<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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072 X000500 3784
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072 Z000500 -2540
072AA000500 45647
072BB000500 0
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072CC020500 31961
072DD010500 0
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073 A010500 0.0000
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073 C000500 0.0000
074 A000500 0
074 B000500 24760
074 C000500 0
074 D000500 0
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074 F000500 213650
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<PAGE> PAGE 21
074 I000500 0
074 J000500 2502
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074 M000500 0
074 N000500 240940
074 O000500 4053
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074 V020500 0.00
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074 X000500 14071
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075 A000500 0
075 B000500 281668
076 000500 0.00
025 A000601 J P MORGAN
025 B000601 13-3224016
025 C000601 D
025 D000601 30000
025 A000602 LEHMAN BROTHERS
025 B000602 13-2927667
025 C000602 D
025 D000602 856
025 A000603 GOLDMAN SACHS
025 C000603 E
025 D000603 3974
025 A000604 MORGAN STANLEY DEAN WITTER
025 C000604 E
025 D000604 3924
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
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025 D000610 0
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<PAGE> PAGE 22
025 D000617 0
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028 A010600 202176
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028 D040600 400167
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028 F040600 506088
028 G010600 2008971
028 G020600 2242
028 G030600 0
028 G040600 2033361
028 H000600 0
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 21.4
062 E000600 0.0
062 F000600 6.6
062 G000600 0.0
062 H000600 0.0
062 I000600 63.7
062 J000600 0.0
<PAGE> PAGE 23
062 K000600 0.0
062 L000600 8.3
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 40
063 B000600 0.0
064 A000600 N
064 B000600 N
071 A000600 0
071 B000600 0
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071 D000600 0
072 A000600 12
072 B000600 7108
072 C000600 0
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072AA000600 6
072BB000600 0
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072DD010600 6192
072DD020600 0
072EE000600 0
073 A010600 0.0474
073 A020600 0.0000
<PAGE> PAGE 24
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 30856
074 C000600 104333
074 D000600 0
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074 R030600 0
074 R040600 19082
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074 V020600 0.00
074 W000600 1.0000
074 X000600 6492
074 Y000600 0
075 A000600 131042
075 B000600 0
076 000600 0.00
025 A000701 J.P. MORGAN MORTGAGE
025 C000701 D
025 D000701 32023
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 83478
028 A020700 0
028 A030700 0
028 A040700 82806
028 B010700 83341
028 B020700 4857
<PAGE> PAGE 25
028 B030700 0
028 B040700 80184
028 C010700 125193
028 C020700 0
028 C030700 0
028 C040700 133220
028 D010700 234702
028 D020700 0
028 D030700 0
028 D040700 169014
028 E010700 200963
028 E020700 0
028 E030700 0
028 E040700 231142
028 F010700 237715
028 F020700 0
028 F030700 0
028 F040700 243733
028 G010700 965392
028 G020700 4857
028 G030700 0
028 G040700 940099
028 H000700 0
055 A000700 N
055 B000700 Y
056 000700 N
057 000700 N
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
<PAGE> PAGE 26
070 D010700 Y
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 Y
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 1068397
071 B000700 1184590
071 C000700 386996
071 D000700 276
072 A000700 12
072 B000700 1402
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<PAGE> PAGE 27
072 R000700 15
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072EE000700 5296
073 A010700 0.0000
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073 B000700 0.2932
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074 B000700 32023
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074 F000700 495254
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074 L000700 10345
074 M000700 3
074 N000700 557559
074 O000700 19462
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074 R040700 1692
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074 T000700 536405
074 U010700 19442
074 U020700 0
074 V010700 27.59
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074 X000700 22826
074 Y000700 0
075 A000700 0
<PAGE> PAGE 28
075 B000700 404739
076 000700 0.00
025 A000801 J.P. MORGAN MORTGAGE
025 C000801 D
025 D000801 2091
025 A000802 CHARLES SCHWAB
025 C000802 E
025 D000802 500
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
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025 D000808 0
028 A010800 11234
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028 A040800 11082
028 B010800 13748
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028 B030800 0
028 B040800 14895
028 C010800 16794
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028 C030800 0
028 C040800 25888
028 D010800 27226
028 D020800 0
028 D030800 0
028 D040800 37350
028 E010800 22882
028 E020800 0
028 E030800 0
028 E040800 33378
028 F010800 23928
028 F020800 0
028 F030800 0
028 F040800 30213
028 G010800 115812
028 G020800 0
028 G030800 0
028 G040800 152806
028 H000800 0
055 A000800 N
055 B000800 Y
056 000800 N
057 000800 N
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
<PAGE> PAGE 29
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 N
070 N020800 N
070 O010800 Y
070 O020800 Y
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 133231
<PAGE> PAGE 30
071 B000800 209610
071 C000800 110173
071 D000800 121
072 A000800 12
072 B000800 275
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072 X000800 1663
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072AA000800 16034
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072CC020800 15463
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073 A010800 0.0000
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073 B000800 0.0000
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074 A000800 0
074 B000800 2090
074 C000800 0
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074 F000800 85814
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<PAGE> PAGE 31
074 L000800 2
074 M000800 22
074 N000800 87966
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074 R040800 1021
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074 T000800 86485
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074 V020800 0.00
074 W000800 0.0000
074 X000800 8899
074 Y000800 0
075 A000800 0
075 B000800 114403
076 000800 0.00
025 A000901 J.P. MORGAN MORTGAGE
025 C000901 D
025 D000901 13083
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 1296
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028 A040900 4375
028 B010900 732
028 B020900 0
028 B030900 0
028 B040900 3644
028 C010900 1262
028 C020900 5730
028 C030900 0
028 C040900 6802
028 D010900 742
