<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Semi-Annual Report
For the period from October 11, 1996 (commencement of
investment operations) to January 31, 1997
TABLE OF CONTENTS
Schedule of Investments 2
Statement of Assets and Liabilities 5
Statement of Operations 6
Statement of Changes in Net Assets 7
Notes to Financial Statements 8
1<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Schedule of Investments (Unaudited)
January 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Country/ Market
Shares Company Industry Value
- ---------------------------------------------------------------------------------------------------------
<S> <S> <C>
COMMON STOCK (88.0%)
AUSTRALIA (7.3%)
43,770 Broken Hill Proprietary Resources $ 600,233
105,000 National Australia Bank Financials 1,269,323
128,780 News Corporation Media 652,184
64,550 Western Mining Resources 396,812
-----------
2,918,552
-----------
FINLAND (0.7%)
15,000 Upm Kymmene Paper, Packaging & Printing 291,917
-----------
291,917
-----------
FRANCE (1.6%)
2,950 Elf Aquitaine Utilities 285,973
6,380 Michelin Auto Goods 365,213
-----------
651,186
-----------
GERMANY (5.3%)
17,020 Hoechst Healthcare 714,314
2,059 Mannesmann Electrical/Engineering 796,319
6,500 Siemens Electrical/Engineering 318,596
6,110 Veba Utilities 337,684
-----------
2,166,913
-----------
GREAT BRITAIN (27.7%)
114,300 B.A.T. Industries Tobacco/Financial Services 885,330
42,400 Barclays Bank Financials 784,531
75,500 BTR Conglomerates 312,658
30,000 Cable & Wireless Telecommunications 223,479
66,550 Cadbury Schweppes Food Manufacturing 502,147
26,500 Chubb Security Security 135,849
25,850 EMI Group Leisure & Entertainment 501,495
60,300 General Electric Electrical/Engineering 376,259
29,400 Glaxo Wellcome Healthcare 470,517
44,050 Granada Group Leisure & Entertainment 633,701
49,000 Grand Metropolitan Retailer/Consumer Goods 362,660
19,910 Guinness Consumer Goods-Non Durables 138,108
74,900 Ladbroke Group Leisure & Entertainment 275,376
106,750 Lloyds TSB Group Financials 820,864
38,700 Medeva Healthcare 178,552
41,800 Premier Farnell Distributor of Components 353,567
68,300 Prudential Insurance 589,755
62,350 Safeway Retailer/Consumer Goods 381,559
64,400 Scottish Power Utilities 385,851
37,200 Shell Transport & Trading Company Utilities 641,235
</TABLE>
2<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Schedule of Investments (Unaudited) - Continued
January 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Country/ Market
Shares Company Industry Value
- ---------------------------------------------------------------------------------------------------------
<S> <S> <C>
42,341 Siebe Electrical/Engineering $ 712,217
65,200 TI Group Electrical/Engineering 577,610
79,500 Vodafone Group Telecommunications 345,142
26,875 Zeneca Group Healthcare 776,689
11,365,151
HONG KONG (2.0%)
35,600 HSBC Holdings Financials 824,627
824,627
INDONESIA (4.8%)
126,000 Gudang Garam Tobacco 615,022
51,800 Hero Supermarket Retailer/Consumer Goods 47,952
125,000 HM Sampoerna Tobacco 783,715
114,000 Indocement Tunggal Infrastructure/Property 170,292
100,000 Mayora Indah Food Manufacturing 43,130
167,000 Telekomunikasi Indonesia Telecommunications 298,653
1,958,764
IRELAND (1.3%)
28,750 Allied Irish Banks Financials 196,958
131,800 Smurfit (Jefferson) Group Paper, Packaging & Printing 354,048
551,006
ITALY (1.1%)
82,000 Seat Paper, Packaging & Printing 31,589
82,000 STET Telecommunications 404,658
436,247
JAPAN (2.0%)
38,000 Canon Retailer/Consumer Goods 804,116
804,116
MALAYSIA (4.2%)
99,000 DCB Holdings Financials 374,366
47,000 Hume Industries Malaysia Infrastructure/Property 296,846
137,400 Sime Darby Conglomerates 511,284
60,000 United Engineers Malaysia Infrastructure/Property 538,257
1,720,753
MEXICO (0.7%)
133,520 Grupo Financiero Banamex - Class B Financials 273,204
273,204
NETHERLANDS (9.5%)
13,950 ABN Amro Holdings Financials 917,424
2,620 DSM Chemicals 245,011
45,550 Elsevier Media 700,046
20,752 ING Groep Financials 780,989
</TABLE>
3<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Schedule of Investments (Unaudited) - Continued
January 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Country/ Market
Shares Company Industry Value
- ---------------------------------------------------------------------------------------------------------
