<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001029526
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 PBHG INSURANCE SERIES FUND, INC
001 B000000 811-08009
001 C000000 8003479256
002 A000000 825 DUPORTAIL ROAD
002 B000000 WAYNE
002 C000000 PA
002 D010000 19087
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 PBHG GROWTH II PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 PBHG LARGE CAP GROWTH PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 PBHG TECHNOLOGY & COMMUNICATIONS PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 PBHG SMALL CAP VALUE PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 PBHG LARGE CAP VALUE PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 PBHG SELECT 20 PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 PBHG MID CAP VALUE PORTFOLIO
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 PBHG FUND SERVICES
010 C01AA01 WAYNE
010 C02AA01 PA
010 C03AA01 19087
010 C04AA01 1658
<PAGE> PAGE 2
011 A00AA01 SEI INVESTMENTS
011 B00AA01 8-27897
011 C01AA01 WAYNE
011 C02AA01 PA
011 C03AA01 19087
011 C04AA01 1658
012 A00AA01 PBHG FUND SERVICES
012 B00AA01 84-0000
012 C01AA01 WAYNE
012 C02AA01 PA
012 C03AA01 19087
013 A00AA01 PRICEWATERHOUSECOOPERS
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
015 A00AA01 FIRST UNION NATIONAL BANK
015 B00AA01 C
015 C01AA01 CHARLOTTE
015 C02AA01 NC
015 C03AA01 00000
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 7
019 C00AA00 PBHGINSURA
020 A000001 STUART FRANKEL
020 B000001 13-3430942
020 C000001 133
020 A000002 FIRST BOSTON CORP
020 B000002 13-5659485
020 C000002 81
020 A000003 ALEX BROWN
020 B000003 52-1319768
020 C000003 50
020 A000004 LEHMAN GOVERNMENT SECURITIES
020 B000004 13-2927667
020 C000004 42
020 A000005 JP MORGAN EQUITIES
020 B000005 13-3224016
020 C000005 41
020 A000006 GOLDMAN SACHS
020 B000006 13-5108880
020 C000006 39
020 A000007 MERRILL LYNCH
020 B000007 13-5674085
020 C000007 33
020 A000008 INSTINET CORPORATION
020 B000008 13-3443395
020 C000008 27
020 A000009 MORGAN STANLEY
020 B000009 13-2655998
<PAGE> PAGE 3
020 C000009 23
020 A000010 DONALDSON, LUFKIN & JENRETTE
020 B000010 13-1898818
020 C000010 20
021 000000 702
022 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001 260239
022 D000001 183890
022 A000002 JP MORGAN
022 B000002 13-3224016
022 C000002 134454
022 D000002 132429
022 A000003 LEHMAN GOVERNMENT SECURITIES INC.
022 B000003 13-2927667
022 C000003 49856
022 D000003 38721
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 53005
022 D000004 18548
022 A000005 ALEX BROWN
022 B000005 52-1319768
022 C000005 17987
022 D000005 10788
022 A000006 SMITH BARNEY
022 B000006 13-1912900
022 C000006 16331
022 D000006 9445
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 9563
022 D000007 2903
022 A000008 FIRST BOSTON CORP
022 B000008 13-5659485
022 C000008 7084
022 D000008 3265
022 A000009 MONTGOMERY SECURITIES
022 B000009 94-1701676
022 C000009 6880
022 D000009 2413
022 A000010 ROBERTSON, STEPHENS & CO
022 B000010 94-2524501
022 C000010 6327
022 D000010 2258
023 C000000 615846
023 D000000 437287
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
<PAGE> PAGE 5
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 CONTINENTAL CASUALTY COMPANY
080 B00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 58000
081 A00AA00 Y
081 B00AA00 315
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 Y
025 A000101 MORGAN STANLEY
025 B000101 13-2655998
025 C000101 D
025 D000101 1065
025 A000102 CHARLES SCHWAB
025 C000102 E
025 D000102 183
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 831
028 A020100 0
028 A030100 0
028 A040100 1377
028 B010100 1382
028 B020100 0
028 B030100 0
028 B040100 814
028 C010100 1675
028 C020100 0
028 C030100 0
<PAGE> PAGE 6
028 C040100 977
028 D010100 1036
028 D020100 0
028 D030100 0
028 D040100 1424
028 E010100 2125
028 E020100 0
028 E030100 0
028 E040100 985
028 F010100 2138
028 F020100 0
028 F030100 0
028 F040100 2306
028 G010100 9187
028 G020100 0
028 G030100 0
028 G040100 7883
028 H000100 0
071 A000100 38030
