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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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 39
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<PAGE> PAGE 40
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070 P020700 N
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
048 I020800 0.000
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054 I000800 N
054 J000800 N
054 K000800 N
054 L000800 N
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054 O000800 N
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<PAGE> PAGE 45
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070 G010800 N
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070 H010800 N
070 H020800 N
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070 I020800 N
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070 J020800 N
070 K010800 Y
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070 L020800 N
070 M010800 N
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070 O010800 Y
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070 P010800 N
070 P020800 N
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070 Q020800 N
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070 R020800 N
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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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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008 A001001 BARNETT CAPITAL ADVISORS, INC.
008 B001001 A
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015 A001001 THE BANK OF NEW YORK
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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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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
047 001200 Y
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050 001200 N
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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
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<PAGE> PAGE 65
060 A001200 Y
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062 A001200 Y
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063 B001200 15.4
064 A001200 N
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 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
<PAGE> PAGE 66
070 K021200 N
070 L011200 Y
070 L021200 N
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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<PAGE> PAGE 67
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015 A001301 THE BANK OF NEW YORK
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<PAGE> PAGE 68
025 A001301 GOLDMAN SACHS
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<PAGE> PAGE 69
042 A001300 0
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048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
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050 001300 N
051 001300 N
052 001300 Y
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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
054 I001300 N
<PAGE> PAGE 70
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
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060 A001300 Y
060 B001300 Y
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064 A001300 N
064 B001300 N
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067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
<PAGE> PAGE 71
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 N
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 23510
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<PAGE> PAGE 72
072 U001300 6
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008 A001401 BARNETT CAPITAL ADVISORS, INC.
<PAGE> PAGE 73
008 B001401 A
008 C001401 801-000000
008 D011401 JACKSONVILLE
008 D021401 FL
008 D031401 32256
015 A001401 THE BANK OF NEW YORK
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015 C021401 NY
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015 E011401 X
024 001400 Y
025 A001401 LEHMAN BROTHERS
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<PAGE> PAGE 74
028 H001400 0
037 001400 N
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041 001400 Y
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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 Y
053 A001400 Y
053 B001400 Y
054 A001400 N
054 B001400 N
054 C001400 N
<PAGE> PAGE 75
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
054 I001400 N
054 J001400 N
054 K001400 N
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
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066 A001400 Y
066 C001400 Y
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 N
070 B021400 N
<PAGE> PAGE 76
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 7321
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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008 A001501 BARNETT CAPITAL ADVISORS, INC.
008 B001501 A
008 C001501 801-000000
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015 A001501 THE BANK OF NEW YORK
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<PAGE> PAGE 79
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048 I021500 0.000
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048 J021500 0.000
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<PAGE> PAGE 80
050 001500 N
051 001500 N
052 001500 Y
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
054 M001500 N
054 N001500 N
054 O001500 N
055 A001500 Y
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056 001500 Y
057 001500 N
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059 001500 Y
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<PAGE> PAGE 81
067 001500 N
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069 001500 N
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070 C011500 N
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
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SIGNATURE CORY GOSSARD
TITLE SUPERVISOR
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<NAME> PRIME FUND
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<NAME> EMERALD FUNDS
<SERIES>
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<F1>Institutional Shares
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 013
<NAME> PRIME FUND
<S> <C>
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<CIK> 0000831101
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<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>
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<F1>Service Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 041
<NAME> PRIME ADVANTAGE INSTITUTIONAL MONEY MARKET FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 051
<NAME> TREASURY ADVANTAGE INSTITUTIONAL FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 071
<NAME> EQUITY FUND
<S> <C>
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<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 072
<NAME> EQUITY FUND
<S> <C>
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<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>
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<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 082
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 091
<NAME> US GOVERNMENT SECURITIES FUND
<S> <C>
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<PER-SHARE-NII> .246<F1>
<PER-SHARE-GAIN-APPREC> .027<F1>
<PER-SHARE-DIVIDEND> .250<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.312<F1>
<EXPENSE-RATIO> 1.089<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> US GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 62412057
<INVESTMENTS-AT-VALUE> 63267931
<RECEIVABLES> 703864
<ASSETS-OTHER> 24420
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63996216
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<OTHER-ITEMS-LIABILITIES> 32440
<TOTAL-LIABILITIES> 32440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65790802
<SHARES-COMMON-STOCK> 4407069<F1>
<SHARES-COMMON-PRIOR> 4821199<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (165001)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2524113)
<ACCUM-APPREC-OR-DEPREC> 855874
<NET-ASSETS> 45314971<F1>
<DIVIDEND-INCOME> 17066
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<EXPENSES-NET> 248412
<NET-INVESTMENT-INCOME> 1789800
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<APPREC-INCREASE-CURRENT> (564810)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1316717<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 6281056<F1>
<NUMBER-OF-SHARES-REDEEMED> 11072847<F1>
<SHARES-REINVESTED> 539760<F1>
<NET-CHANGE-IN-ASSETS> (7120005)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (146808)
<OVERDIST-NET-GAINS-PRIOR> (3271870)
<GROSS-ADVISORY-FEES> 128397
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<GROSS-EXPENSE> 248412
<AVERAGE-NET-ASSETS> 50232498<F1>
<PER-SHARE-NAV-BEGIN> 10.261<F1>
<PER-SHARE-NII> .268<F1>
<PER-SHARE-GAIN-APPREC> .024<F1>
<PER-SHARE-DIVIDEND> .270<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.282<F1>
<EXPENSE-RATIO> .647<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> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 133022901
<INVESTMENTS-AT-VALUE> 153069201
<RECEIVABLES> 49597
<ASSETS-OTHER> 11416
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 153130214
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<OTHER-ITEMS-LIABILITIES> 34043
<TOTAL-LIABILITIES> 34043
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133173736
<SHARES-COMMON-STOCK> 1124239<F1>
<SHARES-COMMON-PRIOR> 1096636<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (722532)
<ACCUMULATED-NET-GAINS> 586448
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20046301
<NET-ASSETS> 13883822<F1>
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<NET-INVESTMENT-INCOME> (722303)
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<APPREC-INCREASE-CURRENT> (441750)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 1908450<F1>
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<NUMBER-OF-SHARES-SOLD> 54720132<F1>
<NUMBER-OF-SHARES-REDEEMED> 56169054<F1>
<SHARES-REINVESTED> 1746648<F1>
<NET-CHANGE-IN-ASSETS> (24062484)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 809762
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1023416
<AVERAGE-NET-ASSETS> 14825671<F1>
<PER-SHARE-NAV-BEGIN> 12.823<F1>
<PER-SHARE-NII> .076<F1>
<PER-SHARE-GAIN-APPREC> 1.274<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.671<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.350<F1>
<EXPENSE-RATIO> 1.707<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> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 133022901
<INVESTMENTS-AT-VALUE> 153069201
<RECEIVABLES> 49597
<ASSETS-OTHER> 11416
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 153130214
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<OTHER-ITEMS-LIABILITIES> 34043
<TOTAL-LIABILITIES> 34043
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133173736
<SHARES-COMMON-STOCK> 11093818<F1>
<SHARES-COMMON-PRIOR> 12566576<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (722532)
<ACCUMULATED-NET-GAINS> 586448
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20046301
<NET-ASSETS> 139212348<F1>
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<NET-INVESTMENT-INCOME> (722303)
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<APPREC-INCREASE-CURRENT> (441750)
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<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 10046361<F1>
<NUMBER-OF-SHARES-REDEEMED> 41734118<F1>
<SHARES-REINVESTED> 11727764<F1>
<NET-CHANGE-IN-ASSETS> (24062484)
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1023416
<AVERAGE-NET-ASSETS> 163079120<F1>
<PER-SHARE-NAV-BEGIN> 12.979<F1>
<PER-SHARE-NII> (.080)<F1>
<PER-SHARE-GAIN-APPREC> 1.322<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.671<F1>
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<PER-SHARE-NAV-END> 12.549<F1>
<EXPENSE-RATIO> 1.225<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> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 67582651
<INVESTMENTS-AT-VALUE> 76486510
<RECEIVABLES> 408367
<ASSETS-OTHER> 2055
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76896931
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<OTHER-ITEMS-LIABILITIES> 16153
<TOTAL-LIABILITIES> 16153
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 764595<F1>
<SHARES-COMMON-PRIOR> 595508<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11998)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (62267)
<ACCUM-APPREC-OR-DEPREC> 8903859
<NET-ASSETS> 8701417<F1>
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<NUMBER-OF-SHARES-REDEEMED> 1024124<F1>
<SHARES-REINVESTED> 1888880<F1>
<NET-CHANGE-IN-ASSETS> (8279263)
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<ACCUMULATED-GAINS-PRIOR> 11006620
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333415
<AVERAGE-NET-ASSETS> 8669733<F1>
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<PER-SHARE-NII> .119<F1>
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<PER-SHARE-DIVIDEND> .118<F1>
<PER-SHARE-DISTRIBUTIONS> 3.325<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.380<F1>
<EXPENSE-RATIO> 1.296<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> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 67582651
<INVESTMENTS-AT-VALUE> 76486510
<RECEIVABLES> 408367
<ASSETS-OTHER> 2055
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76896931
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<OTHER-ITEMS-LIABILITIES> 16153
<TOTAL-LIABILITIES> 16153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68044373
<SHARES-COMMON-STOCK> 6046642<F1>
<SHARES-COMMON-PRIOR> 5564606<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11998)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (62267)
<ACCUM-APPREC-OR-DEPREC> 8903859
<NET-ASSETS> 68179361<F1>
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<SHARES-REINVESTED> 18493043<F1>
<NET-CHANGE-IN-ASSETS> (8279263)
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<GROSS-EXPENSE> 333415
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<PER-SHARE-NAV-END> 11.276<F1>
<EXPENSE-RATIO> .820<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> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 76249840
<INVESTMENTS-AT-VALUE> 76257837
<RECEIVABLES> 986452
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<TOTAL-ASSETS> 77246077
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<OTHER-ITEMS-LIABILITIES> 22347
<TOTAL-LIABILITIES> 22347
<SENIOR-EQUITY> 0
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<PER-SHARE-NAV-END> 10.099<F1>
<EXPENSE-RATIO> 1.095<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> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
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<GROSS-EXPENSE> 258327
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<PER-SHARE-GAIN-APPREC> (.005)<F1>
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<EXPENSE-RATIO> .558<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
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> EMERALD FUNDS
<SERIES>
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<NAME> SHORT-TERM FIXED INCOME
<S> <C>
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<F1>Institutional Shares
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SUB-INVESTMENT ADVISORY AGREEMENT
(Tax-Exempt Fund)
AGREEMENT made as of January 9, 1998 between BARNETT CAPITAL ADVISORS,
INC., a wholly-owned indirect subsidiary of Barnett Banks, Inc. (herein called
the "Adviser"), and RODNEY SQUARE MANAGEMENT CORPORATION, a Delaware corporation
(herein called the "Sub-Adviser").
WHEREAS, EMERALD FUNDS, a Massachusetts business trust (herein called
the "Trust"), is registered as an open-end, management investment company under
the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, pursuant to an Investment Advisory Agreement by and between
the Trust and the Adviser (herein called the "Investment Advisory Agreement"),
the Adviser has agreed to furnish investment advisory services to the Trust with
respect to its Tax-Exempt Fund investment portfolio (the "Fund"); and
WHEREAS, the Investment Advisory Agreement authorizes the Adviser to
sub-contract investment advisory services with respect to the Fund to the
Sub-Adviser pursuant to a sub-advisory agreement agreeable to the Trust and
approved in accordance with the provisions of the 1940 Act; and
WHEREAS, this Agreement has been so approved, and the Sub-Adviser is
willing to furnish sub-advisory services to the Fund upon the terms and
conditions herein set forth;
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, it is agreed between the parties hereto as follows:
1. Appointment.
The Adviser hereby appoints the Sub-Adviser to act as
sub-investment adviser to the Trust's Tax-Exempt Fund for the period and on the
terms set forth in this Agreement. The SubAdviser accepts such appointment and
agrees to furnish the services herein set forth for the compensation herein
provided.
2. Services of Sub-Adviser.
Subject to the oversight and supervision of the Adviser and
the Trust's Board of Trustees, the Sub-Adviser will provide a continuous
investment program for the Fund, including investment research and management
with respect to all securities, investments, cash and cash equivalents in the
Fund. The Sub-Adviser will determine from time to time what securities and other
investments will be purchased, retained or sold by the Fund. The Sub-Adviser
will provide the services rendered by it under this Agreement in accordance with
the investment criteria and policies established from time to time for the Fund
by the Adviser, the Fund's investment objective, policies and restrictions as
stated in the Trust's Prospectus and Statement of Additional Information for the
Fund, and resolutions of the Trust's Board of Trustees.
The Sub-Adviser further agrees that it will:
(a) Provide information to the Fund's accountant for the
purpose of updating the Fund's cash availability throughout the day as required;
(b) Maintain historical tax lots for each portfolio
security held by the Fund;
(c) Transmit trades to the Trust's custodian for proper
settlement;
(d) Maintain all books and records with respect to the Fund
that are required to be maintained under Rule 31a-1(f) under the 1940 Act;
(e) Supply the Trust and its Board of Trustees with reports,
statistical data and economic information as requested; and
(f) Prepare a quarterly broker security transaction summary
and, if requested in advance, monthly security transaction listing for the Fund.
