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<PAGE> PAGE 22
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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<PAGE> PAGE 32
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<TABLE> <S> <C>
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<NAME> THE PBHG FUNDS, INC.
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> THE PBHG FUNDS, INC.
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> THE PBHG FUNDS, INC.
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> THE PBHG FUNDS, INC.
<SERIES>
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<NAME> CORE GROWTH FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> THE PBHG FUNDS, INC.
<SERIES>
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<NAME> LIMITED FUND
<MULTIPLIER> 1,000
<S> <C>
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<NUMBER-OF-SHARES-SOLD> 19654
<NUMBER-OF-SHARES-REDEEMED> (829)
<SHARES-REINVESTED> 0
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</TABLE>
October 29, 1996
Securities and Exchange Commission
Division of Investment Management
Office of the Chief Accountant
Washington, DC 20549
Re: The PBHG Funds, Inc. (Commission File Number 2-99810)
Dear Sir or Madam:
We have read the attached letter, dated October 31, 1996, from Lee T.
Cummings, vice-president of The PBHG Funds, Inc. to the Securities
and Exchange Commission (SEC) to be filed with the SEC pursuant to
Item 77K of Form N-SAR for The PBHG Funds, Inc., and are in
agreement with the statements contained therein.
Very truly yours,
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
By
Richard L. Fagnani
ELC
Copy to:
Mr. Lee T. Cummings
Vice President
PBHG Funds
October 31, 1996
Securities and Exchange Commission
Division of Investment Management
Office of the Chief Accountant
Washington, DC 20549
Re: The PBHG Funds, Inc. (Commission File Number 2-99810)
Dear Sir or Madame:
Please be advised that Arthur Andersen LLP has resigned its appointment
as Independent Accountant to The PBHG Funds, Inc. (the "Fund"),
effective September 24,1996. Arthur Andersen LLP has rendered
unqualified opinions on the financial statements of the Fund for the entire
period in which it served as Independent Accountant to the Fund (since
August 1993). The Fund's Board of Directors approved the resignation
of Arthur Andersen LLP and the appointment of Coopers & Lybrand LLP
at its quarterly meeting held on September 24, 1996. There were no
disagreements between the management of the Fund and Arthur
Andersen LLP regarding accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.
If you should have any questions or desire additional information,
please feel free to call me at 610-341-9000.
Very truly yours,
/s/ Lee T Cummings
Lee T. Cummings
Vice President
Copy to: Richard L. Fagnani
Partner
Arthur Andersen LLP