071 B000100 30616
071 C000100 13423
071 D000100 228
072 A000100 12
072 B000100 69
072 C000100 13
072 D000100 0
072 E000100 0
072 F000100 124
072 G000100 22
072 H000100 0
072 I000100 26
072 J000100 9
072 K000100 0
072 L000100 25
072 M000100 6
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 6
072 S000100 3
072 T000100 0
072 U000100 2
072 V000100 0
072 W000100 2
072 X000100 225
072 Y000100 50
072 Z000100 -93
072AA000100 0
072BB000100 1254
072CC010100 2680
<PAGE> PAGE 7
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 1065
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 17961
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 870
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 19896
074 O000100 1569
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 6
074 S000100 0
074 T000100 18321
074 U010100 1575
074 U020100 0
074 V010100 11.63
074 V020100 0.00
074 W000100 0.0000
074 X000100 10
074 Y000100 0
075 A000100 0
075 B000100 14565
076 000100 0.00
024 000200 Y
025 A000201 MORGAN STANLEY
025 B000201 13-2655998
025 C000201 D
025 D000201 1630
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
<PAGE> PAGE 8
025 D000207 0
025 D000208 0
028 A010200 1083
028 A020200 0
028 A030200 0
028 A040200 186
028 B010200 1153
028 B020200 0
028 B030200 0
028 B040200 653
028 C010200 537
028 C020200 0
028 C030200 0
028 C040200 93
028 D010200 808
028 D020200 0
028 D030200 0
028 D040200 533
028 E010200 461
028 E020200 0
028 E030200 0
028 E040200 87
028 F010200 469
028 F020200 0
028 F030200 0
028 F040200 345
028 G010200 4511
028 G020200 0
028 G030200 0
028 G040200 1897
028 H000200 0
071 A000200 7436
071 B000200 2965
071 C000200 7143
071 D000200 42
072 A000200 12
072 B000200 64
072 C000200 12
072 D000200 0
072 E000200 0
072 F000200 62
072 G000200 12
072 H000200 0
072 I000200 26
072 J000200 2
072 K000200 0
072 L000200 14
072 M000200 3
072 N000200 0
072 O000200 0
072 P000200 0
<PAGE> PAGE 9
072 Q000200 0
072 R000200 4
072 S000200 1
072 T000200 0
072 U000200 2
072 V000200 0
072 W000200 1
072 X000200 127
072 Y000200 36
072 Z000200 -15
072AA000200 0
072BB000200 341
072CC010200 2780
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 1630
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 11499
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 7
074 M000200 0
074 N000200 13136
074 O000200 531
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 7
074 S000200 0
074 T000200 12598
074 U010200 816
074 U020200 0
074 V010200 15.44
074 V020200 0.00
074 W000200 0.0000
074 X000200 6
074 Y000200 0
<PAGE> PAGE 10
075 A000200 0
075 B000200 8302
076 000200 0.00
024 000300 Y
025 A000301 MORGAN STANLEY
025 B000301 13-2655998
025 C000301 D
025 D000301 2661
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1121
028 A020300 3
028 A030300 0
028 A040300 1060
028 B010300 2566
028 B020300 0
028 B030300 0
028 B040300 2160
028 C010300 2646
028 C020300 0
028 C030300 0
028 C040300 1827
028 D010300 985
028 D020300 0
028 D030300 0
028 D040300 1782
028 E010300 5762
028 E020300 0
028 E030300 0
028 E040300 203
028 F010300 4535
028 F020300 0
028 F030300 0
028 F040300 1712
028 G010300 17615
028 G020300 3
028 G030300 0
028 G040300 8744
028 H000300 0
071 A000300 58877
071 B000300 40947
071 C000300 15476
071 D000300 265
072 A000300 12
072 B000300 108
072 C000300 5
<PAGE> PAGE 11
072 D000300 0
072 E000300 0
072 F000300 147
072 G000300 26
072 H000300 0
072 I000300 27
072 J000300 12
072 K000300 0
072 L000300 35
072 M000300 7
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 8
072 S000300 4
072 T000300 0
072 U000300 2
072 V000300 0
072 W000300 2
072 X000300 270
072 Y000300 62
072 Z000300 -95
072AA000300 0
072BB000300 1742
072CC010300 7707
072CC020300 0
072DD010300 3
072DD020300 0
072EE000300 0
073 A010300 0.0018
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 2661
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 30856
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 12
074 M000300 0
074 N000300 33529
074 O000300 545
074 P000300 0
074 Q000300 0
<PAGE> PAGE 12
