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<PAGE> PAGE 21
025 B000701 13-3224016
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<PAGE> PAGE 22
070 A020700 Y
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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015 A000801 FIRST UNION NATIONAL BANK
015 B000801 C
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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015 A000901 FIRST UNION NATIONAL BANK
015 B000901 C
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<PAGE> PAGE 27
025 A000901 J.P. MORGAN
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<PAGE> PAGE 28
070 A010900 Y
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070 H020900 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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008 A001001 PILGRIM BAXTER & ASSOCIATES, LTD
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
008 A001101 PILGRIM BAXTER & ASSOCIATES, LTD
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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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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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SIGNATURE LEE CUMMINGS
TITLE CONTROLLER
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<NAME> PBHG FUNDS
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<NAME> PBHG FUNDS
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<NAME> PBHG FUNDS
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<NAME> PBHG FUNDS
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<NAME> PBHG FUNDS
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<NAME> PBHG FUNDS
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<NAME> PBHG FUNDS
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