<PAGE>
GROWTH PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1998
NBAMTSA10698
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
PORTFOLIO CO-MANAGERS JENNIFER SILVER AND BROOKE COBB LOVE
SURPRISES -- POSITIVE EARNINGS SURPRISES THAT IS. THEIR RESEARCH REVEALS THAT
THE STOCKS OF COMPANIES CONSISTENTLY EXCEEDING CONSENSUS EARNINGS ESTIMATES HAVE
TENDED TO BE TERRIFIC PERFORMERS. THEY COMPUTER SCREEN THE MID-CAP GROWTH STOCK
UNIVERSE TO ISOLATE STOCKS WHOSE MOST RECENT EARNINGS HAVE BEATEN THE STREET'S
EXPECTATIONS. THEY THEN ROLL UP THEIR SLEEVES, AND THROUGH DILIGENT FUNDAMENTAL
RESEARCH, STRIVE TO IDENTIFY THOSE COMPANIES MOST LIKELY TO RECORD A STRING OF
POSITIVE EARNINGS SURPRISES. THEIR GOAL IS TO INVEST TODAY IN THE FAST-GROWING
MID-SIZED COMPANIES THAT WILL COMPRISE TOMORROW'S FORTUNE 500.
We are pleased to report that for the six months ended June 30, 1998, AMT
Growth Portfolio's return materially exceeded its Russell Midcap-TM- Growth
Index benchmark and was quite competitive with the returns from leading
large-cap indices.
Before we discuss portfolio specifics, some comment on recent years'
disparity between mid-cap and large-cap stock returns is in order. Although
historical performance is no indication of the future, from 1926 through
year-end 1997, mid-cap stocks outperformed large-caps on an average annualized
basis. We believe the primary reason is that over this extended period, many
mid-sized companies were able to grow earnings faster than larger, more mature
companies. However, in recent years, large-cap stocks have outperformed mid-caps
and this year, their lead has widened. Namely, in this six-month reporting
period, the S&P "500"* gained 17.67% compared to the Russell Midcap Growth
Index's* 11.87% return.
Is investors' preference for large-cap growth stocks fundamentally justified?
Based on price/earnings ratios relative to earnings growth rates, we don't think
so. Recently, we compared the P/Es and projected earnings growth rates of the
large-cap market favorites to our mid-cap portfolio holdings in the same
industries. With only a few exceptions, our portfolio holdings had materially
lower P/Es relative to projected earnings growth rates. While what is true for
our portfolio may be somewhat less true for the mid-cap sector in general, we
believe over the long term, medium-sized companies have better long-term
earnings growth potential than the giants currently getting so much investor
attention. If we are right, and if over the longer term, it is earnings rather
than investor perception that drives stock prices, we think mid-cap stocks are
better positioned to generate more competitive returns versus large-cap stocks.
Now, let's comment on some of the factors that helped the portfolio earn such
handsome absolute and relative returns in the first half of 1998. Value
retailers Staples and TJX Companies performed quite well as the strong domestic
economy and high consumer confidence helped propel earnings. Technology holdings
like Citrix Systems, BMC Software and J.D. Edwards & Co. also contributed to
returns. We believe our success in the technology group was largely the result
of our decision last summer to eliminate commodity-oriented technology stocks
whose earnings might be vulnerable to Asian economic weakness and focus on
productivity-enhancing tech companies serving niche markets. Media holdings
including billboard advertiser Outdoor Systems and radio broadcaster Chancellor
Media were buoyed by strong earnings gains and continued consolidation in their
respective industries.
During this six-month reporting period, we were generally overweighted in the
right industry groups and underweighted in the market trouble spots. We are
hopeful that our industry group allocation decisions will continue to enhance
returns. However, we expect our quantitative and fundamental research-driven
stock picking discipline to be a more important contributor. As noted earlier,
our technology holdings performed very well despite mixed results for the broad
technology group. Even our limited holdings in troubled industry groups like
capital goods and energy
A-2
<PAGE>
did well relative to their respective industry averages. Over time, we expect
stock selection to contribute 80-90% of the portfolio's returns. We will
periodically get blindsided by stocks that run into temporary difficulties or
fail to live up to earnings expectations. That's why we maintain a diversified
portfolio. But, we believe we have positioned the portfolio to benefit from many
more pleasant earnings surprises than unexpected earnings disappointments.
