<PAGE>
GROWTH PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
NBAMTSA10696
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger&Berman Advisers Management Trust August 9, 1996
- --------------------------------------------------------------------------------
Growth Portfolio
During the Semi-Annual Report period between January 1, 1996 and June 30,
1996 our best-performing sectors were financial services, restaurants, and
selected consumer/retail stocks. One of our best performers was CKE Restaurants,
which enjoyed strong earnings growth due to robust sales of several new menu
items. Other strong performers in the restaurant sector were Cheesecake Factory,
HomeTown Buffet, and Sonic Corp. The common theme of our restaurant investments
was the very high quality food/service consumers felt they received for a
reasonable price.
The financial sector provided many good performers, in spite of rising
interest rates. Bear Stearns and Morgan Stanley Group benefited from strong
securities markets, and an increase in business, which included a high level of
merger transactions. First USA and Capital One Financial enjoyed very strong
earnings growth, as receivables continued to grow and costs were moderated.
Within the consumer/retail sector, Nine West and Viking Office Products were
superior performers. Nine West has consolidated its position as the dominant
factor in the shoe market with its recent acquisition of U.S. Shoe. Viking
Office Products is the leading company in the mail order office supply business.
Its growth accelerated as it expanded its operations into Europe.
Two lagging sectors were health care and technology. The HMO (Health
Maintenance Organization) industry was our major concentration in health care.
After rebounding 50% from mid-year 1995 lows into February 1996, the group fell
from 25%-35% off its 1996 price levels through June due to concerns regarding
increased medical costs and pricing competition. First quarter earnings were
slightly below expectations for most companies. We believe that pricing is
improving and that medical cost increases can be contained. HMO member growth
continued at a 15%-18% rate, and our HMO companies were growing at a 20%-25%
annual rate over the first half of 1996. Through July, those same companies were
still selling at only 13-14 times their estimated 1997 earnings. This is a very
compelling valuation in our opinion.
The technology sector rebounded from its January 1996 lows into April but
retested those earlier low prices toward the end of the Semi-Annual Report
period as memory pricing continued to weaken. End-user demand for many
subsectors of the broad technology industry remains robust as lower prices
stimulate demand. Valuation is very compelling relative to growth in this
sector. Based on this assumption, we added to some of our positions in
semiconductor equipment and client server software companies.
Another addition to the portfolio, pharmaceuticals manufacturer
Warner-Lambert, has been plagued by a scarcity of new products over the last few
years. This could change next year with the launches of Atorvastatin, a new
cholesterol-lowering agent, and Troglitzone, a new diabetes treatment. In
addition to bringing sales momentum to Warner-Lambert's product line, we look
for these drugs to add significant profit margins to the company. Furthermore,
in this consolidating industry, we feel that Warner-Lambert is an attractive
acquisition candidate.
On the sell side, we made a number of changes to the portfolio over the
Semi-Annual Report period. Both Life Partners Group and U.S. Healthcare were
sold only after they reached prices that we felt fully reflected the upside in
both stocks. We sold Mannesmann AG after it became evident that the company was
not inclined to recognize the value in the cellular part of its business (which
we believed was attractive); the industrial operations that made up the rest of
the company were not growing businesses. We also sold our position in Time
Warner. We felt the company had
2
<PAGE>
not acted on management's promises to shareholders to reduce debt and focus the
company on the more attractive programming side of the business. We felt that
other companies in the cable business, such as Comcast, which we still owned at
the end of June, were more committed to recognizing the value of their assets
that were not reflected in the market. Furthermore, we have built up positions
in the United Kingdom cable market with stocks such as Comcast UK. These
companies are introducing the cable business to British subscribers for the
first time, and offering phone service that we feel is exceedingly competitive
with the rival British Telecom offering.
We continue to believe that stock prices follow earnings over time. We have
positioned the portfolio based upon our belief that the earnings growth of the
companies in the portfolio may exceed that of the overall market. Additionally,
the average stock valuation multiple in the portfolio is equal to the market on
1996 earnings and 10%-15% less than the market based on 1997 projected earnings.