3. Other Covenants.
The Sub-Adviser agrees that it:
(a) will comply with all applicable Rules and Regulations of
the Securities and Exchange Commission and will in addition conduct its
activities under this Agreement in accordance with other applicable law;
(b) will use the same skill and care in providing such
services as it uses in providing services to fiduciary accounts for which it has
investment responsibilities;
(c) will place orders pursuant to its investment
determinations for the Fund either directly with the issuer or with any broker
or dealer. In executing portfolio transactions and selecting brokers or dealers,
the Sub-Adviser will use its best efforts to seek on behalf of the Fund the best
overall terms available. In assessing the best overall terms available for any
transaction, the Sub-Adviser shall consider all factors that it deems relevant,
including the breadth of the market in the security, the price of the security,
the financial condition and execution capability of the broker or dealer, and
the reasonableness of the commission, if any, both for the specific transaction
and on a continuing basis. In evaluating the best overall terms available, and
in selecting the broker-dealer to execute a particular transaction, the
Sub-Adviser may also consider the brokerage and research services (as those
terms are defined in Section 28(e) of the Securities Exchange Act of 1934)
provided to the Fund or other accounts over which the Sub-Adviser or an
affiliate of the Sub-Adviser exercises investment discretion. The Sub-Adviser is
authorized, subject to the prior approval of the Adviser and the Trust's Board
of Trustees, to pay to a broker or dealer who provides such brokerage and
research services a commission for executing a portfolio transaction for the
Fund which is in excess of the amount of commission another broker or dealer
would have charged for effecting that transaction if, but only if, the
Sub-Adviser determines in good faith that such commission was reasonable in
relation to the value of the brokerage and research services provided by such
broker or dealer -- viewed in terms of that particular transaction or in terms
of the overall responsibilities of the Sub-Adviser to the Fund. In addition, the
Sub-Adviser is authorized to take into account the sale of shares of the Trust
in allocating purchase and sale orders for portfolio securities to brokers or
dealers (including brokers and dealers that are affiliated with the Adviser,
Sub-Adviser or the Trust's principal underwriter), provided that the Sub-Adviser
believes that the quality of the transaction and the commission are comparable
to what they would be with other qualified firms. In no instance, however, will
portfolio securities be purchased from or sold to the Adviser, Sub-Adviser, the
Trust's principal underwriter or any affiliated person of either the Trust, the
Adviser, Sub-Adviser, or the principal underwriter, acting as principal in the
transaction, except to the extent permitted by the Securities and Exchange
Commission; and
(d) will maintain a policy and practice of conducting its
sub-investment advisory services hereunder independently of its, and any of its
affiliates', commercial banking operations. When the Sub-Adviser makes
investment recommendations for the Fund, its investment advisory personnel will
not inquire or take into consideration whether the issuers of securities
proposed for purchase or sale for the Fund's account are customers of its, or
any of its affiliates', commercial department. In dealing with commercial
customers, the commercial department of the SubAdviser, or any of its
affiliates, will not inquire or take into consideration whether securities of
those customers are held by the Fund.
4. Services Not Exclusive.
The services furnished by the Sub-Adviser hereunder are deemed
not to be exclusive, and the Sub-Adviser shall be free to furnish similar
services to others so long as its services under this Agreement are not impaired
thereby. To the extent that the purchase or sale of securities or other
investments of the same issuer may be deemed by the Sub-Adviser to be suitable
for two or more accounts managed by the Sub-Adviser, the available securities or
investments may be allocated in a manner believed by the Sub-Adviser to be
equitable to each account. It is recognized that in some cases this procedure
may adversely affect the price paid or received by the Fund or the size of the
position obtainable for or disposed of by the Fund.
5. Books and Records.
In compliance with the requirements of Rule 31a-3 under the
1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for
the Fund are the property of the Trust and further agrees to surrender promptly
to the Trust any of such records upon the Trust's request. The Sub-Adviser
further agrees to preserve for the periods prescribed by Rule 31a-2 under the
1940 Act the records required to be maintained by it under this Agreement.
6. Expenses.
During the term of this Agreement, the Sub-Adviser will pay
all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities, commodities and other investments
(including brokerage commissions and other transaction costs, if any) purchased
or sold for the Fund. In addition, if in any fiscal year the aggregate expenses
of the Fund (as defined under the securities regulations of any state having
jurisdiction over the Fund) exceed the expense limitations of any such state,
the Sub-Adviser will reimburse the Trust, to the extent required by state law,
for 50% of such excess expenses of the Fund; provided that to the extent the
Adviser reimburses the Trust for such expenses, then the Sub-Adviser will make
its reimbursement hereunder to the Adviser instead; and provided further that
such reimbursement will not be required to the extent that the Sub-Adviser's fee
has been reduced pursuant to Section 7 hereof as a result of reimbursements made
by the Adviser to the Trust. The Sub-Adviser's obligation with respect to the
Fund is limited to the amount of its fees hereunder from the Fund. Such
reimbursement, if any, will be estimated and accrued daily and paid on a monthly
basis.
7. Compensation.
For the services provided and the expenses assumed pursuant to
this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser will
accept as full compensation therefor, a fee, computed daily and payable monthly,
at the annual rate of .15% of the average daily net assets of the Fund minus
such amount, if any, that the Adviser has reimbursed the Trust in the event the
aggregate expenses of the Fund exceed the expense limitations of any state
having jurisdiction over the Fund. Such fee shall be a separate charge to the
Fund and shall be the several (and not joint or joint and several) obligation of
the Fund. The fees payable by the Adviser under this Section 7 for the period
beginning on the date of this Agreement and ending on the date the shareholders
of the Fund approve this Agreement shall be maintained in an interest-bearing
escrow account until such time as the Fund's shareholders approve the payment of
such fees to the Sub-Adviser. If the Fund's shareholders do not approve the
payment to the Sub-Adviser of such fees for such period, the balance in the
escrow account shall be paid to the Fund. The Sub-Adviser acknowledges that it
shall not be entitled to any further compensation from either the Adviser or the
Trust in respect of the services provided and expenses assumed by it under this
Agreement.
8. Limitation of Liability.
The Sub-Adviser shall not be liable for any error of judgment
or mistake of law or for any loss suffered by the Trust in connection with the
performance of this Agreement, except that the Sub-Adviser shall be liable to
the Trust for any loss resulting from a breach of fiduciary duty with respect to
the receipt of compensation for services or any loss resulting from willful
misfeasance, bad faith or negligence on the part of the Sub-Adviser in the
performance of its duties or from reckless disregard by it of its obligations
and duties under this Agreement.
9. Duration and Termination.
This Agreement will become effective as of the date first
above written. Unless sooner terminated as provided herein this Agreement shall
continue in effect until May 9, 1998 and, if approved by the shareholders of the
Fund on or before such date, shall continue in effect for an additional period
ending on November 30, 1998. Thereafter, if not terminated, this Agreement shall
automatically continue in effect for successive annual periods ending on
November 30, provided such continuance is specifically approved at least
annually (a) by the vote of a majority of those members of the Trust's Board of
Trustees who are not interested persons of any party to this Agreement, cast in
person at a meeting called for the purpose of voting such approval, and (b) by
the Trust's Board of Trustees or by vote of a majority of the outstanding voting
securities of the Fund. Notwithstanding the foregoing, this Agreement may be
terminated as to the Fund at any time, without the payment of any penalty, by
the Adviser or by the Trust (by vote of the Trust's Board of Trustees or by vote
of a majority of the outstanding voting securities of the Fund), on sixty days'
written notice to the Sub-Adviser, or by the Sub-Adviser, on sixty days' written
notice to the Trust, provided that in each such case, notice shall be given
simultaneously to the Adviser. In addition, notwithstanding anything herein to
the contrary, in the event of the termination of the Investment Advisory
Agreement with respect to the Fund for any reason (whether by the Trust, by the
Adviser or by operation of law) this Agreement shall terminate upon the
effective date of such termination of the Investment Advisory Agreement. This
Agreement will also immediately terminate in the event of its assignment. (As
used in this Agreement, the terms "majority of the outstanding voting
securities," "interested persons" and "assignment" shall have the same meaning
as such terms have in the 1940 Act.)
10. Amendment of This Agreement.
No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought. No amendment of this Agreement shall be effective until
approved by vote of a majority of the outstanding voting securities of the Fund.
11. Miscellaneous.
The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and shall be governed by Delaware law.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their officers designated below as of the day and
year first above written.
BARNETT CAPITAL ADVISORS, INC.
BY: /s/ Jack A. Ablin
TITLE: President
RODNEY SQUARE MANAGEMENT
CORPORATION
BY: /s/ Joseph M. Fahey, Jr.
TITLE: Vice-President
EMERALD FUNDS
Special Meeting of Shareholders
3435 Stelzer Road
Columbus, Ohio
May 4, 1998
10:00 a.m. Eastern Time
Reconvened May 8, 1998
4:00 p.m. Eastern Time
REPORT OF INSPECTOR OF ELECTION AND BALLOTS
To the Secretary of the Special Meeting of
Shareholders of Emerald Funds
I, the undersigned Inspector of Election and Ballots,
having been duly qualified, do hereby state that at the
Special Meeting of Shareholders ("Meeting") of Emerald Funds
(the "Trust"), held at the Trust's offices located at 3435
Stelzer Road, Columbus, Ohio 43219, on Monday May 4, 1998,
at 10:00 a.m. Eastern Time, the following resolutions were
duly offered for vote by ballot, respectively, by shareholders
of the Emerald Tax-Exempt Fund, shareholders of the Emerald
Equity Fund, Emerald Short-Term Fixed Income Fund, Emerald
U.S. Government Securities Fund, Emerald Florida Tax-Exempt
Fund, Emerald Small Capitalization Fund, Emerald Balanced
Fund, Emerald Managed Bond Fund, Emerald Equity Value Fund,
Emerald Prime Advantage Institutional Fund and Emerald
Treasury Advantage Institutional Fund, and shareholders of
the Emerald International Equity Fund:
RESOLVED, that (i) the interim investment advisory
agreement between the Trust and Barnett Capital Advisors,
Inc. with respect to the Emerald Tax-Exempt Fund and (ii)
the interim investment sub-advisory agreement between Barnett
Capital Advisors, Inc. and Rodney Square Management
Corporation with respect to the Emerald Tax-Exempt Fund be,
and each of them hereby is, ratified and approved for the
period from January 9, 1998 forward;
RESOLVED, that the interim investment advisory agreement
between the Trust and Barnett Capital Advisors, Inc. with
respect to the Emerald Equity Fund, Emerald Short-Term Fixed
Income Fund, Emerald U.S. Government Securities Fund, Emerald
Florida Tax-Exempt Fund, Emerald Small Capitalization Fund,
Emerald Balanced Fund, Emerald Managed Bond Fund, Emerald
International Equity Fund, Emerald Equity Value Fund, Emerald
Prime Advantage Institutional Fund and Emerald Treasury
Advantage Institutional Fund be, and the same hereby is,
ratified and approved for the period from January 9, 1998
forward;
RESOLVED, that (i) the interim investment advisory agreement
between the Trust and Barnett Capital Advisors, Inc. with
respect to the Emerald Equity Fund, Emerald Short-Term Fixed
Income Fund, Emerald U.S. Government Securities Fund, Emerald
Florida Tax-Exempt Fund, Emerald Small Capitalization Fund,
Emerald Balanced Fund, Emerald Managed Bond Fund, Emerald
International Equity Fund, Emerald Equity Value Fund, Emerald
Prime Advantage Institutional Fund and Emerald Treasury
Advantage Institutional Fund and (ii) the interim investment
sub-advisory agreement between Barnett Capital Advisors, Inc.
and Brandes Investment Partners, L.P. with respect to the
Emerald International Equity Fund be, and each of them hereby
is, ratified and approved for the period from January 9, 1998
forward;
that of the 187,379,816 shares of the Emerald Tax-Exempt
Fund outstanding as of the record date of the Meeting and
177,203,764 shares of the Emerald Tax-Exempt Fund represented
at the Meeting in person or by proxy, 176,162,904 shares were
voted in favor of the resolution pertaining to that Fund,
588,129 shares were voted against it and 452,731 shares
abstained, and that said resolution was adopted with respect
to the Emerald Tax-Exempt Fund, having received the
affirmative vote of a majority (as defined in the Investment
Company Act of 1940, as amended) of the total number of shares
of the Emerald Tax-Exempt Fund outstanding and entitled to
vote at the Meeting;
that of the 17,269,605 shares of the Emerald Equity Fund
outstanding as of the record date of the Meeting and
16,599,907 shares of the Emerald Equity Fund represented
at the Meeting in person or by proxy, 16,574,657 shares were
voted in favor of the resolution pertaining to that Fund,
10,950 shares were voted against it and 14,300 shares
abstained, and that said resolution was adopted with respect
to the Emerald Equity Fund, having received the affirmative
vote of a majority (as defined in the Investment Company Act
of 1940, as amended) of the total number of shares of the
Emerald Equity Fund outstanding and entitled to vote at the
Meeting;
that of the 10,154,514 shares of the Emerald Short-Term
Fixed Income outstanding as of the record date of the Meeting
and 10,060,964 shares of the Emerald Short-Term Fixed Income
represented at the Meeting in person or by proxy, 10,049,597
shares were voted in favor of the resolution pertaining to
that Fund, 6,987 shares were voted against it and 4,380
shares abstained, and that said resolution was adopted with
respect to the Emerald Short-Term Fixed Income, having
received the affirmative vote of a majority (as defined
in the Investment Company Act of 1940, as amended) of the
total number of shares of the Emerald Short-Term Fixed
Income outstanding and entitled to vote at the Meeting;
that of the 6,940,550 shares of the Emerald U.S. Government
Securities Fund outstanding as of the record date of the
Meeting and 6,427,194 shares of the Emerald U.S. Government
Securities Fund represented at the Meeting in person or by
proxy, 6,412,849 shares were voted in favor of the resolution
pertaining to that Fund, 4,868 shares were voted against it
and 9,477 shares abstained, and that said resolution was
adopted with respect to the Emerald U.S. Government
Securities Fund, having received the affirmative vote of a
majority (as defined in the Investment Company Act of 1940,
as amended) of the total number of shares of the Emerald U.S.