We believe that over the longer term, the mid-cap sector offers superior
earnings growth potential and more favorable investment prospects than the
large-cap sector. We are also encouraged by the fact that despite the
portfolio's strong performance relative to its mid-cap stock benchmark and very
competitive performance relative to the leading large-cap indices, the portfolio
characteristics we target -- above market average earnings growth and reasonable
valuations -- remain in place.
Sincerely,
[/S/ JENNIFER K. SILVER] [/S/ BROOKE A. COBB]
Jennifer Silver and Brooke Cobb
PORTFOLIO CO-MANAGERS
*The S&P "500" Index is an unmanaged index generally considered to be
representative of stock market activity. The Russell Midcap Growth Index
measures the performance of those Russell Midcap-TM- Index companies with
higher price-to-book ratios and higher forecasted growth values. The Russell
Midcap Index measures the performance of the 800 smallest companies in the
Russell 1000-Registered Trademark- Index, which represents approximately 35% of
the total market capitalization of the Russell 1000-Registered Trademark- Index
(which, in turn, consists of the 1,000 largest U.S. companies, based on market
capitalization. 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. Data about the performance of
these indices are prepared or obtained by Neuberger&Berman Management
Inc.-Registered Trademark- and include reinvestment of dividends and capital
gain distributions. The portfolio invests in many securities not included in
these above-described indices.
The composition, industries and holdings of the Portfolio are subject to
change. The Portfolio is invested in a wide array of securities and no single
holding makes up more than a small fraction of its total assets.
Past performance is no guarantee of future results and shares when redeemed may
be worth more or less than their original cost.
The investments for the Portfolio are managed by the same portfolio managers
who manage one or more other mutual funds that have similar names, investment
objectives and investment styles as the Portfolio. You should be aware that the
Portfolio is likely to differ from the other mutual funds in size, cash flow
pattern and tax matters. Accordingly, the holdings and performance can be
expected to vary from those of the other mutual funds.
A-3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
June 30,
1998
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 649,910,103
Receivable for Trust shares sold 1,478,740
--------------
651,388,843
--------------
LIABILITIES
Payable for Trust shares redeemed 1,221,710
Payable to administrator (Note B) 147,456
Accrued expenses 83,865
--------------
1,453,031
--------------
NET ASSETS at value $ 649,935,812
--------------
NET ASSETS consist of:
Par value $ 24,698
Paid-in capital in excess of par value 479,947,207
Accumulated undistributed net investment
loss (1,358,999)
Accumulated net realized gains on investment 24,704,615
Net unrealized appreciation in value of
investment 146,618,291
--------------
NET ASSETS at value $ 649,935,812
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 24,697,763
--------------
NET ASSET VALUE, offering and redemption price per
share $26.32
--------------
</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,
1998
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 1,397,411
------------
Expenses:
Administration fee (Note B) 894,579
Shareholder reports 102,559
Legal fees 14,410
Trustees' fees and expenses 10,810
Custodian fees 4,959
Auditing fees 2,848
Registration and filing fees 162
Miscellaneous 680
Expenses from Series (Notes A & B) 1,725,634
------------
Total expenses 2,756,641
Expenses reduced by custodian fee expense
offset arrangement (Note B) (231)
------------
Total net expenses 2,756,410
------------
Net investment loss (1,358,999)
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 25,932,896
Change in net unrealized appreciation of
investment securities 62,760,807
------------
Net gain on investments from Series (Note
A) 88,693,703
------------
Net increase in net assets resulting from
operations $87,334,704
------------
</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
1998 December 31,
(UNAUDITED) 1997
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (1,358,999) $ (725,533)
Net realized gain on investments
from Series (Note A) 25,932,896 153,191,649
Change in net unrealized
appreciation of investments from
Series (Note A) 62,760,807 3,903,917
-----------------------------
Net increase in net assets resulting
from operations 87,334,704 156,370,033
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (153,330,889) (49,277,630)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 126,857,860 223,605,310
Proceeds from reinvestment of
distributions 153,330,889 49,277,630
Payments for shares redeemed (147,969,110) (362,613,832)
-----------------------------
Net increase (decrease) from Trust
share transactions 132,219,639 (89,730,892)
-----------------------------
NET INCREASE IN NET ASSETS 66,223,454 17,361,511
NET ASSETS:
Beginning of period 583,712,358 566,350,847
-----------------------------
End of period $ 649,935,812 $583,712,358
-----------------------------
Accumulated undistributed net
investment income (loss) at end of
period $ (1,358,999) $ --
-----------------------------
NUMBER OF TRUST SHARES:
Sold 4,788,887 7,977,685
Issued on reinvestment of
distributions 6,341,228 1,931,696
Redeemed (5,543,047) (12,770,875)
-----------------------------
Net increase (decrease) in shares
outstanding 5,587,068 (2,861,494)
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1998 (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-SM- (the "Trust"), a Delaware
business trust organized pursuant to a Trust Instrument dated May 23, 1994.
