<PAGE>
GROWTH PORTFOLIO ONLY
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1995
NBAMTSA10695
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust August 1, 1995
--------------------------------------------------------------------------------
Growth Portfolio
Fueled by lower interest rates, the first half of 1995 has been an exciting
one for AMT Growth Investments. The short-term value of our securities was
favorably affected by the decline in interest rates. We are hopeful that the
recent 1/4% reduction in the Federal Funds rate in the beginning of the third
quarter will continue this positive trend.
Interest rates aside, the earnings growth of the companies we own remains the
most important factor influencing the appreciation of securities. We continue to
be committed to paying a reasonable price for the stocks we believe have growth
potential. Among the strongest industry groups in the portfolio for the first
half of the year were Technology, Financial Services and Gaming.
An example of an excellent Technology stock in our portfolio is Intel, one of
the largest producers of microprocessors. Its stock has positively affected the
portfolio's performance, as strong demand for personal computers and for greater
processing capacity for the individual units, improved the overall demand for
microprocessors.
The stock of one of our Financial Services holdings, CITICORP, has continued
to show growth as the company builds upon the strength of its global consumer
franchise. Furthermore, the company announced a stock buyback in the second
quarter, showing its renewed emphasis on enhancing shareholder value.
Shares of the Promus Company's stock responded favorably to the announcement
that their gaming division, Harrah's Entertainment, is separating from its hotel
business. This creates two premier management teams in their respective
businesses with clearly focused incentives. Also, shares of Circus Circus
benefited from its decision to purchase Goldstrike Resorts.
For us, the worst performing group of stocks was in the HMO area. Concerns
about declining pricing and higher than anticipated use of medical sources
caused many of the stocks in this area to significantly underperform. For
example, U.S. Healthcare suffered from higher specialist physician costs in its
new point-of-sale product and Coventry Corp. suffered increased competition from
the local Blue Cross plan which became more aggressive in going after market
share.
Overall, we have been pleased with the quality and returns of our holdings
this year. Further, there is no shortage of buying opportunities, even in this
record-high equity market. By investing in fast-growing companies with
entrepreneurial managements and pristine balance sheets, we hope to be able to
continue to provide the shareholder with excellent long-term returns.
Mark Goldstein
PORTFOLIO MANAGER
AMT Growth Investments
2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 526,626,221
Receivable for Trust shares sold 1,201,295
-------------
527,827,516
-------------
LIABILITIES
Payable to administrator (Note B) 125,841
Accrued expenses 150,332
-------------
276,173
-------------
NET ASSETS at value $ 527,551,343
-------------
NET ASSETS consist of:
Par value $ 22,060
Paid-in capital in excess of par value 439,360,375
Accumulated undistributed net investment
income 292,872
Accumulated net realized gains on investment 10,621,088
Net unrealized appreciation in value of
investment 77,254,948
-------------
NET ASSETS at value $ 527,551,343
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 22,059,649
-------------
NET ASSET VALUE, offering and redemption price per
share $23.91
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1995
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividends $ 1,148,649
Interest 225,980
Investment income from Series (Note A) 976,637
------------
Total investment income 2,351,266
------------
Expenses:
Investment advisory fee (Note B) 920,692
Administration fee (Note B) 247,054
Shareholder reports 75,775
Custodian fees 57,244
Distribution fees (Note B) 52,499
Legal fees 46,165
Auditing fees 24,858
Trustees' fees and expenses 9,538
Registration and filing fees 7,357
Insurance expense 5,309
Miscellaneous 4,562
Expenses from Series (Note A) 492,276
------------
Total expenses 1,943,329
------------
Net investment income 407,937
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investments 6,831,323
Net realized gain on investments from Series
(Note A) 3,723,531
Net realized loss on foreign currency
transactions from Series (Note A) (2,565)
Change in net unrealized appreciation of
investments 33,910,514
Net unrealized appreciation of investments
from Series (Note A) 40,575,042
------------
Net gain on investments and foreign
currency transactions 85,037,845
------------
Net increase in net assets resulting from
operations $85,445,782
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1995 December 31,
(UNAUDITED) 1994
------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 407,937 $ 950,382
Net realized gain on investments
sold and foreign currency
transactions (Note A) 10,552,289 12,943,263
Change in net unrealized
appreciation of investments (Note