Over time, we feel the market has generally recognized such inconsistencies.
Mark Goldstein
PORTFOLIO MANAGER
AMT Growth Investments
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 595,860,569
Receivable for Trust shares sold 618,241
--------------
596,478,810
--------------
LIABILITIES
Payable for Trust shares redeemed 2,659,985
Payable to administrator (Note B) 148,184
Accrued expenses 80,033
--------------
2,888,202
--------------
NET ASSETS at value $ 593,590,608
--------------
NET ASSETS consist of:
Par value $ 23,761
Paid-in capital in excess of par value 481,013,535
Accumulated undistributed net investment
loss (852,775)
Accumulated net realized gains on investment 38,433,336
Net unrealized appreciation in value of
investment 74,972,751
--------------
NET ASSETS at value $ 593,590,608
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 23,761,168
--------------
NET ASSET VALUE, offering and redemption price per
share $24.98
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 1,905,877
--------------
Expenses:
Administration fee (Note B) 867,052
Shareholder reports 62,541
Legal fees 29,778
Trustees' fees and expenses 6,391
Registration and filing fees 5,053
Custodian fees 4,982
Auditing fees 3,197
Miscellaneous 5,217
Expenses from Series (Notes A & B) 1,697,867
--------------
Total expenses 2,682,078
--------------
Net investment loss (776,201)
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized gain on investment securities 38,897,033
Change in net unrealized appreciation of
investment securities (7,431,404)
--------------
Net gain on investments from Series (Note
A) 31,465,629
--------------
Net increase in net assets resulting from
operations $ 30,689,428
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1996 December 31,
(UNAUDITED) 1995
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (776,201) $ 180,873
Net realized gain on investments
from Series (Note A) 38,897,033 48,306,527
Change in net unrealized
appreciation of investments from
Series (Note A) (7,431,404) 79,634,763
-------------------------------
Net increase in net assets resulting
from operations 30,689,428 128,122,163
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (208,432) (950,674)
Net realized gain on investments (48,772,973) (12,739,035)
-------------------------------
Total distributions to shareholders (48,981,405) (13,689,709)
-------------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 121,853,239 257,029,821
Proceeds from reinvestment of
dividends and distributions 48,981,405 13,689,709
Payments for shares redeemed (96,773,918) (216,638,062)
-------------------------------
Net increase from Trust share
transactions 74,060,726 54,081,468
-------------------------------
NET INCREASE IN NET ASSETS 55,768,749 168,513,922
NET ASSETS:
Beginning of period 537,821,859 369,307,937
-------------------------------
End of period $ 593,590,608 $ 537,821,859
-------------------------------
Accumulated undistributed net
investment income (loss) at end of
period $ (852,775) $ 131,858
-------------------------------
NUMBER OF TRUST SHARES:
Sold 4,767,109 10,957,477
Issued on reinvestment of dividends
and distributions 1,975,853 657,211
Redeemed (3,779,299) (8,997,021)
-------------------------------
Net increase in shares outstanding 2,963,663 2,617,667
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Growth Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Growth Portfolio (the "Fund") is a separate operating 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 operating series (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 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, 1996). 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: The Fund records its investment in the Series at value.
Investment securities held by the Series 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 investment company taxable income and net capital gains (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
distributions from 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 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 accumulated net realized
gains.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (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 FEES, DISTRIBUTION ARRANGEMENTS, 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. Pursuant to this Agreement the Fund pays Management an
administration fee 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. 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 limit the Fund's expenses by
reimbursing 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, and transaction costs) 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 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, 1996, no reimbursement to the Fund
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 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.
The Series has an expense offset arrangement included in its custodian
contract. The impact of this arrangement reflected in the Statement of
Operations, under the caption Expenses from Series, is less than .01% of the
Fund's average daily net assets.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Growth Portfolio
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1996, additions and reductions in the
Fund's investment in its Series amounted to $107,220,416 and $143,843,278,
respectively.