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 491
074 S000300 0
074 T000300 32493
074 U010300 2362
074 U020300 0
074 V010300 13.76
074 V020300 0.00
074 W000300 0.0000
074 X000300 6
074 Y000300 0
075 A000300 0
075 B000300 17299
076 000300 0.00
024 000400 Y
025 A000401 MORGAN STANLEY
025 B000401 13-2655998
025 C000401 D
025 D000401 1723
025 A000402 INVESTMENT TECH GROUP
025 C000402 E
025 D000402 372
025 A000403 LEGG MASON
025 C000403 E
025 D000403 1004
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 1051
028 A020400 51
028 A030400 0
028 A040400 1676
028 B010400 411
028 B020400 0
028 B030400 0
028 B040400 1020
028 C010400 970
028 C020400 0
028 C030400 0
028 C040400 509
028 D010400 4991
028 D020400 0
028 D030400 0
028 D040400 703
028 E010400 6927
028 E020400 0
028 E030400 0
<PAGE> PAGE 13
028 E040400 1548
028 F010400 1738
028 F020400 0
028 F030400 0
028 F040400 4394
028 G010400 16088
028 G020400 51
028 G030400 0
028 G040400 9850
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
<PAGE> PAGE 14
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 Y
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 114999
071 B000400 84238
071 C000400 28662
071 D000400 294
072 A000400 12
072 B000400 75
072 C000400 243
072 D000400 0
072 E000400 0
072 F000400 304
072 G000400 46
072 H000400 0
072 I000400 27
072 J000400 12
072 K000400 0
072 L000400 19
072 M000400 11
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 11
072 S000400 8
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 3
072 X000400 443
072 Y000400 78
072 Z000400 -47
<PAGE> PAGE 15
072AA000400 0
072BB000400 1047
072CC010400 3853
072CC020400 0
072DD010400 7
072DD020400 0
072EE000400 44
073 A010400 0.0023
073 A020400 0.0000
073 B000400 0.0139
073 C000400 0.0000
074 A000400 0
074 B000400 1723
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 41300
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 2197
074 K000400 0
074 L000400 0
074 M000400 666
074 N000400 45886
074 O000400 1794
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 52
074 S000400 0
074 T000400 44040
074 U010400 3793
074 U020400 0
074 V010400 11.61
074 V020400 0.00
074 W000400 0.0000
074 X000400 3
074 Y000400 0
075 A000400 0
075 B000400 30362
076 000400 0.00
024 000500 Y
025 A000501 MORGAN STANLEY
025 B000501 13-2655998
025 C000501 D
025 D000501 1013
025 A000502 PAINE WEBBER
025 B000502 13-2760086
<PAGE> PAGE 16
025 C000502 E
025 D000502 35
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 1225
028 A020500 3
028 A030500 0
028 A040500 799
028 B010500 630
028 B020500 0
028 B030500 0
028 B040500 169
028 C010500 826
028 C020500 0
028 C030500 0
028 C040500 191
028 D010500 3115
028 D020500 0
028 D030500 0
028 D040500 513
028 E010500 4797
028 E020500 0
028 E030500 0
028 E040500 532
028 F010500 5035
028 F020500 170
028 F030500 0
028 F040500 1371
028 G010500 15628
028 G020500 173
028 G030500 0
028 G040500 3575
028 H000500 0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 65067
071 B000500 48994
071 C000500 7714
<PAGE> PAGE 17
071 D000500 635
072 A000500 12
072 B000500 28
072 C000500 104
072 D000500 0
072 E000500 0
072 F000500 51
072 G000500 12
072 H000500 0
072 I000500 25
072 J000500 14
072 K000500 0
072 L000500 3
072 M000500 2
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 4
072 S000500 2
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 1
072 X000500 116
072 Y000500 37
072 Z000500 53
072AA000500 905
072BB000500 0
072CC010500 2553
072CC020500 0
072DD010500 56
072DD020500 0
072EE000500 117
073 A010500 0.0396
073 A020500 0.0000
073 B000500 0.0781
073 C000500 0.0000
074 A000500 0
074 B000500 1013
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 20947
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 1158
074 K000500 0
074 L000500 0
074 M000500 510
<PAGE> PAGE 18
074 N000500 23628
074 O000500 1325
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 17
074 S000500 0
074 T000500 22286
074 U010500 1561
074 U020500 0
074 V010500 14.27
074 V020500 0.00
074 W000500 0.0000
074 X000500 3
074 Y000500 0
075 A000500 0
075 B000500 7898
076 000500 0.00