Government Securities Fund outstanding and entitled to vote
at the Meeting;
that of the 11,321,816 shares of the Emerald Florida
Tax-Exempt Fund outstanding as of the record date of the
Meeting and 9,311,121 shares of the Emerald Florida
Tax-Exempt Fund represented at the Meeting in person or by
proxy, 9,119,342 shares were voted in favor of the resolution
pertaining to that Fund, 69,454 shares were voted against it
and 122,325 shares abstained, and that said resolution was
adopted with respect to the Emerald Florida Tax-Exempt Fund,
having received the affirmative vote of a majority (as
defined in the Investment Company Act of 1940, as amended)
of the total number of shares of the Emerald Florida
Tax-Exempt Fund outstanding and entitled to vote at the
Meeting;
that of the 13,270,984 shares of the Emerald Small
Capitalization Fund outstanding as of the record date of the
Meeting and 12,984,227 shares of the Emerald Small
Capitalization Fund represented at the Meeting in person or
by proxy, 12,974,672 shares were voted in favor of the
resolution pertaining to that Fund, 4,143 shares were voted
against it and 5412, shares abstained, and that said
resolution was adopted with respect to the Emerald Small
Capitalization Fund, having received the affirmative vote
of a majority (as defined in the Investment Company Act of
1940, as amended) of the total number of shares of the
Emerald Small Capitalization Fund outstanding and entitled
to vote at the Meeting;
that of the 6,800,169 shares of the Emerald Balanced Fund
outstanding as of the record date of the Meeting and
6,722,976 shares of the Emerald Balanced Fund represented at
the Meeting in person or by proxy, 6,710,095 shares were
voted in favor of the resolution pertaining to that Fund,
6,361 shares were voted against it and 6,520 shares
abstained, and that said resolution was adopted with respect
to the Emerald Balanced Fund, having received the
affirmative vote of a majority (as defined in the Investment
Company Act of 1940, as amended) of the total number of
shares of the Emerald Balanced Fund outstanding and entitled
to vote at the Meeting;
that of the 9,657,576 shares of the Emerald Managed Bond
Fund outstanding as of the record date of the Meeting and
9,473,265 shares of the Emerald Managed Bond Fund represented
at the Meeting in person or by proxy, 9,466,186 shares were
voted in favor of the resolution pertaining to that Fund,
zero shares were voted against it and 7,079 shares abstained,
and that said resolution was adopted with respect to the
Emerald Managed Bond Fund, having received the affirmative
vote of a majority (as defined in the Investment Company
Act of 1940, as amended) of the total number of shares of
the Emerald Managed Bond Fund outstanding and entitled to
vote at the Meeting;
that of the 1,709,566 shares of the Emerald Equity Value
Fund outstanding as of the record date of the Meeting and
1,696,950 shares of the Emerald Equity Value Fund represented
at the Meeting in person or by proxy, 1,694,461 shares were
voted in favor of the resolution pertaining to that Fund,
448 shares were voted against it and 2,041 shares abstained,
and that said resolution was adopted with respect to the
Emerald Equity Value Fund, having received the affirmative
vote of a majority (as defined in the Investment Company
Act of 1940, as amended) of the total number of shares of
the Emerald Equity Value Fund outstanding and entitled to
vote at the Meeting;
that of the 127,835,818 shares of the Emerald Prime Advantage
Institutional Fund outstanding as of the record date of the
Meeting and 115,097,565 shares of the Emerald Prime Advantage
Institutional Fund represented at the Meeting in person or
by proxy, 115,083,399 shares were voted in favor of the
resolution pertaining to that Fund, 14,166 shares were voted
against it and zero shares abstained, and that said resolution
was adopted with respect to the Emerald Prime Advantage
Institutional Fund, having received the affirmative vote of
a majority (as defined in the Investment Company Act of 1940,
as amended) of the total number of shares of the Emerald Prime
Advantage Institutional Fund outstanding and entitled to vote
at the Meeting;
that of the 146,954,709 shares of the Emerald Treasury
Advantage Institutional Fund outstanding as of the record
date of the Meeting and 133,344,754 shares of the Emerald
Treasury Advantage Institutional Fund represented at the
Meeting in person or by proxy, 133,108,284 shares were
voted in favor of the resolution pertaining to that Fund,
1,656 shares were voted against it and 234,814 shares
abstained, and that said resolution was adopted with respect
to the Emerald Treasury Advantage Institutional Fund, having
received the affirmative vote of a majority (as defined in
the Investment Company Act of 1940, as amended) of the total
number of shares of the Emerald Treasury Advantage
Institutional Fund outstanding and entitled to vote at the
Meeting;
that of the 4,810,393 shares of the Emerald International
Equity Fund outstanding as of the record date of the Meeting
and 4,677,889 shares of the Emerald International Equity Fund
represented at the Meeting in person or by proxy, 4,673,406
shares were voted in favor of the resolution pertaining to
that Fund, 1,387 shares were voted against it and 3,096 shares
abstained, and that said resolution was adopted with respect
to the Emerald International Equity Fund, having received the
affirmative vote of a majority (as defined in the Investment
Company Act of 1940, as amended) of the total number of
shares of the Emerald International Equity Fund outstanding
and entitled to vote at the Meeting.
I do further certify that the following resolutions were
duly offered for vote by ballot, respectively, by the
shareholders of the Emerald Prime Advantage Institutional
Fund and Emerald Treasury Advantage Institutional Fund,
shareholders of the Emerald International Equity Fund,
Emerald Small Capitalization Fund and Emerald U.S. Government
Securities Fund, and shareholders of the Emerald Balanced
Fund, Emerald Equity Fund, Emerald Equity Value Fund, Emerald
Florida Tax-Exempt Fund, Emerald Managed Bond Fund, Emerald
Short-Term Fixed Income Fund and Emerald Tax-Exempt Fund:
RESOLVED, that the Agreement and Plan of Reorganization
between the Trust and Nations Institutional Reserves
("Nations") which provides for the transfer of all of the
assets and liabilities of the Emerald Prime Advantage
Institutional Fund and Emerald Treasury Advantage Institutional
Fund to corresponding funds of Nations in exchange for Capital
Class Shares of such Nations funds, and which contemplates
the reorganization of the Trust, be, and the same hereby is,
approved in the form attached to the Combined Proxy
Statement/Prospectus for this Special Meeting of Shareholders;
RESOLVED, that the Agreement and Plan of Reorganization
between the Trust and Nations Fund, Inc. ("Nations") which
provides for the transfer of all of the assets and liabilities
of the Emerald International Equity Fund, Emerald Prime Fund,
Emerald Small Capitalization Fund, Emerald Treasury Fund and
Emerald U.S. Government Securities Fund to corresponding funds
of Nations in exchange for shares of designated classes of
such Nations funds, and which contemplates the reorganization
of the Trust, be, and the same hereby is, approved in the
form attached to the Combined Proxy Statement/Prospectus for
this Special Meeting of Shareholders;
RESOLVED, that the Agreement and Plan of Reorganization
between the Trust and Nations Fund Trust ("Nations") which
provides for the transfer of all of the assets and liabilities
of the Emerald Balanced Fund, Emerald Equity Fund, Emerald
Equity Value Fund, Emerald Florida Tax-Exempt Fund, Emerald
Managed Bond Fund, Emerald Short-Term Fixed Income Fund and
Emerald Tax-Exempt Fund to corresponding funds of Nations in
exchange for shares of designated classes of such Nations
funds, and which contemplates the reorganization of the
Trust, be, and the same hereby is, approved in the form
attached to the Combined Proxy Statement/Prospectus for this
Special Meeting of Shareholders;
that of the 127,835,818 shares of the Emerald Prime
Advantage Institutional Fund outstanding as of the record
date of the Meeting and 115,097,565 shares of the Emerald
Prime Advantage Institutional Fund represented at the Meeting
in person or by proxy, 115,083,399 shares were voted in favor
of the resolution pertaining to that Fund, 14,166 shares were
voted against it and zero shares abstained, and that said
resolution was adopted with respect to the Emerald Prime
Advantage Institutional Fund, having received the affirmative
vote of a majority of the total number of shares of the
Emerald Prime Advantage Institutional Fund outstanding and
entitled to vote at the Meeting;
that of the 146,954,709 shares of the Emerald Treasury
Advantage Institutional Fund outstanding as of the record
date of the Meeting and 133,334,754 shares of the Emerald
Treasury Advantage Institutional Fund represented at the
Meeting in person or by proxy, 133,085,146 shares were voted
in favor of the resolution pertaining to that Fund, 20,066
shares were voted against it and 239,542 shares abstained,
and that said resolution was adopted with respect to the
Emerald Treasury Advantage Institutional Fund, having
received the affirmative vote of a majority of the total
number of shares of the Emerald Treasury Advantage
Institutional Fund outstanding and entitled to vote at
the Meeting;
that of the 4,810,393 shares of the Emerald International
Equity Fund outstanding as of the record date of the Meeting
and 4,467,685 shares of the Emerald International Equity Fund
represented at the Meeting in person or by proxy, 4,460,350
shares were voted in favor of the resolution pertaining to
that Fund, 4,239 shares were voted against it and 3,096
shares abstained, and that said resolution was adopted with
respect to the Emerald International Equity Fund, having
received the affirmative vote of a majority of the total
number of shares of the Emerald International Equity Fund
outstanding and entitled to vote at the Meeting;
that of the 13,270,984 shares of the Emerald Small
Capitalization Fund outstanding as of the record date of
the Meeting and 12,157,832 shares of the Emerald Small
Capitalization Fund represented at the Meeting in person
or by proxy, 12,144,444 shares were voted in favor of the
resolution pertaining to that Fund, 5,760 shares were voted
against it and 7,628 shares abstained, and that said
resolution was adopted with respect to the Emerald Small
Capitalization Fund, having received the affirmative vote
of a majority of the total number of shares of the Emerald
Small Capitalization Fund outstanding and entitled to vote
at the Meeting;
that of the 6,940,550 shares of the Emerald U.S. Government
Securities Fund outstanding as of the record date of the
Meeting and 5,346,213 shares of the Emerald U.S. Government
Securities Fund represented at the Meeting in person or by
proxy, 5,318,057 shares were voted in favor of the resolution
pertaining to that Fund, 10,377 shares were voted against it
and 17,779 shares abstained, and that said resolution was
adopted with respect to the Emerald U.S. Government Securities
Fund, having received the affirmative vote of a majority of
the total number of shares of the Emerald U.S. Government
Securities Fund outstanding and entitled to vote at the Meeting;
that of the 6,800,169 shares of the Emerald Balanced Fund
outstanding as of the record date of the Meeting and 5,604,603
shares of the Emerald Balanced Fund represented at the Meeting
in person or by proxy, 5,590,268 shares were voted in favor
of the resolution pertaining to that Fund, 7,600 shares were
voted against it and 6,735 shares abstained, and that said
resolution was adopted with respect to the Emerald Balanced
Fund, having received the affirmative vote of a majority of
the total number of shares of the Emerald Balanced Fund
outstanding and entitled to vote at the Meeting;
that of the 17,269,605 shares of the Emerald Equity Fund
outstanding as of the record date of the Meeting and
14,601,547 shares of the Emerald Equity Fund represented
at the Meeting in person or by proxy, 14,564,903 shares
were voted in favor of the resolution pertaining to that
Fund, 19,191 shares were voted against it and 17,453 shares
abstained, and that said resolution was adopted with respect
to the Emerald Equity Fund, having received the affirmative
vote of a majority of the total number of shares of the
Emerald Equity Fund outstanding and entitled to vote at the
Meeting;
that of the 1,709,566 shares of the Emerald Equity Value
Fund outstanding as of the record date of the Meeting and
1,396,445 shares of the Emerald Equity Value Fund represented
at the Meeting in person or by proxy, 1,390,846 shares were
voted in favor of the resolution pertaining to that Fund,
1,170 shares were voted against it and 4,429 shares
abstained, and that said resolution was adopted with respect
to the Emerald Equity Value Fund, having received the
affirmative vote of a majority of the total number of shares
of the Emerald Equity Value Fund outstanding and entitled to
vote at the Meeting;
that of the 9,657,576 shares of the Emerald Managed Bond
Fund outstanding as of the record date of the Meeting and
8,891,453 shares of the Emerald Managed Bond Fund represented
at the Meeting in person or by proxy, 8,884,374 shares were
voted in favor of the resolution pertaining to that Fund,
zero shares were voted against it and 7,079 shares abstained,
and that said resolution was adopted with respect to the
Emerald Managed Bond Fund, having received the affirmative
vote of a majority of the total number of shares of the
Emerald Managed Bond Fund outstanding and entitled to vote
at the Meeting;
that of the 10,154,514 shares of the Emerald Short-Term