The Trust is currently comprised of eight 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 (the "Series"), a series of
Advisers Managers Trust 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, 1998 ). 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 Funds 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. Income 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.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1998 (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-Registered Trademark- ("N&B Management") as its administrator under
an Administration Agreement ("Agreement"). Pursuant to this Agreement the Fund
pays N&B Management an administration fee at the annual rate of 0.30% 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.
N&B 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 N&B 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 N&B Management upon at
least 60 days' prior written notice to the Fund. For the six months ended June
30, 1998, no reimbursement to the Fund was required.
All of the capital stock of N&B 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 N&B 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 $231.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1998, additions and reductions in the
Fund's investment in its Series amounted to $110,323,918 and $135,206,202,
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,
1998 Year Ended December 31,
(UNAUDITED)(2) 1997(2) 1996(2) 1995(2) 1994 1993
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $30.54 $25.78 $25.86 $20.31 $ 24.28 $ 23.27
-------------------------------------------------------------------
Income From Investment Operations
Net Investment Income (Loss) (.06) (.03) (.07) .01 .07 .13
Net Gains or Losses on Securities
(both realized and unrealized) 4.11 7.06 2.34 6.26 (1.11) 1.42
-------------------------------------------------------------------
Total From Investment Operations 4.05 7.03 2.27 6.27 (1.04) 1.55
-------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) -- -- (.01) (.05) (.12) (.17)
Distributions (from net capital
gains) (8.27) (2.27) (2.34) (.67) (2.81) (.37)
-------------------------------------------------------------------
Total Distributions (8.27) (2.27) (2.35) (.72) (2.93) (.54)
-------------------------------------------------------------------
Net Asset Value, End of Period $26.32 $30.54 $25.78 $25.86 $ 20.31 $ 24.28
-------------------------------------------------------------------
Total Return(3) +15.66%(4) +29.01% +9.14% +31.73% -4.99% +6.79%
-------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $649.9 $583.7 $566.4 $537.8 $ 369.3 $ 366.5
-------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(5) .92%(6) .90% .92% .90% -- --
-------------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets .92%(6) .90% .92% .90% .84% .81%
-------------------------------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets (.46%)(6) (.11%) (.30%) .04% .26% .52%
-------------------------------------------------------------------
Portfolio Turnover Rate(7) -- -- -- 9% 46% 92%
-------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1998 (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 charges and other expenses that apply to
the separate account or the related insurance policies, and the inclusion of
these charges and other expenses would reduce the total return for all fiscal
periods shown.
4) Not annualized.
5) For fiscal periods ending after September 1, 1995, the Fund is required to
calculate an expense ratio without taking into consideration any expense
reductions related to expense offset arrangements.
6) Annualized.
7) The Fund transferred all of its investment securities into its Series on
April 28, 1995. After that date the Fund invested only in its Series, and
that Series, rather than the Fund, engaged in securities transactions.
