ANNUAL REPORT
December 31, 1996
BERGER INSTITUTIONAL PRODUCTS TRUST
BERGER IPT-100 FUND
BERGER IPT-GROWTH AND INCOME FUND
BERGER IPT-SMALL COMPANY GROWTH FUND
Berger Institutional Products Trust is presenting a combined
annual report which includes the Berger IPT-100 Fund, Berger
IPT-Growth and Income Fund and Berger IPT-Small Company
Growth Fund. The report reflects the financial position of
each Fund at December 31, 1996 and the results of their
operations and changes in their net assets for the period
May 1, 1996 (commencement of investment operations) to
December 31, 1996 in a single document.
<TABLE>
<CAPTION>
Table of Contents
<S> <C>
Berger IPT-100 Fund
Portfolio Manager's Letter 2
Schedule of Investments 4
Berger IPT-Growth and Income Fund
Portfolio Manager's Letter 7
Schedule of Investments 9
Berger IPT-Small Company Growth Fund
Portfolio Manager's Letter 11
Schedule of Invesments 14
Financial Statements 18
Notes to Financial Statements 21
Financial Highlights 24
Report of Independent Accountants 25
</TABLE>
PORTFOLIO MANAGER'S LETTER
BERGER IPT-100 FUND
Dear Shareholder:
The Berger IPT - 100 Fund's total return for the period May
1, 1996 through December 31, 1996, was 3.90% compared to
15.1% for the S&P 500 and 9.1% for the S&P Midcap Index.
The Phases of the 1996 Market
The market experienced two distinct performance phases
following the inception of the Fund on May 1, 1996: (1) a
bearish second quarter lasting through July and (2) a strong
finish from August through the end of the year.
From early in the second quarter through late July, the
market took on the characteristics of a conventional Bear
Market. Several factors contributed to this correction.
The market became nervous over the prospect of lower
earnings reports on the heels of several disappointing
announcements and stronger economic reports gave rise to
concerns that the Federal Reserve Board might raise interest
rates. In late July, in response to a slowing economy and
stable interest rates, the market resumed the move toward
new highs.
We managed the Fund cautiously from inception through mid-
September. At that time, we took a more bullish stance in
order to take advantage of the opportunity to purchase
stocks at newly-attractive levels relative to their
projected future earnings rates. During the fourth quarter,
we made the following portfolio allocation decisions, which
benefited Fund performance:
Slightly Increased Financial and Technology
Significantly Decreased Consumer
Continued Overweighting Energy Services
Remained Steady Capital Goods, Healthcare,
Cash
Looking Ahead to 1997
We are optimistic about prospects in 1997 even though we
anticipate a very slow growth rate of about 1% for the
national economy and at least one quarter of a negative
Gross Domestic Product. Despite continuing concerns about
earnings, we see no problems with inflation or interest
rates. We believe that the environment has normalized and
that, over the long term, S&P earnings growth is sustainable
in the 6-8% range. This is an environment we feel will be
very good for the Fund. While consistent 20-25% growth
stories no longer will be common in the market, we feel
confident that we can continue to find strong companies
growing at 20-30% and trading at one-half to two-thirds (in
terms of price/earnings multiples) of their growth rate.
We enter 1997 with a broadly-diversified portfolio of
investments in these major sectors; Technology-35%,
Healthcare-17%, Energy Services-13%, Capital Goods-9%,
Financials-8% and Consumer Cyclicals-3%.
Thank you for your investment in the Berger IPT-100 Fund.
Respectfully submitted,
Rodney L. Linafelter
President and Portfolio Manager
Performance figures are based on historical results and
are not intended to be indicative of future performance.
The investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
<TABLE>
<CAPTION>
TOP TEN HOLDINGS AS OF 12/31/96
% of
Company Net Assets
<S> <C>
1.Intel Corp. 2.6%
2.Microsoft Corp. 2.5%
3.Altera Corp. 2.0%
4.Pfizer, Inc. 1.9%
5.Lilly (Eli) & Co. 1.9%
6.Warner-Lambert Co. 1.8%
7.Schlumberger Ltd. 1.8%
8.Cadence Design Systems Inc.1.8%
9.3Com Corp. 1.8%
10.Monsanto Co. 1.8%
</TABLE>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN BERGER IPT-100 FUND VS. S&P 500 AND COST OF LIVING INDEX
(DESCRIPTION OF BERGER IPT-100 FUND PERFORMANCE CHART)
The following table reflects data presented in a line chart
at this point in the Annual Report to Shareholders. The
chart compares the value of shares invested in the Berger
IPT-100 Fund to the S&P 500 Index and to the Cost of Living
Index. The chart is based on an initial investment of
$10,000 on May 1, 1996 with all dividends and capital gains
reinvested.
<TABLE>
<CAPTION>
Total Value
Date Berger S&P 500 Cost of
IPT-100 Index Living Index
<S> <C> <C> <C>
05/01/96 $10,000 $10,000 $10,000
06/30/96 9,780 10,309 10,026
09/30/96 10,080 10,626 10,096
12/31/96 10,390 11,510 10,147
</TABLE>
<TABLE>
<CAPTION>
Berger IPT - 100 Fund
Schedule of Investments / December 31, 1996
Shares, Units or
Principal Amount Market
Value
COMMON STOCK - 88.4%
<S> <C> <C> <C>
Aerospace/Defense - 1.6%
50 Boeing Co. $ 5,319
Auto/Truck - Original Equipment - 1.0%
100 Lear Corp.* 3,412
Banks - Money Center - 1.7%
55 Citicorp 5,665
Chemicals - Basic - 1.8%
150 Monsanto Co. 5,831
Chemicals - Specialty - 1.3%
90 Praxair Inc. 4,151
Commercial Services - Misc. - 1.2%
100 APAC TeleServices Inc.* 3,837
Computer - Integrated Systems - 1.6%
125 Oracle Systems Corp.* 5,219
Computer - Local Networks - 3.3%
80 Cisco Systems Inc.* 5,090
80 3Com Corp.* 5,870
10,960
Computer - Memory Devices - 1.8%
175 EMC Corp.* 5,797
Computer - Peripheral Equipment - 1.7%
140 Adaptec Inc.* 5,600
Computer - Software - 7.1%
125 BMC Software Inc.* 5,172
100 Computer Associates 4,975
International Inc.
