As filed with the Securities and Exchange Commission
on November 25, 1997
Registration Nos. 333-19497
811-08009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment [ ]
Post-Effective Amendment No. 2 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940 [X]
Amendment No. 3
(Check appropriate box or boxes.)
PBHG INSURANCE SERIES FUND, INC.
--------------------------------------------------
(Exact name of registrant as specified in charter)
32 South Street
Baltimore, Maryland 21202-3242
(Address of Principal Executive Offices, Zip Code)
Registrant's Telephone Number, Including Area Code (800) 443-0051
Harold J. Baxter
1255 Drummers Lane
Suite 300
Wayne, Pennsylvania 19087-1590
(Name and Address of Agent For Service)
Copies to:
William H. Rheiner, Esq. John M. Zerr, Esq.
Ballard Spahr Andrews & Ingersoll Pilgrim Baxter & Associates, Ltd.
1735 Market Street, 51st Floor 1255 Drummers Lane, Suite 300
Philadelphia, PA 19103-7599 Wayne, PA 19087-1590
(215) 864-8600 (610) 341-9000
<PAGE>
It is proposed that this filing will become effective (check appropriate box)
X immediately upon filing pursuant to paragraph (b)
- ---
on (date) pursuant to paragraph (b)
- ---
60 days after filing pursuant to paragraph (a)(1)
- ---
on (date) pursuant to paragraph (a)(1)
- ---
75 days after filing pursuant to paragraph (a)(2)
- ---
on (date) pursuant to paragraph (a)(2) of rule 485
- ---
If appropriate, check the following box:
this post-effective amendment designates a new effective date for a
- --- previously filed post-effective amendment.
Title of Securities being registered: Common Stock
<PAGE>
PBHG INSURANCE SERIES FUND, INC.
CROSS REFERENCE SHEET
(as required by Rule 495)
PART A
<TABLE>
<CAPTION>
Item No. Location in Prospectus
- -------- ----------------------
<S> <C>
1. Cover Page Cover Page
2. Synopsis Summary; Expense Summary
3. Condensed Financial Information Supplement
4. General Description of Registrant Investment Objectives and Policies;
General Investment Policies and
Strategies; Risk Factors; Investment
Limitations; General Information--The
Fund
5. Management of the Fund General Information--Directors of the
Fund; General Information--The Adviser;
General Information--The Sub-Adviser
(Small Cap Value and Large Cap Value
Portfolios); General Information--The
Administrator and the Sub-
Administrator; General Information--The
Transfer Agent and Sub-Transfer Agent;
General Information--The Distributor
5A. Management's Discussion of Not Applicable
Fund Performance
6. Capital Stock and Other Securities General Information -- Voting Rights;
Tax Status, Dividends and Distributions
7. Purchase of Securities Being Offered Purchases and Redemptions; Net Asset
Value
8. Redemption or Repurchase Purchases and Redemptions; Net Asset
Value
9. Pending Legal Proceedings Not Applicable
PART B
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History The Fund
<PAGE>
13. Investment Objectives and Policies Description of Permitted Investments;
Investment Limitations; Description of
Shares
14. Management of the Fund Directors and Officers of the Fund; The
Administrator and Sub-Administrator
15. Control Persons and Principal Holders Directors and Officers of the Fund
of Securities
16. Investment Advisory and Other The Adviser; The Sub-Adviser; The
Services Administrator and Sub-Administrator;
The Distributor
17. Brokerage Allocation and Other Portfolio Transactions
Practices
18. Capital Stock and Other Securities Description of Shares
19. Purchase, Redemption and Pricing of Purchase and Redemption of Shares;
Securities Being Offered Determination of Net Asset Value
20. Tax Status Taxes
21. Underwriters The Distributor
22. Calculation of Performance Data Performance Information
23. Financial Statements Financial Statements
</TABLE>
<PAGE>
PART C
Information required to be included in Part C is set forth under the appropriate
Item, so numbered, in Part C of the Registration Statement.
<PAGE>
PART A
In addition to the Supplement set forth herein, pursuant to Rule 411 under the
Securities Act of 1933, as amended, and Rule 0-4 and 8b-23 under the Investment
Company Act of 1940, as amended, the information required to be included in Part
A of this Registration Statement is incorporated by reference to the Prospectus
dated October 3, 1997, as filed in electronic format via EDGAR with the
Securities and Exchange Commission on October 3, 1997.
A-1
<PAGE>
PBHG INSURANCE SERIES FUND, INC.
SUPPLEMENT DATED NOVEMBER 25, 1997
TO THE PROSPECTUS DATED OCTOBER 3, 1997
This Supplement updates certain information contained in the above-dated
Prospectus for PBHG Insurance Series Fund, Inc.
Immediately following the section entitled "Summary" and immediately preceding
the section entitled "Investment Objectives and Policies" in the Prospectus, the
following should be considered to be inserted:
FINANCIAL HIGHLIGHTS
The information presented in the following table with respect to the PBHG Growth
II, PBHG Large Cap Growth and PBHG Technology & Communications Portfolios for
the period ended September 30, 1997, is unaudited. The PBHG Select 20 Portfolio
commenced operations on September 26, 1997, and had no meaningful performance to
report as of September 30, 1997. The PBHG Small Cap Value and PBHG Large Cap
Value Portfolios did not commence operations until after September 30, 1997.
For the period ended September 30, 1997
Financial Highlights (unaudited)
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
Net
Asset Net Realized and Distributions Distributions
Value Investment Unrealized from Net from
Beginning Income Gains or (Losses) Investment Capital
of Period (Loss) on Securities Income Gains
--------- ------ ------------- ------ -----
<S> <C> <C> <C> <C> <C>
PBHG Growth II Portfolio
1997(1) $10.00 - 1.44 - -
PBHG Large Cap Growth Portfolio
1997(1) $10.00 0.01 1.95 - -
PBHG Technology & Communications Portfolio
1997(1) $10.00 - 2.30 - -
</TABLE>
<TABLE>
<CAPTION>
Ratio
of Net Ratio
Net Investment of Expenses
Asset Net Ratio Income to Average
Value Assets of Expenses (Loss) Net Assets
End Total End to Average to Average (Excluding
of Period Return of Period Net Assets Net Assets Waivers)
--------- ------ --------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
PBHG Growth II Portfolio 11.44 14.4%(t) $5,545,234 1.20%* (0.16)%* 5.65%*
1997(1)
PBHG Large Cap Growth Portfolio 11.96 19.6%(t) $2,059,634 1.10%* 0.36%* 10.76%*
1997(1)
PBHG Technology & Communications Portfolio 12.30 22.9%(t) $1,082,463 1.20%* 0.06%* 11.14%*
1997(1)
</TABLE>
<TABLE>
<CAPTION>
The PBHG Fund, Inc.
Ratio
of Net
Investment
Income (Loss)
to Average
Net Assets Portfolio Average
(Excluding Turnover Commision
Waivers) Rate Rate(2)
-------- ---- -------
<S> <C> <C> <C>
PBHG Growth II Portfolio
1997(1) (4.61)%* 17.62% $0.0362
PBHG Large Cap Growth Portfolio
1997(1) (9.30)%* 37.52% $0.0506
PBHG Technology & Communications Portfolio
1997(1) (9.88)%* 52.21% $0.0366
</TABLE>
* Annualized
t Total returns have not been annualized.
1 The PBHG Growth II, Large Cap Growth, and Technology and Communications
Portfolios commenced operations on May 1, 1997.
2 Average commision rate paid per share for security purchases and sales during
the period.
Amounts designated as "-" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
A-2
<PAGE>
PART B
In addition to the information set forth herein, pursuant to Rule 411 under the
Securities Act of 1933, as amended, and Rule 0-4 and 8b-23 under the Investment
Company Act of 1940, as amended, the information required to be included in Part
B of this Registration Statement is incorporated by reference to the Statement
of Additional Information dated October 3, 1997, as filed in electronic format
via EDGAR with the Securities and Exchange Commission on October 3, 1997.
The Statement of Additional Information dated October 3, 1997, is revised as of
November 24, 1997, by adding the following immediately after the Report of
Independent Accountants presented on page 21:
Presented below are updated financial statements as of September 30, 1997,
concerning the PBHG Growth II, PBHG Large Cap Growth and PBHG Technology &
Communications Portfolios, which statements are unaudited.
Statement of Operations (000) (unaudited)
For the period ended September 30, 1997
<TABLE>
<CAPTION>
PBHG PBHG
PBHG Large Cap Technology &
Growth II Growth Communications
Portfolio(1) Portfolio(1) Portfolio(1)
------------ ------------ --------------
05/01/97 05/01/97 05/01/97
to to to
09/30/97 09/30/97 09/30/97
------------- ------------ ------------
<S> <C> <C> <C>
Investment Income:
Dividends $661 $554 $24
Interest 9,217 4,918 1,943
Less: Foreign Taxes Withheld - - -
-------- -------- -------
Total Investment Income 9,878 5,472 1,967
-------- -------- -------
Expenses:
Investment Advisory Fees 8,063 2,805 1,328
Waiver of Investment Advisory Fees (8,063) (2,805) (1,328)
Reimbursement of Other Expenses by Adviser (34,180) (33,308) (14,199)
Administrative Fees 1,423 561 234
Transfer Agent Fees 8,748 8,332 8,334
Registration and Filing Fees 973 358 184
Printing Fees 3,478 2,689 549
Professional Fees 19,128 14,779 3,005
Custodian Fees 1,854 1,466 1,462
Pricing 1,479 1,292 275
Directors' Fees 7,652 7,117 1,203
Amortization of Deferred Organizational Costs 828 828 828
-------- -------- -------
Total Expenses 11,383 4,114 1,875
-------- -------- -------
Net Investment Income (Loss) (1,505) 1,358 92
-------- -------- -------
Net Realized Gain (Loss) from Security Transactions (5,440) (2,879) 1,462
Net Change in Unrealized Appreciation (Depreciation) on Investments 274,982 118,899 82,886
-------- -------- -------
Net Realized and Unrealized Gain (Loss) on Investments
and Foreign Currency Transactions 269,542 116,020 84,348
-------- -------- -------
Increase (Decrease) in Net Assets Resulting from Operations $268,037 $117,378 $84,440
======== ======== =======
</TABLE>
1. The PBHG Growth II. Large Cap Growth and Technology and Communications
Portfolios commenced operations on May 1, 1997.
