<PAGE>
GROWTH PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
ANNUAL REPORT
DECEMBER 31, 1995
NBAMT0221295
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
The Growth Portfolio benefited from a strong bull market in 1995, as many of
its highest sector weightings fully participated in the market's rise. Lower
interest rates and strong earnings provided the major impetus for equity markets
last year. Among the best performing sectors were financial services,
technology, health care, and certain specialty retailers. The most significant
new purchase in 1995 was a major increase in the weighting of the HMO industry,
as Wall Street analysts abandoned the sector earlier in the year due to worries
about more competitive pricing and rising medical costs. As the HMO valuations
fell to historically low levels relative to its 20% industry growth rate, we
added significantly to our HMO holdings. In the fourth quarter of the year, the
HMO industry provided some of the best returns in the Portfolio.
Within the financial sector, CITICORP, Wells Fargo, Finova Group, and Capital
One Financial provided strong returns. CITICORP and Wells Fargo exceeded
earnings expectations and both companies continued to aggressively repurchase
their own shares. Finova Group is a major commercial finance company, which has
made several acquisitions in recent years. Capital One Financial is a rapidly
growing credit card issuer.
Technology was the best performing sector in the Portfolio through September,
due to stronger than expected earnings growth and continued demand for memory
for personal computers, communications, consumer electronics, and automotive
applications. Among our major positions continued to be Intel, Texas
Instruments, and Micron Technology. This sector weakened during the final
quarter as pricing concerns surfaced due to rising capacity additions in the Far
East. With production costs falling 25-30% per year, industry margins should
remain stable for the foreseeable future. We have recently added to our
positions.
In spite of a weak retail sector, our specialty retail positions contributed
positively to performance. Staples and Viking Office Products in the business
services sector, health products stores such as General Nutrition Companies and
Rite Aid, and Circuit City, the leader in the consumer electronics sector, were
all strong performers.
Fourth quarter performance suffered from the aforementioned technology
fallout, as well as from some weakness in the financial sector (due to credit
quality concerns), gaming sector (due to market saturation worries), and
restaurants (due to recession worries).
During the second half of the year, we added to our cellular positions in
Airtouch Communications and Vodafone. We also increased our investments in two
credit card issuers, Capital One Financial and First USA. We liquidated our
positions in Circuit City, Mirage, and PriceCostco later in the year, as those
companies reached our valuation targets. Two new health care positions were
added to the Portfolio -- R.P. Scherer, a developer and manufacturer of drug
delivery systems and a producer of soft gelatin capsules and i-STAT, a
manufacturer of medical diagnostic products for blood analysis. We believe our
growth-at-a-reasonable-price strategy will serve best to enhance the Portfolio
and provide a solid foundation for long-term results. We will continue to tackle
each stock individually on a fundamental value ("bottom-up") basis, and report
to you periodically about the Growth Portfolio.
Mark Goldstein
PORTFOLIO MANAGER
AMT Growth Investments
Shares of the separate Portfolios of Neuberger&Berman Advisers Management Trust
are sold only through the currently effective prospectus and are not available
to the general public. Shares of the Growth Portfolio may be purchased only by
life insurance companies to be used with their separate accounts that fund
variable annuity and variable life insurance policies.
2
<PAGE>
COMPARISON OF A $10,000 INVESTMENT
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Growth Portfolio
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN*
GROWTH PORTFOLIO S & P "500"
<S> <C> <C>
1 Year +31.73% +37.45%
5 Year +13.69% +16.54%
10 Year +12.01% +14.82%
Life of Fund +13.16% +16.20%
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN*
GROWTH PORTFOLIO S & P "500"
<S> <C> <C>
12/31/85 $10,000 $10,000
'86 11,494 11,862
'87 10,931 12,476
'88 13,770 14,534
'89 17,828 19,125
'90 16,369 18,530
'91 21,236 24,151
'92 23,261 25,988
'93 24,841 28,596
'94 23,602 28,984
'95 31,090 39,837
</TABLE>
Life of Growth Portfolio is from 9/10/84.
*"Total Return" is calculated including reinvestment of all income dividends and
capital gain distributions. Results represent past performance and do not
indicate future results. The value of an investment in the Fund and the return
on the investment both will fluctuate, and redemption proceeds may be higher or
lower than an investor's original cost.
