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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The PBHG Funds, Inc.
In planning and performing our audit of the financial statements and
financial highlights of the PBHG Funds, Inc., consisting of the PBHG
Growth Fund, PBHG Emerging Growth Fund, PBHG Core Growth Fund,
PBHG Select Equity Fund, PBHG Large Cap Growth Fund, PBHG
Technology and Communications Fund, PBHG Limited Fund, PBHG Large
Cap 20 Fund, PBHG Strategic Small Company Fund, PBHG Large Cap Value
Fund, PBHG International Fund and the PBHG Cash Reserves Fund
(collectively, the "Funds") for the year ended March 31, 1997, 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 financial highlights
and to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of the Funds 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 do
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 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 the internal control
structure, including procedures for safeguarding securities, that we consider
to be material weaknesses, as defined above, as of March 31, 1997.
This report is intended solely for the information and use of management and
Board of Directors of the PBHG Fund, Inc. and the Securities and Exchange
Commission.
COOPERS & LYBRAND, L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
April 23, 1997