250 Informix Corp.* 5,094
100 Microsoft Corp.* 8,262
23,503
Cosmetics/Personal Care - 1.2%
150 Rexall Sundown Inc.* 4,078
Electronic - Misc. Components - 1.6%
100 Solectron Corp.* 5,337
Electronic - Scientific Instruments - 1.3%
225 Input Output Inc.* 4,162
Electronic - Semiconductor Manufacturing - 9.3%
90 Altera Corp.* 6,542
150 Analog Devices* 5,081
150 Atmel Corp.* 4,969
65 Intel Corp. 8,511
100 Sanmina Corp.* 5,650
30,753
Finance - Mortgage & Related Services - 5.0%
50 Federal Home Loan Mortgage $ 5,506
Corp.
150 Federal National Mortgage 5,587
Assn.
140 Green Tree Financial Corp. 5,408
16,501
Financial Services - Misc. - 1.3%
120 First Data Corp. 4,380
Leisure - Toys/Games/Hobby - 1.5%
125 Hasbro Inc. 4,859
Machinery - Farm - 1.7%
200 AGCO Corp. 5,725
Medical - Biomedical/Genetics - 1.6%
140 Biogen Inc.* 5,425
Medical - Drug/Diversified - 1.8%
80 Warner-Lambert Co. 6,000
Medical - Ethical Drugs - 3.7%
85 Lilly (Eli) & Co. 6,205
75 Pfizer, Inc. 6,216
12,421
Medical - Health Maintenance Organizations - 4.7%
85 Oxford Health Plans Corp.* 4,978
65 Pacificare Health System* 5,541
110 United Healthcare Corp. 4,950
15,469
Medical - Products - 1.4%
80 Boston Scientific Corp.* 4,800
Medical - Wholesale Drug/Sundries - 2.5%
100 Amerisource Health Corp.* 4,825
60 Cardinal Health Inc. 3,495
8,320
Medical/Dental - Supplies - 1.7%
130 Steris Corp.* 5,655
Oil & Gas - Drilling - 4.8%
85 Diamond Offshore Drilling* 4,845
135 Falcon Drilling Co.* 5,299
90 Transocean Offshore Inc. 5,636
15,780
Oil & Gas - Field Services - 8.0%
100 BJ Services Co.* 5,100
140 Petroleum Geo-Services A/S 5,460
ADR*
60 Schlumberger Ltd. 5,993
110 Tidewater Inc. 4,978
70 Western Atlas Inc.* 4,961
26,492
Oil & Gas - Machinery/Equipment - 2.7%
125 Baker Hughes Inc. 4,313
150 Dresser Industries Inc. 4,650
8,963
Retail - Department Stores - 1.0%
100 Federated Department 3,413
Stores Inc.*
Telecommunications - Equipment - 6.1%
150 Boston Technology Inc.* 4,313
150 Cadence Design Systems 5,963
Inc.*
200 ECI Telecom Ltd. 4,250
100 Nokia Corp. ADR 5,762
20,288
Transport - Air Freight - 1.4%
100 Atlas Air Inc.* 4,775
TOTAL COMMON STOCK (Cost 292,890
$265,612)
U.S. GOVERNMENT OBLIGATIONS - 7.5%
$25,000 U.S. Treasury Bills due 24,857
2/13/97
TOTAL U.S. GOVERNMENT
OBLIGATIONS (Amortized
Cost $24,857) 24,857
TOTAL INVESTMENTS 317,747
(Cost $290,469+) - 95.9%
OTHER ASSETS, LESS 13,549
LIABILITIES - 4.1%
NET ASSETS - 100% $331,296
</TABLE>
* Non-income producing security
+ Also represents cost for tax purposes
See notes to financial statements
PORTFOLIO MANAGER'S LETTER
BERGER IPT-GROWTH & INCOME FUND
Dear Shareholder:
The Berger IPT - Growth and Income Fund's total return for
the period May 1 - December 31, 1996, was 11.4% compared to
15.1% for the S&P 500.
The Phases of the 1996 Market
The market experienced two distinct performance phases
following the inception of the Fund on May 1, 1996: (1) a
bearish second quarter lasting through July and (2) a strong
finish from August through the end of the year.
From early in the second quarter through late July, the
market took on the characteristics of a conventional Bear
Market. The market became nervous over the prospect of
lower earnings reports on the heels of several disappointing
announcements and stronger economic reports gave rise to
concerns that the Federal Reserve Board might raise interest
rates. In late July, in response to a slowing economy and
stable interest rates, the market resumed the move toward
new highs.
We managed the Fund cautiously from inception through mid-
September. At that time, we took a more bullish stance in
order to take advantage of the opportunity to purchase
stocks at newly-attractive levels relative to their
projected future earnings rates. During the fourth quarter,
we made the following portfolio allocation decisions, which
benefited Fund performance:
Significantly Increased Consumer Staples and
Financial
Slightly Decreased Healthcare
Remained Steady Consumer Cyclicals, Energy
Services and Technology
Looking Ahead to 1997
We are optimistic about prospects in 1997 even though we
anticipate a very slow growth rate of about 1% for the
national economy and at least one quarter of a negative
Gross Domestic Product. Despite continuing concerns about
earnings, we see no problems with inflation or interest
rates. We believe that the environment has normalized and
that, over the long term, S&P earnings growth is sustainable
in the 6-8% range. This is an environment we feel will be
very good for the Fund. While consistent 20-25% growth
stories no longer will be common in the market, we feel
confident that we can continue to find strong companies
growing at 20-30% and trading at one-half to two-thirds (in
terms of price/earnings multiples) of their growth rate.
We enter 1997 with a broadly-diversified portfolio of
investments in these major sectors; Financials - 18%,
Technology - 14%, Capital Goods - 11%, Healthcare - 7% and
Consumer Cyclicals - 5%.
Thank you for your investment in the Berger IPT-Growth and
Income Fund.
Respectfully submitted,
Rodney L. Linafelter
President and Portfolio Manager
Performance figures are based on historical results and
are not intended to be indicative of future performance.
The investment return and principal value of an
investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their
original cost.
