<PAGE>
PARTNERS PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
NMATR8110699
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 1999
- --------------------------------------------------------------------------------
Partners Portfolio
MICHAEL KASSEN, BOB GENDELMAN & S. BASU MULLICK, PORTFOLIO CO-MANAGERS
The portfolio provided a 13.27% return* during the first six months of 1999,
outperforming its benchmark, the S&P 500 Index, which provided a 12.36% return.
In addition, the portfolio also outperformed the Russell 1000 Value Index, which
provided a 12.87% return. The portfolio co-managers attribute the portfolio's
performance to their disciplined, value-oriented, bottom-up stock selection
strategy.
The portfolio benefited early in the reporting period from its holdings in
the communication services and technology sectors. For example, cable television
operator MediaOne (1.2% of assets as of June 30, 1999) was targeted for
acquisition, driving its share price higher. MediaOne is a good example of a
stock that was bought inexpensively and appreciated as the company recovered
from previous, temporary problems. This is the result of the portfolio managers'
focus on two themes: buying not just stocks, but ownership in real businesses
and buying high-quality businesses at attractive prices.
Later in 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, including many of the value-oriented and
economically sensitive companies in which the portfolio invests.
Kassen, Gendelman and Mullick's bottom-up stock picking strategy led them to
a variety of stocks they believed were undervalued in areas such as the
technology, basic materials, consumer cyclicals and capital goods sectors. For
example, since the portfolio managers acquired telecommunications company,
Nortel Networks Corp. (2.0%) last fall after its stock price had declined amid
concerns over its exposure to Asian markets, the company has reported
stronger-than-expected sales and earnings. Similarly, industrial gas
manufacturer Praxair (1.3%), which has a substantial presence in Brazil, saw its
stock price rebound sharply in the second quarter as Latin American economies
recovered from last year's global financial crisis.
Looking forward, the portfolio co-managers have been encouraged by the
broadening of the mid- to large-cap sectors of the stock market during the
second quarter, which stands in stark contrast to the remarkably narrow markets
of previous quarters. Because Kassen, Gendelman and Mullick have continued to
seek fundamentally strong companies that have good earnings and are selling at
attractive valuations, they remain optimistic about the portfolio's value-based
investment strategy.
*11.39%, 23.68%, and 20.51% were the average annual total returns for the 1-,
5-, and since inception periods ended June 30, 1999. Results are shown on a
total return basis and include reinvestment of all dividends and capital gains
distributions. 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 S&P 500 Index is an unmanaged index generally considered representative of
stock market activity. The Russell 1000-Registered Trademark- Index measures
the performance of the 1,000 largest companies in the Russell 3000 Index (which
measures the performance of the 3,000 largest U.S. companies based
A-2
<PAGE>
on total market capitalization). The Russell 1000 Index represents
approximately 89% of the total market capitalization of the Russell 3000 Index.
The Russell 1000 Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
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. and
include reinvestment of all dividends and capital gain distributions. The
Portfolio may invest in many securities not included in the above-described
indices.
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
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $1,102,359,745
Receivable for Trust shares sold 573,590
--------------
1,102,933,335
--------------
LIABILITIES
Payable for Trust shares redeemed 782,384
Payable to administrator (Note B) 267,555
Accrued expenses 200,522
--------------
1,250,461
--------------
NET ASSETS at value $1,101,682,874
--------------
NET ASSETS consist of:
Par value $ 53,170
Paid-in capital in excess of par value 782,572,631
Accumulated undistributed net investment
income 4,003,872
Accumulated net realized gains on investment 133,885,298
Net unrealized appreciation in value of
investment 181,167,903
--------------
NET ASSETS at value $1,101,682,874
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 53,170,410
--------------
NET ASSET VALUE, offering and redemption price per
share $20.72
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 10,047,131
------------
Expenses:
Administration fee (Note B) 2,071,084
Shareholder reports 106,266
Legal fees 39,664
Trustees' fees and expenses 33,108
Auditing fees 10,011
Custodian fees 4,959
Amortization of deferred organization and
initial offering expenses (Note A) 624
Registration and filing fees 143
Miscellaneous 4,966
Expenses from Series (Notes A & B) 3,679,254
------------