Fixed Income Fund outstanding as of the record date of the
Meeting and 9,697,823 shares of the Emerald Short-Term Fixed
Income Fund represented at the Meeting in person or by proxy,
9,683,552 shares were voted in favor of the resolution
pertaining to that Fund, 7,546 shares were voted against it
and 6,725 shares abstained, and that said resolution was
adopted with respect to the Emerald Short-Term Fixed Income
Fund, having received the affirmative vote of a majority of
the total number of shares of the Emerald Short-Term Fixed
Income Fund outstanding and entitled to vote at the Meeting;
that of the 187,379,816 shares of the Emerald Tax-Exempt Fund
outstanding as of the record date of the Meeting and
122,290,668 shares of the Emerald Tax-Exempt Fund represented
at the Meeting in person or by proxy, 120,071,348 shares
were voted in favor of the resolution pertaining to that Fund,
1,768,806 shares were voted against it and 450,514 shares
abstained, and that said resolution was adopted with respect
to the Emerald Tax-Exempt Fund, having received the
affirmative vote of a majority of the total number of shares
of the Emerald Tax-Exempt Fund outstanding and entitled to
vote at the Meeting;
I do further certify that the following resolution was
duly offered for vote by ballot by shareholders of the
Emerald Prime Fund and Emerald Treasury Fund, on May 8, 1998:
RESOLVED, that the interim investment advisory agreement
between the Trust and Barnett Capital Advisors, Inc. with
respect to the Emerald Prime Fund and Emerald Treasury Fund
be, and the same hereby is, ratified and approved for the
period from January 9, 1998 forward;
that of the 2,322,163,435 shares of the Emerald Prime Fund
outstanding as of the record date of the Meeting and
1,614,866,288 shares of the Emerald Prime Fund represented
at the Meeting in person or by proxy, 1,594,406,902 shares
were voted in favor of the resolution pertaining to that
Fund, 7,190,570 shares were voted against it and 13,268,816
shares abstained, and that said resolution was adopted with
respect to the Emerald Prime Fund, having received the
affirmative vote of a majority (as defined in the Investment
Company Act of 1940, as amended) of the total number of shares
of the Emerald Prime Fund outstanding and entitled to vote
at the Meeting;
that of the 920,160,684 shares of the Emerald Treasury Fund
outstanding as of the record date of the Meeting and
537,221,792 shares of the Emerald Treasury Fund represented
at the Meeting in person or by proxy, 492,289,321 shares were
voted in favor of the resolution pertaining to that Fund,
869,138 shares were voted against it and 44,063,333 shares
abstained, and that said resolution was adopted with respect
to the Emerald Treasury Fund, having received the affirmative
vote of a majority (as defined in the Investment Company Act
of 1940, as amended) of the total number of shares of the
Emerald Treasury Fund outstanding and entitled to vote at the
Meeting;
I do further certify that the following resolutions
were duly offered for vote by ballot, respectively, by the
shareholders of the Emerald Prime Fund and Emerald Treasury
Fund and shareholders of the Emerald Florida Tax-Exempt Fund
on May 8, 1998:
RESOLVED, that the Agreement and Plan of Reorganization
between the Trust and Nations Fund, Inc. ("Nations") which
provides for the transfer of all of the assets and
liabilities of the Emerald International Equity Fund, Emerald
Prime Fund, Emerald Small Capitalization Fund, Emerald
Treasury Fund and Emerald U.S. Government Securities Fund to
corresponding funds of Nations in exchange for shares of
designated classes of such Nations funds, and which
contemplates the reorganization of the Trust, be, and the
same hereby is, approved in the form attached to the
combined Proxy Statement/Prospectus for this Special Meeting
of Shareholders;
RESOLVED, that the Agreement and Plan of Reorganization
between the Trust and Nations Fund Trust ("Nations") which
provides for the transfer of all the assets and liabilities
of the Emerald Balanced Fund, Emerald Equity Fund, Emerald
Equity Value Fund, Emerald Florida Tax-Exempt Fund, Emerald
Managed Bond Fund, Emerald Short-Term Fixed Income Fund and
Emerald Tax-Exempt Fund to corresponding fund of Nations in
exchange for shares of designated classes of such Nations
funds, and which contemplates the reorganization of the
Trust, be, and the same hereby is, approved in the form
attached to the Combined Proxy Statement/Prospectus for this
Special Meeting of Shareholders;
that of the 2,322,163,435 shares of the Emerald Prime Fund
outstanding as of the record date of the Meeting and
1,212,334,581 shares of the Emerald Prime Fund represented
at the Meeting in person or by proxy, 1,190,935,882 shares
were voted in favor of the resolution pertaining to that Fund,
9,240,065 shares were voted against it and 12,158,634 shares
abstained, and that said resolution was adopted with respect
to the Emerald Prime Fund, having received the affirmative
vote of a majority of the total number of shares of the
Emerald Prime Fund outstanding and entitled to vote at the
Meeting;
that of the 928,160,684 shares of the Emerald Treasury Fund
outstanding as of the record date of the Meeting and
501,038,976 shares of the Emerald Treasury Fund represented
at the Meeting in person or by proxy, 468,337,265 shares
were voted in favor of the resolution pertaining to that
Fund, 315,852 shares were voted against it and 32,385,859
shares abstained, and that said resolution was adopted with
respect to the Emerald Treasury Fund, having received the
affirmative vote of a majority of the total number of shares
of the Emerald Treasury Fund outstanding and entitled to vote
at the Meeting;
that of the 11,321,816 shares of the Emerald Florida
Tax-Exempt Fund outstanding as of the record date of the
Meeting and 6,307,502 shares of the Emerald Florida
Tax-Exempt Fund represented at the Meeting in person or by
proxy, 6,066,367 shares were voted in favor of the
resolution pertaining to that Fund, 132,062 shares were
voted against it and 109,073 shares abstained, and that said
resolution was adopted with respect to the Emerald Florida
Tax-Exempt Fund, having received the affirmative vote of a
majority of the total number of shares of the Emerald Florida
Tax-Exempt Fund outstanding and entitled to vote at the Meeting;
that of the 3,786,429,635 shares of the Trust outstanding as
of the record date of the Meeting and 2,152,577,647 shares
of the Trust represented at the Meeting in person or by proxy,
2,095,616,201 shares were voted in favor of the reorganization
of the Trust, 11,546,900 shares were voted against said
reorganization and 45,414,546 shares abstained, and that
said reorganization was approved with respect to the Trust,
having received the affirmative vote of a majority of the
total number of shares of the Trust outstanding and entitled
to vote at the Meeting; IN TESTIMONY WHEREOF, I have
hereunto set my hand this 8th day of May, 1998.
Inspector of Election and Ballots
Subscribed and Sworn to
before me this ___ day
of May, 1998.
___________________________
Notary Public
On January 9, 1998, Barnett Banks, Inc. was merged into a
wholly-owned subsidiary of NationsBank Corporation
("NationsBank"). As a result of the merger, Barnett Capital
Advisors, Inc. (Barnett"), the Trust's investment adviser,
became a wholly-owned subsidiary of NationsBank.
INDEPENDENT AUDITORS' REPORT
To the shareholders and
Board of Trustees of the
Emerald Funds:
We have audited the accompanying statement of assets and
liabilities of the Emerald Prime Advantage Institutional
Fund (the Fund), including the schedule of portfolio
investments, as of May 15, 1995, the related statement
of operations for the period December 1, 1997 through
May 15, 1998, and the statements of changes in net
assets and the financial highlights for the period from
December 1, 1997 through May 15, 1998 and for the year
ended November 30, 1997. These financial statements and
the financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an
opinion on these financial statements and financial
highlights based on our audits. The Accompanying
financial highligts for the periods ended November 30,
1996, and prior periods as indicated herein, were
audited by other auditors whose report thereon dated
January 22, 1997 expressed an unqualified opinion on
those financial highlights.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. Our procedures included verifications of
securities owned as of May 15, 1998, by confirmation with
the custodian and brokers and other appropriate audit
procedures. An audit also includes assessing the
accounting principles used and significant estimates
made by management, as well as evaluating the overall
financial statement presentation. We believe our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights for the period from December 1, 1997 through
May 15, 1998 and for the year ended November 30, 1997
present fairly, in all material respects, the financial
position of the Emerald Prime Advantage Institutional
Fund at May 15, 1998, and the results of its operations
for the period from December 1, 1997 through May 15,
1998, and the changes in its net assets and the financial
highlights for the period from December 1, 1997 through
May 15, 1998 and for the year ended November 30, 1997,
in conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
Columbus, Ohio
July 1, 1998
INDEPENDENT AUDITORS' REPORT
To the shareholders and
Board of Trustees of the
Emerald Funds:
We have audited the accompanying statement of assets and
liabilities of the Emerald International Equity Fund (the Fund),
including the schedule of portfolio investments, as of May 15,
1995, the related statement of operations for the period December 1,
1997 through May 15, 1998, and the statements of changes in net
assets and the financial highlights for the period from December 1,
1997 through May 15, 1998 and for the year ended November 30,
1997. These financial statements and the financial highlights are
the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial
highlights based on our audits. The Accompanying financial
highlights for the periods ended November 30, 1996, and prior
periods as indicated herein, were audited by other auditors whose
report thereon dated January 22, 1997 expressed an unqualified
opinion on those financial highlights.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included verifications of
securities owned as of May 15, 1998, by confirmation with the
custodian and brokers and other appropriate audit procedures.
An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
for the period from December 1, 1997 through May 15, 1998 and
for the year ended November 30, 1997 present fairly, in all
material respects, the financial position of the Emerald International
Equity Fund at May 15, 1998, and the results of its operations
for the period from December 1, 1997 through May 15, 1998,
and the changes in its net assets and the financial highlights for
the period from December 1, 1997 through May 15, 1998 and
for the year ended November 30, 1997, in conformity with
generally accepted accounting principles.
KPMG Peat Marwick LLP
Columbus, Ohio
July 1, 1998
SUB-INVESTMENT ADVISORY AGREEMENT
(International Equity Fund)
AGREEMENT made as of January 9, 1998 between BARNETT CAPITAL
ADVISORS, INC. (herein called the "Adviser"), and BRANDES INVESTMENT PARTNERS,
L.P., a California limited partnership (herein called the "Sub-Adviser").
WHEREAS, EMERALD FUNDS, a Massachusetts business trust (herein
called the "Trust"), is registered as an open-end, management investment company
under the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, pursuant to an Investment Advisory Agreement by and
between the Trust and the Adviser (herein called the "Investment Advisory
Agreement"), the Adviser has agreed to furnish investment advisory services to
the Trust with respect to its International Equity Fund investment portfolio
(the "Fund"); and
WHEREAS, the Investment Advisory Agreement authorizes the
Adviser to sub-contract investment advisory services with respect to the
International Equity Fund to the Sub-Adviser pursuant to a sub-advisory
agreement agreeable to the Trust and approved in accordance with the provisions
of the 1940 Act; and
WHEREAS, this Agreement has been so approved, and the
Sub-Adviser is willing to furnish sub-advisory services to the Fund upon the
terms and conditions herein set forth;
NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained, it is agreed between the parties hereto as follows:
1. Appointment.
The Adviser hereby appoints the Sub-Adviser to act as
sub-investment adviser to the Trust's International Equity Fund for the period
and on the terms set forth in this Agreement. The Sub-Adviser accepts such
appointment and agrees to furnish the services herein set forth for the
compensation herein provided.
2. Services of Sub-Adviser.
Subject to the oversight and supervision of the Adviser and
the Trust's Board of Trustees, the Sub-Adviser will provide a continuous
investment program for the Fund, including investment research and management
with respect to all securities and investments, except for such cash balances of
the Fund as are managed by the Adviser. Pursuant to the foregoing, the
Sub-Adviser will determine from time to time what securities and other
investments will be purchased, retained or sold by the Fund. The Sub-Adviser
will provide the services rendered by it under this Agreement in accordance with
the investment criteria and policies established from time to time for the Fund
by the Adviser, the Fund's investment objective, policies and restrictions as
stated in the Trust's Prospectus and Statement of Additional Information for the
Fund, and resolutions of the Trust's Board of Trustees.