<TABLE>
<CAPTION>
TOP TEN HOLDINGS AS OF 12/31/96
% of
Company Net Assets
<S> <C>
1.Chrysler Corp. 3.4%
2.Lilly (Eli) & Co. 3.3%
3.Hewlett Packard Co. 2.9%
4.Starwood Lodging Trust 2.8%
5.Nike Inc. Cl B 2.4%
6.Adaptec Inc. 2.3%
7.Crescent Real Estate Equities Inc. 2.3%
8.Boeing Co. 2.3%
9.Diebold Inc. 2.3%
10.International Business Machines Corp.2.2%
</TABLE>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN BERGER IPT-GROWTH AND INCOME FUND VS. S&P 500 AND COST OF
LIVING INDEX
(DESCRIPTION OF BERGER IPT-GROWTH AND INCOME FUND
PERFORMANCE CHART)
The following table reflects data presented in a line chart
at this point in the Annual Report to Shareholders. The
chart compares the value of shares invested in the Berger
IPT-Growth and Income Fund to the S&P 500 Index and to the
Cost of Living Index. The chart is based on an initial
investment of $10,000 on May 1, 1996 with all dividends and
capital gains reinvested.
<TABLE>
<CAPTION>
Total Value
Date Berger S&P 500 Cost of
IPT-G&I Index Living Index
<S> <C> <C> <C>
05/01/96 $10,000 $10,000 $10,000
06/30/96 10,020 10,309 10,026
09/30/96 10,400 10,626 10,096
12/31/96 11,140 11,510 10,147
</TABLE>
<TABLE>
<CAPTION>
Berger IPT - Growth and Income Fund
Schedule of Investments / December 31, 1996
Shares, Units or
Principal Amount Market
Value
COMMON STOCK - 73.1%
<S> <C> <C> <C>
Aerospace/Defense - 4.1%
74 Boeing Co. $ 7,871
100 Rockwell International 6,088
Corp.
13,959
Auto Manufacturers - Domestic - 3.4%
360 Chrysler Corp. 11,880
Banks - Money Center - 1.8%
60 Citicorp 6,180
Banks - Northeast - 1.4%
75 State Street Boston 4,838
Corp.
Banks - Super Regional - 2.0%
25 Wells Fargo & Co. 6,744
Beverages - Alcoholic - 1.6%
140 Anheuser-Busch 5,600
Companies Inc.
Building - Heavy Construction - 1.5%
80 Fluor Corp. 5,020
Chemicals - Basic - 2.0%
175 Monsanto Co. 6,803
Commercial Services - Misc. - 3.1%
125 Diebold Inc. 7,859
100 Sabre Group Holdings 2,788
Inc.*
10,647
Computer - Integrated Systems - 1.5%
175 Verifone Inc.* 5,163
Computer - Mainframes - 2.2%
50 International Business 7,550
Machines Corp.
Computer - Mini/Micro - 2.9%
200 Hewlett-Packard Co. 10,050
Computer - Peripheral Equipment - 2.3%
200 Adaptec Inc.* 8,000
Diversified Operations - 3.7%
110 Alco Standard Corp. 5,678
150 Corning Inc. 6,938
12,616
Electrical - Equipment - 1.4%
50 General Electric Co. 4,944
Electronic - Semiconductor Manufacturing - 1.9%
50 Intel Corp. 6,547
Finance - Equity REIT - 11.2%
175 Beacon Properties Corp. 6,409
150 Crescent Real Estate 7,912
Equities Inc.
500 Innkeepers USA Trust 6,938
175 Patriot American 7,547
Hospitality
175 Starwood Lodging Trust 9,647
38,453
Household - Housewares - 1.9%
250 Sunbeam Corp. 6,438
Insurance - Property/Casualty/Title - 1.5%
100 Mercury General Corp. 5,250
Machinery - Farm - 1.5%
175 AGCO Corp. 5,008
Medical - Drug/Diversified - 0.4%
25 Johnson & Johnson 1,243
Medical - Ethical Drugs - 3.3%
155 Lilly (Eli) & Co. 11,315
Medical - Wholesale Drug/Sundries - 1.6%
100 McKesson Corp. 5,600
Oil & Gas - Drilling - 1.5%
85 Transocean Offshore 5,323
Inc.
Oil & Gas - Field Services - 2.0%
70 Schlumberger Ltd. 6,991
Oil & Gas - Machinery/Equipment - 3.8%
200 Baker Hughes Inc. 6,900
200 Dresser Industries Inc. 6,200
13,100
Oil & Gas - Production/Pipeline - 1.9%
150 Enron Corp. 6,469
Shoes & Related Apparel - 2.4%
140 Nike Inc. Cl B 8,365
Telecommunications - Equipment - 1.5%
250 ECI Telecom Ltd. 5,313
Utility - Telephone - 1.8%
100 Cincinnati Bell Inc. 6,163
TOTAL COMMON STOCK 251,572
(Cost $221,020)
U.S. GOVERNMENT OBLIGATIONS - 8.6%
$30,000 U.S. Treasury Bills 29,858
due 2/6/97
TOTAL U.S. GOVERNMENT
OBLIGATIONS (Amortized
Cost $29,858) 29,858
CONVERTIBLE DEBENTURES - 4.5%
Computer - Local Networks - 1.3%
2,000 3Com Corp. 144A - 4,402
10.25% due 11/01/01**
Medical - Products - 1.5%
5,000 U.S. Filter Co. 4.5% 5,106
due 12/15/01
Retail - Department Stores - 1.7%
5,000 Federated Department 5,819
Stores Inc. - 5% due
10/01/03
TOTAL CONERTIBLE 15,327
DEBENTURES (Cost
$13,860)
CONVERTIBLE PREFERRED STOCK - 2.3%
Computer - Software - 0.7%
50 Wang Laboratories Inc. 2,456
144A 6.5% Cv Pfd Series
B**
Funeral Services & Related - 1.6%
60 SCI Finance LLC $3.125 5,648
Cv Pfd Series A
TOTAL CONVERTIBLE 8,104
PREFERRED STOCK (Cost
$8,101)
TOTAL INVESTMENTS 304,861
(Cost $272,839+) - 88.5%
OTHER ASSETS, LESS 39,512
LIABILITIES - 11.5%
NET ASSETS - 100% $344,373
* Non-income producing security
** Pursuant to Rule 144A, resale is restricted to qualified
institutional buyers.
