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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 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 25
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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 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 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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<PAGE> PAGE 41
067 000800 N
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<PAGE> PAGE 42
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008 A000901 BARNETT CAPITAL ADVISORS, INC.
008 B000901 A
008 C000901 801-000000
008 D010901 JACKSONVILLE
008 D020901 FL
008 D030901 32256
015 A000901 THE BANK OF NEW YORK
015 B000901 C
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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054 E000900 N
054 F000900 N
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054 H000900 N
054 I000900 N
054 J000900 N
054 K000900 N
054 L000900 N
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055 A000900 Y
055 B000900 N
056 000900 Y
057 000900 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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008 A001001 BARNETT CAPITAL ADVISORS, INC.
008 B001001 A
008 C001001 801-000000
008 D011001 JACKSONVILLE
008 D021001 FL
008 D031001 32256
<PAGE> PAGE 47
015 A001001 THE BANK OF NEW YORK
015 B001001 C
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<PAGE> PAGE 48
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054 G001000 N
054 H001000 N
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<PAGE> PAGE 49
054 L001000 N
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<PAGE> PAGE 50
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<PAGE> PAGE 51
074 U021000 11094
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008 A001101 BARNETT CAPITAL ADVISORS, INC.
008 B001101 A
008 C001101 801-000000
008 D011101 JACKSONVILLE
008 D021101 FL
008 D031101 32256
015 A001101 THE BANK OF NEW YORK
015 B001101 C
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015 E011101 X
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025 B001102 13-2655998
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
062 R001100 0.0
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<PAGE> PAGE 55
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008 A001201 BARNETT CAPITAL ADVISORS, INC.
008 B001201 A
008 C001201 801-000000
008 D011201 JACKSONVILLE
008 D021201 FL
008 D031201 32256
015 A001201 THE BANK OF NEW YORK
015 B001201 C
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015 C031201 10286
015 E011201 X
024 001200 Y
025 A001201 MORGAN STANLEY DEAN WITTER, DISCOVER & CO.
025 B001201 13-2655998
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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
008 A001301 BARNETT CAPITAL ADVISORS, INC.
008 B001301 A
008 C001301 801-000000
008 D011301 JACKSONVILLE
008 D021301 FL
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015 A001301 THE BANK OF NEW YORK
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025 B001303 13-2655998
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<PAGE> PAGE 61
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028 G041300 20960
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037 001300 N
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039 001300 N
040 001300 Y
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042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
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044 001300 0
045 001300 Y
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047 001300 Y
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048 B011300 0
048 B021300 0.000
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048 E021300 0.000
048 F011300 0
048 F021300 0.000
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048 G021300 0.000
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048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
<PAGE> PAGE 62
051 001300 N
052 001300 Y
053 A001300 Y
053 B001300 Y
054 A001300 N
054 B001300 N
054 C001300 N
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 N
054 H001300 N
054 I001300 N
054 J001300 N
054 K001300 N
054 L001300 N
054 M001300 N
054 N001300 N
054 O001300 N
055 A001300 Y
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 1000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 20.5
062 N001300 13.6
062 O001300 0.0
062 P001300 61.0
062 Q001300 4.4
062 R001300 0.0
063 A001300 0
063 B001300 2.6
064 A001300 N
064 B001300 N
066 A001300 N
<PAGE> PAGE 63
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
071 A001300 23510
071 B001300 44470
071 C001300 100817
071 D001300 23
072 A001300 6
072 B001300 2773
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072 I001300 5
072 J001300 7
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072 R001300 1
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072 U001300 6
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<PAGE> PAGE 64
074 G001300 0
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008 A001401 BARNETT CAPITAL ADVISORS, INC.
