PBHG FUNDS INC /
497, 1998-01-15
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                              THE PBHG FUNDS, INC.

                    SUPPLEMENT DATED JANUARY 15, 1998 TO THE
            PROSPECTUS FOR THE PBHG CLASS SHARES DATED JUNE 30, 1997

This Supplement updates certain information contained in the above-dated
Prospectus. 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.

The principal place of business of the Adviser and the Administrator is 825
Duportail Road, Wayne, Pennsylvania 19087.

The first paragraph under the section captioned "General Information--The
Transfer Agent and Sub-Transfer Agents" is amended to read in its entirety as
follows:

"DST Systems, Inc., P.O. Box 419534, Kansas City, Missouri 64141-6534, serves as
the transfer agent and dividend disbursing agent for the Fund under a transfer
agency agreement with the Fund. The Administrator serves as shareholder
servicing agent for the Fund under a shareholder servicing agreement with the
Fund. UAM Shareholder Service Center, Inc. ("UAM SSC"), an affiliate of the
Adviser, serves as sub-shareholder servicing agent for the Fund under a
sub-shareholder servicing agreement between UAM SSC and the Administrator. The
principal place of business of UAM SSC is 825 Duportail Road, Wayne,
Pennsylvania 19087."




<PAGE>




                              THE PBHG FUNDS, INC.

                    SUPPLEMENT DATED JANUARY 15, 1998 TO THE
          PROSPECTUS FOR THE ADVISOR CLASS SHARES DATED JULY 21, 1997


This Supplement updates certain information contained in the above-dated
Prospectus. 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.

The principal place of business of the Adviser and the Administrator is 825
Duportail Road, Wayne, Pennsylvania 19087.

The first paragraph under the section captioned "General Information--The
Transfer Agent and Sub-Transfer Agents" is amended to read in its entirety
as follows:

"DST Systems, Inc., P.O. Box 419534, Kansas City, Missouri 64141-6534, serves as
the transfer agent and dividend disbursing agent for the Fund under a transfer
agency agreement with the Fund. The Administrator serves as shareholder
servicing agent for the Fund under a shareholder servicing agreement with the
Fund. UAM Shareholder Service Center, Inc. ("UAM SSC"), an affiliate of the
Adviser, serves as sub-shareholder servicing agent for the Fund under a
sub-shareholder servicing agreement between UAM SSC and the Administrator. The
principal place of business of UAM SSC is 825 Duportail Road, Wayne,
Pennsylvania 19087."





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