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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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 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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008 A000801 BARNETT CAPITAL ADVISORS, INC.
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<PAGE> PAGE 41
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043 000800 101
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047 000800 Y
048 000800 0.400
048 A010800 0
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048 B010800 0
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048 C010800 0
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048 F020800 0.000
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048 H010800 0
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048 I010800 0
048 I020800 0.000
048 J010800 0
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048 K010800 0
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050 000800 N
051 000800 N
052 000800 N
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053 B000800 Y
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054 B000800 N
054 C000800 N
054 D000800 N
054 E000800 N
<PAGE> PAGE 42
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 Y
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 1000
062 A000800 Y
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063 B000800 15.2
064 A000800 Y
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 N
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
<PAGE> PAGE 43
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
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
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
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
070 R010800 N
070 R020800 N
071 A000800 42187
071 B000800 49869
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<PAGE> PAGE 44
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<PAGE> PAGE 45
075 A000800 0
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008 A000901 BARNETT CAPITAL ADVISORS, INC.
008 B000901 A
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<PAGE> PAGE 46
041 000900 Y
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050 000900 N
051 000900 N
052 000900 N
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054 C000900 N
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
<PAGE> PAGE 47
054 I000900 N
054 J000900 N
054 K000900 N
054 L000900 N
054 M000900 N
054 N000900 N
054 O000900 N
055 A000900 Y
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
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<PAGE> PAGE 48
070 E010900 Y
070 E020900 N
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070 I020900 N
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070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
008 A001001 BARNETT CAPITAL ADVISORS, INC.
008 B001001 A
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<PAGE> PAGE 51
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054 E001000 N
054 F001000 N
054 G001000 N
054 H001000 N
054 I001000 N
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054 K001000 N
<PAGE> PAGE 52
054 L001000 N
054 M001000 N
054 N001000 N
054 O001000 N
055 A001000 Y
055 B001000 N
056 001000 Y
057 001000 N
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070 D011000 N
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<PAGE> PAGE 53
070 G011000 Y
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070 K021000 Y
070 L011000 Y
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070 M011000 N
070 M021000 N
070 N011000 Y
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<PAGE> PAGE 54
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008 A001101 BARNETT CAPITAL ADVISORS, INC.
008 B001101 A
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<PAGE> PAGE 55
008 D021101 FL
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024 001100 Y
025 A001101 MERRILL LYNCH & CO., INC.
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<PAGE> PAGE 56
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<PAGE> PAGE 57
054 N001100 N
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<PAGE> PAGE 58
070 H011100 Y
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<PAGE> PAGE 59
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008 A001201 BARNETT CAPITAL ADVISORS, INC.
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<PAGE> PAGE 60
024 001200 Y
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<PAGE> PAGE 61
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<PAGE> PAGE 62
054 N001200 N
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062 H001200 0.0
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062 J001200 0.0
062 K001200 0.0
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062 N001200 32.9
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062 P001200 41.5
062 Q001200 6.9
062 R001200 0.0
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063 B001200 11.6
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
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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
<PAGE> PAGE 63
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
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
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072 X001200 242
<PAGE> PAGE 64
072 Y001200 8
072 Z001200 2526
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072EE001200 736
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008 A001301 BARNETT CAPITAL ADVISORS, INC.
008 B001301 A
008 C001301 801-000000
008 D011301 JACKSONVILLE
008 D021301 FL
<PAGE> PAGE 65
008 D031301 32256
024 001300 Y
025 A001301 MERRILL LYNCH & CO.
025 C001301 D
025 D001301 158
025 A001302 MORGAN STANLEY & CO., INC.
025 C001302 D
025 D001302 510
025 A001303 GOLDMAN SACHS & CO.
025 C001303 D
025 D001303 976
025 A001304 DELETE
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025 A001305 DELETE
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<PAGE> PAGE 66
041 001300 Y
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042 E001300 0
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048 I021300 0.000
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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
054 H001300 N
<PAGE> PAGE 67
054 I001300 N
054 J001300 N
054 K001300 N
054 L001300 N
054 M001300 N
054 N001300 N
054 O001300 N
055 A001300 Y
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
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064 A001300 Y
064 B001300 N
066 A001300 N
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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
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070 D021300 N
<PAGE> PAGE 68
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
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<PAGE> PAGE 69
072 T001300 2
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072 X001300 206
072 Y001300 8
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<PAGE> PAGE 70
008 A001401 BARNETT CAPITAL ADVISORS, INC.
008 B001401 A
008 C001401 801-000000
008 D011401 JACKSONVILLE
008 D021401 FL
008 D031401 32256
024 001400 Y
025 A001401 SOLOMON, INC.
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025 A001402 DELETE
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<PAGE> PAGE 71
041 001400 Y
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048 K021400 0.000
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050 001400 N
051 001400 N
052 001400 N
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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
<PAGE> PAGE 72
054 I001400 N
054 J001400 N
054 K001400 N
054 L001400 N
054 M001400 N
054 N001400 N
054 O001400 N
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
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068 B001400 N
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070 B011400 Y
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070 C021400 N
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<PAGE> PAGE 73
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070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
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070 I011400 Y
070 I021400 N
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070 J021400 N
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070 K021400 Y
070 L011400 Y
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070 M011400 N
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070 N011400 Y
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070 O011400 Y
070 O021400 N
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070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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<PAGE> PAGE 74
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008 A001501 BARNETT CAPITAL ADVISORS, INC.