Amounts designated as "-" are either $0 or have been rounded to $0.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (unaudited)
For the period ended September 30, 1997
<TABLE>
<CAPTION>
PBHG
PBHG PBHG Technology &
Growth II Large Cap Growth Communications
Portfolio(1) Portfolio(1) Portfolio(1)
------------ ---------------- --------------
05/01/97 05/01/97 05/01/97
to to to
09/30/97 09/30/97 09/30/97
------------ ---------------- --------------
<S> <C> <C> <C>
Investment Activities:
Net Investment Income (Loss) (1,505) 1,358 92
Net Realized Gain (Loss) from Security Transactions (5,440) (2,879) 1,462
Net Change in Unrealized Appreciation (Depreciation)
on Investments 274,982 118,899 82,886
--------- --------- ---------
Net Increase (Decrease) in Net Assets Resulting
from Operations 268,037 117,378 84,440
--------- --------- ---------
Distributions to Shareholders From:
Net Investment Income - - -
Net Realized Gains from Security Transactions - - -
--------- --------- ---------
Total Distributions - - -
--------- --------- ---------
Capital Share Transactions (A):
Shares Issued 5,838,404 2,149,273 1,016,016
Shares Issued upon Reinvestment of Distributions - - -
Shares Redeemed (561,207) (207,017) (17,993)
--------- --------- ---------
Increase (Decrease) in Net Assets Derived from
Capital Share Transactions 5,277,197 1,942,256 998,023
--------- --------- ---------
Total Increase (Decrease) in Net Assets 5,545,234 2,059,634 1,082,463
========= ========= =========
Net Assets:
Beginning of Period - - -
--------- --------- ---------
End of Period 5,545,234 2,059,634 1,082,463
--------- --------- ---------
(A) Shares Issued and Redeemed:
Shares Issued 535,714 191,971 89,697
Shares Issued upon Reinvestment of Distributions - - -
Shares Redeemed (51,165) (19,787) (1,638)
--------- --------- ---------
Net Increase (Decrease) in Shares Outstanding 484,549 172,184 88,059
========= ========= =========
</TABLE>
1. The PBHG Growth II, Large Cap Growth, and Technology and Communications
Portfolios commenced operations on May 1, 1997
The accompanying notes are an integral part of the financial statements.
<PAGE>
Statement of Net Assets (unaudited)
As of September 30, 1997
PBHG INSURANCE SERIES FUND, INC. - GROWTH II Portfolio
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Market
Description Shares Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stock - 89.3%
CONSUMER - 14.9%
CONSUMER PRODUCTS MISCELLANEOUS - 0.6%
BLYTH INDUSTRIES* 1,235 34,580
- ------------------------------------------------------------------------------------------------------------------------------------
34,580
- ------------------------------------------------------------------------------------------------------------------------------------
HOTELS/RESORTS - 0.6%
CAPSTAR HOTEL * 940 31,549
- ------------------------------------------------------------------------------------------------------------------------------------
31,549
- ------------------------------------------------------------------------------------------------------------------------------------
LEISURE-RECREATION - 0.9%
CALLAWAY GOLF 1,499 52,278
- ------------------------------------------------------------------------------------------------------------------------------------
52,278
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL-APPAREL - 3.4%
JONES APPAREL GROUP * 1,125 60,750
NAUTICA ENTERPRISES * 2,302 64,744
TOMMY HILFIGER * 1,287 64,270
- ------------------------------------------------------------------------------------------------------------------------------------
189,764
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL-CATALOG - 1.7%
CDW COMPUTER CENTERS* 1,400 90,650
- ------------------------------------------------------------------------------------------------------------------------------------
90,650
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL-DISCOUNT STORES - 1.3%
DOLLAR TREE STORES* 1,740 73,189
- ------------------------------------------------------------------------------------------------------------------------------------
73,189
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL-HOME FURNISHING - 2.3%
BED BATH & BEYOND* 3,685 129,436
- ------------------------------------------------------------------------------------------------------------------------------------
129,436
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL-OFFICE PRODUCTS - 1.7%
STAPLES * 3,461 95,610
- ------------------------------------------------------------------------------------------------------------------------------------
95,610
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL-SPECIALTY - 2.4%
BORDERS GROUP * 920 25,300
GENERAL NUTRITION* 1,980 57,666
TIFFANY 1,140 48,450
- ------------------------------------------------------------------------------------------------------------------------------------
131,416
- ------------------------------------------------------------------------------------------------------------------------------------
Total Consumer (Cost $784,437) 828,472
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 9.0%
CONTRACT DRILLING - 5.6%
CLIFFS DRILLING COMPANY* 500 34,813
ENSCO INTERNATIONAL 1,780 70,199
GLOBAL MARINE* 2,779 92,402
SANTA FE INTERNATIONAL * 1,370 63,705
ZOLTEK * 753 47,910
- ------------------------------------------------------------------------------------------------------------------------------------
309,029
- ------------------------------------------------------------------------------------------------------------------------------------
SERVICE/EQUIPMENT - 3.4%
BJ SERVICES * 900 66,824
CAMCO INTERNATIONAL 800 55,800
TIDEWATER 1,093 64,760
- ------------------------------------------------------------------------------------------------------------------------------------
187,384
- ------------------------------------------------------------------------------------------------------------------------------------
Total Energy (Cost $421,620) 496,413
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL - 1.8%
CONSUMER FINANCE -1.4%
MONEY STORE (THE) 2,668 76,038
- ------------------------------------------------------------------------------------------------------------------------------------
76,038
- ------------------------------------------------------------------------------------------------------------------------------------
BROKERAGE/INVESTMENT BANK - 0.4%
OCWEN FINANCIAL * 600 25,275
- ------------------------------------------------------------------------------------------------------------------------------------
25,275
- ------------------------------------------------------------------------------------------------------------------------------------
Total Financial (Cost $106,862) 101,313
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH - 12.2%
CONTRACT RESEARCH - 1.9%
QUINTILES TRANSNATIONAL* 1,227 103,375
- ------------------------------------------------------------------------------------------------------------------------------------
103,375
- ------------------------------------------------------------------------------------------------------------------------------------
DRUGS/PHARMACEUTICALS - 2.1%
MEDICIS PHAMACEUTICALS * 600 27,525
DURA PHARMACEUTICALS* 2,080 90,740
- ------------------------------------------------------------------------------------------------------------------------------------
118,265
- ------------------------------------------------------------------------------------------------------------------------------------
INFORMATION SYSTEMS - 2.7%
HBO & COMPANY 4,010 151,377
- ------------------------------------------------------------------------------------------------------------------------------------
151,377
- ------------------------------------------------------------------------------------------------------------------------------------
MANAGED HEALTHCARE - 1.9%
OXFORD HEALTH PLANS * 1,391 104,151
- ------------------------------------------------------------------------------------------------------------------------------------
104,151
- ------------------------------------------------------------------------------------------------------------------------------------
PHYSICIAN PRACTICE MANAGEMENT - 0.9%
PHYCOR * 1,709 49,668
- ------------------------------------------------------------------------------------------------------------------------------------
49,668
- ------------------------------------------------------------------------------------------------------------------------------------
SPECIAL OUTPATIENT FACILITY - 2.7%
HEALTHSOUTH * 3,565 95,141
TOTAL RENAL CARE HOLDINGS* 1,103 55,150
- ------------------------------------------------------------------------------------------------------------------------------------
150,291
- ------------------------------------------------------------------------------------------------------------------------------------
Total Health (Cost $655,471) 677,127
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL GENERAL MANUFACTURING - 1.2%
AUTO-RELATED - 1.2%
HARLEY-DAVIDSON 2,260 65,964
- ------------------------------------------------------------------------------------------------------------------------------------
65,964
- ------------------------------------------------------------------------------------------------------------------------------------
Total Industrial/General Manufacturing (Cost $58,237) 65,964
- ------------------------------------------------------------------------------------------------------------------------------------
SERVICES - 18.3%
CORRECTIONAL SERVICES - 2.8%
CORRECTIONS CORP. OF AMERICA* 3,609 156,992
- ------------------------------------------------------------------------------------------------------------------------------------
156,992
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATIONAL SERVICES - 1.7%
APOLLO GROUP, CL A* 2,233 94,623
- ------------------------------------------------------------------------------------------------------------------------------------
94,623
- ------------------------------------------------------------------------------------------------------------------------------------
EMPLOYMENT SERVICES - 1.3%
ACCUSTAFF* 2,295 72,293
- ------------------------------------------------------------------------------------------------------------------------------------
72,293
- ------------------------------------------------------------------------------------------------------------------------------------
ENVIRONMENTAL - 5.3%
ALLIED WASTE INDUSTRIES * 2,750 52,594
SUPERIOR SERVICES * 1,200 34,200
US FILTER* 1,550 66,747
USA WASTE SERVICES * 3,479 138,725
- -----------------------------------------------------------------------------------------------------------------------------------
292,266
- ------------------------------------------------------------------------------------------------------------------------------------
INFORMATION SERVICES - 1.0%
GARTNER GROUP * 1,825 54,750
- ------------------------------------------------------------------------------------------------------------------------------------
54,750
- ------------------------------------------------------------------------------------------------------------------------------------
RADIO/TELEVISION - 3.4%
CLEAR CHANNEL COMMUNICATIONS* 1,788 115,997
JACOR COMMUNICATION * 1,121 49,534
MRV COMMUNICATIONS * 700 25,550
- ------------------------------------------------------------------------------------------------------------------------------------
191,081
- ------------------------------------------------------------------------------------------------------------------------------------
SYSTEMS INTEGRATOR - 1.0%
COMPUTER HORIZONS* 600 21,750
KEANE * 1,100 34,925
- ------------------------------------------------------------------------------------------------------------------------------------
56,675
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSACTIONS PROCESSING - 1.8%
ANCHOR GAMING * 100 8,875
PAYCHEX 2,514 87,675
- ------------------------------------------------------------------------------------------------------------------------------------
96,550
- ------------------------------------------------------------------------------------------------------------------------------------
Total Services (Cost $938,461) 1,015,230
- ------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 31.9%
EMBEDDED SOFTWARE - 1.1%
WIND RIVER SYSTEMS * 1,480 61,050
- ------------------------------------------------------------------------------------------------------------------------------------
61,050
- ------------------------------------------------------------------------------------------------------------------------------------
CONTRACT MANUFACTURING - 1.2%
JABIL CIRCUIT * 300 19,650
SOLECTRON * 1,070 47,615
- ------------------------------------------------------------------------------------------------------------------------------------
67,265
- ------------------------------------------------------------------------------------------------------------------------------------
GRAPHIC/IMAGE PROCESSING - 2.1%
ELECTRONICS FOR IMAGING* 2,240 114,240