024 000600 Y
025 A000601 MORGAN STANLEY
025 B000601 13-2655998
025 C000601 D
025 D000601 46588
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 43298
028 A020600 3
028 A030600 0
028 A040600 5337
028 B010600 15171
028 B020600 0
028 B030600 0
028 B040600 18847
028 C010600 23012
028 C020600 0
028 C030600 0
028 C040600 4909
028 D010600 15410
028 D020600 0
028 D030600 0
028 D040600 9427
028 E010600 34538
028 E020600 0
028 E030600 0
<PAGE> PAGE 19
028 E040600 3072
028 F010600 52540
028 F020600 0
028 F030600 0
028 F040600 424
028 G010600 183969
028 G020600 3
028 G030600 0
028 G040600 42016
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.850
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
071 A000600 260049
071 B000600 48663
071 C000600 99746
071 D000600 49
072 A000600 12
072 B000600 1052
072 C000600 116
072 D000600 0
072 E000600 0
072 F000600 972
072 G000600 172
072 H000600 0
072 I000600 38
072 J000600 8
072 K000600 0
<PAGE> PAGE 20
072 L000600 54
072 M000600 33
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 51
072 S000600 35
072 T000600 0
072 U000600 2
072 V000600 0
072 W000600 21
072 X000600 1386
072 Y000600 14
072 Z000600 -204
072AA000600 0
072BB000600 8960
072CC010600 74080
072CC020600 0
072DD010600 3
072DD020600 0
072EE000600 0
073 A010600 0.0003
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 46588
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 282554
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 3034
074 M000600 0
074 N000600 332176
074 O000600 13964
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 286
074 S000600 0
074 T000600 317926
074 U010600 19508
074 U020600 0
<PAGE> PAGE 21
074 V010600 16.30
074 V020600 0.00
074 W000600 0.0000
074 X000600 5
074 Y000600 0
075 A000600 0
075 B000600 114371
076 000600 0.00
008 A000701 PILGRIM BAXTER & ASSOCIATES LTD
008 B000701 A
008 C000701 801-48872
008 D010701 WAYNE
008 D020701 PA
008 D030701 19087
008 D040701 1658
008 A000702 PILGRIM BAXTER VALUE INVESTORS
008 B000702 S
008 C000702 801-0000
008 D010702 WAYNE
008 D020702 PA
008 D030702 19087
024 000700 Y
025 A000701 MORGAN TREASURY
025 B000701 13-2655998
025 C000701 D
025 D000701 15
028 A010700 0
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 0
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 0
028 C020700 0
028 C030700 0
028 C040700 0
028 D010700 0
028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 0
028 E020700 0
028 E030700 0
028 E040700 0
028 F010700 500
028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 500
<PAGE> PAGE 22
028 G020700 0
028 G030700 0
028 G040700 0
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.850
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
058 A000700 Y
058 B000700 Y
058 C000700 N
058 D000700 N
058 E000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 2500
066 A000700 Y
066 B000700 N
066 C000700 N
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 Y
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
<PAGE> PAGE 23
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 886
071 B000700 395
071 C000700 546
071 D000700 72
072 A000700 1
072 B000700 0
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 0
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 0
<PAGE> PAGE 24
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 0
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 0
072 Y000700 0
072 Z000700 0
072AA000700 22
072BB000700 0
072CC010700 33
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 15
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 546
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 73
074 K000700 0
074 L000700 1
074 M000700 0
074 N000700 635
074 O000700 78
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 2
074 S000700 0
074 T000700 555
074 U010700 50
074 U020700 0
074 V010700 11.10
<PAGE> PAGE 25
074 V020700 0.00
074 W000700 0.0000
074 X000700 2
074 Y000700 0
075 A000700 0
075 B000700 501
076 000700 0.00
SIGNATURE LEE CUMMINGS
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029526
<NAME> PBHG INSURANCE SERIES FUND, INC.
