<PAGE> PAGE 1
000 B000000 11/30/97
000 C000000 0000831101
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 EMERALD FUNDS
001 B000000 811-05515
001 C000000 6144708000
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 15
007 C010100 1
007 C020100 EMERALD PRIME FUND
007 C030100 N
007 C010200 2
007 C020200 EMERALD TREASURY FUND
007 C030200 N
007 C010300 3
007 C020300 EMERALD TAX-EXEMPT FUND
007 C030300 N
007 C010400 4
007 C020400 EMERALD PRIME ADVANTAGE INSTITUTIONAL FUND
007 C030400 N
007 C010500 5
007 C020500 EMERALD TREASURY ADVANTAGE INSTITUTIONAL FUND
007 C030500 N
007 C010600 6
007 C020600 EMERALD TAX-EXEMPT TRUST FUND
007 C030600 N
007 C010700 7
007 C020700 EMERALD EQUITY FUND
007 C030700 N
007 C010800 8
007 C020800 EMERALD FLORIDA TAX-EXEMPT FUND
007 C030800 N
007 C010900 9
007 C020900 EMERALD U.S. GOVERNMENT SECURITIES FUND
007 C030900 N
007 C011000 10
007 C021000 EMERALD SMALL CAPITALIZATION FUND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 EMERALD BALANCED FUND
007 C031100 N
007 C011200 12
007 C021200 EMERALD MANAGED BOND FUND
007 C031200 N
007 C011300 13
007 C021300 EMERALD SHORT-TERM FIXED INCOME FUND
007 C031300 N
007 C011400 14
007 C021400 EMERALD EQUITY VALUE FUND
007 C031400 N
007 C011500 15
007 C021500 EMERALD INTERNATIONAL EQUITY FUND
007 C031500 N
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
010 A00AA01 BISYS FUND SERVICES LIMITED PARTNERSHIP
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
011 A00AA01 EMERALD ASSET MANAGEMENT, INC.
011 B00AA01 8-00000
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES, INC.
012 B00AA01 85-0000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
012 C04AA01 3035
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 COLUMBUS
013 B02AA01 OH
013 B03AA01 43215
014 A00AA01 EMERALD ASSET MANAGEMENT, INC.
<PAGE> PAGE 3
014 B00AA01 8-0000
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E04AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INVEST TECH GP
020 C000001 95
020 A000002 STANDARD & POOR'S SECURITIES, INC.
020 C000002 88
020 A000003 INSTINET
020 C000003 82
020 A000004 GOLDMAN SACHS
020 C000004 67
020 A000005 PAINE WEBBER
020 C000005 47
020 A000006 MERRILL LYNCH
020 C000006 47
020 A000007 PERHSING
020 C000007 45
020 A000008 SALOMON BROTHERS
020 C000008 40
020 A000009 PRUDENTIAL SECURITIES
020 C000009 39
020 A000010 ALEX BROWN AND SONS
020 C000010 31
021 000000 851
022 A000001 GOLDMAN SACHS
022 C000001 58885203
022 D000001 229747
022 A000002 LEHMAN BROTHERS
022 C000002 28540317
022 D000002 28340
022 A000003 C.S. FIRST BOSTON CORP.
022 C000003 22587255
022 D000003 657334
022 A000004 SMITH BARNEY
022 C000004 21852213
022 D000004 33912
022 A000005 J.P. MORGAN SECURITIES
022 C000005 19010238
022 D000005 31097
022 A000006 FUJI SECURITIES
022 C000006 16562713
022 D000006 31439
022 A000007 MORGAN STANLEY
022 C000007 9078161
<PAGE> PAGE 4
022 D000007 5454
022 A000008 PRUDENTIAL BACHE
022 C000008 4085217
022 D000008 3634
022 A000009 MERRILL LYNCH
022 C000009 3022837
022 D000009 564143
022 A000010 NATIONS BANK
022 C000010 2407677
022 D000010 8750
023 C000000 186031831
023 D000000 1593850
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
<PAGE> PAGE 5
077 Q030000 N
078 000000 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00 5000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 BARNETT CAPITAL ADVISORS, INC.