A) 74,485,556 (32,917,245)
------------------------------
Net increase (decrease) in net
assets resulting from operations 85,445,782 (19,023,600)
------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (950,674) (1,828,349)
Net realized gain on investments (12,739,035) (42,813,833)
------------------------------
Total distributions to shareholders (13,689,709) (44,642,182)
------------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 152,568,316 129,211,503
Proceeds from reinvestment of
dividends and distributions 13,689,709 44,642,182
Payments for shares redeemed (79,770,692) (107,370,656)
------------------------------
Net increase from Trust share
transactions 86,487,333 66,483,029
------------------------------
NET INCREASE IN NET ASSETS 158,243,406 2,817,247
NET ASSETS:
Beginning of period 369,307,937 366,490,690
------------------------------
End of period $ 527,551,343 $ 369,307,937
------------------------------
Accumulated undistributed net
investment income at end of period $ 292,872 $ 835,609
------------------------------
NUMBER OF TRUST SHARES:
Sold 6,942,941 6,137,465
Issued on reinvestment of dividends
and distributions 657,211 2,069,641
Redeemed (3,720,341) (5,122,373)
------------------------------
Net increase in shares outstanding 3,879,811 3,084,733
------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Growth Portfolio (the "Fund") is a separate series of
Neuberger&Berman Advisers Management Trust (the "Trust"), a Delaware business
trust organized pursuant to a Trust Instrument dated May 23, 1994. The Trust
is currently comprised of six separate funds (the "Funds"). The Trust is
registered as a diversified, open-end management investment company under the
Investment Company Act of 1940, as amended, and its shares are registered
under the Securities Act of 1933, as amended. The predecessors of the Funds
were converted into the Funds after the close of business on April 28, 1995
(the "conversion"); these conversions were approved by the shareholders of
the predecessors of the Funds in August, 1994. The trustees of the Trust may
establish additional series or classes of shares without the approval of
shareholders.
The assets of each fund belong only to that fund, and the liabilities of
each fund are borne solely by that fund and no other.
The Fund seeks to achieve its investment objective by investing all of its
net investable assets in the AMT Growth Investments, a series of Advisers
Managers Trust (the "Series") having the same investment objective and
policies as the Fund. The value of the Fund's investment in the Series
reflects the Fund's proportionate interest in the net assets of the Series
(100% at June 30, 1995). The performance of the Fund is directly affected by
the performance of the Series. The financial statements of the Series,
including the schedule of investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements.
2) PORTFOLIO VALUATION: Investments in the Series of Advisers Managers Trust are
valued by Advisers Managers Trust as indicated in the notes following the
Series' schedule of investments.
3) FEDERAL INCOME TAXES: The Fund and the other series of the Trust are treated
as separate entities for Federal income tax purposes. It is the policy of the
Fund to continue to qualify as a regulated investment company by complying
with the provisions available to certain investment companies, as defined in
applicable sections of the Internal Revenue Code, and to make distributions
of taxable income (after reduction for any amounts available for Federal
income tax purposes as capital loss carryforwards) sufficient to relieve it
from all, or substantially all, Federal income taxes. Accordingly, the Fund
paid no Federal income taxes and no provision for Federal income taxes was
required.
4) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of
Series expenses, daily on its investment in the Series. Dividends and net
realized capital gains, if any, are normally distributed in February. Income
dividends and capital gain distributions to shareholders are recorded on the
ex-dividend date. To the extent that the Fund's net realized capital gains,
if any, can be offset by capital loss carryforwards, it is the policy of the
Fund not to distribute such gains.
The Fund distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences in the recognition or classification of income between the
financial statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or distributions in excess
of accumulated net realized gains.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
5) EXPENSE ALLOCATION: Expenses directly attributable to a fund are charged to
that fund. Expenses not directly attributed to a fund are allocated, on the
basis of relative net assets, to each of the funds of the Trust.
6) OTHER: All net investment income and realized and unrealized capital gains
and losses of the Series are allocated pro rata among the Fund and any other
investors in the Series.
NOTE B -- ADMINISTRATION AND DISTRIBUTION FEES AND OTHER TRANSACTIONS WITH
AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life insurance
policies issued through separate accounts of life insurance companies.
