<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 51691
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 195598146
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6964003
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<EXPENSES-NET> 903391
<NET-INVESTMENT-INCOME> 6060612
<REALIZED-GAINS-CURRENT> (20046)
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<NUMBER-OF-SHARES-REDEEMED> 404255000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (1846205)
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1126300
<AVERAGE-NET-ASSETS> 148040931<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .032<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .032<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .34<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL SHARE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 032
<NAME> EMERALD TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 195294308
<INVESTMENTS-AT-VALUE> 195294308
<RECEIVABLES> 872062
<ASSETS-OTHER> 94975
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<TOTAL-ASSETS> 196261345
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 663199
<TOTAL-LIABILITIES> 663199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195649837
<SHARES-COMMON-STOCK> 2861862<F1>
<SHARES-COMMON-PRIOR> 2855359<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 51691
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 195598146
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6964003
<OTHER-INCOME> 0
<EXPENSES-NET> 903391
<NET-INVESTMENT-INCOME> 6060612
<REALIZED-GAINS-CURRENT> (20046)
<APPREC-INCREASE-CURRENT> 0
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<NUMBER-OF-SHARES-SOLD> 536000<F1>
<NUMBER-OF-SHARES-REDEEMED> 543000<F1>
<SHARES-REINVESTED> 14000<F1>
<NET-CHANGE-IN-ASSETS> (1846205)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 31645
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1126300
<AVERAGE-NET-ASSETS> 2826086<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .028<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .028<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .75<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SERVICE SHARE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 033
<NAME> EMERALD TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 195294308
<INVESTMENTS-AT-VALUE> 195294308
<RECEIVABLES> 872062
<ASSETS-OTHER> 94975
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<TOTAL-ASSETS> 196261345
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<OTHER-ITEMS-LIABILITIES> 663199
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<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 51691
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<EXPENSES-NET> 903391
<NET-INVESTMENT-INCOME> 6060612
<REALIZED-GAINS-CURRENT> (20046)
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<DISTRIBUTIONS-OF-INCOME> 1199819<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 137081000<F1>
<NUMBER-OF-SHARES-REDEEMED> 129263000<F1>
<SHARES-REINVESTED> 1096000<F1>
<NET-CHANGE-IN-ASSETS> (1846205)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 31645
<GROSS-ADVISORY-FEES> 487656
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1126300
<AVERAGE-NET-ASSETS> 44264773<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .027<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .027<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> .85<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>RETAIL SHARE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 041
<NAME> EMERALD PRIME ADVANTAGE INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 133433178
<INVESTMENTS-AT-VALUE> 133433178
<RECEIVABLES> 224303
<ASSETS-OTHER> 3874
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<TOTAL-ASSETS> 133661355
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 617751
<TOTAL-LIABILITIES> 617751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133053376
<SHARES-COMMON-STOCK> 133053376
<SHARES-COMMON-PRIOR> 131098672
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 9772
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 133043604
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7077677
<OTHER-INCOME> 0
<EXPENSES-NET> 445658
<NET-INVESTMENT-INCOME> 6632019
<REALIZED-GAINS-CURRENT> 32
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6632051
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6632019
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393024147
<NUMBER-OF-SHARES-REDEEMED> 391069443
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1954736
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9804
<GROSS-ADVISORY-FEES> 192134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 448366
<AVERAGE-NET-ASSETS> 128365686
<PER-SHARE-NAV-BEGIN> .999
<PER-SHARE-NII> .052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .052
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 051
<NAME> EMERALD TREASURY ADVANTAGE INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 147203943
<INVESTMENTS-AT-VALUE> 147203943
<RECEIVABLES> 341768
<ASSETS-OTHER> 3766
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147549477
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 690894
<TOTAL-LIABILITIES> 690894
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146903308
<SHARES-COMMON-STOCK> 146913574
<SHARES-COMMON-PRIOR> 132855897
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 8928
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 35797
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 146858583
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7668876
<OTHER-INCOME> 0
<EXPENSES-NET> 527039
<NET-INVESTMENT-INCOME> 7141837
<REALIZED-GAINS-CURRENT> (39042)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7102795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7141837
