PBHG INSURANCE SERIES FUND, INC.
SUPPLEMENT DATED JUNE 21, 1999
To the Prospectus Dated May 1, 1999
This Supplement updates certain information contained in the Prospectus, as
supplemented on May 28, 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-PBHGNOW.
Effective May 1, 1999, Jeffrey A. Wrona 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
23 of the Prospectus.
Effective May 28, 1999, the PBHG Select 20 Portfolio is managed by a team
of investment professionals led by Gary L. Pilgrim, CFA. Mr. Pilgrim has served
as the Chief Investment Officer for the Adviser since 1990 and also serves as a
Director of the Adviser.
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. He is a Chartered Financial Analyst.
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. He is a Chartered Financial Analyst.
