THE PBHG FUNDS, INC.
SUPPLEMENT DATED NOVEMBER 12, 1999
TO THE PROSPECTUS FOR THE PBHG CLASS SHARES
DATED JULY 31, 1999
This Supplement updates certain information contained in the Prospectus, as
previously supplemented. 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 at the close of business on November 12, 1999 ("Closing Day"),
the PBHG New Opportunities Fund will close to new investors. As of the Closing
Day, shareholders who have not established a PBHG New Opportunities Fund account
will no longer be permitted to exchange their shares for shares of the PBHG New
Opportunities Fund. These actions will help enable the Fund to invest
effectively in accordance with its current investment objectives, policies and
restrictions.
After the Closing Day, investments in the PBHG New Opportunities Fund will
be accepted only as permitted in the "Fund Summaries - PBHG New Opportunities
Fund" section of the Prospectus. That section currently provides that after the
Closing Day, only the following investments will be accepted: (a) subsequent
investments by persons who were shareholders on Closing Day; (b) new and
subsequent investments made by certain clients and employees of Pilgrim Baxter
and its affiliates; and (c) new and subsequent investments by certain pensions
plans.