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 288670400
<NUMBER-OF-SHARES-REDEEMED> 274622989
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14008369
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5683)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 214144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 529886
<AVERAGE-NET-ASSETS> 142765393
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .050
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 071
<NAME> EMERALD EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 182514035
<INVESTMENTS-AT-VALUE> 250388470
<RECEIVABLES> 401923
<ASSETS-OTHER> 10365
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250800758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439686
<TOTAL-LIABILITIES> 439686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159023415
<SHARES-COMMON-STOCK> 13276564<F1>
<SHARES-COMMON-PRIOR> 11877849<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 42609
<ACCUMULATED-NET-GAINS> 23505831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67874435
<NET-ASSETS> 250361072
<DIVIDEND-INCOME> 2708638
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1902096
<NET-INVESTMENT-INCOME> 806542
<REALIZED-GAINS-CURRENT> 23919476
<APPREC-INCREASE-CURRENT> 22333435
<NET-CHANGE-FROM-OPS> 47059453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 823969<F1>
<DISTRIBUTIONS-OF-GAINS> 15246479<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3956000<F1>
<NUMBER-OF-SHARES-REDEEMED> 3614000<F1>
<SHARES-REINVESTED> 1057000<F1>
<NET-CHANGE-IN-ASSETS> 52065687
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17031400
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1321335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1906736
<AVERAGE-NET-ASSETS> 192559751<F1>
<PER-SHARE-NAV-BEGIN> 14.63<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> 3.02<F1>
<PER-SHARE-DIVIDEND> .06<F1>
<PER-SHARE-DISTRIBUTIONS> 1.29<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 16.36<F1>
<EXPENSE-RATIO> .79<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL SHARE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 072
<NAME> EMERALD EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 182514035
<INVESTMENTS-AT-VALUE> 250388470
<RECEIVABLES> 401923
<ASSETS-OTHER> 10365
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250800758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439686
<TOTAL-LIABILITIES> 439686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159023415
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 157171<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 42609
<ACCUMULATED-NET-GAINS> 23505831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67874435
<NET-ASSETS> 250361072
<DIVIDEND-INCOME> 2708638
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1902096
<NET-INVESTMENT-INCOME> 806542
<REALIZED-GAINS-CURRENT> 23919476
<APPREC-INCREASE-CURRENT> 22333435
<NET-CHANGE-FROM-OPS> 47059453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1075<F1>
<DISTRIBUTIONS-OF-GAINS> 15246479<F1>
<DISTRIBUTIONS-OTHER> 2551893<F1>
<NUMBER-OF-SHARES-SOLD> 21000<F1>
<NUMBER-OF-SHARES-REDEEMED> 192000<F1>
<SHARES-REINVESTED> 13000<F1>
<NET-CHANGE-IN-ASSETS> 52065687
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17031400
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1321335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1906736
<AVERAGE-NET-ASSETS> 0<F1><F2>
<PER-SHARE-NAV-BEGIN> 14.40<F1>
<PER-SHARE-NII> (.01)<F1>
<PER-SHARE-GAIN-APPREC> 0.38<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 14.77<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0<F1><F2>
<EXPENSE-RATIO> 2.08<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS B SHARE CLASS
<F2>CLASS B SHARES MERGED INTO RETAIL CLASS SHARES ON MARCH 11, 1996
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 073
<NAME> EMERALD EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 182514035
<INVESTMENTS-AT-VALUE> 250388470
<RECEIVABLES> 401923
<ASSETS-OTHER> 10365
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250800758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439686
<TOTAL-LIABILITIES> 439686
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159023415
<SHARES-COMMON-STOCK> 2034501<F1>
<SHARES-COMMON-PRIOR> 1519455<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 42609
<ACCUMULATED-NET-GAINS> 23505831
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67874435
<NET-ASSETS> 250361072
<DIVIDEND-INCOME> 2708638
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1902096
<NET-INVESTMENT-INCOME> 806542
<REALIZED-GAINS-CURRENT> 23919476
<APPREC-INCREASE-CURRENT> 22333435
<NET-CHANGE-FROM-OPS> 47059453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24107<F1>
<DISTRIBUTIONS-OF-GAINS> 1985635<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 784000<F1>
<NUMBER-OF-SHARES-REDEEMED> 406000<F1>
<SHARES-REINVESTED> 137000<F1>
<NET-CHANGE-IN-ASSETS> 52065687
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17031400
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1321335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1906736
<AVERAGE-NET-ASSETS> 28286820<F1>
<PER-SHARE-NAV-BEGIN> 14.62<F1>
<PER-SHARE-NII> (.01)<F1>
<PER-SHARE-GAIN-APPREC> 3.01<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.31<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 16.31<F1>
<EXPENSE-RATIO> 1.27<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>RETAIL SHARE CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 081
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 113599057
<INVESTMENTS-AT-VALUE> 120716488
<RECEIVABLES> 2194389
<ASSETS-OTHER> 6614
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122917491
