<PAGE>
GROWTH PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
NMATR8060699
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 1999
- --------------------------------------------------------------------------------
Growth Portfolio
JENNIFER SILVER & BROOKE COBB, PORTFOLIO CO-MANAGERS
The portfolio produced a 3.02% return* during the first six months of 1999,
while its benchmark, the Russell Midcap Growth Index, provided a 14.19% return.
The portfolio co-managers, Jennifer Silver and Brooke Cobb, attribute the
portfolio's performance to their stock selection strategy, which favors a
diverse array of mid-cap companies in a variety of industries. In contrast, the
mid-cap market's advance was very narrowly concentrated in just a handful of
larger growth and technology companies.
While Silver and Cobb increased their holdings of Internet-related stocks
during the first quarter, they have insisted that these investments conform to
their stringent investment criteria. This approach led the managers not just to
traditional Internet stocks, but also to related businesses such as credit card
companies expected to benefit from increased use of on-line payment, as well as
retailers that sell goods through their web sites. This strategy quickly
produced good results: financial services firm Donaldson, Lufkin & Jenrette
(1.5% of assets as of June 30, 1999) was the portfolio's best performing stock
during the first quarter, primarily because of the growth of its Internet-based
brokerage service.
When Internet stocks began to give back some of their previous gains during
the second quarter, Silver and Cobb sold some of their larger positions,
including Yahoo and Amazon.com, that had previously provided strong returns. The
portfolio managers redeployed those assets to "enabling technology" companies,
such as Internet advertising company Double Click (0.5%), data collection and
storage provider Inktomi (0.5%), and software developer Siebel Systems (1.8%).
During the second half of the six-month reporting period, it became apparent
that economies in the U.S., Japan, Asia and Latin America were stronger than
many analysts expected. As a result, domestic interest rates began to rise amid
investors' concerns that inflation pressures might re-emerge. Because higher
interest rates have the potential to erode earnings, many highly valued growth
companies lost value. Instead, equity investors turned their attention to
attractively valued companies that had been out-of-favor.
As a result, the stocks of many consumer cyclical companies, such as
retailers, experienced heightened volatility, as investors became increasingly
concerned that consumer spending might slow. Silver and Cobb attempted to take
advantage of this volatility by increasing existing holdings and establishing
new positions on perceived price weakness. For example, they added consumer
electronics retailer Best Buy (2.1%), which they expect to benefit from the sale
of popular new video technologies, such as digital video disks and large-screen
televisions. Other additions included apparel retailer Ann Taylor (1.1%), which
the portfolio managers believe is in the midst of a merchandising-driven
recovery.
The portfolio benefited from the good performance of some of its individual
holdings in a variety of industries. Citrix Systems (3.1%), a company that makes
client and application server software to enable the efficient enterprise-wide
deployment of Windows-based business applications reported better-than-expected
earnings. Waste management company, Republic Services (2.1%) saw its stock price
rise in response to strong fundamentals in a consolidating industry. And,
biotechnology company Immunex (1.6%) benefited from strong sales of its
arthritis drug and progress toward FDA approval of additional drugs in its
pipeline.
A-2
<PAGE>
Looking forward, Silver and Cobb remain optimistic. In their view, the shift
in market leadership from large-cap to smaller stocks may persist, especially if
interest rates remain at or near current levels. Silver and Cobb report that
they have continued to seek fundamentally strong companies in the mid-cap market
that have good earnings and are selling at attractive valuations. While mid-cap
growth companies tend to experience volatile short-term price fluctuations, they
believe that, over the longer term, higher valuations for many mid-cap companies
are possible if investor sentiment becomes more positive in the event that
current interest-rate fears subside.
*2.90%, 18.42% and 12.25% were the average annual total returns for the 1-, 5-,
and 10-year periods ended June 30, 1999. Results are shown on a "total return"
basis and include reinvestment of all dividends and capital gain distributions.
NBMI may absorb certain operating expenses of Neuberger Berman AMT Growth
Portfolio. Absent such arrangement, which is subject to change, the total
returns would have been less. Performance data quoted represents past
performance, which is no guarantee of future results. The investment return and
principal value of an investment will fluctuate so that the shares, when
redeemed, may be worth more or less than their original cost. The performance
information does not reflect separate account and insurance policy fees and
expenses.