The Fund retains Neuberger&Berman Management Incorporated ("Management") as
its administrator under an Administration Agreement ("Agreement") dated as of
May 1, 1995. The Fund pays Management an administration fee pursuant to this
Agreement, at the annual rate of .30% of the Fund's average daily net assets and
indirectly pays for investment management services through its investment in the
Series. (See Note B of Notes to Financial Statements of the Series.) Prior to
conversion, the predecessor of the Fund paid to Management for investment
advisory and administrative services a fee at the annual rate of .70% of the
first $250 million of its average daily net assets, .675% of the next $250
million, .65% of the next $250 million, .625% of the next $250 million, and .60%
of its average daily net assets in excess of $1 billion.
On April 16, 1993, the shareholders of the Trust adopted a distribution plan
("Plan") which provided that the predecessor to the Trust, on behalf of any of
its series, could reimburse Management after each calendar quarter for certain
distribution expenses in an amount not to exceed .25%, on an annual basis, of
that series' average daily net assets as of the close of such calendar quarter.
The Plan became effective on May 1, 1993, was implemented on November 1, 1993,
and was terminated on April 30, 1995. For the period ended April 30, 1995, the
Fund paid $52,499 for such expense. Effective May 1, 1995, the trustees of the
Trust adopted a non-fee distribution plan for each series of the Trust.
Management has voluntarily undertaken to reimburse the Fund for its operating
expenses and its pro rata share of its Series' operating expenses (excluding the
compensation of Management under the Administration Agreement and the Series'
Management Agreement, interest, taxes, brokerage commissions, extraordinary
expenses, transaction costs, and any payments to Management pursuant to the
Plan) which exceed, in the aggregate, 1% per annum of the Fund's average daily
net assets. This undertaking is subject to termination by Management upon at
least sixty (60) days' prior written notice to the Fund as it was for its
predecessor prior to the conversion. For the six months ended June 30, 1995, no
reimbursement to the Fund or its predecessor was required.
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and the sub-adviser to the Series. Several individuals
who are officers and/or trustees of the Trust are also partners of Neuberger
and/or officers and/or directors of Management.
NOTE C -- INVESTMENT TRANSACTIONS:
During the period May 1, 1995 to June 30, 1995, additions and reductions to
the Fund's investment in its Series amounted to $43,457,174 and $27,709,290,
respectively.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
NOTE D -- SECURITIES TRANSACTIONS:
Prior to conversion, there were purchase and sale transactions (excluding
short-term securities) of $91,327,874 and $34,170,244, respectively, during the
period from January 1, 1995 to April 30, 1995. Transactions occurring subsequent
to the conversion are accounted for by Advisers Managers Trust.
Prior to conversion, there were brokerage commissions on securities
transactions paid to Neuberger and other brokers of $141,888 and $24,523,
respectively, during the period from January 1, 1995 to April 30, 1995.
Brokerage commissions occurring subsequent to the conversion are accounted for
by Advisers Managers Trust.
NOTE E -- UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by independent auditors. Annual reports
contain audited financial statements.
8
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth Portfolio
The following table includes selected data for a share outstanding
throughout each period and other performance information derived from the
Financial Statements. It should be read in conjunction with its Series'
Financial Statements and notes thereto.(1)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1995 YEAR ENDED DECEMBER 31,
(UNAUDITED)(2) 1994 1993 1992 1991 1990
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $20.31 $24.28 $23.27 $21.47 $16.82 $20.28
-------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .02 .07 .13 .21 .31 .43
Net Gains or Losses on Securities (both
realized and unrealized) 4.30 (1.11) 1.42 1.82 4.64 (2.04)
-------------------------------------------------------------------
Total From Investment Operations 4.32 (1.04) 1.55 2.03 4.95 (1.61)
-------------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.05) (.12) (.17) (.23) (.30) (.29)
Distributions (from capital gains) (.67) (2.81) (.37) -- -- (1.56)
-------------------------------------------------------------------
Total Distributions (.72) (2.93) (.54) (.23) (.30) (1.85)
-------------------------------------------------------------------
Net Asset Value, End of Period $23.91 $20.31 $24.28 $23.27 $21.47 $16.82
-------------------------------------------------------------------
Total Return+ +21.80%(3) -4.99% +6.79% +9.54% +29.73% -8.19%
-------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $527.6 $369.3 $366.5 $304.8 $228.9 $118.8
-------------------------------------------------------------------
Ratio of Expenses to Average Net Assets .90%(4) .84% .81% .82% .86% .91%
-------------------------------------------------------------------
Ratio of Net Investment Income to Average Net
Assets .19%(4) .26% .52% .92% 1.43% 2.12%
-------------------------------------------------------------------
Portfolio Turnover Rate(5) 9% 46% 92% 63% 57% 76%
-------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
9
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
1) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each period.
2) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of the Series' income and expenses.
3) Not annualized.
4) Annualized.
5) The Fund transferred all of its investment securities into its Series on
April 28, 1995. After that date the Fund invested only in its Series and that
Series, rather than the Fund, engaged in securities transactions. Therefore,
after that date the Fund had no portfolio turnover rate. Portfolio turnover
rates for periods after April 28, 1995 are included in AMT Growth
Investments' Financial Highlights, presented elsewhere in this report.
+ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each period,
and assumes dividends and capital gain distributions, if any, were
reinvested. Results represent past performance and do not guarantee future
results. Investment returns and principal may fluctuate and shares when
redeemed may be worth more or less than original cost. The total return
information shown does not reflect expenses that apply to the separate
account or the related insurance policies, and the inclusion of these charges
would reduce the total return figures for all periods shown.
10
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
---------- ------------
<C> <S> <C>
COMMON STOCKS (98.4%)
BUSINESS SERVICES (2.6%)
190,000 Staples Inc. $ 5,486,250
230,000 Viking Office Products 8,423,750
------------
13,910,000
------------
CHEMICALS (0.8%)
90,000 Hercules Inc. 4,387,500
------------
COMMUNICATIONS (10.0%)
130,000 Airtouch Communications 3,705,000
4,495,000 Australis Media 2,332,161
190,000 CIDCO Inc. 5,961,250
375,000 Comcast Corp. Class A Special 6,960,937
35,000 Mannesmann AG ADR 10,675,000
165,000 MCI Communications 3,630,000
280,000 Tele-Communications, Inc.
Class A 6,562,500
105,000 Time Warner 4,318,125
220,000 Vodafone Group ADR 8,332,500
------------
52,477,473
------------
CONSUMER GOODS & SERVICES (11.6%)
340,000 Authentic Fitness 5,695,000
205,000 CUC International 8,610,000
28,000 Franklin Quest 672,000
175,000 Fruit of the Loom 3,696,875
270,000 Industrie Natuzzi ADR 8,943,750
120,000 Jones Apparel Group 3,585,000
225,000 Luxottica S.p.A. ADR 8,353,125
185,000 Nine West 6,752,500
100,000 Philip Morris 7,437,500
375,000 Supercuts Inc. 2,953,125
185,000 Timberland Co. 4,555,625
------------
61,254,500
------------
<CAPTION>
Number Market
of Shares Value(1)
---------- ------------
<C> <S> <C>
DRUGS & HEALTH CARE (8.3%)
50,000 Columbia/HCA Healthcare $ 2,162,500
440,000 Coventry Corp. 6,215,000
125,000 Foundation Health 3,375,000
400,000 Humana Inc. 7,050,000
57,500 PacifiCare Health Systems
Class B 2,932,500
108,000 Teva Pharmaceutical ADR 4,050,000
200,000 U.S. Healthcare 6,125,000
290,000 United Healthcare 11,998,750
------------
43,908,750
------------
ENTERTAINMENT (11.5%)
249,000 Argosy Gaming 3,174,750
220,000 Circus Circus Enterprises 7,755,000
480,000 GTECH Holdings 14,040,000
95,000 Mirage Resorts 2,909,375
322,500 Players International 6,450,000
420,000 Promus Cos. 16,380,000
135,000 Promus Hotel 2,970,000
375,000 Showboat, Inc. 6,937,500
------------
60,616,625
------------
FINANCIAL SERVICES (16.3%)
110,000 Bankers Trust New York 6,820,000
250,000 Bear Stearns 5,343,750
245,000 BHC Financial 4,011,875
370,000 Capital One Financial 7,215,000
230,000 CITICORP 13,311,250
180,000 Finova Group 6,300,000
200,000 First USA 8,875,000
255,000 MBNA Corp. 8,606,250
95,000 Morgan Stanley Group 7,695,000
180,000 Signet Banking 3,937,500
75,000 Wells Fargo 13,518,750
------------
85,634,375
------------
</TABLE>
11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
---------- ------------
<C> <S> <C>
HOME BUILDERS (0.7%)
310,000 Schuler Homes $ 3,797,500
------------
INSURANCE (8.7%)
160,000 ACE Ltd. 4,640,000
45,000 American International Group 5,130,000
107,000 Delphi Financial Group 1,872,500
95,000 EXEL Ltd. 4,940,000
40,000 General Re 5,355,000
325,000 Life Partners Group 6,500,000
290,000 Penncorp Financial Group 5,365,000
215,000 Sphere Drake Holdings 3,305,625
130,000 Transatlantic Holdings 8,450,000
------------
45,558,125
------------
RESTAURANTS (6.3%)
285,000 Au Bon Pain 3,455,625
305,000 Cheesecake Factory 7,853,750
340,000 HomeTown Buffet 3,867,500
340,000 IHOP Corp. 8,755,000
305,000 Sonic Corp. 8,387,500
120,800 Spaghetti Warehouse 634,200
------------
32,953,575
------------
RETAILING (9.6%)
270,000 Circuit City Stores 8,538,750
305,000 General Nutrition 10,713,125
101,000 Hennes & Mauritz-Foreign
Shares 5,917,399
157,000 Lechters Inc. 2,433,500
215,000 Price/Costco 3,493,750
235,000 Revco D.S. 5,640,000