The S&P "500" Index is an unmanaged index generally considered to be
representative of stock market activity. Please note that indices do not take
into account any fees and expenses of investing in the individual securities
that they track, and that individuals cannot invest directly in any index. These
data are derived by Neuberger&Berman Management Inc. and include reinvestment of
all dividends and capital gain distributions.
Performance data are historical and include changes in share price and
reinvestment of dividends and capital gain distributions. Performance numbers
are net of all Fund operating expenses, but do not include any insurance charges
imposed by your insurance company's variable annuity or variable life insurance
policy. If this performance information included the effect of the insurance
charges, performance numbers would be lower.
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
December 31,
1995
-------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $600,809,792
Receivable for Trust shares sold 1,053,293
-------------
601,863,085
-------------
LIABILITIES
Payable for Trust shares redeemed 63,843,337
Payable to administrator (Note B) 154,572
Accrued expenses 43,317
-------------
64,041,226
-------------
NET ASSETS at value $537,821,859
-------------
NET ASSETS consist of:
Par value $ 20,798
Paid-in capital in excess of par value 406,955,772
Accumulated undistributed net investment
income 131,858
Accumulated net realized gains on investment 48,309,276
Net unrealized appreciation in value of
investment 82,404,155
-------------
NET ASSETS at value $537,821,859
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 20,797,505
-------------
NET ASSET VALUE, offering and redemption price per
share $25.86
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
For the
Year Ended
December 31,
1995
-------------
<S> <C>
INVESTMENT INCOME
Income:
Dividends $ 1,148,649
Interest 225,980
Investment income from Series (Note A) 3,412,106
-------------
Total investment income 4,786,735
-------------
Expenses:
Investment advisory fee (Note B) 920,692
Administration fee (Note B) 1,139,600
Legal fees 108,458
Custodian fees 62,244
Shareholder reports 57,679
Distribution fees (Note B) 52,499
Trustees' fees and expenses 14,617
Auditing fees 7,750
Registration and filing fees 7,416
Insurance expense 5,309
Miscellaneous 4,630
Expenses from Series (Note A) 2,224,968
-------------
Total expenses 4,605,862
-------------
Net investment income 180,873
-------------
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) 41,477,952
Net realized loss on foreign currency
transactions from Series (Note A) (2,748)
Change in net unrealized appreciation of
investments 33,910,514
Net unrealized appreciation of investments
from Series (Note A) 45,724,249
-------------
Net gain on investments and foreign
currency transactions 127,941,290
-------------
Net increase in net assets resulting from
operations $128,122,163
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Year Ended
December 31,
1995 1994
--------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 180,873 $ 950,382
Net realized gain on investments
sold and foreign currency
transactions (Note A) 48,306,527 12,943,263
Change in net unrealized
appreciation of investments (Note
A) 79,634,763 (32,917,245)
--------------------------
Net increase (decrease) in net
assets resulting from operations 128,122,163 (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 257,029,821 129,211,503
Proceeds from reinvestment of
dividends and distributions 13,689,709 44,642,182
Payments for shares redeemed (216,638,062) (107,370,656)
--------------------------
Net increase from Trust share
transactions 54,081,468 66,483,029
--------------------------
NET INCREASE IN NET ASSETS 168,513,922 2,817,247
NET ASSETS:
Beginning of year 369,307,937 366,490,690
--------------------------
End of year $537,821,859 $369,307,937
--------------------------
Accumulated undistributed net
investment income at end of year $ 131,858 $ 835,609
--------------------------
NUMBER OF TRUST SHARES:
Sold 10,957,477 6,137,465
Issued on reinvestment of dividends
and distributions 657,211 2,069,641
Redeemed (8,997,021) (5,122,373)
--------------------------
Net increase in shares outstanding 2,617,667 3,084,733
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
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 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 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 December 31, 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
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 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 accumulated net realized
gains.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Growth Portfolio
For the year ended December 31, 1995, the Fund hereby designates
$10,925,778 as a capital gain distribution for the purpose of the dividend
paid deduction.
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. 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. 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 year ended December 31, 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.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Growth Portfolio
NOTE C -- INVESTMENT TRANSACTIONS:
During the period from May 1, 1995 to December 31, 1995, additions and
reductions to the Fund's investment in its Series amounted to $120,000,880 and
$73,675,647, respectively.