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<PAGE> PAGE 65
028 A011400 1308
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037 001400 N
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039 001400 N
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<PAGE> PAGE 66
048 B021400 0.000
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048 I021400 0.000
048 J011400 0
048 J021400 0.000
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048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 Y
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053 B001400 Y
054 A001400 N
054 B001400 N
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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
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<PAGE> PAGE 67
062 C001400 0.0
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066 A001400 Y
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
054 F001500 N
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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SIGNATURE CORY GOSSARD
TITLE SUPERVISOR
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<NAME> EMERALD FUNDS
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<NAME> EMERALD FUNDS
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<NAME> PRIME FUND
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<TABLE> <S> <C>
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<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
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<NAME> TREASURY FUND
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<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 022
<NAME> TREASURY FUND
<S> <C>
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<PERIOD-START> DEC-01-1997
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<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 023
<NAME> TREASURY FUND
<S> <C>
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<PERIOD-START> DEC-01-1997
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<FN>
<F1>Service Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 031
<NAME> TAX-EXEMPT FUND
<S> <C>
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<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 032
<NAME> TAX-EXEMPT FUND
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
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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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<FN>
<F1>Service Shares
</FN>
</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> 050
<NAME> TREASURY ADVANTAGE INSTITUTIONAL FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 061
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
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<DISTRIBUTIONS-OF-GAINS> 95931<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 66388468
<NUMBER-OF-SHARES-REDEEMED> 11379994
<SHARES-REINVESTED> 549511
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 429647
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<PER-SHARE-NAV-BEGIN> 13.13<F1>
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> 2.52<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .29
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<PER-SHARE-NAV-END> 15.44<F1>
<EXPENSE-RATIO> 1.81<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> 062
<NAME> INTERNATIONAL EQUITY 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> 114350925
<INVESTMENTS-AT-VALUE> 123479659
<RECEIVABLES> 1590389
<ASSETS-OTHER> 13739
<OTHER-ITEMS-ASSETS> 56739
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<OTHER-ITEMS-LIABILITIES> 120540
<TOTAL-LIABILITIES> 600240
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<PAID-IN-CAPITAL-COMMON> 109041077
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<SHARES-COMMON-PRIOR> 4122281<F1>
<ACCUMULATED-NII-CURRENT> 579010
<OVERDISTRIBUTION-NII> 0
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<OTHER-INCOME> (92496)
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<DISTRIBUTIONS-OF-GAINS> 1209852<F1>
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<NUMBER-OF-SHARES-REDEEMED> 11379994
<SHARES-REINVESTED> 549511
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 429647
<AVERAGE-NET-ASSETS> 67974217<F1>
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<PER-SHARE-NII> .09<F1>
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<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> .29
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<PER-SHARE-NAV-END> 15.53<F1>
<EXPENSE-RATIO> 1.25<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> 071
<NAME> EQUITY FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-30-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 229611562
<INVESTMENTS-AT-VALUE> 296671755
<RECEIVABLES> 215022
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 296892732
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<OTHER-ITEMS-LIABILITIES> 32383
<TOTAL-LIABILITIES> 32383
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<SHARES-COMMON-STOCK> 3265014<F1>
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<OVERDISTRIBUTION-NII> (30773)
<ACCUMULATED-NET-GAINS> 32194
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67060193
<NET-ASSETS> 47006189<F1>
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<NET-INVESTMENT-INCOME> 32403