The Sub-Adviser further agrees that it will:
(a) Provide information to the Fund's accountant for the purpose of
updating the Fund's cash availability throughout the day as required;
(b) Maintain historical tax lots for each portfolio security held
by the Fund;
(c) Transmit trades to the Trust's custodian for proper settlement;
(d) Maintain all books and records with respect to the Fund
that are required to be maintained under Rule 31a-1(f) under the 1940 Act;
(e) Supply the Adviser, the Trust and the Trust's Board of
Trustees with reports, statistical data and economic information as requested;
and
(f) Prepare a quarterly broker security transaction summary
and, if requested in advance, monthly security transaction listing for the Fund.
3. Other Covenants.
The Sub-Adviser agrees that it:
(a) will comply with all applicable Rules and Regulations of
the Securities and Exchange Commission and will in addition conduct its
activities under this Agreement in accordance with other applicable law;
(b) will use the same skill and care in providing such
services as it uses in providing services to fiduciary accounts for which it has
investment responsibilities;
(c) will place orders pursuant to its investment
determinations for the Fund either directly with the issuer or with any broker
or dealer. In executing portfolio transactions and selecting brokers or dealers,
the Sub-Adviser will use its best efforts to seek on behalf of the Fund the best
overall terms available. In assessing the best overall terms available for any
transaction, the Sub-Adviser shall consider all factors that it deems relevant,
including the breadth of the market in the security, the price of the security,
the financial condition and execution capability of the broker or dealer, and
the reasonableness of the commission, if any, both for the specific transaction
and on a continuing basis. In evaluating the best overall terms available, and
in selecting the broker-dealer to execute a particular transaction, the
Sub-Adviser may also consider the brokerage and research services (as those
terms are defined in Section 28(e) of the Securities Exchange Act of 1934)
provided to the Fund or other accounts over which the Sub-Adviser or an
affiliate of the Sub-Adviser exercises investment discretion. The Sub-Adviser is
authorized, subject to the prior approval of the Adviser and the Trust's Board
of Trustees, to pay to a broker or dealer who provides such brokerage and
research services a commission for executing a portfolio transaction for the
Fund which is in excess of the amount of commission another broker or dealer
would have charged for effecting that transaction if, but only if, the
Sub-Adviser determines in good faith that such commission was reasonable in
relation to the value of the brokerage and research services provided by such
broker or dealer -- viewed in terms of that particular transaction or in terms
of the overall responsibilities of the Sub-Adviser to the Fund. In addition, the
Sub-Adviser is authorized to take into account the sale of shares of the Trust
in allocating purchase and sale orders for portfolio securities to brokers or
dealers (including brokers and dealers that are affiliated with the Adviser,
Sub-Adviser or the Trust's principal underwriter), provided that the Sub-Adviser
believes that the quality of the transaction and the commission are comparable
to what they would be with other qualified firms. In no instance, however, will
portfolio securities be purchased from or sold to the Adviser, Sub-Adviser, the
Trust's principal underwriter or any affiliated person of either the Trust, the
Adviser, Sub-Adviser, or the principal underwriter, acting as principal in the
transaction, except to the extent permitted by the Securities and Exchange
Commission; and
(d) will treat confidentially and as proprietary information
of the Trust all records and other information relative to the Trust maintained
by the Sub-Adviser, and will not use such records and information for any
purpose other than performance of its responsibilities and duties hereunder,
except after prior notification to and approval in writing by the Trust, which
approval shall not be unreasonably withheld and may not be withheld where the
Sub-Adviser may be exposed to civil or criminal contempt proceeding for failure
to comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Trust.
(e) will maintain a policy and practice of conducting its
sub-investment advisory services hereunder independently of its, and any of its
affiliates', commercial banking operations. When the Sub-Adviser makes
investment recommendations for the Fund, its investment advisory personnel will
not inquire or take into consideration whether the issuers of securities
proposed for purchase or sale for the Fund's account are customers of its, or
any of its affiliates', commercial department. In dealing with commercial
customers, the commercial department of the Sub-Adviser, or any of its
affiliates, will not inquire or take into consideration whether securities of
those customers are held by the Fund.
4. Services Not Exclusive.
The services furnished by the Sub-Adviser hereunder are deemed
not to be exclusive, and the Sub-Adviser shall be free to furnish similar
services to others so long as its services under this Agreement are not impaired
thereby. To the extent that the purchase or sale of securities or other
investments of the same issuer may be deemed by the Sub-Adviser to be suitable
for two or more accounts managed by the Sub-Adviser, the available securities or
investments may be allocated in a manner believed by the Sub-Adviser to be
equitable to each account. It is recognized that in some cases this procedure
may adversely affect the price paid or received by the Fund or the size of the
position obtainable for or disposed of by the Fund.
5. Books and Records.
In compliance with the requirements of Rule 31a-3 under the
1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for
the Fund are the property of the Trust and further agrees to surrender promptly
to the Trust any of such records upon the Trust's request. The Sub-Adviser
further agrees to preserve for the periods prescribed by Rule 31a-2 under the
1940 Act the records required to be maintained by it under this Agreement.
6. Expenses.
During the term of this Agreement, the Sub-Adviser will pay
all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities, commodities and other investments
(including brokerage commissions, custodial charges and other transaction costs,
if any) purchased or sold for the Fund.
7. Compensation.
For the services provided and the expenses assumed pursuant to
this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser will
accept as full compensation therefor, a fee, computed daily and payable monthly,
at the annual rate of .50% of the average daily net assets of the Fund. Such fee
shall be a separate charge to the Fund and shall be the several (and not joint
or joint and several) obligation of the Fund. The fees payable by the Adviser
under this Section 7 for the period beginning on the date of this Agreement and
ending on the date the shareholders of the Fund approve this Agreement shall be
maintained in an interest-bearing escrow account until such time as the Fund's
shareholders approve the payment of such fees to the Sub-Adviser. If the Fund's
shareholders do not approve the payment to the Sub-Adviser of such fees for such
period, the balance of the escrow account shall be paid to the Fund. The
Sub-Adviser acknowledges that it shall not be entitled to any further
compensation from either the Adviser or the Trust in respect of the services
provided and expenses assumed by it under this Agreement.
8. Limitation of Liability.
The Sub-Adviser shall not be liable for any error of judgment
or mistake of law or for any loss suffered by the Trust in connection with the
performance of this Agreement, except that the Sub-Adviser shall be liable to
the Trust for any loss resulting from a breach of fiduciary duty with respect to
the receipt of compensation for services or any loss resulting from willful
misfeasance, bad faith or negligence on the part of the Sub-Adviser in the
performance of its duties or from reckless disregard by it of its obligations
and duties under this Agreement.
9. Duration and Termination.
This Agreement will become effective as of the date first
above written. Unless sooner terminated as provided herein this Agreement shall
continue in effect until May 9, 1998 and, if approved by the shareholders of the
Fund on or before such date, shall continue in effect for an additional period
ending on November 30, 1998. Thereafter, if not terminated, this Agreement shall
automatically continue in effect for successive annual periods ending on
November 30, provided such continuance is specifically approved at least
annually (a) by the vote of a majority of those members of the Trust's Board of
Trustees who are not interested persons of any party to this Agreement, cast in
person at a meeting called for the purpose of voting such approval, and (b) by
the Trust's Board of Trustees or by vote of a majority of the outstanding voting
securities of the Fund. Notwithstanding the foregoing, this Agreement may be
terminated as to the Fund at any time, without the payment of any penalty, by
the Adviser or by the Trust (by vote of the Trust's Board of Trustees or by vote
of a majority of the outstanding voting securities of the Fund), on sixty days'
written notice to the Sub-Adviser, or by the Sub-Adviser, on sixty days' written
notice to the Trust, provided that in each such case, notice shall be given
simultaneously to the Adviser. In addition, notwithstanding anything herein to
the contrary, in the event of the termination of the Investment Advisory
Agreement with respect to the Fund for any reason (whether by the Trust, by the
Adviser or by operation of law) this Agreement shall terminate upon the
effective date of such termination of the Investment Advisory Agreement. This
Agreement will also immediately terminate in the event of its assignment. (As
used in this Agreement, the terms "majority of the outstanding voting
securities," "interested persons" and "assignment" shall have the same meaning
as such terms have in the 1940 Act.)
10. Amendment of This Agreement.
No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought. To the extent required by the 1940 Act, no amendment of
this Agreement shall be effective until approved by vote of a majority of the
outstanding voting securities of the Fund.
11. Miscellaneous.
The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and shall be governed by Delaware law.
12. Names.
The names "Emerald Funds" and "Trustees of Emerald Funds"
refer respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under an Agreement and
Declaration of Trust dated March 15, 1988, which is hereby referred to and a
copy of which is on file at the office of the State Secretary of the
Commonwealth of Massachusetts and at the principal office of the Trust. The
obligations of "Emerald Funds" entered into in the name or on behalf thereof by
any of the Trustees, representatives or agents are made not individually, but in
such capacities, and are not binding upon any of the Trustees, shareholders, or
representatives of the Trust personally, but bind only the Trust Property, and
all persons dealing with any class of shares of the Trust must look solely to
the Trust Property belonging to such class for the enforcement of any claims
against the Trust.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their officers designated below as of the day and
year first above written.
BARNETT CAPITAL ADVISORS, INC.
BY: /s/ Jack A. Ablin
TITLE: President
BRANDES INVESTMENT PARTNERS, L.P.
BY: /s/ Jeff Busby
TITLE: Managing Partner
INVESTMENT ADVISORY AGREEMENT
(Equity Fund, Short-Term Fixed Income
Fund, U.S. Government Securities Fund, Florida
Tax-Exempt Fund, Small Capitalization Fund, Balanced Fund
Managed Bond Fund, International Equity Fund,
Equity Value Fund, Prime Advantage Institutional Fund
and Treasury Advantage Institutional Fund)
AGREEMENT made as of January 9, 1998 between EMERALD FUNDS, a
Massachusetts business trust (herein called the "Trust"), and BARNETT CAPITAL
ADVISORS, INC., a wholly-owned indirect subsidiary of Barnett Banks, Inc.
(herein called the "Investment Adviser").
WHEREAS, the Trust is registered as an open-end, management investment
company under the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Trust desires to retain the Investment Adviser to furnish
investment advisory and other services to the Trust for certain of the Trust's
portfolios, including its Equity Fund, Short-Term Fixed Income Fund, U.S.
Government Securities Fund, Florida Tax-Exempt Fund, Small Capitalization Fund,
Balanced Fund, Managed Bond Fund, International Equity Fund, Equity Value Fund,
Prime Advantage Institutional Fund and Treasury Advantage Institutional Fund
("the Funds") and the Investment Adviser is willing to so furnish such services;
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, it is agreed between the parties hereto as follows:
1. Appointment.
(a) The Trust hereby appoints the Investment Adviser to act as
investment adviser to the Trust's Equity Fund, Short-Term Fixed Income Fund,
U.S. Government Securities Fund, Florida Tax-Exempt Fund, Small Capitalization
Fund, Balanced Fund, Managed Bond Fund, International Equity Fund, Equity Value
Fund, Prime Advantage Institutional Fund and Treasury Advantage Institutional
Fund, for the period and on the terms set forth in this Agreement. The
Investment Adviser accepts such appointment and agrees to furnish the services
herein set forth for the compensation herein provided.
(b) In the event that the Trust establishes one or more portfolios
other than the Funds with respect to which it desires to retain the Investment
Adviser to act as investment adviser hereunder, it shall notify the Investment
Adviser in writing. If the Investment Adviser is willing to render such services
under this Agreement it shall notify the Trust in writing whereupon such
portfolio shall become a Fund hereunder and shall be subject to the provisions
of this Agreement to the same extent as the Funds named above in subparagraph
(a) except to the extent that said provisions (including those relating to the
compensation payable by the Fund to the Investment Adviser) are modified with
respect to such Fund in writing by the Trust and the Investment Adviser at the
time.
(c) It is understood that the Investment Adviser may from time to time
employ or associate with such person or persons as the Investment Adviser may
believe to be particularly fitted to assist it in the performance of this
Agreement with respect to the International Equity Fund, Equity Value Fund,
Prime Advantage Institutional Fund and Treasury Advantage Institutional Fund;
provided, however, that the compensation of such person or persons shall be paid
by the Investment Adviser. In addition, notwithstanding any such employment or
association, the Investment Adviser shall itself (i) in the case of all such
Funds (A) establish and monitor general investment criteria and policies for
such Funds, (B) review and analyze on a periodic basis such Funds' portfolio
holdings and transactions in order to determine their appropriateness in light
of such Funds' shareholder base, and (C) review and analyze on a periodic basis
the policies established by any sub-adviser for such Funds with respect to the
placement of orders for the purchase and sale of portfolio securities; and (ii)
in the case of the International Equity Fund and Equity Value Fund (D) provide
for the investment of such Funds' cash balances to the extent not provided for
by any sub-adviser, (E) review, monitor, analyze and report to the Board of
Trustees on the performance of any sub-adviser, (F) recommend, either in its
sole discretion or in conjunction with any sub-adviser, potential changes in
investment policy, (G) furnish to the Board of Trustees or any sub-adviser
reports, statistics and economic information as may be requested, (H) review
investments in such Funds on a periodic basis for compliance with such Funds'
investment objectives, policies and restrictions as stated in their
Prospectuses; and (I) review jointly with any sub-adviser country and regional
investment allocation guidelines for such Funds, as well as investment hedging
guidelines, if any. Subject to the foregoing, it is agreed that investment
advisory services to the International Equity Fund, Equity Value Fund, Prime
Advantage Institutional Fund or Treasury Advantage Institutional Fund may be
provided by a sub-investment adviser (the "Sub-Adviser") pursuant to a
sub-advisory agreement agreeable to the Trust and approved in accordance with
the provisions of the 1940 Act (the "Sub-Advisory Agreement").
