THE PBHG FUNDS, INC.
SUPPLEMENT DATED DECEMBER 23, 1999
TO THE PROSPECTUS FOR THE PBHG CLASS SHARES
DATED JULY 31, 1999 (AS SUPPLEMENTED NOVEMBER 16, 1999)
This Supplement updates certain information contained in the Prospectus.
You should retain the Prospectus and all Supplements for future reference. You
may obtain an additional copy of the Prospectus, as supplemented, free of
charge, by calling 1-800-433-0051.
Effective January 1, 2000, Erin Piner will manage the PBHG Emerging Growth
Fund. Ms. Piner joined Pilgrim Baxter in 1995 and has managed the PBHG Limited
Fund since October, 1998. Ms. Piner's prior business experience is discussed on
page 63 of the Prospectus.