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.
9
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
The following table includes selected data for a share outstanding
throughout each year 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>
Year Ended December 31,
1995(2) 1994 1993 1992 1991 1990 1989 1988 1987 1986
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $20.31 $24.28 $23.27 $21.47 $16.82 $20.28 $16.20 $12.86 $15.21 $13.38
---------------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .01 .07 .13 .21 .31 .43 .43 .32 .34 .26
Net Gains or Losses on Securities
(both realized and unrealized) 6.26 (1.11) 1.42 1.82 4.64 (2.04) 4.24 3.02 (.96) 1.73
---------------------------------------------------------------------------------------
Total From Investment Operations 6.27 (1.04) 1.55 2.03 4.95 (1.61) 4.67 3.34 (.62) 1.99
---------------------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.05) (.12) (.17) (.23) (.30) (.29) (.27) -- (.48) (.09)
Distributions (from capital gains) (.67) (2.81) (.37) -- -- (1.56) (.32) -- (1.25) (.07)
---------------------------------------------------------------------------------------
Total Distributions (.72) (2.93) (.54) (.23) (.30) (1.85) (.59) -- (1.73) (.16)
---------------------------------------------------------------------------------------
Net Asset Value, End of Year $25.86 $20.31 $24.28 $23.27 $21.47 $16.82 $20.28 $16.20 $12.86 $15.21
---------------------------------------------------------------------------------------
Total Return+ +31.73% -4.99% +6.79% +9.54% +29.73% -8.19% +29.47% +25.97% -4.89% +14.94%
---------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Year (in
millions) $537.8 $369.3 $366.5 $304.8 $228.9 $118.8 $ 92.8 $ 48.7 $ 33.8 $ 31.6
---------------------------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets .90% .84% .81% .82% .86% .91% .97% .92% .89% 1.00%
---------------------------------------------------------------------------------------
Ratio of Net Investment Income
to Average Net Assets .04% .26% .52% .92% 1.43% 2.12% 2.10% 2.12% 2.05% 1.50%
---------------------------------------------------------------------------------------
Portfolio Turnover Rate(3) 9% 46% 92% 63% 57% 76% 105% 95% 87% 83%
---------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
10
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Growth Portfolio
1)The per share amounts which are shown have been computed based on the average
number of shares outstanding during each year.
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)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 year 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 years shown.
11
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Neuberger&Berman Advisers Management Trust and
Shareholders of Growth Portfolio
We have audited the accompanying statement of assets and liabilities of the
Growth Portfolio, one of the series comprising Neuberger&Berman Advisers
Management Trust, as of December 31, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended, and financial highlights for
each of the ten years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Growth Portfolio of Neuberger&Berman Advisers Management Trust at December 31,
1995, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended, and financial
highlights for each of the ten years in the period then ended, in conformity
with generally accepted accounting principles.
[SIGNATURE]
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 19, 1996
12
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
COMMON STOCKS (88.4%)
BUSINESS SERVICES (2.0%)
235,000 Staples Inc. $ 5,728,125(2)
140,000 Viking Office Products 6,510,000(2)
------------
12,238,125
------------
CHEMICALS (0.8%)
80,000 Hercules Inc. 4,510,000
------------
COMMUNICATIONS (9.3%)
355,000 Airtouch Communications 10,028,750(2)
5,735,000 Australis Media 4,902,074(2)
79,800 CIDCO Inc. 2,034,900(2)
370,000 Comcast Corp. Class A Special 6,729,375
30,000 Mannesmann AG ADR 9,572,571
310,000 Tele-Communications, Inc.
Class A 6,161,250(2)
75,000 Tele-Communications, Inc.