<PAGE> PAGE 75
008 B001501 A
008 C001501 801-000000
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008 D021501 FL
008 D031501 32256
008 A001502 BRANDES INVESTMENT PARTNERS, L.P.
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
076 001500 0.00
SIGNATURE CORY GOSSARD
TITLE FINANCIAL ANALYST
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<NAME> EMERALD FUNDS
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<NAME> PRIME FUND
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<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.90<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>RETAIL SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 012
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 2,149,403,672
<INVESTMENTS-AT-VALUE> 2,149,403,672
<RECEIVABLES> 10,655,101
<ASSETS-OTHER> 122,150
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,160,180,923
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,903,744
<TOTAL-LIABILITIES> 10,903,744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,149,311,580
<SHARES-COMMON-STOCK> 610,964,645<F1>
<SHARES-COMMON-PRIOR> 598,009,591<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 34,401
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,149,277,179
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 60,658,761
<OTHER-INCOME> 0
<EXPENSES-NET> 7,324,628
<NET-INVESTMENT-INCOME> 53,334,133
<REALIZED-GAINS-CURRENT> (30,460)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 53,303,672
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,875,769<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,155,671,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1,142,744,000<F1>
<SHARES-REINVESTED> 28,000<F1>
<NET-CHANGE-IN-ASSETS> 4,948,570
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,941
<GROSS-ADVISORY-FEES> 2,745,076
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,728,071
<AVERAGE-NET-ASSETS> 618,064,074<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.026<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.026<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.37<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 013
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 2,149,403,672
<INVESTMENTS-AT-VALUE> 2,149,403,672
<RECEIVABLES> 10,655,101
<ASSETS-OTHER> 122,150
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,160,180,923
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,903,744
<TOTAL-LIABILITIES> 10,903,744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,149,311,580
<SHARES-COMMON-STOCK> 966,209,121<F1>
<SHARES-COMMON-PRIOR> 989,228,491<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 34,401
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,149,277,179
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 60,658,761
<OTHER-INCOME> 0
<EXPENSES-NET> 7,324,628
<NET-INVESTMENT-INCOME> 53,334,133
<REALIZED-GAINS-CURRENT> (30,460)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 53,303,672
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24,499,146<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,214,929,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1,239,421,000<F1>
<SHARES-REINVESTED> 1,473,000<F1>
<NET-CHANGE-IN-ASSETS> 4,948,570
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,941
<GROSS-ADVISORY-FEES> 2,745,076
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,728,071
<AVERAGE-NET-ASSETS> 1,021,799,711<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.024<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.024<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.71<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>SERVICE SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 021
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 1,015,342,037
<INVESTMENTS-AT-VALUE> 1,015,342,037
<RECEIVABLES> 12,799,771
<ASSETS-OTHER> 64,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,028,206,079
<PAYABLE-FOR-SECURITIES> 80,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,292,034
<TOTAL-LIABILITIES> 84,292,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 944,534,947
<SHARES-COMMON-STOCK> 65,769,677<F1>
<SHARES-COMMON-PRIOR> 42,967,451<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 620,902
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 943,914,045
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,838,087
<OTHER-INCOME> 0
<EXPENSES-NET> 3,732,792
<NET-INVESTMENT-INCOME> 23,105,295
<REALIZED-GAINS-CURRENT> (92,801)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,012,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,743,361<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 315,198,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 294,051,000<F1>
<SHARES-REINVESTED> 1,655,000<F1>
<NET-CHANGE-IN-ASSETS> 326,127
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 528,101
<GROSS-ADVISORY-FEES> 1,220,470
<INTEREST-EXPENSE> 629,601
<GROSS-EXPENSE> 3,794,891
<AVERAGE-NET-ASSETS> 78,367,972<F1>
<PER-SHARE-NAV-BEGIN> 0.999<F1>
<PER-SHARE-NII> 0.022<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.022<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.89<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> 022
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 1,015,342,037
<INVESTMENTS-AT-VALUE> 1,015,342,037
<RECEIVABLES> 12,799,771
<ASSETS-OTHER> 64,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,028,206,079
<PAYABLE-FOR-SECURITIES> 80,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,292,034
<TOTAL-LIABILITIES> 84,292,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 944,534,947
<SHARES-COMMON-STOCK> 347,666,794<F1>
<SHARES-COMMON-PRIOR> 218,164,830<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 620,902
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 943,914,045
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,838,087
<OTHER-INCOME> 0
<EXPENSES-NET> 3,732,792
<NET-INVESTMENT-INCOME> 23,105,295
<REALIZED-GAINS-CURRENT> (92,801)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,012,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,924,467<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 665,818,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 536,316,000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 326,127
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 528,101
<GROSS-ADVISORY-FEES> 1,220,470
<INTEREST-EXPENSE> 629,601
<GROSS-EXPENSE> 3,794,891
<AVERAGE-NET-ASSETS> 319,026,247<F1>
<PER-SHARE-NAV-BEGIN> 0.999<F1>