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 590567
<TOTAL-LIABILITIES> 590567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119275557
<SHARES-COMMON-STOCK> 3150818<F1>
<SHARES-COMMON-PRIOR> 3062950<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4008197
<ACCUM-APPREC-OR-DEPREC> 7117431
<NET-ASSETS> 122326924
<DIVIDEND-INCOME> 34718
<INTEREST-INCOME> 7262599
<OTHER-INCOME> 0
<EXPENSES-NET> 1103830
<NET-INVESTMENT-INCOME> 6193487
<REALIZED-GAINS-CURRENT> 676108
<APPREC-INCREASE-CURRENT> (1493725)
<NET-CHANGE-FROM-OPS> 5375870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1740957<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 855000<F1>
<NUMBER-OF-SHARES-REDEEMED> 791000<F1>
<SHARES-REINVESTED> 23000<F1>
<NET-CHANGE-IN-ASSETS> (15368540)
<ACCUMULATED-NII-PRIOR> 269978
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 5039962
<GROSS-ADVISORY-FEES> 500722
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1246157
<AVERAGE-NET-ASSETS> 33681166<F1>
<PER-SHARE-NAV-BEGIN> 11.09<F1>
<PER-SHARE-NII> .56<F1>
<PER-SHARE-GAIN-APPREC> (.02)<F1>
<PER-SHARE-DIVIDEND> .56<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.07<F1>
<EXPENSE-RATIO> .69<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 082
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 113599057
<INVESTMENTS-AT-VALUE> 120716488
<RECEIVABLES> 2194389
<ASSETS-OTHER> 6614
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122917491
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 590567
<TOTAL-LIABILITIES> 590567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119275557
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 876199<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4008197
<ACCUM-APPREC-OR-DEPREC> 7117431
<NET-ASSETS> 122326924
<DIVIDEND-INCOME> 34718
<INTEREST-INCOME> 7262599
<OTHER-INCOME> 0
<EXPENSES-NET> 1103830
<NET-INVESTMENT-INCOME> 6193487
<REALIZED-GAINS-CURRENT> 676108
<APPREC-INCREASE-CURRENT> (1493725)
<NET-CHANGE-FROM-OPS> 5375870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 117234<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 9313126<F1>
<NUMBER-OF-SHARES-SOLD> 21000<F1>
<NUMBER-OF-SHARES-REDEEMED> 903000<F1>
<SHARES-REINVESTED> 6000<F1>
<NET-CHANGE-IN-ASSETS> (15368540)
<ACCUMULATED-NII-PRIOR> 269978
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 5039962
<GROSS-ADVISORY-FEES> 500722
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1246157
<AVERAGE-NET-ASSETS> 0<F1>
<PER-SHARE-NAV-BEGIN> 11.07<F1>
<PER-SHARE-NII> .12<F1>
<PER-SHARE-GAIN-APPREC> (.32)<F1>
<PER-SHARE-DIVIDEND> .12<F1>
<PER-SHARE-DISTRIBUTIONS> 10.75<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0<F1><F2>
<EXPENSE-RATIO> 1.47<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares Class
<F2>Class B Shares merged with Retail Class shares on March 11, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 083
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 113599057
<INVESTMENTS-AT-VALUE> 120716488
<RECEIVABLES> 2194389
<ASSETS-OTHER> 6614
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122917491
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 590567
<TOTAL-LIABILITIES> 590567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119275557
<SHARES-COMMON-STOCK> 7909345<F1>
<SHARES-COMMON-PRIOR> 8476731<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4008197
<ACCUM-APPREC-OR-DEPREC> 7117431
<NET-ASSETS> 122326924
<DIVIDEND-INCOME> 34718
<INTEREST-INCOME> 7262599
<OTHER-INCOME> 0
<EXPENSES-NET> 1103830
<NET-INVESTMENT-INCOME> 6193487
<REALIZED-GAINS-CURRENT> 676108
<APPREC-INCREASE-CURRENT> (1493725)
<NET-CHANGE-FROM-OPS> 5375870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4335296<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1879000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2743000<F1>
<SHARES-REINVESTED> 296000<F1>
<NET-CHANGE-IN-ASSETS> (15368540)
<ACCUMULATED-NII-PRIOR> 269978
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 5039962
<GROSS-ADVISORY-FEES> 500722
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1246157
<AVERAGE-NET-ASSETS> 91488968<F1>
<PER-SHARE-NAV-BEGIN> 11.09<F1>
<PER-SHARE-NII> .53<F1>
<PER-SHARE-GAIN-APPREC> (.03)<F1>
<PER-SHARE-DIVIDEND> .53<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.06<F1>
<EXPENSE-RATIO> .92<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 091
<NAME> EMERALD U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 57987180
<INVESTMENTS-AT-VALUE> 59790589
<RECEIVABLES> 691334
<ASSETS-OTHER> 4263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60486186
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386360
<TOTAL-LIABILITIES> 386360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61941113
<SHARES-COMMON-STOCK> 3647459<F1>
<SHARES-COMMON-PRIOR> 7213553<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7547
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3637149
<ACCUM-APPREC-OR-DEPREC> 1803409
<NET-ASSETS> 60099826
<DIVIDEND-INCOME> 69482
<INTEREST-INCOME> 4712582
<OTHER-INCOME> 0
<EXPENSES-NET> 568777
<NET-INVESTMENT-INCOME> 4213287
<REALIZED-GAINS-CURRENT> 664448
<APPREC-INCREASE-CURRENT> (1517543)
<NET-CHANGE-FROM-OPS> 3360192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2726113<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1581000<F1>
<NUMBER-OF-SHARES-REDEEMED> 5289000<F1>
<SHARES-REINVESTED> 142000<F1>
<NET-CHANGE-IN-ASSETS> (42987281)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 6533
<OVERDIST-NET-GAINS-PRIOR> 4301597
<GROSS-ADVISORY-FEES> 270222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582829
<AVERAGE-NET-ASSETS> 42643658<F1>
<PER-SHARE-NAV-BEGIN> 10.36<F1>
<PER-SHARE-NII> .65<F1>
<PER-SHARE-GAIN-APPREC> (.09)<F1>
<PER-SHARE-DIVIDEND> .65<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.27<F1>
