<PAGE>
SOCIALLY RESPONSIVE PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
NMATR8120699
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 1999
- --------------------------------------------------------------------------------
Socially Responsive Portfolio
JANET PRINDLE, PORTFOLIO MANAGER
The portfolio outperformed its benchmark, the S&P 500 Index*, during the
period from the commencement of operations on February 18, 1999 through June 30,
1999. The S&P 500 rose 12.84% while the portfolio gained 15.00%. The portfolio
manager, Janet Prindle, attributes the portfolio's performance to her
value-oriented, bottom-up stock selection strategy, which positioned the
portfolio to participate in companies that have benefited from a shift in market
leadership from growth to value stocks.
Early in the reporting period, many of the stocks in which the portfolio
invests lagged the market, including holdings in the healthcare and technology
sectors. On the other hand, the portfolio's consumer cyclicals, consumer staples
and energy holdings performed well during the first part of the reporting
period.
In April, it became apparent that economies in the U.S., Japan, Asia and
Latin America were stronger than many analysts expected. As a result, interest
rates began to rise amid investors' concerns that inflation pressures might re-
emerge. Because higher interest rates have the potential to erode stock
multiples, many highly valued growth companies lost value. Instead, equity
investors turned their attention to attractively valued companies that had been
out-of-favor.
Since the portfolio manager had already constructed the portfolio in a way
that was designed to benefit from a value-stock recovery, performance was helped
by investments in the basic materials sector, such as paper and chemical
companies, consumer cyclicals and technology sectors.
The portfolio received positive contributions during the value-stock rally
from individual holdings in a number of different sectors. For example, Unisys
(2.9% of assets as of June 30, 1999) is in the midst of a shift from computer
hardware manufacturing to becoming a more service-oriented computer systems
provider. New senior management has helped this company make a successful
transition, and its valuation has improved as a result. At the same time, Unisys
has made great progress toward reducing harmful emissions from its plants. These
environmental measures have not only made Unisys a more socially responsive
company, they have also produced significant cost savings.
Computer and electronic instruments manufacturer Hewlett Packard (3.0%) has
also combined sound business management with social responsibility. The
company's stock rose after management announced its intention to split the
company into two, a move that is expected to enhance shareholder value. This
company has consistently ranked among the world's most socially responsive
companies because of its employee benefit programs, diversity initiatives and
ability to engineer environmentally friendly products.
On the other hand, some companies proved to be disappointments. For example,
computer manufacturer Compaq (1.3%) saw its stock price plunge after reporting
disappointing earnings. The company experienced subsequent turmoil when it
terminated its CEO and alienated many of its distributors.
Looking forward, the portfolio manager has been encouraged by the broadening
of the stock market during the second quarter, which stands in stark contrast to
the remarkably narrow markets of previous quarters. Because Prindle has
continued to seek financially sound and socially responsive companies that have
good earnings and are selling at attractive valuations, she remains optimistic
about the portfolio's value-based investment strategy.
A-2
<PAGE>
15.00% was the cumulative return from February 18, 1999, when the Portfolio
commenced investment operations through 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. Neuberger Berman Management Inc. currently
absorbs certain expenses of the Portfolio. Absent this arrangement, the total
returns would have been less. The performance information does not reflect
separate account and insurance company fees and expenses.
*The S&P 500 Index is an unmanaged index generally considered representative of
stock market activity. 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 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.