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<GROSS-EXPENSE> 1086459
<AVERAGE-NET-ASSETS> 48741379<F1>
<PER-SHARE-NAV-BEGIN> 17.992<F1>
<PER-SHARE-NII> (.012)<F1>
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<PER-SHARE-DIVIDEND> .001<F1>
<PER-SHARE-DISTRIBUTIONS> 5.208<F1>
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<EXPENSE-RATIO> 1.259<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 072
<NAME> EQUITY FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-30-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 229611562
<INVESTMENTS-AT-VALUE> 296671755
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<TOTAL-LIABILITIES> 32383
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<SHARES-COMMON-STOCK> 17116318<F1>
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<GROSS-EXPENSE> 1086459
<AVERAGE-NET-ASSETS> 223467844<F1>
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<PER-SHARE-NII> .004<F1>
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<PER-SHARE-DIVIDEND> .003<F1>
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<PER-SHARE-NAV-END> 14.597<F1>
<EXPENSE-RATIO> .788<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 081
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 108587144
<INVESTMENTS-AT-VALUE> 117467005
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118963856
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<OTHER-ITEMS-LIABILITIES> 27810
<TOTAL-LIABILITIES> 27810
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<OVERDISTRIBUTION-GAINS> (3072219)
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<GROSS-EXPENSE> 517104
<AVERAGE-NET-ASSETS> 85565877<F1>
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<PER-SHARE-DISTRIBUTIONS> 0<F1>
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<EXPENSE-RATIO> 1.028<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 082
<NAME> FLORIDA TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 108587144
<INVESTMENTS-AT-VALUE> 117467005
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118963856
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<OTHER-ITEMS-LIABILITIES> 27810
<TOTAL-LIABILITIES> 27810
<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3072219)
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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>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
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<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>
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<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
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<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
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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
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<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
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<ACCUM-APPREC-OR-DEPREC> 20046301
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<DIVIDEND-INCOME> 301113
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<EXPENSES-NET> 1023416
<NET-INVESTMENT-INCOME> (722303)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 19549959<F1>
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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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<OVERDIST-NET-GAINS-PRIOR> 0
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<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>
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<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
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<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> 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>
<DIVIDEND-INCOME> 172891
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<APPREC-INCREASE-CURRENT> (4591357)
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<NUMBER-OF-SHARES-SOLD> 2978219<F1>
<NUMBER-OF-SHARES-REDEEMED> 1024124<F1>
<SHARES-REINVESTED> 1888880<F1>
<NET-CHANGE-IN-ASSETS> (8279263)
<ACCUMULATED-NII-PRIOR> 5797
<ACCUMULATED-GAINS-PRIOR> 11006620
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333415
<AVERAGE-NET-ASSETS> 8669733<F1>
<PER-SHARE-NAV-BEGIN> 13.924<F1>
<PER-SHARE-NII> .119<F1>
<PER-SHARE-GAIN-APPREC> .780<F1>
<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
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<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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<APPREC-INCREASE-CURRENT> (4591357)
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<DISTRIBUTIONS-OF-INCOME> 788660<F1>
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<NUMBER-OF-SHARES-SOLD> 10161262<F1>
<NUMBER-OF-SHARES-REDEEMED> 23271591<F1>
<SHARES-REINVESTED> 18493043<F1>
<NET-CHANGE-IN-ASSETS> (8279263)
<ACCUMULATED-NII-PRIOR> 5797
<ACCUMULATED-GAINS-PRIOR> 11006620
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 333415
<AVERAGE-NET-ASSETS> 75417843<F1>
<PER-SHARE-NAV-BEGIN> 13.814<F1>
<PER-SHARE-NII> .129<F1>
<PER-SHARE-GAIN-APPREC> .791<F1>
<PER-SHARE-DIVIDEND> .131<F1>
<PER-SHARE-DISTRIBUTIONS> 3.326<F1>
<RETURNS-OF-CAPITAL> 0
<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
<ASSETS-OTHER> 2058
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77246077