<S> <S> <C>
12,000 Koninklijke PTT Nederland Telecommunications $ 435,320
3,025 Nutricia Ver Bedrijven Food Manufacturing 433,691
2,140 Royal Dutch Petroleum Utilities 374,215
-----------
3,886,696
-----------
PHILIPPINES (0.7%)
75,700 San Miguel - Class B Food & Drinks 304,523
-----------
304,523
-----------
SINGAPORE (7.4%)
79,000 City Development Infrastructure/Property 791,515
62,412 Development Bank Of Singapore Financials 864,800
54,600 Fraser & Neave Food & Drinks 531,528
41,100 Singapore Press Holdings Media 823,577
-----------
3,011,420
-----------
SPAIN (0.8%)
5,030 Banco Santander Financials 326,211
-----------
326,211
-----------
SWEDEN (0.7%)
5,900 Pharmacia & Upjohn Healthcare 218,488
4,550 Stora Kopparberg -Cl A Paper, Packaging & Printing 57,733
-----------
276,221
-----------
SWITZERLAND (8.5%)
874 Alusuisse Lonza Holding Conglomerates 717,742
1,313 Novartis Healthcare 1,503,466
72 Roche Holding Healthcare 631,991
640 Schw Ruckverischer Insurance 630,333
-----------
3,483,532
-----------
THAILAND (1.7%)
48,100 Bangkok Bank Financials 415,839
46,200 Thai Farmers Bank Financials 267,499
-----------
683,338
-----------
PREFERRED STOCKS (0.2%)
AUSTRALIA (0.2%)
19,750 News Corporation Media 82,095
-----------
Total Investments (Cost $34,387,473*) - 88.2% $36,016,472
Other Assets, Less Liabilities - 11.8% 4,834,798
Net Assets - 100% $40,851,270
* Also represents cost for Federal income tax purposes.
</TABLE>
See notes to financial statements.
4<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Statement of Assets and Liabilities (Unaudited)
January 31, 1997
<TABLE>
<S> <C>
ASSETS
Investments at value (cost $34,387,473) $ 36,016,472
Cash 3,744,601
Foreign currency at value (cost $651,214) 640,200
Net unrealized appreciation on open forward currency contracts377,460
Receivables:
Beneficial Interests sold 558,668
Dividends 84,459
Investment securities sold 704
- ----------------------------------------------------------------------------------------------------
Total Assets 41,422,564
- ----------------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Investment securities purchased 535,064
Accrued advisory fee (Note 2) 36,230
- ----------------------------------------------------------------------------------------------------
Total Liabilities 571,294
- ----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS' BENEFICIAL INTERESTS$40,851,270
====================================================================================================
</TABLE>
See notes to financial statements.
5<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Statement of Operations (Unaudited)
For the Period from October 11, 1996 (commencement of investment
operations) to January 31, 1997
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividend income (Net of $9,397 foreign withholding taxes)$ 93,021
- ----------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fee (Note 2) 75,778
Postage, printing & reports 4,566
Insurance & bonds 3,750
Trustees' fees & expenses (Note 2) 243
Miscellaneous 112
- ----------------------------------------------------------------------------------------------------
Total Expenses 84,449
Less expenses reimbursed by Advisor (Note 2) (722)
- ----------------------------------------------------------------------------------------------------
Expenses - Net 83,727
- ----------------------------------------------------------------------------------------------------
Net Investment Income (Loss) 9,294
- ----------------------------------------------------------------------------------------------------
REALIZED GAIN (LOSS) ON
Investment Transactions 53,896
Foreign Currency Transactions 33,050
- ----------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) 86,946
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Investments 1,062,322
Foreign Currency Contracts and Translations 373,135
- ----------------------------------------------------------------------------------------------------
Net Change in Unrealized Appreciation (Depreciation)1,435,457
Net Increase (Decrease) in Net Assets Resulting from Operations$ 1,531,697
====================================================================================================
</TABLE>
See notes to financial statements.