2. Delivery of Documents.
The Trust has furnished the Investment Adviser with copies
properly certified or authenticated of each of the following:
(a) The Trust's Agreement and Declaration of Trust, as filed
with the State Secretary of the Commonwealth of Massachusetts
on March 16, 1988, and any amendments thereto (such Agreement
and Declaration of Trust, as presently in effect and as it
shall from time to time be amended, is herein called the
"Declaration of Trust");
(b)The Trust's Code of Regulations and any amendments thereto;
(c) Resolutions of the Trust's Board of Trustees authorizing
the appointment of the Investment Adviser and approving this
Agreement;
(d) The Trust's Notification of Registration on Form N-8A
under the 1940 Act as filed with the Securities and Exchange
Commission on March 21, 1988 and any amendments thereto;
(e) The Trust's Registration Statement on Form N-1A under the
Securities Act of 1933 as amended ("1933 Act") (File No.
33-20658) and under the 1940 Act as filed with the Securities
and Exchange Commission on March 21, 1988 and any amendments
thereto; and
(f) The most recent prospectuses of the Funds (such
prospectuses together with the related statement of additional
information, as presently filed with the Securities and
Exchange Commission and all amendments and supplements
thereto, are herein called "Prospectuses").
The Trust will furnish the Investment Adviser from time to time with copies of
all amendments of or supplements to the foregoing, if any.
3. Services.
Subject to the supervision of the Trust's Board of Trustees,
the Investment Adviser will be responsible for the management of, and will
provide a continuous investment program for, the investment portfolio of each
Fund, including investment research and management with respect to all
securities, investments, cash and cash equivalents in the Funds. The Investment
Adviser will determine from time to time what securities and other investments
will be purchased, retained or sold by each of the Funds. The Investment Adviser
will provide the services rendered by it under this Agreement in accordance with
each Fund's investment objective, policies and restrictions as stated in the
Prospectus for each Fund and resolutions of the Trust's Board of Trustees.
Without limiting the generality of the foregoing, the Investment Adviser is
hereby specifically authorized to invest and reinvest the assets of a Fund, in
its discretion as investment adviser, in (i) variable amount demand notes of
corporate borrowers held by the Investment Adviser for the investment of monies
held by the Investment Adviser in its capacity as fiduciary, agent and custodian
and (ii) securities of other investment companies whether or not the same are
advised or managed by the Investment Adviser or another affiliated person of the
Trust. The Investment Adviser further agrees that it will:
(a) Establish and monitor investment criteria and
policies for each Fund;
(b) Update each Fund's cash availability throughout the
day as required;
(c) Maintain historical tax lots for each portfolio
security held by the Funds;
(d) Transmit trades to the Trust's custodian for proper
settlement;
(e) Maintain all books and records with respect to each Fund's
securities transactions;
(f) Supply the Trust and its Board of Trustees with reports,
statistical data and economic information as requested; and
(g) Prepare a quarterly broker security transaction summary
and monthly security transaction listing for each Fund.
4. Other Covenants.
The Investment Adviser agrees that it:
(a) will comply with all applicable Rules and Regulations of
the Securities and Exchange Commission and will in addition conduct its
activities under this Agreement in accordance with other applicable law;
(b) will use the same skill and care in providing such
services as it uses in providing services to fiduciary accounts for which it has
investment responsibilities;
(c) will place orders pursuant to its investment
determinations for each Fund either directly with the issuer or with any broker
or dealer. In executing portfolio transactions and selecting brokers or dealers,
the Investment Adviser will use its best efforts to seek on behalf of the Funds
the best overall terms available. In assessing the best overall terms available
for any transaction, the Investment Adviser shall consider all factors that it
deems relevant, including the breadth of the market in the security, the price
of the security, the financial condition and execution capability of the broker
or dealer, and the reasonableness of the commission, if any, both for the
specific transaction and on a continuing basis. In evaluating the best overall
terms available, and in selecting the broker-dealer to execute a particular
transaction, the Investment Adviser may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities Exchange
Act of 1934) provided to the Funds and other accounts over which the Investment
Adviser or an affiliate of the Investment Adviser exercises investment
discretion. The Investment Adviser is authorized, subject to the prior approval
of the Trust's Board of Trustees, to pay to a broker or dealer who provides such
brokerage and research services a commission for executing a portfolio
transaction for any of the Funds which is in excess of the amount of commission
another broker or dealer would have charged for effecting that transaction if,
but only if, the Investment Adviser determines in good faith that such
commission was reasonable in relation to the value of the brokerage and research
services provided by such broker or dealer -- viewed in terms of that particular
transaction or in terms of the overall responsibilities of the Investment
Adviser to the Funds. In addition, the Investment Adviser is authorized to take
into account the sale of shares of the Trust in allocating purchase and sale
orders for portfolio securities to brokers or dealers (including brokers and
dealers that are affiliated with the Investment Adviser or the Trust's principal
underwriter), provided that the Investment Adviser believes that the quality of
the transaction and the commission are comparable to what they would be with
other qualified firms. In no instance, however, will portfolio securities be
purchased from or sold to the Investment Adviser, the Trust's principal
underwriter, or any affiliated person of either the Trust, the Investment
Adviser, or the principal underwriter, acting as principal in the transaction,
except to the extent permitted by the Securities and Exchange Commission; and
(d) will maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Investment Adviser makes investment
recommendations for a Fund, its investment advisory personnel will not inquire
or take into consideration whether the issuer of securities proposed for
purchase or sale for the Fund's account are customers of the commercial
department of any of the Investment Adviser's affiliates. In dealing with
commercial customers, the Investment Adviser's affiliates will not inquire or
take into consideration whether securities of those customers are held by the
Funds.
5. Services Not Exclusive.
The services furnished by the Investment Adviser hereunder are
deemed not to be exclusive, and the Investment Adviser shall be free to furnish
similar services to others so long as its services under this Agreement are not
impaired thereby. To the extent that the purchase or sale of securities or other
investments of the same issuer may be deemed by the Investment Adviser to be
suitable for two or more accounts managed by the Investment Adviser, the
available securities or investments may be allocated in a manner believed by the
Investment Adviser to be equitable to each account. It is recognized that in
some cases this procedure may adversely affect the price paid or received by a
Fund or the size of the position obtainable for or disposed of by a Fund.
6. Books and Records.
In compliance with the requirements of Rule 31a-3 under the
1940 Act, the Investment Adviser hereby agrees that all records which it
maintains for each Fund are the property of the Trust and further agrees to
surrender promptly to the Trust any of such records upon the Trust's request.
The Investment Adviser further agrees to preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act the records required to be maintained by Rule
31a-1 under the 1940 Act.
7. Expenses.
During the term of this Agreement, the Investment Adviser will
pay all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities, commodities and other investments
(including brokerage commissions and other transaction charges, if any)
purchased or sold for the Funds. In addition, if in any fiscal year the
aggregate expenses of the Equity Fund, U.S. Government Securities Fund or
Florida Tax-Exempt Fund (as defined under the securities regulations of any
state having jurisdiction over such Fund) exceed the expense limitations of any
such state, the Trust may deduct from the fees to be paid hereunder, or the
Investment Adviser will bear, to the extent required by state law, that portion
of the excess which bears the same relation to the total of such excess as the
Investment Adviser's fee hereunder with respect to such Fund bears to the total
fee otherwise payable for the fiscal year by the Trust pursuant to this
Agreement and the administration agreement between the Trust and its
administrator with respect to such Fund. With respect to the other Funds, if in
any fiscal year the aggregate expenses of any Fund (as defined under the
securities regulations of any state having jurisdiction over such Fund) exceed
the expense limitation of any such state, the Trust may deduct from the fees to
be paid hereunder, or the Investment Adviser will bear, to the extent required
by state law, that portion of the excess which bears the same relation to the
total of such excess as the Investment Adviser's fees hereunder with respect to
the Fund bears to the total fees otherwise payable with respect to such Fund for
the fiscal year by the Trust hereunder and under the administration agreement
between the Trust and its administrator. The Investment Adviser's obligation is
not limited to the amount of its fees hereunder. Such deduction or payment, if
any, will be estimated and accrued daily and paid on a monthly basis.
8. Compensation.
For the services provided and the expenses assumed pursuant to
this Agreement, the Trust will pay the Investment Adviser, and the Investment
Adviser will accept as full compensation therefor from the Trust, a fee,
computed daily and payable monthly, at the following annual rates of the average
daily net assets of each respective Fund as follows: Equity Fund -- 0.60%;
Short-Term Fixed Income Fund -- 0.40%; U.S. Government Securities Fund -- 0.40%;
Florida Tax-Exempt Fund -- 0.40%; Small Capitalization Fund -- 1.00%; Balanced
Fund -- 0.60%; Managed Bond Fund -- 0.40%; International Equity Fund - 1.00%;
Equity Value Fund - 0.60%; Prime Advantage Institutional Fund - 0.10%; and
Treasury Advantage Institutional Fund - 0.10%. Such respective fee as is
attributable to each Fund shall be a separate charge to such Fund and shall be
the several (and not joint or joint and several) obligation of each such Fund.
The fees payable by a Fund under this Section 8 for the period beginning on the
date of this Agreement and ending on the date the shareholders of the Fund
approve this Agreement shall be maintained in an interest-bearing escrow account
until such time as such Fund's shareholders approve the payment to the
Investment Adviser. If a Fund's shareholders do not approve the payment to the
Investment Adviser of such fees for such period, the balance in the escrow
account shall be paid to the Fund.
9. Limitation of Liability.
The Investment Adviser shall not be liable for any error of
judgment or mistake of law or for any loss suffered by the Trust in connection
with the performance of this Agreement, except a loss resulting from a breach of
fiduciary duty with respect to the receipt of compensation for services or a
loss resulting from willful misfeasance, bad faith or negligence on the part of
the Investment Adviser in the performance of its duties or from reckless
disregard by it of its obligations and duties under this Agreement.
10. Duration and Termination.
This Agreement shall become effective as of the date hereof
with respect to the Funds listed in Section 1(a) hereof, and with respect to any
additional Fund, on the date of receipt by the Trust of notice from the
Investment Adviser in accordance with Section 1(b) hereof that the Investment
Adviser is willing to serve as investment adviser with respect to such Fund,
provided that this Agreement (as supplemented by the terms specified in any
notice and agreement pursuant to Section 1(b) hereof) shall have been approved
by the shareholders of such additional Fund in accordance with the requirements
of the 1940 Act. Unless sooner terminated as provided herein, this Agreement
shall continue in effect until May 9, 1998 and, if approved by the shareholders
of a Fund on or before such date, shall continue in effect as to that Fund for
an additional period ending on November 30, 1998. Thereafter, if not terminated,
this Agreement shall automatically continue in effect as to a particular Fund
for successive annual periods ending on November 30, provided such continuance
is specifically approved at least annually (a) by the vote of a majority of
those members of the Trust's Board of Trustees who are not interested persons of
any party to this Agreement, cast in person at a meeting called for the purpose
of voting such approval, and (b) by the Trust's Board of Trustees or by vote of
a majority of the outstanding voting securities of such Fund. Notwithstanding
the foregoing, this Agreement may be terminated as to any Fund at any time,
without the payment of any penalty, by the Trust (by vote of the Trust's Board
of Trustees or by vote of a majority of the outstanding voting securities of
such Fund), or by the Investment Adviser, on sixty days' written notice. This
Agreement will immediately terminate in the event of its assignment. (As used in
this Agreement, the terms "majority of the outstanding voting securities,"
"interested persons" and "assignment" shall have the same meaning as such terms
have in the 1940 Act.)
11. Amendment of This Agreement.
No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought. No amendment of this Agreement shall be effective as to a
particular Fund (in the case of the International Equity Fund, Equity Value
Fund, Prime Advantage Institutional Fund and Treasury Advantage Institutional
Fund, only to the extent required by the 1940 Act) until approved by vote of a
majority of the outstanding voting securities of such Fund.
12. Miscellaneous.
The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and shall be governed by New York law.
13. Names.
The names "Emerald Funds" and "Trustees of Emerald Funds"
refer respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under an Agreement and
Declaration of Trust dated March 15, 1988, which is hereby referred to and a
copy of which is on file at the office of the State Secretary of the
Commonwealth of Massachusetts and at the principal office of the Trust. The
obligations of "Emerald Funds" entered into in the name or on behalf thereof by
any of the Trustees, representatives or agents are made not individually, but in
such capacities, and are not binding upon any of the Trustees, shareholders, or
representatives of the Trust personally, but bind only the Trust Property, and
all persons dealing with any class of shares of the Trust must look solely to
the Trust Property belonging to such class for the enforcement of any claims
against the Trust.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their officers designated below as of the day and
year first above written.
