SUPPLEMENT DATED MAY 22, 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.
Effective May 22, 1998, Jeffrey A. Wrona, CFA and Michael S. Hahn, CFA are
co-portfolio managers of the PBHG Technology & Communications Fund. Mr. Wrona
holds a Master's Degree in Business Administration and a Bachelor's Degree in
Engineering from the University of Michigan. Mr. Wrona joined the Adviser in
1997. Mr. Wrona served for seven years as a Senior Portfolio Manager at Munder
Capital Management where he co-founded Munder's Mid-Cap Growth product and
managed mutual fund and separate account portfolios. Mr. Wrona's prior
experience includes securities analysis at Drexel Burnham Lambert. Mr. Wrona
began his business career as a product design engineer with Ford Motor Company.
Mr. Hahn holds a Master's Degree in Finance from the University of Maryland and
a Bachelor's Degree from The Pennsylvania State University. Mr. Hahn joined the
Adviser in 1997. Prior to joining the Adviser, Mr. Hahn was an Assistant
Portfolio Manager for First National Bank of Maryland. Michael's experience also
includes positions in corporate finance/accounting for IBM-Federal Systems and
residential real estate management with Southern Management.
