PBHG INSURANCE SERIES FUND, INC.
SUPPLEMENT DATED NOVEMBER 3, 1999
To the Prospectus Dated May 1, 1999
This Supplement updates certain information contained in the Prospectus. This
Supplement supercedes and replaces in its entirety the Supplements dated June
21, 1999, September 20, 1999 and November 1, 1999. You should retain both this
Supplement and the Prospectus for future reference. You may obtain an additional
copy of the Prospectus, as supplemented, free of charge, by calling
1-800-PBHG-NOW.
Effective May 1, 1999, Jeffrey A. Wrona, CFA, manages the PBHG Technology &
Communications Portfolio. Prior to May 1, 1999, Mr. Wrona co-managed this
Portfolio. A discussion of Mr. Wrona's prior business experience begins on
page 15 of the Prospectus.
Effective June 28, 1999, Raymond J. McCaffrey, CFA, manages the PBHG Large
Cap Value Portfolio. Mr. McCaffrey has been a portfolio manager with Value
Investors since 1997. Prior to joining Value Investors he was a Vice
President, Technology Analyst and Portfolio Manager with Pitcairn Trust
Company. Mr. McCaffrey's prior experience also includes investment analyst
positions with Cypress Capital Management, Independence Capital Management
and Fidelity Bank. Mr. McCaffrey is an honors graduate of Villanova
University with a BS in Economics and received his Masters of Science in
Industrial Administration from Carnegie Mellon University.
Effective June 28, 1999, Jerome J. Heppelmann, CFA, manages the PBHG Small
Cap Value Portfolio. Mr. Heppelmann joined the Adviser in 1994 and since
1997 has been a member of Value Investors' value equity team responsible
for researching small and mid-cap value companies. Prior to joining the
Adviser, Mr. Heppelmann worked in the Investment Advisory Group for SEI
Investments servicing investment management clients. Mr. Heppelmann holds a
Bachelor of Business Administration with a concentration in Finance from
the University of Notre Dame.
Effective November 1, 1999, Michael S. Sutton, CFA, manages the PBHG Select
20 Portfolio. Mr. Sutton joined Pilgrim Baxter & Associates, Ltd. in
October, 1999, from Loomis, Sayles & Co., where he worked for seven years
as a portfolio manager of several large cap growth portfolios. Prior to his
tenure with Loomis Sayles & Co., Mr. Sutton was a large cap growth
portfolio manager with Stein, Roe & Farnham. Mr. Sutton received his BS in
Finance, MBA and JD from Florida State University.