- ------------------------------------------------------------------------------------------------------------------------------------
114,240
- ------------------------------------------------------------------------------------------------------------------------------------
NETWORKING SECURITY - 1.3%
SECURITY DYNAMICS TECHNOLOGY* 1,870 69,424
- ------------------------------------------------------------------------------------------------------------------------------------
69,424
- ------------------------------------------------------------------------------------------------------------------------------------
NETWORKING SOFTWARE - 0.7%
MCAFEE ASSOCIATES* 771 40,863
- ------------------------------------------------------------------------------------------------------------------------------------
40,863
- ------------------------------------------------------------------------------------------------------------------------------------
PC-PERIPHERALS MANUFACTURING - 1.6%
ADAPTEC * 1,839 85,973
- ------------------------------------------------------------------------------------------------------------------------------------
85,973
- ------------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTOR MANUFACTURING - 6.1%
ALTERA * 1,011 51,814
LATTICE SEMICONDUCTOR* 770 50,146
LINEAR TECHNOLOGY 1,370 94,187
MICROCHIP TECHNOLOGY* 1,238 55,903
VITESSE SEMICONDUCTOR * 1,700 84,256
- ------------------------------------------------------------------------------------------------------------------------------------
336,306
- ------------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTOR PRODUCT EQUIPMENT - 2.9%
INTEGRATED PROCESS EQUIPMENT* 900 33,188
NOVELLUS SYSTEMS * 500 63,000
TERADYNE * 1,200 64,575
- ------------------------------------------------------------------------------------------------------------------------------------
160,763
- ------------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTOR TESTING EQUIPMENT - 0.9%
UNIPHASE * 640 50,880
- ------------------------------------------------------------------------------------------------------------------------------------
50,880
- ------------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-CLIENT/SERVER - 3.4%
HNC SOFTWARE * 1,181 46,945
PEOPLESOFT* 2,357 140,831
- ------------------------------------------------------------------------------------------------------------------------------------
187,776
- ------------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-ERP - 0.9%
J.D. EDWARDS & COMPANY * 1,500 50,250
- ------------------------------------------------------------------------------------------------------------------------------------
50,250
- ------------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-INTERNET - 1.3%
AMERICA ONLINE * 920 69,403
- ------------------------------------------------------------------------------------------------------------------------------------
69,403
- ------------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-OTHER - 1.0%
VIASOFT * 1,135 56,183
- ------------------------------------------------------------------------------------------------------------------------------------
56,183
- ------------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-SYSTEM/MAINFRAME - 1.5%
BMC SOFTWARE * 1,340 86,765
- ------------------------------------------------------------------------------------------------------------------------------------
86,765
- ------------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT - 5.9%
ADC TELECOMMUNICATIONS* 2,984 96,980
ADVANCED FIBRE * 1,840 75,440
P-COM * 1,200 28,725
TELLABS * 1,971 101,505
WORLD ACCESS * 900 29,250
- ------------------------------------------------------------------------------------------------------------------------------------
331,900
- ------------------------------------------------------------------------------------------------------------------------------------
Total Technology (Cost $1,713,490) 1,769,041
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stock
(Cost $4,678,578) 4,953,560
- ------------------------------------------------------------------------------------------------------------------------------------
Repurchase Agreement - 12.2%
Lehman
5.36%, dated 09/30/97, matures 10/01/97, repurchase price $677,992
(collaterialized by U.S. Government Obligations: total market value $698,635) 677,891 677,891
- ------------------------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreement
(Cost $677,891) 677,891
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments - 101.5%
(Cost $5,356,469) 5,631,451
- ------------------------------------------------------------------------------------------------------------------------------------
Other Assets and Liabilities - (1.5%)
Other Assets and Liabilities, Net (86,217)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Fund Shares (authorized 500 million shares -
$0.001 par value) based on 484,549 outstanding shares
of common stock 5,277,197
Accumulated net investment loss (1,505)
Accumulated net realized loss on investments (5,440)
Net unrealized appreciation on investments 274,982
- ------------------------------------------------------------------------------------------------------------------------------------
Total Net Assets -100% 5,545,234
====================================================================================================================================
Net Asset Value, Offering and Redemption Price
Per Share $11.44
====================================================================================================================================
</TABLE>
* Non-income producing security
(A)-TRI-PARTY REPURCHASE AGREEMENT
Cl - Class
<PAGE>
STATEMENT OF NET ASSETS (unaudited)
As of September 30, 1997
PBHG INSURANCE SERIES FUND, INC. - LARGE CAP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Market
Description Shares Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stock - 84.0%
CONSUMER - 6.4%
FUNERAL SERVICES - 1.4%
SERVICE CORPORATION INTERNATIONAL 900 28,969
- --------------------------------------------------------------------------------------------------------
28,969
- --------------------------------------------------------------------------------------------------------
HOTELS/RESORTS - 2.3%
HFS* 163 12,133
MARRIOTT CORP INTERNATIONAL 500 35,531
- --------------------------------------------------------------------------------------------------------
47,664
- --------------------------------------------------------------------------------------------------------
RETAIL-APPAREL - 1.3%
JONES APPAREL GROUP* 500 27,000
- --------------------------------------------------------------------------------------------------------
27,000
- --------------------------------------------------------------------------------------------------------
RETAIL-OFFICE PRODUCTS - 1.4%
STAPLES* 1,000 27,625
- --------------------------------------------------------------------------------------------------------
27,625
- --------------------------------------------------------------------------------------------------------
Total Consumer (Cost $121,121) 131,258
- --------------------------------------------------------------------------------------------------------
ENERGY - 6.6%
CONTRACT DRILLING - 4.0%
DIAMOND OFFSHORE DRILLING 300 16,556
ENSCO INTERNATIONAL 800 31,550
NABORS INDUSTRIES* 500 19,469
SANTA FE INTERNATIONAL* 300 13,950
- --------------------------------------------------------------------------------------------------------
81,525
- --------------------------------------------------------------------------------------------------------
SERVICE/EQUIPMENT - 2.6%
BAKER HUGHES 200 8,750
CAMCO INTERNATIONAL 300 20,925
SCHLUMBERGER LTD 300 25,256
- --------------------------------------------------------------------------------------------------------
54,931
- --------------------------------------------------------------------------------------------------------
Total Energy (Cost $115,838) 136,456
- --------------------------------------------------------------------------------------------------------
FINANCIAL - 5.0%
BROKERAGE/INVESTMENT BANK - 0.4%
OCWEN FINANCIAL* 200 8,425
- --------------------------------------------------------------------------------------------------------
8,425
- --------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 2.9%
ASSOCIATES FIRST CAPITAL 600 37,350
MONEY STORE (THE) 800 22,800
- --------------------------------------------------------------------------------------------------------
60,150
- --------------------------------------------------------------------------------------------------------
MORTGAGE RELATED - 1.7%
MGIC INVESTMENT 600 34,388
- --------------------------------------------------------------------------------------------------------
34,388
- --------------------------------------------------------------------------------------------------------
Total Financial (Cost $97,207) 102,963
- --------------------------------------------------------------------------------------------------------
HEALTH - 12.0%
CONTRACT RESEARCH - 1.2%
QUINTILES TRANSNATIONAL* 300 25,275
- --------------------------------------------------------------------------------------------------------
25,275
- --------------------------------------------------------------------------------------------------------
DRUGS/PHARMACEUTICALS - 2.4%
LILLY (ELI) & CO 200 24,088
MERCK 200 19,988
PFIZER 100 6,006
- --------------------------------------------------------------------------------------------------------
50,082
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (unaudited)
As of September 30, 1997
PBHG INSURANCE SERIES FUND, INC. - LARGE CAP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Market
Description Shares Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
HOSPITAL - 1.4%
HEALTH MANAGEMENT ASSOCIATION* 900 28,463
- --------------------------------------------------------------------------------------------------------
28,463
- --------------------------------------------------------------------------------------------------------
INFORMATION SYSTEMS - 1.5%
HBO & COMPANY 800 30,200
- --------------------------------------------------------------------------------------------------------
30,200
- --------------------------------------------------------------------------------------------------------
MANAGED HEALTH CARE - 1.8%
OXFORD HEALTH PLANS* 500 37,438
- --------------------------------------------------------------------------------------------------------
37,438
- --------------------------------------------------------------------------------------------------------
PHYSICIAN PRACTICE MANAGEMENT - 0.4%
PHYCOR * 300 8,719
- --------------------------------------------------------------------------------------------------------
8,719
- --------------------------------------------------------------------------------------------------------
PHARMACEUTICAL SERVICES - 1.6%
OMNICARE 1,000 32,500
- --------------------------------------------------------------------------------------------------------
32,500
- --------------------------------------------------------------------------------------------------------
SPECIAL OUTPATIENT FACILITY - 1.7%
HEALTHSOUTH* 1,300 34,692
- --------------------------------------------------------------------------------------------------------
34,692
- --------------------------------------------------------------------------------------------------------
Total Health (Cost $235,742) 247,369
- --------------------------------------------------------------------------------------------------------
INDUSTRIAL/GENERAL MANUFACTURING - 1.4%
AUTO-RELATED - 0.7%
HARLEY DAVIDSON 500 14,594
- --------------------------------------------------------------------------------------------------------
14,594
- --------------------------------------------------------------------------------------------------------
MULTI-INDUSTRY - 0.7%
DANAHER 250 14,500
- --------------------------------------------------------------------------------------------------------
14,500
- --------------------------------------------------------------------------------------------------------
Total Industrial/General Manufacturing (Cost $25,228) 29,094
- --------------------------------------------------------------------------------------------------------
SERVICES - 26.8%
COMMERCIAL SERVICES - 1.8%
DST SYSTEMS* 456 16,872
PITTSTON BRINKS GROUP 500 20,031
- --------------------------------------------------------------------------------------------------------
36,903
- --------------------------------------------------------------------------------------------------------
COMMUNICATIONS SERVICES - 2.5%
PANAMSAT* 600 25,875
WORLDCOM* 700 24,763
- --------------------------------------------------------------------------------------------------------
50,638
- --------------------------------------------------------------------------------------------------------
CORRECTIONAL SERVICES - 1.7%
CORRECTIONS CORP. OF AMERICA* 800 34,800
- --------------------------------------------------------------------------------------------------------