Class A Liberty Media Group 2,015,625(2)
105,000 Time Warner 3,976,875
295,000 Vodafone Group ADR 10,398,750
------------
55,820,170
------------
CONSUMER GOODS & SERVICES (8.4%)
388,900 Authentic Fitness 8,069,675
190,000 CUC International 6,483,750(2)
220,000 Franklin Quest 4,290,000(2)
190,000 Industrie Natuzzi ADR 8,621,250
165,000 Luxottica S.p.A. ADR 9,652,500
238,000 Nine West 8,925,000(2)
375,000 Supercuts Inc. 3,000,000(2)
84,500 Timberland Co. 1,679,437(2)
------------
50,721,612
------------
DRUGS & HEALTH CARE (11.6%)
435,000 Coventry Corp. 8,971,875(2)
390,000 Humana Inc. 10,676,250(2)
108,600 i-STAT Corp. 3,529,500(2)
90,000 PacifiCare Health Systems
Class B 7,830,000(2)
110,000 R.P. Scherer 5,403,750(2)
173,500 Teva Pharmaceutical ADR 8,046,062
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
200,000 U.S. Healthcare $ 9,300,000
240,000 United Healthcare 15,720,000
------------
69,477,437
------------
ENTERTAINMENT (10.3%)
230,000 Argosy Gaming 1,753,750(2)
230,000 Circus Circus Enterprises 6,411,250(2)
480,000 GTECH Holdings 12,480,000(2)
593,000 Harrah's Entertainment 14,380,250(2)
625,000 Players International 6,679,687(2)
340,000 Promus Hotel 7,565,000(2)
468,900 Showboat, Inc. 12,367,238
------------
61,637,175
------------
FINANCIAL SERVICES (13.0%)
230,000 Bear Stearns 4,571,250
410,000 Capital One Financial 9,788,750
245,000 CITICORP 16,476,250
165,000 Finova Group 7,961,250
240,000 First USA 10,650,000
215,000 MBNA Corp. 7,928,125
105,000 Morgan Stanley Group 8,465,625
50,000 Signet Banking 1,187,500
50,000 Wells Fargo 10,800,000
------------
77,828,750
------------
HOME BUILDERS (0.4%)
330,000 Schuler Homes 2,578,125(2)
------------
INSURANCE (6.2%)
90,000 ACE Ltd. 3,577,500
35,000 American International Group 3,237,500
41,900 Delphi Financial Group 890,375(2)
80,000 EXEL Ltd. 4,880,000
410,000 Life Partners Group 5,586,250
353,000 Penncorp Financial Group 10,369,375
215,000 Sphere Drake Holdings 3,010,000
80,000 Transatlantic Holdings 5,870,000
------------
37,421,000
------------
</TABLE>
13
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
PAPER (1.4%)
595,000 Abitibi-Price $ 8,627,500
------------
RESTAURANTS (7.2%)
265,000 Au Bon Pain 2,186,250(2)
415,500 Cheesecake Factory 8,933,250(2)
445,000 CKE Restaurants 7,120,000
105,900 Dave & Buster's 1,284,038(2)
441,800 HomeTown Buffet 4,887,412(2)
400,000 IHOP Corp. 10,400,000(2)
408,600 Sonic Corp. 7,763,400(2)
120,800 Spaghetti Warehouse 604,000(2)
------------
43,178,350
------------
RETAILING (4.8%)
410,000 General Nutrition 9,430,000(2)
425,000 Lechters Inc. 2,735,938(2)
230,000 Revco D.S. 6,497,500(2)
220,000 Rite Aid 7,535,000
295,000 Sports & Recreation 2,101,875(2)
210,000 Tops Appliance City 525,000(2)
------------
28,825,313
------------
TECHNOLOGY (12.2%)
200,000 Intel Corp. 11,350,000
245,000 KLA Instruments 6,385,313(2)
330,000 Micron Technology 13,076,250
195,000 Motorola, Inc. 11,115,000
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
65,000 Nokia Corp. ADR $ 2,526,875
80,000 SAP AG 12,408,505
155,000 Sensormatic Electronics 2,693,125
270,000 Texas Instruments 13,972,500
------------
73,527,568
------------
TRANSPORTATION (0.8%)
236,700 RailTex Inc. 4,970,700(2)
------------
TOTAL COMMON STOCKS
(COST $449,104,719) 531,361,825
------------
<CAPTION>
Principal
Amount
- ----------
<C> <S> <C>
CONVERTIBLE BONDS (0.2%)
$1,335,000 Australis Media, Cv. Deb.