008 B000101 A
008 C000101 801-000000
008 D010101 JACKSONVILLE
008 D020101 FL
008 D030101 32256
024 000100 Y
025 A000101 J.P. MORGAN
025 C000101 D
025 D000101 39000
025 A000102 MORGAN STANLEY
025 C000102 D
025 D000102 90000
025 A000103 C.S. FIRST BOSTON CORP.
025 C000103 D
025 D000103 96000
025 A000104 LEHMAN BROTHERS
025 C000104 D
025 D000104 50000
025 A000105 GOLDMAN SACHS
025 C000105 D
025 D000105 50000
025 A000106 MERRILL LYNCH & CO.
025 C000106 D
025 D000106 95000
<PAGE> PAGE 6
025 A000107 FUJI SECURITIES
025 C000107 D
025 D000107 80300
025 A000108 SALOMON BROTHERS
025 C000108 D
025 D000108 80300
028 A010100 547007
028 A020100 2677
028 A030100 0
028 A040100 515597
028 B010100 417614
028 B020100 2659
028 B030100 0
028 B040100 478551
028 C010100 364348
028 C020100 2651
028 C030100 0
028 C040100 271127
028 D010100 331670
028 D020100 2649
028 D030100 0
028 D040100 346040
028 E010100 419094
028 E020100 2590
028 E030100 0
028 E040100 325648
028 F010100 263457
028 F020100 2793
028 F030100 0
028 F040100 269684
028 G010100 2343190
028 G020100 16019
028 G030100 0
028 G040100 2206647
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 1437
044 000100 0
045 000100 Y
<PAGE> PAGE 7
046 000100 N
047 000100 Y
048 000100 0.250
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
054 A000100 N
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 N
054 I000100 N
054 J000100 N
054 K000100 N
054 L000100 N
054 M000100 N
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
<PAGE> PAGE 8
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 7.0
062 E000100 0.0
062 F000100 31.2
062 G000100 0.0
062 H000100 0.0
062 I000100 20.3
062 J000100 0.0
062 K000100 0.0
062 L000100 25.9
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 20
063 B000100 0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
<PAGE> PAGE 9
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 125538
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 5563
072 G000100 1724
072 H000100 0
072 I000100 5114
072 J000100 193
072 K000100 0
072 L000100 673
072 M000100 114
072 N000100 108
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 101
072 S000100 131
072 T000100 1437
072 U000100 0
072 V000100 0
072 W000100 662
072 X000100 15818
072 Y000100 716
072 Z000100 110435
072AA000100 0
072BB000100 31
072CC010100 0
072CC020100 0
072DD010100 27216
<PAGE> PAGE 10
072DD020100 31551
072EE000100 0
073 A010100 0.0473
073 A020100 0.0526
073 B000100 0.0000
073 C000100 0.0492
074 A000100 0
074 B000100 160601
074 C000100 2136206
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 16023
074 M000100 56
074 N000100 2312886
074 O000100 0
074 P000100 1133
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 9914
074 S000100 0
074 T000100 2301839
074 U010100 592258
074 U020100 581152
074 V010100 1.00
074 V020100 1.00
074 W000100 1.0000
074 X000100 617
074 Y000100 0
075 A000100 2225392
075 B000100 0
076 000100 0.00
008 A000201 BARNETT CAPITAL ADVISORS, INC.
008 B000201 A
008 C000201 801-000000
008 D010201 JACKSONVILLE
008 D020201 FL
008 D030201 32256
024 000200 Y
025 A000201 FIRST BOSTON
025 C000201 D
025 D000201 76419
025 A000202 GOLDMAN SACHS
025 C000202 D
<PAGE> PAGE 11
025 D000202 35000
025 A000203 J.P. MORGAN
025 C000203 D
025 D000203 125000
025 A000204 MORGAN STANLEY
025 C000204 D
025 D000204 80878
025 A000205 PRUDENTIAL
025 C000205 D
025 D000205 35000
025 A000206 SMITH BARNEY
025 C000206 D
025 D000206 85000
025 A000207 DELETE
025 D000207 0
025 D000208 0
028 A010200 114784
028 A020200 321
028 A030200 0
028 A040200 124146
028 B010200 142286
028 B020200 319
028 B030200 0
028 B040200 167011
028 C010200 97605
028 C020200 333
028 C030200 0
028 C040200 149793
028 D010200 107452
028 D020200 336
028 D030200 0
028 D040200 140487
028 E010200 153907
028 E020200 319
028 E030200 0
028 E040200 151760
028 F010200 101703
028 F020200 291
028 F030200 0
028 F040200 132319
028 G010200 717737
028 G020200 1919
028 G030200 0
028 G040200 865516
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
<PAGE> PAGE 12
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 174
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.250
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
054 A000200 N
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 N
054 J000200 N
<PAGE> PAGE 13
054 K000200 N
054 L000200 N
054 M000200 N
054 N000200 N
054 O000200 N
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
062 A000200 Y
062 B000200 45.0
062 C000200 0.0
062 D000200 54.8
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 38
063 B000200 0.0
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
<PAGE> PAGE 14
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 51505
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 2312
072 G000200 717
072 H000200 0
072 I000200 2051
072 J000200 91
072 K000200 0
072 L000200 169
072 M000200 45
072 N000200 68
072 O000200 0
072 P000200 1228
072 Q000200 0
072 R000200 10
072 S000200 41
072 T000200 174
072 U000200 0
<PAGE> PAGE 15
072 V000200 0
072 W000200 307
072 X000200 7213
072 Y000200 106
072 Z000200 44398
072AA000200 0
072BB000200 93
072CC010200 0
072CC020200 0
072DD010200 3132
072DD020200 16100
072EE000200 0
073 A010200 0.0452
073 A020200 0.0504
073 B000200 0.0000
073 C000200 0.0470
074 A000200 0
074 B000200 437297
074 C000200 359415
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 82055
074 M000200 50
074 N000200 878817
074 O000200 0
074 P000200 369
074 Q000200 0
074 R010200 76419
074 R020200 0
074 R030200 0
074 R040200 3971
074 S000200 0
074 T000200 798058
074 U010200 58752
074 U020200 290742
074 V010200 1.00
074 V020200 1.00
074 W000200 0.9994
074 X000200 14
074 Y000200 0
075 A000200 924777
075 B000200 0
076 000200 0.00
008 A000301 BARNETT CAPITAL ADVISORS, INC.
008 B000301 A
<PAGE> PAGE 16
008 C000301 801-000000
008 D010301 JACKSONVILLE
008 D020301 OH
008 D030301 32256
008 A000302 RODNEY SQUARE MANAGEMENT CORP.
008 B000302 S
008 C000302 801-000000
008 D010302 WILMINGTON
008 D020302 DE
008 D030302 19890
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 26029
028 A020300 149
028 A030300 0
028 A040300 24935
028 B010300 29748
028 B020300 152
028 B030300 0
028 B040300 25947
028 C010300 31155
028 C020300 153
028 C030300 0
028 C040300 20626
028 D010300 20232
028 D020300 148
028 D030300 0
028 D040300 36212
028 E010300 50037
028 E020300 145
028 E030300 0
028 E040300 23020
028 F010300 18499
028 F020300 149
028 F030300 0
028 F040300 29452
028 G010300 175700
028 G020300 896
028 G030300 0
028 G040300 160192
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
<PAGE> PAGE 17
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 140
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.250
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
054 A000300 N
054 B000300 N
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
<PAGE> PAGE 18
054 H000300 N
054 I000300 N
054 J000300 N
054 K000300 N
054 L000300 N
054 M000300 N
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 99.7
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 43
063 B000300 0.0
064 A000300 Y
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
<PAGE> PAGE 19
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 6413
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 437
072 G000300 135
072 H000300 0
072 I000300 143
072 J000300 13
072 K000300 0
072 L000300 61
072 M000300 10
072 N000300 33
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 1
<PAGE> PAGE 20
072 S000300 7
072 T000300 140
072 U000300 0
072 V000300 0
072 W000300 61
072 X000300 1042
072 Y000300 184
072 Z000300 5555
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 1574
072DD020300 3956
072EE000300 0
073 A010300 0.0280
073 A020300 0.0335
073 B000300 0.0000
073 C000300 0.0294
074 A000300 138
074 B000300 0
074 C000300 189124
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 963
074 M000300 15
074 N000300 190240
074 O000300 0
074 P000300 68
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 558
074 S000300 0
074 T000300 189614
074 U010300 59185
074 U020300 129925
074 V010300 1.00
074 V020300 1.00
074 W000300 1.0000
074 X000300 17
074 Y000300 0
075 A000300 174821
075 B000300 0
<PAGE> PAGE 21
076 000300 0.00
008 A000401 BARNETT CAPITAL ADVISORS, INC.
008 B000401 A
008 C000401 801-000000
008 D010401 JACKSONVILLE
008 D020401 FL
008 D030401 32256
024 000400 Y
025 A000401 GOLDMAN SACHS
025 C000401 D
025 D000401 5000
025 A000402 MERRILL LYNCH & CO.
025 C000402 D
025 D000402 5000
025 A000403 LEHMAN BROTHERS
025 C000403 D
025 D000403 5000
025 A000404 FUJI SECURITIES
025 C000404 D
025 D000404 18906
025 A000405 DELETE
025 D000405 0
025 A000406 DELETE
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 27966
028 A020400 0
028 A030400 0
028 A040400 30406
028 B010400 16496
028 B020400 0
028 B030400 0
028 B040400 21227
028 C010400 34020
028 C020400 0
028 C030400 0
028 C040400 15077
028 D010400 38692
028 D020400 0
028 D030400 0
028 D040400 33109
028 E010400 32968
028 E020400 0
028 E030400 0
028 E040400 28032
028 F010400 29421
028 F020400 0
028 F030400 0
028 F040400 18262
028 G010400 179563
<PAGE> PAGE 22
028 G020400 0
028 G030400 0
028 G040400 146113
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.250
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
054 A000400 N
<PAGE> PAGE 23
054 B000400 N
054 C000400 N
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 N
054 I000400 N
054 J000400 N
054 K000400 N
054 L000400 N
054 M000400 N
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 10.6
062 E000400 0.0
062 F000400 11.2
062 G000400 0.0
062 H000400 0.0
062 I000400 27.9
062 J000400 0.0
062 K000400 0.0
062 L000400 36.6
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 18
063 B000400 0.0
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
<PAGE> PAGE 24
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 8192
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 145
072 G000400 112
072 H000400 0
072 I000400 0
072 J000400 25
072 K000400 0
072 L000400 36
<PAGE> PAGE 25
072 M000400 7
072 N000400 1
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 23
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 48
072 X000400 400
072 Y000400 110
072 Z000400 7902
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 7902
072DD020400 0
072EE000400 0
073 A010400 0.0545
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 18906
074 C000400 158808
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 1002
074 M000400 13
074 N000400 178730
074 O000400 0
074 P000400 24
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 798
074 S000400 0
074 T000400 177908
074 U010400 177918
074 U020400 0
074 V010400 1.00
<PAGE> PAGE 26
074 V020400 0.00
074 W000400 0.9999
074 X000400 6
074 Y000400 0
075 A000400 144917
075 B000400 0
076 000400 0.00
008 A000501 BARNETT CAPITAL ADVISORS, INC.
008 B000501 A
008 C000501 801-000000
008 D010501 JACKSONVILLE
008 D020501 FL
008 D030501 32256
024 000500 Y
025 A000501 C.S. FIRST BOSTON
025 C000501 D
025 D000501 9772
025 A000502 C.S. FIRST BOSTON
025 C000502 D
025 D000502 8151
025 A000503 GOLDMAN SACHS
025 C000503 D
025 D000503 7000
025 A000504 JP MORGAN
025 C000504 D
025 D000504 25000
025 A000505 MORGAN STANLEY & CO.
025 C000505 D
025 D000505 7000
025 A000506 PRUDENTIAL BACHE
025 C000506 D
025 D000506 20000
025 D000507 0
025 D000508 0
028 A010500 8940
028 A020500 0
028 A030500 0
028 A040500 13809
028 B010500 12442
028 B020500 0
028 B030500 0
028 B040500 14139
028 C010500 13662
028 C020500 0
028 C030500 0
028 C040500 11560
028 D010500 19690
028 D020500 0
028 D030500 0
028 D040500 17987
028 E010500 32067
<PAGE> PAGE 27
028 E020500 0
028 E030500 0
028 E040500 33024
028 F010500 13799
028 F020500 0
028 F030500 0
028 F040500 21905
028 G010500 100600
028 G020500 0
028 G030500 0
028 G040500 112424
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.250
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