Total expenses 5,950,079
Expenses reduced by custodian fee expense
offset arrangement (Note B) (681)
------------
Total net expenses 5,949,398
------------
Net investment income 4,097,733
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 140,566,202
Change in net unrealized appreciation of
investment securities 30,173,889
------------
Net gain on investments from Series (Note
A) 170,740,091
------------
Net increase in net assets resulting from
operations $174,837,824
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners 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 income $ 4,097,733 $ 18,227,555
Net realized gain on investments
from Series (Note A) 140,566,202 27,913,853
Change in net unrealized
appreciation of investments from
Series (Note A) 30,173,889 4,713,050
-----------------------------
Net increase in net assets resulting
from operations 174,837,824 50,854,458
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (18,318,731) (6,673,458)
Net realized gain on investments (31,858,662) (210,213,946)
-----------------------------
Total distributions to shareholders (50,177,393) (216,887,404)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 123,292,190 644,476,585
Proceeds from reinvestment of
dividends and distributions 50,177,393 216,887,404
Payments for shares redeemed (826,916,107) (697,697,436)
-----------------------------
Net increase (decrease) from Trust
share transactions (653,446,524) 163,666,553
-----------------------------
NET DECREASE IN NET ASSETS (528,786,093) (2,366,393)
NET ASSETS:
Beginning of period 1,630,468,967 1,632,835,360
-----------------------------
End of period $1,101,682,874 $1,630,468,967
-----------------------------
Accumulated undistributed net
investment income at end of period $ 4,003,872 $ 18,224,870
-----------------------------
NUMBER OF TRUST SHARES:
Sold 6,270,408 33,150,734
Issued on reinvestment of dividends
and distributions 2,778,371 11,179,764
Redeemed (42,008,453) (37,463,695)
-----------------------------
Net increase (decrease) in shares
outstanding (32,959,674) 6,866,803
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Partners Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Partners 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 Partners 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) ORGANIZATION EXPENSES: Expenses incurred by the Fund in connection with its
organization were amortized on a straight-line basis over a five-year period.
These expenses were fully amortized as of June 30, 1999.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Partners Portfolio
6) 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.
7) 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 $137 and $544.
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 $56,939,349 and $769,715,336,
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
- --------------------------------------------------------------------------------
Partners 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>
Period
from
March
Six 22,
Months 1994(3)
Ended to
June 30, December
1999 Year Ended December 31, 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 $ 18.93 $ 20.60 $ 16.48 $13.23 $ 9.77 $10.00
-----------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .06 .20 .12 .10 .11 .03
Net Gains or Losses on Securities
(both realized and unrealized) 2.36 .73 4.82 3.69 3.43 (.26)
-----------------------------------------------------------------------------------
Total From Investment Operations 2.42 .93 4.94 3.79 3.54 (.23)
-----------------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.23) (.08) (.05) (.04) (.01) --
Distributions (from net capital
gains) (.40) (2.52) (.77) (.50) (.07) --
-----------------------------------------------------------------------------------
Total Distributions (.63) (2.60) (.82) (.54) (.08) --
-----------------------------------------------------------------------------------
Net Asset Value, End of Period $ 20.72 $ 18.93 $ 20.60 $16.48 $13.23 $ 9.77
-----------------------------------------------------------------------------------
Total Return(4) +13.27%(5) +4.21% +31.25% +29.57% +36.47% -2.30%(5)
-----------------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $1,101.7 $ 1,630.5 $ 1,632.8 $705.4 $207.5 $ 9.4
-----------------------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(6) .86%(7) .84% .86% .95% 1.09% --
-----------------------------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets .86%(7) .84% .86% .95% 1.09% 1.75%(7)
-----------------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets .59%(7) 1.04% .60% .60% .97% .45%(7)
-----------------------------------------------------------------------------------
Portfolio Turnover Rate(8) -- -- -- -- 76% 90%
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Partners 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) The date investment operations commenced.
4) 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.
5) Not annualized.
6) 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.
7) Annualized.