<PER-SHARE-NII> 0.025<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.025<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.39<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> 023
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 1,015,342,037
<INVESTMENTS-AT-VALUE> 1,015,342,037
<RECEIVABLES> 12,799,771
<ASSETS-OTHER> 64,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,028,206,079
<PAYABLE-FOR-SECURITIES> 80,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,292,034
<TOTAL-LIABILITIES> 84,292,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 944,534,947
<SHARES-COMMON-STOCK> 531,098,476<F1>
<SHARES-COMMON-PRIOR> 682,983,738<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 620,902
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 943,914,045
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,838,087
<OTHER-INCOME> 0
<EXPENSES-NET> 3,732,792
<NET-INVESTMENT-INCOME> 23,105,295
<REALIZED-GAINS-CURRENT> (92,801)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,012,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,437,467<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1,015,486,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1,167,882,000<F1>
<SHARES-REINVESTED> 511,000<F1>
<NET-CHANGE-IN-ASSETS> 326,127
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 528,101
<GROSS-ADVISORY-FEES> 1,220,470
<INTEREST-EXPENSE> 629,601
<GROSS-EXPENSE> 3,794,891
<AVERAGE-NET-ASSETS> 581,663,876<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.023<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.023<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0.999<F1>
<EXPENSE-RATIO> 0.73<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> 031
<NAME> TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 172,724,186
<INVESTMENTS-AT-VALUE> 172,724,186
<RECEIVABLES> 1,059,056
<ASSETS-OTHER> 24,290
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 173,807,532
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 598,013
<TOTAL-LIABILITIES> 598,013
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,261,210
<SHARES-COMMON-STOCK> 58,527,974<F1>
<SHARES-COMMON-PRIOR> 47,157,289<F1>
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 51,691
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 173,209,519
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,913,135
<OTHER-INCOME> 0
<EXPENSES-NET> 400,232
<NET-INVESTMENT-INCOME> 2,512,903
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,512,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 690,132<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,261,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 86,537,000<F1>
<SHARES-REINVESTED> 647,000<F1>
<NET-CHANGE-IN-ASSETS> (22,388,626)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51,691
<GROSS-ADVISORY-FEES> 203,468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488,117
<AVERAGE-NET-ASSETS> 51,207,039<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.013<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.013<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.88<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> 032
<NAME> TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 172,724,186
<INVESTMENTS-AT-VALUE> 172,724,186
<RECEIVABLES> 1,059,056
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 173,807,532
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 598,013
<TOTAL-LIABILITIES> 598,013
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,261,210
<SHARES-COMMON-STOCK> 114,069,105<F1>
<SHARES-COMMON-PRIOR> 145,630,684<F1>
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 51,691
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 173,209,519
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,913,135
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<EXPENSES-NET> 400,232
<NET-INVESTMENT-INCOME> 2,512,903
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<NET-CHANGE-FROM-OPS> 2,512,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,805,338<F1>
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<NUMBER-OF-SHARES-SOLD> 150,840,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 182,402,000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (22,388,626)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51,691
<GROSS-ADVISORY-FEES> 203,468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488,117
<AVERAGE-NET-ASSETS> 110,735,197<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.016<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.016<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.31<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> 033
<NAME> TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 172,724,186
<INVESTMENTS-AT-VALUE> 172,724,186
<RECEIVABLES> 1,059,056
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<TOTAL-ASSETS> 173,807,532
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 598,013
<TOTAL-LIABILITIES> 598,013
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,261,210
<SHARES-COMMON-STOCK> 664,130<F1>
<SHARES-COMMON-PRIOR> 2,861,862<F1>
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<ACCUM-APPREC-OR-DEPREC> 0
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<EXPENSES-NET> 400,232
<NET-INVESTMENT-INCOME> 2,512,903
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<NET-CHANGE-FROM-OPS> 2,512,903
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<DISTRIBUTIONS-OF-INCOME> 17,433<F1>
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<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 532,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2,737,000<F1>
<SHARES-REINVESTED> 7,000<F1>
<NET-CHANGE-IN-ASSETS> (22,388,626)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51,691
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 488,117
<AVERAGE-NET-ASSETS> 1,241,796<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.014<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.014<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 0.999<F1>
<EXPENSE-RATIO> 0.75<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> 041
<NAME> PRIME ADVANTAGE INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 144,527,264
<INVESTMENTS-AT-VALUE> 144,527,264
<RECEIVABLES> 670,452
<ASSETS-OTHER> 15,731
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<TOTAL-ASSETS> 145,213,447
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<OTHER-ITEMS-LIABILITIES> 755,376
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,467,786
<SHARES-COMMON-STOCK> 144,467,785