<SERIES>
<NUMBER> 010
<NAME> PBHG GROWTH II PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 16093
<INVESTMENTS-AT-VALUE> 19026
<RECEIVABLES> 870
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19896
<PAYABLE-FOR-SECURITIES> (1569)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (6)
<TOTAL-LIABILITIES> (1575)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16929
<SHARES-COMMON-STOCK> 1575
<SHARES-COMMON-PRIOR> 952
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1541)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2933
<NET-ASSETS> 18321
<DIVIDEND-INCOME> 13
<INTEREST-INCOME> 69
<OTHER-INCOME> 0
<EXPENSES-NET> (175)
<NET-INVESTMENT-INCOME> (93)
<REALIZED-GAINS-CURRENT> (1254)
<APPREC-INCREASE-CURRENT> 2680
<NET-CHANGE-FROM-OPS> 1333
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1725
<NUMBER-OF-SHARES-REDEEMED> (1102)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8085
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (287)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 124
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 225
<AVERAGE-NET-ASSETS> 14565
<PER-SHARE-NAV-BEGIN> 10.75
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.63
<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 FUND, INC.
<SERIES>
<NUMBER> 020
<NAME> PBHG LARGE CAP GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10117
<INVESTMENTS-AT-VALUE> 13129
<RECEIVABLES> 7
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13136
<PAYABLE-FOR-SECURITIES> (531)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (7)
<TOTAL-LIABILITIES> (538)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9988
<SHARES-COMMON-STOCK> 816
<SHARES-COMMON-PRIOR> 416
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (402)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3012
<NET-ASSETS> 12598
<DIVIDEND-INCOME> 12
<INTEREST-INCOME> 64
<OTHER-INCOME> 0
<EXPENSES-NET> (91)
<NET-INVESTMENT-INCOME> (15)
<REALIZED-GAINS-CURRENT> (341)
<APPREC-INCREASE-CURRENT> 2780
<NET-CHANGE-FROM-OPS> 2424
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 838
<NUMBER-OF-SHARES-REDEEMED> (438)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7682
<ACCUMULATED-NII-PRIOR> 40
<ACCUMULATED-GAINS-PRIOR> (61)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127
<AVERAGE-NET-ASSETS> 8302
<PER-SHARE-NAV-BEGIN> 11.82
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 3.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.44
<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 FUND, INC.
<SERIES>
<NUMBER> 030
<NAME> PBHG TECHNOLOGY & COMMUNICATIONS PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 25830
<INVESTMENTS-AT-VALUE> 33517
<RECEIVABLES> 12
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33529
<PAYABLE-FOR-SECURITIES> (545)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (490)
<TOTAL-LIABILITIES> (1035)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26633
<SHARES-COMMON-STOCK> 2362
<SHARES-COMMON-PRIOR> 876
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1827)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7687
<NET-ASSETS> 32493
<DIVIDEND-INCOME> 5
<INTEREST-INCOME> 108
<OTHER-INCOME> 0
<EXPENSES-NET> (208)
<NET-INVESTMENT-INCOME> (95)
<REALIZED-GAINS-CURRENT> (1742)
<APPREC-INCREASE-CURRENT> 7707
<NET-CHANGE-FROM-OPS> 5870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2749
<NUMBER-OF-SHARES-REDEEMED> (1263)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23376
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (84)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 270
<AVERAGE-NET-ASSETS> 17299
<PER-SHARE-NAV-BEGIN> 10.41
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 3.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.76
<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 FUND, INC.
<SERIES>
<NUMBER> 040
<NAME> PBHG SMALL CAP VALUE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 38986
<INVESTMENTS-AT-VALUE> 43023
<RECEIVABLES> 2197
<ASSETS-OTHER> 666
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45886
<PAYABLE-FOR-SECURITIES> (1794)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (52)
<TOTAL-LIABILITIES> (1846)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41053
<SHARES-COMMON-STOCK> 3793
<SHARES-COMMON-PRIOR> 889
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1050)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4037
<NET-ASSETS> 44040
<DIVIDEND-INCOME> 243
<INTEREST-INCOME> 75
<OTHER-INCOME> 0
<EXPENSES-NET> (365)
<NET-INVESTMENT-INCOME> (47)
<REALIZED-GAINS-CURRENT> (1047)
<APPREC-INCREASE-CURRENT> 3853
<NET-CHANGE-FROM-OPS> 2759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7)
<DISTRIBUTIONS-OF-GAINS> (44)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4363
<NUMBER-OF-SHARES-REDEEMED> (1464)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 34719
<ACCUMULATED-NII-PRIOR> 8
<ACCUMULATED-GAINS-PRIOR> 41
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 304
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 443
<AVERAGE-NET-ASSETS> 30362
<PER-SHARE-NAV-BEGIN> 10.48
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.61
<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 FUND, INC.
