<PAGE> PAGE 1
000 B000000 06/30/98
000 C000000 0000889188
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002 B000000 MILWAUKEE
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005 000000 N
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007 C010100 1
007 C020100 THE HOMESTATE PENNSYLVANIA GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 THE HOMESTATE SELECT OPPORTUNITIES FUND
007 C030200 N
007 C010300 3
007 C020300 THE HOMESTATE YEAR 2000 FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 D02AA01 PA
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008 D04AA01 0666
010 A00AA01 RODNEY SQUARE MANAGEMENT CORPORATION
010 B00AA01 801-22071
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19890
<PAGE> PAGE 2
010 C04AA01 0001
010 A00AA02 FIRSTAR TRUST COMPANY
010 B00AA02 85-00410
010 C01AA02 MILWAUKEE
010 C02AA02 WI
010 C03AA02 53202
011 A00AA01 RODNEY SQUARE DISTRIBUTORS, INC.
011 B00AA01 8-37006
011 C01AA01 WILMINGTON
011 C02AA01 DE
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011 A00AA02 RAFFERTY CAPITAL MARKETS, INC.
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013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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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 SCOTT L. REHR
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889188
<NAME> THE HOMESTATE PENNSYLVANIA GROWTH FUND
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 869,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,729,352
<AVERAGE-NET-ASSETS> 115,962,305
<PER-SHARE-NAV-BEGIN> 10.78
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.03
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889188
<NAME> THE HOMESTATE SELECT OPPORTUNITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 13,952,392
<INVESTMENTS-AT-VALUE> 16,775,007
<RECEIVABLES> 1,175,454
<ASSETS-OTHER> 268,219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,218,680
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 792,761
<TOTAL-LIABILITIES> 792,761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,183,461
<SHARES-COMMON-STOCK> 1,298,587
<SHARES-COMMON-PRIOR> 480,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,550,832)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,793,290
<NET-ASSETS> 17,425,919
<DIVIDEND-INCOME> 43,220
<INTEREST-INCOME> 47,835
<OTHER-INCOME> 0
<EXPENSES-NET> 348,066
<NET-INVESTMENT-INCOME> (257,011)
<REALIZED-GAINS-CURRENT> (915,337)
<APPREC-INCREASE-CURRENT> 2,186,649
<NET-CHANGE-FROM-OPS> 1,014,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 576,757
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,049,028
<NUMBER-OF-SHARES-REDEEMED> 272,369
<SHARES-REINVESTED> 40,961
<NET-CHANGE-IN-ASSETS> 11,798,144
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48,222
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 146,960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384,190
<AVERAGE-NET-ASSETS> 14,693,985
<PER-SHARE-NAV-BEGIN> 11.70
<PER-SHARE-NII> (0.20)
<PER-SHARE-GAIN-APPREC> 2.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.54
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889188
<NAME> THE HOMESTATE YEAR 2000 FUND
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> OCT-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 9,692,662
<INVESTMENTS-AT-VALUE> 11,038,075
<RECEIVABLES> 376,680
<ASSETS-OTHER> 107,938
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,522,693
<PAYABLE-FOR-SECURITIES> 75,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 473,507
<TOTAL-LIABILITIES> 549,257
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,040,514
<SHARES-COMMON-STOCK> 907,965
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (441,703)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,374,625
<NET-ASSETS> 10,973,436
<DIVIDEND-INCOME> 3,747
<INTEREST-INCOME> 24,139
<OTHER-INCOME> 0
<EXPENSES-NET> 108,507
<NET-INVESTMENT-INCOME> (80,621)
<REALIZED-GAINS-CURRENT> (441,703)
<APPREC-INCREASE-CURRENT> 1,374,625
<NET-CHANGE-FROM-OPS> 852,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 986,236
<NUMBER-OF-SHARES-REDEEMED> 78,271
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,973,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,072
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196,984
<AVERAGE-NET-ASSETS> 5,637,951
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.09
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Item 77Q1
Question 10
For the period July 1, 1997 to June 30, 1998, The Homestate Group had two
administrators. The first administrator, Rodney Square Management
Corporation, served as administrator until February 13, 1998. The second
and current administrator, Firstar Trust Company, served as administrator
from February 14, 1998 to June 30, 1998.
Question 11
For the period July 1, 1997 to June 30, 1998, The Homestate Group had two
principal underwriters. The first principal underwriter, Rodney Square
Distributors, Inc., served as principal underwriter until May 28, 1998.
The second and current principal underwriter, Rafferty Capital Markets, Inc.
served as principal underwriter from May 29, 1998 to June 30, 1998.
Question 12
For the period July 1, 1997 to June 30, 1998, The Homestate Group had two
shareholder servicing agents. The first shareholder servicing agent, Rodney
Square Management Corporation, served as shareholder servicing agent until
March 15, 1998. The second and current shareholder servicing agent,
Firstar Trust Company, served as shareholder servicing agent from
March 16, 1998 to June 30, 1998.
Question 15
For the period July 1, 1997 to June 30, 1998, The Homestate Group had two
custodians. The first custodian, Wilmington Trust Company, served as
custodian until February 13, 1998. The second and current custodian, Firstar
Trust Company, served as custodian from February 14, 1998 to June 30, 1998.
To the Board of Trustees of The HomeState Group
In planning and performing our audits of the financial statements of the
HomeState Pennsylvania Growth
Fund, the HomeState Select Opportunities Fund, and the Year 2000
("Y2K") Fund (constituting The
HomeState Group, hereafter referred to as the "Funds") for the periods
ended June 30, 1998, we considered
its internal control, including controls over 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 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 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 any internal control, errors or
irregularities may occur and may 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 component 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 controls
over safeguarding securities,
that we consider to be material weaknesses as defined above as of June 30,
1998.
This report is intended solely for the information and use of management
and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
August 21, 1998
