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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
PBHG Advisor Funds, Inc.
In planning and performing our audit of the financial statements and
financial highlights of the PBHG Advisor Funds, Inc. comprising respectively,
the New Opportunities, Core Value, Analytic Defensive Equity, Analytic
Enhanced Equity, Analytic Master Fixed Income and Analytic Short-Term
Government Funds, (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
February 5, 1999
Mr. Cummings next addressed the eleventh item on the agenda
concerning the selection and appointment of independent accountants for
the Fund's fiscal year ending October 31, 1998. He reviewed with the
Directors materials submitted by Coopers. After discussion, and
motion duly made and seconded, it was unanimously:
RESOLVED, that for the fiscal year to end October 31, 1998 the
public accounting firm of Coopers & Lybrand, LLP is selected to sign and
certify, as independent accountants, any financial statements of the Fund
that require such signing and certification for filing with the SEC;
FURTHER RESOLVED, that the employment of Coopers &
Lybrand, LLP be conditioned upon the right of the Fund by vote of a
majority of the outstanding voting securities at any meeting called for
the purpose to terminate such employment forthwith without penalty;
and
FURTHER RESOLVED, that any certificate or report made
by Coopers & Lybrand, LLP with respect to the Fund shall be
addressed both to this Board and to the shareholders of the Fund.
(4) Reorganization
On February 20, 1998, the Board of Directors of the Fund and the Board
of Trustees of The Analytic Series Fund approved an Agreement and Plan
of Reorganization to reorganize the Analytic Enhanced Equity Portfolio,
Analytic Master Fixed Income Portfolio, and Analytic Short-Term Government
Portfolio into the Analytic Enhanced Equity Fund, Analytic Master Fixed
Income Fund and Analytic Short-Term Government Fund, respectively.
This reorganization was approved by the shareholders of the Analytic
Series Funds at a special meeting held on April 28, 1998. The following were
the results of the vote:
Enhanced Equity Master Fixed Short-Term
Fund Income Fund Gov't Fund
Shares Voted: Shares Voted: Shares Voted:
For 427,870 320,815 272,385
Against 5,411 4,832 -----
Abstain 7,637 ----- -----
Total 440,918 325,647 272,385
The reorganization was completed on July 31, 1998 with all of the property
and assets of the Analytic Series Fund transferred to the corresponding
Analytic Fund. Upon the transfer, the Analytic Fund issued Class A shares
of the voting common stock. The portfolios of the Analytic Series Fund are
accounting survivors for financial reporting purposes.
On June 4, 1998, the Board of Directors of the Fund and the Board of Trustees
of Analytic Optioned Equity Fund approved an Agreement and Plan of
reorganization to reorganize The Defensive Equity Portfolio into the PBHG
Advisor Defensive Equity Fund. This reorganization was approved by
the shareholders of the Analytic Optioned Equity Fund at a special meeting held
on June 28, 1998. The following were the results of the vote:
Defensive Equity
Fund
Shared Voted:
For 2,064,563
Against 172,052
Abstain 70,928
Total 2,307,543
The reorganization was performed on August 31, 1998 with all of the property
and assets of the Analytic Optioned Equity Fund transferred to the Analytic
Defensive Equity Fund. Upon the transfer, the Analytic Fund issued Class A
shares of the voting common stock. The Analytic Optioned Equity Fund is the
accounting survivor for financial reporting purposes.
