<PAGE>
GROWTH PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
NBAMTSA10697
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
During the first quarter of 1997, the market was very volatile and was led
mostly by large-cap stocks. Our best performer during the first quarter was the
technology sector, specifically Micron Technology. The top three holdings for
the first quarter were General Nutrition, CITICORP and GTECH. The health care
group had a good rebound from a poor 1996, specifically the HMO group. The
lagging portions of the portfolio during the first quarter were the
communications area and the entertainment industry.
Stocks rebounded during the second quarter of 1997 and broke new highs after
weaknesses in the early part of 1997. As interest rates moved lower during the
quarter and corporate earnings came in stronger than analysts expected, Wall
Street appears to have renewed its belief that the U.S. economy is growing
steadily without overheating.
During the second quarter, the financial services and technology industries
accounted for the largest percentage of holdings in the Portfolio. The drug and
health care industry also represented a large portion of holdings in the
Portfolio. The top three holdings were General Nutrition, CKE Restaurants and
CITICORP.
Because stocks are still expensive by historical standards, they remain
vulnerable to both earnings disappointments and fears of inflation. As the
Portfolio continues to emphasize its investments on firms with sound management,
strong balance sheets, consistent earnings growth and reasonable valuations, we
currently have an optimistic view for the third and fourth quarters.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 663,052,892
Receivable for Trust shares sold 58,859
--------------
663,111,751
--------------
LIABILITIES
Payable for Trust shares redeemed 1,633,236
Payable to administrator (Note B) 160,510
Accrued expenses 54,688
--------------
1,848,434
--------------
NET ASSETS at value $ 661,263,317
--------------
NET ASSETS consist of:
Par value $ 23,841
Paid-in capital in excess of par value 485,715,862
Accumulated undistributed net investment
income 56,631
Accumulated net realized gains on investment 24,663,736
Net unrealized appreciation in value of
investment 150,803,247
--------------
NET ASSETS at value $ 661,263,317
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 23,841,186
--------------
NET ASSET VALUE, offering and redemption price per
share $27.74
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 2,797,848
------------
Expenses:
Administration fee (Note B) 905,963
Shareholder reports 35,222
Legal fees 23,954
Trustees' fees and expenses 15,464
Custodian fees 4,959
Auditing fees 2,056
Miscellaneous 688
Expenses from Series (Notes A & B) 1,752,911
------------
Total expenses 2,741,217
------------
Net investment income 56,631
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 25,027,244
Change in net unrealized appreciation of
investment securities 70,849,681
------------
Net gain on investments from Series (Note
A) 95,876,925
------------
Net increase in net assets resulting from
operations $95,933,556
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1997 December 31,
(UNAUDITED) 1996
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 56,631 $ (1,677,914)
Net realized gain on investments
from Series (Note A) 25,027,244 51,132,307
Change in net unrealized
appreciation of investments from
Series (Note A) 70,849,681 (2,450,589)
-----------------------------
Net increase in net assets resulting
from operations 95,933,556 47,003,804
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (208,432)
Net realized gain on investments (49,277,630) (48,772,973)
-----------------------------
Total distributions to shareholders (49,277,630) (48,981,405)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 116,177,776 216,117,604
Proceeds from reinvestment of
dividends and distributions 49,277,630 48,981,405
Payments for shares redeemed (117,198,862) (234,592,420)
-----------------------------
Net increase from Trust share
transactions 48,256,544 30,506,589
-----------------------------
NET INCREASE IN NET ASSETS 94,912,470 28,528,988
NET ASSETS:
Beginning of period 566,350,847 537,821,859
-----------------------------
End of period $ 661,263,317 $566,350,847
-----------------------------
Accumulated undistributed net
investment income at end of period $ 56,631 $ --
-----------------------------
NUMBER OF TRUST SHARES:
Sold 4,440,830 8,632,606
Issued on reinvestment of dividends
and distributions 1,931,696 1,975,853
Redeemed (4,503,529) (9,433,775)
-----------------------------
Net increase in shares outstanding 1,868,997 1,174,684
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (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 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, 1997). 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.
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.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Growth Portfolio
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. The Fund indirectly pays for investment management services through its
investment in the Series (see Note B of Notes to Financial Statements of the
Series).
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 fees payable to Management, 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. For the six months ended June 30,
1997, no reimbursement to the Fund was required.
All of the capital stock of Management is owned by individuals who are also
principals of Neuberger&Berman, LLC ("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 principals of Neuberger and/or
officers and/or directors of Management.
