<PAGE> PAGE 1
000 A000000 12/31/1999
000 C000000 0000889188
000 D000000 N
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000 F000000 Y
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000 I000000 6.1
000 J000000 A
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002 A000000 615 EAST MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
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002 D020000 0701
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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 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
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 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 WHITE PLAINS
011 C02AA01 NY
011 C03AA01 10605
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, 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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<PAGE> PAGE 18
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SIGNATURE SCOTT L. REHR
TITLE PRESIDENT
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<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12,461,162
<INVESTMENTS-AT-VALUE> 11,991,201
<RECEIVABLES> 83,112
<ASSETS-OTHER> 6,832
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,081,145
<PAYABLE-FOR-SECURITIES> 126,411
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88,620
<TOTAL-LIABILITIES> 215,031
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,041,006
<SHARES-COMMON-STOCK> 999,842
<SHARES-COMMON-PRIOR> 983,217
<ACCUMULATED-NII-CURRENT> 7,636
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (712,567)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (469,961)
<NET-ASSETS> 11,866,114
<DIVIDEND-INCOME> 158,247
<INTEREST-INCOME> 11,598
<OTHER-INCOME> 0
<EXPENSES-NET> (143,239)
<NET-INVESTMENT-INCOME> 26,606
<REALIZED-GAINS-CURRENT> (345,197)
<APPREC-INCREASE-CURRENT> (1,091,236)
<NET-CHANGE-FROM-OPS> (1,409,827)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35,510)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 136,129
<NUMBER-OF-SHARES-REDEEMED> (122,271)
<SHARES-REINVESTED> 2,767
<NET-CHANGE-IN-ASSETS> (1,265,289)
<ACCUMULATED-NII-PRIOR> 16,540
<ACCUMULATED-GAINS-PRIOR> (367,370)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (60,950)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (159,372)
<AVERAGE-NET-ASSETS> 12,090,687
<PER-SHARE-NAV-BEGIN> 13.36
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (1.48)
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.87
<EXPENSE-RATIO> 2.35
</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-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 11,927,774
<INVESTMENTS-AT-VALUE> 22,215,963
<RECEIVABLES> 1,185,513
<ASSETS-OTHER> 477,604
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,879,080
<PAYABLE-FOR-SECURITIES> 1,030,438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 913,709
<TOTAL-LIABILITIES> 1,944,147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,305,681
<SHARES-COMMON-STOCK> 722,066
<SHARES-COMMON-PRIOR> 743,796
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,538,724
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,090,528
<NET-ASSETS> 21,934,933
<DIVIDEND-INCOME> 746
<INTEREST-INCOME> 17,514
<OTHER-INCOME> 0
<EXPENSES-NET> (169,368)
<NET-INVESTMENT-INCOME> (151,108)
<REALIZED-GAINS-CURRENT> 4,635,180
<APPREC-INCREASE-CURRENT> 8,686,729
<NET-CHANGE-FROM-OPS> 13,170,801
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (451,083)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 282,197
<NUMBER-OF-SHARES-REDEEMED> (319,642)
<SHARES-REINVESTED> 15,715
<NET-CHANGE-IN-ASSETS> 12,879,260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (494,265)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (60,392)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (169,368)
<AVERAGE-NET-ASSETS> 11,979,663
<PER-SHARE-NAV-BEGIN> 12.17
<PER-SHARE-NII> (0.22)
<PER-SHARE-GAIN-APPREC> 19.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.38
<EXPENSE-RATIO> 2.77
</TABLE>
PROXY RESULTS - HOMESTATE YEAR 2000 FUND
Following are results from the shareholder vote taken October 15, 1999 (special
meeting) to change the investment objective and name of the HomeState Year 2000
Fund.
1. To change the Fund's investment objective to invest primarily in companies
principally engaged in the technology sector and to change a fundamental
restriction of the Fund to invest no more than 25% of total assets in one
industry, except that the Fund will invest not less than 25% of its total assets
in companies engaged in the technology sector under normal conditions.
NUMBER OF % OF OUTSTANDING % OF SHARES
SHARES SHARES VOTED
Affirmative 341,635.429 52.120% 94.207%
Against 13,015.285 1.986% 3.589%
Abstain 7,991.671 1.219% 2.204%
___________ _______ ________
TOTAL 362,642.385 55.325% 100.000%
2. To change the name of the Fund to "HomeState Select Technology Fund".
Affirmative 336,873.509 51.393% 92.894%
Against 12,823.868 1.957% 3.536%
Abstain 12,945.008 1.975% 3.570%
___________ _______ ________
362,642.385 55.325% 100.000%
