<PAGE> PAGE 1
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010 A00AA01 PFPC INC.
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE CARL RIZZO
TITLE SECRETARY
<TABLE> <S> <C>
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<CIK> 0000793276
<NAME> RODNEY SQUARE STRATEGIC FIXED-INCOME FUND
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<GROSS-ADVISORY-FEES> 213079
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 432893
<AVERAGE-NET-ASSETS> 93283025
<PER-SHARE-NAV-BEGIN> 13.38
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> (.51)
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> .55
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000793276
<NAME> RODNEY SQUARE STRATEGIC FIXED-INCOME FUND
<SERIES>
<NUMBER> 02
<NAME> MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 16718402
<INVESTMENTS-AT-VALUE> 16743311
<RECEIVABLES> 283450
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17026768
<PAYABLE-FOR-SECURITIES> 335425
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79086
<TOTAL-LIABILITIES> 414511
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16540925
<SHARES-COMMON-STOCK> 1331462
<SHARES-COMMON-PRIOR> 1358654
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46424
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24909
<NET-ASSETS> 16612258
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 588619
<OTHER-INCOME> 0
<EXPENSES-NET> (87609)
<NET-INVESTMENT-INCOME> 501010
<REALIZED-GAINS-CURRENT> 46411
<APPREC-INCREASE-CURRENT> (584480)
<NET-CHANGE-FROM-OPS> (37059)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (501010)
<DISTRIBUTIONS-OF-GAINS> (86704)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45897
<NUMBER-OF-SHARES-REDEEMED> (110706)
<SHARES-REINVESTED> 37617
<NET-CHANGE-IN-ASSETS> (967129)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 86717
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40884
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104864
<AVERAGE-NET-ASSETS> 17618221
<PER-SHARE-NAV-BEGIN> 12.94
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> .40
<PER-SHARE-DIVIDEND> (.36)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.48
<EXPENSE-RATIO> .75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000793276
<NAME> RODNEY SQUARE STRATEGIC FIXED-INCOME FUND
<SERIES>
<NUMBER> 03
<NAME> INTERMEDIATE BOND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 86571474
<INVESTMENTS-AT-VALUE> 86474238
<RECEIVABLES> 1209665
<ASSETS-OTHER> 53425
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87737328
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 440102
<TOTAL-LIABILITIES> 440102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87210781
<SHARES-COMMON-STOCK> 9068595
<SHARES-COMMON-PRIOR> 9125282
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 183681
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (97236)
<NET-ASSETS> 87297226
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3818094
<OTHER-INCOME> 0
<EXPENSES-NET> (335749)
<NET-INVESTMENT-INCOME> 3482345
<REALIZED-GAINS-CURRENT> 183813
<APPREC-INCREASE-CURRENT> (5092145)
<NET-CHANGE-FROM-OPS> (1425987)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3482345)
<DISTRIBUTIONS-OF-GAINS> (324537)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 860384
<NUMBER-OF-SHARES-REDEEMED> (1252157)
<SHARES-REINVESTED> (56687)
<NET-CHANGE-IN-ASSETS> (5704277)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 324405
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 213629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 406141
<AVERAGE-NET-ASSETS> 92059934
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.53)
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.63
<EXPENSE-RATIO> .55
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
Report of Ernst & Young LLP, 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 June 30, 1999, 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 June 30, 1999.
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 and is not intended to be
and should not be used by anyone other than these specified
parties.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
August 3, 1999