<SERIES>
<NUMBER> 050
<NAME> PBHG LARGE CAP VALUE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 19358
<INVESTMENTS-AT-VALUE> 21960
<RECEIVABLES> 1158
<ASSETS-OTHER> 510
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23628
<PAYABLE-FOR-SECURITIES> (1325)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (17)
<TOTAL-LIABILITIES> (1342)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18909
<SHARES-COMMON-STOCK> 1561
<SHARES-COMMON-PRIOR> 150
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 775
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2602
<NET-ASSETS> 22286
<DIVIDEND-INCOME> 104
<INTEREST-INCOME> 28
<OTHER-INCOME> 0
<EXPENSES-NET> (79)
<NET-INVESTMENT-INCOME> 53
<REALIZED-GAINS-CURRENT> 905
<APPREC-INCREASE-CURRENT> 2553
<NET-CHANGE-FROM-OPS> 3511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (56)
<DISTRIBUTIONS-OF-GAINS> (117)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1853
<NUMBER-OF-SHARES-REDEEMED> (453)
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> 20726
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (13)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116
<AVERAGE-NET-ASSETS> 7898
<PER-SHARE-NAV-BEGIN> 10.43
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 3.98
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.27
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029526
<NAME> PBHG INSURANCE SERIES FUND, INC.
<SERIES>
<NUMBER> 060
<NAME> PBHG SELECT 20 PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 254862
<INVESTMENTS-AT-VALUE> 329142
<RECEIVABLES> 3034
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 332176
<PAYABLE-FOR-SECURITIES> (13964)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (286)
<TOTAL-LIABILITIES> (14250)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252661
<SHARES-COMMON-STOCK> 19508
<SHARES-COMMON-PRIOR> 759
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9015)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 74280
<NET-ASSETS> 317926
<DIVIDEND-INCOME> 116
<INTEREST-INCOME> 1052
<OTHER-INCOME> 0
<EXPENSES-NET> (1372)
<NET-INVESTMENT-INCOME> (204)
<REALIZED-GAINS-CURRENT> (8960)
<APPREC-INCREASE-CURRENT> 74080
<NET-CHANGE-FROM-OPS> 64916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22732
<NUMBER-OF-SHARES-REDEEMED> (3983)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 310309
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> (56)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 972
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1386
<AVERAGE-NET-ASSETS> 114371
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 6.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.30
<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 FUND, INC.
<SERIES>
<NUMBER> 070
<NAME> PBHG MID CAP VALUE PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> DEC-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 527645
<INVESTMENTS-AT-VALUE> 560729
<RECEIVABLES> 72996
<ASSETS-OTHER> 942
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 634667
<PAYABLE-FOR-SECURITIES> (77782)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1741)
<TOTAL-LIABILITIES> (79523)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 500100
<SHARES-COMMON-STOCK> 50010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 112
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21848
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33084
<NET-ASSETS> 555144
<DIVIDEND-INCOME> 296
<INTEREST-INCOME> 343
<OTHER-INCOME> 0
<EXPENSES-NET> (527)
<NET-INVESTMENT-INCOME> 112
<REALIZED-GAINS-CURRENT> 21848
<APPREC-INCREASE-CURRENT> 33084
<NET-CHANGE-FROM-OPS> 55044
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50010
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 555144
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1814
<AVERAGE-NET-ASSETS> 501249
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
PBHG Insurance Series Funds, Inc.
In planning and performing our audit of the financial statements and
financial highlights of the PBHG Insurance Series Funds, Inc. comprising
respectively, the Growth II, Technology & Communications, Select 20,
Large Cap Value, Small Cap Value, Large Cap Growth and Mid Cap
Value Portfolios, (collectively the "Funds") for the year ended December
31, 1998, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements and
financial highlights for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design
or operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1998.
This report is intended solely for the information and use of management,
the Board of Directors, and the Securities and Exchange Commission.
PricewaterhouseCoopers
2400 Eleven Penn Center
Philadelphia, PA 19103
January 28, 1999