<PAGE> PAGE 28
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
054 A000500 N
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 N
054 I000500 N
054 J000500 N
054 K000500 N
054 L000500 N
054 M000500 N
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000000
062 A000500 Y
062 B000500 47.0
062 C000500 0.0
062 D000500 48.4
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 42
063 B000500 0.0
<PAGE> PAGE 29
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 9443
072 C000500 0
072 D000500 0
<PAGE> PAGE 30
072 E000500 0
072 F000500 172
072 G000500 134
072 H000500 0
072 I000500 0
072 J000500 26
072 K000500 0
072 L000500 41
072 M000500 7
072 N000500 4
072 O000500 0
072 P000500 64
072 Q000500 0
072 R000500 5
072 S000500 28
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 57
072 X000500 539
072 Y000500 130
072 Z000500 9035
072AA000500 0
072BB000500 29
072CC010500 0
072CC020500 0
072DD010500 9035
072DD020500 0
072EE000500 0
073 A010500 0.0524
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 76924
074 C000500 74849
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 6849
074 L000500 9510
074 M000500 16
074 N000500 168148
074 O000500 0
074 P000500 24
074 Q000500 0
074 R010500 8151
<PAGE> PAGE 31
074 R020500 0
074 R030500 0
074 R040500 812
074 S000500 0
074 T000500 159161
074 U010500 159245
074 U020500 0
074 V010500 1.00
074 V020500 0.00
074 W000500 0.9995
074 X000500 1
074 Y000500 0
075 A000500 172453
075 B000500 0
076 000500 0.00
008 A000601 BARNETT CAPITAL ADVISORS, INC.
008 B000601 A
008 C000601 801-000000
008 D010601 JACKSONVILLE
008 D020601 FL
008 D030601 32256
024 000600 N
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
<PAGE> PAGE 32
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 0
028 G020600 0
028 G030600 0
028 G040600 0
028 H000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 N
048 000600 0.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000000
<PAGE> PAGE 33
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
<PAGE> PAGE 34
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 0
072 H000600 0
072 I000600 0
072 J000600 0
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 0
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 0
072 Y000600 0
072 Z000600 0
072AA000600 0
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
<PAGE> PAGE 35
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 0
074 M000600 0
074 N000600 0
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 0
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
075 A000600 0
075 B000600 0
076 000600 0.00
008 A000701 BARNETT CAPITAL ADVISORS, INC.
008 B000701 A
008 C000701 801-000000
008 D010701 JACKSONVILLE
008 D020701 FL
008 D030701 32256
024 000700 N
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 4348
028 A020700 27
028 A030700 0
<PAGE> PAGE 36
028 A040700 3934
028 B010700 3934
028 B020700 0
028 B030700 0
028 B040700 5670
028 C010700 3667
028 C020700 0
028 C030700 0
028 C040700 4297
028 D010700 5478
028 D020700 28
028 D030700 0
028 D040700 11264
028 E010700 3840
028 E020700 0
028 E030700 0
028 E040700 8302
028 F010700 2541
028 F020700 0
028 F030700 0
028 F040700 5065
028 G010700 23808
028 G020700 55
028 G030700 0
028 G040700 38532
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 104
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.600
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
<PAGE> PAGE 37
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
054 A000700 N
054 B000700 N
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 N
054 I000700 N
054 J000700 N
054 K000700 N
054 L000700 N
054 M000700 N
054 N000700 N
054 O000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 1000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
<PAGE> PAGE 38
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 C000700 Y
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
<PAGE> PAGE 39
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 220848
071 B000700 230794
071 C000700 262936
071 D000700 84
072 A000700 12
072 B000700 12
072 C000700 2505
072 D000700 0
072 E000700 0
072 F000700 1599
072 G000700 206
072 H000700 0
072 I000700 104
072 J000700 32
072 K000700 0
072 L000700 63
072 M000700 14
072 N000700 29
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 5
072 S000700 14
072 T000700 104
072 U000700 0
072 V000700 0
072 W000700 76
072 X000700 2246
072 Y000700 1
072 Z000700 272
072AA000700 53127
072BB000700 0
072CC010700 2984
072CC020700 0
072DD010700 0
072DD020700 237
072EE000700 23985
073 A010700 0.0000
073 A020700 0.0200
073 B000700 1.5700
073 C000700 1.5700
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
<PAGE> PAGE 40
074 E000700 0
074 F000700 282399
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 6
074 K000700 0
074 L000700 273
074 M000700 7
074 N000700 282685
074 O000700 0
074 P000700 170
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 95
074 S000700 0
074 T000700 282420
074 U010700 2692
074 U020700 12895
074 V010700 17.99
074 V020700 18.15
074 W000700 0.0000
074 X000700 4440
074 Y000700 0
075 A000700 0
075 B000700 266460
076 000700 0.00
008 A000801 BARNETT CAPITAL ADVISORS, INC.
008 B000801 A
008 C000801 801-000000
008 D010801 JACKSONVILLE
008 D020801 FL
008 D030801 32256
024 000800 N
025 D000801 0
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 3487
028 A020800 281
028 A030800 0
028 A040800 2568
028 B010800 2903
028 B020800 266
028 B030800 0
<PAGE> PAGE 41
028 B040800 4284
028 C010800 233
028 C020800 274
028 C030800 0
028 C040800 2873
028 D010800 3560
028 D020800 270
028 D030800 0
028 D040800 3061
028 E010800 4684
028 E020800 267
028 E030800 0
028 E040800 5087
028 F010800 3571
028 F020800 278
028 F030800 0
028 F040800 1897
028 G010800 18438
028 G020800 1636
028 G030800 0
028 G040800 19770
028 H000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 Y
041 000800 Y
042 A000800 0
042 B000800 0
042 C000800 100
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 200
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.400
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
<PAGE> PAGE 42
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
054 A000800 N
054 B000800 N
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 N
054 I000800 N
054 J000800 N
054 K000800 N
054 L000800 N
054 M000800 N
054 N000800 N
054 O000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 1000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
<PAGE> PAGE 43
062 J000800 0.0
062 K000800 0.0
062 L000800 5.7
062 M000800 0.0
062 N000800 2.5
062 O000800 93.6
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 12.7
064 A000800 Y
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 N
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
<PAGE> PAGE 44
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 67957
071 B000800 74475
071 C000800 114336
071 D000800 59
072 A000800 12
072 B000800 6437
072 C000800 103
072 D000800 0
072 E000800 0
072 F000800 464
072 G000800 90
072 H000800 0
072 I000800 200
072 J000800 16
072 K000800 0
072 L000800 60
072 M000800 7
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 5
072 S000800 5
072 T000800 200
072 U000800 0
072 V000800 0
072 W000800 57
072 X000800 1101
072 Y000800 151
072 Z000800 5590
072AA000800 923
072BB000800 0
072CC010800 982
072CC020800 0
072DD010800 3766
072DD020800 1824
072EE000800 0
073 A010800 0.5200
073 A020800 0.5600
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 121665
074 E000800 0
074 F000800 0
074 G000800 0
<PAGE> PAGE 45
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 2416
074 M000800 67
074 N000800 124148
074 O000800 3898
074 P000800 77
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 709
074 S000800 0
074 T000800 119464
074 U010800 7144
074 U020800 3467
074 V010800 11.25
074 V020800 11.27
074 W000800 0.0000
074 X000800 1130
074 Y000800 0
075 A000800 0
075 B000800 116154
076 000800 0.00
008 A000901 BARNETT CAPITAL ADVISORS, INC.
008 B000901 A
008 C000901 801-000000
008 D010901 JACKSONVILLE
008 D020901 FL
008 D030901 32256
024 000900 N
025 D000901 0
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 2013
028 A020900 202
028 A030900 0
028 A040900 1021
028 B010900 2139
028 B020900 184
028 B030900 0
028 B040900 1014
028 C010900 1985
028 C020900 188
<PAGE> PAGE 46
028 C030900 0
028 C040900 1705
028 D010900 2336
028 D020900 163
028 D030900 0
028 D040900 1891
028 E010900 2114
028 E020900 156
028 E030900 0
028 E040900 1221
028 F010900 698
028 F020900 160
028 F030900 0
028 F040900 1417
028 G010900 11285
028 G020900 1053
028 G030900 0
028 G040900 8269
028 H000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 100
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 55
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.400
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
<PAGE> PAGE 47
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
054 A000900 N
054 B000900 N
054 C000900 N
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 N
054 K000900 N
054 L000900 N
054 M000900 N
054 N000900 N
054 O000900 N
055 A000900 Y
055 B000900 N
056 000900 Y
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 1000
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.3
<PAGE> PAGE 48
062 M000900 14.6
062 N000900 84.7
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 5.2
064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
<PAGE> PAGE 49
071 A000900 59836
071 B000900 48279
071 C000900 64591
071 D000900 75
072 A000900 12
072 B000900 4489
072 C000900 72
072 D000900 0
072 E000900 0
072 F000900 265
072 G000900 51
072 H000900 0
072 I000900 55
072 J000900 14
072 K000900 0
072 L000900 22
072 M000900 3
072 N000900 18
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 2
072 S000900 3
072 T000900 55
072 U000900 0
072 V000900 0
072 W000900 25
072 X000900 514
072 Y000900 8
072 Z000900 4055
072AA000900 476
072BB000900 0
072CC010900 0
072CC020900 383
072DD010900 1268
072DD020900 2786
072EE000900 0
073 A010900 0.5900
073 A020900 0.6400
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 0
074 D000900 70772
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
<PAGE> PAGE 50
074 K000900 0
074 L000900 728
074 M000900 3
074 N000900 71503
074 O000900 0
074 P000900 37
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 382
074 S000900 0
074 T000900 71084
074 U010900 2101
074 U020900 4821
074 V010900 10.29
074 V020900 10.26
074 W000900 0.0000
074 X000900 2007
074 Y000900 0
075 A000900 0
075 B000900 66345
076 000900 0.00
008 A001001 BARNETT CAPITAL ADVISORS, INC.
008 B001001 A
008 C001001 801-000000
008 D011001 JACKSONVILLE
008 D021001 FL
008 D031001 32256
024 001000 N
025 D001001 0
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 6033
028 A021000 0
028 A031000 0
028 A041000 3195
028 B011000 7012
028 B021000 0
028 B031000 0
028 B041000 4909
028 C011000 5532
028 C021000 0
028 C031000 0
028 C041000 4192
028 D011000 9762
<PAGE> PAGE 51
028 D021000 0
028 D031000 0
028 D041000 5941
028 E011000 8965
028 E021000 0
028 E031000 0
028 E041000 10384
028 F011000 9734
028 F021000 0
028 F031000 0
028 F041000 8668
028 G011000 47038
028 G021000 0
028 G031000 0
028 G041000 37289
028 H001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 Y
041 001000 Y
042 A001000 0
042 B001000 0
042 C001000 100
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 28
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 1.000
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
<PAGE> PAGE 52
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
054 A001000 N
054 B001000 N
054 C001000 N
054 D001000 N
054 E001000 N
054 F001000 N
054 G001000 N
054 H001000 N
054 I001000 N
054 J001000 N
054 K001000 N
054 L001000 N
054 M001000 N
054 N001000 N
054 O001000 N
055 A001000 N
055 B001000 N
056 001000 Y
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 1000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
