<PAGE> PAGE 1
000 B000000 06/30/99
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
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001 C000000 4142873315
002 A000000 615 EAST MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
002 D020000 0701
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 3
007 C010100 1
007 C020100 THE HOMESTATE PENNSYLVANIA GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 THE HOMESTATE SELECT BANKING AND FINANCE FUND
007 C030200 N
007 C010300 3
007 C020300 THE HOMESTATE YEAR 2000 FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 B00AA01 A
008 C00AA01 801-40263
008 D01AA01 LANCASTER
008 D02AA01 PA
008 D03AA01 17605
008 D04AA01 0666
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
<PAGE> PAGE 2
011 A00AA01 RAFFERTY CAPITAL MARKETS, INC.
011 B00AA01 8-40605
011 C01AA01 HARRISON
011 C02AA01 NY
011 C03AA01 10528
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
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013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIRSTAR BANK MILWAUKEE, N.A.
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020 A000004 PAINE WEBBER
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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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SIGNATURE SCOTT L. REHR
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000889188
<NAME> THE HOMESTATE PENNSYLVANIA GROWTH FUND
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889188
<NAME> THE HOMESTATE SELECT BANKING AND FINANCE FUND
<SERIES>
<NUMBER> 2
<NAME> HomeState Select Banking and Finance Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 12,235,467
<INVESTMENTS-AT-VALUE> 12,856,742
<RECEIVABLES> 339,905
<ASSETS-OTHER> 99,947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,296,594
<PAYABLE-FOR-SECURITIES> 44,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121,087
<TOTAL-LIABILITIES> 165,191
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,860,958
<SHARES-COMMON-STOCK> 983,217
<SHARES-COMMON-PRIOR> 1,298,587
<ACCUMULATED-NII-CURRENT> 16,540
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (367,370)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 621,275
<NET-ASSETS> 13,131,403
<DIVIDEND-INCOME> 235,994
<INTEREST-INCOME> 39,554
<OTHER-INCOME> 0
<EXPENSES-NET> (281,888)
<NET-INVESTMENT-INCOME> (6,340)
<REALIZED-GAINS-CURRENT> 1,183,462
<APPREC-INCREASE-CURRENT> (2,172,015)
<NET-CHANGE-FROM-OPS> (994,893)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 231,262
<NUMBER-OF-SHARES-REDEEMED> (546,632)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4,294,516)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,550,832)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (119,952)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (312,318)
<AVERAGE-NET-ASSETS> 11,996,242
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.36
<EXPENSE-RATIO> 2.35
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000889188
<NAME> THE HOMESTATE YEAR 2000 FUND
<SERIES>
<NUMBER> 3
<NAME> HomeState Year 2000 Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 8,058,319
<INVESTMENTS-AT-VALUE> 9,497,665
<RECEIVABLES> 60,916
<ASSETS-OTHER> 295,200
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,853,781
<PAYABLE-FOR-SECURITIES> 275,767
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 522,341
<TOTAL-LIABILITIES> 798,108
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,146,139
<SHARES-COMMON-STOCK> 743,796
<SHARES-COMMON-PRIOR> 907,965
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (494,265)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,403,799
<NET-ASSETS> 9,055,673
<DIVIDEND-INCOME> 6,516
<INTEREST-INCOME> 65,781
<OTHER-INCOME> 0
<EXPENSES-NET> (271,421)
<NET-INVESTMENT-INCOME> (199,124)
<REALIZED-GAINS-CURRENT> (52,562)
<APPREC-INCREASE-CURRENT> 29,174
<NET-CHANGE-FROM-OPS> (222,512)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 372,656
<NUMBER-OF-SHARES-REDEEMED> (536,825)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,917,763)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (441,703)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (92,173)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (281,272)
<AVERAGE-NET-ASSETS> 9,216,771
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> (0.22)
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.17
<EXPENSE-RATIO> 2.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and Board of Trustees of
The HomeState Group
In planning and performing our audit of the financial statements and financial
highlights of The HomeState Group (being comprised of the Pennsylvania Growth
Fund, the Select Banking and Finance Fund and the Year 2000 ("Y2K") Fund,
hereafter referred to as the "Funds") for the year ended June 30, 1999, we
considered the Funds' 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 financial
highlights 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
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements and
financial highlights 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, error 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 any
specific internal control component does not reduce to a relatively low level
the risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements and financial highlights 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 operation, including control
activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of June 30, 1999.
This report is intended solely for the information and use of management and the
Board of Trustees of The HomeState Group and the Securities and Exchange
Commission.
PRICEWATERHOUSECOOPERS LLP
Milwaukee, Wisconsin
July 30, 1999