34,800
- --------------------------------------------------------------------------------------------------------
EDUCATIONAL SERVICES - 3.7%
APOLLO GROUP, CL A* 850 36,019
CBT GROUP ADR* 500 40,125
- --------------------------------------------------------------------------------------------------------
76,144
- --------------------------------------------------------------------------------------------------------
ELECTRONIC COMMERCE - 1.6%
STERLING COMMERCE* 900 32,344
- --------------------------------------------------------------------------------------------------------
32,344
- --------------------------------------------------------------------------------------------------------
EMPLOYMENT SERVICE - 1.4%
ACCUSTAFF* 900 28,350
- --------------------------------------------------------------------------------------------------------
28,350
- --------------------------------------------------------------------------------------------------------
ENVIRONMENTAL - 4.6%
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (unaudited)
As of September 30, 1997
PBHG INSURANCE SERIES FUND, INC. - LARGE CAP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Market
Description Shares Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
ALLIED WASTE INDUSTRIES* 1,600 30,600
THERMO ELECTRON* 266 10,640
US FILTER * 500 21,531
USA WASTE SERVICES* 800 31,900
- --------------------------------------------------------------------------------------------------------
94,671
- --------------------------------------------------------------------------------------------------------
INFORMATION/COMPUTER SERVICES - 1.3%
GARTNER GROUP, CL A* 900 27,000
- --------------------------------------------------------------------------------------------------------
27,000
- --------------------------------------------------------------------------------------------------------
RADIO/TELEVISION - 1.2%
CLEAR CHANNEL COMMUNICATION* 374 24,263
- --------------------------------------------------------------------------------------------------------
24,263
- --------------------------------------------------------------------------------------------------------
SYSTEMS INTEGRATOR - 5.8%
CAMBRIDGE TECHNOLOGY* 860 30,799
COMPUTER HORIZONS* 800 29,000
COMPUTER SCIENCES* 400 28,300
KEANE * 1,000 31,750
- --------------------------------------------------------------------------------------------------------
119,849
- --------------------------------------------------------------------------------------------------------
TRANSACTION PROCESSING - 1.2%
FISERV * 600 26,325
- --------------------------------------------------------------------------------------------------------
26,325
- --------------------------------------------------------------------------------------------------------
Total Service (Cost $510,329) 551,287
- --------------------------------------------------------------------------------------------------------
TECHNOLOGY - 25.8%
COMPUTER-MANUFACTURING - 0.9%
DELL COMPUTER* 200 19,375
- --------------------------------------------------------------------------------------------------------
19,375
- --------------------------------------------------------------------------------------------------------
DATA STORAGE - 1.4%
EMC * 500 29,188
- --------------------------------------------------------------------------------------------------------
29,188
- --------------------------------------------------------------------------------------------------------
DESIGN AUTOMATION SOFTWARE - 3.0%
CISCO SYSTEMS * 400 29,225
MCAFEE ASSOCIATES * 600 31,800
- --------------------------------------------------------------------------------------------------------
61,025
- --------------------------------------------------------------------------------------------------------
SEMICONDUCTOR MANUFACTURING - 4.2%
ALTERA* 600 30,750
INTEL 300 27,694
LINEAR TECHNOLOGY 400 27,500
- --------------------------------------------------------------------------------------------------------
85,944
- --------------------------------------------------------------------------------------------------------
SEMICONDUCTOR PRODUCTION EQUIPMENT - 4.4%
APPLIED MATERIALS* 300 28,575
ASM LITHOGRAPHY HLD* 400 39,500
TERADYNE * 400 21,525
- --------------------------------------------------------------------------------------------------------
89,600
- --------------------------------------------------------------------------------------------------------
SOFTWARE-CLIENT/SERVER - 1.7%
PEOPLESOFT* 600 35,850
- --------------------------------------------------------------------------------------------------------
35,850
- --------------------------------------------------------------------------------------------------------
SOFTWARE-DATABASE - 0.9%
ORACLE * 500 18,219
- --------------------------------------------------------------------------------------------------------
18,219
- --------------------------------------------------------------------------------------------------------
SOFTWARE-DESKTOP - 1.3%
MICROSOFT* 200 26,463
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (unaudited)
As of September 30, 1997
PBHG INSURANCE SERIES FUND, INC. - LARGE CAP GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Market
Description Shares Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
26,463
- --------------------------------------------------------------------------------------------------------
SOFTWARE-ERP - 0.8%
J.D. EDWARDS & COMPANY* 500 16,750
- --------------------------------------------------------------------------------------------------------
16,750
- --------------------------------------------------------------------------------------------------------
SOFTWARE-INTERNET - 1.5%
AMERICA ONLINE* 400 30,175
- --------------------------------------------------------------------------------------------------------
30,175
- --------------------------------------------------------------------------------------------------------
SOFTWARE-MANUFACTURING - 0.9%
MANUGISTICS * 500 17,873
- --------------------------------------------------------------------------------------------------------
17,873
- --------------------------------------------------------------------------------------------------------
SOFTWARE-SYSTEM/MAINFRAME - 1.2%
BMC SOFTWARE* 400 25,900
- --------------------------------------------------------------------------------------------------------
25,900
- --------------------------------------------------------------------------------------------------------
TELECOMMUNICATION EQUIPMENT - 3.6%
ADC TELECOMMUNICATIONS* 700 22,750
LUCENT TECHNOLOGIES 400 32,550
TELLABS* 400 20,600
- --------------------------------------------------------------------------------------------------------
75,900
- --------------------------------------------------------------------------------------------------------
Total Technology (Cost $506,325) 532,262
- --------------------------------------------------------------------------------------------------------
Total Common Stock
(Cost $1,611,790) 1,730,689
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
Repurchase Agreement - 16.7%
Lehman
5.36%, dated 09/30/97, matures 10/01/97,
repurchase price $344,516 (collateralized by U.S.
Government obligations: total market value $355,006)(A) $344,465 $ 344,465
- --------------------------------------------------------------------------------------------------------
Total Repurchase Agreement
(Cost $344,465) 344,465
- --------------------------------------------------------------------------------------------------------
Total Investments - 100.7%
(Cost $1,956,255) $2,075,154
- --------------------------------------------------------------------------------------------------------
Other Assets and Liabilities - (0.7)%
Other Assets and Liabilities, Net (15,520)
- --------------------------------------------------------------------------------------------------------
Net Assets:
Fund Shares (authorized 500 miilion shares -
$0.001 par value) based on 172,184 outstanding shares
of common stock 1,942,256
Accumulated net investment income 1,358
Accumulated net realized loss on investments (2,879)
Net unrealized appreciation on investments 118,899
- --------------------------------------------------------------------------------------------------------
Total Net Assets -100% $2,059,634
========================================================================================================
Net Asset Value, Offering and Redemption Price
Per Share $ 11.96
========================================================================================================
</TABLE>
* Non-income producing security
(A) - TRI-PARTY REPURCHASE AGREEMENT
ADR - American Depository Receipt
Cl - Class
<PAGE>
STATEMENT OF NET ASSETS (unaudited)
As of September 30, 1997
PBHG INSURANCE SERIES FUND, INC. ~ TECHNOLOGY & COMMUNICATIONS PORTFOLIO
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Market
Description Shares Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stock - 86.3%
ENERGY - 0.8%
SERVICE/EQUIPMENT - 0.8%
INPUT/OUTPUT* 300 8,888
- -----------------------------------------------------------------------------------------------------------------------------------
8,888
- -----------------------------------------------------------------------------------------------------------------------------------
Total Energy (Cost $8,653) 8,888
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTH - 6.2%
CONTRACT RESEARCH - 1.6%
APPLIED ANALYTICAL* 200 4,050
PAREXEL INTERNATIONAL* 100 3,950
QUINTILES TRANSNATIONAL* 100 8,425
- -----------------------------------------------------------------------------------------------------------------------------------
16,425
- -----------------------------------------------------------------------------------------------------------------------------------
DRUGS/PHARMACEUTICALS - 1.2%
DURA PHARMACEUTICALS* 300 13,088
- -----------------------------------------------------------------------------------------------------------------------------------
13,088
- -----------------------------------------------------------------------------------------------------------------------------------
INFORMATION SYSTEMS - 1.7%
HBO & COMPANY 500 18,875
- -----------------------------------------------------------------------------------------------------------------------------------
18,875
- -----------------------------------------------------------------------------------------------------------------------------------
MEDICAL DEVICES - 1.0%
ARTERIAL VASCULAR ENGINEER* 200 11,100
- -----------------------------------------------------------------------------------------------------------------------------------
11,100
- -----------------------------------------------------------------------------------------------------------------------------------
MEDICAL EQUIPMENT - 0.7%
ESC MEDICAL SYSTEMS LIMITED* 200 7,525
- -----------------------------------------------------------------------------------------------------------------------------------
7,525
- -----------------------------------------------------------------------------------------------------------------------------------
Total Health (Cost $59,759) 67,013
- -----------------------------------------------------------------------------------------------------------------------------------
SERVICE - 15.8%
EMPLOYMENT SERVICE - 0.3%
ACCUSTAFF* 100 3,150
- -----------------------------------------------------------------------------------------------------------------------------------
3,150
- -----------------------------------------------------------------------------------------------------------------------------------
ENVIRONMENTAL - 0.8%
US FILTER* 200 8,613
- -----------------------------------------------------------------------------------------------------------------------------------
8,613
- -----------------------------------------------------------------------------------------------------------------------------------
INFORMATION/COMPUTER SERVICES - 0.8%
GARTNER GROUP, CL A* 300 9,000
- -----------------------------------------------------------------------------------------------------------------------------------
9,000
- -----------------------------------------------------------------------------------------------------------------------------------
PRINTING SERVICES/FORMS - 1.4%
CONSOLIDATED GRAPHICS* 300 14,925
- -----------------------------------------------------------------------------------------------------------------------------------
14,925
- -----------------------------------------------------------------------------------------------------------------------------------
SYSTEMS INTEGRATOR - 8.4%
CAMBRIDGE TECHNOLOGY* 700 25,068
COMPUTER HORIZONS* 200 7,250
ECSOFT GROUP ADR* 800 14,100
INTELLIGROUP* 700 15,050
KEANE* 400 12,700
REGISTRY* 80 3,690
TECHNOLOGY SOLUTIONS* 400 12,900
- -----------------------------------------------------------------------------------------------------------------------------------
90,758
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSACTIONS PROCESSING - 4.1%
ACE*COMM* 200 4,350