<CAPTION>
Number Market
of Shares Value(1)
---------- ------------
<C> <S> <C>
200,000 Rite Aid $ 5,125,000
295,000 Sports & Recreation 3,871,875
210,000 Tops Appliance City 1,023,750
265,000 Waban Inc. 3,941,875
------------
50,699,024
------------
TECHNOLOGY (12.0%)
145,000 H & R Block 5,963,125
160,000 Intel Corp. 10,130,000
215,000 Micron Technology 11,798,125
185,000 Motorola, Inc. 12,418,125
7,500 SAP AG 9,951,913
95,000 Texas Instruments 12,718,125
------------
62,979,413
------------
TOTAL COMMON STOCKS (COST
$440,917,143) 518,176,860
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
----------
<C> <S> <C>
U.S. TREASURY SECURITIES
(3.2%)
$17,000,000 U.S. Treasury Bills, 5.46%,
due 9/28/95 (COST
$16,772,209) 16,767,440
------------
TOTAL INVESTMENTS (101.6%)
(COST $457,689,352) 534,944,300(2)
Liabilities, less cash,
receivables and other assets
[(1.6%)] (8,318,078)
------------
TOTAL NET ASSETS (100.0%) $526,626,222
------------
</TABLE>
12
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Growth Investments
1) Investment securities of the Series are valued at the last sales price;
securities for which no sales were reported, unless otherwise noted, are
valued at the mean between the closing bid and asked prices. Short-term debt
securities with less than sixty days until maturity at the time of purchase
are valued at cost which, when combined with interest earned, approximates
market value.
2) At June 30, 1995, the cost of investments for Federal income tax purposes was
$457,689,352. Gross unrealized appreciation of investments was $104,577,097
and gross unrealized depreciation of investments was $27,322,149, resulting
in net unrealized appreciation of $77,254,948, based on cost for Federal
income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investments in securities, at market value
*(Note A) -- see Schedule of Investments $ 534,944,300
Cash 86,045
Receivable for securities sold 1,452,346
Dividends receivable 552,998
Deferred organization costs (Note A) 85,620
Prepaid expenses and other assets 17,016
-------------
537,138,325
-------------
LIABILITIES
Payable for securities purchased 10,195,138
Payable to investment manager (Note B) 225,464
Accrued organization costs (Note A) 62,012
Accrued expenses 29,489
-------------
10,512,103
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 526,626,222
-------------
NET ASSETS consist of:
Paid-in capital $ 449,371,274
Net unrealized appreciation in value of
investments 77,254,948
-------------
NET ASSETS $ 526,626,222
-------------
*Cost of investments $ 457,689,352
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of
Operations)
to June 30,
1995
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 948,506
Interest income 77,150
Foreign taxes withheld (Note A) (49,019)
------------
Total income 976,637
------------
Expenses:
Investment management fee (Note B) 443,011
Custodian fees 28,340
Legal fees 6,518
Auditing fees 5,015
Amortization of deferred organization and
initial offering expenses (Note A) 2,957
Insurance expense 2,699
Trustees' fees and expenses 2,069
Accounting fees 1,667
------------
Total expenses 492,276
------------
Net investment income 484,361
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investments sold 3,723,531
Net realized loss on foreign currency
transactions (Note A) (2,565)
Net unrealized appreciation of investments 40,575,042
------------
Net gain on investments and foreign
currency transactions 44,296,008
------------
Net increase in net assets resulting from
operations $44,780,369
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of
Operations)
to June 30,
1995
(UNAUDITED)
-------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 484,361
Net realized gain on investments sold and
foreign currency transactions 3,720,966
Net unrealized appreciation of investments 40,575,042
-------------
Net increase in net assets resulting from
operations 44,780,369
-------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Additions 43,457,175
Reductions (27,709,290)
-------------
Net increase in net assets resulting from
transactions in investors' beneficial
interests 15,747,885
-------------
NET INCREASE IN NET ASSETS 60,528,254
NET ASSETS:
Initial contribution 466,097,968
-------------
End of period $526,626,222
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Growth Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Growth Investments (the "Series") is a separate series of
Advisers Managers Trust ("Managers Trust"), a New York common law trust