<PAGE> PAGE 53
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 C001000 Y
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 297681
071 B001000 299299
071 C001000 146537
071 D001000 203
<PAGE> PAGE 54
072 A001000 12
072 B001000 0
072 C001000 781
072 D001000 0
072 E001000 0
072 F001000 1549
072 G001000 120
072 H001000 0
072 I001000 28
072 J001000 32
072 K001000 0
072 L001000 26
072 M001000 8
072 N001000 32
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 5
072 S001000 7
072 T001000 28
072 U001000 12
072 V001000 0
072 W001000 47
072 X001000 1894
072 Y001000 2
072 Z001000 -1111
072AA001000 4934
072BB001000 0
072CC011000 13105
072CC021000 0
072DD011000 0
072DD021000 0
072EE001000 18892
073 A011000 0.0000
073 A021000 0.0000
073 B001000 1.7400
073 C001000 1.7400
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 177335
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 73
074 M001000 11
074 N001000 177419
<PAGE> PAGE 55
074 O001000 0
074 P001000 167
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 93
074 S001000 0
074 T001000 177159
074 U011000 1097
074 U021000 12567
074 V011000 12.82
074 V021000 12.98
074 W001000 0.0000
074 X001000 3816
074 Y001000 0
075 A001000 0
075 B001000 154861
076 001000 0.00
008 A001101 BARNETT CAPITAL ADVISORS, INC.
008 B001101 A
008 C001101 801-000000
008 D011101 JACKSONVILLE
008 D021101 FL
008 D031101 32256
024 001100 N
028 A011100 778
028 A021100 579
028 A031100 0
028 A041100 3797
028 B011100 1171
028 B021100 0
028 B031100 0
028 B041100 1294
028 C011100 730
028 C021100 0
028 C031100 0
028 C041100 6081
028 D011100 2192
028 D021100 564
028 D031100 0
028 D041100 8848
028 E011100 1190
028 E021100 0
028 E031100 0
028 E041100 2544
028 F011100 744
028 F021100 0
028 F031100 0
028 F041100 2551
028 G011100 6805
<PAGE> PAGE 56
028 G021100 1143
028 G031100 0
028 G041100 25115
028 H001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 100
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 18
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.600
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
<PAGE> PAGE 57
054 A001100 N
054 B001100 N
054 C001100 N
054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 N
054 H001100 N
054 I001100 N
054 J001100 N
054 K001100 N
054 L001100 N
054 M001100 N
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 1000
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
066 A001100 Y
066 E001100 Y
067 001100 Y
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
<PAGE> PAGE 58
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 Y
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 62648
071 B001100 84457
071 C001100 89841
071 D001100 70
072 A001100 12
072 B001100 2541
072 C001100 594
072 D001100 0
072 E001100 0
072 F001100 561
072 G001100 72
072 H001100 0
072 I001100 18
072 J001100 30
072 K001100 0
072 L001100 15
<PAGE> PAGE 59
072 M001100 1
072 N001100 18
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 3
072 S001100 1
072 T001100 18
072 U001100 13
072 V001100 0
072 W001100 27
072 X001100 777
072 Y001100 1
072 Z001100 2359
072AA001100 11084
072BB001100 0
072CC011100 0
072CC021100 274
072DD011100 119
072DD021100 2131
072EE001100 5016
073 A011100 0.2900
073 A021100 0.3300
073 B001100 0.6900
073 C001100 0.6900
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 15648
074 E001100 0
074 F001100 50737
074 G001100 0
074 H001100 0
074 I001100 18769
074 J001100 18
074 K001100 0
074 L001100 553
074 M001100 20
074 N001100 85744
074 O001100 0
074 P001100 58
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 526
074 S001100 0
074 T001100 85160
074 U011100 596
074 U021100 5565
074 V011100 13.92
<PAGE> PAGE 60
074 V021100 13.81
074 W001100 0.0000
074 X001100 766
074 Y001100 0
075 A001100 0
075 B001100 93495
076 001100 0.00
008 A001201 BARNETT CAPITAL ADVISORS, INC.
008 B001201 A
008 C001201 801-000000
008 D011201 JACKSONVILLE
008 D021201 FL
008 D031201 32256
024 001200 Y
025 A001201 LEHMAN BROTHERS
025 C001201 D
025 D001201 2000
025 A001202 DELETE
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 2572
028 A021200 356
028 A031200 0
028 A041200 2601
028 B011200 4794
028 B021200 337
028 B031200 0
028 B041200 1496
028 C011200 1610
028 C021200 345
028 C031200 0
028 C041200 1538
028 D011200 7371
028 D021200 350
028 D031200 0
028 D041200 2666
028 E011200 4737
028 E021200 346
028 E031200 0
028 E041200 1313
028 F011200 2297
028 F021200 371
028 F031200 0
028 F041200 2233
028 G011200 23381
028 G021200 2105
<PAGE> PAGE 61
028 G031200 0
028 G041200 11847
028 H001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 Y
041 001200 Y
042 A001200 0
042 B001200 0
042 C001200 100
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 5
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.400
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
054 A001200 N
<PAGE> PAGE 62
054 B001200 N
054 C001200 N
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 N
054 H001200 N
054 I001200 N
054 J001200 N
054 K001200 N
054 L001200 N
054 M001200 N
054 N001200 N
054 O001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 1000
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.7
062 M001200 0.0
062 N001200 34.3
062 O001200 0.0
062 P001200 54.8
062 Q001200 9.4
062 R001200 0.0
063 A001200 0
063 B001200 11.8
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
<PAGE> PAGE 63
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 Y
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 126448
071 B001200 102879
071 C001200 85420
071 D001200 120
072 A001200 12
072 B001200 5759
072 C001200 75
072 D001200 0
072 E001200 0
072 F001200 347
072 G001200 67
072 H001200 0
072 I001200 5
072 J001200 9
072 K001200 0
072 L001200 16
<PAGE> PAGE 64
072 M001200 4
072 N001200 20
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 2
072 S001200 4
072 T001200 5
072 U001200 13
072 V001200 0
072 W001200 26
072 X001200 518
072 Y001200 18
072 Z001200 5333
072AA001200 697
072BB001200 0
072CC011200 0
072CC021200 135
072DD011200 109
072DD021200 5224
072EE001200 736
073 A011200 0.5700
073 A021200 0.6200
073 B001200 0.1000
073 C001200 0.1000
074 A001200 0
074 B001200 0
074 C001200 0
074 D001200 100580
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 1349
074 M001200 5
074 N001200 101934
074 O001200 0
074 P001200 39
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 549
074 S001200 0
074 T001200 101346
074 U011200 220
074 U021200 9620
074 V011200 10.35
<PAGE> PAGE 65
074 V021200 10.30
074 W001200 0.0000
074 X001200 569
074 Y001200 0
075 A001200 0
075 B001200 86709
076 001200 0.00
008 A001301 BARNETT CAPITAL ADVISORS, INC.
008 B001301 A
008 C001301 801-000000
008 D011301 JACKSONVILLE
008 D021301 FL
008 D031301 32256
024 001300 Y
025 A001301 PAINE WEBBER
025 C001301 D
025 D001301 2000
025 A001302 GOLDMAN SACHS & CO.
025 C001302 D
025 D001302 1000
025 A001303 LEHMAN BROTHERS
025 C001303 D
025 D001303 2000
025 A001304 MERRILL LYNCH & CO.
025 C001304 D
025 D001304 149
025 A001305 MORGAN STANLEY
025 C001305 D
025 D001305 500
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 3216
028 A021300 43
028 A031300 0
028 A041300 1610
028 B011300 8014
028 B021300 40
028 B031300 0
028 B041300 1632
028 C011300 4851
028 C021300 51
028 C031300 0
028 C041300 1317
028 D011300 4594
028 D021300 71
028 D031300 0
028 D041300 1409
028 E011300 9456
028 E021300 70
028 E031300 0
<PAGE> PAGE 66
028 E041300 2684
028 F011300 12494
028 F021300 71
028 F031300 0
028 F041300 2156
028 G011300 42625
028 G021300 346
028 G031300 0
028 G041300 10808
028 H001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 100
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 5
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.400
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
<PAGE> PAGE 67
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
054 A001300 N
054 B001300 N
054 C001300 N
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 N
054 H001300 N
054 I001300 N
054 J001300 N
054 K001300 N
054 L001300 N
054 M001300 N
054 N001300 N
054 O001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 1000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 1.3