NOTE D -- 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.
9
<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,
1996 Year Ended December 31,
(UNAUDITED)(2) 1995(2) 1994 1993 1992 1991
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 25.86 $ 20.31 $ 24.28 $ 23.27 $ 21.47 $ 16.82
-------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income (Loss) (.03) .01 .07 .13 .21 .31
Net Gains or Losses on Securities (both
realized and unrealized) 1.50 6.26 (1.11) 1.42 1.82 4.64
-------------------------------------------------------------------------
Total From Investment Operations 1.47 6.27 (1.04) 1.55 2.03 4.95
-------------------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.01) (.05) (.12) (.17) (.23) (.30)
Distributions (from capital gains) (2.34) (.67) (2.81) (.37) -- --
-------------------------------------------------------------------------
Total Distributions (2.35) (.72) (2.93) (.54) (.23) (.30)
-------------------------------------------------------------------------
Net Asset Value, End of Period $ 24.98 $ 25.86 $ 20.31 $ 24.28 $ 23.27 $ 21.47
-------------------------------------------------------------------------
Total Return+ +5.75%(3) +31.73% -4.99% +6.79% +9.54% +29.73%
-------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $ 593.6 $ 537.8 $ 369.3 $ 366.5 $ 304.8 $ 228.9
-------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets .93%(4) .90% .84% .81% .82% .86%
-------------------------------------------------------------------------
Ratio of Net Investment Income (Loss) to
Average Net Assets (.27%)(4) .04% .26% .52% .92% 1.43%
-------------------------------------------------------------------------
Portfolio Turnover Rate(5) -- 9% 46% 92% 63% 57%
-------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
10
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (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 the periods ending after April 28, 1995 are included elsewhere in
AMT Growth Investments' Financial Highlights.
+ 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.
11
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
COMMON STOCKS (99.3%)
CHEMICALS (0.9%)
100,000 Hercules Inc. $ 5,525,000
------------
COMMUNICATIONS (12.1%)
335,000 Airtouch Communications 9,463,750
5,875,000 Australis Media (Ordinary
Shares) 1,985,265
50,000 Bell Cablemedia ADR 837,500
530,000 Comcast Corp. Class A Special 9,805,000
625,000 Comcast UK Cable Partners
Limited 7,968,750
60,000 ECI Telecommunications 1,395,000
345,000 International CableTel 10,177,500
425,000 Tele-Communications, Inc.
Class A 7,703,125
75,000 Tele-Communications, Inc.
Class A Liberty Media Group 1,987,500
285,000 Vanguard Cellular Systems 6,198,750
105,000 Viacom Inc. Class B 4,081,875
285,000 Vodafone Group ADR 10,509,375
------------
72,113,390
------------
CONSUMER GOODS & SERVICES (8.0%)
365,000 Authentic Fitness 6,798,125
320,000 CUC International 11,360,000
135,000 Franklin Quest 2,801,250
105,000 Industrie Natuzzi ADR 5,381,250
75,000 Luxottica Group ADR 5,503,125
120,000 Nine West 6,135,000
375,000 Nu-Kote Holding 6,234,375
375,000 Supercuts Inc. 3,187,500
------------
47,400,625
------------
DRUGS & HEALTH CARE (10.8%)
450,000 Coventry Corp. 7,087,500
545,000 Healthsource Inc. 9,537,500
200,000 Humana Inc. 3,575,000
126,000 i-STAT Corp. 2,378,250
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
20,000 Nellcor Puritan Bennett $ 970,000
120,000 PacifiCare Health Systems
Class B 8,130,000
140,000 R.P. Scherer 6,352,500