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
- --------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 1,078,667
Receivable from administrator -- net (Note
B) 8,523
Receivable for Trust shares sold 1,486
--------------
1,088,676
--------------
LIABILITIES
Accrued expenses 14,114
--------------
14,114
--------------
NET ASSETS at value $ 1,074,562
--------------
NET ASSETS consist of:
Par value $ 93
Paid-in capital in excess of par value 968,025
Accumulated undistributed net investment
loss (571)
Accumulated net realized gains on investment 8,610
Net unrealized appreciation in value of
investment 98,405
--------------
NET ASSETS at value $ 1,074,562
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 93,471
--------------
NET ASSET VALUE, offering and redemption price per
share $11.50
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
For the
Period from
February 18, 1999
(Commencement
of Operations) to
June 30,
1999
(UNAUDITED)
-------------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 3,448
--------
Expenses:
Administration fee (Note B) 804
Shareholder reports 18,380
Legal fees 8,675
Custodian fees 3,644
Trustees' fees and expenses 17
Auditing fees 7
Miscellaneous 100
Expenses from Series (Notes A & B) 22,926
--------
Total expenses 54,553
Expenses reimbursed by administrator and
reduced by custodian fee expense offset
arrangement (Note B) (50,534)
--------
Total net expenses 4,019
--------
Net investment loss (571)
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 8,610
Net unrealized appreciation of investment
securities 98,405
--------
Net gain on investments from Series (Note
A) 107,015
--------
Net increase in net assets resulting from
operations $ 106,444
--------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
Period from
February 18, 1999
(Commencement
of Operations) to
June 30,
1999
(UNAUDITED)
--------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (571)
Net realized gain on investments from Series
(Note A) 8,610
Net unrealized appreciation of investments
from Series (Note A) 98,405
-----------
Net increase in net assets resulting from
operations 106,444
-----------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 991,328
Payments for shares redeemed (23,210)
-----------
Net increase from Trust share transactions 968,118
-----------
NET INCREASE IN NET ASSETS 1,074,562
NET ASSETS:
Beginning of period --
-----------
End of period $ 1,074,562
-----------
Accumulated undistributed net investment loss
at end of period $ (571)
-----------
NUMBER OF TRUST SHARES:
Sold 95,582
Redeemed (2,111)
-----------
Net increase in shares outstanding 93,471
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Socially Responsive Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Socially Responsive 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 (the
"1940 Act"), and its shares are registered under the Securities Act of 1933,
as amended (the "1933 Act"). The Fund had no operations until February 18,
1999, other than matters relating to its organization and registration as a
diversified, open-end management investment company under the 1940 Act, and
registration of its shares under the 1933 Act. 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 Socially Responsive 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 intention of the Fund 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)
- --------------------------------------------------------------------------------
Socially Responsive Portfolio
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.
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 through May 1,
2000, 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, and extraordinary expenses) ("Operating
Expenses") which exceed, in the aggregate, 1.50% per annum of the Fund's average
daily net assets (the "Expense Limitation"). For the period ended June 30, 1999,
such excess expenses amounted to $50,260. The Fund has agreed to repay
Management through December 31, 2001, 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. The impact of this arrangement, reflected in the Statement of
Operations under the caption Expenses from Series, was a reduction of $274.