<EXPENSE-RATIO> .69<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 092
<NAME> EMERALD U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 57987180
<INVESTMENTS-AT-VALUE> 59790589
<RECEIVABLES> 691334
<ASSETS-OTHER> 4263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60486186
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386360
<TOTAL-LIABILITIES> 386360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61941113
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 136973<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7547
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3637149
<ACCUM-APPREC-OR-DEPREC> 1803409
<NET-ASSETS> 60099826
<DIVIDEND-INCOME> 69482
<INTEREST-INCOME> 4712582
<OTHER-INCOME> 0
<EXPENSES-NET> 568777
<NET-INVESTMENT-INCOME> 4213287
<REALIZED-GAINS-CURRENT> 664448
<APPREC-INCREASE-CURRENT> (1517543)
<NET-CHANGE-FROM-OPS> 3360192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21601<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 1352111<F1>
<NUMBER-OF-SHARES-SOLD> 0<F1>
<NUMBER-OF-SHARES-REDEEMED> 137000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (42987281)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 6533
<OVERDIST-NET-GAINS-PRIOR> 4301597
<GROSS-ADVISORY-FEES> 270222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582829
<AVERAGE-NET-ASSETS> 0<F1><F2>
<PER-SHARE-NAV-BEGIN> 10.38<F1>
<PER-SHARE-NII> .15<F1>
<PER-SHARE-GAIN-APPREC> (.23)<F1>
<PER-SHARE-DIVIDEND> .14<F1>
<PER-SHARE-DISTRIBUTIONS> 10.16<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0<F1>
<EXPENSE-RATIO> 1.58<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Share Class
<F2>Class B Shares merged with Retail Class on March 11, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 093
<NAME> EMERALD U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 57987180
<INVESTMENTS-AT-VALUE> 59790589
<RECEIVABLES> 691334
<ASSETS-OTHER> 4263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60486186
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386360
<TOTAL-LIABILITIES> 386360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61941113
<SHARES-COMMON-STOCK> 2197169<F1>
<SHARES-COMMON-PRIOR> 2590933<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7547
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3637149
<ACCUM-APPREC-OR-DEPREC> 1803409
<NET-ASSETS> 60099826
<DIVIDEND-INCOME> 69482
<INTEREST-INCOME> 4712582
<OTHER-INCOME> 0
<EXPENSES-NET> 568777
<NET-INVESTMENT-INCOME> 4213287
<REALIZED-GAINS-CURRENT> 664448
<APPREC-INCREASE-CURRENT> (1517543)
<NET-CHANGE-FROM-OPS> 3360192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1466587<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 377000<F1>
<NUMBER-OF-SHARES-REDEEMED> 886000<F1>
<SHARES-REINVESTED> 115000<F1>
<NET-CHANGE-IN-ASSETS> (42987281)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 6533
<OVERDIST-NET-GAINS-PRIOR> 4301597
<GROSS-ADVISORY-FEES> 270222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582829
<AVERAGE-NET-ASSETS> 24908329<F1>
<PER-SHARE-NAV-BEGIN> 10.39<F1>
<PER-SHARE-NII> .61<F1>
<PER-SHARE-GAIN-APPREC> (.09)<F1>
<PER-SHARE-DIVIDEND> .61<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.30<F1>
<EXPENSE-RATIO> 1.09<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 101
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 143528614
<INVESTMENTS-AT-VALUE> 150912132
<RECEIVABLES> 3830985
<ASSETS-OTHER> 34408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154777525
<PAYABLE-FOR-SECURITIES> 7057038
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222267
<TOTAL-LIABILITIES> 7279305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121183169
<SHARES-COMMON-STOCK> 10209424<F1>
<SHARES-COMMON-PRIOR> 6927590<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18931533
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7383518
<NET-ASSETS> 147498220
<DIVIDEND-INCOME> 677952
<INTEREST-INCOME> 52278
<OTHER-INCOME> 0
<EXPENSES-NET> 1505231
<NET-INVESTMENT-INCOME> (775001)
<REALIZED-GAINS-CURRENT> 19900908
<APPREC-INCREASE-CURRENT> (4469248)
<NET-CHANGE-FROM-OPS> 14656659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 6891681<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3933000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1158000<F1>
<SHARES-REINVESTED> 507000<F1>
<NET-CHANGE-IN-ASSETS> 53722490
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7115045
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1187772
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1542792
<AVERAGE-NET-ASSETS> 111178713<F1>
<PER-SHARE-NAV-BEGIN> 12.78<F1>
<PER-SHARE-NII> (.07)<F1>
<PER-SHARE-GAIN-APPREC> 1.81<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.52<F1>
<EXPENSE-RATIO> 1.22<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 102
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 143528614
<INVESTMENTS-AT-VALUE> 150912132
<RECEIVABLES> 3830985
<ASSETS-OTHER> 34408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154777525
<PAYABLE-FOR-SECURITIES> 7057038
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222267
<TOTAL-LIABILITIES> 7279305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121183169
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 203830<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18931533
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7383518
<NET-ASSETS> 147498220
<DIVIDEND-INCOME> 677952
<INTEREST-INCOME> 52278
<OTHER-INCOME> 0
<EXPENSES-NET> 1505231
<NET-INVESTMENT-INCOME> (775001)
<REALIZED-GAINS-CURRENT> 19900908
<APPREC-INCREASE-CURRENT> (4469248)
<NET-CHANGE-FROM-OPS> 14656659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 206488<F1>
<DISTRIBUTIONS-OTHER> 2593468<F1>
<NUMBER-OF-SHARES-SOLD> 12000<F1>
<NUMBER-OF-SHARES-REDEEMED> 230000<F1>
<SHARES-REINVESTED> 14000<F1>
