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<PAGE> PAGE 10
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<PAGE> PAGE 12
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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 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 41
025 D001108 0
028 A011100 17107
028 A021100 0
028 A031100 0
028 A041100 15668
028 B011100 4755
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028 B031100 0
028 B041100 7497
028 C011100 8482
028 C021100 7759
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028 D011100 7359
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028 D031100 0
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028 F011100 6293
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028 F031100 0
028 F041100 16590
028 G011100 52892
028 G021100 7759
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028 G041100 72597
028 H001100 0
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
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070 A011100 Y
070 A021100 Y
070 B011100 Y
<PAGE> PAGE 42
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 224141
071 B001100 212337
071 C001100 98553
071 D001100 215
072 A001100 12
072 B001100 172
072 C001100 379
072 D001100 0
072 E001100 0
072 F001100 1029
072 G001100 154
072 H001100 0
072 I001100 220
072 J001100 31
072 K001100 0
072 L001100 27
072 M001100 2
072 N001100 13
<PAGE> PAGE 43
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 3
072 S001100 7
072 T001100 0
072 U001100 2
072 V001100 0
072 W001100 8
072 X001100 1496
072 Y001100 0
072 Z001100 -945
072AA001100 13618
072BB001100 0
072CC011100 25036
072CC021100 0
072DD011100 0
072DD021100 0
072EE001100 8154
073 A011100 0.0000
073 A021100 0.0000
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073 C001100 0.0000
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074 B001100 2502
074 C001100 0
074 D001100 0
074 E001100 0
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074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 0
074 M001100 0
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074 O001100 0
074 P001100 0
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074 R041100 2
074 S001100 0
074 T001100 111983
074 U011100 8690
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<PAGE> PAGE 44
074 X001100 6448
074 Y001100 0
075 A001100 0
075 B001100 102908
076 001100 0.00
008 A001201 PILGRIM BAXTER & ASSOCIATES, LTD
008 B001201 A
008 C001201 801-48872
008 D011201 WAYNE
008 D021201 PA
008 D031201 19087
008 A001202 PILGRIM BAXTER VALUE INVESTORS
008 B001202 S
008 C001202 801-0000
008 D011202 WAYNE
008 D021202 PA
008 D031202 19087
025 A001201 J.P. MORGAN
025 B001201 13-3224016
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025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
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028 A021200 0
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028 B011200 2174
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028 B031200 0
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028 C011200 4024
028 C021200 5275
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<PAGE> PAGE 45
028 F041200 3614
028 G011200 14686
028 G021200 5275
028 G031200 0
028 G041200 18303
028 H001200 0
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
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070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 N
070 M011200 Y
070 M021200 N
070 N011200 Y
<PAGE> PAGE 46
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 232635
071 B001200 214245
071 C001200 53887
071 D001200 404
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072 B001200 88
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072 S001200 7
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073 A021200 0.0000
073 B001200 0.9000
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<PAGE> PAGE 47
074 B001200 1007
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074 D001200 0
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074 F001200 71393
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074 I001200 0
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074 K001200 0
074 L001200 0
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074 N001200 84272
074 O001200 7672
074 P001200 0
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074 R011200 0
074 R021200 0
074 R031200 0
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074 T001200 76476
074 U011200 5878
074 U021200 0
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074 X001200 2734
074 Y001200 0
075 A001200 0
075 B001200 56518
076 001200 0.00
008 A001301 PILGRIM BAXTER & ASSOCIATES, LTD.
008 B001301 A
008 C001301 801-48872
008 D011301 WAYNE
008 D021301 PA
008 D031301 19087
008 A001302 PILGRIM BAXTER VALUE INVESTORS
008 B001302 S
008 C001302 801-0000
008 D011302 WAYNE
008 D021302 PA
008 D031302 19087
025 A001301 MORGAN STANLEY
025 B001301 13-2655998
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025 D001303 0
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<PAGE> PAGE 48
025 D001305 0
025 D001306 0
025 D001307 0
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028 A011300 14856
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028 B011300 6194
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028 C021300 1731
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049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 N
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<PAGE> PAGE 49
062 N001300 0.0
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070 A011300 Y
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070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 Y
070 E021300 N
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070 K011300 N
070 K021300 N
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070 L021300 N
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<PAGE> PAGE 50
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<PAGE> PAGE 51
074 R041300 69
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008 A001401 PILGRIM BAXTER & ASSOCIATES
008 B001401 A
008 C001401 801-48872
008 D011401 WAYNE
008 D021401 PA
008 D031401 19087
008 A001402 PILGRIM BAXTER VALUE INVESTORS
008 B001402 S
008 C001402 801-0000
008 D011402 WAYNE
008 D021402 PA
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025 A001401 MORGAN STANLEY
025 B001401 13-2655998
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<PAGE> PAGE 52
028 D041400 8672
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049 001400 N
050 001400 N
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070 A011400 Y
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<PAGE> PAGE 53
070 H011400 Y
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<PAGE> PAGE 54
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SIGNATURE LEE CUMMINGS
TITLE CONTROLLER
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<NAME> THE PBHG FUNDS
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<NAME> THE PBHG FUNDS
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<NAME> THE PBHG FUNDS
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<NAME> THE PBHG FUNDS
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<NAME> THE PBHG FUNDS
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<NAME> THE PBHG FUNDS
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<NAME> THE PBHG FUNDS
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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, PBHG Cash Reserves Fund, PBHG Mid-Cap Value Fund
and PBHG Small Cap Value Fund (collectively, the "Fund") for the year
ended March 31, 1998, we considered its internal control, 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 internal control.
The management of the Fund 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
Fund's objective of preparing financial statements 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, errors or irregularities
may occur and may 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 any
specific internal control component 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 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, including procedures for safeguarding securities,
that we consider to be material weaknesses, as defined above, as of March 31,
1998.
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 29, 1998