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<OTHER-ITEMS-LIABILITIES> 22347
<TOTAL-LIABILITIES> 22347
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 255690<F1>
<SHARES-COMMON-PRIOR> 220220<F1>
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<OVERDISTRIBUTION-NII> (111025)
<ACCUMULATED-NET-GAINS> 61379
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 2582129<F1>
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<DISTRIBUTIONS-OF-INCOME> 72814<F1>
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<NUMBER-OF-SHARES-SOLD> 2017690<F1>
<NUMBER-OF-SHARES-REDEEMED> 1733608<F1>
<SHARES-REINVESTED> 91129<F1>
<NET-CHANGE-IN-ASSETS> 24122118
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (84946)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258327
<AVERAGE-NET-ASSETS> 3053701<F1>
<PER-SHARE-NAV-BEGIN> 10.346<F1>
<PER-SHARE-NII> .244<F1>
<PER-SHARE-GAIN-APPREC> .007<F1>
<PER-SHARE-DIVIDEND> .247<F1>
<PER-SHARE-DISTRIBUTIONS> .238<F1>
<RETURNS-OF-CAPITAL> 0
<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
<INVESTMENTS-AT-COST> 76249840
<INVESTMENTS-AT-VALUE> 76257837
<RECEIVABLES> 986452
<ASSETS-OTHER> 2058
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77246077
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<OTHER-ITEMS-LIABILITIES> 22347
<TOTAL-LIABILITIES> 22347
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68044373
<SHARES-COMMON-STOCK> 7426447<F1>
<SHARES-COMMON-PRIOR> 9619825<F1>
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<OVERDISTRIBUTION-NII> (111025)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7997
<NET-ASSETS> 74641601<F1>
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<GROSS-EXPENSE> 258327
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<PER-SHARE-NII> .269<F1>
<PER-SHARE-GAIN-APPREC> (.005)<F1>
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<PER-SHARE-DISTRIBUTIONS> .239<F1>
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<PER-SHARE-NAV-END> 10.051<F1>
<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
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 99448157
<INVESTMENTS-AT-VALUE> 99973381
<RECEIVABLES> 1183046
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101159996
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<OTHER-ITEMS-LIABILITIES> 13001
<TOTAL-LIABILITIES> 13001
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-NII> (952)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (106745)
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<NET-ASSETS> 3849165<F1>
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 132
<NAME> SHORT-TERM FIXED INCOME
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 99448157
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<OVERDISTRIBUTION-GAINS> (106745)
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<GROSS-EXPENSE> 300404
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<EXPENSE-RATIO> .636<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 141
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
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<NET-ASSETS> 6603973<F1>
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<NET-CHANGE-IN-ASSETS> 4130668
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 503207
<OVERDISTRIB-NII-PRIOR> (1287)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70588
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121262
<AVERAGE-NET-ASSETS> 5886662<F1>
<PER-SHARE-NAV-BEGIN> 15.222<F1>
<PER-SHARE-NII> .031<F1>
<PER-SHARE-GAIN-APPREC> 1.944<F1>
<PER-SHARE-DIVIDEND> .041<F1>
<PER-SHARE-DISTRIBUTIONS> .842<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.315<F1>
<EXPENSE-RATIO> 1.499<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 142
<NAME> EQUITY VALUE FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-15-1998
<INVESTMENTS-AT-COST> 21504748
<INVESTMENTS-AT-VALUE> 26360161
<RECEIVABLES> 42061
<ASSETS-OTHER> 73059
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26475282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79720
<TOTAL-LIABILITIES> 79720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21542203
<SHARES-COMMON-STOCK> 1208956<F1>
<SHARES-COMMON-PRIOR> 1190578<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3752)
<ACCUMULATED-NET-GAINS> 85
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4855413)
<NET-ASSETS> 19791589<F1>
<DIVIDEND-INCOME> 218501
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 121038
<NET-INVESTMENT-INCOME> 97463
<REALIZED-GAINS-CURRENT> 796050
<APPREC-INCREASE-CURRENT> 2493040
<NET-CHANGE-FROM-OPS> 3289090
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 84145<F1>
<DISTRIBUTIONS-OF-GAINS> 1000870<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3842848<F1>
<NUMBER-OF-SHARES-REDEEMED> 4239902<F1>
<SHARES-REINVESTED> 484451<F1>
<NET-CHANGE-IN-ASSETS> 4130668
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 503207
<OVERDISTRIB-NII-PRIOR> (1287)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70588
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121262
<AVERAGE-NET-ASSETS> 20006361<F1>
<PER-SHARE-NAV-BEGIN> 15.257<F1>
<PER-SHARE-NII> .071<F1>
<PER-SHARE-GAIN-APPREC> 1.956<F1>
<PER-SHARE-DIVIDEND> .068<F1>
<PER-SHARE-DISTRIBUTIONS> .845<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.371<F1>
<EXPENSE-RATIO> .889<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
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.