<SHARES-COMMON-PRIOR> 133,053,376
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 9,715
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 144,458,071
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,774,579
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<EXPENSES-NET> 135,073
<NET-INVESTMENT-INCOME> 3,639,506
<REALIZED-GAINS-CURRENT> 57
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,639,563
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 207,086,854
<NUMBER-OF-SHARES-REDEEMED> 195,672,444
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,414,467
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 160,322
<AVERAGE-NET-ASSETS> 135,401,999
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.027
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<PER-SHARE-DIVIDEND> 0.027
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 051
<NAME> TREASURY ADVANTAGE INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 169,662,752
<INVESTMENTS-AT-VALUE> 169,662,752
<RECEIVABLES> 2,127,949
<ASSETS-OTHER> 18,896
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,809,597
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 824,526
<TOTAL-LIABILITIES> 824,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 171,058,982
<SHARES-COMMON-STOCK> 171,069,248
<SHARES-COMMON-PRIOR> 146,913,574
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 73,911
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 170,985,071
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,702,027
<OTHER-INCOME> 0
<EXPENSES-NET> 175,002
<NET-INVESTMENT-INCOME> 4,527,025
<REALIZED-GAINS-CURRENT> (29,186)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,497,839
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,527,025
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111,068,838
<NUMBER-OF-SHARES-REDEEMED> 86,913,164
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,126,488
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 44,725
<GROSS-ADVISORY-FEES> 87,455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 206,556
<AVERAGE-NET-ASSETS> 175,405,384
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.026
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 071
<NAME> EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 186,463,338
<INVESTMENTS-AT-VALUE> 259,158,294
<RECEIVABLES> 2,456,965
<ASSETS-OTHER> 16,703
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 261,631,962
<PAYABLE-FOR-SECURITIES> 1,778,008
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,739
<TOTAL-LIABILITIES> 2,111,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,592,841
<SHARES-COMMON-STOCK> 2,641,160<F1>
<SHARES-COMMON-PRIOR> 2,034,501<F1>
<ACCUMULATED-NII-CURRENT> 103,613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,128,805
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 72,694,956
<NET-ASSETS> 259,520,215
<DIVIDEND-INCOME> 1,317,028
<INTEREST-INCOME> 52,392
<OTHER-INCOME> 0
<EXPENSES-NET> 1,033,938
<NET-INVESTMENT-INCOME> 335,482
<REALIZED-GAINS-CURRENT> 13,608,470
<APPREC-INCREASE-CURRENT> 4,820,521
<NET-CHANGE-FROM-OPS> 18,764,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 111<F1>
<DISTRIBUTIONS-OF-GAINS> 3,210,483<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 696,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 284,000<F1>
<SHARES-REINVESTED> 195,000<F1>
<NET-CHANGE-IN-ASSETS> 9,159,143
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 23,505,831
<OVERDISTRIB-NII-PRIOR> 42,609
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,003
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,036,523
<AVERAGE-NET-ASSETS> 35,429,188<F1>
<PER-SHARE-NAV-BEGIN> 16.31<F1>
<PER-SHARE-NII> 0.02<F1>
<PER-SHARE-GAIN-APPREC> 0.99<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.57<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.75<F1>
<EXPENSE-RATIO> 1.33<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> 072
<NAME> EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 186,463,338
<INVESTMENTS-AT-VALUE> 259,158,294
<RECEIVABLES> 2,456,965
<ASSETS-OTHER> 16,703
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 261,631,962
<PAYABLE-FOR-SECURITIES> 1,778,008
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,739
<TOTAL-LIABILITIES> 2,111,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,592,841
<SHARES-COMMON-STOCK> 13,754,657<F1>
<SHARES-COMMON-PRIOR> 13,276,564<F1>
<ACCUMULATED-NII-CURRENT> 103,613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,128,805
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 72,694,956
<NET-ASSETS> 259,520,215
<DIVIDEND-INCOME> 1,317,028
<INTEREST-INCOME> 52,392
<OTHER-INCOME> 0
<EXPENSES-NET> 1,033,938
<NET-INVESTMENT-INCOME> 335,482
<REALIZED-GAINS-CURRENT> 13,608,470
<APPREC-INCREASE-CURRENT> 4,820,521
<NET-CHANGE-FROM-OPS> 18,764,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 189,149<F1>
<DISTRIBUTIONS-OF-GAINS> 20,775,013<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,216,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2,059,000<F1>
<SHARES-REINVESTED> 1,321,000<F1>
<NET-CHANGE-IN-ASSETS> 9,159,143
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 23,505,831
<OVERDISTRIB-NII-PRIOR> 42,609
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,003
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,036,523
<AVERAGE-NET-ASSETS> 212,300,227<F1>
<PER-SHARE-NAV-BEGIN> 16.36<F1>
<PER-SHARE-NII> 0.02<F1>
<PER-SHARE-GAIN-APPREC> 1.04<F1>
<PER-SHARE-DIVIDEND> .01<F1>
<PER-SHARE-DISTRIBUTIONS> 1.57<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 15.84<F1>
<EXPENSE-RATIO> 0.75<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> 081
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 107,578,764
<INVESTMENTS-AT-VALUE> 112,336,687
<RECEIVABLES> 1,734,505
<ASSETS-OTHER> 26,239
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,097,431
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 723,308
<TOTAL-LIABILITIES> 723,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 112,106,724
<SHARES-COMMON-STOCK> 7,159,596<F1>
<SHARES-COMMON-PRIOR> 7,909,345<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57,867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,432,657
<ACCUM-APPREC-OR-DEPREC> 4,757,923
<NET-ASSETS> 113,374,123
<DIVIDEND-INCOME> 34,862
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<OTHER-INCOME> 0
<EXPENSES-NET> 466,115
<NET-INVESTMENT-INCOME> 2,826,624
<REALIZED-GAINS-CURRENT> 575,540
<APPREC-INCREASE-CURRENT> (2,359,508)
<NET-CHANGE-FROM-OPS> 1,042,656