8) 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 Partners Investments, which appear elsewhere in
this report.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- -------------
<C> <S> <C>
COMMON STOCKS (96.4%)
AEROSPACE (1.1%)
180,000 Raytheon Co. Class A $ 12,397,500
-------------
AIRLINES (1.9%)
120,000 AMR Corp. 8,190,000
350,000 Continental Airlines Class B 13,168,750
-------------
21,358,750
-------------
AUTOMOBILE MANUFACTURING (1.8%)
300,300 General Motors 19,819,800
-------------
AUTO/TRUCK REPLACEMENT PARTS (2.3%)
355,100 AutoZone, Inc. 10,697,387
296,600 Lear Corp. 14,755,850
-------------
25,453,237
-------------
BANKING & FINANCIAL (12.1%)
330,000 Bank of America 24,193,125
590,000 Bank One 35,141,875
355,000 Chase Manhattan 30,751,875
500,000 Countrywide Credit Industries 21,375,000
380,000 Household International 18,002,500
225,000 IndyMac Mortgage Holdings 3,600,000
-------------
133,064,375
-------------
CHEMICALS (1.7%)
183,000 duPont 12,501,187
290,000 Lyondell Chemical 5,981,250
-------------
18,482,437
-------------
COMMUNICATIONS (5.7%)
290,000 Bell Atlantic 18,958,750
195,000 GTE Corp. 14,771,250
340,000 MCI WorldCom 29,261,250
-------------
62,991,250
-------------
DIVERSIFIED (0.6%)
180,000 Monsanto Co. 7,098,750
-------------
ELECTRICAL & ELECTRONICS (2.2%)
425,000 General Motors Class H 23,906,250
-------------
<CAPTION>
Number Market
of Shares Value(1)
- ---------- -------------
<C> <S> <C>
ELECTRONICS (2.2%)
577,800 Loral Space & Communications $ 10,400,400
195,000 Teradyne, Inc. 13,991,250
-------------
24,391,650
-------------
ENERGY (2.3%)
413,200 McDermott International 11,672,900
330,000 Texas Utilities 13,612,500
-------------
25,285,400
-------------
ENTERTAINMENT (0.8%)
550,000 Mirage Resorts 9,212,500
-------------
FINANCIAL SERVICES (2.5%)
26,700 Goldman Sachs 1,929,075
565,000 SLM Holding 25,884,062
-------------
27,813,137
-------------
FOOD & TOBACCO (3.0%)
275,000 Anheuser-Busch 19,507,812
320,000 Nabisco Holdings 13,840,000
-------------
33,347,812
-------------
FOOD PRODUCTS (2.5%)
520,000 ConAgra, Inc. 13,845,000
330,000 Diageo PLC ADR 14,190,000
-------------
28,035,000
-------------
GAS (1.3%)
284,600 Praxair, Inc. 13,927,612
-------------
HEALTH CARE (9.7%)
321,100 ALZA Corp. 16,335,963
375,000 American Home Products 21,562,500
300,000 Baxter International 18,187,500
579,400 Becton, Dickinson & Co. 17,382,000
278,400 Centocor, Inc. 12,980,400
18,800 PacifiCare Health Systems 1,352,425
684,600 Tenet Healthcare 12,707,888
69,200 Wellpoint Health Networks 5,873,350
-------------
106,382,026
-------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- -------------
<C> <S> <C>
INDUSTRIAL GOODS & SERVICES (3.0%)
181,600 Fort James $ 6,878,100
243,000 Gulfstream Aerospace 16,417,688
296,300 Owens-Illinois 9,685,306
-------------
32,981,094
-------------
INSURANCE (6.2%)
544,800 Ace, Ltd. 15,390,600
277,700 Allstate Corp. 9,962,488
359,500 CIGNA Corp. 31,995,500
202,096 XL Capital 11,418,424
-------------
68,767,012
-------------
OIL & GAS (4.2%)
80,000 Chevron Corp. 7,615,000
220,000 Texaco Inc. 13,750,000
560,000 Tosco Corp. 14,525,000
316,500 USX-Marathon Group 10,306,031
-------------
46,196,031
-------------
RAILROADS (1.3%)
465,000 Burlington Northern Santa Fe 14,415,000
-------------
REAL ESTATE (0.4%)
389,000 Host Marriott 4,619,375
-------------
RETAILING (4.5%)
109,600 Consolidated Stores 2,959,200
284,300 Harcourt General 14,659,219
300,000 Office Depot 6,618,750
1,025,800 Rite Aid 25,260,325
-------------
49,497,494
-------------
STEEL (0.7%)
320,000 AK Steel Holding 7,200,000
-------------
TECHNOLOGY (12.9%)
410,000 Cadence Design Systems 5,227,500
510,000 Computer Associates 28,050,000
187,600 Hewlett-Packard 18,853,800
218,000 IBM 28,176,500
816,000 Parametric Technology 11,322,000
<CAPTION>
Number Market
of Shares Value(1)
- ---------- -------------
<C> <S> <C>
450,000 Quantum Corp. $ 10,856,250
109,200 Texas Instruments 15,834,000
400,000 Xerox Corp. 23,625,000
-------------
141,945,050
-------------
TELECOMMUNICATIONS (4.3%)
312,200 AT&T Corp.- Liberty Media
Group Class A 11,473,350
179,600 MediaOne Group 13,357,750
260,000 Nortel Networks 22,571,250
-------------
47,402,350
-------------
UTILITIES (3.0%)
495,000 The Williams Cos. 21,068,438
300,000 Unicom Corp. 11,568,750
-------------
32,637,188
-------------
WASTE MANAGEMENT (2.2%)
913,400 Allied Waste Industries 18,039,650
120,000 Waste Management 6,450,000
-------------
24,489,650
-------------
TOTAL COMMON STOCKS
(COST $885,977,538) 1,063,117,730
-------------
PREFERRED STOCKS (2.3%)
785,900 News Corp. ADR
(COST $20,777,258) 24,804,969
-------------
<CAPTION>
Principal
Amount
- ----------
<C> <S> <C>
REPURCHASE AGREEMENTS (0.6%)
$6,090,000 State Street Bank and Trust
Co. Repurchase Agreement,
4.70%, due 7/1/99, dated
6/30/99, Maturity Value
$6,090,795, Collateralized by
$5,800,000 U.S. Treasury
Bonds, 6.75%, due 8/15/26
(Collateral Value $6,274,063)
(COST $6,090,000) 6,090,000(2)
-------------
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
- ---------- -------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (1.7%)
$18,888,907 N&B Securities Lending Quality
Fund, LLC
(COST $18,888,907) $ 18,888,907(2)
-------------
TOTAL INVESTMENTS (101.0%)
