BERGER/BIAM IPT - INTERNATIONAL FUND
SUPPLEMENT DATED NOVEMBER 13, 1997
to
PROSPECTUS DATED MAY 1, 1997
The Prospectus dated May 1, 1997, for the Berger/BIAM IPT
International Fund is amended by changing the date of the Statement of
Additional Information referred to on the cover thereof to May 1, 1997, as
amended November 13, 1997, and by adding the following new section after Section
1:
2. CONDENSED FINANCIAL INFORMATION
Following is a table setting forth certain financial
highlights for the Berger/BIAM IPT - International Fund for the period May 1,
1997 (commencement of operations) to October 31, 1997. The information contained
in the table is unaudited. Additional performance information is contained in
the Fund's most recent SemiAnnual Report dated June 30, 1997, which may be
obtained upon request and without charge by calling the Berger Funds at
1-800-706-0539 or by calling a Participating Insurance Company.
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BERGER/BIAM IPT - INTERNATIONAL FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
MAY 1, 1997 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1997
(UNAUDITED)
Net Asset Value, Beginning of Period............................ $ 10.00
---------
Income From Investment Operations:
Net Investment Income (Loss).................................... 0.05
Net Realized and Unrealized Gains
(Losses) on Securities......................................... (0.58)
---------
Total From Investment Operations................................ (0.53)
---------
Less Distributions:
Dividends (from net investment income).......................... 0.00
Distributions (from capital gains).............................. 0.00
---------
Total Distributions............................................. 0.00
---------
Net Asset Value, End of Period.................................. $ 9.47
=========
Total Return^*.................................................. (5.30)%
=========
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period....................................... $2,405,676
Ratios of Expenses to Average Net Assets:~+
Net expenses............................................... .90%
Gross expenses............................................. 1.77%
Ratio of Net Income (Loss) to Average Net Assets~............... 1.30%
Portfolio Turnover Rate*........................................ 23.60%
Average Commission Rate......................................... $ .0246
^ 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, is 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.
