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TITLE CONTROLLER
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<NAME> THE PBHG FUNDS, INC.
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<NAME> PBHG CASH RESERVE MONEY MARKET
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<CIK> 0000775180
<NAME> THE PBHG FUNDS, INC.
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<NAME> PBHG TECHNOLOGY & COMMUNICATION
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> THE PBHG FUNDS, INC.
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<NAME> PBHG CORE GROWTH
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
The PBHG Funds, Inc.:
In planning and performing our audit of the financial statements of The
PBHG Funds, Inc. for the period ended March 31, 1996, we considered
its internal control structure, including procedures for safeguarding
securities,in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of The PBHG Funds, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility,estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the financial
statements 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 the internal control
structure, including procedures for safeguarding securities, that we consider
to be material weaknesses as defined above as of March 31, 1996.
This report is intended solely for the information and use of management,
the Board of Directors and the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Philadelphia, Pa.
April 26, 1996