200,000 Teva Pharmaceutical ADR 7,575,000
255,000 United Healthcare 12,877,500
107,000 Warner-Lambert 5,885,000
------------
64,368,250
------------
ENTERTAINMENT (9.9%)
230,000 Argosy Gaming 1,696,250
450,000 GTECH Holdings 13,331,250
585,000 Harrah's Entertainment 16,526,250
670,000 Players International 6,532,500
215,000 Promus Hotel 6,369,375
475,000 Showboat, Inc. 14,309,375
------------
58,765,000
------------
FINANCIAL SERVICES (14.6%)
262,500 Bear Stearns 6,201,563
400,000 Capital One Financial 11,400,000
200,000 CITICORP 16,525,000
165,000 Finova Group 8,043,750
270,000 First USA 14,850,000
295,000 MBNA Corp. 8,407,500
205,000 Morgan Stanley Group 10,070,625
47,000 Wells Fargo 11,227,125
------------
86,725,563
------------
HOME BUILDERS (0.4%)
330,000 Schuler Homes 2,351,250
------------
INSURANCE (7.6%)
135,000 ACE Ltd. 6,345,000
65,000 EXEL Ltd. 4,582,500
325,000 Highlands Insurance 6,093,750
350,000 PennCorp Financial Group 11,112,500
215,000 Sphere Drake Holdings 2,203,750
</TABLE>
12
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
75,000 Transatlantic Holdings $ 5,259,375
215,000 Travelers Group 9,809,375
------------
45,406,250
------------
PAPER (1.2%)
515,000 Abitibi-Price 7,016,875
------------
REAL ESTATE (0.1%)
23,000 JDN Realty 514,625
------------
RESTAURANTS (7.8%)
265,000 Au Bon Pain 1,987,500
385,000 Cheesecake Factory 10,587,500
370,000 CKE Restaurants 9,435,000
431,800 HomeTown Buffet 6,099,175
380,000 IHOP Corp. 10,260,000
320,000 Sonic Corp. 7,760,000
120,800 Spaghetti Warehouse 649,300
------------
46,778,475
------------
SPECIALTY RETAIL (9.4%)
136,000 Eckerd Corp. 3,077,000
800,000 General Nutrition 14,000,000
425,000 Lechters Inc. 2,762,500
370,000 Office Depot 7,538,750
80,000 Revco D.S. 1,910,000
310,000 Rite Aid 9,222,500
295,000 Sports & Recreation 2,691,875
370,000 Staples Inc. 7,215,000
210,000 Tops Appliance City 367,500
230,000 Viking Office Products 7,216,250
------------
56,001,375
------------
TECHNOLOGY (15.5%)
140,000 Applied Materials 4,270,000
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
12,000 Engineering Animation $ 240,000
205,000 Intel Corp. 15,054,688
390,000 KLA Instruments 9,067,500
315,000 Micron Technology 8,150,625
175,000 Motorola, Inc. 11,003,125
175,000 Nokia Corp. ADR 6,475,000
95,000 SAP AG (Ordinary Shares) 14,089,115
200,000 Seagate Technology 9,000,000
257,000 Texas Instruments 12,817,875
190,000 Xeikon N.V. ADR 2,161,250
------------
92,329,178
------------
TRANSPORTATION (1.0%)
236,700 RailTex Inc. 6,095,025
------------
TOTAL COMMON STOCKS
(COST $515,858,654) 591,390,881
------------
<CAPTION>
Principal
Amount
- ---------
<C> <S> <C>
CONVERTIBLE BONDS (0.1%)
$1,335,000 Australis Media, Cv. Deb.
(COST $1,010,595) 451,120
------------
CORPORATE COMMERCIAL PAPER
(1.1%)
$6,800,000 General Electric Capital
Corp., 5.20%, due 7/1/96
(COST $6,800,000) 6,800,000(2)
------------
TOTAL INVESTMENTS (100.5%)
(COST $523,669,249) 598,642,001(3)
Liabilities, less cash,
receivables and other assets
[(0.5%)] (2,781,431)
------------
TOTAL NET ASSETS (100.0%) $595,860,570
------------
</TABLE>
13
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (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. The Series values
all other securities by a method that the trustees of Advisers Managers Trust
believe accurately reflects fair value. Short-term debt securities with less
than 60 days until maturity at the time of purchase may be valued at cost
which, when combined with interest earned, approximates market value.
