<PAGE> PAGE 1
000 A000000 12/31/96
000 C000000 0000889188
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE HOMESTATE GROUP
001 B000000 811-6722
001 C000000 8002320224
002 A000000 1857 WILLIAM PENN WAY
002 B000000 LANCASTER
002 C000000 PA
002 D010000 17605
002 D020000 0666
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 THE HOMESTATE PENNSYLVANIA GROWTH FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 EMERALD ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-40263
008 D01AA01 LANCASTER
008 D02AA01 PA
008 D03AA01 17605
008 D04AA01 0666
010 A00AA01 RODNEY SQUARE MANAGEMENT CORPORATION
010 B00AA01 801-22071
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19890
010 C04AA01 0001
011 A00AA01 RODNEY SQUARE DISTRIBUTORS, INC.
011 B00AA01 8-37006
011 C01AA01 WILMINGTON
<PAGE> PAGE 2
011 C02AA01 DE
011 C03AA01 19890
011 C04AA01 0001
011 A00AA02 DELETE
012 A00AA01 RODNEY SQUARE MANAGEMENT CORPORATION
012 B00AA01 85-00761
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19890
012 C04AA01 0001
012 A00AA02 DELETE
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
015 A00AA01 CORESTATES FINANCIAL CORP.
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 C04AA01 7558
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SMITH BARNEY SHEARSON INC.