CONCORD EFS* 400 10,800
NATIONAL DATA 200 8,200
SAVILLE SYSTEMS ADR 300 21,075
- -----------------------------------------------------------------------------------------------------------------------------------
44,425
- -----------------------------------------------------------------------------------------------------------------------------------
Total Services (Cost $152,795) 170,871
- -----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY - 63.5%
AUTOMATED SOFTWARE QUALITY - 0.4%
MERCURY INTERACTIVE 200 3,825
- -----------------------------------------------------------------------------------------------------------------------------------
3,825
- -----------------------------------------------------------------------------------------------------------------------------------
CABLES/FIBEROPTICS - 2.1%
CABLE DESIGN TECHNOLOGIES* 600 22,838
- -----------------------------------------------------------------------------------------------------------------------------------
22,838
- -----------------------------------------------------------------------------------------------------------------------------------
CLIENT/SERVER HELP DESK - 1.3%
PEGASYSTEMS* 200 6,075
SCOPUS TECHNOLOGY* 500 7,938
- -----------------------------------------------------------------------------------------------------------------------------------
14,013
- -----------------------------------------------------------------------------------------------------------------------------------
COMPUTER MANUFACTURING - 0.9%
SUN MICROSYSTEMS 200 9,363
- -----------------------------------------------------------------------------------------------------------------------------------
9,363
- -----------------------------------------------------------------------------------------------------------------------------------
CONTRACT MANUFACTURING - 1.1%
ELEXSYS INTERNATIONAL INC* 100 2,813
SANMINA* 100 8,656
- -----------------------------------------------------------------------------------------------------------------------------------
11,469
- -----------------------------------------------------------------------------------------------------------------------------------
DATA STORAGE - 2.0%
BOX HILL SYSTEMS* 300 5,250
NETWORK APPLIANCE* 300 16,275
- -----------------------------------------------------------------------------------------------------------------------------------
21,525
- -----------------------------------------------------------------------------------------------------------------------------------
DESIGN AUTOMATION SOFTWARE - 5.3%
CADENCE DESIGN SYSTEMS* 500 26,750
TECNOMATIX TECHNOLOGIES* 800 30,600
- -----------------------------------------------------------------------------------------------------------------------------------
57,350
- -----------------------------------------------------------------------------------------------------------------------------------
GRAPHIC/IMAGE PROCESS - 4.2%
ELECTRONICS FOR IMAGING* 900 45,900
- -----------------------------------------------------------------------------------------------------------------------------------
45,900
- -----------------------------------------------------------------------------------------------------------------------------------
PC-PERIPHERALS MANUFACTURING - 2.1%
ADAPTEC* 400 18,700
NEOMAGIC* 200 4,038
- -----------------------------------------------------------------------------------------------------------------------------------
22,738
- -----------------------------------------------------------------------------------------------------------------------------------
PRECISION INSTRUMENTS - 1.9%
REMEC* 550 20,075
- -----------------------------------------------------------------------------------------------------------------------------------
20,075
- -----------------------------------------------------------------------------------------------------------------------------------
SATELLITE/CABLE EQUIPMENT - 1.2%
SPECTRIAN* 200 12,825
- -----------------------------------------------------------------------------------------------------------------------------------
12,825
- -----------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTOR MANUFACTURING - 8.2%
ALTERA * 100 5,125
ASE TEST LIMITED* 100 8,475
C.P. CLARE* 100 1,975
INTEGRATED CIRCUIT SYSTEM* 200 7,400
LINEAR TECHNOLOGY 100 6,875
MAXIM INTEGRATED PRODUCTS* 200 14,288
MICROCHIP TECHNOLOGY* 700 31,609
PMC-SIERRA* 300 7,650
VITESSE SEMICONDUCTOR* 100 4,956
- -----------------------------------------------------------------------------------------------------------------------------------
88,353
- -----------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTOR PRODUCTION EQUIPMENT - 5.7%
CFM TECHNOLOGIES* 100 3,919
KLA-TENCOR* 200 13,513
KULICKE & SOFFA INDUSTRIES* 300 13,893
NOVELLUS SYSTEMS* 100 12,600
PRI AUTOMATION* 200 11,700
SPEEDFAM INTERNATIONAL* 100 6,038
- -----------------------------------------------------------------------------------------------------------------------------------
61,663
- -----------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTOR TESTING EQUIPMENT - 2.4%
ADE CORPORATION* 200 8,025
LECROY* 400 17,700
- -----------------------------------------------------------------------------------------------------------------------------------
25,725
- -----------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-CLIENT/SERVER - 4.3%
CITRIX SYSTEMS* 600 30,206
DOCUMENTUM* 300 9,975
PEOPLESOFT* 100 5,975
ROGUE WAVE SOFTWARE* 100 1,375
- -----------------------------------------------------------------------------------------------------------------------------------
47,531
- -----------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-MANUFACTURING - 0.3%
ASPEN TECHNOLOGY* 100 3,513
- -----------------------------------------------------------------------------------------------------------------------------------
3,513
- -----------------------------------------------------------------------------------------------------------------------------------
SOFTWARE-OTHER - 2.3%
JDA SOFTWARE GROUP* 300 10,950
OSHAP TECHNOLOGY* 400 4,050
VIASOFT* 200 9,900
- -----------------------------------------------------------------------------------------------------------------------------------
24,900
- -----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION EQUIPMENT - 15.3%
ADC TELECOMMUNICATIONS* 300 9,750
ADVANCED FIBRE* 600 24,600
CIENA* 100 4,953
GEOTEL COMMUNICATIONS* 300 5,663
MAS TECHNOLOGY LIMITED ADR* 300 6,825
P-COM* 1,000 23,938
PAIRGAIN TECHNOLOGIES* 200 5,700
POWERWAVE TECHNOLOGY* 200 7,750
SAWTEK* 200 9,250
TELEDATA COMMUNICATION* 900 40,613
TELLABS* 400 20,600
WORLD ACCESS* 200 6,500
- -----------------------------------------------------------------------------------------------------------------------------------
166,142
- -----------------------------------------------------------------------------------------------------------------------------------
VOICE/CALL TRANSACTION PROCESSING - 2.5%
COMVERSE TECHNOLOGY* 100 5,270
NICE SYSTEMS LIMITED ADR* 100 22,500
- -----------------------------------------------------------------------------------------------------------------------------------
27,770
- -----------------------------------------------------------------------------------------------------------------------------------
Total Technology (Cost $630,197) 687,518
- -----------------------------------------------------------------------------------------------------------------------------------
Total Common Stock
(Cost $851,404) 934,290
- -----------------------------------------------------------------------------------------------------------------------------------
Repuchase Agreement - 13.5%
Lehman
5.36%, dated 09/30/97, matures 10/01/97, repurchase price
$145,620 (collateralized by U.S. Government obligations:
total market value $150,053)(A) $145,598 $ 145,598
- -----------------------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreement
(Cost $145,598) 145,598
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments - 99.8%
(Cost $997,002) 1,079,888
- -----------------------------------------------------------------------------------------------------------------------------------
Other Assets and Liabilities - 0.2%
Other Assets and Liabilities, Net 2,575
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Fund Shares (authorized 500 million shares -
$0.001 par value) based on 88,059 outstanding shares
of common stock 998,023
Accumulated net investment income 92
Accumulated net realized gains on investments 1,462
Net unrealized appreciation on investments 82,886
- -----------------------------------------------------------------------------------------------------------------------------------
Total Net Assets - 100% $1,082,463
===================================================================================================================================
Net Asset Value, Offering and Redemption Price
Per Share $ 12.29
===================================================================================================================================
</TABLE>
* Non-income producing security
(A) - TRI-PARTY REPURCHASE AGREEMENT
ADR - American Depository Receipt
Cl - Class
<PAGE>
PBHG INSURANCE SERIES FUND, INC.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
As of September 30, 1997 (Unaudited)
1. ORGANIZATION
The PBHG Growth II, the PBHG Large Cap Growth, the PBHG Technology &
Communications Portfolios are part of the PBHG Insurance Series Fund, Inc. (the
"Fund"), a Maryland corporation, registered under the Investment Company Act of
1940, as amended, as a diversified open-end management investment company. The
Fund consists of these Portfolios and three others: the PBHG Small Cap Value
Portfolio (the "Small Cap Value Portfolio"), the PBHG Large Cap Value Portfolio
(the "Large Cap Value Portfolio"), and the PBHG Select 20 Portfolio (the "Select
20 Portfolio") (each a "Portfolio" and, collectively, the "Portfolios"). As of
September 30, 1997, the Small Cap Value and the Large Cap Value Portfolios had
not commenced operations. Each Portfolio's prospectus provides a description of
the Portfolio's investment objectives, policies and strategies. The assets of
each Portfolio are segregated, and a shareholder's interest is limited to the
Portfolio in which shares are held. The Fund is intended to be a funding vehicle
for variable annuity contracts and variable life insurance policies to be
offered by the separate accounts of life insurance companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by
the Portfolios.
SECURITY VALUATION -- Investment securities of the Portfolios that are listed on
a securities exchange for which market quotations are available are valued at
the last quoted sales price on each business day. If there is no such reported
sale, these securities and unlisted securities for which market quotations are
readily available, are valued at the most recent bid price.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the date the securities are purchased or sold (trade date).
Dividend income and distributions to shareholders are recognized on the
ex-dividend date; interest income is recognized on the accrual basis. Costs used
in determining realized capital gains and losses on the sale of investment
securities are those of the specific securities sold adjusted for the accretion
and amortization of acquisition discounts and premiums during the respective
holding periods.
DIVIDENDS -- Dividends from net investment income for the Portfolios are
declared annually, if available. Distributions of net realized capital gains,
for all portfolios, are generally made to shareholders annually. Dividends from
net investment income and distributions from net realized capital gains are
determined in accordance with U.S. Federal income tax regulations, which may
differ from those amounts determined under generally accepted accounting
principles. These book/tax differences are either temporary or permanent in
nature. To the extent these differences are permanent, they are charged or
credited to paid-in-capital or accumulated net realized gain, as appropriate, in
the period that the differences arise.
FEDERAL INCOME TAXES -- It is each Portfolio's intention to qualify or continue
to qualify as a regulated investment company for Federal income tax purposes and
to distribute all of its taxable income and net capital gains. Accordingly, no
provision has been made for Federal income taxes.
NET ASSET VALUE PER SHARE -- The net asset value per share is calculated each
business day by dividing the total value of each Portfolio's assets, less
liabilities, by the number of shares outstanding.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements and procedures adopted by
Pilgrim Baxter & Associates, Ltd. (the "Adviser") ensure that the market value
of the collateral including accrued interest thereon, is sufficient in the event
of default by the counterparty. If the counterparty defaults and the value of
the collateral declines, or if the counterparty enters into insolvency
proceedings, realization of the collateral by a Portfolio may be delayed or
limited.