028 D020900 0
028 D030900 0
028 D040900 7511
028 E010900 213
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028 E030900 0
<PAGE> PAGE 32
028 E040900 4669
028 F010900 195
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028 F030900 0
028 F040900 8526
028 G010900 4440
028 G020900 5730
028 G030900 0
028 G040900 35527
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055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
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062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
<PAGE> PAGE 33
070 J020900 N
070 K010900 N
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 138717
071 B000900 192989
071 C000900 124889
071 D000900 111
072 A000900 12
072 B000900 10
072 C000900 823
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072AA000900 9385
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<PAGE> PAGE 34
072DD010900 0
072DD020900 0
072EE000900 5915
073 A010900 0.0000
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073 B000900 0.5740
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074 A000900 0
074 B000900 13083
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074 R040900 364
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074 T000900 108011
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074 Y000900 0
075 A000900 0
075 B000900 139914
076 000900 0.00
025 A001001 J.P. MORGAN MORTGAGE
025 C001001 D
025 D001001 17409
025 A001002 MORGAN STANLEY
025 C001002 D
025 D001002 16467
025 A001003 GREENWICH AGENCY
025 C001003 D
025 D001003 15206
025 D001004 0
025 D001005 0
<PAGE> PAGE 35
025 D001006 0
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028 A011000 46926
028 A021000 0
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028 A041000 46581
028 B011000 40664
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028 B041000 19744
028 C011000 62940
028 C021000 4843
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028 C041000 35271
028 D011000 65464
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028 D041000 75009
028 E011000 55951
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028 E041000 52748
028 F011000 50800
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028 F041000 45699
028 G011000 322745
028 G021000 4843
028 G031000 0
028 G041000 275052
028 H001000 0
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 N
060 B001000 N
061 001000 2500
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
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<PAGE> PAGE 36
062 K001000 0.0
062 L001000 0.0
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070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 N
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 489817
071 B001000 271992
071 C001000 355948
071 D001000 76
072 A001000 12
072 B001000 2011
072 C001000 432
<PAGE> PAGE 37
072 D001000 0
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<PAGE> PAGE 38
074 R011000 0
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075 A001000 0
075 B001000 390293
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025 A001101 J.P. MORGAN MORTGAGE
025 C001101 D
025 D001101 779
025 A001102 LEGG MASON
025 C001102 E
025 D001102 606
025 A001103 RAYMOND JAMES FINANCIAL
025 C001103 E
025 D001103 73
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028 A011100 5610
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028 B041100 6596
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028 D041100 9809
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028 E041100 12439
028 F011100 4093
<PAGE> PAGE 39
028 F021100 0
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028 F041100 8609
028 G011100 28604
028 G021100 2579
028 G031100 0
028 G041100 49530
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049 001100 N
050 001100 N
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052 001100 N
053 A001100 Y
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055 A001100 N
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056 001100 N
057 001100 N
062 A001100 N
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070 A011100 Y
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070 D011100 Y
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070 E011100 N
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 N
070 G021100 N
<PAGE> PAGE 40
070 H011100 Y
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070 I021100 N
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070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
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070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 100360
071 B001100 150083
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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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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PILGRIM BAXTER
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<TABLE> <S> <C>
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PILGRIM BAXTER
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<NAME> LARGE CAP VALUE FUND
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<TABLE> <S> <C>
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<NAME> PILGRIM BAXTER
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PILGRIM BAXTER
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<NAME> SMALL CAP VALUE FUND
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PILGRIM BAXTER
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<NAME> NEW OPPORTUNITIES FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PILGRIM BAXTER
<SERIES>
<NUMBER> 160
<NAME> FOCUSED VALUE FUND
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<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (73)
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</TABLE>
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 Large Cap Growth Fund, PBHG Select Equity Fund, PBHG
Core Growth Fund, PBHG Limited Fund, PBHG Large Cap 20 Fund,
PBHG Strategic Small Company Fund, PBHG New Opportunities
Fund, PBHG Large Cap Value Fund, PBHG Mid-Cap Value Fund,
PBHG Small Cap Value Fund, PBHG Focused Value Fund, PBHG
International Fund, PBHG Cash Reserves Fund, and PBHG
Technology & Communications Fund (collectively the "Fund") for
the year ended March 31, 1999, we considered its internal
control, including control activities 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 entity's objective of preparing financial
statements and financial highlights 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, error
or fraud may occur and 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
one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements
caused by errors or fraud 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 and its operation,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined
above as of March 31, 1999.
This report is intended solely for the information and
use of management and the Board of Directors of The PBHG
Funds, Inc., and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, PA 19103
April 29, 1999