Therefore, after that date the Fund had no portfolio turnover rate. Portfolio
turnover rates for periods ending after April 28, 1995, are included in the
Financial Highlights of AMT Growth Investments, which appear elsewhere in
this report.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
COMMON STOCKS (94.1%)
BASIC MATERIALS (0.4%)
61,300 Cytec Industries $ 2,712,525
------------
CAPITAL GOODS (3.8%)
154,200 Eastern Environmental Services 5,242,800
319,600 HON INDUSTRIES 10,866,400
177,800 USA Waste Services 8,778,875
------------
24,888,075
------------
COMMUNICATIONS (4.2%)
109,200 ICG Communications 3,992,625
105,200 Intermedia Communications 4,411,825
170,100 NEXTLINK Communications 6,442,537
289,800 RSL Communications 8,694,000
262,800 SmarTalk TeleServices 3,827,025
------------
27,368,012
------------
CONSUMER CYCLICALS (19.3%)
129,900 Abercrombie & Fitch 5,715,600
298,400 Avis Rent A Car 7,385,400
167,300 Costco Cos. 10,550,356
368,400 General Nutrition 11,466,450
242,400 Hayes Lemmerz International 9,635,400
330,000 Linens 'n Things 10,085,625
319,975 Outdoor Systems 8,959,300
467,000 PETsMART, Inc. 4,670,000
167,822 Promus Hotel 6,461,147
156,450 Robert Half International 8,741,644
124,900 StaffMark, Inc. 4,574,463
514,300 Staples, Inc. 14,882,556
273,300 Sylvan Learning Systems 8,950,575
562,800 TJX Cos. 13,577,550
------------
125,656,066
------------
CONSUMER STAPLES (12.6%)
138,500 American Italian Pasta 5,159,125
370,500 Brinker International 7,132,125
271,000 Capstar Broadcasting 6,808,875
87,700 Cardinal Health 8,221,875
259,900 Chancellor Media 12,905,659
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
305,300 CKE Restaurants $ 12,593,625
151,900 Comcast Corp. Class A Special 6,166,191
124,800 Estee Lauder 8,697,000
158,100 Suiza Foods 9,436,594
119,700 Valassis Communications 4,615,931
------------
81,737,000
------------
ENERGY (3.9%)
231,200 BJ Services 6,719,250
141,200 Cooper Cameron 7,201,200
294,800 Noble Drilling 7,093,625
243,000 Seagull Energy 4,024,687
------------
25,038,762
------------
FINANCIAL SERVICES (12.3%)
171,700 Ace, Ltd. 6,696,300
96,900 Bear Stearns 5,511,187
84,900 Equitable Cos. 6,362,194
100,900 EXEL Ltd. 7,851,281
178,500 Finova Group 10,107,563
176,700 FIRSTPLUS Financial Group 6,361,200
239,400 GreenPoint Financial 9,007,425
124,800 Northern Trust 9,516,000
132,700 State Street 9,222,650
164,700 SunAmerica, Inc. 9,459,956
------------
80,095,756
------------
HEALTH CARE (10.2%)
224,000 Alternative Living Services 6,048,000
182,400 Biogen, Inc. 8,937,600
169,900 Elan Corp. ADR 10,926,694
260,400 Omnicare, Inc. 9,927,750
175,800 Quintiles Transnational 8,647,162
113,200 Rexall Sundown 3,990,300
64,000 Sofamor Danek Group 5,540,000
73,100 STERIS Corp. 4,648,703
156,100 Watson Pharmaceuticals 7,287,919
------------
65,954,128
------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
TECHNOLOGY (23.4%)
153,900 Advanced Fibre Communications $ 6,165,619
200,100 Analog Devices 4,914,956
170,200 BMC Software 8,839,762
236,500 Cadence Design Systems 7,390,625
104,300 Cambridge Technology Partners 5,697,388
192,600 CBT Group ADR 10,304,100
144,800 CIENA Corp. 10,081,700
185,200 Citrix Systems 12,663,050
38,000 Excite, Inc. 3,553,000
254,000 HBO & Co. 8,953,500
113,700 International Network Services 4,661,700
244,000 J.D. Edwards 10,476,750
271,700 Network Appliance 10,579,319
254,700 Network Associates 12,193,762
241,000 Sanmina Corp. 10,453,375
162,500 Saville Systems Ireland ADR 8,145,313
227,800 Staff Leasing 6,720,100
206,200 Sterling Commerce 10,000,700
------------
151,794,719
------------
TRANSPORTATION (2.2%)
269,700 Southwest Airlines 7,989,863
83,200 US Airways Group 6,593,600
------------
14,583,463
------------
UTILITIES (1.8%)
225,500 AES Corp. 11,852,844
------------
TOTAL COMMON STOCKS (COST
$465,061,649) 611,681,350
------------
<CAPTION>
Principal Market
Amount Value(1)
- ---------- ------------
<C> <S> <C>
U.S. TREASURY SECURITIES
(1.7%)
$11,310,000 U.S. Treasury Bills, 4.83%,
due 8/20/98
(COST $11,234,129) $ 11,232,719
------------
SHORT-TERM INVESTMENTS (11.9%)
31,570,000 General Electric Capital
Corp., 5.60%, due 7/1/98 31,570,000(2)