<NET-CHANGE-IN-ASSETS> 53722490
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7115045
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1187772
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1542792
<AVERAGE-NET-ASSETS> 0<F1><F2>
<PER-SHARE-NAV-BEGIN> 12.55<F1>
<PER-SHARE-NII> (.06)<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 12.49<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0<F1><F2>
<EXPENSE-RATIO> 2.38<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Share Class
<F2>Class B Shares merged into the Retail Shares on March 11, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 103
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 143528614
<INVESTMENTS-AT-VALUE> 150912132
<RECEIVABLES> 3830985
<ASSETS-OTHER> 34408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154777525
<PAYABLE-FOR-SECURITIES> 7057038
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222267
<TOTAL-LIABILITIES> 7279305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121183169
<SHARES-COMMON-STOCK> 706882<F1>
<SHARES-COMMON-PRIOR> 208049<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18931533
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7383518
<NET-ASSETS> 147498220
<DIVIDEND-INCOME> 677952
<INTEREST-INCOME> 52278
<OTHER-INCOME> 0
<EXPENSES-NET> 1505231
<NET-INVESTMENT-INCOME> (775001)
<REALIZED-GAINS-CURRENT> 19900908
<APPREC-INCREASE-CURRENT> (4469248)
<NET-CHANGE-FROM-OPS> 14656659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 211250<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 678000<F1>
<NUMBER-OF-SHARES-REDEEMED> 195000<F1>
<SHARES-REINVESTED> 16000<F1>
<NET-CHANGE-IN-ASSETS> 53722490
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7115045
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1187772
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1542792
<AVERAGE-NET-ASSETS> 7658976<F1>
<PER-SHARE-NAV-BEGIN> 12.77<F1>
<PER-SHARE-NII> (.11)<F1>
<PER-SHARE-GAIN-APPREC> 1.77<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.43<F1>
<EXPENSE-RATIO> 1.59<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 111
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 82695215
<INVESTMENTS-AT-VALUE> 96464600
<RECEIVABLES> 816304
<ASSETS-OTHER> 36818
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97317722
<PAYABLE-FOR-SECURITIES> 372040
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 751653
<TOTAL-LIABILITIES> 1123693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77529082
<SHARES-COMMON-STOCK> 6955495<F1>
<SHARES-COMMON-PRIOR> 6198209<F1>
<ACCUMULATED-NII-CURRENT> 4062
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4891500
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13769385
<NET-ASSETS> 96194029
<DIVIDEND-INCOME> 600320
<INTEREST-INCOME> 2433041
<OTHER-INCOME> 0
<EXPENSES-NET> 598721
<NET-INVESTMENT-INCOME> 2434640
<REALIZED-GAINS-CURRENT> 4997685
<APPREC-INCREASE-CURRENT> 4435765
<NET-CHANGE-FROM-OPS> 11868090
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2310316<F1>
<DISTRIBUTIONS-OF-GAINS> 1363343<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2360000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1859000<F1>
<SHARES-REINVESTED> 256000<F1>
<NET-CHANGE-IN-ASSETS> 18979193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1318359
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 497924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776126
<AVERAGE-NET-ASSETS> 78368515<F1>
<PER-SHARE-NAV-BEGIN> 11.91<F1>
<PER-SHARE-NII> .35<F1>
<PER-SHARE-GAIN-APPREC> 1.34<F1>
<PER-SHARE-DIVIDEND> .35<F1>
<PER-SHARE-DISTRIBUTIONS> .22<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.03<F1>
<EXPENSE-RATIO> .69<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 112
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 82695215
<INVESTMENTS-AT-VALUE> 96464600
<RECEIVABLES> 816304
<ASSETS-OTHER> 36818
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97317722
<PAYABLE-FOR-SECURITIES> 372040
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 751653
<TOTAL-LIABILITIES> 1123693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77529082
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 193593<F1>
<ACCUMULATED-NII-CURRENT> 4062
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4891500
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13769385
<NET-ASSETS> 96194029
<DIVIDEND-INCOME> 600320
<INTEREST-INCOME> 2433041
<OTHER-INCOME> 0
<EXPENSES-NET> 598721
<NET-INVESTMENT-INCOME> 2434640
<REALIZED-GAINS-CURRENT> 4997685
<APPREC-INCREASE-CURRENT> 4435765
<NET-CHANGE-FROM-OPS> 11868090
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13670<F1>
<DISTRIBUTIONS-OF-GAINS> 45345<F1>
<DISTRIBUTIONS-OTHER> 2460266<F1>
<NUMBER-OF-SHARES-SOLD> 29000<F1>
<NUMBER-OF-SHARES-REDEEMED> 227000<F1>
<SHARES-REINVESTED> 4000<F1>
<NET-CHANGE-IN-ASSETS> 18979193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1318359
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 497924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776126
<AVERAGE-NET-ASSETS> 0<F1><F2>
<PER-SHARE-NAV-BEGIN> 11.90<F1>
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> (.01)<F1>
<PER-SHARE-DIVIDEND> .07<F1>
<PER-SHARE-DISTRIBUTIONS> 11.90<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0<F1><F2>
<EXPENSE-RATIO> 1.48<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Share Class
<F2>Class B Shares have merged with Retail shares on March 11, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 113
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 82695215
<INVESTMENTS-AT-VALUE> 96464600
<RECEIVABLES> 816304
<ASSETS-OTHER> 36818
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97317722
<PAYABLE-FOR-SECURITIES> 372040
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 751653