The Russell Midcap Growth Index measures the performance of those Russell
Midcap 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 Index, which represents approximately
35% of the total market capitalization of the Russell 1000 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 this index
are prepared or obtained by Neuberger Berman Management Inc. and include
reinvestment of all dividends and capital gains distributions. The Portfolio
invests in many securities not included in the above-described index.
The composition, industries and holdings of the Portfolio are subject to
change.
The investments for the Portfolio are managed by the same Portfolio manager(s)
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 of the
Portfolio can be expected to vary from those of the other mutual funds.
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 AMT Portfolios may be purchased only by
life insurance companies to be used with their separate accounts that fund
variable annuity and variable life insurance policies and by qualified pension
and retirement plans.
A-3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 509,209,343
Receivable for Trust shares sold 2,622,858
--------------
511,832,201
--------------
LIABILITIES
Payable to administrator (Note B) 119,077
Accrued expenses 57,615
Payable for Trust shares redeemed 24,628
--------------
201,320
--------------
NET ASSETS at value $ 511,630,881
--------------
NET ASSETS consist of:
Par value $ 20,038
Paid-in capital in excess of par value 361,805,141
Accumulated undistributed net investment
loss (1,202,589)
Accumulated net realized gains on investment 16,597,541
Net unrealized appreciation in value of
investment 134,410,750
--------------
NET ASSETS at value $ 511,630,881
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 20,037,481
--------------
NET ASSET VALUE, offering and redemption price per
share $25.53
--------------
</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,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 1,201,220
------------
Expenses:
Administration fee (Note B) 798,022
Legal fees 15,437
Trustees' fees and expenses 13,214
Shareholder reports 6,981
Custodian fees 4,959
Auditing fees 4,642
Registration and filing fees 257
Miscellaneous 2,278
Expenses from Series (Notes A & B) 1,560,507
------------
Total expenses 2,406,297
Expenses reduced by custodian fee expense
offset arrangement (Note B) (2,488)
------------
Total net expenses 2,403,809
------------
Net investment loss (1,202,589)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized gain on investment securities 17,915,933
Change in net unrealized appreciation of
investment securities (5,024,093)
------------
Net gain on investments from Series (Note
A) 12,891,840
------------
Net increase in net assets resulting from
operations $11,689,251
------------
</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
1999 December 31,
(UNAUDITED) 1998
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (1,202,589) $ (2,367,759)
Net realized gain on investments
from Series (Note A) 17,915,933 30,290,239
Change in net unrealized
appreciation of investments from
Series (Note A) (5,024,093) 55,577,359
-----------------------------
Net increase in net assets resulting
from operations 11,689,251 83,499,839
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (30,380,350) (153,330,889)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 126,556,540 232,626,396
Proceeds from reinvestment of
distributions 30,380,350 153,330,889
Payments for shares redeemed (242,986,468) (283,467,035)
-----------------------------
Net increase (decrease) from Trust
share transactions (86,049,578) 102,490,250
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (104,740,677) 32,659,200
NET ASSETS:
Beginning of period 616,371,558 583,712,358
-----------------------------
End of period $ 511,630,881 $616,371,558
-----------------------------
Accumulated undistributed net
investment loss at end of period $ (1,202,589) $ --
-----------------------------
NUMBER OF TRUST SHARES:
Sold 5,114,565 9,385,509
Issued on reinvestment of
distributions 1,311,759 6,341,228
Redeemed (9,833,360) (11,392,915)
-----------------------------
Net increase (decrease) in shares
outstanding (3,407,036) 4,333,822
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 1999 (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 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, 1999). 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 as indicated in the notes
following the Series' Schedule of Investments.
3) TAXES: The Funds are treated as separate entities for U.S. 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 U.S.
Federal income tax purposes as capital loss carryforwards) sufficient to
relieve it from all, or substantially all, U.S. Federal income taxes.
Accordingly, the Fund paid no U.S. Federal income taxes and no provision for
U.S. 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, 1999 (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 Inc. ("Management") as its
administrator under an Administration Agreement ("Agreement"). Pursuant to this
Agreement the Fund pays 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.