45,553,600 N&B Securities Lending Quality
Fund, LLC 45,553,600(2)
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $77,123,600) 77,123,600
------------
TOTAL INVESTMENTS (107.7%)
(COST $553,419,378) 700,037,669(3)
Liabilities, less cash,
receivables and other assets
[(7.7%)] (50,127,565)
------------
TOTAL NET ASSETS (100.0%) $649,910,104
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-9
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1998 (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. Foreign security
prices are furnished by independent quotation services expressed in local
currency values. Foreign security prices are translated from the local
currency into U.S. dollars using current exchange rates. 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, 1998, the cost of investments for Federal income tax purposes was
$553,990,134. Gross unrealized appreciation of investments was $162,270,062
and gross unrealized depreciation of investments was $16,222,527, resulting
in net unrealized appreciation of $146,047,535, 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,
1998
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 700,037,669
Cash 2,561
Receivable for securities sold 407,457
Dividends and interest receivable 257,531
Prepaid expenses and other assets 54,986
Deferred organization costs (Note A) 35,398
--------------
700,795,602
--------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 45,553,600
Payable for securities purchased 4,884,525
Payable to investment manager (Note B) 261,234
Accrued expenses 186,139
--------------
50,885,498
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 649,910,104
--------------
NET ASSETS consist of:
Paid-in capital $ 503,291,813
Net unrealized appreciation in value of
investment securities 146,618,291
--------------
NET ASSETS $ 649,910,104
--------------
*Cost of investments $ 553,419,378
--------------
</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,
1998
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 637,155
Interest income 760,491
Foreign taxes withheld (Note A) (235)
------------
Total income 1,397,411
------------
Expenses:
Investment management fee (Note B) 1,584,284
Custodian fees (Note B) 83,717
Trustees' fees and expenses 11,720
Legal fees 10,918
Amortization of deferred organization and
initial offering expenses (Note A) 9,564
Auditing fees 9,320
Insurance expense 5,059
Accounting fees 4,959
Miscellaneous 6,093
------------
Total expenses 1,725,634
Expenses reduced by custodian fee expense
offset arrangement (Note B) (231)
------------
Total net expenses 1,725,403
------------
Net investment loss (327,992)
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 25,932,896
Change in net unrealized appreciation of
investment securities 62,760,807
------------
Net gain on investments 88,693,703
------------
Net increase in net assets resulting from
operations $88,365,711
------------
</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
1998 December 31,
(UNAUDITED) 1997
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (327,992) $ 1,338,481
Net realized gain on investments 25,932,896 153,191,649
Change in net unrealized
appreciation of investments 62,760,807 3,903,917
-----------------------------
Net increase in net assets resulting
from operations 88,365,711 158,434,047
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 110,323,918 186,375,318
Reductions (135,206,202) (327,021,324)
-----------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (24,882,284) (140,646,006)
-----------------------------
NET INCREASE IN NET ASSETS 63,483,427 17,788,041
NET ASSETS:
Beginning of period 586,426,677 568,638,636
-----------------------------
End of period $ 649,910,104 $586,426,677
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1998 (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 eight
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. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. 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. 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, 1998, the unamortized balance of such
expenses amounted to $35,398.