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,946,867<F1>
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 667,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1,564,000<F1>
<SHARES-REINVESTED> 147,000<F1>
<NET-CHANGE-IN-ASSETS> (8,952,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 57,867
<OVERDIST-NET-GAINS-PRIOR> 4,008,197
<GROSS-ADVISORY-FEES> 230,925
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 562,921
<AVERAGE-NET-ASSETS> 81,316,602<F1>
<PER-SHARE-NAV-BEGIN> 11.06<F1>
<PER-SHARE-NII> 0.26<F1>
<PER-SHARE-GAIN-APPREC> (0.16)<F1>
<PER-SHARE-DIVIDEND> 0.26<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.90<F1>
<EXPENSE-RATIO> 0.90<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> 082
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 107,578,764
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<RECEIVABLES> 1,734,505
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<OTHER-ITEMS-LIABILITIES> 723,308
<TOTAL-LIABILITIES> 723,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 112,106,724
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<SHARES-COMMON-PRIOR> 3,150,818<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57,867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,432,657
<ACCUM-APPREC-OR-DEPREC> 4,757,923
<NET-ASSETS> 113,374,123
<DIVIDEND-INCOME> 34,862
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<EXPENSES-NET> 466,115
<NET-INVESTMENT-INCOME> 2,826,624
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<APPREC-INCREASE-CURRENT> (2,359,508)
<NET-CHANGE-FROM-OPS> 1,042,656
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 879,757<F1>
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 483,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 409,000<F1>
<SHARES-REINVESTED> 14,000<F1>
<NET-CHANGE-IN-ASSETS> (8,952,801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 57,867
<OVERDIST-NET-GAINS-PRIOR> 4,008,197
<GROSS-ADVISORY-FEES> 230,925
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 562,921
<AVERAGE-NET-ASSETS> 34,505,960<F1>
<PER-SHARE-NAV-BEGIN> 11.07<F1>
<PER-SHARE-NII> 0.28<F1>
<PER-SHARE-GAIN-APPREC> (0.16)<F1>
<PER-SHARE-DIVIDEND> 0.28<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.91<F1>
<EXPENSE-RATIO> 0.58<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> 091
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 64,745,812
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<RECEIVABLES> 747,884
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<TOTAL-ASSETS> 65,990,194
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 437,411
<TOTAL-LIABILITIES> 437,411
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,763,264
<SHARES-COMMON-STOCK> 2,140,738<F1>
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<ACCUM-APPREC-OR-DEPREC> 490,741
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<EXPENSES-NET> 242,505
<NET-INVESTMENT-INCOME> 1,978,124
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<NUMBER-OF-SHARES-REDEEMED> 419,000<F1>
<SHARES-REINVESTED> 58,000<F1>
<NET-CHANGE-IN-ASSETS> 5,452,957
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<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 3,637,149
<GROSS-ADVISORY-FEES> 126,027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 248,367
<AVERAGE-NET-ASSETS> 22,028,867<F1>
<PER-SHARE-NAV-BEGIN> 10.30<F1>
<PER-SHARE-NII> 0.30<F1>
<PER-SHARE-GAIN-APPREC> (0.23)<F1>
<PER-SHARE-DIVIDEND> 0.30<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.07<F1>
<EXPENSE-RATIO> 1.10<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> 092
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<TOTAL-LIABILITIES> 437,411
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<EXPENSES-NET> 242,505
<NET-INVESTMENT-INCOME> 1,978,124
<REALIZED-GAINS-CURRENT> (57,538)
<APPREC-INCREASE-CURRENT> (1,312,668)
<NET-CHANGE-FROM-OPS> 607,918
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,324,812<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,015,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 342,000<F1>
<SHARES-REINVESTED> 61,000<F1>
<NET-CHANGE-IN-ASSETS> 5,452,957
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 7,547
<OVERDIST-NET-GAINS-PRIOR> 3,637,149
<GROSS-ADVISORY-FEES> 126,027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 248,367
<AVERAGE-NET-ASSETS> 41,178,685<F1>
<PER-SHARE-NAV-BEGIN> 10.27<F1>
<PER-SHARE-NII> 0.32<F1>
<PER-SHARE-GAIN-APPREC> (0.23)<F1>
<PER-SHARE-DIVIDEND> 0.32<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.04<F1>
<EXPENSE-RATIO> 0.59<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> 101
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 123,170,749
<INVESTMENTS-AT-VALUE> 139,618,355
<RECEIVABLES> 2,594,535
<ASSETS-OTHER> 36,668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,249,558
<PAYABLE-FOR-SECURITIES> 1,752,630
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 171,373
<TOTAL-LIABILITIES> 1,924,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,058,944
<SHARES-COMMON-STOCK> 965,323<F1>
<SHARES-COMMON-PRIOR> 706,882<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 484,302
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18,696,692
<ACCUM-APPREC-OR-DEPREC> 16,447,605
<NET-ASSETS> 140,325,555
<DIVIDEND-INCOME> 257,493
<INTEREST-INCOME> 89,890
<OTHER-INCOME> 0
<EXPENSES-NET> 831,685
<NET-INVESTMENT-INCOME> (484,302)
<REALIZED-GAINS-CURRENT> (18,726,898)
<APPREC-INCREASE-CURRENT> 9,064,087
<NET-CHANGE-FROM-OPS> (10,147,113)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,133,947<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,382,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1,211,000<F1>
<SHARES-REINVESTED> 87,000<F1>
<NET-CHANGE-IN-ASSETS> (7,172,665)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,931,533
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681,998
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 833,420
<AVERAGE-NET-ASSETS> 8,479,766<F1>
<PER-SHARE-NAV-BEGIN> 13.43<F1>
<PER-SHARE-NII> (0.06)<F1>
<PER-SHARE-GAIN-APPREC> (0.83)<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.74<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.80<F1>
<EXPENSE-RATIO> 1.75<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> 102
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 123,170,749
<INVESTMENTS-AT-VALUE> 139,618,355
<RECEIVABLES> 2,594,535
<ASSETS-OTHER> 36,668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,249,558
<PAYABLE-FOR-SECURITIES> 1,752,630
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 171,373