(COST $931,733,703) 1,112,901,606(3)
Liabilities, less cash,
receivables and other assets
[(1.0%)] (10,541,862)
-------------
TOTAL NET ASSETS (100.0%) $1,102,359,744
-------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-10
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners 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 $933,458,051. Gross unrealized appreciation of investments was
$202,565,646 and gross unrealized depreciation of investments was
$23,122,091, resulting in net unrealized appreciation of $179,443,555, 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 Partners Investments
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $1,112,901,606
Cash 2,563
Receivable for securities sold 28,582,896
Dividends and interest receivable 3,618,377
Prepaid expenses and other assets 31,768
Deferred organization costs (Note A) 4,398
--------------
1,145,141,608
--------------
LIABILITIES
Payable for securities purchased 21,316,020
Payable for collateral on securities loaned
(Note A) 18,888,907
Accrued expenses and other payables 2,124,130
Payable to investment manager (Note B) 452,807
--------------
42,781,864
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $1,102,359,744
--------------
NET ASSETS consist of:
Paid-in capital $ 921,191,841
Net unrealized appreciation in value of
investment securities 181,167,903
--------------
NET ASSETS $1,102,359,744
--------------
*Cost of investments $ 931,733,703
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 9,781,721
Interest income 302,101
Foreign taxes withheld (Note A) (36,691)
------------
Total income 10,047,131
------------
Expenses:
Investment management fee (Note B) 3,417,910
Custodian fees (Note B) 171,129
Trustees' fees and expenses 32,310
Auditing fees 22,974
Legal fees 17,185
Insurance expense 10,132
Accounting fees 4,959
Amortization of deferred organization and
initial offering expenses (Note A) 2,610
Miscellaneous 45
------------
Total expenses 3,679,254
Expenses reduced by custodian fee expense
offset arrangement (Note B) (681)
------------
Total net expenses 3,678,573
------------
Net investment income 6,368,558
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 140,566,202
Change in net unrealized appreciation of
investment securities 30,173,889
------------
Net gain on investments 170,740,091
------------
Net increase in net assets resulting from
operations $177,108,649
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners 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 income $ 6,368,558 $ 23,865,245
Net realized gain on investments 140,566,202 27,913,853
Change in net unrealized
appreciation of investments 30,173,889 4,713,050
-----------------------------
Net increase in net assets resulting
from operations 177,108,649 56,492,148
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 56,939,349 431,883,918
Reductions (769,715,336) (477,022,217)
-----------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (712,775,987) (45,138,299)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (535,667,338) 11,353,849
NET ASSETS:
Beginning of period 1,638,027,082 1,626,673,233
-----------------------------
End of period $1,102,359,744 $1,638,027,082
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Partners 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) 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 on a straight-line basis over a five-year
period. At June 30, 1999, the unamortized balance of such expenses amounted
to $4,398.
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. 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 pursuant to guidelines approved by Managers Trust's investment
manager. Income earned on the investment vehicle is paid to Morgan monthly.
The
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
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
$18,518,537 and $18,888,907, 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 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 $137 and $544.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1999, there were purchase and sale
transactions (excluding short-term securities) of $786,333,765 and
$1,485,869,856, respectively.
During the six months ended June 30, 1999, brokerage commissions on
securities transactions amounted to $2,319,278, of which Neuberger received
$1,245,205, and other brokers received $1,074,073.
NOTE D -- UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Series without audit by independent auditors. Annual reports
contain audited financial statements.
B-16
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners 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) .53%(3) .52% .54% .60% .67%(3)
-------------------------------------------------------------
Net Expenses .53%(3) .52% .54% .60% .67%(3)
-------------------------------------------------------------
Net Investment Income .92%(3) 1.37% .92% .95% 1.34%(3)
-------------------------------------------------------------
Portfolio Turnover Rate 57% 148% 106% 118% 98%
-------------------------------------------------------------
Net Assets, End of Period (in millions) $1,102.4 $1,638.0 $1,626.7 $679.4 $142.4
-------------------------------------------------------------
</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