<TOTAL-LIABILITIES> 1123693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77529082
<SHARES-COMMON-STOCK> 425405<F1>
<SHARES-COMMON-PRIOR> 90005<F1>
<ACCUMULATED-NII-CURRENT> 4062
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4891500
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13769385
<NET-ASSETS> 96194029
<DIVIDEND-INCOME> 600320
<INTEREST-INCOME> 2433041
<OTHER-INCOME> 0
<EXPENSES-NET> 598721
<NET-INVESTMENT-INCOME> 2434640
<REALIZED-GAINS-CURRENT> 4997685
<APPREC-INCREASE-CURRENT> 4435765
<NET-CHANGE-FROM-OPS> 11868090
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 99865<F1>
<DISTRIBUTIONS-OF-GAINS> 22583<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 428000<F1>
<NUMBER-OF-SHARES-REDEEMED> 99000<F1>
<SHARES-REINVESTED> 6000<F1>
<NET-CHANGE-IN-ASSETS> 18979193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1318359
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 497924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776126
<AVERAGE-NET-ASSETS> 4667766<F1>
<PER-SHARE-NAV-BEGIN> 12.02<F1>
<PER-SHARE-NII> .30<F1>
<PER-SHARE-GAIN-APPREC> 1.36<F1>
<PER-SHARE-DIVIDEND> .31<F1>
<PER-SHARE-DISTRIBUTIONS> .22<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.15<F1>
<EXPENSE-RATIO> 1.06<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 121
<NAME> MANAGED BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 74772000
<INVESTMENTS-AT-VALUE> 76584902
<RECEIVABLES> 1157339
<ASSETS-OTHER> 37025
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77779266
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 563657
<TOTAL-LIABILITIES> 563657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74834566
<SHARES-COMMON-STOCK> 7284823<F1>
<SHARES-COMMON-PRIOR> 6532701<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 568141
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1812902
<NET-ASSETS> 77215609
<DIVIDEND-INCOME> 82066
<INTEREST-INCOME> 4772502
<OTHER-INCOME> 0
<EXPENSES-NET> 392823
<NET-INVESTMENT-INCOME> 4461745
<REALIZED-GAINS-CURRENT> 759127
<APPREC-INCREASE-CURRENT> (969641)
<NET-CHANGE-FROM-OPS> 4251231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4360653<F1>
<DISTRIBUTIONS-OF-GAINS> 815999<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2969000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2626000<F1>
<SHARES-REINVESTED> 409000<F1>
<NET-CHANGE-IN-ASSETS> 6817676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 644589
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 282877
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495312
<AVERAGE-NET-ASSETS> 68962664<F1>
<PER-SHARE-NAV-BEGIN> 10.55<F1>
<PER-SHARE-NII> .65<F1>
<PER-SHARE-GAIN-APPREC> (.06)<F1>
<PER-SHARE-DIVIDEND> .65<F1>
<PER-SHARE-DISTRIBUTIONS> .12<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.37<F1>
<EXPENSE-RATIO> .55<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 122
<NAME> MANAGED BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 74772000
<INVESTMENTS-AT-VALUE> 76584902
<RECEIVABLES> 1157339
<ASSETS-OTHER> 37025
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77779266
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 563657
<TOTAL-LIABILITIES> 563657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74834566
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 62205<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 568141
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1812902
<NET-ASSETS> 77215609
<DIVIDEND-INCOME> 82066
<INTEREST-INCOME> 4772502
<OTHER-INCOME> 0
<EXPENSES-NET> 392823
<NET-INVESTMENT-INCOME> 4461745
<REALIZED-GAINS-CURRENT> 759127
<APPREC-INCREASE-CURRENT> (969641)
<NET-CHANGE-FROM-OPS> 4251231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8459<F1>
<DISTRIBUTIONS-OF-GAINS> 5665<F1>
<DISTRIBUTIONS-OTHER> 508467<F1>
<NUMBER-OF-SHARES-SOLD> 0<F1>
<NUMBER-OF-SHARES-REDEEMED> 63000<F1>
<SHARES-REINVESTED> 1000<F1>
<NET-CHANGE-IN-ASSETS> 6817676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 644589
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 282877
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495312
<AVERAGE-NET-ASSETS> 0<F1><F2>
<PER-SHARE-NAV-BEGIN> 10.53<F1>
<PER-SHARE-NII> .14<F1>
<PER-SHARE-GAIN-APPREC> (.29)<F1>
<PER-SHARE-DIVIDEND> .14<F1>
<PER-SHARE-DISTRIBUTIONS> 10.24<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0<F1><F2>
<EXPENSE-RATIO> 1.48<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Share Class
<F2>Class B Shares merged into Retail Class shares on March 11, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 123
<NAME> MANAGED BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 74772000
<INVESTMENTS-AT-VALUE> 76584902
<RECEIVABLES> 1157339
<ASSETS-OTHER> 37025
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77779266
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 563657
<TOTAL-LIABILITIES> 563657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74834566
<SHARES-COMMON-STOCK> 162938<F1>
<SHARES-COMMON-PRIOR> 77444<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 568141
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1812902
<NET-ASSETS> 77215609
<DIVIDEND-INCOME> 82066
<INTEREST-INCOME> 4772502
<OTHER-INCOME> 0
<EXPENSES-NET> 392823
<NET-INVESTMENT-INCOME> 4461745
<REALIZED-GAINS-CURRENT> 759127
<APPREC-INCREASE-CURRENT> (969641)
<NET-CHANGE-FROM-OPS> 4251231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 92633<F1>
<DISTRIBUTIONS-OF-GAINS> 13911<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 165000<F1>
<NUMBER-OF-SHARES-REDEEMED> 85000<F1>
<SHARES-REINVESTED> 6000<F1>
<NET-CHANGE-IN-ASSETS> 6817676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 644589
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 282877
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495312
<AVERAGE-NET-ASSETS> 1735742<F1>
<PER-SHARE-NAV-BEGIN> 10.59<F1>