Management has voluntarily undertaken to reimburse the Fund for its operating
expenses plus 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,
1.00% 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, 1999, 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. In addition, in connection with the Securities Lending Agreement
between the Series and Morgan Stanley & Co. Incorporated ("Morgan"), Morgan has
agreed to reimburse the Series for transaction costs incurred on security
lending transactions charged by the custodian through May 31, 1999. The impact
of these arrangements, respectively, reflected in the Statement of Operations
under the caption Expenses from Series, was a reduction of $104 and $2,384.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1999, additions and reductions in the
Fund's investment in its Series amounted to $114,988,731 and $229,105,451,
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,
1999 Year Ended December 31,
(UNAUDITED)(2) 1998(2) 1997(2) 1996(2) 1995(2) 1994
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $26.29 $30.54 $25.78 $25.86 $20.31 $24.28
-------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income (Loss) (.06) (.10) (.03) (.07) .01 .07
Net Gains or Losses on Securities
(both realized and unrealized) .71 4.12 7.06 2.34 6.26 (1.11)
-------------------------------------------------------------------------
Total From Investment Operations .65 4.02 7.03 2.27 6.27 (1.04)
-------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) -- -- -- (.01) (.05) (.12)
Distributions (from net capital
gains) (1.41) (8.27) (2.27) (2.34) (.67) (2.81)
-------------------------------------------------------------------------
Total Distributions (1.41) (8.27) (2.27) (2.35) (.72) (2.93)
-------------------------------------------------------------------------
Net Asset Value, End of Period $25.53 $26.29 $30.54 $25.78 $25.86 $20.31
-------------------------------------------------------------------------
Total Return(3) +3.02%(4) +15.53% +29.01% +9.14% +31.73% -4.99%
-------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $511.6 $616.4 $583.7 $566.4 $537.8 $369.3
-------------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(5) .90%(6) .92% .90% .92% .90% --
-------------------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets .90%(6) .92% .90% .92% .90% .84%
-------------------------------------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets (.45%)(6) (.41%) (.11%) (.30%) .04% .26%
-------------------------------------------------------------------------
Portfolio Turnover Rate(7) -- -- -- -- 9% 46%
-------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 1999 (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, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
COMMON STOCKS (96.3%)
BUSINESS SERVICES (5.9%)
199,700 Avis Rent A Car $ 5,816,262
102,450 International Network Services 4,136,419
439,600 Republic Services 10,880,100
140,800 USWeb Corp. 3,124,000
158,000 Valassis Communications 5,786,750
------------
29,743,531
------------
CAPITAL GOODS (0.9%)
16,200 E-Tek Dynamics 770,512
67,400 Waters Corp. 3,580,625
------------
4,351,137
------------
COMMUNICATIONS (11.4%)
51,500 Adelphia Communications 3,276,688
120,400 Frontier Corp. 7,103,600
203,900 Intermedia Communications 6,117,000
69,400 Metromedia Fiber Network 2,494,062
117,600 NTL Inc. 10,135,650
246,400 RSL Communications 4,758,600
143,500 Tellabs, Inc. 9,695,219
53,500 Uniphase Corp. 8,881,000
118,800 WinStar Communications 5,791,500
------------
58,253,319
------------
CONSUMER CYCLICALS (8.9%)
234,800 Capstar Broadcasting 6,427,650
305,400 Cendant Corp. 6,260,700
146,100 Chancellor Media 8,053,763
138,700 Fortune Brands 5,738,712
146,100 Jones Intercable Class A 7,158,900
124,900 SFX Entertainment 7,993,600
122,400 Starwood Hotels & Resorts
Worldwide 3,740,850
------------
45,374,175
------------
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
CONSUMER STAPLES (1.2%)
120,600 Estee Lauder $ 6,045,075
------------
ELECTRICAL EQUIPMENT (5.7%)
217,000 Altera Corp. 7,988,312
9,900 Broadcom Corp. 1,431,169
57,300 Conexant Systems 3,326,981
80,500 Maxim Integrated Products 5,353,250
123,200 PMC-Sierra 7,261,100
54,800 Vitesse Semiconductor 3,695,575
------------
29,056,387
------------
ENERGY (4.0%)
192,100 Coastal Corp. 7,684,000
288,300 Enron Oil & Gas 5,838,075
426,300 Union Pacific Resources Group 6,954,019
------------
20,476,094
------------
FINANCIAL SERVICES (11.6%)
174,000 Capital One Financial 9,689,625
184,700 CheckFree Holdings 5,090,794
128,800 Donaldson, Lufkin & Jenrette 7,760,200
133,900 E*TRADE Group 5,347,631
94,400 FINOVA Group 4,967,800
123,400 Kansas City Southern
Industries 7,874,463
75,100 Lehman Brothers Holdings 4,674,975
65,000 Nationwide Financial Services 2,941,250
