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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 39
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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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<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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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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<CIK> 0000775180
<NAME> PBHG FUNDS
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<CIK> 0000775180
<NAME> PBHG FUNDS
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PBHG FUNDS
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<NAME> CASH RESERVES FUND
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PBHG FUNDS
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PBHG FUNDS
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<TABLE> <S> <C>
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<CIK> 0000775180
<NAME> PBHG FUNDS
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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>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 110
<NAME> STRATEGIC SMALL COMPANY FUND
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
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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>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
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<NET-ASSETS> 34881
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<NET-INVESTMENT-INCOME> 119
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
<NUMBER> 130
<NAME> MID CAP VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<NET-ASSETS> 40743
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
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<NAME> SMALL 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> 150
<NAME> NEW OPPORTUNITIES FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000775180
<NAME> PBHG FUNDS
<SERIES>
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<NAME> FOCUSED VALUE FUND
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<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