2)At cost, which approximates market value.
3)At June 30, 1996, the cost of investments for Federal income tax purposes was
$524,013,751. Gross unrealized appreciation of investments was $117,938,270
and gross unrealized depreciation of investments was $43,310,020, resulting in
net unrealized appreciation of $74,628,250, based on cost for Federal income
tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
W
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 598,642,001
Cash 88,654
Receivable for securities sold 4,287,819
Dividends and interest receivable 366,292
Deferred organization costs (Note A) 73,967
Prepaid expenses and other assets 16,784
--------------
603,475,517
--------------
LIABILITIES
Payable for securities purchased 7,298,624
Payable to investment manager (Note B) 262,401
Accrued expenses 53,922
--------------
7,614,947
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 595,860,570
--------------
NET ASSETS consist of:
Paid-in capital $ 520,887,818
Net unrealized appreciation in value of
investment securities 74,972,752
--------------
NET ASSETS $ 595,860,570
--------------
*Cost of investments $ 523,669,249
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 1,834,319
Interest income 129,455
Foreign taxes withheld (Note A) (57,897)
--------------
Total income 1,905,877
--------------
Expenses:
Investment management fee (Note B) 1,538,621
Custodian fees (Note B) 87,161
Legal fees 25,779
Auditing fees 17,614
Amortization of deferred organization and
initial offering expenses (Note A) 9,613
Insurance expense 7,369
Trustees' fees and expenses 6,661
Accounting fees 4,982
Miscellaneous 67
--------------
Total expenses 1,697,867
--------------
Net investment income 208,010
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 38,897,033
Change in net unrealized appreciation of
investment securities (7,431,404)
--------------
Net gain on investments 31,465,629
--------------
Net increase in net assets resulting from
operations $ 31,673,639
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
Six Months (Commencement
Ended of Operations)
June 30, to
1996 December 31,
(UNAUDITED) 1995
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 208,010 $ 1,187,138
Net realized gain on investments
sold 38,897,033 41,475,204
Change in net unrealized
appreciation of investments (7,431,404) 45,724,249
-------------------------------
Net increase in net assets resulting
from operations 31,673,639 88,386,591
-------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 107,220,416 120,000,881
Reductions (143,843,278) (73,675,647)
-------------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests (36,622,862) 46,325,234
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (4,949,223) 134,711,825
NET ASSETS:
Beginning of period 600,809,793 466,097,968
-------------------------------
End of period $ 595,860,570 $ 600,809,793
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Growth Investments (the "Series") is a separate operating 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 operating 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 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: Investment 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. Interest income, including original issue discount, where
applicable, and accretion of discount on short-term investments, 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 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, 1996, the unamortized balance of such
expenses amounted to $73,967.
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.
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Neuberger&Berman Management Incorporated ("Management") as
its investment manager under a Management Agreement dated as of May 1, 1995. For
such investment management services, the Series pays Management a fee at the
annual rate of .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 sub-adviser to the Series.
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
Neuberger is 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.
The Series has an expense offset arrangement included in its custodian
contract. The impact of this arrangement on the Series' custodian expense,
reflected in the Statement of Operations, is less than .01% of the Series'
average daily net assets.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1996, there were purchase and sale
transactions (excluding short-term securities) of $172,722,052 and $144,881,279,
respectively.
During the six months ended June 30, 1996, brokerage commissions on
securities transactions amounted to $303,766, of which Neuberger received
$222,081, and other brokers received $81,685.
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.
19
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, of Operations)
1996 to December 31,
(UNAUDITED) 1995
---------------------------------------
<S> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .59%(1) .59%(1)
---------------------------------------
Net Investment Income .07%(1) .31%(1)
---------------------------------------
Portfolio Turnover Rate 25% 35%
---------------------------------------
Average Commission Rate Paid $0.0588 $0.0412
---------------------------------------
Net Assets, End of Period (in millions) $595.9 $600.8
---------------------------------------
</TABLE>
1) Annualized.
20