The Series has an expense offset arrangement in connection with its custodian
contract. The impact of this arrangement, reflected in the Statement of
Operations under the caption Expenses from Series, was a reduction of $400,
which is less than .01% of the Fund's average daily net assets.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1997, additions and reductions in the
Fund's investment in its Series amounted to $98,935,475 and $101,443,079,
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.
B-5
<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,
1997 Year Ended December 31,
(UNAUDITED)(2) 1996(2) 1995(2) 1994 1993 1992
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $25.78 $25.86 $20.31 $ 24.28 $ 23.27 $ 21.47
------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income (Loss) -- (.07) .01 .07 .13 .21
Net Gains or Losses on Securities
(both realized and unrealized) 4.23 2.34 6.26 (1.11) 1.42 1.82
------------------------------------------------------------------------
Total From Investment Operations 4.23 2.27 6.27 (1.04) 1.55 2.03
------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) -- (.01) (.05) (.12) (.17) (.23)
Distributions (from capital gains) (2.27) (2.34) (.67) (2.81) (.37) --
------------------------------------------------------------------------
Total Distributions (2.27) (2.35) (.72) (2.93) (.54) (.23)
------------------------------------------------------------------------
Net Asset Value, End of Period $27.74 $25.78 $25.86 $ 20.31 $ 24.28 $ 23.27
------------------------------------------------------------------------
Total Return(3) +17.18%(4) +9.14% +31.73% -4.99% +6.79% +9.54%
------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $661.3 $566.4 $537.8 $ 369.3 $ 366.5 $ 304.8
------------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets .91%(5) .92% .90% .84% .81% .82%
------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets .02%(5) (.30%) .04% .26% .52% .92%
------------------------------------------------------------------------
Portfolio Turnover Rate(6) -- -- 9% 46% 92% 63%
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Growth Portfolio
1) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each fiscal 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) 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 fiscal
period and assumes dividends and other 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 fiscal periods shown.
4) Not annualized.
5) Annualized.
6) 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.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
COMMON STOCKS (98.5%)
CHEMICALS (1.5%)
10,000 SGL Carbon (Ordinary Shares) $ 1,369,188
25,000 SGL Carbon ADR 1,162,500
155,000 UCAR International 7,091,250
------------
9,622,938
------------
COMMUNICATIONS (7.5%)
410,000 Airtouch Communications 11,223,750
530,000 Comcast Corp. Class A Special 11,328,750
675,000 Comcast UK Cable Partners
Limited 8,100,000
290,000 ECI Telecommunications 8,627,500
420,000 NTL Inc. 10,447,500
------------
49,727,500
------------
CONSUMER GOODS & SERVICES (8.3%)
420,000 Authentic Fitness 5,302,500
625,000 CUC International 16,132,812
175,000 Luxottica Group ADR 11,867,187
435,000 Nu-Kote Holding 1,087,500
300,000 Philip Morris 13,312,500
305,000 Regis Corp. 7,205,625
------------
54,908,124
------------
DRUGS & HEALTH CARE (10.8%)
175,000 Columbia/HCA Healthcare 6,879,687
140,000 Novartis AG ADR 11,375,000
60,000 Pfizer Inc. 7,170,000
90,000 R.P. Scherer 4,646,250
45,000 Schering-Plough 2,154,375
250,000 United Healthcare 13,000,000
95,000 Warner-Lambert 11,803,750
195,000 Watson Pharmaceuticals 8,238,750
140,000 Wellpoint Health Networks 6,422,500
------------
71,690,312
------------
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
ENTERTAINMENT (8.9%)
340,000 Circus Circus Enterprises $ 8,372,500
500,000 GTECH Holdings 16,125,000
810,000 Harrah's Entertainment 14,782,500
670,000 Players International 2,010,000
210,000 Promus Hotel 8,137,500
545,000 Showboat, Inc. 9,503,437
------------
58,930,937
------------
FINANCIAL SERVICES (18.3%)
80,000 BankBoston Corp. 5,765,000
220,000 Bear Stearns 7,521,250
475,000 Capital One Financial 17,931,250
175,000 CITICORP 21,098,438
145,000 Finova Group 11,092,500
380,000 MBNA Corp. 13,917,500
210,000 Merrill Lynch 12,521,250
330,000 Morgan Stanley, Dean Witter,
Discover 14,210,625
65,000 Wells Fargo 17,517,500
------------
121,575,313
------------
INSURANCE (9.3%)
180,000 ACE Ltd. 13,297,500
90,000 Allstate Corp. 6,570,000
155,000 EXEL Ltd. 8,176,250
325,000 Highlands Insurance 6,540,625
80,000 Loews Corp. 8,010,000
150,000 PennCorp Financial Group 5,775,000
215,666 Travelers Group 13,600,437
------------
61,969,812
------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
OIL & GAS (2.8%)
320,000 Enron Oil & Gas $ 5,800,000
