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News October 11, 2004 Issue

Pilgrim Baxter No More

Less than a year after the SEC charged Gary Pilgrim and Harold Baxter with fraud and breach of fiduciary duty in connection with market timing of the PBHG Funds, the firm formerly known as Pilgrim Baxter & Associates, Ltd. has changed its name.

The new name: Liberty Ridge Capital, Inc., reflecting the firmís location near the hills of Valley Forge, Pennsylvania. In an October 1 announcement, the firm said that the name "signifies a new direction for the firm," marking a new beginning for the firmís employees.

Less than a month after the SECís charges, Pilgrim and Baxter resigned from the firm and their positions with the PBHG Funds. The firm settled with the SEC in June 2004. The SECís charges against Pilgrim and Baxter remain pending.

In other market-timing news, RS Investment Management L.P. and the firmís CEO and CFO agreed last week to settle SEC charges that they permitted market timing in the RS mutual funds. The adviser agreed to pay $25 million in disgorgement and penalties. The CEO and CFO agreed to pay civil penalties of $150,000 each.