Pilgrim Baxter & Associates, Ltd.
825 Duportail Road
Wayne, Pennsylvania 19087-5525
Phone (610) 647-4100
December 29, 1998
VIA EDGAR
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: PBHG Advisor Funds, Inc. (File numbers: 333-44193 and 811-08605)
Ladies and Gentlemen:
On behalf of PBHG Advisor Funds, Inc.(the "Registrant"), attached
herewith for filing pursuant to Rule 497 under the Securities and Exchange Act
of 1933 is an electronic version of a Supplement dated December 29, 1998 to the
Registrant's Prospectus dated July 14, 1998.
If you have any questions, please do not hesitate to call the
undersigned at (610) 578-1207.
Sincerely,
/s/ Meghan M. Mahon
-------------------------
Meghan M. Mahon
Attachment
<PAGE>
PBHG ADVISOR FUNDS, INC.
(the "PBHG Advisor Funds")
SUPPLEMENT DATED DECEMBER 29, 1998
TO THE PROSPECTUS DATED JULY 14, 1998
This Supplement updates certain information contained in the Prospectus, as
supplemented September 8, 1998 and October 20, 1998. You should retain this
Supplement, the Prospectus and all other Supplements for future reference.
The following PBHG Advisor Funds are closed to new accounts:
<TABLE>
<S> <C>
PBHG Advisor Core Value Fund PBHG Advisor Blue Chip Growth Fund
PBHG Advisor Large Cap Concentrated Fund PBHG Advisor New Opportunities Fund
PBHG Advisor Cash Reserves Fund
</TABLE>
Shareholders are no longer permitted to exchange their shares into the following
PBHG Advisor Funds:
<TABLE>
<S> <C>
PBHG Advisor Core Value Fund PBHG Advisor Blue Chip Growth Fund
PBHG Advisor Large Cap Concentrated Fund PBHG Advisor New Opportunities Fund
PBHG Advisor Cash Reserves Fund
</TABLE>
Effective December 31, 1998, the following PBHG Advisor Funds will change their
names:
<TABLE>
<S> <C>
New Name
PBHG Advisor Defensive Equity Fund Analytic Defensive Equity Fund
PBHG Advisor Enhanced Equity Fund Analytic Enhanced Equity Fund
PBHG Advisor Master Fixed Income Fund Analytic Master Fixed Income Fund
PBHG Advisor Short-Term Government Fund Analytic Short-Term Government Fund
</TABLE>
Effective January 1, 1999, Pilgrim Baxter Analytic Investors, Inc., sub-adviser
to the PBHG Advisor Defensive Equity, Enhanced Equity, Master Fixed Income and
Short-Term Government Funds, will change its name to Analytic Investors, Inc.