+ Also represents cost tax purposes
See notes to financial statements
PORTFOLIO MANAGER'S LETTER
BERGER IPT-SMALL COMPANY GROWTH FUND
Dear Shareholder:
Welcome to the first annual letter to shareholders in the
Berger IPT-Small Company Growth Fund. The Fund commenced
investment operations on May 1, 1996 and the first fiscal
year (ended December 31, 1996) was a partial one. From
inception until the end of the calendar year, the Fund was
down .50% at a time when the S&P 500 rose 15.1% and the
Russell 2000 increased by 5.2%.
The first month of the Fund's existence shared the final
weeks of a major upward move in small capitalization stocks
in the U.S. stock market. These stocks ran sharply up in a
move that began in January, 1996 and ended approximately at
the end of May, 1996. A confluence of events - fear of
rising interest rates created by stronger than expected
economic activity, disappointing earnings reports coupled
with cautionary comments regarding future business by both
Motorola and Hewlett-Packard (two bellwether companies) and
a subsequent slowdown in flows of funds into mutual funds -
led to the most serious market pullback in several years.
During the summer of 1996, the S&P 500 declined by about 10%
while the NASDAQ/OTC market fell by some 20% - substantial
retreats to be sure, but in line with what could be expected
based on historical experience. It should be noted that
many small stocks declined in price 30%, 40% or even 50%
during the correction.
When the market began to recover in August, 1996, the mood
of the market had shifted and stocks which earlier in the
year had been favorites, now became generally shunned by
investors. Certainly, most stocks rose during the 3rd
quarter and a fair amount of the losses of the summer were
recaptured. However, by the 4th quarter it became apparent
that equity investors were favoring larger capitalization
stocks. This was true whether one looks at the NYSE or the
OTC market. By the end of the year, the Dow Jones
Industrial Average led all major market indices for the year
with a price gain of 26%. The S&P 500, also dominated by
larger companies was up over 20%. The NASDAQ Composite
index, whose two largest components were Intel Corp. and
Microsoft Corp., two of the largest capitalization stocks in
the world, was up about 23%. Excluding the top 100 market
cap stocks from the NASDAQ, that index was up only 2% during
the entire year of 1996. The Russell 2000, an index of 2000
stocks with market caps ranging from about $300 million to
$800 million rose 16.49% for 1996.
In short, it was a very difficult year for investors in
smaller capitalization stocks. The 4th quarter of 1996 was
particularly tough on aggressive growth stock investors.
Many of these stocks had become highly valued in the market
and suffered severe contractions of P/E multiples (the price
of the stock divided by the company's earnings per share - a
common measure of a stock's valuation). These price
declines occurred in many cases despite the company's
underlying business remaining strong.
Some discussion of what worked in the portfolio and what
didn't work is in order. Technology was a mixed bag
although generally a positive factor in the Fund's
performance. Semiconductor capital equipment stocks, such
as E-Tech Corp. and Lam Research, Inc. contributed
positively to the portfolio, despite being owned for a
relatively short duration during the period under
discussion. Additionally, the share price of Scopus
Technology, a software company, was up sharply during the
year. On the disappointing side were several retailers,
such as the Wet Seal and Gymboree Corp. and the shares of
radio broadcasters such as Emmis Broadcasting and Evergreen
Media, whose shares were sharp underperformers as investors
feared regulators would block the companies ability to grow
via acquisition. The shares of many radio companies have
since recovered, and it remains an important constituent of
the portfolio.
The outlook for smaller capitalization stocks in 1997 is
mixed. On the plus side, macro economic indicators continue
to augur well for moderate growth in the U.S. economy. This
suggests that any increase in interest rates is likely to be
moderate. Also, inflation continues to show few signs of
resurgence. The earnings of companies, which appeared to be
faltering during the third quarter, showed renewed strength
in the final quarter of 1996 and many companies remain
optimistic about their businesses looking forward. It must
be noted, however, that major bull markets in small cap
stocks rarely occur in the absence of a preceding bear
market or economic recession, a condition not present today.
Investors still favor larger cap stocks due to their
liquidity and more defensive nature than small cap stocks.
Big cap stocks are also moving higher due to the substantial
flow of funds into index mutual funds. These funds are
created to replicate the composition and return of the S&P
500, essentially composed of large cap stocks. Unless
investors feel that these large cap stocks are too
overvalued relative to small stocks, this trend will
continue. However, like the past few years, we expect that
small stocks will offer investors periodic spurts of
superior performance over larger stocks. Due to the
difficulty in timing such events, we continue to recommend
that small stocks be retained as a portion of an investors
total portfolio investments.
We thank you for your support and are working to continue to
deserve your confidence.
Respectfully submitted,
William Keithler
President and Portfolio Manager
Berger IPT-Small Company Growth Fund
Performance figures are based on historical results and
are not intended to be indicative of future performance.
The investment return and principal value of an
investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their
original cost.
</TABLE>
<TABLE>
<CAPTION>
TOP TEN HOLDINGS AS OF 12/31/96
% of
Company Net Assets
<S> <C>
1.Maxim Integrated Products Inc. 1.9%
2.Marine Drilling Companies Inc. 1.6%
3.Remedy Corp. 1.5%
4.Technology Solutions Co. 1.4%
5.Miller Herman Inc. 1.3%
6.Sirrom Capital Corp. 1.3%
7.VIASOFT Inc. 1.2%
8.Tower Semiconductor Ltd. 1.2%
9.Barrett Resources Corp. 1.2%
10.ENSCO International Inc. 1.2%
</TABLE>
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN BERGER IPT-SMALL COMPANY GROWTH FUND VS. RUSSELL 2000
AND COST OF LIVING INDEX
(DESCRIPTION OF BERGER IPT-SMALL COMPANY GROWTH FUND
PERFORMANCE CHART)
The following table reflects data presented in a line chart
at this point in the Annual Report to Shareholders. The
chart compares the value of shares invested in the Berger
IPT-Growth and Income Fund to the Russell 2000 Index and to
the Cost of Living Index. The chart is based on an initial
investment of $10,000 on May 1, 1996 with all dividends and
capital gains reinvested.