EMERALD FUNDS
Attest: (a Massachusetts business trust)
/s/ Jeffrey A. Dalke By /s/ John G. Grimsley
[Seal]
BARNETT CAPITAL ADVISORS, INC.
Attest:
_________________________ By /s/ Jack A. Ablin
[Seal]
INVESTMENT ADVISORY AGREEMENT
(Tax-Exempt Fund)
AGREEMENT made as of January 9, 1998, between EMERALD FUNDS, a
Massachusetts business trust (herein called the "Trust"), and BARNETT CAPITAL
ADVISORS, INC., a wholly-owned indirect subsidiary of Barnett Banks, Inc.
(herein called the "Investment Adviser").
WHEREAS, the Trust is registered as an open-end, management investment
company under the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Trust desires to retain the Investment Adviser to furnish
investment advisory and other services to the Trust for its Tax-Exempt Fund
portfolio (the "Fund"), and the Investment Adviser is willing to so furnish such
services;
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, it is agreed between the parties hereto as follows:
1. Appointment.
The Trust hereby appoints the Investment Adviser to provide
the investment advisory and other services set forth herein to the Trust for its
Tax-Exempt Fund for the period and on the terms set forth in this Agreement. The
Investment Adviser accepts such appointment and agrees to furnish the services
herein set forth for the compensation herein provided.
2. Subcontractors.
It is understood that the Investment Adviser will from time to
time employ or associate with such person or persons as the Investment Adviser
may believe to be particularly fitted to assist it in the performance of this
Agreement; provided, however, that the compensation of such person or persons
shall be paid by the Investment Adviser. In addition, notwithstanding any such
employment or association, the Investment Adviser shall itself (a) establish and
monitor general investment criteria and policies for the Fund, (b) review and
analyze on a periodic basis the Fund's portfolio holdings and transactions in
order to determine their appropriateness in light of the Fund's shareholder
base, and (c) review and analyze on a periodic basis the policies established by
any sub-adviser for the Fund with respect to the placement of orders for the
purchase and sale of portfolio securities. Without limiting the generality of
the foregoing, it is agreed that investment advisory services to the Fund shall
be provided by a sub-investment adviser (the "SubAdviser") pursuant to a
sub-advisory agreement agreeable to the Trust and approved in accordance with
the provisions of the 1940 Act (the "Sub-Advisory Agreement").
3. Delivery of Documents.
The Trust has furnished the Investment Adviser with copies
properly certified or authenticated of each of the following:
(a) The Trust's Agreement and Declaration of Trust, as filed
with the State Secretary of the Commonwealth of Massachusetts
on March 16, 1988, and any amendments thereto (such Agreement
and Declaration of Trust, as presently in effect and as it
shall from time to time be amended, is herein called the
"Declaration of Trust");
(b)The Trust's Code of Regulations and any amendments thereto;
(c) Resolutions of the Trust's Board of Trustees authorizing
the appointment of the Investment Adviser and approving this
Agreement;
(d) The Trust's Notification of Registration on Form N-8A
under the 1940 Act as filed with the Securities and Exchange
Commission on March 21, 1988 and any amendments thereto;
(e) The Trust's Registration Statement on Form N-1A under the
Securities Act of 1933 as amended ("1933 Act") (File No.
33-20658) and under the 1940 Act as filed with the Securities
and Exchange Commission on March 21, 1988 and any amendments
thereto; and
(f) The most recent prospectus of the Fund (such prospectus
together with the related statement of additional information,
as presently in effect and all amendments and supplements
thereto, are herein called "Prospectus").
The Trust will furnish the Investment Adviser from time to time with copies of
all amendments of or supplements to the foregoing, if any.
4. Services.
Subject to the supervision of the Trust's Board of Trustees,
the Investment Adviser will be responsible for the management of, and will
provide a continuous investment program for, the Fund, including investment
research and management with respect to all securities, investments, cash and
cash equivalents in the Fund. The Investment Adviser will determine from time to
time what securities and other investments will be purchased, retained or sold
by the Fund. The Investment Adviser will provide the services rendered by it
under this Agreement in accordance with the Fund's investment objective,
policies and restrictions as stated in the Prospectus and resolutions of the
Trust's Board of Trustees. Without limiting the generality of the foregoing, the
Investment Adviser is hereby specifically authorized to invest and reinvest the
assets of the Fund, in its discretion as investment adviser, in (i) variable
amount demand notes of corporate borrowers held by the Investment Adviser in its
capacity as fiduciary, agent and custodian and (ii) securities of other
investment companies whether or not the same are advised or managed by the
Investment Adviser or another affiliated person of the Trust. The Investment
Adviser further agrees that it will:
(a) Establish and monitor general investment criteria
and policies for the Fund;
(b) Update the Fund's cash availability throughout the
day as required;
(c) Maintain historical tax lots for each portfolio
security held by the Fund;
(d) Transmit trades to the Trust's custodian for proper
settlement;
(e) Maintain appropriate books and records with respect to the
Fund's securities transactions;
(f) Supply the Trust and its Board of Trustees with reports,
statistical data and economic information as requested; and
(g) Prepare a quarterly broker security transaction summary
and, if requested in advance, monthly security transaction listing for the Fund.
5. Other Covenants.
The Investment Adviser agrees that it:
(a) will comply with all applicable Rules and Regulations of
the Securities and Exchange Commission and will in addition conduct its
activities under this Agreement in accordance with other applicable law;
(b) will use the same skill and care in providing such
services as it uses in providing services to fiduciary accounts for which it has
investment responsibilities;
(c) will place orders pursuant to its investment
determinations for the Fund either directly with the issuer or with any broker
or dealer. In executing portfolio transactions and selecting brokers or dealers,
the Investment Adviser will use its best efforts to seek on behalf of the Fund
the best overall terms available. In assessing the best overall terms available
for any transaction, the Investment Adviser shall consider all factors that it
deems relevant, including the breadth of the market in the security, the price
of the security, the financial condition and execution capability of the broker
or dealer, and the reasonableness of the commission, if any, both for the
specific transaction and on a continuing basis. In evaluating the best overall
terms available, and in selecting the broker-dealer to execute a particular
transaction, the Investment Adviser may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities Exchange
Act of 1934) provided to the Fund and other accounts over which the Investment
Adviser or an affiliate of the Investment Adviser exercises investment
discretion. The Investment Adviser is authorized, subject to the prior approval
of the Trust's Board of Trustees, to pay to a broker or dealer who provides such
brokerage and research services a commission for executing a portfolio
transaction for the Fund which is in excess of the amount of commission another
broker or dealer would have charged for effecting that transaction if, but only
if, the Investment Adviser determines in good faith that such commission was
reasonable in relation to the value of the brokerage and research services
provided by such broker or dealer -- viewed in terms of that particular
transaction or in terms of the overall responsibilities of the Investment
Adviser to the Fund. In addition, the Investment Adviser is authorized to take
into account the sale of shares of the Trust in allocating purchase and sale
orders for portfolio securities to brokers or dealers (including brokers and
dealers that are affiliated with the Investment Adviser, Sub-Adviser or the
Trust's principal underwriter), provided that the Investment Adviser believes
that the quality of the transaction and the commission are comparable to what
they would be with other qualified firms. In no instance, however, will
portfolio securities be purchased from or sold to the Investment Adviser,
Sub-Adviser, the Trust's principal underwriter, or any affiliated person of
either the Trust, the Investment Adviser, Sub-Adviser or the principal
underwriter, acting as principal in the transaction, except to the extent
permitted by the Securities and Exchange Commission; and
(d) will maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Investment Adviser makes investment
recommendations for the Fund, its investment advisory personnel will not inquire
or take into consideration whether the issuer of securities proposed for
purchase or sale for the Fund's account are customers of the commercial
department of any of the Investment Adviser's affiliates. In dealing with
commercial customers, the Investment Adviser's affiliates will not inquire or
take into consideration whether securities of those customers are held by the
Fund.
6. Services Not Exclusive.
The services furnished by the Investment Adviser hereunder are
deemed not to be exclusive, and the Investment Adviser shall be free to furnish
similar services to others so long as its services under this Agreement are not
impaired thereby. To the extent that the purchase or sale of securities or other
investments of the same issuer may be deemed by the Investment Adviser to be
suitable for two or more accounts managed by the Investment Adviser, the
available securities or investments may be allocated in a manner believed by the
Investment Adviser to be equitable to each account. It is recognized that in
some cases this procedure may adversely affect the price paid or received by the
Fund or the size of the position obtainable for or disposed of by the Fund.
7. Books and Records.
In compliance with the requirements of Rule 31a-3 under the
1940 Act, the Investment Adviser hereby agrees that all records which it
maintains for the Fund are the property of the Trust and further agrees to
surrender promptly to the Trust any of such records upon the Trust's request.
The Investment Adviser further agrees to preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act the records required to be maintained by Rule
31a-1 under the 1940 Act.
8. Expenses.
During the term of this Agreement, the Investment Adviser will
pay all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities, commodities and other investments
(including brokerage commissions and other transaction charges, if any)
purchased or sold for the Fund. In addition, if in any fiscal year the aggregate
expenses of the Fund (as defined under the securities regulations of any state
having jurisdiction over the Fund) exceed the expense limitations of any such
state, the Investment Adviser will reimburse the Trust, to the extent required
by state law, for 50% of such excess expenses of the Fund. The Investment
Adviser's obligation is not limited to the amount of its fees hereunder. Such
reimbursement, if any, will be estimated and accrued daily and paid on a monthly
basis.
9. Compensation.
For the services provided and the expenses assumed pursuant to
this Agreement, the Trust will pay the Investment Adviser, and the Investment
Adviser will accept as full compensation therefor from the Trust, a fee,
computed daily and payable monthly, at the annual rate of .25% of the average
daily net assets of the Fund. Such fee shall be a separate charge to the Fund
and shall be the several (and not joint or joint and several) obligation of the
Fund. The fees payable by the Fund under this Section 9 for the period beginning
on the date of this Agreement and ending on the date the shareholders of the
Fund approve this Agreement shall be maintained in an interest-bearing escrow
account until such time as the Fund's shareholders approve the payment of such
fees to the Investment Adviser. If the Fund's shareholders do not approve the
payment to the Investment Adviser of such fees for such period, the balance in
the escrow account shall be paid to the Fund.
10. Limitation of Liability.
The Investment Adviser shall not be liable for any error of
judgment or mistake of law or for any loss suffered by the Trust in connection
with the performance of this Agreement, except a loss resulting from a breach of
fiduciary duty with respect to the receipt of compensation for services or a
loss resulting from willful misfeasance, bad faith or negligence on the part of
the Investment Adviser in the performance of its duties or from reckless
disregard by it of its obligations and duties under this Agreement.
11. Duration and Termination.
This Agreement shall become effective as of the date hereof.
Unless sooner terminated as provided herein, this Agreement shall continue in
effect until May 9, 1998 and, if approved by the shareholders of the Fund on or
before such date, shall continue in effect for an additional period ending on
November 30, 1998. Thereafter, if not terminated, this Agreement shall
automatically continue in effect for successive annual periods ending on
November 30, provided such continuance is specifically approved at least
annually (a) by the vote of a majority of those members of the Trust's Board of
Trustees who are not interested persons of any party to this Agreement, cast in
person at a meeting called for the purpose of voting such approval, and (b) by
the Trust's Board of Trustees or by vote of a majority of the outstanding voting
securities of the Fund. Notwithstanding the foregoing, this Agreement may be
terminated as to the Fund at any time, without the payment of any penalty, by
the Trust (by vote of the Trust's Board of Trustees or by vote of a majority of
the outstanding voting securities of the Fund), or by the Investment Adviser, on
sixty days' written notice. This Agreement will immediately terminate in the
event of its assignment. (As used in this Agreement, the terms "majority of the
outstanding voting securities," "interested persons" and "assignment" shall have
the same meaning as such terms have in the 1940 Act.)
12. Amendment of This Agreement.
No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought. No amendment of this Agreement shall be effective until
approved by vote of a majority of the outstanding voting securities of the Fund.
13. Miscellaneous.
The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and shall be governed by New York law.
14. Names.
The names "Emerald Funds" and "Trustees of Emerald Funds"
refer respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under an Agreement and
Declaration of Trust dated March 15, 1988, which is hereby referred to and a
copy of which is on file at the office of the State Secretary of the
Commonwealth of Massachusetts and at the principal office of the Trust. The
obligations of "Emerald Funds" entered into in the name or on behalf thereof by
any of the Trustees, representatives or agents are made not individually, but in
such capacities, and are not binding upon any of the Trustees, shareholders, or
representatives of the Trust personally, but bind only the Trust Property, and
all persons dealing with any class of shares of the Trust must look solely to
the Trust Property belonging to such class for the enforcement of any claims
against the Trust.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the day and year first
above written.
EMERALD FUNDS
(a Massachusetts business trust)
Attest:
/s/ Jeffrey A. Dalke By /s/ John G. Grimsley
[Seal]
Attest: BARNETT CAPITAL ADVISORS, INC.
