<PAGE> PAGE 1
000 A000000 12/31/98
000 C000000 0000889188
000 D000000 N
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000 F000000 Y
000 G000000 N
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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
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004 000000 N
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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
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015 A00AA01 FIRSTAR BANK MILWAUKEE, N.A.
015 B00AA01 C
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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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SIGNATURE SCOTT L. REHR
TITLE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000889188
<NAME> THE HOMESTATE PENNSYLVANIA GROWTH FUND
<SERIES>
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 11,158,573
<INVESTMENTS-AT-VALUE> 11,051,510
<RECEIVABLES> 115,602
<ASSETS-OTHER> 130,481
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,297,593
<PAYABLE-FOR-SECURITIES> 304,541
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,159
<TOTAL-LIABILITIES> 406,700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,696,753
<SHARES-COMMON-STOCK> 1,067,205
<SHARES-COMMON-PRIOR> 1,298,587
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,698,797)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (107,063)
<NET-ASSETS> 10,890,893
<DIVIDEND-INCOME> 118,489
<INTEREST-INCOME> 24,621
<OTHER-INCOME> 0
<EXPENSES-NET> (147,622)
<NET-INVESTMENT-INCOME> (4,512)
<REALIZED-GAINS-CURRENT> (1,147,965)
<APPREC-INCREASE-CURRENT> (2,900,353)
<NET-CHANGE-FROM-OPS> (4,052,830)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86,773
<NUMBER-OF-SHARES-REDEEMED> (318,155)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (6,535,026)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,550,832)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (62,818)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (154,931)
<AVERAGE-NET-ASSETS> 12,461,119
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (3.21)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.21
<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
<SERIES>
<NUMBER> 3
<NAME> HomeState Year 2000 Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 8,695,835
<INVESTMENTS-AT-VALUE> 10,394,121
<RECEIVABLES> 10,691
<ASSETS-OTHER> 368,929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,773,741
<PAYABLE-FOR-SECURITIES> 95,610
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 653,187
<TOTAL-LIABILITIES> 748,797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,210,722
<SHARES-COMMON-STOCK> 922,306
<SHARES-COMMON-PRIOR> 907,965
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,821,140)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,635,362
<NET-ASSETS> 10,024,944
<DIVIDEND-INCOME> 3,495
<INTEREST-INCOME> 26,656
<OTHER-INCOME> 0
<EXPENSES-NET> (135,849)
<NET-INVESTMENT-INCOME> (105,698)
<REALIZED-GAINS-CURRENT> (1,379,437)
<APPREC-INCREASE-CURRENT> 260,737
<NET-CHANGE-FROM-OPS> (1,224,398)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239,188
<NUMBER-OF-SHARES-REDEEMED> (224,847)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (948,492)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (441,703)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (46,458)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (139,959)
<AVERAGE-NET-ASSETS> 9,215,890
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> (0.11)
<PER-SHARE-GAIN-APPREC> (1.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.87
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SHAREHOLDER RESPONSE SUMMARY REPORT
PROXY RESULTS
THE HOMESTATE SELECT OPPORTUNITIES FUND
August 25, 1998
No. of Shares % of Outstanding % of Shares
Shares Present
1. To change the Fund's investment objective to companies principally engaged in
the banking and financial services industry.
Affirmative 525,723.785 40.585% 55.140%
Against 17,659.397 1.363% 1.852%
Abstain 12,271.293 0.947% 1.287%
Broker Non-votes 397,776.000 30.708% 41.721%
TOTAL 953,430.475 73.603% 100.000%
2. To modify the Fund's fundamental restriction on concentration to
provide that the Fund may not invest more than 25% of total assets in
any one industry, except that the Fund shall, under normal conditions
invest not less than 25% of its total assets in securities of companies
principally engaged in the banking industry and not less than 25% of
its total assets in securities of companies principally engaged in the
financial services industry.
Affirmative 531,100.535 41.000% 55.704%
Against 14,996.218 1.158% 1.573%
Abstain 9,557.722 0.737% 1.002%
Broker Non-votes 397,776.000 30.708% 41.721%
TOTAL 953,430.475 73.603% 100.000%
3. To modify the fundamental restriction on portfolio diversification to
provide that the Fund may not invest more than 5% of the value of its
assets in the equity or debt of one issuer (other than obligations
issued or guaranteed by the United States Government).
Affirmative 537,579.110 41.500% 56.384%
Against 10,829.902 0.836% 1.136%
Abstain 7,245.463 0.559% 0.760%
Broker Non-votes 397,776.000 30.708% 41.721%
TOTAL 953,430.475 73.603% 100.000%
4. To change the name of the Fund to "HomeState Select Banking and Finance
Fund."
Affirmative 923,743.325 71.311% 96.886%
Against 16,828.382 1.299% 1.765%
Abstain 12,858.768 0.993% 1.349%
TOTAL 953,430.475 73.603% 100.000%