<TOTAL-LIABILITIES> 1,924,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,058,944
<SHARES-COMMON-STOCK> 11,909,044<F1>
<SHARES-COMMON-PRIOR> 10,209,424<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 484,302
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 18,696,692
<ACCUM-APPREC-OR-DEPREC> 16,447,605
<NET-ASSETS> 140,325,555
<DIVIDEND-INCOME> 257,493
<INTEREST-INCOME> 89,890
<OTHER-INCOME> 0
<EXPENSES-NET> 831,685
<NET-INVESTMENT-INCOME> (484,302)
<REALIZED-GAINS-CURRENT> (18,726,898)
<APPREC-INCREASE-CURRENT> 9,064,087
<NET-CHANGE-FROM-OPS> (10,147,113)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 17,767,380<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,125,000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1,672,000<F1>
<SHARES-REINVESTED> 1,247,000<F1>
<NET-CHANGE-IN-ASSETS> (7,172,665)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18,931,533
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681,998
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 833,420
<AVERAGE-NET-ASSETS> 128,138,372<F1>
<PER-SHARE-NAV-BEGIN> 13.52<F1>
<PER-SHARE-NII> (0.04)<F1>
<PER-SHARE-GAIN-APPREC> (0.83)<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.74<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.91<F1>
<EXPENSE-RATIO> 1.18<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> 111
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 78611915
<INVESTMENTS-AT-VALUE> 92989342
<RECEIVABLES> 1419056
<ASSETS-OTHER> 28502
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94436900
<PAYABLE-FOR-SECURITIES> 380456
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 713347
<TOTAL-LIABILITIES> 1093803
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77801006
<SHARES-COMMON-STOCK> 570299<F1>
<SHARES-COMMON-PRIOR> 425405<F1>
<ACCUMULATED-NII-CURRENT> 47240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1117424
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14377427
<NET-ASSETS> 93343097
<DIVIDEND-INCOME> 292820
<INTEREST-INCOME> 1364017
<OTHER-INCOME> 0
<EXPENSES-NET> 397669
<NET-INVESTMENT-INCOME> 1259168
<REALIZED-GAINS-CURRENT> 1242272
<APPREC-INCREASE-CURRENT> 608042
<NET-CHANGE-FROM-OPS> 3109482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 76781<F1>
<DISTRIBUTIONS-OF-GAINS> 299130<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178000<F1>
<NUMBER-OF-SHARES-REDEEMED> 58000<F1>
<SHARES-REINVESTED> 25000<F1>
<NET-CHANGE-IN-ASSETS> (2850933)
<ACCUMULATED-NII-PRIOR> 4062
<ACCUMULATED-GAINS-PRIOR> 4891500
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 284205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 398368
<AVERAGE-NET-ASSETS> 6276098<F1>
<PER-SHARE-NAV-BEGIN> 13.15<F1>
<PER-SHARE-NII> .12<F1>
<PER-SHARE-GAIN-APPREC> .23<F1>
<PER-SHARE-DIVIDEND> .14<F1>
<PER-SHARE-DISTRIBUTIONS> .69<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.67<F1>
<EXPENSE-RATIO> 1.35<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> 112
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 78611915
<INVESTMENTS-AT-VALUE> 92989342
<RECEIVABLES> 1419056
<ASSETS-OTHER> 28502
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94436900
<PAYABLE-FOR-SECURITIES> 380456
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 713347
<TOTAL-LIABILITIES> 1093803
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77801006
<SHARES-COMMON-STOCK> 6852348<F1>
<SHARES-COMMON-PRIOR> 6955495<F1>
<ACCUMULATED-NII-CURRENT> 47240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1117424
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14377427
<NET-ASSETS> 93343097
<DIVIDEND-INCOME> 292820
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<EXPENSES-NET> 397669
<NET-INVESTMENT-INCOME> 1259168
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<APPREC-INCREASE-CURRENT> 608042
<NET-CHANGE-FROM-OPS> 3109482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1139209<F1>
<DISTRIBUTIONS-OF-GAINS> 4717219<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 626000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1207000<F1>
<SHARES-REINVESTED> 478000<F1>
<NET-CHANGE-IN-ASSETS> (2850933)
<ACCUMULATED-NII-PRIOR> 4062
<ACCUMULATED-GAINS-PRIOR> 4891500
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 284205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 398368
<AVERAGE-NET-ASSETS> 88742715<F1>
<PER-SHARE-NAV-BEGIN> 13.03<F1>
<PER-SHARE-NII> .17<F1>
<PER-SHARE-GAIN-APPREC> .22<F1>
<PER-SHARE-DIVIDEND> .16<F1>
<PER-SHARE-DISTRIBUTIONS> .69<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57<F1>
<EXPENSE-RATIO> 0.80<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> 121
<NAME> MANAGED BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 84146419
<INVESTMENTS-AT-VALUE> 84237976
<RECEIVABLES> 1274677
<ASSETS-OTHER> 27584
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85540237
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541428
<TOTAL-LIABILITIES> 541428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85501615
<SHARES-COMMON-STOCK> 190783<F1>
<SHARES-COMMON-PRIOR> 162938<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 594363
<ACCUM-APPREC-OR-DEPREC> 91557
<NET-ASSETS> 84998809
<DIVIDEND-INCOME> 19915
<INTEREST-INCOME> 2740393
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<EXPENSES-NET> 234235
<NET-INVESTMENT-INCOME> 2526073
<REALIZED-GAINS-CURRENT> (426189)
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<NET-CHANGE-FROM-OPS> 378539
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 53005<F1>
<DISTRIBUTIONS-OF-GAINS> 15604<F1>
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<NUMBER-OF-SHARES-SOLD> 61000<F1>
<NUMBER-OF-SHARES-REDEEMED> 37000<F1>
<SHARES-REINVESTED> 4000<F1>
<NET-CHANGE-IN-ASSETS> 7783200
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 568141
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 160042
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242232
<AVERAGE-NET-ASSETS> 1832024<F1>
<PER-SHARE-NAV-BEGIN> 10.41<F1>
<PER-SHARE-NII> .29<F1>
<PER-SHARE-GAIN-APPREC> (.27)<F1>
<PER-SHARE-DIVIDEND> .29<F1>
<PER-SHARE-DISTRIBUTIONS> .10<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04<F1>
<EXPENSE-RATIO> 1.10<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> 122
<NAME> MANAGED BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 84146419
<INVESTMENTS-AT-VALUE> 84237976
<RECEIVABLES> 1274677
<ASSETS-OTHER> 27584
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85540237
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<OTHER-ITEMS-LIABILITIES> 541428