____________________________ By /s/ Jack A. Ablin
[Seal]
INVESTMENT ADVISORY AGREEMENT
(Treasury Fund and Prime Fund)
AGREEMENT made as of January 9, 1998, between EMERALD FUNDS, a
Massachusetts business trust (herein called the "Trust"), and BARNETT CAPITAL
ADVISORS, INC., a wholly-owned indirect subsidiary of Barnett Banks, Inc.
(herein called the "Investment Adviser").
WHEREAS, the Trust is registered as an open-end, management investment
company under the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Trust desires to retain the Investment Adviser to furnish
investment advisory and other services to the Trust for its Treasury Fund and
Prime Fund portfolios (the "Funds"), and the Investment Adviser is willing to so
furnish such services;
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, it is agreed between the parties hereto as follows:
1. Appointment.
(a) The Trust hereby appoints the Investment Adviser to act as
investment adviser to the Trust's Treasury Fund and Prime Fund for the period
and on the terms set forth in this Agreement. The Investment Adviser accepts
such appointment and agrees to furnish the services herein set forth for the
compensation herein provided.
(b) In the event that the Trust establishes one or more
portfolios other than the Treasury Fund and Prime Fund with respect to which it
desires to retain the Investment Adviser to act as investment adviser hereunder,
it shall notify the Investment Adviser in writing. If the Investment Adviser is
willing to render such services under this Agreement it shall notify the Trust
in writing whereupon such portfolio shall become a Fund hereunder and shall be
subject to the provisions of this Agreement to the same extent as the two Funds
named above in subparagraph (a) except to the extent that said provisions
(including those relating to the compensation payable by the Fund to the
Investment Adviser) are modified with respect to such Fund in writing by the
Trust and the Investment Adviser at the time.
2. Delivery of Documents.
The Trust has furnished the Investment Adviser with copies
properly certified or authenticated of each of the following:
(a) The Trust's Agreement and Declaration of Trust, as filed
with the State Secretary of the Commonwealth of Massachusetts on March 16, 1988,
and any amendments thereto (such Agreement and Declaration of Trust, as
presently in effect and as it shall from time to time be amended, is herein
called the "Declaration of Trust");
(b)The Trust's Code of Regulations and any amendments thereto;
(c) Resolutions of the Trust's Board of Trustees authorizing
the appointment of the Investment Adviser and approving this Agreement;
(d) The Trust's Notification of Registration on Form N-8A
under the 1940 Act as filed with the Securities and Exchange Commission on March
21, 1988 and any amendments thereto;
(e) The Trust's Registration Statement on Form N-1A under the
Securities Act of 1933 as amended ("1933 Act") (File No. 33-20658) and under the
1940 Act as filed with the Securities and Exchange Commission on March 21, 1988
and any amendments thereto; and
(f) The most recent prospectuses of the Funds (such
prospectuses together with the related statement of additional information, as
presently in effect and all amendments and supplements thereto, are herein
called "Prospectuses").
The Trust will furnish the Investment Adviser from time to time with copies of
all amendments of or supplements to the foregoing, if any.
3. Services.
Subject to the supervision of the Trust's Board of Trustees,
the Investment Adviser will be responsible for the management of, and will
provide a continuous investment program for, the investment portfolio of each
Fund, including investment research and management with respect to all
securities, investments, cash and cash equivalents in the Funds. The Investment
Adviser will determine from time to time what securities and other investments
will be purchased, retained or sold by each of the Funds. The Investment Adviser
will provide the services rendered by it under this Agreement in accordance with
each Fund's investment objective, policies and restrictions as stated in the
Prospectus for each Fund and resolutions of the Trust's Board of Trustees.
Without limiting the generality of the foregoing, the Investment Adviser is
hereby specifically authorized to invest and reinvest the assets of a Fund, in
its discretion as investment adviser, in (i) variable amount demand notes of
corporate borrowers held by the Investment Adviser for the investment of monies
held by the Investment Adviser in its capacity as fiduciary, agent and custodian
and (ii) securities of other investment companies whether or not the same are
advised or managed by the Investment Adviser or another affiliated person of the
Trust. The Investment Adviser further agrees that it will:
(a) Establish and monitor investment criteria and
policies for each Fund;
(b) Update each Fund's cash availability throughout the
day as required;
(c) Maintain historical tax lots for each portfolio
security held by the Funds;
(d) Transmit trades to the Trust's custodian for proper
settlement;
(e) Maintain all books and records with respect to each Fund's
securities transactions;
(f) Supply the Trust and its Board of Trustees with reports,
statistical data and economic information as requested; and
(g) Prepare a quarterly broker security transaction summary
and monthly security transaction listing for each Fund.
4. Other Covenants.
The Investment Adviser agrees that it:
(a) will comply with all applicable Rules and Regulations of
the Securities and Exchange Commission and will in addition conduct its
activities under this Agreement in accordance with other applicable law;
(b) will use the same skill and care in providing such
services as it uses in providing services to fiduciary accounts for which it has
investment responsibilities;
(c) will place orders pursuant to its investment
determinations for each Fund either directly with the issuer or with any broker
or dealer. In executing portfolio transactions and selecting brokers or dealers,
the Investment Adviser will use its best efforts to seek on behalf of the Funds
the best overall terms available. In assessing the best overall terms available
for any transaction, the Investment Adviser shall consider all factors that it
deems relevant, including the breadth of the market in the security, the price
of the security, the financial condition and execution capability of the broker
or dealer, and the reasonableness of the commission, if any, both for the
specific transaction and on a continuing basis. In evaluating the best overall
terms available, and in selecting the broker-dealer to execute a particular
transaction, the Investment Adviser may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities Exchange
Act of 1934) provided to the Funds and other accounts over which the Investment
Adviser or an affiliate of the Investment Adviser exercises investment
discretion. The Investment Adviser is authorized, subject to the prior approval
of the Trust's Board of Trustees, to pay to a broker or dealer who provides such
brokerage and research services a commission for executing a portfolio
transaction for any of the Funds which is in excess of the amount of commission
another broker or dealer would have charged for effecting that transaction if,
but only if, the Investment Adviser determines in good faith that such
commission was reasonable in relation to the value of the brokerage and research
services provided by such broker or dealer -- viewed in terms of that particular
transaction or in terms of the overall responsibilities of the Investment
Adviser to the Funds. In addition, the Investment Adviser is authorized to take
into account the sale of shares of the Trust in allocating purchase and sale
orders for portfolio securities to brokers or dealers (including brokers and
dealers that are affiliated with the Investment Adviser or the Trust's principal
underwriter), provided that the Investment Adviser believes that the quality of
the transaction and the commission are comparable to what they would be with
other qualified firms. In no instance, however, will portfolio securities be
purchased from or sold to the Investment Adviser, the Trust's principal
underwriter, or any affiliated person of either the Trust, the Investment
Adviser, or the principal underwriter, acting as principal in the transaction,
except to the extent permitted by the Securities and Exchange Commission; and
(d) will maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Investment Adviser makes investment
recommendations for a Fund, its investment advisory personnel will not inquire
or take into consideration whether the issuer of securities proposed for
purchase or sale for the Fund's account are customers of the commercial
department of any of the Investment Adviser's affiliates. In dealing with
commercial customers, the Investment Adviser's affiliates will not inquire or
take into consideration whether securities of those customers are held by the
Funds.
5. Services Not Exclusive.
The services furnished by the Investment Adviser hereunder are
deemed not to be exclusive, and the Investment Adviser shall be free to furnish
similar services to others so long as its services under this Agreement are not
impaired thereby. To the extent that the purchase or sale of securities or other
investments of the same issuer may be deemed by the Investment Adviser to be
suitable for two or more accounts managed by the Investment Adviser, the
available securities or investments may be allocated in a manner believed by the
Investment Adviser to be equitable to each account. It is recognized that in
some cases this procedure may adversely affect the price paid or received by a
Fund or the size of the position obtainable for or disposed of by a Fund.
6. Books and Records.
In compliance with the requirements of Rule 31a-3 under the
1940 Act, the Investment Adviser hereby agrees that all records which it
maintains for each Fund are the property of the Trust and further agrees to
surrender promptly to the Trust any of such records upon the Trust's request.
The Investment Adviser further agrees to preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act the records required to be maintained by Rule
31a-1 under the 1940 Act.
7. Expenses.
During the term of this Agreement, the Investment Adviser will
pay all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities, commodities and other investments
(including brokerage commissions and other transaction charges, if any)
purchased or sold for the Funds. In addition, if in any fiscal year the
aggregate expenses of any Fund (as defined under the securities regulations of
any state having jurisdiction over such Fund) exceed the expense limitations of
any such state, the Trust may deduct from the fees to be paid hereunder, or the
Investment Adviser will bear, to the extent required by state law, that portion
of the excess which bears the same relation to the total of such excess as the
Investment Adviser's fee hereunder bears to the total fee otherwise payable for
the fiscal year by the Trust pursuant to this Agreement and the administration
agreement between the Trust and its administrator with respect to such Fund. The
Investment Adviser's obligation is not limited to the amount of its fees
hereunder. Such deduction or payment, if any, will be estimated and accrued
daily and paid on a monthly basis.
8. Compensation.
For the services provided and the expenses assumed pursuant to
this Agreement, the Trust will pay the Investment Adviser, and the Investment
Adviser will accept as full compensation therefor from the Trust, a fee,
computed daily and payable monthly, at the annual rate of .25% of the average
daily net assets of each of the Funds. Such fee as is attributable to each Fund
shall be a separate charge to such Fund and shall be the several (and not joint
or joint and several) obligation of each such Fund. The fees payable under this
Section 8 by a Fund for the period beginning on the date of this Agreement and
ending on the date the shareholders of the Fund approve this Agreement shall be
maintained in an interest-bearing escrow account until such Fund's shareholder's
approve the payment of such fees to the Investment Adviser. If a Fund's
shareholders do not approve the payment to the Investment Adviser of such fees
for such period, the balance in the escrow account shall be paid to such Fund.
9. Limitation of Liability.
The Investment Adviser shall not be liable for any error of
judgment or mistake of law or for any loss suffered by the Trust in connection
with the performance of this Agreement, except a loss resulting from a breach of
fiduciary duty with respect to the receipt of compensation for services or a
loss resulting from willful misfeasance, bad faith or negligence on the part of
the Investment Adviser in the performance of its duties or from reckless
disregard by it of its obligations and duties under this Agreement.
10. Duration and Termination.
This Agreement shall become effective as of the date hereof
with respect to the Funds listed in Section 1(a) hereof, and with respect to any
additional Fund, on the date of receipt by the Trust of notice from the
Investment Adviser in accordance with Section 1(b) hereof that the Investment
Adviser is willing to serve as investment adviser with respect to such Fund,
provided that this Agreement (as supplemented by the terms specified in any
notice and agreement pursuant to Section 1(b) hereof) shall have been approved
by the shareholders of such additional Fund in accordance with the requirements
of the 1940 Act. Unless sooner terminated as provided herein, this Agreement
shall continue in effect until May 9, 1998 and, if approved by the shareholders
of a Fund on or before such date, shall continue in effect as to that Fund for
an additional period ending on November 30, 1998. Thereafter, if not terminated,
this Agreement shall automatically continue in effect as to a particular Fund
for successive annual periods ending on November 30, provided such continuance
is specifically approved at least annually (a) by the vote of a majority of
those members of the Trust's Board of Trustees who are not interested persons of
any party to this Agreement, cast in person at a meeting called for the purpose
of voting such approval, and (b) by the Trust's Board of Trustees or by vote of
a majority of the outstanding voting securities of such Fund. Notwithstanding
the foregoing, this Agreement may be terminated as to any Fund at any time,
without the payment of any penalty, by the Trust (by vote of the Trust's Board
of Trustees or by vote of a majority of the outstanding voting securities of
such Fund), or by the Investment Adviser, on sixty days' written notice. This
Agreement will immediately terminate in the event of its assignment. (As used in
this Agreement, the terms "majority of the outstanding voting securities,"
"interested persons" and "assignment" shall have the same meaning as such terms
have in the 1940 Act.)
11. Amendment of This Agreement.
No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought. No amendment of this Agreement shall be effective as to a
particular Fund until approved by vote of a majority of the outstanding voting
securities of such Fund.
12. Miscellaneous.
The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and shall be governed by New York law.
13. Names.
The names "Emerald Funds" and "Trustees of Emerald Funds"
refer respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under an Agreement and
Declaration of Trust dated March 15, 1988, which is hereby referred to and a
copy of which is on file at the office of the State Secretary of the
Commonwealth of Massachusetts and at the principal office of the Trust. The
obligations of "Emerald Funds" entered into in the name or on behalf thereof by
any of the Trustees, representatives or agents are made not individually, but in
such capacities, and are not binding upon any of the Trustees, shareholders, or
representatives of the Trust personally, but bind only the Trust Property, and
all persons dealing with any class of shares of the Trust must look solely to
the Trust Property belonging to such class for the enforcement of any claims
against the Trust.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the day and year first
above written.
EMERALD FUNDS
Attest: (a Massachusetts business trust)
/s/ Jeffrey A. Dalke By /s/ John G. Grimsley
[Seal]
BARNETT CAPITAL ADVISORS, INC.
Attest:
___________________________ By /s/ Jack A. Ablin
[Seal]