OTHER -- Expenses that are directly related to one of the Portfolios are charged
directly to that Portfolio. Other operating expenses are prorated to the
Portfolios on the basis of relative net assets.
All organizational costs incurred in connection with the start up of the Growth
II Portfolio, the Large Cap Growth Portfolio, the Small Cap Value Portfolio, the
Large Cap Value Portfolio, the Technology & Communications Portfolio, and the
Select 20 Portfolio are being amortized on a straight line basis over a period
of sixty months. In the event that any of the initial shares of the Portfolio
are redeemed by any holder thereof during the period that the Portfolio is
amortizing its organizational costs, the redemption proceeds payable to the
holder thereof will be reduced by the unamortized organizational costs in the
same ratio as the number of initial shares being redeemed bears to the number of
initial shares outstanding at the time of redemption.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS -- The preparation
of financial statements, in conformity with generally accepted accounting
principles, requires management to make estimates and assumptions that affect
the reported amount of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the reporting period. Actual results
could differ from those estimates.
3. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Fund and the Adviser are parties to an Investment Advisory Agreement (the
"Advisory Agreement"). Under the terms of the Advisory Agreement, the Adviser is
paid a monthly fee at an annual rate of 0.85% of the average daily net assets of
the Growth II Portfolio and the Technology & Communications Portfolio and 0.75%
of the average daily net assets of the Large Cap Growth Portfolio. In the
interest of limiting expenses of the Portfolios, the Adviser has entered into an
expense limitation agreement with the Fund ("Expense Limitation Agreement").
With respect to the Growth II Portfolio, the Large Cap Growth Portfolio and the
Technology & Communications Portfolio, the Adviser has agreed to waive or limit
its fees and to assume other expenses of the Portfolio to the extent necessary
to limit the total annual expenses (expressed as a percentage of the
<PAGE>
PBHG INSURANCE SERIES FUND, INC.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Portfolio's average daily net assets) to 1.20%, 1.10%, 1.20%, respectively.
Reimbursement by the Portfolio of the advisory fees waived or limited and other
expenses paid by the Adviser pursuant to the Expense Limitation Agreement during
any of the two previous fiscal years may be made at a later date when the
Portfolio has reached a sufficient asset size to permit reimbursement to be made
without causing the total annual expense ratio of the Growth II Portfolio, the
Large Cap Growth Portfolio, the Technology & Communications Portfolio to exceed
1.20%, 1.10%, 1.20%, respectively. Consequently, no reimbursement by the
Portfolio will be made unless: (i) the Portfolio's assets exceed $75 million;
(ii) the Portfolio's total annual expense ratio is less than 1.20%, 1.10%,
1.20%, respectively, and (iii) the payment of such reimbursement was approved by
the Board of Directors on a quarterly basis.
PBHG Fund Services (the "Administrator"), a wholly-owned subsidiary of the
Adviser, provides the Fund with administrative services, including regulatory
reporting and all necessary office space, equipment, personnel and facilities.
For these administrative services, the Administrator receives a fee, which is
calculated daily and paid monthly, at an annual rate of 0.15% of the average
daily net assets of each Portfolio.
SEI Investments Management Corporation, a wholly-owned subsidiary of SEI
Investments Company, is the owner of all beneficial interest in SEI Fund
Resources (the "Sub-Administrator"). The Sub-Administrator is an affiliate of
the Fund's distributor and assists the Administrator in providing administrative
services to the Fund. For acting in this capacity, the Administrator pays the
Sub-Administrator a fee at the annual rate of 0.07% of the average daily net
assets of each Portfolio with respect to $2.5 billion of the total average daily
net assets of (i) the Fund and (ii) The PBHG Funds, Inc., and a fee at the
annual rate of 0.025% of the average daily net assets of each Portfolio with
respect to the total daily net assets of (i) the Fund and (ii) The PBHG Funds,
Inc. in excess of $2.5 billion.
Certain officers and directors of the Fund who are or were officers of the
Adviser, Administrator, Sub-Administrator and the Distributor received no
compensation from the Fund.
4. INVESTMENT TRANSACTIONS
The cost of securities purchased and the proceeds from securities sold, other
than short-term investments, for the Portfolios for the period from May 1, 1997
(commencement of operations) through September 30, 1997, were as follows:
Purchases Sales
--------- -----
PBHG Growth II Portfolio 5,046 362
PBHG Large Cap Growth Portfolio 1,894 279
PBHG Technology & Communications Portfolio 1,023 173
The aggregate gross unrealized appreciation and depreciation of securities held
by each Portfolio are as follows:
<TABLE>
<CAPTION>
Net
Unrealized
Unrealized Unrealized Appreciation/
Appreciation Depreciation (Depreciation)
------------ ------------ --------------
<S> <C> <C> <C>
PBHG Growth II Portfolio 400,037 (125,055) 274,982
PBHG Large Cap Growth Portfolio 146,719 (27,820) 118,899
PBHG Technology & Communications Portfolio 105,160 (22,274) 82,886
</TABLE>
The total cost of securities and the net realized gains or losses on securities
sold for Federal income tax purposes at September 30, 1997 was not materially
different from amounts reported for financial reporting purposes.
5. CONSENT OF SOLE SHAREHOLDER
On March 10, 1997, the sole shareholder of the Portfolios approved the following
appointments: Pilgrim Baxter & Associates, Ltd. as investment adviser to the
Portfolios, Newbold's Asset Management, Inc. as investment sub-adviser to the
Small Cap Value and Large Cap Value Portfolios, PBHG Fund Services as
administrator to the Portfolios, SEI Fund Resources as sub-administrator to the
Portfolios and SEI Investments Distribution Co. to serve as distributor of the
shares of the Portfolios.
6. LINE OF CREDIT
Each Portfolio may borrow, an amount up to its prospectus defined limitations,
from a committed line of credit available to (i) the Fund and (ii) The PBHG
Funds, Inc. No Portfolio had an outstanding borrowing at September 30, 1997, or
at any time during the period from May 1, 1997 (commencement of operations)
through September 30, 1997.
B-1
<PAGE>
PART C: OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
Part A - Prospectus:
Financial Highlights in Prospectus Supplement
Part B - Statement of Additional Information
Statements of Assets and Liabilities as of April 4, 1997
Notes of Statements of Assets and Liabilities as of April 4, 1997
Report of Independent Accountants dated April 8, 1997
The following updated financial statements for the PBHG Growth II, PBHG
Large Cap Growth and PBHG Technology Communications Portfolios are filed
with this Registration Statement:
Statement of Net Assets as of September 30, 1997
Statement of Assets and Liabilities as of September 30, 1997
Statement of Operations for the period ended September 30, 1997
Financial Highlights as of September 30, 1997
Notes to Financial Statements as of September 30, 1997
(b) Exhibits:
1 Articles of Incorporation(1)
2 By-Laws(2)
3 Voting trust agreement - none
4 Not Applicable
5(a) Form of Investment Advisory Agreement between the
Registrant and Pilgrim Baxter & Associates, Ltd.(2)
5(b) Form of Investment Sub-Advisory Agreement between and among
the Registrant, on behalf of the Small Cap Value and Large
Cap Value Portfolios, Pilgrim Baxter & Associates, Ltd. and
Newbold's Asset Management, Inc.(2)
6 Form of Distribution Agreement between the Registrant
and SEI Financial Services Company(2)
7 Bonus, profit sharing or pension plans - none
8 Form of Custodian Agreement between the Registrant and
C-1
<PAGE>
CoreStates Bank, N.A.(2)
9(a) Form of Transfer Agency Agreement between the Registrant
and DST Systems, Inc.(2)
9(b) Form of Administrative Services Agreement between the
Registrant and PBHG Fund Services(2)
9(c) Form of Sub-Administrative Services Agreement between the
Registrant and SEI Fund Resources(2)
9(d) Form of Expense Limitation Agreement between the
Registrant and Pilgrim Baxter & Associates, Ltd.(2)
9(e) Form of Fund Participation Agreement(2)
9(f) Form of Organizational Expense Reimbursement Agreement(2)
10 Opinion of Counsel - Not Applicable
11(a) Consent of Coopers & Lybrand L.L.P.
11(b) Consent of Ballard Spahr Andrews & Ingersoll
12 Financial Statements omitted from Item 23 - none
13 Form of Stock Subscription Agreement(2)
14 Model Retirement Plan - none
15 Rule 12b-1 Plan - none
16 Schedule for computation of Performance Quotation - none
18 Rule 18f-3 Plan - none
27 Financial Data Schedule
(1) Incorporated herein by reference to Registrant's Registration Statement on
Form N-1A (File No. 333-19497) as filed electronically with the Commission on
January 10, 1997.
(2) Incorporated herein by reference to Registrant's Registration Statement on
Form N-1A (File No. 333-19497) as filed electronically with the Commission on
April 8, 1997.
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
There are no persons that are controlled by or under common control with the
Registrant.
C-2
<PAGE>
ITEM 26. NUMBER OF HOLDERS OF SECURITIES
As of October 31, 1997:
Title of Class Number of Record Holders
- -------------- ------------------------
PBHG Growth II Portfolio 12
PBHG Large Cap Growth Portfolio 10
PBHG Small Cap Value Portfolio 10
PBHG Technology & Communications Portfolio 11
PBHG Large Cap Value Portfolio 10
PBHG Select 20 Portfolio 8
ITEM 27. INDEMNIFICATION
The Articles of Incorporation of the Registrant include the following:
ARTICLE VII
7.4 Indemnification. The Corporation, including its successors and assigns,
shall indemnify its directors and officers and make advance payment of related
expenses to the fullest extent permitted, and in accordance with the procedures
required, by the General Laws of the State of Maryland and the 1940 Act. The
By-Laws may provide that the Corporation shall indemnify its employees and/or
agents in any manner and within such limits as permitted by applicable law. Such
indemnification shall be in addition to any other right or claim to which any
director, officer, employee or agent may otherwise be entitled. The Corporation
may purchase and maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of the Corporation or is or was serving at
the request of the Corporation as a director, officer, partner, trustee,
employee or agent of another foreign or domestic corporation, partnership, joint
venture, trust or other enterprise or employee benefit plan, against any
liability (including, with respect to employee benefit plans, excise taxes)
asserted against and incurred by such person in any such capacity or arising out
of such person's position, whether or not the Corporation would have had the
power to indemnify against such liability. The rights provided to any person by
this Article 7.4 shall be enforceable against the Corporation by such person who
shall be presumed to have relied upon such rights in serving or continuing to
serve in the capacities indicated herein. No amendment of these Articles of
Incorporation shall impair the rights of any person arising at any time with
respect to events occurring prior to such amendment.