<PER-SHARE-NII> .61<F1>
<PER-SHARE-GAIN-APPREC> (.06)<F1>
<PER-SHARE-DIVIDEND> .61<F1>
<PER-SHARE-DISTRIBUTIONS> .12<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.41<F1>
<EXPENSE-RATIO> .91<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 131
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 53226665
<INVESTMENTS-AT-VALUE> 53715958
<RECEIVABLES> 737351
<ASSETS-OTHER> 35737
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54489046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 304394
<TOTAL-LIABILITIES> 304394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53634540
<SHARES-COMMON-STOCK> 5282359<F1>
<SHARES-COMMON-PRIOR> 1383426<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60819
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 489293
<NET-ASSETS> 54184652
<DIVIDEND-INCOME> 70484
<INTEREST-INCOME> 1449947
<OTHER-INCOME> 0
<EXPENSES-NET> 131047
<NET-INVESTMENT-INCOME> 1389384
<REALIZED-GAINS-CURRENT> 57368
<APPREC-INCREASE-CURRENT> 238110
<NET-CHANGE-FROM-OPS> 1684862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1344515<F1>
<DISTRIBUTIONS-OF-GAINS> 46651<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 4602000<F1>
<NUMBER-OF-SHARES-REDEEMED> 745000<F1>
<SHARES-REINVESTED> 42000<F1>
<NET-CHANGE-IN-ASSETS> 39649592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 51616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230594
<AVERAGE-NET-ASSETS> 23233402<F1>
<PER-SHARE-NAV-BEGIN> 10.15<F1>
<PER-SHARE-NII> .58<F1>
<PER-SHARE-GAIN-APPREC> (.05)<F1>
<PER-SHARE-DIVIDEND> .58<F1>
<PER-SHARE-DISTRIBUTIONS> .03<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07<F1>
<EXPENSE-RATIO> .53<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 132
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 53226665
<INVESTMENTS-AT-VALUE> 53715958
<RECEIVABLES> 737351
<ASSETS-OTHER> 35737
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54489046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 304394
<TOTAL-LIABILITIES> 304394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53634540
<SHARES-COMMON-STOCK> 0<F1><F2>
<SHARES-COMMON-PRIOR> 15484<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60819
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 489293
<NET-ASSETS> 54184652
<DIVIDEND-INCOME> 70484
<INTEREST-INCOME> 1449947
<OTHER-INCOME> 0
<EXPENSES-NET> 131047
<NET-INVESTMENT-INCOME> 1389384
<REALIZED-GAINS-CURRENT> 57368
<APPREC-INCREASE-CURRENT> 238110
<NET-CHANGE-FROM-OPS> 1684862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2024<F1>
<DISTRIBUTIONS-OF-GAINS> 531<F1>
<DISTRIBUTIONS-OTHER> 61388<F1>
<NUMBER-OF-SHARES-SOLD> 4000<F1>
<NUMBER-OF-SHARES-REDEEMED> 20000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 39649592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 51616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230594
<AVERAGE-NET-ASSETS> 0<F1><F2>
<PER-SHARE-NAV-BEGIN> 10.07<F1>
<PER-SHARE-NII> .12<F1>
<PER-SHARE-GAIN-APPREC> (.10)<F1>
<PER-SHARE-DIVIDEND> .12<F1>
<PER-SHARE-DISTRIBUTIONS> 9.97<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0<F1><F2>
<EXPENSE-RATIO> 1.48<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares Class
<F2>Class B Shares merged into Class A shares on March 11, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 133
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 53226665
<INVESTMENTS-AT-VALUE> 53715958
<RECEIVABLES> 737351
<ASSETS-OTHER> 35737
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54489046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 304394
<TOTAL-LIABILITIES> 304394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53634540
<SHARES-COMMON-STOCK> 97811<F1>
<SHARES-COMMON-PRIOR> 33770<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60819
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 489293
<NET-ASSETS> 54184652
<DIVIDEND-INCOME> 70484
<INTEREST-INCOME> 1449947
<OTHER-INCOME> 0
<EXPENSES-NET> 131047
<NET-INVESTMENT-INCOME> 1389384
<REALIZED-GAINS-CURRENT> 57368
<APPREC-INCREASE-CURRENT> 238110
<NET-CHANGE-FROM-OPS> 1684862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 42845<F1>
<DISTRIBUTIONS-OF-GAINS> 983<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 111000<F1>
<NUMBER-OF-SHARES-REDEEMED> 50000<F1>
<SHARES-REINVESTED> 3000<F1>
<NET-CHANGE-IN-ASSETS> 39649592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 51616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230594
<AVERAGE-NET-ASSETS> 828264<F1>
<PER-SHARE-NAV-BEGIN> 10.14<F1>
<PER-SHARE-NII> .55<F1>
<PER-SHARE-GAIN-APPREC> (.04)<F1>
<PER-SHARE-DIVIDEND> .55<F1>
<PER-SHARE-DISTRIBUTIONS> .03<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.07<F1>
<EXPENSE-RATIO> .80<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 141
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-27-1995<F2>
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 3462377
<INVESTMENTS-AT-VALUE> 4019630
<RECEIVABLES> 11276
<ASSETS-OTHER> 10288
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4041194
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73519
<TOTAL-LIABILITIES> 73519
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3384800
<SHARES-COMMON-STOCK> 1873<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 73
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25549
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<SHARES-REINVESTED> 0<F1>
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<GROSS-EXPENSE> 110681
<AVERAGE-NET-ASSETS> 4058<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .27<F1>
<PER-SHARE-GAIN-APPREC> 2.18<F1>
<PER-SHARE-DIVIDEND> .27<F1>
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<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.18<F1>
<EXPENSE-RATIO> .00<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Retail Share Class