58,000 Providian Financial 5,423,000
62,500 State Street 5,335,937
------------
59,105,675
------------
HARDWARE (5.2%)
250,000 Adaptec, Inc. 8,828,125
84,100 Network Appliance 4,699,087
167,600 Sanmina Corp. 12,716,650
------------
26,243,862
------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
HEALTH CARE (10.4%)
165,600 Biogen, Inc. $ 10,650,150
105,300 C. R. Bard 5,034,656
89,050 Cardinal Health 5,710,331
255,800 Elan Corp. ADR 7,098,450
64,900 Immunex Corp. 8,270,694
50,900 MiniMed Inc. 3,916,119
69,700 Sepracor Inc. 5,663,125
79,400 The Laser Center 3,811,200
35,400 Wellpoint Health Networks 3,004,575
------------
53,159,300
------------
INTERNET (5.8%)
100 Ask Jeeves 1,400
55,900 BroadVision, Inc. 4,122,625
100 Clarent Corp. 1,500
26,200 DoubleClick Inc. 2,403,850
29,700 Exodus Communications 3,562,144
17,800 Inktomi Corp. 2,324,012
97,500 Intuit Inc. 8,787,188
36,000 Lycos, Inc. 3,307,500
43,700 PSINet Inc. 1,911,875
46,400 Safeguard Scientifics 2,876,800
------------
29,298,894
------------
RETAIL (15.0%)
138,400 Abercrombie & Fitch 6,643,200
126,400 Ann Taylor Stores 5,688,000
157,600 Best Buy 10,638,000
189,300 Brinker International 5,146,594
42,500 Circuit City Stores 3,952,500
53,400 Costco Cos. 4,275,337
247,800 Food Lion Class B 2,865,187
154,200 Furniture Brands International 4,298,325
153,700 Linens 'n Things 6,724,375
118,350 Office Depot 2,611,097
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
302,150 Staples, Inc. $ 9,347,766
432,200 TJX Cos. 14,397,663
------------
76,588,044
------------
SOFTWARE (8.8%)
281,400 Citrix Systems 15,899,100
55,400 Gemstar International Group 3,614,850
329,300 Novell, Inc. 8,726,450
140,400 Siebel Systems 9,319,050
76,900 VERITAS Software 7,300,694
------------
44,860,144
------------
UTILITIES (1.5%)
110,300 Montana Power 7,776,150
------------
TOTAL COMMON STOCKS
(COST $355,921,037) 490,331,787
------------
<CAPTION>
Principal
Amount
- ----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
SECURITIES (1.8%)
$9,150,000 Fannie Mae, Discount Notes,
4.96%, due 7/6/99
(COST $9,143,697) 9,143,697(2)
------------
REPURCHASE AGREEMENTS (1.8%)
9,140,000 State Street Bank and Trust
Co. Repurchase Agreement,
4.70%, due 7/1/99, dated
6/30/99, Maturity Value
$9,141,193, Collateralized by
$9,275,000 U.S. Treasury
Notes, 5.75%, due 8/15/03
(Collateral Value $9,415,915)
(COST $9,140,000) 9,140,000(2)
------------
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
- ---------- ------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (15.5%)
$79,004,816 N&B Securities Lending Quality
Fund, LLC
(COST $79,004,816) $ 79,004,816(2)
------------
TOTAL INVESTMENTS (115.4%)
(COST $453,209,550) 587,620,300(3)
Liabilities, less cash,
receivables and other assets
[(15.4%)] (78,410,956)
------------
TOTAL NET ASSETS (100.0%) $509,209,344
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-10
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (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 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, 1999, the cost of investments for U.S. Federal income tax
purposes was $453,548,623. Gross unrealized appreciation of investments was
$142,599,324 and gross unrealized depreciation of investments was $8,527,647,
resulting in net unrealized appreciation of $134,071,677, based on cost for
U.S. Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-11
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 587,620,300
Cash 8,804
Receivable for securities sold 12,081,052
Dividends and interest receivable 3,531,053
Prepaid expenses and other assets 47,065
Deferred organization costs (Note A) 16,066
--------------
603,304,340
--------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 79,004,816
Payable for securities purchased 11,412,681
Accrued expenses and other payables 3,463,558
Payable to investment manager (Note B) 213,941
--------------
94,094,996
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 509,209,344
--------------
NET ASSETS consist of:
Paid-in capital $ 374,798,594
Net unrealized appreciation in value of
investment securities 134,410,750
--------------
NET ASSETS $ 509,209,344
--------------
*Cost of investments $ 453,209,550
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 380,535
Interest income 820,685
------------
Total income 1,201,220
------------
Expenses:
Investment management fee (Note B) 1,423,862
Custodian fees (Note B) 80,464
Trustees' fees and expenses 12,847
Auditing fees 12,345
Amortization of deferred organization and
initial offering expenses (Note A) 9,569
Legal fees 6,802
Accounting fees 4,959
Insurance expense 3,407
Miscellaneous 6,252
------------
Total expenses 1,560,507
Expenses reduced by custodian fee expense
offset arrangement (Note B) (2,488)
------------
Total net expenses 1,558,019
------------