Total Value
Date Berger Russell 2000 Cost of
IPT-SCG Living Index
<S> <C> <C> <C>
05/01/96 $10,000 $10,000 $10,000
06/30/96 10,530 9,967 10,026
09/30/96 10,720 10,001 10,096
12/31/96 9,950 10,521 10,147
</TABLE>
<TABLE>
<CAPTION>
Berger IPT - Small Company Growth Fund
Schedule of Investments / December 31, 1996
Shares, Units or Market
Principal Amount Value
COMMON STOCK AND RIGHTS - 80.5%
<S> <C> <C> <C>
Commercial Services - Misc. - 1.5%
95 Billing Information $ 2,731
Concepts*
35 CMG Information Services* 586
50 Mail Boxes Etc.* 1,125
4,442
Commercial Services - Schools - 0.1%
25 Youth Services International 381
Inc.*
Commercial Services - Security/Safety - 1.5%
70 Ultrak Inc.* 2,135
100 Wackenhut Corrections Corp.* 2,000
4,135
Computer - Integrated Systems - 1.0%
60 Wind River Systems Inc.* 2,843
Computer - Local Networks - 0.7%
35 Ascend Communications Inc.* 2,174
Computer - Memory Devices - 1.6%
40 Microchip Technology Inc.* 2,035
60 Zitel Corp.* 2,663
4,698
Computer - Services - 6.5%
75 American Management Systems 1,837
Inc.*
70 Bisys Group Inc.* 2,594
65 Envoy Corp.* 2,437
75 Gartner Group Inc. Cl A* 2,920
30 HBO & Co. 1,781
90 National TechTeam Inc.* 1,800
50 QuickResponse Services Inc.* 1,425
7 Sanchez Computers Associates 0
100 Technology Solutions Co.* 4,150
18,944
Computer - Software - 10.3%
65 Baan Co. N.V.* 2,259
90 Cambridge Technology 3,021
Partners Inc.*
60 CBT Group PLC ADR* 3,255
80 Filenet Corp.* 2,560
40 MDL Information Systems 745
Inc.*
107 Pure Atria Corp.* 2,648
80 Remedy Corp.* 4,300
25 Scopus Technology Inc.* 1,162
25 Select Software Tools ADR* 456
100 Siebel Systems Inc.* 2,700
70 Sterling Software Inc.* 2,214
85 Systemsoft Corp.* 1,264
75 VIASOFT Inc.* 3,544
30,128
Cosmetics/Personal Care - 0.4%
40 Rexall Sundown Inc.* 1,087
Diversified Operations - 0.7%
40 Pittway Corp. Cl A 2,140
Electrical - Connectors - 0.6%
45 Level One Communications 1,609
Inc.*
Electronic - Misc. Components - 1.0%
60 Radisys Corp.* 2,925
Electronic - Parts Distributors - 0.9%
100 Kent Electronics Corp.* 2,575
Electronic - Scientific Instruments - 0.4%
60 Input Output Inc.* 1,110
Electronic - Semiconductor Equipment - 10.6%
175 Cypress Semiconductor Co.* 2,472
35 Dallas Semiconductor Corp. 805
140 DSP Communications Inc.* 2,712
105 ESS Technology* 2,953
40 ETEC Systems Inc.* 1,530
150 Kulicke & Soffa Industries* 2,850
100 Lam Research Corp.* 2,812
65 Lattice Semiconductor Corp.* 2,990
125 Maxim Integrated Products 5,406
Inc.*
325 Tower Semiconductor Ltd.* 3,412
120 VLSI Technology Inc.* 2,865
30,807
Finance - Mortgage & Related Services - 0.7%
60 Aames Financial Corp. 2,152
Finance - Small Business Investment Company & Commercial - 2.0%
70 Safeguard Scientifics Inc.* 2,222
100 Sirrom Capital Corp. 3,675
5,897
Financial Services - Misc. - 1.1%
75 PMT Services Inc.* 1,312
100 Pre-Paid Legal Services 1,825
Inc.*
3,137
Funeral Services & Related - 0.7%
60 Stewart Enterprises Inc. Cl 2,040
A
Household/Office Furniture - 1.3%
65 Miller Herman Inc. 3,681
Leisure - Toys/Games/Hobby - 0.5%
100 Galoob Toys Inc.* 1,400
Media - Radio/TV - 2.9%
40 Clear Channel Communications 1,445
Inc.*
60 Evergreen Media Corp. Cl A* 1,500
70 Renaissance Communications 2,502
Corp.*
40 Sinclair Broadcast Group* 1,040
70 Young Broadcasting Inc. Cl 2,048
A*
8,535
Medical - Biomedical/Genetics - 3.1%
50 Agouron Pharmaceuticals 3,387
Inc.*
35 BioChem Pharma Inc.* 1,759
85 Sangstat Medical Corp.* 2,252
40 Vertex Pharmaceuticals* 1,610
9,008
Medical - Ethical Drugs - 0.3%
60 Ergo Science Corp.* 788
Medical - Health Maintenance Organizations - 0.9%
210 Healthsource Inc.* 2,756
Medical - Outpatient/Home Care - 4.3%
75 American HomePatient Inc.* 2,044
70 HEALTHSOUTH Corp.* 2,704
60 PhyCor Inc.* 1,703
50 Renal Care Group Inc.* 1,581
150 RoTech Medical Corp.* 3,150
40 Total Renal Care Holdings 1,450
Inc.*
12,632
Medical - Products - 1.1%
60 PAREXEL International Corp.* 3,098
Medical - Wholesale Drug/Sundries - 1.4%
90 Grupo Casa Autrey S.A. de 1,755
C.V. ADR
80 NCS HealthCare Inc. Cl A* 2,330
4,085
Medical/Dental - Supplies - 2.1%
100 Omnicare Inc. 3,213
70 Target Therapeutics Inc.* 2,940
6,153
Oil & Gas - Drilling - 3.7%
70 ENSCO International Inc.* 3,395
140 Global Marine Inc.* 2,888
230 Marine Drilling Companies 4,528
Inc.*
10,811
Oil & Gas - Field Services - 1.8%
50 BJ Services Co.* 2,550
60 Tidewater Inc. 2,715
5,265
Oil & Gas - U.S. Exploration & Production - 1.2%
80 Barrett Resources Corp.* 3,410
Pollution Control - Services - 0.6%
87 Tetra Tech Inc.* 1,718
Real Estate Operations - 0.4%
50 Fairfield Communities Inc.* 1,238
Retail - Apparel/Shoe - 3.1%
150 Finish Line Inc. Cl A* 3,169
70 Gymboree Corp.* (The) 1,601
100 Men's Wearhouse Inc.* (The) 2,450
90 Wet Seal Inc. Cl A 1,924
9,144
Retail - Department Stores - 0.4%
30 Proffitt's Inc.* 1,106
Retail - Mail Order & Direct - 1.0%
70 Black Box Corp.* 2,888
Retail - Misc./Diversified - 1.5%
155 Hollywood Entertainment* 2,868
70 Petco Animal Supplies Inc.* 1,453
4,321
Retail/Wholesale - Building Products - 0.9%
125 Eagle Hardware & Garden 2,594
Inc.*
Telecommunications - Equipment - 4.1%
30 Cascade Communications 1,654
Corp.*
50 Comverse Technology Inc.* 1,891
80 P-COM Inc.* 2,370
