BERGER INVESTMENT PORTFOLIO TRUST
Berger Small Company Growth Fund
Berger Mid Cap Growth Fund
Berger Select Fund
BERGER GROWTH AND INCOME FUND
SUPPLEMENT DATED DECEMBER 19, 2000
TO
PROSPECTUS DATED JUNE 26, 2000
Effective January 1, 2001, Paul A. LaRocco will join Berger LLC ("Berger") as
Vice President and portfolio manager of the Berger Small Company Growth Fund.
Mr. LaRocco will succeed interim portfolio managers Jay W. Tracey and Mark S.
Sunderhuse. Mr. LaRocco joins Berger from Montgomery Asset Management where he
co-managed the Montgomery Small Cap Fund and the Mid Cap 20 Portfolio. From
1998 to 2000, he was a senior portfolio manager at Founders Asset Management,
with responsibility for several small and mid cap growth funds. Prior to that
he was a portfolio manager for a number of small and mid cap funds at
Oppenheimer Funds from 1993 to 1998. Mr. LaRocco holds a Master of Business
Administration degree in Finance from the University of Chicago Graduate School
of Business and has a Bachelor of Science degree in Physiological Psychology
and a Bachelor of Arts degree in Biological Sciences from the University of
California, Santa Barbara. He is a Chartered Financial Analyst.
Also effective January 1, 2001, Mr. Sunderhuse will be appointed portfolio
manager of the Berger Mid Cap Growth Fund and Mr. Tracey and Steven L. Fossel
will be appointed team portfolio managers of the Berger Growth and Income
Fund. The Berger Mid Cap Growth Fund has been managed on an interim basis by
Mr. Sunderhuse and Mr. Tracey and the Berger Growth and Income Fund has been
managed on an interim basis by Mr. Fossel. In addition, effective
immediately, Mr. Tracey, Mr. Sunderhuse and Mr. Fossel as a team will select
the stocks that comprise the Berger Select Fund's portfolio. Beginning
January 1, 2001, Mr. LaRocco will join the Berger Select Fund's management
team.
The sections "Organization of the Berger Funds Family" and "Berger Select
Fund's Goal and Principal Investment Strategies" of the Prospectus are amended
accordingly.