<F2>Date of Inception
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 142
<NAME> EQUITY VALUE FUND
<S> <C>
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<PERIOD-START> DEC-27-1995<F2>
<PERIOD-END> NOV-30-1996
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<INVESTMENTS-AT-VALUE> 4019630
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3384800
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<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> 0
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<REALIZED-GAINS-CURRENT> 25549
<APPREC-INCREASE-CURRENT> 557253
<NET-CHANGE-FROM-OPS> 649167
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<GROSS-EXPENSE> 110681
<AVERAGE-NET-ASSETS> 2474822<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .28<F1>
<PER-SHARE-GAIN-APPREC> 2.18<F1>
<PER-SHARE-DIVIDEND> .28<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.18<F1>
<EXPENSE-RATIO> .00<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Institutional Share Class
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</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 151
<NAME> INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> DEC-27-1995<F2>
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 17710303
<INVESTMENTS-AT-VALUE> 18644221
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<OTHER-ITEMS-LIABILITIES> 129534
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16562573
<SHARES-COMMON-STOCK> 10149<F1>
<SHARES-COMMON-PRIOR> 0<F1>
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<OVERDISTRIBUTION-NII> 2556
<ACCUMULATED-NET-GAINS> 149235
<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 77844
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<NET-CHANGE-FROM-OPS> 1160350
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<DISTRIBUTIONS-OF-INCOME> 585<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 10000<F1>
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<SHARES-REINVESTED> 0<F1>
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146708
<AVERAGE-NET-ASSETS> 22803<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .04<F1>
<PER-SHARE-GAIN-APPREC> 1.31<F1>
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<PER-SHARE-DISTRIBUTIONS> .02<F1>
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<EXPENSE-RATIO> .00<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Retail Share Class
<F2>Date of Inception
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 152
<NAME> INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-27-1995<F2>
<PERIOD-END> NOV-30-1996
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<TOTAL-LIABILITIES> 1038806
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 1552465<F1>
<SHARES-COMMON-PRIOR> 0<F1>
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<OVERDISTRIBUTION-NII> 2556
<ACCUMULATED-NET-GAINS> 149235
<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1580000<F1>
<NUMBER-OF-SHARES-REDEEMED> 27000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 17642523
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38789
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146708
<AVERAGE-NET-ASSETS> 4204313<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> 1.29<F1>
<PER-SHARE-DIVIDEND> .06<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.29<F1>
<EXPENSE-RATIO> .00<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Instituitional Share Class
<F2>Date of Inception
</FN>
</TABLE>
Emerald Funds (the "Trust")
FORM N-SAR
Report for the Semi-Annual Period
Ended 11/30/96
Sub-item 77Q1(e): Copies of any new
or amended registrant investment
advisory agreement.
Revised Amendment No. 2 to the
Investment Advisory Agreement
between the Trust and Barnett Capital
Advisors, Inc. relating to the
International Equity and Equity
Value Funds is incorporated by
reference to Exhibit 5(j) to
Post-Effective Amendment No. 19
to the Trust's Registration Statement
on Form N-1A filed on August 26, 1996.
The Sub-Advisory Agreement between
Barnett Capital Advisors, Inc. and
Brandes Investment Partners, L.P.
relating to the International Equity
Fund is incorporated by reference to
Exhibit 5(h) to Post-Effective
Amendment No. 19 to the Trust's
Registration Statement on Form N-1A
filed on August 26, 1996.
Amendment No. 3 to the Investment
Advisory Agreement between the Trust
and Barnett Capital Advisors, Inc.
relating to the Prime Advantage
Institutional and Treasury Advantage
Institutional Funds is incorporated
by reference into the Proxy Statement
filed by the Trust on October 1, 1996.
January 22, 1997
To the Trustees of Emerald Funds
In planning and performing our audit of the financial
statements of Emerald Funds (the "Trust") for the year ended
November 30, 1996, we considered its internal control
structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purposes
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
esponsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance
that assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization
and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not
be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness
is a condition in which the design or operation of the
specific internal control structure elements does not
reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and
not be detected within a timely period by employees
in the normal course of performing their assigned functions.
However, we noted no matters involving the internal
control structure, including procedures for
safeguarding securities, that we consider to be
material weaknesses as defined above as of November 30, 1996.
This report is intended solely for the information and
use of management and the Securities and Exchange Commission.
\s\ Price Waterhouse LLP