80 PairGain Technologies Inc.* 2,435
45 Premisys Communications 1,519
Inc.*
90 Westell Technologies Inc. Cl 2,059
A*
11,928
Telecommunications - Services - 1.2%
70 ICG Communications Inc.* 1,234
85 Intermedia Communications 2,189
Inc.*
3,423
Textile - Apparel Manufacturing - 0.4%
50 Nautica Enterprises Inc.* 1,263
TOTAL COMMON STOCK (Cost 234,469
$213,939)
TOTAL INVESTMENTS 234,469
(Cost $213,939+) - 80.5%
OTHER ASSETS, LESS 56,893
LIABILITIES - 19.5%
NET ASSETS - 100% $291,362
</TABLE>
* Non-income producing security
+ Also represents cost for tax purposes
See notes to financial statements
<TABLE>
<CAPTION>
Berger Institutional Products Trust
Statements of Assets and Liabilities
December 31, 1996
Berger IPT- Berger IPT-
Berger IPT- Growth and Small Company
100 Fund Income Fund Growth Fund
<S> <C> <C> <C>
Assets
Investments at cost $290,469 $272,839 $213,939
Investments at value $317,747 $304,861 $234,469
Cash 7,964 34,035 45,341
Receivables:
Investment securities 0 0 10,247
sold
Fund shares sold 751 185 381
Due from management 11,111 10,725 11,337
company
Dividends and interest 32 703 12
Total Assets 337,605 350,509 301,787
Liabilities
Payables:
Investment securities 0 0 3,870
purchased
Accrued expenses 6,309 6,136 6,555
Total Liabilities 6,309 6,136 10,425
Net Assets Applicable to $331,296 $344,373 $291,362
Shares Outstanding
Capital Shares:
Authorized (Par Value unlimited unlimited unlimited
$0.01)
Shares Outstanding 31,885 30,915 29,268
Net Asset Value, Offering
and Redemption Price Per $10.39 $11.14 $9.95
Share
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Berger Institutional Products Trust
Statements of Operations
For the period May 1, 1996 (commencement of investment operations)
through December 31, 1996
Berger IPT- Berger IPT- Berger IPT-
100 Fund Growth and Small Company
Income Fund Growth Fund
<S> <C> <C> <C>
Investment Income
Income:
Dividends $ 718 $ 3,183 $ 1,677
Interest 1,949 1,766 289
Total Income 2,667 4,949 1,966
Expenses:
Investment advisory fees 1,393 1,350 1,620
(Note 2)
Accounting fees 6,000 6,000 6,000
Legal fees 3,236 3,187 2,934
Custodian fees 1,536 1,256 2,812
Transfer agent fees 1,575 1,575 1,575
Postage, printing & 169 146 162
reports
Insurance & bonds 308 287 296
Registration fees 78 78 78
Administrative services 19 17 17
(Note 2)
Total Expenses 14,314 13,896 15,494
Less expenses (12,453) (12,091) (13,415)
reimbursed by adviser (Note 2)
Less earnings credits (127) (101) (369)
(Note 2)
Expenses - Net 1,734 1,704 1,710
Net Investment Income 933 3,245 256
(Loss)
Realized and Unrealized Gain (Loss) on Investments and Foreign
Currency Transactions
Net realized gain (loss) on
securities and foreign (15,089) (5,205) (24,136)
currency transactions
Net change in unrealized
appreciation (depreciation)
on securities and foreign 27,278 32,022 20,530
currency transactions
Net Realized and Unrealized
Gain (Loss) on Investments 12,189 26,817 (3,606)
and Foreign Currency
Transactions
Net Increase (Decrease) in
Net Assets Resulting from $13,122 $30,062 $(3,350)
Operations
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Berger Institutional Products Trust
Statements of Changes in Net Assets
For the period May 1, 1996 (commencement of
investment operations) through December 31, 1996
Berger IPT- Berger-IPT Berger IPT-
100 Fund Growth and Small Company
Income Fund Growth Fund
<S> <C> <C> <C>
From Operations:
Net investment income (loss) $ 933 $ 3,245 $ 256
Net realized gain (loss) on
securities and foreign (15,089) (5,205) (24,136)
currency transactions
Net change in unrealized
appreciation (depreciation)
on securities and foreign
currency transactions 32,022 20,530 27,278
Net Increase (Decrease) in
Net Assets Resulting From 13,122 30,062 (3,350)
Operations
From Distributions to
Shareholders:
Net investment income 0 0 0
Net realized gains on 0 0 0
investments
Net Decrease in Net Assets
from Distributions to 0 0 0
Shareholders
From Fund Share Transactions:
Proceeds from shares sold 333,121 314,330 294,712
Net asset value of shares
issued in reinvestment of 0 0 0
dividends
Total 333,121 314,330 294,712
Payments for shares redeemed (14,947) (19) 0
Net Increase (Decrease) in
Net Assets Derived From Fund 318,174 314,311 294,712
Share Transactions
Increase (Decrease) in Net 331,296 344,373 291,362
Assets
Net Assets:
Beginning of period 0 0 0
End of period $331,296 $344,373 $291,362
Undistributed net investment
income included in the above $933 $3,245 $256
Components of Net Assets:
Capital (par value and paid $318,174 $314,311 $294,712
in surplus)
Undistributed net investment 933 3,245 256
income
Accumulated net realized
gain (loss) from investments (15,089) (5,205) (24,136)
Unrealized appreciation
(depreciation) on investments 27,278 32,022 20,530
Total $331,296 $344,373 $291,362
Transactions in fund shares:
Shares sold 33,339 30,917 29,268
Shares issued to shareholders
in reinvestment of dividends 0 0 0
Total 33,339 30,917 29,268
Shares repurchased (1,454) (2) 0
Net increase (decrease) in 31,885 30,915 29,268
shares
Shares outstanding, beginning 0 0 0
of period
Shares outstanding, end of 31,885 30,915 29,268
period
</TABLE>
See notes to financial statements.