organized as of May 24, 1994. Managers Trust is currently comprised of six
separate series. Managers Trust is registered as a diversified, open-end
management investment company under the Investment Company Act of 1940, as
amended. After the close of business on April 28, 1995, each series of
Neuberger&Berman Advisers Management Trust (the "Trust") invested all of its
net investable assets (cash, securities, and receivables relating to
securities) in a corresponding series of Managers Trust, receiving a
beneficial interest in that series.
The assets of each series belong only to that series, and the liabilities
of each series are borne solely by that series, and no other.
2) PORTFOLIO VALUATION: Securities are valued as indicated in the notes
following the Series' schedule of investments.
3) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Dividend income is recorded on the
ex-dividend date and interest income, including accretion of discount on
short-term investments (adjusted for original issue discount, where
applicable), is recorded on the accrual basis. Realized gains and losses from
securities transactions are recorded on the basis of identified cost.
4) FEDERAL INCOME TAXES: Managers Trust intends to comply with the requirements
of the Internal Revenue Code of 1986, as amended. Each series of Managers
Trust also intends to conduct its operations so that each of its investors
will be able to qualify as a regulated investment company. Each series will
be treated as a partnership for Federal income tax purposes and is therefore
not subject to Federal income tax.
5) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
6) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized by the Series on a straight-line basis over
a five-year period. At June 30, 1995, the unamortized balance of such
expenses amounted to $85,620. The accrued organization costs are payable to
Neuberger&Berman Management Incorporated ("Management"), the investment
manager of the Series.
7) EXPENSE ALLOCATION: Expenses directly attributable to a series are charged to
that series. Expenses not directly attributed to a series are allocated, on
the basis of relative net assets, to each of the series of Managers Trust.
8) FOREIGN CURRENCY TRANSLATION: The accounting records of the Series are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the current rate of exchange of such currency against the U.S.
dollar to determine the value of investments, other assets and liabilities.
Purchases and sales of securities, and income and expenses are translated
into U.S. dollars at the prevailing rate of exchange on the respective dates
of such transactions.
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Management as its investment manager under a Management
Agreement ("Agreement") dated as of May 1, 1995. For such investment management
services, the Series pays Management a fee at the annual rate of
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Growth Investments
.55% of the first $250 million of the Series' average daily net assets, .525% of
the next $250 million, .50% of the next $250 million, .475% of the next $250
million, .45% of the next $500 million, and .425% of average daily net assets in
excess of $1.5 billion.
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and the sub-adviser to the Series, retained by
Management to furnish it with investment recommendations and research
information without cost to the Series. Several individuals who are officers
and/or trustees of Managers Trust are also partners of Neuberger and/or officers
and/or directors of Management.
NOTE C -- SECURITIES TRANSACTIONS:
During the period from May 1, 1995 (commencement of operations) to June 30,
1995, there were purchase and sale transactions (excluding short-term
securities) of $45,248,532 and $30,479,244, respectively.
During the period from May 1, 1995 (commencement of operations) to June 30,
1995, brokerage commissions on securities transactions amounted to $131,427, of
which Neuberger received $68,931, and other brokers received $62,496.
NOTE D -- UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Series without audit by independent auditors. Annual reports
contain audited financial statements.
18
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
--------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .60%(1)
--------------
Net Investment Income .59%(1)
--------------
Portfolio Turnover Rate 6%
--------------
Net Assets, End of Period (in millions) $526.6
--------------
</TABLE>
1) Annualized.
19
