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<PAGE> PAGE 2
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011 B00AA01 8-37006
011 C01AA01 WILMINGTON
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<PAGE> PAGE 3
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE CARL RIZZO
TITLE SECRETARY
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<NAME> RODNEY SQUARE STRATEGIC FIXED INCOME FUND
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<SHARES-REINVESTED> 114701
<NET-CHANGE-IN-ASSETS> 63141612
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (115966)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 213079
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 432893
<AVERAGE-NET-ASSETS> 51966098
<PER-SHARE-NAV-BEGIN> 13.07
<PER-SHARE-NII> .76
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> (.76)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.38
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000793276
<NAME> RODNEY SQUARE STRATEGIC FIXED INCOME FUND
<SERIES>
<NUMBER> 02
<NAME> MUNICIPAL BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 16669141
<INVESTMENTS-AT-VALUE> 17278530
<RECEIVABLES> 427601
<ASSETS-OTHER> 18
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 126762
<TOTAL-LIABILITIES> 126762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16883281
<SHARES-COMMON-STOCK> 1358654
<SHARES-COMMON-PRIOR> 1369252
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 86717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 609389
<NET-ASSETS> 17579387
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 892753
<OTHER-INCOME> 0
<EXPENSES-NET> (131382)
<NET-INVESTMENT-INCOME> 761371
<REALIZED-GAINS-CURRENT> 118413
<APPREC-INCREASE-CURRENT> 152437
<NET-CHANGE-FROM-OPS> 1032221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (761371)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70718
<NUMBER-OF-SHARES-REDEEMED> (126618)
<SHARES-REINVESTED> 45302
<NET-CHANGE-IN-ASSETS> 133131
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<ACCUMULATED-GAINS-PRIOR> (31696)
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<PER-SHARE-NAV-BEGIN> 12.74
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<PER-SHARE-NAV-END> 12.94
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</TABLE>
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<SERIES>
<NUMBER> 03
<NAME> INTERMEDIATE BOND PORTFOLIO
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<PERIOD-END> OCT-31-1998
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<INVESTMENTS-AT-VALUE> 92676357
<RECEIVABLES> 3362546
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<TOTAL-ASSETS> 96096710
<PAYABLE-FOR-SECURITIES> 2400321
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65682
<TOTAL-LIABILITIES> 3095207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87682189
<SHARES-COMMON-STOCK> 9125282
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 324405
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4994909
<NET-ASSETS> 93001503
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1968957
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 1795205
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<APPREC-INCREASE-CURRENT> 1426841
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 131441
<NET-CHANGE-IN-ASSETS> 3546451
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110511
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207498
<AVERAGE-NET-ASSETS> 92197544
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> (.20)
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<EXPENSE-RATIO> .55
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EXHIBIT INDEX
Exhibit A:
Attachment to item 77B: Accountant's report on internal
control.
Exhibit B:
Attachment to item 77C: Submission of matters to a vote of
security holders.
Exhibit C:
Attachment to item 77D: Policies with respect to security
investments.
Exhibit D:
Attachment to item 77Q1: Copies of: new advisory agreement,
amended and restated by-laws and declaration of trust.
- ---------------------------------------------------------
Exhibit A:
Report of Independent Auditors
Board of Trustees
The Rodney Square Strategic Fixed-Income Fund
Wilmington, Delaware
In planning and performing our audit of the financial statements
of The Rodney Square Strategic Fixed-Income Fund (the "Fund"),
comprised of the Short/Intermediate Bond, Intermediate Bond and
Municipal Bond Portfolios, for the year ended October 31, 1998,
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 internal control.
The management of the Fund 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 controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud 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 one or more of the
specific internal control components does not reduce to a
relatively low level the risk that errors or fraud 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 and its operations, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above at October 31, 1998.
This report is intended solely for the information and use of the
Board of Trustees and management of the Fund and the Securities
and Exchange Commission.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
December 4, 1998
Exhibit B:
The shareholders meeting held June 25, 1998, is incorporated
herein by reference to Form N30-D filed with the Securities and
Exchange Commission on December 30, 1998.
Exhibit C:
Effective June 29, 1998, the Short/Intermediate Bond Portfolio's
primary investment policy was amended to provide that the
Portfolio will invest 85% of its total assets in investment-grade
income securities. Prior thereto, the policy provided that the
Portfolio invests at least 65% of its total assets in fixed
income securities.
Exhibit D:
The new Advisory Agreement dated June 29, 1998 and the
Declaration of Trust dated June 15, 1998, are incorporated herein
by reference to PEA #19 filed June 26, 1998.
The amended and restated By-Laws dated August 17, 1998, are
incorporated herein by reference to PEA #20 filed December 30,
1998.