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: Securities 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 makes
security loans.The Series will not lend securities on which covered call
options have been written, or lend securities on terms which would prevent
investors from qualifying as a regulated investment company. Prior to June 1,
1998, the Series made securities loans to Neuberger&Berman, LLC
("Neuberger"), the Series' principal broker and sub-adviser. These loans were
made in accordance with an exemptive order issued by the Securities and
Exchange Commission under the 1940 Act. The Series received cash as
collateral against the lent securities, which was maintained at not less than
100% of the market value of the lent securities during the period of the
loan. The Series received income earned on the lent securities and a portion
of the income earned on the cash collateral. During the six months ended June
30, 1998, the Series lent securities to Neuberger.
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
Effective June 1, 1998, the Series entered into a Securities Lending
Agreement with Morgan Stanley & Co. Incorporated ("Morgan"). The Series
receives cash collateral equal to at least 100% of the current market value
of the loaned securities. The Series invests the cash collateral in the N&B
Securities Lending Quality Fund, LLC ("investment vehicle"). Income earned on
the investment vehicle is paid to Morgan monthly. The Series receives a fee,
payable monthly, negotiated by the Series and Morgan, based on the number and
duration of the lending transactions. At June 30, 1998, the value of the
securities loaned and the value of the collateral were $44,725,694 and
$45,553,600, respectively.
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 ("N&B
Management") as its investment manager under a Management Agreement. For such
investment management services, the Series pays N&B Management a fee at the
annual rate of 0.55% of the first $250 million of the Series' average daily net
assets, 0.525% of the next $250 million, 0.50% of the next $250 million, 0.475%
of the next $250 million, 0.45% of the next $500 million, and 0.425% of average
daily net assets in excess of $1.5 billion.
All of the capital stock of N&B 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 N&B 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 N&B
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 $231.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1998, there were purchase and sale
transactions (excluding short-term securities) of $217,934,753 and $249,903,729,
respectively.
During the six months ended June 30, 1998, brokerage commissions on
securities transactions amounted to $461,614, of which Neuberger received
$164,345, and other brokers received $297,269.
In addition, Neuberger's share of the total interest income earned for the
six months ended June 30, 1998, from the collateralization of securities loaned
to or through Neuberger was $140,131.
NOTE D -- COMBINED LINE OF CREDIT:
Effective June 1, 1998, the Series was a holder of an unsecured $100,000,000
combined line of credit with State Street Bank and Trust Company ($60,000,000
prior to June 1, 1998), to be used only for temporary or emergency purposes.
Interest is charged on borrowings under this agreement at the overnight Federal
Funds Rate plus 0.75% per
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
annum. A facility fee of 0.07% per annum (0.1% prior to June 1, 1998) of the
available line of credit is charged, of which the Series has agreed to pay its
pro rata share, based on the ratio of its net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid quarterly
in arrears. No compensating balance is required. Other investment companies
managed by N&B Management also participate in the line of credit on the same
terms. Because several investment companies participate, there is no assurance
that the Series will have access to the entire $100,000,000 at any particular
time. The Series had no loans outstanding pursuant to this line of credit at
June 30, 1998, nor had the Series utilized this line of credit at anytime prior
to that 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-16
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period
from
Six May 1,
Months 1995(1)
Ended to
June 30, Year Ended December December
1998 31, 31,
(UNAUDITED) 1997 1996 1995
-----------------------------------------------
<S> <C> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .58%(3) .58% .59% .59%(3)
-----------------------------------------------
Net Expenses .58%(3) .58% .59% .59%(3)
-----------------------------------------------
Net Investment Income (Loss) (.11%)(3) .21% .04% .31%(3)
-----------------------------------------------
Portfolio Turnover Rate 38% 113% 57% 35%
-----------------------------------------------
Average Commission Rate Paid $0.0550 $0.0386 $0.0582 $0.0412
-----------------------------------------------
Net Assets, End of Period (in millions) $649.9 $586.4 $568.6 $600.8
-----------------------------------------------
</TABLE>
1) The date investment operations commenced.
2) The Series is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
3) Annualized.
B-17
