File Nos. 2-99810
and 811-4391
Rule 497(e) under
the Securities
Act of 1933
THE PBHG FUNDS, INC.
SUPPLEMENT DATED OCTOBER 1, 1996
TO THE PROSPECTUS DATED MAY 1, 1996 AND
SUPPLEMENTED ON JULY 1, 1996
This Supplement updates certain information contained in the above-dated
Prospectus of The PBHG Funds, Inc. (the "Fund"). You should retain both the
Supplement and Prospectus for future reference. You may obtain an additional
copy of the Prospectus, free of charge, by calling 1-800-433-0051.
The following information is inserted after the last paragraph on the cover
page of the Prospectus:
As of the date of this Supplement to the Prospectus, all classes of shares
of the PBHG Select Equity Fund (the "Portfolio") are closed to new investors,
other than plans that are qualified under Section 401(a), 401(k) or 403(b) of
the Internal Revenue Code of 1986, as amended ("Qualified Plans"). The PBHG
Class shares of this Portfolio will remain open to existing shareholders of the
Portfolio and to Qualified Plans. Existing PBHG Class shareholders of the
Portfolio may continue to make subsequent investments in the Portfolio and may
also open additional accounts in the Portfolio, provided any new account is
registered in the same name or has the same social security or taxpayer
identification number as the existing shareholder's account. The decision to
close the Portfolio to new investors does not affect the status of any other
Portfolio or class of shares of The PBHG Funds, Inc.