062 M001300 2.7
062 N001300 28.1
062 O001300 0.0
062 P001300 65.1
062 Q001300 2.0
062 R001300 0.0
063 A001300 0
063 B001300 2.9
064 A001300 Y
<PAGE> PAGE 68
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 Y
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 115663
071 B001300 83541
071 C001300 68011
071 D001300 123
072 A001300 12
072 B001300 4647
072 C001300 59
072 D001300 0
072 E001300 0
<PAGE> PAGE 69
072 F001300 299
072 G001300 58
072 H001300 0
072 I001300 5
072 J001300 12
072 K001300 0
072 L001300 15
072 M001300 3
072 N001300 20
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 3
072 S001300 2
072 T001300 5
072 U001300 12
072 V001300 0
072 W001300 35
072 X001300 469
072 Y001300 8
072 Z001300 4245
072AA001300 0
072BB001300 127
072CC011300 0
072CC021300 150
072DD011300 102
072DD021300 4143
072EE001300 0
073 A011300 0.5400
073 A021300 0.5700
073 B001300 0.0100
073 C001300 0.0100
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 97068
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 1326
074 M001300 4
074 N001300 98398
074 O001300 0
074 P001300 38
074 Q001300 0
074 R011300 0
074 R021300 0
<PAGE> PAGE 70
074 R031300 0
074 R041300 461
074 S001300 0
074 T001300 97899
074 U011300 445
074 U021300 9339
074 V011300 10.00
074 V021300 10.01
074 W001300 0.0000
074 X001300 2294
074 Y001300 0
075 A001300 0
075 B001300 74797
076 001300 0.00
008 A001401 BARNETT CAPITAL ADVISORS, INC.
008 B001401 A
008 C001401 801-000000
008 D011401 JACKSONVILLE
008 D021401 FL
008 D031401 32256
024 001400 Y
025 A001401 LEHMAN BROTHERS
025 C001401 E
025 D001401 5
025 A001402 DELETE
025 D001402 0
025 D001403 0
025 D001404 0
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
028 A011400 1333
028 A021400 14
028 A031400 0
028 A041400 334
028 B011400 2135
028 B021400 0
028 B031400 0
028 B041400 182
028 C011400 1766
028 C021400 0
028 C031400 0
028 C041400 294
028 D011400 2552
028 D021400 18
028 D031400 0
028 D041400 327
028 E011400 2459
028 E021400 0
028 E031400 0
<PAGE> PAGE 71
028 E041400 296
028 F011400 1758
028 F021400 0
028 F031400 0
028 F041400 434
028 G011400 12003
028 G021400 32
028 G031400 0
028 G041400 1867
028 H001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 100
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 3
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.600
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
<PAGE> PAGE 72
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
054 A001400 N
054 B001400 N
054 C001400 N
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
054 I001400 N
054 J001400 N
054 K001400 N
054 L001400 N
054 M001400 N
054 N001400 N
054 O001400 N
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 1000
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 0.0
066 A001400 Y
<PAGE> PAGE 73
066 C001400 Y
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 Y
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
070 L021400 Y
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 17702
071 B001400 2080
071 C001400 10603
071 D001400 20
072 A001400 12
072 B001400 0
072 C001400 262
072 D001400 0
072 E001400 0
072 F001400 67
<PAGE> PAGE 74
072 G001400 8
072 H001400 0
072 I001400 3
072 J001400 12
072 K001400 0
072 L001400 3
072 M001400 0
072 N001400 10
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 1
072 S001400 1
072 T001400 3
072 U001400 2
072 V001400 0
072 W001400 8
072 X001400 118
072 Y001400 21
072 Z001400 165
072AA001400 503
072BB001400 0
072CC011400 1805
072CC021400 0
072DD011400 9
072DD021400 153
072EE001400 26
073 A011400 0.1700
073 A021400 0.2000
073 B001400 0.0800
073 C001400 0.0800
074 A001400 0
074 B001400 0
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 22299
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 32
074 K001400 0
074 L001400 62
074 M001400 1
074 N001400 22394
074 O001400 0
074 P001400 13
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
<PAGE> PAGE 75
074 R041400 116
074 S001400 0
074 T001400 22265
074 U011400 269
074 U021400 1191
074 V011400 15.22
074 V021400 15.26
074 W001400 0.0000
074 X001400 602
074 Y001400 0
075 A001400 0
075 B001400 11179
076 001400 0.00
008 A001501 BARNETT CAPITAL ADVISORS, INC.
008 B001501 A
008 C001501 801-000000
008 D011501 JACKSONVILLE
008 D021501 FL
008 D031501 32256
008 A001502 BRANDES INVESTMENT PARTNERS, L.P.
008 B001502 S
008 C001502 801-000000
008 D011502 SAN DIEGO
008 D021502 CA
008 D031502 92130
024 001500 N
025 D001501 0
025 D001502 0
025 D001503 0
025 D001504 0
025 D001505 0
025 D001506 0
025 D001507 0
025 D001508 0
028 A011500 4177
028 A021500 0
028 A031500 0
028 A041500 398
028 B011500 4917
028 B021500 0
028 B031500 0
028 B041500 783
028 C011500 4173
028 C021500 0
028 C031500 0
028 C041500 573
028 D011500 4814
028 D021500 0
028 D031500 0
028 D041500 855
028 E011500 3831
<PAGE> PAGE 76
028 E021500 0
028 E031500 0
028 E041500 1372
028 F011500 3085
028 F021500 0
028 F031500 0
028 F041500 951
028 G011500 24997
028 G021500 0
028 G031500 0
028 G041500 4932
028 H001500 0
037 001500 N
038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
042 A001500 0
042 B001500 0
042 C001500 100
042 D001500 0
042 E001500 0
042 F001500 0
042 G001500 0
042 H001500 0
043 001500 5
044 001500 0
045 001500 Y
046 001500 N
047 001500 Y
048 001500 1.000
048 A011500 0
048 A021500 0.000
048 B011500 0
048 B021500 0.000
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
<PAGE> PAGE 77
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
054 A001500 N
054 B001500 N
054 C001500 N
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 N
054 H001500 N
054 I001500 N
054 J001500 N
054 K001500 N
054 L001500 N
054 M001500 N
054 N001500 N
054 O001500 N
055 A001500 N
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
059 001500 Y
060 A001500 Y
060 B001500 Y
061 001500 1000
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
063 A001500 0
<PAGE> PAGE 78
063 B001500 0.0
066 A001500 Y
066 C001500 Y
067 001500 N
068 A001500 N
068 B001500 Y
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 Y
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 Y
070 M011500 Y
070 M021500 Y
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 Y
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 44043
071 B001500 11081
071 C001500 36704
071 D001500 30
072 A001500 12
072 B001500 0
072 C001500 914
072 D001500 0
<PAGE> PAGE 79
072 E001500 -77
072 F001500 400
072 G001500 31
072 H001500 0
072 I001500 5
072 J001500 3
072 K001500 0
072 L001500 10
072 M001500 2
072 N001500 8
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 3
072 S001500 3
072 T001500 5
072 U001500 2
072 V001500 0
072 W001500 26
072 X001500 498
072 Y001500 4
072 Z001500 343
072AA001500 1541
072BB001500 11
072CC011500 2556
072CC021500 0
072DD011500 5
072DD021500 335
072EE001500 43
073 A011500 0.0600
073 A021500 0.1000
073 B001500 0.0200
073 C001500 0.0200
074 A001500 0
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 59637
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 691
074 M001500 19
074 N001500 60347
074 O001500 1274
074 P001500 56
074 Q001500 0
074 R011500 0
<PAGE> PAGE 80
074 R021500 0
074 R031500 0
074 R041500 480
074 S001500 0
074 T001500 58537
074 U011500 325
074 U021500 4122
074 V011500 13.13
074 V021500 13.17
074 W001500 0.0000
074 X001500 2512
074 Y001500 0
075 A001500 0
075 B001500 39929
076 001500 0.00
077 B000000 Y
077 D000000 Y
077 K000000 N
SIGNATURE CORY GOSSARD
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 011
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 2296806729
<INVESTMENTS-AT-VALUE> 2296806729
<RECEIVABLES> 16023361
<ASSETS-OTHER> 55668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2312885758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11046963
<TOTAL-LIABILITIES> 11046963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2301873461
<SHARES-COMMON-STOCK> 592258101<F1>
<SHARES-COMMON-PRIOR> 557094468<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3942
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 30724
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2301838795
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 125537558
<OTHER-INCOME> 0
<EXPENSES-NET> 15102260
<NET-INVESTMENT-INCOME> 110435298
<REALIZED-GAINS-CURRENT> (30724)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 110404574
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27216115<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 609812000<F1>
<NUMBER-OF-SHARES-REDEEMED> 601562000<F1>
<SHARES-REINVESTED> 26912000<F1>
<NET-CHANGE-IN-ASSETS> 157510186
<ACCUMULATED-NII-PRIOR> 100215243
<ACCUMULATED-GAINS-PRIOR> 4995
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5563480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15818205
<AVERAGE-NET-ASSETS> 574819871<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .047<F1>
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .047<F1>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .910<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> 012
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 2296806729
<INVESTMENTS-AT-VALUE> 2296806729
<RECEIVABLES> 16023361
<ASSETS-OTHER> 55668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2312885758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11046963
<TOTAL-LIABILITIES> 11046963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2301873461
<SHARES-COMMON-STOCK> 581152243<F1>
<SHARES-COMMON-PRIOR> 598009591<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3942
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 30724
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2301838795
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 125537558
<OTHER-INCOME> 0
<EXPENSES-NET> 15102260
<NET-INVESTMENT-INCOME> 110435298
<REALIZED-GAINS-CURRENT> (30724)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 110404574
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31550719<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2292340000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2309323000<F1>
<SHARES-REINVESTED> 126000<F1>
<NET-CHANGE-IN-ASSETS> 157510186
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3941
<GROSS-ADVISORY-FEES> 5563480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15818205
<AVERAGE-NET-ASSETS> 599678259<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .053<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .053<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> .380<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> 013
<NAME> PRIME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 2296806729
<INVESTMENTS-AT-VALUE> 2296806729
<RECEIVABLES> 16023361
<ASSETS-OTHER> 55668
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2312885758
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11046963
<TOTAL-LIABILITIES> 11046963
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2301873461
<SHARES-COMMON-STOCK> 1128464311<F1>
<SHARES-COMMON-PRIOR> 989228491<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3942
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 30724
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2301838795
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 125537558
<OTHER-INCOME> 0
<EXPENSES-NET> 15102260
<NET-INVESTMENT-INCOME> 110435298
<REALIZED-GAINS-CURRENT> (30724)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 110404574
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 51668464<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2187552000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2051428000<F1>
<SHARES-REINVESTED> 3112000<F1>
<NET-CHANGE-IN-ASSETS> 157510186
<ACCUMULATED-NII-PRIOR> 100215243
<ACCUMULATED-GAINS-PRIOR> 4995
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5563480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15818205
<AVERAGE-NET-ASSETS> 1050893613<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> .049<F1>
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .049<F1>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .720<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 021
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 796712240
<INVESTMENTS-AT-VALUE> 796712240
<RECEIVABLES> 82054951
<ASSETS-OTHER> 49947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 878817138
<PAYABLE-FOR-SECURITIES> 76418625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4340568
<TOTAL-LIABILITIES> 80759193
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 798678847
<SHARES-COMMON-STOCK> 58751937<F1>
<SHARES-COMMON-PRIOR> 42967451<F1>
<ACCUMULATED-NII-CURRENT> 4289
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 625191
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 798057945
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 51505306
<OTHER-INCOME> 0
<EXPENSES-NET> 7107133
<NET-INVESTMENT-INCOME> 44398173
<REALIZED-GAINS-CURRENT> (92801)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 44305372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3132106<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 362252000<F1>
<NUMBER-OF-SHARES-REDEEMED> 349541000<F1>
<SHARES-REINVESTED> 3073000<F1>
<NET-CHANGE-IN-ASSETS> (145529973)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 528101
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2311626
<INTEREST-EXPENSE> 1227534
<GROSS-EXPENSE> 7212840
