July 2, 2003 — PBHG Funds has begun offering shares of the PBHG Clipper Focus Fund/PBHG (PBFOX) that are sold through financial intermediaries.

The new advisor shares of the fund, introduced June 30, carry a 0.25% service fee to compensate brokers, financial planners, and other third parties who sell them. The shares do not carry sales or redemption charges, however.

For the three years ended May 30, 2003, Clipper Focus rose an average annualized 15.3%, versus a loss of 3.5% for its large-cap value peers. The portfolio is ranked 5 Stars by Standard & Poor’s.