160,000 Noble Affiliates 6,190,000
145,000 Tidewater Inc. 6,380,000
------------
18,370,000
------------
RESTAURANTS (7.4%)
740,000 Buffets Inc. 6,243,750
400,000 Cheesecake Factory 8,400,000
695,000 CKE Restaurants 21,979,375
275,000 Lone Star Steakhouse & Saloon 7,150,000
250,000 Sonic Corp. 5,500,000
------------
49,273,125
------------
SPECIALTY RETAIL (10.5%)
495,000 Corporate Express 7,146,563
1,015,000 General Nutrition 28,420,000
190,000 Intimate Brands 3,990,000
195,700 Jumbosports, Inc. 746,106
225,000 Neiman-Marcus Group 5,906,250
610,000 Staples Inc. 14,182,500
485,000 Viking Office Products 9,215,000
------------
69,606,419
------------
TECHNOLOGY (12.5%)
295,000 Ascend Communications 11,615,625
80,000 Intel Corp. 11,345,000
280,000 KLA-Tencor 13,650,000
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
225,000 LSI Logic $ 7,200,000
335,000 Micron Technology 13,379,063
40,000 SAP AG (Ordinary Shares) 8,027,063
200,000 Seagate Technology 7,037,500
100,000 Texas Instruments 8,406,250
190,000 Xeikon N.V. ADR 1,923,750
------------
82,584,251
------------
TRANSPORTATION (0.7%)
250,000 RailTex Inc. 4,500,000
------------
TOTAL COMMON STOCKS
(COST $501,955,484) 652,758,731
------------
<CAPTION>
Principal
Amount
- ----------
<C> <S> <C>
SHORT-TERM CORPORATE NOTES
(3.2%)
$21,490,000 General Electric Capital
Corp., 5.90%, due 7/1/97
(COST $21,490,000) 21,490,000(2)
------------
TOTAL INVESTMENTS (101.7%)
(COST $523,445,484) 674,248,731(3)
Liabilities, less cash,
receivables and other assets
[(1.7%)] (11,195,838)
------------
TOTAL NET ASSETS (100.0%) $663,052,893
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-9
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
1) Investment securities of the Series are valued at the latest 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 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, 1997, the cost of investments for Federal income tax purposes was
$523,718,216. Gross unrealized appreciation of investments was $182,057,489
and gross unrealized depreciation of investments was $31,526,974, resulting
in net unrealized appreciation of $150,530,515, based on cost for Federal
income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-10
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 674,248,731
Cash 5,843
Receivable for securities sold 3,446,798
Dividends and interest receivable 302,665
Deferred organization costs (Note A) 54,684
Prepaid expenses and other assets 16,366
--------------
678,075,087
--------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 14,640,000
Payable to investment manager (Note B) 282,985
Accrued expenses 99,209
--------------
15,022,194
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 663,052,893
--------------
NET ASSETS consist of:
Paid-in capital $ 512,249,646
Net unrealized appreciation in value of
investment securities 150,803,247
--------------
NET ASSETS $ 663,052,893
--------------
*Cost of investments $ 523,445,484
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-11
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 2,322,448
Interest income 514,518
Foreign taxes withheld (Note A) (39,118)
------------
Total income 2,797,848
------------
Expenses:
Investment management fee (Note B) 1,603,236
Custodian fees (Note B) 86,350
Trustees' fees and expenses 15,462
Auditing fees 11,176
Legal fees 10,760
Amortization of deferred organization and
initial offering expenses (Note A) 9,564
Insurance expense 6,107
Accounting fees 4,959
Miscellaneous 5,297
------------
Total expenses 1,752,911
------------
Net investment income 1,044,937
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 25,027,244
Change in net unrealized appreciation of
investment securities 70,849,680
------------
Net gain on investments 95,876,924
------------
Net increase in net assets resulting from
operations $96,921,861
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1997 December 31,
(UNAUDITED) 1996
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 1,044,937 $ 222,037
Net realized gain on investments 25,027,244 51,132,307
Change in net unrealized
appreciation of investments 70,849,680 (2,450,589)
-----------------------------
Net increase in net assets resulting
from operations 96,921,861 48,903,755
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 98,935,475 182,852,512
Reductions (101,443,079) (263,927,424)
-----------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (2,507,604) (81,074,912)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 94,414,257 (32,171,157)
NET ASSETS:
Beginning of period 568,638,636 600,809,793
-----------------------------
End of period $ 663,052,893 $568,638,636
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1997 (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 (the "1940 Act").