<AVERAGE-NET-ASSETS> 69395447<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .045<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .045<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .910<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 022
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 796712240
<INVESTMENTS-AT-VALUE> 796712240
<RECEIVABLES> 82054951
<ASSETS-OTHER> 49947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 878817138
<PAYABLE-FOR-SECURITIES> 76418625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4340568
<TOTAL-LIABILITIES> 80795193
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 798678847
<SHARES-COMMON-STOCK> 290742444<F1>
<SHARES-COMMON-PRIOR> 218164830<F1>
<ACCUMULATED-NII-CURRENT> 4289
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 625191
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 798057945
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 51505306
<OTHER-INCOME> 0
<EXPENSES-NET> 7107133
<NET-INVESTMENT-INCOME> 44398173
<REALIZED-GAINS-CURRENT> (92801)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 44305372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16099983)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1028365000<F1>
<NUMBER-OF-SHARES-REDEEMED> 955788000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (145529973)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 528101
<GROSS-ADVISORY-FEES> 2311626
<INTEREST-EXPENSE> 1227534
<GROSS-EXPENSE> 7212840
<AVERAGE-NET-ASSETS> 319153389<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .050<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .050<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .400<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 023
<NAME> TREASURY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 796712240
<INVESTMENTS-AT-VALUE> 796712240
<RECEIVABLES> 82054951
<ASSETS-OTHER> 49947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 878817138
<PAYABLE-FOR-SECURITIES> 76418625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4340568
<TOTAL-LIABILITIES> 80795193
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 798678847
<SHARES-COMMON-STOCK> 449184467<F1>
<SHARES-COMMON-PRIOR> 682983738<F1>
<ACCUMULATED-NII-CURRENT> 4289
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 625191
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 798057945
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 51505306
<OTHER-INCOME> 0
<EXPENSES-NET> 7107133
<NET-INVESTMENT-INCOME> 44398173
<REALIZED-GAINS-CURRENT> (92801)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 44305372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25166084)<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1323624000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1558435000<F1>
<SHARES-REINVESTED> 1013000<F1>
<NET-CHANGE-IN-ASSETS> (145529973)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 528101
<GROSS-ADVISORY-FEES> 2311626
<INTEREST-EXPENSE> 1227534
<GROSS-EXPENSE> 7212840
<AVERAGE-NET-ASSETS> 536227812<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .047<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .047<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .740<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 031
<NAME> TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 189123613
<INVESTMENTS-AT-VALUE> 189123613
<RECEIVABLES> 963429
<ASSETS-OTHER> 152929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 190239971
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 625740
<TOTAL-LIABILITIES> 625740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 189657385
<SHARES-COMMON-STOCK> 59185380<F1>
<SHARES-COMMON-PRIOR> 47157289<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 106
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 43048
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 189614231
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6413406
<OTHER-INCOME> 0
<EXPENSES-NET> 857985
<NET-INVESTMENT-INCOME> 5555421
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5555421
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1573889<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 151763000<F1>
<NUMBER-OF-SHARES-REDEEMED> 141270000<F1>
<SHARES-REINVESTED> 1536000<F1>
<NET-CHANGE-IN-ASSETS> (1846205)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51691
<GROSS-ADVISORY-FEES> 437054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1041583
<AVERAGE-NET-ASSETS> 56075374<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .028<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .028<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .870<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 032
<NAME> TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 189123613
<INVESTMENTS-AT-VALUE> 189123613
<RECEIVABLES> 963429
<ASSETS-OTHER> 152929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 190239971
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 625740
<TOTAL-LIABILITIES> 625740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 189657385
<SHARES-COMMON-STOCK> 129924939<F1>
<SHARES-COMMON-PRIOR> 145630684<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 106
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 43048
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 189614231
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6413406
<OTHER-INCOME> 0
<EXPENSES-NET> 857985
<NET-INVESTMENT-INCOME> 5555421
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5555421
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4780788<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 272037000<F1>
<NUMBER-OF-SHARES-REDEEMED> 287743000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> (1846205)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51691
<GROSS-ADVISORY-FEES> 437054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1041583
<AVERAGE-NET-ASSETS> 117847470<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .034<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .034<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .310<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 033
<NAME> TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 189123613
<INVESTMENTS-AT-VALUE> 189123613
<RECEIVABLES> 963429
<ASSETS-OTHER> 152929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 190239971
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 625740
<TOTAL-LIABILITIES> 625740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 189657385
<SHARES-COMMON-STOCK> 555707<F1>
<SHARES-COMMON-PRIOR> 2861862<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 106
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 43048
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 189614231
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6413406
<OTHER-INCOME> 0
<EXPENSES-NET> 857985
<NET-INVESTMENT-INCOME> 5555421
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5555421
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25978<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 532000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2854000<F1>
<SHARES-REINVESTED> 15000<F1>
<NET-CHANGE-IN-ASSETS> (1846205)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 51691
<GROSS-ADVISORY-FEES> 437054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1041583
<AVERAGE-NET-ASSETS> 898520<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .028<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .029<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .730<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 042
<NAME> PRIME ADVANTAGE INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 177714765
<INVESTMENTS-AT-VALUE> 177714765
<RECEIVABLES> 1002147
<ASSETS-OTHER> 12661
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 178729573
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 821786
<TOTAL-LIABILITIES> 821786
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177917523
<SHARES-COMMON-STOCK> 177917523<F1>
<SHARES-COMMON-PRIOR> 133053376<F1>
<ACCUMULATED-NII-CURRENT> 3853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 13589
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 177907787
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8192300
<OTHER-INCOME> 0
<EXPENSES-NET> 290270
<NET-INVESTMENT-INCOME> 7902030
<REALIZED-GAINS-CURRENT> 36
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7902066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7902030<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 386649397<F1>
<NUMBER-OF-SHARES-REDEEMED> 341785250<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 44864183
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9772
<GROSS-ADVISORY-FEES> 144896
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 400231
<AVERAGE-NET-ASSETS> 144916905<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .055<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .055<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .200<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> 052
<NAME> TREASURY ADVANTAGE INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 151772598
<INVESTMENTS-AT-VALUE> 151772598
<RECEIVABLES> 16358573
<ASSETS-OTHER> 16472
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168147643
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8986874
<TOTAL-LIABILITIES> 8986874
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159234680
<SHARES-COMMON-STOCK> 159244945<F1>
<SHARES-COMMON-PRIOR> 146913574<F1>
<ACCUMULATED-NII-CURRENT> 1339
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 75250
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 159160769
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9443214
<OTHER-INCOME> 0
<EXPENSES-NET> 408705
<NET-INVESTMENT-INCOME> 9034509
<REALIZED-GAINS-CURRENT> (29185)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9005324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9034509<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 211669866<F1>
<NUMBER-OF-SHARES-REDEEMED> 199338495<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 12302186
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 44725
<GROSS-ADVISORY-FEES> 172480
<INTEREST-EXPENSE> 63780
<GROSS-EXPENSE> 539100
<AVERAGE-NET-ASSETS> 172453349<F1>
<PER-SHARE-NAV-BEGIN> .999<F1>
<PER-SHARE-NII> .052<F1>
<PER-SHARE-GAIN-APPREC> .000<F1>
<PER-SHARE-DIVIDEND> .052<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> .999<F1>
<EXPENSE-RATIO> .200<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 211541142
<INVESTMENTS-AT-VALUE> 282399119
<RECEIVABLES> 279427
<ASSETS-OTHER> 6906
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282685452
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 265536
<TOTAL-LIABILITIES> 265536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158907974
<SHARES-COMMON-STOCK> 2692460<F1>
<SHARES-COMMON-PRIOR> 2034501<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7273
<ACCUMULATED-NET-GAINS> 52647239
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70857977
<NET-ASSETS> 282419916
<DIVIDEND-INCOME> 2505394
<INTEREST-INCOME> 11984
<OTHER-INCOME> 0
<EXPENSES-NET> 2245365
<NET-INVESTMENT-INCOME> 272013
<REALIZED-GAINS-CURRENT> 53127398
<APPREC-INCREASE-CURRENT> 2983542
<NET-CHANGE-FROM-OPS> 56382953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 111<F1>
<DISTRIBUTIONS-OF-GAINS> 3210483<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1173000<F1>
<NUMBER-OF-SHARES-REDEEMED> 710000<F1>
<SHARES-REINVESTED> 195000<F1>
<NET-CHANGE-IN-ASSETS> 32058844
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 23505831
<OVERDISTRIB-NII-PRIOR> 42609
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1598533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2246270
<AVERAGE-NET-ASSETS> 41464413<F1>
<PER-SHARE-NAV-BEGIN> 16.310<F1>
<PER-SHARE-NII> (.050)<F1>
<PER-SHARE-GAIN-APPREC> 3.300<F1>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.570<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.990<F1>
<EXPENSE-RATIO> 1.320<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 211541142
<INVESTMENTS-AT-VALUE> 282399119
<RECEIVABLES> 279427
<ASSETS-OTHER> 6906
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282685452
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 265536
<TOTAL-LIABILITIES> 265536
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158907974
<SHARES-COMMON-STOCK> 12894783<F1>
<SHARES-COMMON-PRIOR> 13276564<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7273
<ACCUMULATED-NET-GAINS> 52647239
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70857977
<NET-ASSETS> 282419916
<DIVIDEND-INCOME> 2505394
<INTEREST-INCOME> 11984
<OTHER-INCOME> 0
<EXPENSES-NET> 2245365
<NET-INVESTMENT-INCOME> 272013
<REALIZED-GAINS-CURRENT> 53127398
<APPREC-INCREASE-CURRENT> 2983542
<NET-CHANGE-FROM-OPS> 56382953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 237061<F1>
<DISTRIBUTIONS-OF-GAINS> 20775012<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2086000<F1>
<NUMBER-OF-SHARES-REDEEMED> 3792000<F1>
<SHARES-REINVESTED> 1324000<F1>
<NET-CHANGE-IN-ASSETS> 32058844
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 23505831
<OVERDISTRIB-NII-PRIOR> 42609
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1598533
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2246270
