Addendum to Expense Limitation Agreement
This Addendum supplements the Expense Limitation Agreement dated
October 19, 2004, by and between PBHG Funds (the "Trust") and Liberty Ridge
Capital, Inc. (the "Agreement").
WHEREAS, the Trust's Board of Trustees has approved the reorganization
of the PBHG Select Growth Fund into the PBHG Large Cap Growth Concentrated Fund
(formerly the PBHG Large Cap 20 Fund)(the "Large Cap Growth Concentrated Fund
Reorganization");
WHEREAS, the Trust's Board of Trustees has approved the reorganization
of the PBHG Large Cap Fund into the PBHG Focused Fund (the "Focused Fund
Reorganization");
WHEREAS, the Trust's Board of Trustees has approved the reorganization
of the PBHG Emerging Growth Fund into the PBHG Strategic Small Company Fund (the
"Strategic Small Company Fund Reorganization");
NOW, THEREFORE, the parties hereto agree as follows:
1. APPLICABLE EXPENSE LIMIT FOR PBHG LARGE CAP GROWTH CONCENTRATED FUND.
Effective upon the closing of the Large Cap Growth Concentrated Fund
Reorganization through March 31, 2006, the expense limitation amounts set forth
in Schedules A, C and D to the Agreement for the PBHG Large Cap Growth
Concentrated Fund are amended as follows:
Share Class Expense Limit
----------- -------------
PBHG Class 1.44%
Class A 1.69%
Class C 2.44%
2. APPLICABLE EXPENSE LIMIT FOR PBHG FOCUSED FUND. Effective upon the closing of
the Focused Fund Reorganization through March 31, 2006, the expense limitation
amounts set forth in Schedules A, B, C and D to the Agreement for the PBHG
Focused Fund are amended as follows:
Share Class Expense Limit
----------- -------------
PBHG Class 1.22%
Advisor Class 1.47%
Class A 1.47%
Class C 2.22%
3. APPLICABLE EXPENSE LIMIT FOR PBHG STRATEGIC SMALL COMPANY FUND. Effective
upon the closing of the Strategic Small Company Fund Reorganization through
March 31, 2006, the expense limitation amounts set forth in Schedules A, B, C
and D to the Agreement for the PBHG Strategic Small Company Fund are amended as
follows:
Share Class Expense Limit
----------- -------------
PBHG Class 1.48%
Advisor Class 1.73%
Class A 1.73%
Class C 2.48%
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
by their respective officers.
PBHG Funds Liberty Ridge Capital, Inc
/s/ Xxx X. Xxxxxxxx /s/ Xxxx X. Xxxx
------------------------ -------------------------
Name: Xxx X. Xxxxxxxx Name: Xxxx X. Xxxx
Title: Chief Financial Officer Title: Chief Operating Officer
Date: December 15, 2004 Date: December 14, 2004