(COST $1,010,595) 1,180,801(2)
------------
U.S. TREASURY SECURITIES
(9.5%)
$58,200,000 U.S. Treasury Bills, 4.955% &
4.965%, due 5/30/96 & 6/20/96
(COST $56,903,403) 56,880,247
------------
TOTAL INVESTMENTS (98.1%)
(COST $507,018,717) 589,422,873(3)
Cash, receivables and other
assets, less liabilities
(1.9%) 11,386,920
------------
TOTAL NET ASSETS (100.0%) $600,809,793
------------
</TABLE>
14
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
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)Non-income producing security.
3)At December 31, 1995, the cost of investments for Federal income tax purposes
was $507,383,824. Gross unrealized appreciation of investments was
$116,865,648 and gross unrealized depreciation of investments was $34,826,599,
resulting in net unrealized appreciation of $82,039,049, based on cost for
Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
December 31,
1995
-------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $589,422,873
Receivable for securities sold 15,960,497
Dividends receivable 476,077
Deferred organization costs (Note A) 83,580
Prepaid expenses and other assets 24,153
-------------
605,967,180
-------------
LIABILITIES
Payable for securities purchased 4,758,559
Payable to investment manager (Note B) 273,593
Accrued expenses 68,791
Accrued organization costs (Note A) 56,444
-------------
5,157,387
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $600,809,793
-------------
NET ASSETS consist of:
Paid-in capital $518,405,637
Net unrealized appreciation in value of
investments 82,404,156
-------------
NET ASSETS $600,809,793
-------------
*Cost of investments $507,018,717
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
---------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 3,213,688
Interest income 296,090
Foreign taxes withheld (Note A) (97,672)
---------------
Total income 3,412,106
---------------
Expenses:
Investment management fee (Note B) 2,025,792
Custodian fees 112,038
Auditing fees 37,920
Amortization of deferred organization and
initial offering expenses (Note A) 12,928
Insurance expense 10,383
Trustees' fees and expenses 9,978
Legal fees 8,853
Accounting fees 6,667
Miscellaneous 409
---------------
Total expenses 2,224,968
---------------
Net investment income 1,187,138
---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investments sold 41,477,952
Net realized loss on foreign currency
transactions (Note A) (2,748)
Net unrealized appreciation of investments 45,724,249
---------------
Net gain on investments and foreign
currency transactions 87,199,453
---------------
Net increase in net assets resulting from
operations $ 88,386,591
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
---------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 1,187,138
Net realized gain on investments
sold and foreign currency
transactions 41,475,204
Net unrealized appreciation of
investments 45,724,249
---------------
Net increase in net assets resulting
from operations 88,386,591
---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 120,000,881
Reductions (73,675,647)
---------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 46,325,234
---------------
NET INCREASE IN NET ASSETS 134,711,825
NET ASSETS:
Initial contribution 466,097,968
---------------
End of period $ 600,809,793
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
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 December 31, 1995, the unamortized balance of such
expenses amounted to $83,580. 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.
Purchase and sale prices 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
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
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. 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 period from May 1, 1995 (commencement of operations) to December
31, 1995, there were purchase and sale transactions (excluding short-term
securities) of $187,648,333 and $201,436,226, respectively.
During the period from May 1, 1995 (commencement of operations) to December
31, 1995, brokerage commissions on securities transactions amounted to $555,532,
of which Neuberger received $324,279, and other brokers received $231,253.
20
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
-------------------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .59%(1)
----------
Net Investment Income .31%(1)
----------
Portfolio Turnover Rate 35%
----------
Average Commission Rate Paid $0.0412
----------
Net Assets, End of Period (in
millions) $600.8
----------
</TABLE>
1) Annualized.
21
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Advisers Managers Trust and
Owners of Beneficial Interest of AMT Growth Investments
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of the AMT Growth Investments, one of the
series comprising Advisers Managers Trust, as of December 31, 1995, and the
related statement of operations, the statement of changes in net assets, and
financial highlights for the period from May 1, 1995 (Commencement of
Operations) to December 31, 1995. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995, by correspondence with the custodian and brokers or other
appropriate auditing procedures where replies from brokers were not received. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
AMT Growth Investments of Advisers Managers Trust at December 31, 1995, the
results of its operations, the changes in its net assets, and financial
highlights for the period from May 1, 1995 (Commencement of Operations) to
December 31, 1995, in conformity with generally accepted accounting principles.
[SIGNATURE]
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 19, 1996
22
