<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000808452
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE BERWYN FUNDS
001 B000000 811-4963
001 C000000 6102967222
002 A000000 1189 LANCASTER AVENUE
002 B000000 BERWYN
002 C000000 PA
002 D010000 19312
002 D020000 1298
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 B00AA01 A
008 C00AA01 801-18770
008 D01AA01 BERWYN
008 D02AA01 PA
008 D03AA01 19312
008 D04AA01 1298
012 A00AA01 PFPC
012 B00AA01 85-1196
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 PRICE WATERHOUSE COOPERS LLP
013 B01AA01 PHILADELPHIA
<PAGE> PAGE 2
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 BERWYN FINANCIAL SERVICES CORP.
014 B00AA01 8-46745
015 A00AA01 PFPC TRUST CO.
015 B00AA01 C
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015 C03AA01 19899
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022 A000005 FORUM CAPITAL MARKETS
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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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SIGNATURE KEVIN M RYAN
TITLE SECRETARY-TREASURER
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<NAME> BERWYN FUND
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<NET-INVESTMENT-INCOME> (187,343)
<REALIZED-GAINS-CURRENT> (61,174)
<APPREC-INCREASE-CURRENT> (2,837,951)
<NET-CHANGE-FROM-OPS> (2,899,125)
<EQUALIZATION> (20,465,548)
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NAME> BERWYN INCOME FUND
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PRICEWATERHOUSECOOPER5
PricewaterhouseCoopers LLP
Thirty South Seventeenth Street
Philadelphia PA 19103-4094
Telephone (215) 575 5000
Report of Independent Accountants
To the Trustees and Shareholders of The Berwyn Funds
In planning and performing our audit of the financial statements The
Berwyn Funds (the "Fund") for the year ended December 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
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, that we consider to be material weaknesses as defined above
as of December 31, 1999.
This report is intended solely for the information and use of the Trustees,
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.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
February 16, 2000
