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<PAGE> PAGE 13
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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 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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<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
048 J010900 0
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<PAGE> PAGE 46
070 C010900 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 B001001 A
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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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008 B001101 A
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<PAGE> PAGE 53
015 A001101 FIRST UNION NATIONAL BANK
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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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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<NAME> LIMITED GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167600
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 12470
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 6713
<SHARES-COMMON-PRIOR> 9039
<ACCUMULATED-NII-CURRENT> (3)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21725
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75712
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<DIVIDEND-INCOME> 14
<INTEREST-INCOME> 617
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<EXPENSES-NET> (1500)
<NET-INVESTMENT-INCOME> (869)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 100
<NAME> LARGE CAP 20 FUND
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 110
<NAME> STRATEGIC SMALL COMPANY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<NET-ASSETS> 75225
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<EXPENSES-NET> (804)
<NET-INVESTMENT-INCOME> (497)
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<SHARES-REINVESTED> 300
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<ACCUMULATED-GAINS-PRIOR> 1807
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 120
<NAME> LARGE CAP VALUE FUND
<MULTIPLIER> 1000
<S> <C>
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<EXPENSES-NET> (419)
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<APPREC-INCREASE-CURRENT> (715)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
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<NAME> MID CAP VALUE FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 140
<NAME> SMALL CAP VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
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<TOTAL-LIABILITIES> 10994
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<PAID-IN-CAPITAL-COMMON> 78024
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<OVERDISTRIBUTION-GAINS> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (1052)
<NET-INVESTMENT-INCOME> (390)
<REALIZED-GAINS-CURRENT> 13720
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<NUMBER-OF-SHARES-SOLD> 7348
<NUMBER-OF-SHARES-REDEEMED> (8540)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 22847
<ACCUMULATED-NII-PRIOR> 40
<ACCUMULATED-GAINS-PRIOR> (8563)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1110
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<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> (0.08)
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<EXPENSE-RATIO> 1.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 150
<NAME> NEW OPPORTUNITIES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
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<INVESTMENTS-AT-VALUE> 400643
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (1902)
<NET-INVESTMENT-INCOME> (1630)
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<DISTRIBUTIONS-OF-GAINS> (11102)
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<NUMBER-OF-SHARES-REDEEMED> (5178)
<SHARES-REINVESTED> 192
<NET-CHANGE-IN-ASSETS> 338858
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 160
<NAME> FOCUSED VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 22882
<INVESTMENTS-AT-VALUE> 25303
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<OTHER-ITEMS-ASSETS> 9
<TOTAL-ASSETS> 28015
<PAYABLE-FOR-SECURITIES> 5137
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<TOTAL-LIABILITIES> 5459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18983
<SHARES-COMMON-STOCK> 1218
<SHARES-COMMON-PRIOR> 350
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1152
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2421
<NET-ASSETS> 22556
<DIVIDEND-INCOME> 56
<INTEREST-INCOME> 24
<OTHER-INCOME> 0
<EXPENSES-NET> (85)
<NET-INVESTMENT-INCOME> (5)
<REALIZED-GAINS-CURRENT> 2109
<APPREC-INCREASE-CURRENT> 2437
<NET-CHANGE-FROM-OPS> 4541
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (305)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1289
<NUMBER-OF-SHARES-REDEEMED> (445)
<SHARES-REINVESTED> 24
<NET-CHANGE-IN-ASSETS> 18898
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 87
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 88
<AVERAGE-NET-ASSETS> 5719
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 8.93
<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 18.51
<EXPENSE-RATIO> 1.50
</TABLE>
Report of Independent Accountants
To the Board of Directors and Shareholders
of The PBHG Funds, Inc:
In planning and performing our audit of the financial
statements for the PBHGGrowth Fund, PBHG Emerging
Growth Fund, PBHG Large Cap Growth Fund,
PBHG Select Equity Fund, PBHG Limited Fund,
PBHG Large Cap 20 Fund, PBHG New Opportunities Fund,
PBHG Core Growth 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, PBHG Technology & Communications
Fund, and PBHG Strategic Small Company Fund of the
PBHG Funds, Inc. (constituting The PBHG Funds, Inc.
hereafter referred to as the "Fund"), for the year
ended March 31, 2000, 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 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 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 fraud may occur and not be detected. Also,
projection of any evaluation of internal control
to future periods is subject to the risk that
controls may become inadequate because of changes
in conditions or that the effectiveness of their
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 error or fraud 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 internal
control and its operation, including controls for
safeguarding securities, which we consider to be material
weaknesses as
defined above as of March 31, 2000.
This report is intended solely for the information
and use of the Board of Directors, management and the
Securities and Exchange Commission and
is not intended to be and should not be used by anyone
other than these
specified parties.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
May 12, 2000
2
2