The By-Laws of the Registrant include the following:
ARTICLE VI
Indemnification
"The Corporation shall indemnify (a) its Directors and officers, whether serving
the Corporation or at its request any other entity, to the full extent required
or permitted by (i) Maryland law now or hereafter in force, including the
advance of expenses under the procedures and to the full extent permitted by
law, and (ii) the Investment Company Act of 1940, as amended, and (b) other
employees and agents to such extent as shall be authorized by the Board of
Directors and be permitted by law. The foregoing rights of
C-3
<PAGE>
indemnification shall not be exclusive of any other rights to which those
seeking indemnification may be entitled. The Board of Directors may take such
action as is necessary to carry out these indemnification provisions and is
expressly empowered to adopt, approve and amend from time to time such
resolutions or contracts implementing such provisions or such further
indemnification arrangements as may be permitted by law."
Insofar as indemnification for liability arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suite or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
To the extent that the Articles of Incorporation, By-Laws or any other
instrument pursuant to which the Registrant is organized or administered
indemnify any director or officer of the Registrant, or that any contract or
agreement indemnifies any person who undertakes to act as investment adviser or
principal underwriter to the Registrant, any such provision protecting or
purporting to protect such persons against any liability to the Registrant or
its security holders to which he would otherwise by subject by reason of willful
misfeasance, bad faith, or gross negligence, in the performance of his duties,
or by reason of his contract or agreement, will be interpreted and enforced in a
manner consistent with the provisions of Sections 17(h) and (i) of the
Investment Company Act of 1940, as amended, and Release No. IC-11330 issued
thereunder.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
Other business, profession, vocation, or employment of a substantial nature in
which each director or principal officer of Pilgrim Baxter & Associates, Ltd.
and Newbold's Asset Management, Inc. is or has been, at any time during the last
two fiscal years, engaged for his own account or in the capacity of director,
officer, employee, partner or trustee are as follows:
C-4
<PAGE>
<TABLE>
<S> <C> <C>
Name and Position with Pilgrim
Baxter & Associates, Ltd. Name of Other Company Connection with Other Company
Harold J. Baxter PBHG Fund Services Trustee
Director, Chairman &
Chief Executive Officer United Asset Management Member, Board of Directors
Corporation
Newbold's Asset Management, Inc. Director, Chairman and Chief
Executive Officer
Gary L. Pilgrim PBHG Fund Services Trustee
Director, President,
Treasurer & Chief Investment
Officer
Brian F. Bereznak PBHG Fund Services President and Trustee
Chief Operating Officer
(from 1989 through 1996) Newbold's Asset Management, Inc. Director
Eric C. Schneider Newbold's Asset Management, Inc. Chief Financial Officer
Chief Financial Officer
John M. Zerr Newbold's Asset Management, Inc. General Counsel and Secretary
General Counsel and Secretary
Name and Position with Newbold's
Asset Management, Inc. Name of Other Company Connection with Other Company
Harold J. Baxter Pilgrim Baxter & Associates, Ltd. Director, Chairman & Chief Executive
Director, Chairman and Chief Officer
Executive Officer PBHG Fund Services Trustee
United Asset Management Corporation Member, Board of Directors
Brian F. Bereznak Pilgrim Baxter & Associates, Ltd. Chief Operating Officer
Director (from 1989 through 1996)
PBHG Fund Services President and Trustee
Gary L. Pilgrim Pilgrim Baxter & Director, President,
Director Associates, Ltd. Treasurer & Chief
Investment Officer
PBHG Fund Services Trustee
James Farrell None None
Chief Investment Officer
David W. Jennings Pilgrim Baxter & Director of Client
President & Chief Associates, Ltd. Service
Operating Officer
C-5
<PAGE>
Eric C. Schneider Pilgrim Baxter & Chief Financial Officer
Chief Financial Officer Associates, Ltd.
John M. Zerr Pilgrim Baxter & General Counsel and Secretary
General Counsel and Secretary Associates, Ltd.
</TABLE>
ITEM 29. PRINCIPAL UNDERWRITERS
(a) Furnish the name of each investment company (other than the Registrant) for
which each principal underwriter currently distributing the securities of the
Registrant also acts as a principal underwriter, distributor or investment
adviser.
Registrant's distributor, SEI Investments Distribution, Co. (the "Distributor"),
acts as distributor for:
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
CUFund May 1, 1992
STI Classic Funds May 29, 1992
CoreFunds, Inc. October 30, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
The Arbor Fund January 28, 1993
Boston 1784 Funds (R) June 1, 1993
The PBHG Funds, Inc. July 16, 1993
MarquisSM Funds August 17, 1993
Morgan Grenfell Investment Trust January 3, 1994
The Achievement Funds Trust December 27, 1994
Bishop Street Funds January 27, 1995
CrestFunds, Inc. March 1, 1995
STI Classic Variable Trust August 18, 1995
Ark Funds November 1, 1995
Monitor Funds January 11, 1996
FMB Funds, Inc. March 1, 1996
SEI Asset Allocation Trust April 1, 1996
TIP Funds April 28, 1996
SEI Institutional Investments Trust June 14, 1996
First American Strategy Funds, Inc. October 1, 1996
HighMark Funds February 15, 1997
Armada Funds March 8, 1997
Expedition Funds June 9, 1997
C-6
<PAGE>
The Distributor provides numerous financial services to investment managers,
pension plan sponsors, and bank trust departments. These services include
portfolio evaluation, performance measurement and consulting services ("Funds
Evaluation") and automated execution, clearing and settlement of securities
transactions ("MarketLink").
(b) Furnish the information required by the following table with respect to each
director, officer or partner of each principal underwriter named in the answer
to Item 21 of Part B.
The principal business address and each person named in the table below is SEI
Investments Distribution Co., One Freedom Valley Road, Oaks, Pennsylvania 19456.
<TABLE>
<CAPTION>
Positions and Offices with
Name Positions and Offices with Underwriter Registrant
---- -------------------------------------- ----------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman -
& Chief Executive Officer
Henry H. Greer Director, President -
& Chief Operating Officer
Carmen V. Romeo Director, Executive Vice President, -
President - Investment Advisory Group
Gilbert L. Beebower Executive Vice President -
Richard B. Lieb Executive Vice President, President -
Investment Services Division
Leo J. Dolan, Jr. Senior Vice President -
Carl A. Guarino Senior Vice President -
Larry Hutchinson Senior Vice President -
David G. Lee Senior Vice President -
Jack May Senior Vice President -
A. Keith McDowell Senior Vice President -
Dennis J. McGonigle Executive Vice President -
Hartland J. McKeown Senior Vice President -
Barbara J. Moore Senior Vice President -
Kevin P. Robins Senior Vice President, General Counsel Vice President & Assistant Secretary
and Secretary
Robert Wagner Senior Vice President -
Patrick K. Walsh Senior Vice President -
Marc H. Cahn Vice President & Assistant Secretary -
Robert Crudup Vice President & Managing Director -
Vic Galef Vice President & Managing Director -
C-7
<PAGE>
Kim Kirk Vice President & Managing Director -
John Krzeminski Vice President & Managing Director -
Carolyn McLaurin Vice President & Managing Director -
Donald Pepin Vice President & Managing Director -
Mark Samuels Vice President & Managing Director -
Wayne M. Withrow Vice President & Managing Director -
Robert Aller Vice President -
Gordon W. Carpenter Vice President -
Todd Cipperman Vice President & Assistant Secretary -
Barbara Doyne Vice President -
Jeff Drennen Vice President -
Kathy Heilig Vice President & Treasurer -
Michael Kantor Vice President -
Samuel King Vice President -
Joanne Nelson Vice President -
W. Kelso Morrill Vice President -
Barbara A. Nugent Vice President & Assistant Secretary Vice President & Assistant Secretary
Sandra K. Orlow Vice President & Assistant Secretary Vice President & Assistant Secretary
Cynthia M. Parrish Vice President & Assistant Secretary -
Kim Rainey Vice President -
Steve Smith Vice President -
Daniel Spaventa Vice President -
Kathryn L. Stanton Vice President & Assistant Secretary Vice President & Assistant Secretary
James Dougherty Director of Brokerage Services -
</TABLE>
c. None.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
Books or other documents required to be maintained by Section 31(a) of the
Investment Company Act of 1940, and the Rules promulgated thereunder, are
maintained as follows:
(a) With respect to Rules 31a-1(a); 31a-1(b)(1), (2)(a) and (b), (3), (6), (8),
(12); and 31a-1(d), the required books and records are maintained at the offices
of Registrant's Custodian:
CoreStates Bank, N.A.
C-8
<PAGE>
Broad and Chestnut Streets
P.O. Box 7618
Philadelphia, PA 19101
(b) With respect to Rules 31a-1(a); 31a-1(b)(1),(4); (2)(C) and (D); (4); (5);
(6); (8); (9); (10); (11) and 31a-1(f), the required books and records are
currently maintained at the offices of Registrant's Sub-Administrator:
SEI Fund Resources
One Freedom Valley Road
Oaks, PA 19456
(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the
required books and records are maintained at the principal offices of the
Registrant's Adviser or Sub-Adviser:
Pilgrim Baxter & Associates, Ltd.
1255 Drummers Lane, Suite 300
Wayne, PA 19087
Newbold's Asset Management, Inc.
950 Haverford Road
Bryn Mawr, PA 19010
ITEM 31. MANAGEMENT SERVICES
None
ITEM 32. UNDERTAKINGS
Registrant undertakes to furnish each person to whom a prospectus is delivered
with a copy of the Registrant's latest annual report to Shareholders, upon
request and without charge.
C-9
<PAGE>
SIGNATURES
Pursuant to the Securities Act of 1933 and the Investment Company Act of 1940,
the Registrant certifies that it meets all of the requirements for effectiveness
of this Registration Statement pursuant to Rule 485(b) under the Securities Act
of 1933 and has duly caused this Post-Effective Amendment No. 2 to the
Registration Statement to be signed on its behalf by the undersigned thereto
duly authorized, in the City of Wayne, and Commonwealth of Pennsylvania, on the
21st day of November, 1997.
PBHG INSURANCE SERIES FUND, INC.