<TOTAL-LIABILITIES> 541428
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 8316854<F1>
<SHARES-COMMON-PRIOR> 7284823<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 594363
<ACCUM-APPREC-OR-DEPREC> 91557
<NET-ASSETS> 84998809
<DIVIDEND-INCOME> 19915
<INTEREST-INCOME> 2740393
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<EXPENSES-NET> 234235
<NET-INVESTMENT-INCOME> 2526073
<REALIZED-GAINS-CURRENT> (426189)
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<NET-CHANGE-FROM-OPS> 378539
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<DISTRIBUTIONS-OF-INCOME> 2473068<F1>
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<NUMBER-OF-SHARES-SOLD> 1744000<F1>
<NUMBER-OF-SHARES-REDEEMED> 975000<F1>
<SHARES-REINVESTED> 263000<F1>
<NET-CHANGE-IN-ASSETS> 7783200
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 242232
<AVERAGE-NET-ASSETS> 78425826<F1>
<PER-SHARE-NAV-BEGIN> 10.37<F1>
<PER-SHARE-NII> .32<F1>
<PER-SHARE-GAIN-APPREC> (.28)<F1>
<PER-SHARE-DIVIDEND> .32<F1>
<PER-SHARE-DISTRIBUTIONS> .10<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99<F1>
<EXPENSE-RATIO> 0.57<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> 131
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 71578180
<INVESTMENTS-AT-VALUE> 71483871
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<TOTAL-ASSETS> 72606212
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<OTHER-ITEMS-LIABILITIES> 399390
<TOTAL-LIABILITIES> 399390
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<SHARES-COMMON-STOCK> 163055<F1>
<SHARES-COMMON-PRIOR> 97811<F1>
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<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> (94310)
<NET-ASSETS> 72206822
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<NET-INVESTMENT-INCOME> 1848386
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<NUMBER-OF-SHARES-SOLD> 135000<F1>
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<SHARES-REINVESTED> 2000<F1>
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<GROSS-EXPENSE> 204705
<AVERAGE-NET-ASSETS> 1404778<F1>
<PER-SHARE-NAV-BEGIN> 10.07<F1>
<PER-SHARE-NII> .27<F1>
<PER-SHARE-GAIN-APPREC> (.13)<F1>
<PER-SHARE-DIVIDEND> .27<F1>
<PER-SHARE-DISTRIBUTIONS> .01<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.93<F1>
<EXPENSE-RATIO> .91<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> 132
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<TOTAL-LIABILITIES> 399390
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<ACCUM-APPREC-OR-DEPREC> (94310)
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<EXPENSES-NET> 196905
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<REALIZED-GAINS-CURRENT> (161570)
<APPREC-INCREASE-CURRENT> (583603)
<NET-CHANGE-FROM-OPS> 1103213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1810884<F1>
<DISTRIBUTIONS-OF-GAINS> 54895<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2877000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1081000<F1>
<SHARES-REINVESTED> 27000<F1>
<NET-CHANGE-IN-ASSETS> 18022170
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 60819
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129706
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 204705
<AVERAGE-NET-ASSETS> 63635080<F1>
<PER-SHARE-NAV-BEGIN> 10.07<F1>
<PER-SHARE-NII> .28<F1>
<PER-SHARE-GAIN-APPREC> (.12)<F1>
<PER-SHARE-DIVIDEND> .28<F1>
<PER-SHARE-DISTRIBUTIONS> .01<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.94<F1>
<EXPENSE-RATIO> .60<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> 141
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 9345557
<INVESTMENTS-AT-VALUE> 10539764
<RECEIVABLES> 118433
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10667102
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<OTHER-ITEMS-LIABILITIES> 94864
<TOTAL-LIABILITIES> 94864
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9231685
<SHARES-COMMON-STOCK> 44860<F1>
<SHARES-COMMON-PRIOR> 1873<F1>
<ACCUMULATED-NII-CURRENT> 28
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 146318
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1194207
<NET-ASSETS> 10572238
<DIVIDEND-INCOME> 68809
<INTEREST-INCOME> 11300
<OTHER-INCOME> 0
<EXPENSES-NET> 17899
<NET-INVESTMENT-INCOME> 62210
<REALIZED-GAINS-CURRENT> 146358
<APPREC-INCREASE-CURRENT> 636954
<NET-CHANGE-FROM-OPS> 845522
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<DISTRIBUTIONS-OF-INCOME> 2214<F1>
<DISTRIBUTIONS-OF-GAINS> 145<F1>
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<NUMBER-OF-SHARES-SOLD> 47000<F1>
<NUMBER-OF-SHARES-REDEEMED> 4000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 6604563
<ACCUMULATED-NII-PRIOR> 73
<ACCUMULATED-GAINS-PRIOR> 25549
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17514
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34993
<AVERAGE-NET-ASSETS> 129198<F1>
<PER-SHARE-NAV-BEGIN> 12.18<F1>
<PER-SHARE-NII> .09<F1>
<PER-SHARE-GAIN-APPREC> 1.49<F1>
<PER-SHARE-DIVIDEND> .11<F1>
<PER-SHARE-DISTRIBUTIONS> .08<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.57<F1>
<EXPENSE-RATIO> 1.24<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> 142
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 9345557
<INVESTMENTS-AT-VALUE> 10539764
<RECEIVABLES> 118433
<ASSETS-OTHER> 8905
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94864
<TOTAL-LIABILITIES> 94864
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9231685
<SHARES-COMMON-STOCK> 733598<F1>
<SHARES-COMMON-PRIOR> 324005<F1>
<ACCUMULATED-NII-CURRENT> 28
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 146318
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1194207
<NET-ASSETS> 10572238
<DIVIDEND-INCOME> 68809
<INTEREST-INCOME> 11300
<OTHER-INCOME> 0
<EXPENSES-NET> 17899
<NET-INVESTMENT-INCOME> 62210
<REALIZED-GAINS-CURRENT> 146358
<APPREC-INCREASE-CURRENT> 636954
<NET-CHANGE-FROM-OPS> 845522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 60041<F1>
<DISTRIBUTIONS-OF-GAINS> 25444<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 491000<F1>
<NUMBER-OF-SHARES-REDEEMED> 84000<F1>
<SHARES-REINVESTED> 2000<F1>
<NET-CHANGE-IN-ASSETS> 6604563
<ACCUMULATED-NII-PRIOR> 73
<ACCUMULATED-GAINS-PRIOR> 25549
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17514
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34993
<AVERAGE-NET-ASSETS> 5729924<F1>
<PER-SHARE-NAV-BEGIN> 12.18<F1>
<PER-SHARE-NII> .11<F1>
<PER-SHARE-GAIN-APPREC> 1.48<F1>
<PER-SHARE-DIVIDEND> .11<F1>
<PER-SHARE-DISTRIBUTIONS> .08<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.58<F1>
