<PAGE>
MID-CAP GROWTH PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
NMATR8100699
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 1999
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio
JENNIFER SILVER & BROOKE COBB, PORTFOLIO CO-MANAGERS
The portfolio produced a 5.13% return* during the first six months of 1999,
while its benchmark, the S&P MidCap 400/BARRA Growth Index, provided an 8.19%
return. The portfolio co-managers, Jennifer Silver and Brooke Cobb, attribute
the portfolio's performance to their stock selection strategy, particularly in
their choice of consumer cyclicals and technology stocks.
While most mid-cap stocks lagged the performance of their larger-cap
counterparts during the early part of the year, some mid-cap companies,
principally those in Internet-related businesses, provided attractive returns.
While Silver and Cobb increased their holdings of Internet-related stocks (5.4%
of assets as of June 30, 1999) 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 solid results: financial services firm
Donaldson, Lufkin & Jenrette (1.5%) was one of the portfolio's best performing
stocks during the first quarter, primarily because of the growth of its
Internet-based brokerage service.
During the second quarter, however, market leadership began to change
dramatically. Because domestic and overseas economies were stronger than many
analysts had anticipated, interest rates began to rise amid concerns that
inflationary pressures might reappear. As a result, the stocks of many
consumer-related 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.
When Internet stocks began to give back some of their previous gains in this
new market environment, 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
that they expect to do well under current economic and market conditions, such
as Internet advertising company Double Click (0.4%), data collection and storage
provider Inktomi (0.4%), and software developer Siebel Systems (1.7%).
During the second quarter, the portfolio benefited from the good performance
of some of its individual holdings in a variety of sectors. Citrix Systems
(2.8%), 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 (1.5%), benefited
from strong sales of its arthritis drug and progress toward FDA approval of
additional drugs in its pipeline.
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.
A-2
<PAGE>
*16.15% and 38.37% were the average annual total returns for the 1-year and
since inception periods ended June 30, 1999. Neuberger Berman Management Inc.
has agreed to absorb certain expenses of the Portfolio. Without this
arrangement, which is subject to change, the total returns of the Portfolio
would be less. Total return includes reinvestment of dividends and capital
gains distributions. Performance data quoted represents past performance and
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 company fees and expenses.
The S&P MidCap 400/BARRA Growth Index is a benchmark for mid-cap growth stock
performance. It is constructed of companies in the S&P MidCap 400 Index, which
is a market value weighted index for mid-cap stock price movement, with higher
price-to-book ratios than the companies in its value index counter.
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 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
invests in many securities not included in the above-described index.
The composition, industries and holdings of the Portfolio are subject to
change.
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
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 51,658,908
Receivable for Trust shares sold 259,463
Deferred organization costs (Note A) 7,286
--------------
51,925,657
--------------
LIABILITIES
Accrued expenses 21,127
Payable for Trust shares redeemed 7,540
Payable to administrator -- net (Note B) 6,070
--------------
34,737
--------------
NET ASSETS at value $ 51,890,920
--------------
NET ASSETS consist of:
Par value $ 3,126
Paid-in capital in excess of par value 44,700,369
Accumulated undistributed net investment
loss (78,614)
Accumulated net realized losses on
investment (1,789,609)
Net unrealized appreciation in value of
investment 9,055,648
--------------
NET ASSETS at value $ 51,890,920
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 3,126,056
--------------
NET ASSET VALUE, offering and redemption price per
share $16.60
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 118,037
------------
Expenses:
Administration fee (Note B) 58,791
Shareholder reports 12,608
Custodian fees 4,959
Legal fees 1,083
Amortization of deferred organization and
initial offering expenses (Note A) 1,081
Trustees' fees and expenses 1,051
Auditing fees 406
Miscellaneous 761
Expenses from Series (Notes A & B) 148,369
------------
Total expenses 229,109
Expenses reimbursed by administrator and
reduced by custodian fee expense offset
arrangement (Note B) (32,458)
------------
Total net expenses 196,651
------------
Net investment loss (78,614)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized loss on investment securities (1,543,144)
Change in net unrealized appreciation of
investment securities 4,361,169
------------
Net gain on investments from Series (Note
A) 2,818,025
------------
Net increase in net assets resulting from
operations $ 2,739,411
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Mid-Cap 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 $ (78,614) $ (26,545)
Net realized gain (loss) on
investments from Series (Note A) (1,543,144) 721,332
Change in net unrealized
appreciation of investments from
Series (Note A) 4,361,169 4,622,074
-----------------------------
Net increase in net assets resulting
from operations 2,739,411 5,316,861
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (669)
Net realized gain on investments (937,896) (21,761)
-----------------------------
Total distributions to shareholders (937,896) (22,430)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 27,675,053 27,037,611
Proceeds from reinvestment of
dividends and distributions 937,896 22,430
Payments for shares redeemed (9,547,878) (3,029,285)
-----------------------------
Net increase from Trust share
transactions 19,065,071 24,030,756
-----------------------------
NET INCREASE IN NET ASSETS 20,866,586 29,325,187
NET ASSETS:
Beginning of period 31,024,334 1,699,147
-----------------------------
End of period $ 51,890,920 $ 31,024,334
-----------------------------
Accumulated undistributed net
investment loss at end of period $ (78,614) $ --
-----------------------------
NUMBER OF TRUST SHARES:
Sold 1,758,492 1,992,565
Issued on reinvestment of dividends
and distributions 63,759 1,799
Redeemed (608,439) (227,045)
-----------------------------
Net increase in shares outstanding 1,213,812 1,767,319
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Mid-Cap 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 Mid-Cap 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.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio
5) ORGANIZATION EXPENSES: Expenses incurred by the Fund 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 $7,286.