<AVERAGE-NET-ASSETS> 224995898<F1>
<PER-SHARE-NAV-BEGIN> 16.360<F1>
<PER-SHARE-NII> .040<F1>
<PER-SHARE-GAIN-APPREC> 3.340<F1>
<PER-SHARE-DIVIDEND> .020<F1>
<PER-SHARE-DISTRIBUTIONS> 1.570<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.150<F1>
<EXPENSE-RATIO> .760<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 113566211
<INVESTMENTS-AT-VALUE> 121665216
<RECEIVABLES> 2415809
<ASSETS-OTHER> 66720
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124147745
<PAYABLE-FOR-SECURITIES> 3897900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 785820
<TOTAL-LIABILITIES> 4683720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114508301
<SHARES-COMMON-STOCK> 7143927<F1>
<SHARES-COMMON-PRIOR> 7909345<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3085414
<ACCUM-APPREC-OR-DEPREC> 8099005
<NET-ASSETS> 119464025
<DIVIDEND-INCOME> 102821
<INTEREST-INCOME> 6437005
<OTHER-INCOME> 0
<EXPENSES-NET> 949893
<NET-INVESTMENT-INCOME> 5589933
<REALIZED-GAINS-CURRENT> 922783
<APPREC-INCREASE-CURRENT> 981574
<NET-CHANGE-FROM-OPS> 7494290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3765893<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1838000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2885000<F1>
<SHARES-REINVESTED> 281000<F1>
<NET-CHANGE-IN-ASSETS> (2862899)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 57867
<OVERDIST-NET-GAINS-PRIOR> 4008197
<GROSS-ADVISORY-FEES> 464431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1100505
<AVERAGE-NET-ASSETS> 80014695<F1>
<PER-SHARE-NAV-BEGIN> 11.060<F1>
<PER-SHARE-NII> .520<F1>
<PER-SHARE-GAIN-APPREC> .190<F1>
<PER-SHARE-DIVIDEND> .520<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.250<F1>
<EXPENSE-RATIO> .930<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 113566211
<INVESTMENTS-AT-VALUE> 121665216
<RECEIVABLES> 2415809
<ASSETS-OTHER> 66720
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124147745
<PAYABLE-FOR-SECURITIES> 3897900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 785820
<TOTAL-LIABILITIES> 4683720
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114508301
<SHARES-COMMON-STOCK> 3467292<F1>
<SHARES-COMMON-PRIOR> 3150818<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 57867
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3085414
<ACCUM-APPREC-OR-DEPREC> 8099005
<NET-ASSETS> 119464025
<DIVIDEND-INCOME> 102821
<INTEREST-INCOME> 6437005
<OTHER-INCOME> 0
<EXPENSES-NET> 949893
<NET-INVESTMENT-INCOME> 5589933
<REALIZED-GAINS-CURRENT> 922783
<APPREC-INCREASE-CURRENT> 981574
<NET-CHANGE-FROM-OPS> 7494290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1824040<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1155000<F1>
<NUMBER-OF-SHARES-REDEEMED> 865000<F1>
<SHARES-REINVESTED> 26000<F1>
<NET-CHANGE-IN-ASSETS> (2862899)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 57867
<OVERDIST-NET-GAINS-PRIOR> 4008197
<GROSS-ADVISORY-FEES> 464431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1100505
<AVERAGE-NET-ASSETS> 36139007<F1>
<PER-SHARE-NAV-BEGIN> 11.070<F1>
<PER-SHARE-NII> .560<F1>
<PER-SHARE-GAIN-APPREC> .200<F1>
<PER-SHARE-DIVIDEND> .560<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.270<F1>
<EXPENSE-RATIO> .580<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 091
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 69351690
<INVESTMENTS-AT-VALUE> 70772374
<RECEIVABLES> 727322
<ASSETS-OTHER> 3086
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71502782
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 419000
<TOTAL-LIABILITIES> 419000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73081776
<SHARES-COMMON-STOCK> 2100708<F1>
<SHARES-COMMON-PRIOR> 2197169<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 146808
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3271870
<ACCUM-APPREC-OR-DEPREC> 1420684
<NET-ASSETS> 71083782
<DIVIDEND-INCOME> 71757
<INTEREST-INCOME> 4489007
<OTHER-INCOME> 0
<EXPENSES-NET> 505796
<NET-INVESTMENT-INCOME> 4054968
<REALIZED-GAINS-CURRENT> 476128
<APPREC-INCREASE-CURRENT> (382725)
<NET-CHANGE-FROM-OPS> 4148371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1268314<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 571000<F1>
<NUMBER-OF-SHARES-REDEEMED> 772000<F1>
<SHARES-REINVESTED> 105000<F1>
<NET-CHANGE-IN-ASSETS> 10983956
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 7547
<OVERDIST-NET-GAINS-PRIOR> 3637149
<GROSS-ADVISORY-FEES> 265439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 514275
<AVERAGE-NET-ASSETS> 21985120<F1>
<PER-SHARE-NAV-BEGIN> 10.300<F1>
<PER-SHARE-NII> .590<F1>
<PER-SHARE-GAIN-APPREC> (.010)<F1>
<PER-SHARE-DIVIDEND> .590<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.290<F1>
<EXPENSE-RATIO> 1.110<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 092
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 69351690
<INVESTMENTS-AT-VALUE> 70772374
<RECEIVABLES> 727322
<ASSETS-OTHER> 3086
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71502782
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 419000
<TOTAL-LIABILITIES> 419000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73081776
<SHARES-COMMON-STOCK> 4821199<F1>
<SHARES-COMMON-PRIOR> 3647459<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 146808
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3271870
<ACCUM-APPREC-OR-DEPREC> 1420684
<NET-ASSETS> 71083782
<DIVIDEND-INCOME> 71757
<INTEREST-INCOME> 4489007
<OTHER-INCOME> 0
<EXPENSES-NET> 505796
<NET-INVESTMENT-INCOME> 4054968
<REALIZED-GAINS-CURRENT> 476128
<APPREC-INCREASE-CURRENT> (382725)
<NET-CHANGE-FROM-OPS> 4148371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2785641<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1855000<F1>
<NUMBER-OF-SHARES-REDEEMED> 798000<F1>
<SHARES-REINVESTED> 117000<F1>
<NET-CHANGE-IN-ASSETS> 10983956
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 7547
<OVERDIST-NET-GAINS-PRIOR> 3637149
<GROSS-ADVISORY-FEES> 265439
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 514275
<AVERAGE-NET-ASSETS> 44359916<F1>
<PER-SHARE-NAV-BEGIN> 10.270<F1>
<PER-SHARE-NII> .640<F1>
<PER-SHARE-GAIN-APPREC> (.010)<F1>
<PER-SHARE-DIVIDEND> .640<F1>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.260<F1>
<EXPENSE-RATIO> .590<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 156847417
<INVESTMENTS-AT-VALUE> 177335468
<RECEIVABLES> 59143
<ASSETS-OTHER> 24088
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 177418699
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 260044
<TOTAL-LIABILITIES> 260044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152848222
<SHARES-COMMON-STOCK> 1096636<F1>
<SHARES-COMMON-PRIOR> 706882<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3822382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20488051
<NET-ASSETS> 177158655
<DIVIDEND-INCOME> 780596
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1891927
<NET-INVESTMENT-INCOME> (1111331)
<REALIZED-GAINS-CURRENT> 4933513
<APPREC-INCREASE-CURRENT> 13104533
<NET-CHANGE-FROM-OPS> 16926715
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 1124602<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3219000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2916000<F1>
<SHARES-REINVESTED> 87000<F1>
<NET-CHANGE-IN-ASSETS> 29660435
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18931533
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1549153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1893706
<AVERAGE-NET-ASSETS> 11074755<F1>
<PER-SHARE-NAV-BEGIN> 13.430<F1>
<PER-SHARE-NII> (.120)<F1>
<PER-SHARE-GAIN-APPREC> 1.250<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.740<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.820<F1>
<EXPENSE-RATIO> 1.720<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 156847417
<INVESTMENTS-AT-VALUE> 177335468
<RECEIVABLES> 59143
<ASSETS-OTHER> 24088
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 177418699
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 260044
<TOTAL-LIABILITIES> 260044
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152848222
<SHARES-COMMON-STOCK> 12566576<F1>
<SHARES-COMMON-PRIOR> 10209424<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3822382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20488051
<NET-ASSETS> 177158655
<DIVIDEND-INCOME> 780596
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1891927
<NET-INVESTMENT-INCOME> (1111331)
<REALIZED-GAINS-CURRENT> 4933513
<APPREC-INCREASE-CURRENT> 13104533
<NET-CHANGE-FROM-OPS> 16926715
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 17767379<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3219000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2826000<F1>
<SHARES-REINVESTED> 1247000<F1>
<NET-CHANGE-IN-ASSETS> 29660435
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18931533
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1549153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1893706
<AVERAGE-NET-ASSETS> 143786335<F1>
<PER-SHARE-NAV-BEGIN> 13.520<F1>
<PER-SHARE-NII> (.080)<F1>
<PER-SHARE-GAIN-APPREC> 1.280<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 1.740<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.980<F1>
<EXPENSE-RATIO> 1.180<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 71658428
<INVESTMENTS-AT-VALUE> 85153644
<RECEIVABLES> 570547
<ASSETS-OTHER> 19801
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85743992
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 583951
<TOTAL-LIABILITIES> 583951
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60652408
<SHARES-COMMON-STOCK> 595508<F1>
<SHARES-COMMON-PRIOR> 425405<F1>
<ACCUMULATED-NII-CURRENT> 5797
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11006620
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13495216
<NET-ASSETS> 85160041
<DIVIDEND-INCOME> 593774
<INTEREST-INCOME> 2540841
<OTHER-INCOME> 0
<EXPENSES-NET> 776051
<NET-INVESTMENT-INCOME> 2358564
<REALIZED-GAINS-CURRENT> 11083990
<APPREC-INCREASE-CURRENT> (274169)
<NET-CHANGE-FROM-OPS> 13168385
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 118834<F1>
<DISTRIBUTIONS-OF-GAINS> 299129<F1>
<DISTRIBUTIONS-OTHER> 41783
<NUMBER-OF-SHARES-SOLD> 343000<F1>
<NUMBER-OF-SHARES-REDEEMED> 203000<F1>
<SHARES-REINVESTED> 30000<F1>
<NET-CHANGE-IN-ASSETS> (11033988)
<ACCUMULATED-NII-PRIOR> 4062
<ACCUMULATED-GAINS-PRIOR> 4891500
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 560612
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776958
<AVERAGE-NET-ASSETS> 7190676<F1>
<PER-SHARE-NAV-BEGIN> 13.150<F1>
<PER-SHARE-NII> .260<F1>
<PER-SHARE-GAIN-APPREC> 1.490<F1>
<PER-SHARE-DIVIDEND> .260<F1>
<PER-SHARE-DISTRIBUTIONS> .720<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.920<F1>
<EXPENSE-RATIO> 1.310<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 71658428
<INVESTMENTS-AT-VALUE> 85153644
<RECEIVABLES> 570547
<ASSETS-OTHER> 19801
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85743992
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 583951
<TOTAL-LIABILITIES> 583951
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60652408
<SHARES-COMMON-STOCK> 5564606<F1>
<SHARES-COMMON-PRIOR> 6955495<F1>
<ACCUMULATED-NII-CURRENT> 5797
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11006620
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13495216
<NET-ASSETS> 85160041
<DIVIDEND-INCOME> 593774
<INTEREST-INCOME> 2540841
<OTHER-INCOME> 0
<EXPENSES-NET> 776051
<NET-INVESTMENT-INCOME> 2358564
<REALIZED-GAINS-CURRENT> 11083990
<APPREC-INCREASE-CURRENT> (274169)
<NET-CHANGE-FROM-OPS> 13168385
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2131004<F1>
<DISTRIBUTIONS-OF-GAINS> 4717219<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 956000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2907000<F1>
<SHARES-REINVESTED> 560000<F1>
<NET-CHANGE-IN-ASSETS> (11033988)
<ACCUMULATED-NII-PRIOR> 4062
<ACCUMULATED-GAINS-PRIOR> 4891500
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 560612
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776958
<AVERAGE-NET-ASSETS> 86304030<F1>
<PER-SHARE-NAV-BEGIN> 13.030<F1>
<PER-SHARE-NII> .340<F1>
<PER-SHARE-GAIN-APPREC> 1.460<F1>
<PER-SHARE-DIVIDEND> .330<F1>
<PER-SHARE-DISTRIBUTIONS> .690<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.810<F1>
<EXPENSE-RATIO> .790<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 98901595
<INVESTMENTS-AT-VALUE> 100579501
<RECEIVABLES> 1331812
<ASSETS-OTHER> 22682
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101933995
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 588147
<TOTAL-LIABILITIES> 588147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99139575
<SHARES-COMMON-STOCK> 220220<F1>
<SHARES-COMMON-PRIOR> 162938<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 84946
<ACCUMULATED-NET-GAINS> 613313
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1677906
<NET-ASSETS> 101345848
<DIVIDEND-INCOME> 75153
<INTEREST-INCOME> 5758692
<OTHER-INCOME> 0
<EXPENSES-NET> 500357
<NET-INVESTMENT-INCOME> 5333488
<REALIZED-GAINS-CURRENT> 696540
<APPREC-INCREASE-CURRENT> (134996)
<NET-CHANGE-FROM-OPS> 5895032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 109350<F1>
<DISTRIBUTIONS-OF-GAINS> 15604<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177000<F1>
<NUMBER-OF-SHARES-REDEEMED> 127000<F1>
<SHARES-REINVESTED> 7000<F1>
<NET-CHANGE-IN-ASSETS> 24130239
