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BERGER/BIAM IPT - INTERNATIONAL FUND
SUPPLEMENT DATED JANUARY 20, 2000
TO
PROSPECTUS DATED MAY 1, 1999
On January 19, 2000, Berger LLC and Bank of Ireland Asset Management (U.S.)
Limited ("BIAM") entered into an agreement to dissolve BBOI Worldwide LLC
("BBOI"). BBOI serves as investment advisor to the Fund and was formed in 1996
as a joint venture between Berger LLC and BIAM. As investment advisor, BBOI
oversees, evaluates and monitors the investment advisory services provided by
BIAM, which is responsible for the day-to-day management of the Fund as
sub-advisor.
The dissolution of BBOI will have no effect on the investment advisory
services provided to the Fund or on the fees borne by the Fund for advisory
services. Contingent upon shareholder approval, when BBOI is dissolved, Berger
LLC will become the Fund's advisor and BIAM will continue to be responsible for
the day-to-day management of the Fund as sub-advisor. If approved by
shareholders, these advisory changes are expected to take place in the first
half of this year.