NOTE C -- INVESTMENT TRANSACTIONS:
During the period ended June 30, 1999, additions and reductions in the Fund's
investment in its Series amounted to $1,013,519 and $22,663, 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
- --------------------------------------------------------------------------------
Socially Responsive Portfolio(1)
The following table includes selected data for a share outstanding throughout
the 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
February 18,
1999(3) to
June 30,
1999
(UNAUDITED)
------------------
<S> <C>
Net Asset Value, Beginning of Period $10.00
-------
Income From Investment Operations
Net Investment Loss (.01)
Net Gains or Losses on Securities
(both realized and unrealized) 1.51
-------
Total From Investment Operations 1.50
-------
Net Asset Value, End of Period $11.50
-------
Total Return(4)(5) +15.00%
-------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 1.1
-------
Ratio of Gross Expenses to Average
Net Assets(6)(7) 1.60%
-------
Ratio of Net Expenses to Average Net
Assets(7)(8) 1.50%
-------
Ratio of Net Investment Loss to
Average Net Assets(7) (.21%)
-------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Socially Responsive 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 the 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 the 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 the fiscal period 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 ratio of net expenses to average daily net assets would have been:
<TABLE>
<CAPTION>
Period from
February 18, 1999
to June 30,
1999
- -------------------------------------------------------------------
<S> <C>
Net Expenses 20.26%
------------------
</TABLE>
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ----------
<C> <S> <C>
COMMON STOCKS (97.2%)
ADVERTISING (2.5%)
890 True North Communications $ 26,700
----------
AUTOMOTIVE (1.9%)
365 Borg-Warner Automotive 20,075
----------
BANKING (2.3%)
425 Bank One 25,314
----------
BUSINESS SERVICES (1.7%)
525 Dun & Bradstreet 18,605
----------
CHEMICALS (1.4%)
265 Minerals Technologies 14,790
----------
CONSUMER GOODS & SERVICES (2.1%)
395 Kimberly-Clark 22,515
----------
DIVERSIFIED (2.9%)
325 Tyco International 30,794
----------
ENERGY (1.8%)
210 Chevron Corp. 19,989
----------
ENTERTAINMENT (2.0%)
810 Fox Entertainment Group 21,819
----------
FINANCIAL SERVICES (7.3%)
395 Ambac Financial Group 22,565
748 Citigroup Inc. 35,506
275 Fannie Mae 18,803
25 Goldman Sachs 1,806
----------
78,680
----------
FURNISHINGS (2.7%)
1,050 Leggett & Platt 29,203
----------
HEALTH CARE (14.4%)
595 ALZA Corp. 30,271
450 Biogen, Inc. 28,941
690 Invacare Corp. 18,457
250 Johnson & Johnson 24,500
580 McKesson HBOC 18,632
<CAPTION>
Number Market
of Shares Value(1)
- --------- ----------
<C> <S> <C>
108 Warner-Lambert $ 7,493
320 Wellpoint Health Networks 27,160
----------
155,454
----------
HOSPITAL SUPPLIES (2.4%)
540 C. R. Bard 25,819
----------
INDUSTRIAL & COMMERCIAL PRODUCTS (3.2%)
945 Raychem Corp. 34,965
----------
INSURANCE (3.1%)
1,000 ESG Re 15,000
420 ReliaStar Financial 18,375
----------
33,375
----------
OIL & GAS (3.9%)
540 Anadarko Petroleum 19,879
605 Cooper Cameron 22,423
----------
42,302
----------
PAPER & FOREST PRODUCTS (2.5%)
645 Mead Corp. 26,929
----------
PUBLISHING & BROADCASTING (2.0%)
595 Valassis Communications 21,792
----------
RECYCLING (0.8%)
505 IMCO Recycling 8,648
----------
RETAIL GROCERY (1.5%)
315 Albertson's Inc. 16,242
----------
RETAIL STORES (8.9%)
705 AutoZone, Inc. 21,238
400 Circuit City Stores 37,200
315 Dayton Hudson 20,475
325 Federated Department Stores 17,205
----------
96,118
----------
RETAILING (2.1%)
470 Wal-Mart Stores 22,678
----------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ----------
<C> <S> <C>
TECHNOLOGY (16.1%)
605 Compaq Computer $ 14,331
405 Electronic Data Systems 22,908
325 Hewlett-Packard 32,662
420 Intel Corp. 24,990
1,055 Quantum Corp. 25,452
810 Unisys Corp. 31,539
380 Xerox Corp. 22,444
----------
174,326
----------
TELECOMMUNICATIONS (4.1%)
405 MCI WorldCom 34,855
1,320 Metromedia International Group 9,900
----------
44,755
----------
TRANSPORTATION (2.1%)
325 AMR Corp. 22,181
----------
WASTE MANAGEMENT (1.5%)
800 Azurix Corp. 16,000
----------
TOTAL COMMON STOCKS
(COST $951,663) 1,050,068
----------
<CAPTION>
Principal
Amount
- ---------
<C> <S> <C>
U.S. GOVERNMENT AGENCY SECURITIES (4.2%)
$45,000 Freddie Mac, Discount Notes, 4.55%, due 7/1/99 (COST
$45,000) 45,000(2)
----------
TOTAL INVESTMENTS (101.4%)
(COST $996,663) 1,095,068(3)
Liabilities, less cash, receivables and other assets
[(1.4%)] (15,401)
----------
TOTAL NET ASSETS (100.0%) $1,079,667
----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-9
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Socially Responsive 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 $996,663. Gross unrealized appreciation of investments was
$113,805 and gross unrealized depreciation of investments was $15,400,
resulting in net unrealized appreciation of $98,405, based on cost for U.S.
Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-10
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 1,095,068
Cash 2,774
Dividends receivable 620
--------------
1,098,462
--------------
LIABILITIES
Payable for Series expenses (Note B) 15,522
Accrued expenses 2,814
Payable to investment manager (Note B) 459
--------------
18,795
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 1,079,667
--------------
NET ASSETS consist of:
Paid-in capital $ 981,262
Net unrealized appreciation in value of
investment securities 98,405
--------------
NET ASSETS $ 1,079,667
--------------
*Cost of investments $ 996,663
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-11
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
<TABLE>
<CAPTION>
For the
Period from
February 18, 1999
(Commencement
of Operations) to
June 30,
1999
(UNAUDITED)
-----------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 2,270
Interest income 1,178
--------
Total income 3,448
--------
Expenses:
Investment management fee (Note B) 1,467
Legal fees 13,670
Custodian fees (Note B) 4,102
Accounting fees 3,644
Auditing fees 26
Trustees' fees and expenses 17
--------
Total expenses 22,926
Expenses reduced by custodian fee expense
offset arrangement (Note B) (274)
--------
Total net expenses 22,652
--------
Net investment loss (19,204)
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 8,610
Net unrealized appreciation of investment
securities 98,405
--------
Net gain on investments 107,015
--------
Net increase in net assets resulting from
operations $ 87,811
--------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
<TABLE>
<CAPTION>
Period from
February 18, 1999
(Commencement
of Operations) to
June 30,
1999
(UNAUDITED)
-----------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (19,204)
Net realized gain on investments 8,610
Net unrealized appreciation of
investments 98,405
-----------------
Net increase in net assets resulting
from operations 87,811
-----------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 1,014,519
Reductions (22,663)
-----------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 991,856
-----------------
NET INCREASE IN NET ASSETS 1,079,667
NET ASSETS:
Beginning of period --
-----------------
End of period $ 1,079,667
-----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Socially Responsive 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 Series had no operations until February
18, 1999, other than matters relating to its organization and registration as
a series of Managers Trust.
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) 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.
6) 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.
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
Since inception of the Series, Management has voluntarily undertaken to pay
certain expenses as an advance. These expenses will be repaid by the Series to
Management in the future, and are included under the caption Payable for Series
expenses in the Statement of Assets and Liabilities.
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. The impact of this arrangement, reflected in the Statement of
Operations under the caption Custodian fees, was a reduction of $274.
NOTE C -- SECURITIES TRANSACTIONS:
During the period ended June 30, 1999, there were purchase and sale
transactions (excluding short-term securities) of $1,045,964 and $102,913,
respectively.
During the period ended June 30, 1999, brokerage commissions on securities
transactions amounted to $1,331, of which Neuberger received $1,193, and other
brokers received $138.
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-15
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Socially Responsive Investments
<TABLE>
<CAPTION>
Period from
February 18,
1999(1) to
June 30,
1999
(UNAUDITED)
-----------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2)(3) 8.59%
-----------------
Net Expenses(3) 8.49%
-----------------
Net Investment Loss(3) (7.20%)
-----------------
Portfolio Turnover Rate 19%
-----------------
Net Assets, End of Period (in millions) $1.1
-----------------
</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-16
