AMENDMENT TO SCHEDULE A OF THE INVESTMENT ADVISORY AGREEMENT
This Schedule A to the Investment Advisory Agreement dated July 11, 2001 (the
"Agreement") between PBHG Funds and Liberty Ridge Capital, Inc. (formerly known
as Pilgrim Xxxxxx & Associates, Ltd.), is hereby amended as of the 9th day of
December, 2004: (i) changes the name of the PBHG Large Cap 20 Fund to the PBHG
Large Cap Growth Concentrated Fund; (ii) reduces the compensation paid on the
PBHG Strategic Small Company Growth Fund from 1.00% to 0.85% and the PBHG
Focused Fund from 0.85% to 0.65%; (iii) implements investment advisory fee
breakpoints for all Portfolios except the Clipper Focus Fund; and (iv) sets
forth pursuant to Section 5 of this Agreement, the compensation each Portfolio
shall pay the Adviser. Such compensation shall be computed daily at the annual
rate of the Portfolio's average daily net assets as follows and shall be paid
monthly at the end of each month.
PBHG Funds
Base Advisory Fee
Advisory Fee Breakpoint Asset Thresholds
------------ ----------------------------
<1B 1-1.5B 1.5-2.0B 2.-2.5B >2.5B
PBHG Small Cap Fund 1.00% 1.00% 0.95% 0.90% 0.85% 0.80%
TSW Small Cap Value Fund 1.00% 1.00% 0.95% 0.90% 0.85% 0.80%
PBHG Growth Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
PBHG Large Cap Growth Concentrated Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
PBHG Mid Cap Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
Heitman REIT Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
PBHG Strategic Small Company Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
PBHG Technology & Communications Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
PBHG Large Cap Growth Fund 0.75% 0.75% 0.70% 0.65% 0.60% 0.55%
Analytic Disciplined Equity Fund 0.70% 0.70% 0.65% 0.60% 0.55% 0.50%
PBHG Focused Fund 0.65% 0.65% 0.60% 0.55% 0.50% 0.45%
Xxxxxx Xxxxx Term Fixed Income Fund 0.40% 0.40% 0.35% 0.30% 0.25% 0.20%
PBHG Emerging Growth Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
PBHG Large Cap Fund 0.65% 0.65% 0.60% 0.55% 0.50% 0.45%
PBHG Select Growth Fund 0.85% 0.85% 0.80% 0.75% 0.70% 0.65%
Xxxxxx Intermediate Fixed Income Fund 0.40% 0.40% 0.35% 0.30% 0.25% 0.20%
PBHG Cash Reserves Fund 0.30% 0.30% 0.25% 0.20% 0.15% 0.10%
Clipper Focus Fund 1.00% - - - - -
PBHG Funds Liberty Ridge Capital, Inc.
By:/s/ Xxx X. Xxxxxxxx By: /s/ Xxxx X. Xxxx
Name: Xxx X. Xxxxxxxx Name: Xxxx X. Xxxx
Title: Chief Financial Officer Title: Chief Operating Officer