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 or, for certain foreign dividends, as soon as the Series
becomes aware of the dividends. Interest income, accretion of 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 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, 1997, the unamortized balance of such
expenses amounted to $54,684.
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) SECURITY LENDING: Security loans involve certain risks in the event a
borrower should fail financially, including delays or inability to recover
the lent securities or foreclose against the collateral. The investment
manager, under the general supervision of Managers Trust's Board of Trustees,
monitors the creditworthiness of the parties to whom the Series make security
loans. The Series will not lend securities on which covered call options have
been written, or lend securities on terms which would prevent each of their
investors from qualifying as a regulated investment company. Security loans
to Neuberger&Berman, LLC ("Neuberger"), the Series' principal broker and
sub-adviser, are made in accordance with an exemptive order issued by the
Securities and Exchange Commission under the 1940 Act. The Series receives
cash as collateral against the lent securities, which must be maintained at
not less than 100% of the market value of the lent securities during the
period of the loan. The Series receives income earned on the lent securities
and a portion of the income earned on the cash collateral. During the six
months ended June 30, 1997, the Series lent securities to Neuberger. At June
30, 1997, the value of the securities loaned and the value of the collateral
amounted to $14,182,500 and $14,640,000, respectively.
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
9) REPURCHASE AGREEMENTS: The Series may enter into repurchase agreements with
institutions that the Series' investment manager has determined are
creditworthy. Each repurchase agreement is recorded at cost. The Series
requires that the securities purchased in a repurchase transaction be
transferred to the custodian in a manner sufficient to enable the Series to
obtain those securities in the event of a default under the repurchase
agreement. The Series monitors, on a daily basis, the value of the securities
transferred to ensure that their value, including accrued interest, is
greater than amounts owed to the Series under each such repurchase agreement.
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. 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
principals of Neuberger, a member firm of The New York Stock Exchange and
sub-adviser to the Series. Neuberger is retained by Management to furnish it
with investment recommendations and research information without added cost to
the Series. Several individuals who are officers and/or trustees of Managers
Trust are also principals of Neuberger and/or officers and/or directors of
Management.
The Series has an expense offset arrangement in connection with its custodian
contract. The impact of this arrangement, reflected in the Statement of
Operations under the caption Custodian fees, was a reduction of $400, which is
less than .01% of the Series' average daily net assets.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1997, there were purchase and sale
transactions (excluding short-term securities) of $161,652,782 and $169,753,661,
respectively.
During the six months ended June 30, 1997, brokerage commissions on
securities transactions amounted to $392,145, of which Neuberger received
$315,553, and other brokers received $76,592.
NOTE D -- JOINT LINE OF CREDIT:
At June 30, 1997, the Series was part of an unsecured $60,000,000 joint line
of credit with State Street Bank and Trust Company, to be used only for
temporary or emergency purposes. Interest is charged on borrowings under this
agreement at the overnight Federal Funds Rate plus .75% per annum. A facility
fee of .1% per annum of the available line of credit will be charged, of which
the Series has agreed to pay its pro rata share, based on the percentage of its
net assets at the time the fee is due and payable relative to the net assets of
all the participants on that date. The fee is paid quarterly in arrears,
commencing on June 30, 1997. No compensating balance is required. The Series had
no loans outstanding pursuant to this line of credit at June 30, 1997, nor had
the Series utilized this line of credit at anytime to date.
NOTE E -- 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.
B-15
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, Year Ended of Operations) to
1997 December 31, December 31,
(UNAUDITED) 1996 1995
------------------------------------------------
<S> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .58%(1) .59% .59%(1)
------------------------------------------------
Net Investment Income .35%(1) .04% .31%(1)
------------------------------------------------
Portfolio Turnover Rate 27% 57% 35%
------------------------------------------------
Average Commission Rate Paid $0.0292 $0.0582 $0.0412
------------------------------------------------
Net Assets, End of Period (in
millions) $663.1 $568.6 $600.8
------------------------------------------------
</TABLE>
1) Annualized.
B-16