Net investment loss (356,799)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 17,915,933
Change in net unrealized appreciation of
investment securities (5,024,093)
------------
Net gain on investments 12,891,840
------------
Net increase in net assets resulting from
operations $12,535,041
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1999 December 31,
(UNAUDITED) 1998
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (356,799) $ (453,556)
Net realized gain on investments 17,915,933 30,290,239
Change in net unrealized
appreciation of investments (5,024,093) 55,577,359
-----------------------------
Net increase in net assets resulting
from operations 12,535,041 85,414,042
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 114,988,731 197,047,525
Reductions (229,105,451) (258,097,221)
-----------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (114,116,720) (61,049,696)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (101,581,679) 24,364,346
NET ASSETS:
Beginning of period 610,791,023 586,426,677
-----------------------------
End of period $ 509,209,344 $610,791,023
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1999 (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 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 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) 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 U.S. Federal income tax purposes and is therefore not subject to U.S.
Federal income tax.
5) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized on a straight-line basis over a five-year
period. At June 30, 1999, the unamortized balance of such expenses amounted
to $16,066.
6) 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.
7) 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. 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"), which is managed by State Street Bank and Trust
Company ("State Street") pursuant to guidelines approved by Managers Trust's
investment manager. 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, 1999, the value of the securities loaned and the value of the
collateral were $77,455,702 and $79,004,816, respectively.
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
8) 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 Inc. ("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 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 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. 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. In addition, in connection with the Securities Lending Agreement
between the Series and Morgan, Morgan has agreed to reimburse the Series for
transaction costs incurred on security lending transactions charged by the
custodian through May 31, 1999. The impact of these arrangements, respectively,
reflected in the Statement of Operations under the caption Custodian fees, was a
reduction of $104 and $2,384.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1999, there were purchase and sale
transactions (excluding short-term securities) of $338,688,917 and $440,770,110,
respectively.
During the six months ended June 30, 1999, brokerage commissions on
securities transactions amounted to $637,771, of which Neuberger received
$269,738, and other brokers received $368,033.
NOTE D -- COMBINED LINE OF CREDIT:
At June 30, 1999, the Series was a holder of a committed, unsecured
$100,000,000 combined line of credit with State Street, 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 annum. A facility
fee of 0.07% per annum 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
individual net assets to the net assets of all the 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 Management also
participate in the line of credit on the same terms. Because several investment
companies participate, there is no
B-16
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Growth Investments
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, 1999, nor had the Series utilized this line of credit at any
time 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-17
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period
from
Six May 1,
Months 1995(1)
Ended to
June 30, December
1999 Year Ended December 31, 31,
(UNAUDITED) 1998 1997 1996 1995
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .59%(3) .58% .58% .59% .59%(3)
------------------------------------------------------------
Net Expenses .59%(3) .58% .58% .59% .59%(3)
------------------------------------------------------------
Net Investment Income (Loss) (.13%)(3) (.08%) .21% .04% .31%(3)
------------------------------------------------------------
Portfolio Turnover Rate 66% 83% 113% 57% 35%
------------------------------------------------------------
Net Assets, End of Period (in millions) $509.2 $610.8 $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-18
