PBHG INSURANCE SERIES FUND, INC.
SUPPLEMENT DATED SEPTEMBER 20, 1999
TO THE
PROSPECTUS DATED MAY 1, 1999
This Supplement updates certain information contained in the above-referenced
Prospectus of the PBHG Insurance Series Fund, Inc. (the "Company"). You should
retain both this Supplement and the Prospectus for future reference. You may
obtain an additional copy of the Prospectus, free of charge, by calling
1-800-347-9256.
The Board of Directors of the Company has called a special meeting of
shareholders of the PBHG Technology & Communications Portfolio (the "Fund") to
be held on November 2, 1999, at which meeting the shareholders will be asked to
approve the following proposed changes to the Fund's fundamental investment
policies:
Non-Diversified Status
The Board of Directors of the Company has approved, and has recommended
that the shareholders approve, a change to the diversified status of the Fund.
If the shareholders approve the change, the Fund, with respect to 50% of its
total assets, will not be permitted to purchase securities of any issuer (except
securities issued by the United States, its agencies and instrumentalities and
repurchase agreements involving such securities) if, as a result, more than 5%
of the total assets of the Fund would be invested in securities of such issuer.
Currently, this limitation applies to 75% of the Fund's total assets. This
change in investment policy will result in the classification of the Fund as a
non-diversified investment company.
Concentration Policy
Further, the Board of Directors of the Company has approved, and has
recommended that the shareholders approve, a change to the concentration policy
applicable to the Fund. If the shareholders approve the change, the Fund will
invest 25% or more of its total assets in one or more of the industries that
compose the technology and communications sectors. The technology and
communications sectors include, but are not limited to, computer software,
computer hardware, electronic components, electronic systems, network
broadcasting, cable broadcasting, telecommunications, multimedia, mobile
communications, satellite communications, defense and aerospace, transportation
systems, data storage and retrieval, biotechnology and medical, and
environmental services. Currently, the Fund's fundamental investment policies do
not allow the Fund to concentrate its investments in any particular technology
or communications industry.