6<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Statement of Changes in Net Assets (Unaudited)
For the Period from October 11, 1996 (commencement of investment
operations) to January 31, 1997
<TABLE>
<S> <C>
FROM OPERATIONS:
Net investment income (loss) $ 9,294
Net realized gain (loss) on investments and foreign currency transactions86,946
Net change in unrealized appreciation (depreciation) of investments
and foreign currency transactions 1,435,457
- ----------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Operations1,531,697
- ----------------------------------------------------------------------------------------------------
FROM DIVIDENDS AND DISTRIBUTIONS TO INVESTORS':
Net investment income 0
Net realized gain 0
- ----------------------------------------------------------------------------------------------------
Net Decrease in Net Assets from Distributions to Investors'0
- ----------------------------------------------------------------------------------------------------
FROM TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Contributions 41,486,881
Withdrawals (2,167,308)
- ----------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Investors' Transactions39,319,573
- ----------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS 40,851,270
NET ASSETS:
Beginning of period 0
- ----------------------------------------------------------------------------------------------------
End of period $40,851,270
====================================================================================================
</TABLE>
RATIOS/SUPPLEMENTARY DATA (UNAUDITED)
For the Period from October 11, 1996 (commencement of investment
operations) to January 31, 1997
RATIO TO AVERAGE NET ASSETS:
Gross Expenses*- 0.99%
Net Expenses*- 0.98%
Net Investment Income- 0.11%
Portfolio Turnover+ 7.38%
Average Commission Rate $.0254
* Net expenses reflect the Portfolio's gross (total) expenses,
reduced by fee waivers and expense reimbursements totaling $722.
- - Annualized.
+ Based on operations for the period shown and, accordingly, is not
representative of a full year.
See notes to financial statements.
7<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Notes to Financial Statements (Unaudited)
January 31, 1997
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
The Berger/BIAM International Portfolio (the "Portfolio") is
registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Portfolio is a series of
the Berger/BIAM Worldwide Portfolios Trust (the "Trust") , which was
organized as a Delaware business trust on May 31, 1996. All costs in
organizing the Trust were paid by BBOI Worldwide LLC, the investment
advisor of the Portfolio ("BBOI"). The Portfolio commenced investment
operations on October 11, 1996 ("Commencement of Investment
Operations") with the sale of 448,161 shares of beneficial interest to
the Berger/BIAM International Institutional Fund in exchange for
portfolio assets with an aggregate value of $4,481,609 which were
transferred from the Pooled Trust of Citizens Bank of New Hampshire
("Citizens NH") to the Berger/BIAM International Institutional Fund
and, in turn, transferred to the Portfolio. Such transaction was a
tax-free exchange. Citizens NH is an affiliate of Bank of Ireland
Asset Management (U.S.) Limited ("BIAM"), which was the investment
sub-advisor to the Pooled Trust and is the investment sub-advisor to
the Portfolio.
The Portfolio is advised by BBOI, which has delegated daily
portfolio management of the Portfolio to BIAM. Berger Associates, Inc.
("Berger") and BIAM each own 50% of BBOI.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies
consistently followed by the Portfolio in the preparation of their
financial statements. The policies are in conformity with generally
accepted accounting principles.
Investment Valuation
The Portfolio's securities and other assets are valued at the
close of the regular trading session of the New York Stock Exchange
(the "Exchange") (normally 4:00 p.m. New York time) each day the
Exchange is open. The Portfolio's securities and other assets are
valued as follows: securities listed or traded primarily on national
exchanges, the Nasdaq Stock market and foreign exchanges are valued at
the last sale price on such markets, or, if such a price is lacking
for the trading period immediately preceding the time of
determination, such securities are valued at the mean of their current
bid and asked prices. Securities that are traded in the
over-the-counter market are valued at the mean between their current
bid and asked prices. The market value of individual securities held
by the Portfolio will be determined by using pricing services which
provide market prices to other mutual funds or, as needed, by
obtaining market quotations from independent broker/dealers.
Short-term money market securities maturing within 60 days are valued
on the amortized cost basis, which approximates market value. All
assets and liabilities initially expressed in terms of non-U.S. dollar
currencies are translated into U.S. dollars at the prevailing market
rates as quoted by one or more banks or dealers shortly before the
close of the Exchange. Securities and assets 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.
Generally, trading in foreign securities markets is substantially
completed each day at various times prior to the close of the
Exchange. The values of foreign securities used in computing the net
asset value of the shares in the portfolio are determined as of the
earlier of such market close or the closing time of the Exchange.
Occasionally, events affecting the value of such securities may occur
between the times at which they are determined and the close of the
Exchange, or when the foreign market on which such securities trade is
closed but the Exchange is open, which will not be reflected in the
computation of net asset value. If during such periods, events occur
which materially affect the value of such securities, the securities
will be valued at their fair market value as determined in good faith
pursuant to consistently applied procedures established by the
trustees.
Federal Income Taxes
The Portfolio intends to be treated as a partnership for Federal
income tax purposes. As such, each investor in the Portfolio will be
taxable on its share of the Portfolio's ordinary income and capital
gains. It is intended that the Portfolio's assets will be managed in
such a way that an investor in the Portfolio will be able to satisfy
the requirements of Sub-Chapter M of the Internal Revenue Code.