Berger Institutional Products Trust
Notes to Financial Statements
December 31, 1996
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization
Berger Institutional Products Trust (the "Trust"), a
Delaware business trust, was established on October 17, 1995
as a diversified open-end management investment company. The
Trust is authorized to issue an unlimited number of shares
of beneficial interest in series or portfolios. Currently,
the series comprising Berger IPT-100 Fund ("IPT-100"),
Berger IPT-Growth and Income Fund ("IPT-G&I"), and Berger
IPT-Small Company Growth Fund ("IPT-SCG"), (individually the
"Fund" and collectively the "Funds"), which commenced
investment operations on May 1, 1996, are the only
portfolios established under the Trust, although others may
be added in the future.
The Trust is registered under the Investment Company Act
of 1940 and the Securities Act of 1933 (the "Acts"). Shares
of each Fund are fully paid and non-assessable when issued.
All shares issued by a particular Fund participate equally
in dividends and other distributions by that Fund. The
Trust's shares are not offered directly to the public, but
are sold exclusively to insurance companies ("Participating
Insurance Companies") as a pooled funding vehicle for
variable annuity and variable life insurance contracts
issued by separate accounts of Participating Insurance
Companies and to qualified plans.
On April 15, 1996 Berger Associates, Inc. ("Berger"), the
Trust's investment advisor purchased 25,000 shares of each
portfolio at a net asset value of $10.00 per share. All
costs incurred in organizing the Trust were paid by Berger.
At December 31, 1996, Berger Associates, Inc. owned 78%,
81% and 85% of the outstanding shares of IPT-100, IPT-G&I
and IPT-SCG, respectively, as a result of the initial
capitalization of the Funds.
Significant Accounting Policies
The following is a summary of significant accounting
policies consistently followed by the Funds in the
preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles.
Investment Valuation
Securities are valued at the close of the regular trading
session of the New York Stock Exchange (the "Exchange") on
each day that the Exchange is open. Securities listed on
national exchanges, the NASDAQ Stock Market and foreign
exchanges are valued at the last sale price on such markets,
or, if no last sale price is available, they are valued
using the mean between their current bid and asked prices.
Securities that are traded on the over-the-counter market
are valued at the mean between their current bid and asked
prices. Short-term obligations maturing within sixty days
are valued at amortized cost, which approximates market
value. Foreign securities are converted to U.S. dollars
using exchange rates determined prior to the close of the
Exchange. Securities for which quotations are not readily
available are valued at fair values determined in good faith
pursuant to consistently applied procedures established by
the trustees.
Federal Income Taxes
It is the Funds' policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment
companies and to distribute all of their taxable income to
shareholders. Therefore, no income tax provision is
required.
Security Gains and Losses
Gains and losses are computed on the identified cost basis
for both financial statement and Federal income tax purposes
for all securities. Assets and liabilities initially
expressed in terms of foreign currencies are translated into
U.S. dollars at the prevailing market rates as quoted by one
or more banks or dealers on the date of valuation. The cost
of securities is translated into U.S. dollars at the rates
of exchange prevailing when such securities were acquired.
Income and expenses are translated into U.S. dollars at
rates of exchange prevailing when accrued.
Investment Transactions and Investment Income
Investment transactions are accounted for on the date
investments are purchased or sold. Dividend income and
distributions to shareholders are recorded on the ex-
dividend date. Interest income is recorded on the accrual
basis and includes amortization of discounts.
Common Expenses
Certain expenses which are not directly allocable to a
specific Fund are allocated to the Funds on the basis of
relative net assets.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases
and decreases in net assets from operations during the
reporting period. Actual results could differ from those
estimates.
2. AGREEMENTS
Berger serves as the Trust's investment advisor. As
compensation for its services to the Trust, Berger receives
an investment advisory fee which is accrued daily at the
applicable rate and paid monthly. The fee is based on an
annual rate of each Fund's average net assets as follows:
IPT-100 and IPT-G&I at .75 of 1% of average daily net
assets; IPT-SCG at .90 of 1% of average daily net assets.
Berger has agreed to waive its advisory fee and reimburse
expenses to the Funds to the extent that normal operating
expenses in any fiscal year (including the advisory fee but
excluding brokerage commissions, interest, taxes and
extraordinary expenses) exceed 1.00% of the average daily
net assets of each of the IPT-100 and the IPT-G&I, and 1.15%
of the average daily net assets of the IPT-SCG.
The Trust has entered into an administrative services
agreement with Berger. The administrative services
agreement provides for an annual fee of .01 of 1% of the
average daily net assets of each Fund, computed daily and
payable monthly.
The Trust has also entered into a recordkeeping and
pricing agreement with Investors Fiduciary Trust Company
("IFTC"), who also serves as each Fund's custodian and
transfer agent. The recordkeeping and pricing agreement
provides for the monthly payment of a base fee per Fund plus
a fee computed as a percentage of average daily net assets
on a total relationship basis. IFTC's fees for custody,
recordkeeping and pricing, or transfer agency services are
subject to reduction by credits earned by each Fund, based
on the cash balances of the Fund held by IFTC as custodian
or by credits received from directed brokerage transactions.
For the period May 1, 1996 (commencement of investment
operations) through December 31, 1996, the IPT-100, IPT-G&I
and the IPT-SCG Funds received $127, $101 and $369,
respectively, in earnings and brokerage credits and paid
IFTC fees (after earnings and brokerage credits) of $8,984,
$8,730 and $10,018, respectively, for services rendered.
Certain officers and directors of Berger are also officers
and trustees of the Trust. Trustees who are not affiliated
with Berger did not receive trustees' fees from the IPT-100,
IPT-G&I and IPT-SCG Funds for the period ended December 31,
1996.