<EXPENSE-RATIO> 0.60<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> 151
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 34349877
<INVESTMENTS-AT-VALUE> 38313284
<RECEIVABLES> 224825
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38547454
<PAYABLE-FOR-SECURITIES> 83718
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96602
<TOTAL-LIABILITIES> 180320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33416394
<SHARES-COMMON-STOCK> 139453<F1>
<SHARES-COMMON-PRIOR> 10149<F1>
<ACCUMULATED-NII-CURRENT> 234666
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 752742
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3963332
<NET-ASSETS> 38367134
<DIVIDEND-INCOME> 417684
<INTEREST-INCOME> 44628
<OTHER-INCOME> (45892)
<EXPENSES-NET> 179198
<NET-INVESTMENT-INCOME> 237222
<REALIZED-GAINS-CURRENT> 646205
<APPREC-INCREASE-CURRENT> 3030061
<NET-CHANGE-FROM-OPS> 3913488
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 263<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 139000<F1>
<NUMBER-OF-SHARES-REDEEMED> 10000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 20724611
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 149235
<OVERDISTRIB-NII-PRIOR> 2556
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138037
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183172
<AVERAGE-NET-ASSETS> 731321<F1>
<PER-SHARE-NAV-BEGIN> 11.29<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> 1.48<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .02<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.81<F1>
<EXPENSE-RATIO> 1.90<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> 152
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 34349877
<INVESTMENTS-AT-VALUE> 38313284
<RECEIVABLES> 224825
<ASSETS-OTHER> 9345
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38547454
<PAYABLE-FOR-SECURITIES> 83718
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96602
<TOTAL-LIABILITIES> 180320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33416394
<SHARES-COMMON-STOCK> 2843934<F1>
<SHARES-COMMON-PRIOR> 1552465<F1>
<ACCUMULATED-NII-CURRENT> 234666
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 752742
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3963332
<NET-ASSETS> 38367134
<DIVIDEND-INCOME> 417684
<INTEREST-INCOME> 44628
<OTHER-INCOME> (45892)
<EXPENSES-NET> 179198
<NET-INVESTMENT-INCOME> 237222
<REALIZED-GAINS-CURRENT> 646205
<APPREC-INCREASE-CURRENT> 3030061
<NET-CHANGE-FROM-OPS> 3913488
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 42435<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1660000<F1>
<NUMBER-OF-SHARES-REDEEMED> 371000<F1>
<SHARES-REINVESTED> 2000<F1>
<NET-CHANGE-IN-ASSETS> 20724611
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 149235
<OVERDISTRIB-NII-PRIOR> 2556
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138037
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183172
<AVERAGE-NET-ASSETS> 26985699<F1>
<PER-SHARE-NAV-BEGIN> 11.29<F1>
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> 1.51<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .02<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.86<F1>
<EXPENSE-RATIO> 1.28<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL SHARES
</FN>
</TABLE>
Changes in Registrant's Certifying Accountant
1. On February 6, 1997, Registrant by action
of its Board of Trustees dismissed Price
Waterhouse LLP as the Registrant's
independent accountants.
2. During the Registrant's two most recent
fiscal years ended November 30, 1996 and 1995,
Price Waterhouse LLP's reports on the
Registrant's financial statements contained
no adverse opinion or disclaimer of opinion,
nor were they qualified or modified as to
uncertainty, audit scope, or accounting
principles.
3. During the Registrant's two most recent
fiscal years ended November 30, 1996 and
1995 and the interim period (commencing
November 30, 1996 and ending February 6,
1997), there were no disagreements with
Price Waterhouse LLP on any matter of
accounting principles or practices, financial
statement disclosure, or auditing scope or
procedure, which disagreements, if not
resolved to the satisfaction of Price
Waterhouse LLP, would have caused it
to make reference to the subject matter of
the disagreement in connection with its
report on the financial statements for
such years.
4. During the Registrant's two most recent
fiscal years and the subsequent interim period
ended February 6, 1997, there were no
events of the kind described in Item 304 (a) (1) (v)
of Regulation S-K under the Securities Exchange
Act of 1934, as amended.
5. On February 6, 1997, the Registrant by action
of its Board of Trustees engaged KPMG Peat
Marwick LLP as its principal accountants to
audit the Registrant's financial statements for
the fiscal year ending November 30, 1997.
During the Registrant's two most recent fiscal
years and the subsequent interim period, neither
Registrant nor anyone on its behalf has consulted
KPMG Peat Marwick LLP on items which (i)
concerned the application of accounting principles
to a specified transaction, either completed or
proposed, or the type of audit opinion that might be
rendered on the Registrant's financial statements or
(ii) concerned the subject matter of a disagreement
(as defined in paragraph (a) (1) (iv) of Item 304 of
regulation S-K) or reportable event (as described in
paragraph (a) (1) (v) of said Item 304).
6. The Registrant has requested Price Waterhouse LLP
to furnish it with a letter addressed to the Securities and
Exchange Commission stating whether Price Waterhouse
LLP agrees with the statements contained in the second,
third and fourth paragraphs above. A copy of the letter
from Price Waterhouse LLP to the Securities and
Exchange Commission is filed as Annex I hereto.
July 18, 1997
Securities and Exchange Commission
40 Fifth Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
Emerald Funds
We have read Item 77 K of Emerald Funds'
Form N-SAR for the six months ended May
31, 1997 and are in agreement with the
statements contained theirin.
Yours very truly,
Price Waterhouse LLP
Policies with Respect to Security Investments
Effective May 30, 1997, there are no minimum
or maximum limitations regarding the dollar
weighted average portfolio maturity of the
Managed Bond Fund. The Fund's average
portfolio maturity will change from time to
time, and may be longer or shorter than ten
years in light of the investment adviser's
views of prevailing market and economic
conditions.