8<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Notes to Financial Statements (Unaudited) - Continued
January 31, 1997
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.
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.
Forward Currency Contracts
The Portfolio may hold forward foreign currency exchange
contracts for the purpose of hedging the Portfolio against exposure to
market value fluctuations in foreign currencies. The use of such
instruments may involve certain risks as a result of unanticipated
movements in the market. A lack of correlation between the value of
such instruments and the assets being hedged, or unexpected adverse
price movements, could render the Portfolio's hedging strategy
unsuccessful. In addition, there can be no assurance that the
Portfolio will be able to enter into an offset or termination of the
contracts at any particular time.
2. AGREEMENTS
BBOI renders investment advisory services to the Portfolio
pursuant to an agreement which provides for an investment advisory fee
to be paid to BBOI at the annual rate of .90 of 1% of the Portfolio's
average daily net assets. Until at least April 30, 1998, BBOI has
agreed voluntarily to waive its advisory fee to the extent that the
Portfolio's normal operating expenses in any fiscal year (including
the investment advisory fee and custodian fees, but excluding
brokerage commissions, interest, taxes and extraordinary expenses)
exceed 1.00% of the Portfolio's average daily net assets for that
fiscal year. BBOI is also responsible for providing for or arranging
for all managerial and administrative services necessary for the
operations of the Portfolio. BBOI has delegated the daily portfolio
management of the Portfolio to BIAM. For such services, BBOI pays BIAM
a sub-advisory fee equal to .45% of the average daily net assets of
the Portfolio.
Investors Fiduciary Trust Company ("IFTC") has been appointed to
provide recordkeeping and pricing services to the Portfolio, including
calculating the net asset value of the Portfolio, and to perform
certain accounting and recordkeeping functions required by the
Portfolio. In addition, IFTC has been appointed to serve as the
Portfolio's custodian and transfer agent. For custodian,
recordkeeping and pricing services, the Portfolio pays a fee directly
to IFTC based on a percentage of its net assets, subject to certain
minimums, and reimburses IFTC for certain out-of-pocket expenses.
Certain officers and trustees of the Trust are officers and
directors of BBOI or BIAM. Trustees who are not affiliated with BBOI
or BIAM are compensated for their services according to a fee
schedule, allocated among the Berger and Berger/BIAM Funds, which
includes an annual fee component and a per meeting component. Such
fees are allocated directly to the Portfolio and indirectly to each
fund.
9<PAGE>
BERGER/BIAM INTERNATIONAL PORTFOLIO
Notes to Financial Statements (Unaudited) - Continued
January 31, 1997
3. INVESTMENT TRANSACTIONS
A. Purchases and Sales
Purchases and sales of investment securities (excluding
short-term securities) during the period from Commencement of
Investment Operations to January 31, 1997 were as follows:
Purchases of Sales of
Investment Investment
Securities Securities
------------ ------------
$36,258,306 $1,924,729
There were no purchases or sales of long-term U.S. Government
securities during the period.
At January 31, 1997, the composition of unrealized appreciation
(the excess of value over tax cost) and unrealized depreciation (the
excess of tax cost over value) for securities held was as follows:
Appreciation Depreciation Net
------------ ------------ ------------
$2,473,406 $(844,407) $1,628,999
10<PAGE>
TRUSTEES OF BERGER/BIAM WORLDWIDE PORTFOLIOS TRUST
MICHAEL OWEN, CHAIRMAN * DENNIS E. BALDWIN
WILLIAM M.B. BERGER * LOUIS R. BINDNER, P.E. * KATHERINE A. CATTANACH
LUCY BLACK CREIGHTON * DENIS CURRAN * PAUL R. KNAPP * GERARD M. LAVIN*
HARRY T. LEWIS, JR. * WILLIAM SINCLAIRE
OFFICERS:
GERARD M. LAVIN
President of the Trust
CRAIG D. CLOYED
Vice President of the Trust
KEVIN R. FAY
Vice President, Secretary and Treasurer of the Trust
JANICE M. TEAGUE
Assistant Secretary of the Trust
DAVID J. SCHULTZ
SUSAN G. KOHLMAN
Assistant Treasurers of the Trust
INVESTMENT ADVISOR
BBOI Worldwide LLC
P.O. Box 5005
Denver, Colorado 80217
1-303-329-0200 or 1-800-333-1001
THE BERGER FUNDS
Together we can move mountains...the world over.(TM)
(C)1997 Berger Associates, Inc.
