File Nos. 2-99810
and 811-4391
Rule 497(e) under
the Securities Act of 1933
THE PBHG FUNDS, INC.
PBHG CLASS SHARES
SUPPLEMENT DATED JANUARY 21, 1997 TO THE PROSPECTUS DATED DECEMBER 16, 1997 for
the PBHG Large Cap Value Fund and PBHG Strategic Small Company Fund.
This Supplement updates certain information contained in the above-referenced
Prospectus of The PBHG Funds, Inc. The following information should replace the
second paragraph under the caption "Portfolio Managers" on page 16 of the
Prospectus.
James M. Smith, CFA and James H. Farrell, CFA have co-managed the Small
Company Fund since its inception. Starting on January 27, 1997, Gary
Haubold will replace James H. Farrell as the co-manager of the Small
Company Fund. Gary Haubold has over twenty years of investment experience
in equity research or portfolio management. Mr. Haubold joined the
Sub-Adviser in January 1997. Prior to joining the Sub-Adviser, Mr. Haubold
was Senior Portfolio Manager for Miller, Anderson & Sherrerd, a registered
investment advisory firm, since 1993. In such capacity, Mr. Haubold was
the primary portfolio manager for the MAS Small Cap Value Portfolio and
the MAS Mid Cap Value Portfolio. Prior to that time, Mr. Haubold was
Senior Vice President, Portfolio Manager and the head of Equity Research
for Wood, Struthers & Winthrop, a registered investment advisory firm.
James M. Smith, the other co-manager of the Small Company Fund, has over
twenty years of investment experience in equity portfolio management and
research. Mr. Smith joined the Adviser in 1993. In such capacity, James
Smith has co-managed the PBHG Technology and Communications Fund since its
inception in October 1995. Prior to joining the Adviser, Mr. Smith was
Senior Vice President and Portfolio Manager at Selected Financial
Services, a registered investment advisory firm.
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
1-800-433-0051.