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 (including
the fees payable to Management, but excluding interest, taxes, brokerage
commissions, extraordinary expenses, and transaction costs) ( "Operating
Expenses") which exceed, in the aggregate, 1.00% per annum of the Fund's average
daily net assets (the "Expense Limitation"). 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, such excess expenses amounted to
$32,005. The Fund has agreed to repay Management through December 31, 1999, for
its excess Operating Expenses previously reimbursed by Management, so long as
its annual Operating Expenses during that period do not exceed its Expense
Limitation.
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 $101 and $352.
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 $25,876,845 and $8,098,435,
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
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio(1)
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.(2)
<TABLE>
<CAPTION>
Period
from
November
Six 3,
Months Year 1997(3)
Ended Ended to
June 30, December December
1999 31, 31,
(UNAUDITED) 1998 1997
-----------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $16.22 $11.72 $10.00
-----------------------------------
Income From Investment Operations
Net Investment Income (Loss) (.03) (.03) .01
Net Gains or Losses on Securities
(both realized and unrealized) .81 4.61 1.71
-----------------------------------
Total From Investment Operations .78 4.58 1.72
-----------------------------------
Less Distributions
Dividends (from net investment
income) -- (.01) --
Distributions (from net capital
gains) (.40) (.07) --
-----------------------------------
Total Distributions (.40) (.08) --
-----------------------------------
Net Asset Value, End of Period $16.60 $16.22 $11.72
-----------------------------------
Total Return(4) +5.13%(5) +39.28% +17.20%(5)
-----------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 51.9 $ 31.0 $ 1.7
-----------------------------------
Ratio of Gross Expenses to Average
Net Assets(6) 1.01%(7) 1.00% 1.05%(7)
-----------------------------------
Ratio of Net Expenses to Average Net
Assets(8) 1.00%(7) 1.00% 1.00%(7)
-----------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets (.40%)(7) (.20%) .83%(7)
-----------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Mid-Cap Growth Portfolio
1) 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.
2) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each fiscal period.
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. Total return would
have been lower if Management had not reimbursed certain expenses. 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) The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
7) Annualized.
8) After reimbursement of expenses by Management as described in Note B of Notes
to Financial Statements. Had Management not undertaken such action the
annualized ratios of net expenses to average daily net assets would have
been:
<TABLE>
<CAPTION>
Six Months Period from
Ended Year Ended November 3, 1997
June 30, December 31, to December 31,
1999 1998 1997
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Expenses 1.17% 1.43% 17.73%
</TABLE>
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Mid-Cap Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- -----------
<C> <S> <C>
COMMON STOCKS (91.0%)
BUSINESS SERVICES (5.6%)
18,500 Avis Rent A Car $ 538,812
9,550 International Network Services 385,581
44,600 Republic Services 1,103,850
13,700 USWeb Corp. 303,969
16,000 Valassis Communications 586,000
-----------
2,918,212
-----------
CAPITAL GOODS (1.6%)
1,700 E-Tek Dynamics 80,856
17,500 Mettler-Toledo International 434,219
6,500 Waters Corp. 345,313
-----------
860,388
-----------
COMMUNICATIONS (10.7%)
5,200 Adelphia Communications 330,850
12,200 Frontier Corp. 719,800
19,900 Intermedia Communications 597,000
7,000 Metromedia Fiber Network 251,562
10,100 NTL Inc. 870,494
23,000 RSL Communications 444,187
13,500 Tellabs, Inc. 912,094
5,000 Uniphase Corp. 830,000
11,600 WinStar Communications 565,500
-----------
5,521,487
-----------
CONSUMER CYCLICALS (8.2%)
18,900 Capstar Broadcasting 517,387
29,900 Cendant Corp. 612,950
14,200 Chancellor Media 782,775
12,900 Fortune Brands 533,738
13,500 Jones Intercable Class A 661,500
<CAPTION>
Number Market