Registrant
By: /s/ Harold J. Baxter
------------------------------------
Harold J. Baxter
Chairman and Chief Executive Officer
ATTEST:
/a/ Brian F. Bereznak
- ---------------------------------
Brian F. Bereznak, Vice President
and Assistant Secretary
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 2 to the Registration Statement has been signed below by the
following persons on the 21st day of November, 1997 in the capacities and on the
dates indicated.
SIGNATURE AND TITLE DATE
/s/ Harold J. Baxter Chairman, Chief Executive November 21, 1997
- -----------------------
Officer and Director
Harold J. Baxter
* Director ___________
- --------------------
John R. Bartholdson
* Director ___________
- ------------------
Jettie M. Edwards
* Director ___________
- ----------------
Albert A. Miller
* Chief Financial Officer ___________
- ----------------- and Controller
Stephen G. Meyer
*By: /s/ Harold J. Baxter November 21, 1997
- -------------------------
Harold J. Baxter
Attorney-in-Fact
<PAGE>
POWER OF ATTORNEY
We, the undersigned Directors of PBHG Insurance Series Fund, Inc. (the
"Company"), whose signatures appear below, hereby make, constitute and appoint
Harold J. Baxter, John M. Zerr and William H. Rheiner, and each of them acting
individually, to be our true and lawful attorneys and agents, each of them with
the power to act without any other and with full power of substitution, to
execute, deliver and file in each undersigned Director's capacity as shown
below, any and all instruments that said attorneys and agents may deem necessary
or advisable to enable the Company to comply with the Securities Act of 1933, as
amended, including any and all pre-effective and post-effective amendments to
the Company's registration statement, and any rules, regulations, orders or
other requirements of the Securities and Exchange Commission thereunder in
connection with the registration of shares or additional shares of common stock
of the Company or any of its series or classes thereof, and the registration of
the Company or any of its series under the Investment Company Act of 1940, as
amended, including any and all amendments to the Company's registration
statement; and without limitation of the foregoing, the power and authority to
sign the name of the Company on its behalf, and to sign the name of each such
Director on his or her behalf, and we hereby grant to said attorney or
attorneys, full power and authority to do and perform each and every act and
thing whatsoever as said attorney or attorneys may deem necessary or advisable
to carry out fully the intent of this Power of Attorney to the same extent and
with the same effect as if we might or could do personally in our capacity as
aforesaid and we ratify, confirm and approve all acts and things which said
attorney or attorneys might do or cause to be done by virtue of this Power of
Attorney and his and her signatures as the same may be signed by said attorney
or attorneys.
SIGNATURE TITLE DATE
--------- ----- ----
/s/ Harold J. Baxter Director 10/10/97
- --------------------
Harold J. Baxter
/s/ John R. Bartholdson Director 10/10/97
- -----------------------
John R. Bartholdson
/s/ Jettie M. Edwards Director 10/10/97
- ---------------------
Jettie M. Edwards
/s/ Albert A. Miller Director 10/10/97
- --------------------
Albert A. Miller
<PAGE>
POWER OF ATTORNEY
We, the undersigned Officers of PBHG Insurance Series Fund, Inc. (the
"Company"), whose signatures appear below, hereby make, constitute and appoint
Harold J. Baxter, John M. Zerr and William H. Rheiner, and each of them acting
individually, to be our true and lawful attorneys and agents, each of them with
the power to act without any other and with full power of substitution, to
execute, deliver and file in each undersigned Officer's capacity as shown below,
any and all instruments that said attorneys and agents may deem necessary or
advisable to enable the Company to comply with the Securities Act of 1933, as
amended, including any and all pre-effective and post-effective amendments to
the Company's registration statement, and any rules, regulations, orders or
other requirements of the Securities and Exchange Commission thereunder in
connection with the registration of shares or additional shares of common stock
of the Company or any of its series under the Investment Company Act of 1940, as
amended, including any and all amendments to the Company's registration
statement; and without limitation of the foregoing, the power and authority to
sign the name of the Company on its behalf, and to sign the name of each such
Officer on his behalf and we grant to said attorney or attorneys, full power and
authority to do and perform each and every act and thing whatsoever as said
attorney or attorneys may deem necessary or advisable to carry out fully the
intent of this Power of Attorney to the same extent and with the same effect as
if we might or could do personally in our capacity as aforesaid and we ratify,
confirm and approve all acts and things which said attorney or attorneys might
do or cause to be done by virtue of this Power of Attorney and his signatures as
the same may be signed by said attorney or attorneys.
SIGNATURE TITLE DATE
--------- ----- ----
/s/ Harold J. Baxter Chairman and Chief 10/10/97
- -------------------- Executive Officer
Harold J. Baxter
/s/ Brian F. Bereznak Vice President and 10/10/97
- --------------------- Assistant Secretary
Brian F. Bereznak
/s/ Stephen G. Meyer Chief Financial Officer 10/10/97
- -------------------- and Controller
Stephen G. Meyer
<PAGE>
REPRESENTATION OF COUNSEL PURSUANT TO RULE
485(b) UNDER THE SECURITIES ACT OF 1933
We hereby represent that Post-Effective Amendment No. 2 to the
Registration Statement on Form N-1A of PBHG Insurance Series Fund, Inc. filed
with the Securities and Exchange Commission under the Securities Act of 1933
(File No. 333-19497) and Amendment No. 3 under the Investment Company Act of
1940 (File No. 811-08009) contains no disclosures which would render it
ineligible to become effective pursuant to paragraph (b) of Rule 485 under the
Securities Act of 1933.
/s/ Ballard Spahr Andrews & Ingersoll
--------------------------------------
Ballard Spahr Andrews & Ingersoll
<PAGE>
EXHIBIT LIST
Exhibit Sequentially
Number Description Numbered Pages
- ------ ----------- ---------------
11(a) Consent of Coopers & Lybrand, L.L.P.
11(b) Consent Ballard Spahr Andrews & Ingersoll
27 Financial Data Schedule
Exhibit 11(a)
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the inclusion of our report dated April 8, 1997 on our audit of
the Statement of Assets and Liabilities of PBHG Insurance Series Fund, Inc.,
comprised of the Growth II Portfolio, the Large Cap Growth Portfolio, the Small
Cap Value Portfolio, the Large Cap Value Portfolio, the Technology &
Communications Portfolio, and the Select 20 Portfolio, as of April 4, 1997 with
respect to this Post-Effective Amendment No. 2 to the Registration Statement
(No. 333-19497) under the Securities Act of 1933 on Form N-1A. We also consent
to the reference to our Firm under the heading "Counsel and Independent
Accountants" in the Prospectus and under the heading "Financial Statements" in
the Statement of Additional Information.
/s/ Coopers & Lybrand L.L.P.
- ----------------------------
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, PA
November 17, 1997
Exhibit 11(c)
CONSENT OF COUNSEL
We hereby consent to the use of our name under the caption "General Information
- - Counsel and Independent Accountants" in the Prospectus incorporated by
reference in Post-Effective Amendment No. 2 to the Registration Statement on
Form N-1A of PBHG Insurance Series Fund, Inc. under the Securities Act of 1933
(No. 333-19497) and Amendment No. 3 to the Registration Statement under the
Investment Company Act of 1940 (No. 811-08009).
/s/ Ballard Spahr Andrews & Ingersoll
-------------------------------------
Ballard Spahr Andrews & Ingersoll
Philadelphia, Pennsylvania
November 21, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029526
<NAME> PBHG INSURANCE SERIES
<SERIES>
<NUMBER> 010
<NAME> GROWTH II
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 5356469
<INVESTMENTS-AT-VALUE> 5631451
<RECEIVABLES> 0
<ASSETS-OTHER> 39167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5670618
<PAYABLE-FOR-SECURITIES> 112575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12809
<TOTAL-LIABILITIES> 125384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5277197
<SHARES-COMMON-STOCK> 484549
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1505)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5440)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 274982
<NET-ASSETS> 5545234
<DIVIDEND-INCOME> 661
<INTEREST-INCOME> 9217
<OTHER-INCOME> 0
<EXPENSES-NET> (11383)
<NET-INVESTMENT-INCOME> (1505)
<REALIZED-GAINS-CURRENT> (5440)
<APPREC-INCREASE-CURRENT> 274982
<NET-CHANGE-FROM-OPS> 268037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 535714
<NUMBER-OF-SHARES-REDEEMED> 51165
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 484549
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50306
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53626
<AVERAGE-NET-ASSETS> 2227716
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029526
<NAME> PBHG INSURANCE SERIES
<SERIES>
<NUMBER> 020
<NAME> LARGE CAP GROWTH
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1956255
<INVESTMENTS-AT-VALUE> 2075154
<RECEIVABLES> 0
<ASSETS-OTHER> 250
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2075404
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15770
<TOTAL-LIABILITIES> 15770
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1942256
<SHARES-COMMON-STOCK> 172184
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1358
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2879)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 118899
<NET-ASSETS> 2059634
<DIVIDEND-INCOME> 554
<INTEREST-INCOME> 4918
<OTHER-INCOME> 0
<EXPENSES-NET> (4114)
<NET-INVESTMENT-INCOME> 1358
<REALIZED-GAINS-CURRENT> (2879)
<APPREC-INCREASE-CURRENT> 118899
<NET-CHANGE-FROM-OPS> 117378
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 191971
<NUMBER-OF-SHARES-REDEEMED> 19787
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 172184
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 40227
<AVERAGE-NET-ASSETS> 898012
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.96
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029526
<NAME> PBHG INSURANCE SERIES
<SERIES>
<NUMBER> 030
<NAME> TECHNOLOGY & COMMUNICATIONS PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 997002
<INVESTMENTS-AT-VALUE> 1079888
<RECEIVABLES> 11760
<ASSETS-OTHER> 24
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1091672
<PAYABLE-FOR-SECURITIES> 6257
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2952
<TOTAL-LIABILITIES> 9209
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 998023
<SHARES-COMMON-STOCK> 88059
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 92
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1462
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82886
<NET-ASSETS> 1082463
<DIVIDEND-INCOME> 24
<INTEREST-INCOME> 1943
<OTHER-INCOME> 0
<EXPENSES-NET> (1875)
<NET-INVESTMENT-INCOME> 92
<REALIZED-GAINS-CURRENT> 1462
<APPREC-INCREASE-CURRENT> 2886
<NET-CHANGE-FROM-OPS> 84440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89697
<NUMBER-OF-SHARES-REDEEMED> 1638
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 88059
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17402
<AVERAGE-NET-ASSETS> 375123
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 2.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