020 B000001 13-1912900
020 C000001 19
020 A000002 FIRST MONTAUK SECURITIES CORP.
020 B000002 11-2644141
020 C000002 11
020 A000003 TUCKER, ANTHONY INC.
020 B000003 04-256629
020 C000003 10
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2347336
020 C000004 5
020 A000005 NEWBOLD'S (W.H.) SON & CO.
020 B000005 23-1938859
020 C000005 5
020 A000006 HOPPER, SOLIDAY &CO.
020 C000006 5
020 A000007 JANEY MONTGOMERY SCOTT INC.
020 B000007 23-0731260
020 C000007 4
020 A000008 WHEAT FIRST BUTCHER SINGER, INC.
020 B000008 54-0796506
020 C000008 3
020 A000009 PERSHING TRADING CO., L.P.
020 B000009 13-3769702
020 C000009 3
<PAGE> PAGE 3
020 A000010 JARON EQUITIES
020 B000010 11-2227481
020 C000010 3
021 000000 88
022 A000001 SMITH BARNEY SHEARSON INC.
022 B000001 13-1912900
022 C000001 3093
022 D000001 1189
022 A000002 PAINEWEBBER INC.
022 B000002 13-2638166
022 C000002 2054
022 D000002 1655
022 A000003 HERZOG, HEINE, GEDULD, INC.
022 C000003 1563
022 D000003 1878
022 A000004 CORESTATES CAPITAL MARKETS.
022 C000004 0
022 D000004 2650
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005 1697
022 D000005 542
022 A000006 AMERICAN EXPRESS SERVICE CORP.
022 C000006 2000
022 D000006 0
022 A000007 FURMAN SELZ INC.
022 C000007 1151
022 D000007 694
022 A000008 BROWN (ALEX) & SONS INC.
022 B000008 52-1319768
022 C000008 1350
022 D000008 402
022 A000009 ADVEST INC.
022 C000009 1270
022 D000009 398
022 A000010 LEGG MASON WOOD WALKER, INC.
022 C000010 1615
022 D000010 0
023 C000000 22611
023 D000000 13122
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
<PAGE> PAGE 4
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 3496
028 A02AA00 3108
028 A03AA00 0
028 A04AA00 449
028 B01AA00 3356
028 B02AA00 -1
028 B03AA00 0
028 B04AA00 233
028 C01AA00 2750
028 C02AA00 0
028 C03AA00 0
028 C04AA00 284
028 D01AA00 3080
028 D02AA00 0
028 D03AA00 0
028 D04AA00 470
028 E01AA00 2306
028 E02AA00 0
028 E03AA00 0
028 E04AA00 219
028 F01AA00 4126
028 F02AA00 530
028 F03AA00 0
028 F04AA00 360
028 G01AA00 19114
028 G02AA00 3637
028 G03AA00 0
028 G04AA00 2015
028 H00AA00 19114
029 00AA00 Y
030 A00AA00 674
030 B00AA00 5.00
030 C00AA00 0.00
031 A00AA00 462
031 B00AA00 0
032 00AA00 0
033 00AA00 212
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 Y
<PAGE> PAGE 5
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 99
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 1
043 00AA00 111
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 250000
048 A02AA00 0.750
048 B01AA00 250000
048 B02AA00 0.650
048 C01AA00 250000
048 C02AA00 0.550
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 750000
048 K02AA00 0.450
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
<PAGE> PAGE 6
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 Y
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
<PAGE> PAGE 7
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 36232
071 B00AA00 17115
071 C00AA00 59144
071 D00AA00 57
072 A00AA00 6
072 B00AA00 86
072 C00AA00 309
072 D00AA00 0
072 E00AA00 0
072 F00AA00 235
072 G00AA00 42
072 H00AA00 0
072 I00AA00 46
072 J00AA00 20
072 K00AA00 0
<PAGE> PAGE 8
072 L00AA00 11
072 M00AA00 3
072 N00AA00 8
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 22
072 R00AA00 9
072 S00AA00 13
072 T00AA00 111
072 U00AA00 0
072 V00AA00 0
072 W00AA00 4
072 X00AA00 524
072 Y00AA00 0
072 Z00AA00 -129
072AA00AA00 983
072BB00AA00 0
072CC01AA00 1804
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
072EE00AA00 3944
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 1.4100
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 0
074 D00AA00 0
074 E00AA00 0
074 F00AA00 71096
074 G00AA00 0
074 H00AA00 0
074 I00AA00 4747
074 J00AA00 1037
074 K00AA00 0
074 L00AA00 351
074 M00AA00 0
074 N00AA00 77231
074 O00AA00 1688
074 P00AA00 49
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 217
074 S00AA00 0
074 T00AA00 75277
074 U01AA00 3726
074 U02AA00 0
<PAGE> PAGE 9
074 V01AA00 20.20
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 5268
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 62109
076 00AA00 0.00
077 A000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO. OF PITTSBUR
080 C00AA00 350
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 25
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
SIGNATURE JOHN KELLEY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE HOMESTATE
PENNSYLVANIA GROWTH FUND'S SEMI-ANNUAL REPORT DATED DECEMBER 31,1996 AND
IS QUALIFIED IN ITS ENTIRITY BY REFERNCE TO THE SEMI-ANNUAL REPORT DATED
DECEMBER 31, 1996.
</LEGEND>
<CIK> 0000889188
<NAME> THE HOMESTATE GROUP
<SERIES>
<NUMBER> 1
<NAME> THE HOMESTATE PENNSYLVANIA GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 63028
<INVESTMENTS-AT-VALUE> 75844
<RECEIVABLES> 1387
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77231
<PAYABLE-FOR-SECURITIES> 1688
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 266
<TOTAL-LIABILITIES> 1954
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 61959
<SHARES-COMMON-STOCK> 3726
<SHARES-COMMON-PRIOR> 2627
<ACCUMULATED-NII-CURRENT> (129)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 631
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12816
<NET-ASSETS> 75277
<DIVIDEND-INCOME> 309
<INTEREST-INCOME> 86
<OTHER-INCOME> 0
<EXPENSES-NET> 524
<NET-INVESTMENT-INCOME> (129)
<REALIZED-GAINS-CURRENT> 983
<APPREC-INCREASE-CURRENT> 1804
<NET-CHANGE-FROM-OPS> 2658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3944
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19114
<NUMBER-OF-SHARES-REDEEMED> 2015
<SHARES-REINVESTED> 3637
<NET-CHANGE-IN-ASSETS> 19449
<ACCUMULATED-NII-PRIOR> (0)
<ACCUMULATED-GAINS-PRIOR> 3593
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 524
<AVERAGE-NET-ASSETS> 62109
<PER-SHARE-NAV-BEGIN> 21.25
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.20
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