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 568141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 347005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518241
<AVERAGE-NET-ASSETS> 1939035<F1>
<PER-SHARE-NAV-BEGIN> 10.410<F1>
<PER-SHARE-NII> .570<F1>
<PER-SHARE-GAIN-APPREC> .040<F1>
<PER-SHARE-DIVIDEND> .570<F1>
<PER-SHARE-DISTRIBUTIONS> .100<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.350<F1>
<EXPENSE-RATIO> 1.100<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 98901595
<INVESTMENTS-AT-VALUE> 100579501
<RECEIVABLES> 1331812
<ASSETS-OTHER> 22682
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101933995
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 588147
<TOTAL-LIABILITIES> 588147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99139575
<SHARES-COMMON-STOCK> 9619825<F1>
<SHARES-COMMON-PRIOR> 7284823<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 84946
<ACCUMULATED-NET-GAINS> 613313
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1677906
<NET-ASSETS> 101345848
<DIVIDEND-INCOME> 75153
<INTEREST-INCOME> 5758692
<OTHER-INCOME> 0
<EXPENSES-NET> 500357
<NET-INVESTMENT-INCOME> 5333488
<REALIZED-GAINS-CURRENT> 696540
<APPREC-INCREASE-CURRENT> (134996)
<NET-CHANGE-FROM-OPS> 5895032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5224138<F1>
<DISTRIBUTIONS-OF-GAINS> 720710<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3918000<F1>
<NUMBER-OF-SHARES-REDEEMED> 2049000<F1>
<SHARES-REINVESTED> 466000<F1>
<NET-CHANGE-IN-ASSETS> 24130239
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 568141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 347005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518241
<AVERAGE-NET-ASSETS> 84770065<F1>
<PER-SHARE-NAV-BEGIN> 10.370<F1>
<PER-SHARE-NII> .620<F1>
<PER-SHARE-GAIN-APPREC> .030<F1>
<PER-SHARE-DIVIDEND> .620<F1>
<PER-SHARE-DISTRIBUTIONS> .100<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.300<F1>
<EXPENSE-RATIO> .570<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 131
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 96728832
<INVESTMENTS-AT-VALUE> 97067685
<RECEIVABLES> 1309416
<ASSETS-OTHER> 20799
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98397900
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498671
<TOTAL-LIABILITIES> 498671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97680502
<SHARES-COMMON-STOCK> 445111<F1>
<SHARES-COMMON-PRIOR> 97811<F1>
<ACCUMULATED-NII-CURRENT> 30258
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 150384
<ACCUM-APPREC-OR-DEPREC> 338853
<NET-ASSETS> 97899229
<DIVIDEND-INCOME> 59051
<INTEREST-INCOME> 4647456
<OTHER-INCOME> 0
<EXPENSES-NET> 461056
<NET-INVESTMENT-INCOME> 4245451
<REALIZED-GAINS-CURRENT> (126627)
<APPREC-INCREASE-CURRENT> (150440)
<NET-CHANGE-FROM-OPS> 3968384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 102142<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 962<F1>
<NUMBER-OF-SHARES-SOLD> 589000<F1>
<NUMBER-OF-SHARES-REDEEMED> 247000<F1>
<SHARES-REINVESTED> 5000<F1>
<NET-CHANGE-IN-ASSETS> 43714577
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 60819
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 299547
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 469375
<AVERAGE-NET-ASSETS> 1967570<F1>
<PER-SHARE-NAV-BEGIN> 10.070<F1>
<PER-SHARE-NII> .540<F1>
<PER-SHARE-GAIN-APPREC> (.060)<F1>
<PER-SHARE-DIVIDEND> .540<F1>
<PER-SHARE-DISTRIBUTIONS> .010<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.000<F1>
<EXPENSE-RATIO> 1.030<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 132
<NAME> SHORT-TERM FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 96728832
<INVESTMENTS-AT-VALUE> 97067685
<RECEIVABLES> 1309416
<ASSETS-OTHER> 20799
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98397900
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498671
<TOTAL-LIABILITIES> 498671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97680502
<SHARES-COMMON-STOCK> 9339203<F1>
<SHARES-COMMON-PRIOR> 5282359<F1>
<ACCUMULATED-NII-CURRENT> 30258
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 150384
<ACCUM-APPREC-OR-DEPREC> 338853
<NET-ASSETS> 97899229
<DIVIDEND-INCOME> 59051
<INTEREST-INCOME> 4647456
<OTHER-INCOME> 0
<EXPENSES-NET> 461056
<NET-INVESTMENT-INCOME> 4245451
<REALIZED-GAINS-CURRENT> (126627)
<APPREC-INCREASE-CURRENT> (150440)
<NET-CHANGE-FROM-OPS> 3968384
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4143309<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 54895<F1>
<NUMBER-OF-SHARES-SOLD> 5983000<F1>
<NUMBER-OF-SHARES-REDEEMED> 1984000<F1>
<SHARES-REINVESTED> 58000<F1>
<NET-CHANGE-IN-ASSETS> 43714577
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 60819
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 299547
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 469375
<AVERAGE-NET-ASSETS> 72829186<F1>
<PER-SHARE-NAV-BEGIN> 10.070<F1>
<PER-SHARE-NII> .570<F1>
<PER-SHARE-GAIN-APPREC> (.050)<F1>
<PER-SHARE-DIVIDEND> .570<F1>
<PER-SHARE-DISTRIBUTIONS> .010<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.010<F1>
<EXPENSE-RATIO> .610<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 19936734
<INVESTMENTS-AT-VALUE> 22299107
<RECEIVABLES> 86815
<ASSETS-OTHER> 8410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22394332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 129438
<TOTAL-LIABILITIES> 129438
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19400601
<SHARES-COMMON-STOCK> 269391<F1>
<SHARES-COMMON-PRIOR> 1873<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1287
<ACCUMULATED-NET-GAINS> 503207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2362373
<NET-ASSETS> 22264894
<DIVIDEND-INCOME> 261132
<INTEREST-INCOME> 479
<OTHER-INCOME> 0
<EXPENSES-NET> 96522
<NET-INVESTMENT-INCOME> 165089
<REALIZED-GAINS-CURRENT> 503246
<APPREC-INCREASE-CURRENT> 1805120
<NET-CHANGE-FROM-OPS> 2473455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8762<F1>
<DISTRIBUTIONS-OF-GAINS> 145<F1>
<DISTRIBUTIONS-OTHER> 4664<F1>
<NUMBER-OF-SHARES-SOLD> 309000<F1>
<NUMBER-OF-SHARES-REDEEMED> 42000<F1>
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18297219
<ACCUMULATED-NII-PRIOR> 73
<ACCUMULATED-GAINS-PRIOR> 25549
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67285
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117919
<AVERAGE-NET-ASSETS> 1109186<F1>
<PER-SHARE-NAV-BEGIN> 12.180<F1>
<PER-SHARE-NII> .110<F1>
<PER-SHARE-GAIN-APPREC> 3.180<F1>
<PER-SHARE-DIVIDEND> .110<F1>
<PER-SHARE-DISTRIBUTIONS> .140<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.220<F1>
<EXPENSE-RATIO> 1.540<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> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 19936734
<INVESTMENTS-AT-VALUE> 22299107
<RECEIVABLES> 86815
<ASSETS-OTHER> 8410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22394332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 129438
<TOTAL-LIABILITIES> 129438
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19400601
<SHARES-COMMON-STOCK> 1190578<F1>
<SHARES-COMMON-PRIOR> 324005<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1287
<ACCUMULATED-NET-GAINS> 503207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2362373
<NET-ASSETS> 22264894
<DIVIDEND-INCOME> 261132
<INTEREST-INCOME> 479
<OTHER-INCOME> 0
<EXPENSES-NET> 96522
<NET-INVESTMENT-INCOME> 165089
<REALIZED-GAINS-CURRENT> 503246
<APPREC-INCREASE-CURRENT> 1805120
<NET-CHANGE-FROM-OPS> 2473455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 153023<F1>
<DISTRIBUTIONS-OF-GAINS> 25443<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1035000<F1>
<NUMBER-OF-SHARES-REDEEMED> 173000<F1>
<SHARES-REINVESTED> 4000<F1>
<NET-CHANGE-IN-ASSETS> 18297219
<ACCUMULATED-NII-PRIOR> 73
<ACCUMULATED-GAINS-PRIOR> 25549
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67285
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117919
<AVERAGE-NET-ASSETS> 10070122<F1>
<PER-SHARE-NAV-BEGIN> 12.180<F1>
<PER-SHARE-NII> .200<F1>
<PER-SHARE-GAIN-APPREC> 3.160<F1>
<PER-SHARE-DIVIDEND> .200<F1>
<PER-SHARE-DISTRIBUTIONS> .080<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.260<F1>
<EXPENSE-RATIO> .790<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 151
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 56145727
<INVESTMENTS-AT-VALUE> 59636677
<RECEIVABLES> 683161
<ASSETS-OTHER> 26816
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60346654
<PAYABLE-FOR-SECURITIES> 1273859
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 536173
<TOTAL-LIABILITIES> 1810032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53483092
<SHARES-COMMON-STOCK> 324510<F1>
<SHARES-COMMON-PRIOR> 10149<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 85465
<ACCUMULATED-NET-GAINS> 1649284
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3489711
<NET-ASSETS> 58536622
<DIVIDEND-INCOME> 913577
<INTEREST-INCOME> 0
<OTHER-INCOME> (76820)
<EXPENSES-NET> 493808
<NET-INVESTMENT-INCOME> 342949
<REALIZED-GAINS-CURRENT> 1529645
<APPREC-INCREASE-CURRENT> 2556440
<NET-CHANGE-FROM-OPS> 4429034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5024<F1>
<DISTRIBUTIONS-OF-GAINS> 263<F1>
<DISTRIBUTIONS-OTHER> 15291<F1>
<NUMBER-OF-SHARES-SOLD> 370000<F1>
<NUMBER-OF-SHARES-REDEEMED> 55000<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 40894099
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 149235
<OVERDISTRIB-NII-PRIOR> 2556
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400141
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 498124
<AVERAGE-NET-ASSETS> 2034451<F1>
<PER-SHARE-NAV-BEGIN> 11.290<F1>
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> 1.910<F1>
<PER-SHARE-DIVIDEND> .060<F1>
<PER-SHARE-DISTRIBUTIONS> .020<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.130<F1>
<EXPENSE-RATIO> 1.730<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Retail Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831101
<NAME> EMERALD FUNDS
<SERIES>
<NUMBER> 152
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 56145727
<INVESTMENTS-AT-VALUE> 59636677
<RECEIVABLES> 683161
<ASSETS-OTHER> 26816
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60346654
<PAYABLE-FOR-SECURITIES> 1273859
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 537173
<TOTAL-LIABILITIES> 1810032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53483092
<SHARES-COMMON-STOCK> 4122281<F1>
<SHARES-COMMON-PRIOR> 1552465<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 85465
<ACCUMULATED-NET-GAINS> 1649284
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3489711
<NET-ASSETS> 58536622
<DIVIDEND-INCOME> 913577
<INTEREST-INCOME> 0
<OTHER-INCOME> (76820)
<EXPENSES-NET> 493808
<NET-INVESTMENT-INCOME> 342949
<REALIZED-GAINS-CURRENT> 1529645
<APPREC-INCREASE-CURRENT> 2556440
<NET-CHANGE-FROM-OPS> 4429034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 335369<F1>
<DISTRIBUTIONS-OF-GAINS> 42435<F1>
<DISTRIBUTIONS-OTHER> 57072<F1>
<NUMBER-OF-SHARES-SOLD> 3256000<F1>
<NUMBER-OF-SHARES-REDEEMED> 688000<F1>
<SHARES-REINVESTED> 2000<F1>
<NET-CHANGE-IN-ASSETS> 40894099
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 149235
<OVERDISTRIB-NII-PRIOR> 2556
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400141
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 498124
<AVERAGE-NET-ASSETS> 37894939<F1>
<PER-SHARE-NAV-BEGIN> 11.290<F1>
<PER-SHARE-NII> .090<F1>
<PER-SHARE-GAIN-APPREC> 1.910<F1>
<PER-SHARE-DIVIDEND> .090<F1>
<PER-SHARE-DISTRIBUTIONS> .030<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.170<F1>
<EXPENSE-RATIO> 1.210<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Shares
</FN>
</TABLE>
The Board of Trustees of
Emerald Funds:
In planning and performing our audits of
the financial statements of Emerald Funds
for the year ended November 30, 1997, we
considered its internal control, including
control activities for safeguarding securities,
in order to determine our auditing procedures
for the purpose of expressing our opinion on
the financial statements and to comply with
the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of Emerald Funds is responsible
for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of internal
control activities. Two of the objectives of
internal control are to provide management with
reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use
or disposition and that transactions are executed
in accordance with management's authorization and
recorded properly to permit preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal
control, errors or irregularities may occur and
not be detected. Also, projection of any evaluation
of internal control to future periods is subject to
the risk that it may become inadequate because of
changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute
of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of the specific internal control components
does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would
be material in relation to the financial statements
being audited may occur and not be detected within
a timely period by employees in the normal course
of performing their assigned functions. However,
we noted no matters involving internal control,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined
above as of November 30, 1997.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
Columbus, Ohio
January 21, 1998