3. INVESTMENT TRANSACTIONS
A. Purchases and Sales
<TABLE>
<CAPTION>
Purchases and sales of investment securities from May 1,
1996 (commencement of investment operations) to December 31,
1996 were as follows:
Berger IPT- Berger
Berger Growth and IPT-Small
IPT-100 Income Company
Fund Fund Growth
Fund
<S> <C> <C> <C>
Purchases of investment
securities $403,096 $389,412 $431,687
(excluding short-term
securities)
Sales of investment
securities $122,419 $141,398 $193,612
(excluding short-term
securities)
</TABLE>
There were no purchases or sales of long-term U.S.
Government securities during the period.
<TABLE>
<CAPTION>
At December 31, 1996, the composition of unrealized
appreciation (the excess of value over tax cost) and
unrealized depreciation (the excess of tax cost over value)
for securities was as follows:
Berger IPT- Berger
Berger Growth andIPT-Small
IPT-100 Income Company
Fund Fund Growth
Fund
<S> <C> <C> <C>
Appreciation $32,369 $34,592 $34,239
Depreciation (5,091) (2,570) (13,709)
Net $27,278 $32,022 $20,530
</TABLE>
B. Federal Income Tax Status
Dividends paid by the Funds from net investment income and
distributions of net realized short-term capital gains are,
for Federal income tax purposes, taxable as ordinary income
to shareholders.
The Funds distribute net realized capital gains, if any,
to their shareholders at least annually, if not offset by
capital loss carryovers. Income distributions and capital
gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due
to the differing treatments for net operating losses and
expiring capital loss carryforwards. Accordingly, these
permanent differences in the character of income and
distributions between financial statements and tax basis
will be reclassified to paid-in-capital. At December 31,
1996, no such differences existed.
<TABLE>
<CAPTION>
At December 31, 1996, the Funds had capital loss
carryovers which may be used to offset future realized
capital gains for Federal income tax purposes.
Additionally, the Funds incurred and elected to defer post-
October 31 net capital losses to the year ended December 31,
1997. The capital loss carryovers and post-October 31 net
capital losses for the Funds are as follows:
Capital Post-
Loss Carry October
Fund Overs
(expire Losses
12/31/04)
<S> <C> <C>
IPT - 100 $8,758 $6,331
IPT - G&I $5,025 $180
IPT - SCG $16,903 $7,233
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights / December 31, 1996
For a Share Outstanding Throughout the Period May 1, 1996 (commencement of
investment operations) through Berger
December 31, 1996 Berger IPT-
Berger IPT- Small
IPT-100 Growth Company
Fund and Growth
Income Fund
Fund
<S> <C> <C> <C>
Net asset value, beginning of $10.00 $10.00 $10.00
period
Income from investment
operations:
Net investment income .03 .10 .01
Net realized and unrealized .36 1.04 (.06)
gain (loss) on securities
Total from investment .39 1.14 (.05)
operations
Less distributions:
Dividends (from net .00 .00 .00
investment income)
Distributions (from capital .00 .00 .00
gains)
Total distributions .00 .00 .00
Net asset value, end of period $10.39 $11.14 $9.95
Total return^* 3.90% 11.40% (.50)%
Ratios:
Net assets, end of period $331,296 $344,373 $291,362
Ratio of expenses to average
net assets:~+
Net expenses .93% .94% .95%
Gross expenses 7.69% 7.70% 8.57%
Ratio of net income to average .50% 1.80% .14%
net assets~
Portfolio turnover rate* 56% 60% 80%
Average commission rate $.0590 $.0756 $.0392
</TABLE>
^ Total return reflects the effect of fees offset by
earnings credits, fee waivers and expense reimbursements, and
does not reflect expenses that apply to related variable
insurance contracts. Had the fee offsets, waivers and
reimbursements not been made, and had variable contract
charges been included, total return would have been lower
for the period shown.
* Based on operations for the period shown and, accordingly,
are not representative of a full year.
~ Annualized
+ Net expenses reflect the Fund's gross (total) expenses,
reduced by fees offset by earnings credits, fee waivers
and expense reimbursements. Gross expenses and net expenses
do not include the deduction of any charges or expenses
attributable to any particular variable insurance contract.
See notes to financial statements.
Report of Independent Accountants
To the Board of Trustees and Shareholders of
Berger Institutional Products Trust
In our opinion, the accompanying statements of assets and
liabilities, including the schedules of investments, and the
related statements of operations and of changes in net
assets and the financial highlights present fairly, in all
material respects, the financial position of Berger IPT-100
Fund, Berger IPT-Growth and Income Fund and Berger IPT-Small
Company Growth Fund (constituting Berger Institutional
Products Trust, hereafter referred to as the "Trust") at
December 31, 1996, the results of each of their operations,
the changes in each of their net assets and the financial
highlights for the period May 1, 1996 (commencement of
investment operations) through December 31, 1996, in
conformity with generally accepted accounting principles.
These financial statements and financial highlights
(hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility
is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements,
assessing the accounting principles used and significant
estimates made by management, and evaluating the overall
financial statement presentation. We believe that our
audits, which included confirmation of securities at
December 31, 1996 by correspondence with the custodian and
the application of alternative auditing procedures for
unsettled security transactions, provide a reasonable basis
for the opinion expressed above.
Price Waterhouse LLP
Denver, Colorado
January 27, 1997
Trustees of Berger Institutional Products Trust
Michael Owen, Chairman * Dennis E. Baldwin
William M.B. Berger * Louis R. Bindner, P.E. * Katherine A.
Cattanach
Lucy Black Creighton * Paul R. Knapp * Gerard M. Lavin *
Harry T. Lewis, Jr. * Rodney L. Linafelter * William
Sinclaire
OFFICERS:
Gerard M. Lavin
President
Berger Institutional Products Trust
Rodney L. Linafelter
President
Berger IPT-100 Fund and
Berger IPT-Growth and Income Fund
William R. Keithler
President
Berger IPT-Small Company Growth Fund
Kevin R. Fay
Vice President, Secretary and Treasurer
Berger Institutional Products Trust
Janice M. Teague
Assistant Secretary
Berger Institutional Products Trust
David J. Schultz
Susan G. Kohlman
Assistant Treasurers
Berger Institutional Products Trust
Investment Adviser
Berger Associates, Inc.
P.O. Box 5005
Denver, Colorado 80217
1-303-329-0200 or 1-800-333-1001
THE BERGER FUNDS
Together we can move mountains.
1996 Berger Associates, Inc.