of Shares Value(1)
- --------- -----------
<C> <S> <C>
11,600 SFX Entertainment $ 742,400
12,300 Starwood Hotels & Resorts
Worldwide 375,919
-----------
4,226,669
-----------
CONSUMER STAPLES (1.0%)
10,900 Estee Lauder 546,363
-----------
ELECTRICAL EQUIPMENT (6.5%)
20,300 Altera Corp. 747,294
1,000 Broadcom Corp. 144,562
5,300 Conexant Systems 307,731
16,100 Maxim Integrated Products 1,070,650
12,000 PMC-Sierra 707,250
5,600 Vitesse Semiconductor 377,650
-----------
3,355,137
-----------
ENERGY (3.7%)
18,000 Coastal Corp. 720,000
27,000 Enron Oil & Gas 546,750
40,200 Union Pacific Resources Group 655,762
-----------
1,922,512
-----------
FINANCIAL SERVICES (10.0%)
14,900 Capital One Financial 829,744
18,600 CheckFree Holdings 512,662
12,500 Donaldson, Lufkin & Jenrette 753,125
18,200 E*TRADE Group 726,862
9,500 FINOVA Group 499,938
9,600 Kansas City Southern
Industries 612,600
7,000 Lehman Brothers Holdings 435,750
6,600 Nationwide Financial Services 298,650
5,100 Providian Financial 476,850
-----------
5,146,181
-----------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Mid-Cap Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- -----------
<C> <S> <C>
HARDWARE (5.0%)
25,400 Adaptec, Inc. $ 896,937
8,500 Network Appliance 474,938
15,700 Sanmina Corp. 1,191,238
-----------
2,563,113
-----------
HEALTH CARE (9.9%)
15,800 Biogen, Inc. 1,016,137
10,600 C. R. Bard 506,813
8,200 Cardinal Health 525,825
24,800 Elan Corp. ADR 688,200
6,100 Immunex Corp. 777,369
5,200 MiniMed Inc. 400,075
6,600 Sepracor Inc. 536,250
7,800 The Laser Center 374,400
3,600 Wellpoint Health Networks 305,550
-----------
5,130,619
-----------
INTERNET (5.4%)
5,200 BroadVision, Inc. 383,500
2,500 DoubleClick Inc. 229,375
2,800 Exodus Communications 335,825
1,700 Inktomi Corp. 221,956
9,100 Intuit Inc. 820,137
3,500 Lycos, Inc. 321,563
4,400 PSINet Inc. 192,500
4,500 Safeguard Scientifics 279,000
-----------
2,783,856
-----------
RETAIL (13.7%)
14,000 Abercrombie & Fitch 672,000
11,600 Ann Taylor Stores 522,000
18,500 Best Buy 1,248,750
17,400 Brinker International 473,063
4,100 Circuit City Stores 381,300
24,100 Food Lion Class B 278,656
15,700 Furniture Brands International 437,638
<CAPTION>
Number Market
of Shares Value(1)
- --------- -----------
<C> <S> <C>
14,400 Linens 'n Things $ 630,000
10,950 Office Depot 241,584
27,700 Staples, Inc. 856,969
39,700 TJX Cos. 1,322,506
-----------
7,064,466
-----------
SOFTWARE (8.2%)
26,000 Citrix Systems 1,469,000
5,600 Gemstar International Group 365,400
30,800 Novell, Inc. 816,200
13,600 Siebel Systems 902,700
7,100 VERITAS Software 674,056
-----------
4,227,356
-----------
UTILITIES (1.5%)
10,800 Montana Power 761,400
-----------
TOTAL COMMON STOCKS
(COST $37,972,111) 47,027,759
-----------
<CAPTION>
Principal
Amount
- ---------
<C> <S> <C>
U.S. TREASURY SECURITIES
(2.9%)
$1,500,000 U.S. Treasury Bills, 4.32%,
due 8/19/99 (COST $1,491,190) 1,491,190(2)
-----------
U.S. GOVERNMENT AGENCY
SECURITIES (2.9%)
1,500,000 Fannie Mae, Discount Notes,
4.96%, due 7/6/99 (COST
$1,498,967) 1,498,967(2)
-----------
REPURCHASE AGREEMENTS (2.6%)
1,320,000 State Street Bank and Trust
Co. Repurchase Agreement,
4.70%, due 7/1/99, dated
6/30/99, Maturity Value
$1,320,172, Collateralized by
$1,080,000
U.S. Treasury Bonds, 8.75%,
due 5/15/17 (Collateral Value
$1,360,968) (COST $1,320,000) 1,320,000(2)
-----------
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Mid-Cap Growth Investments
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
- --------- -----------
<C> <S> <C>
SHORT-TERM INVESTMENTS (12.1%)
$ 750,000 Gannett Co., Inc., 5.10%, due
7/6/99 $ 749,469
5,501,255 N&B Securities Lending Quality
Fund, LLC 5,501,255
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $6,250,724) 6,250,724(2)
-----------
TOTAL INVESTMENTS (111.5%)
(COST $48,532,992) 57,588,640(3)
Liabilities, less cash,
receivables and other assets
[(11.5%)] (5,929,731)
-----------
TOTAL NET ASSETS (100.0%) $51,658,909
-----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-10
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Mid-Cap 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 $48,582,620. Gross unrealized appreciation of investments was
$9,838,918 and gross unrealized depreciation of investments was $832,898,
resulting in net unrealized appreciation of $9,006,020, 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 Mid-Cap Growth Investments
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 57,588,640
Cash 8,105
Receivable for securities sold 809,437
Dividends and interest receivable 144,364
Deferred organization costs (Note A) 9,452
Prepaid expenses and other assets 735
--------------
58,560,733
--------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 5,501,255
Payable for securities purchased 1,231,235
Accrued expenses and other payables 148,116
Payable to investment manager (Note B) 21,218
--------------
6,901,824
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 51,658,909
--------------
NET ASSETS consist of:
Paid-in capital $ 42,603,261
Net unrealized appreciation in value of
investment securities 9,055,648
--------------
NET ASSETS $ 51,658,909
--------------
*Cost of investments $ 48,532,992
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Mid-Cap Growth Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 26,390
Interest income 91,647
------------
Total income 118,037
------------
Expenses:
Investment management fee (Note B) 107,824
Custodian fees (Note B) 30,172
Accounting fees 4,959
Amortization of deferred organization and
initial offering expenses (Note A) 1,401
Auditing fees 1,246
Trustees' fees and expenses 1,037
Legal fees 553
Insurance expense 78
Miscellaneous 1,099
------------
Total expenses 148,369
Expenses reduced by custodian fee expense
offset arrangement (Note B) (453)
------------
Total net expenses 147,916
------------
Net investment loss (29,879)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment securities
sold (1,543,144)
Change in net unrealized appreciation of
investment securities 4,361,169
------------
Net gain on investments 2,818,025
------------
Net increase in net assets resulting from
operations $ 2,788,146
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Mid-Cap 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 $ (29,879) $ (14,099)
Net realized gain (loss) on
investments (1,543,144) 721,332
Change in net unrealized
appreciation of investments 4,361,169 4,622,074
-----------------------------
Net increase in net assets resulting
from operations 2,788,146 5,329,307
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 25,876,845 26,626,899
Reductions (8,098,435) (2,437,536)
-----------------------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 17,778,410 24,189,363
-----------------------------
NET INCREASE IN NET ASSETS 20,566,556 29,518,670
NET ASSETS:
Beginning of period 31,092,353 1,573,683
-----------------------------
End of period $ 51,658,909 $ 31,092,353
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Mid-Cap Growth Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Mid-Cap 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 $9,452.
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 $5,393,388 and $5,501,255, respectively.
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
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Mid-Cap Growth Investments
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 $101 and $352.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1999, there were purchase and sale
transactions (excluding short-term securities) of $40,504,090 and $24,775,591,
respectively.
During the six months ended June 30, 1999, brokerage commissions on
securities transactions amounted to $50,891, of which Neuberger received
$26,004, and other brokers received $24,887.
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 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 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 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 Mid-Cap Growth Investments
<TABLE>
<CAPTION>
Period
from
November
Six 3,
Months Year 1997(1)
Ended Ended to
June 30, December December
1999 31, 31,
(UNAUDITED) 1998 1997
-----------------------------------
<S> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .76%(3) .91% 5.97%(3)
-----------------------------------
Net Expenses .75%(3) .91% 5.92%(3)
-----------------------------------
Net Investment Loss (.15%)(3) (.10%) (4.08%)(3)
-----------------------------------
Portfolio Turnover Rate 68% 106% 20%
-----------------------------------
Net Assets, End of Period (in millions) $51.7 $31.1 $1.6
-----------------------------------
</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