<PAGE>
PARTNERS PORTFOLIO ONLY
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1995
NBAMTSA20695
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust August 1, 1995
--------------------------------------------------------------------------------
Partners Portfolio
Two sectors of the market in particular led to our strong performance in the
six month period covered by this Report: Technology and Financial Services.
While we were not overweighted in Technology, AMT Partners Investments
maintained a significant position in a number of excellent stocks.
Semiconductors, in particular, were a strong industry group. For example, we did
well with Texas Instruments, National Semiconductor, and Intel. For us, the
other notable stock in this sector was Komag, the leading independent merchant
of thin-film storage media to the disk drive industry. Fundamentals throughout
the Technology Industry remain excellent, but we have cut back our exposure here
given the extraordinary strength of many of the stocks.
In the Financial Services sector, including insurance companies, leading
stocks included the following: Exel Ltd., a specialty property and casualty
writer based in Bermuda; First USA, a very rapidly growing credit card issuer
and processor; Countrywide Credit, the leading mortgage originator; and
CITICORP, whose international positioning and growth prospects distinguish it
from the average bank. While Financial Services stocks have obviously benefited
from the strong stock and bond markets, we continue to believe this is an area
that offers many interesting and reasonably priced securities.
Michael Kassen Robert Gendelman
CO-PORTFOLIO MANAGER CO-PORTFOLIO MANAGER
AMT Partners Investments AMT Partners Investments
2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 60,371,856
Receivable for Trust shares sold 397,755
Deferred organization costs (Note A) 10,480
-------------
60,780,091
-------------
LIABILITIES
Payable to administrator (Note B) 14,049
Accrued expenses 14,590
-------------
28,639
-------------
NET ASSETS at value $ 60,751,452
-------------
NET ASSETS consist of:
Par value $ 5,173
Paid-in capital in excess of par value 55,559,410
Accumulated undistributed net investment
income 197,165
Accumulated net realized gains on investment 1,926,524
Net unrealized appreciation in value of
investment 3,063,180
-------------
NET ASSETS at value $ 60,751,452
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 5,173,418
-------------
NET ASSET VALUE, offering and redemption price per
share $11.74
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1995
(UNAUDITED)
-----------
<S> <C>
INVESTMENT INCOME
Income:
Interest $ 70,770
Dividends 65,627
Investment income from Series (Note A) 230,900
-----------
Total investment income 367,297
-----------
Expenses:
Investment advisory fee (Note B) 37,715
Administration fee (Note B) 24,257
Shareholder reports 19,924
Custodian fees 15,545
Legal fees 3,321
Registration and filing fees 3,158
Distribution fees (Note B) 2,408
Amortization of deferred organization and
initial offering expenses (Note A) 1,394
Auditing fees 1,063
Trustees' fees and expenses 610
Insurance expense 26
Miscellaneous 738
Expenses from Series (Note A) 58,639
-----------
Total expenses 168,798
-----------
Net investment income 198,499
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 930,818
Net realized gain on investments from Series
(Note A) 995,821
Change in net unrealized appreciation
(depreciation) of investments 1,009,738
Net unrealized appreciation of investments
from Series (Note A) 2,222,385
-----------
Net gain on investments 5,158,762
-----------
Net increase in net assets resulting from
operations $5,357,261
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
Period from
March 22,
1994
(Commencement
Six Months of
Ended Operations)
June 30, to
1995 December 31,
(UNAUDITED) 1994
----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 198,499 $ 12,658
Net realized gain on investments
sold (Note A) 1,926,639 97,828
Change in net unrealized
appreciation (depreciation) of
investments (Note A) 3,232,123 (168,943)
----------------------------
Net increase (decrease) in net
assets resulting from operations 5,357,261 (58,457)
----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (13,992) --
Net realized gain on investments (97,943) --
----------------------------
Total distributions to shareholders (111,935) --
----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 55,722,279 11,561,691
Proceeds from reinvestment of
dividends and distributions 111,935 --
Payments for shares redeemed (9,706,591) (2,124,731)
----------------------------
Net increase from Trust share
transactions 46,127,623 9,436,960
----------------------------
NET INCREASE IN NET ASSETS 51,372,949 9,378,503
NET ASSETS:
Beginning of period 9,378,503 --
----------------------------
End of period $ 60,751,452 $9,378,503
----------------------------
Accumulated undistributed net
investment income at end of period $ 197,165 $ 12,658
----------------------------
NUMBER OF TRUST SHARES:
Sold 5,089,500 1,174,997
Issued on reinvestment of dividends
and distributions 10,910 --
Redeemed (887,310) (214,679)
----------------------------
Net increase in shares outstanding 4,213,100 960,318
----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Partners Portfolio (the "Fund") is a separate 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 six separate funds (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 predecessors of the Funds were converted into the Funds after the close
of business on April 28, 1995 (the "conversion"); these conversions were
approved by the shareholders of the predecessors of the Funds in August,
1994. The predecessor of the Fund had no operations until March 22, 1994,
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 the AMT Partners Investments, a series of Advisers
Managers Trust (the "Series") 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, 1995). 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: Investments in the Series of Advisers Managers Trust are
valued by Advisers Managers Trust as indicated in the notes following the
Series' schedule of investments.
3) FEDERAL INCOME TAXES: The Fund and the other series of the Trust are treated
as separate entities for Federal income tax purposes. It is the policy of the
Fund to continue to qualify as a regulated investment company by complying
with the provisions available to certain investment companies, as defined in
applicable sections of the Internal Revenue Code, and to make distributions
of taxable income (after reduction for any amounts available for Federal
income tax purposes as capital loss carryforwards) sufficient to relieve it
from all, or substantially all, Federal income taxes. Accordingly, the Fund
paid no Federal income taxes and no provision for Federal income taxes was
required.
4) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of
Series expenses, daily on its investment in the Series. Dividends and 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 that 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
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
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 distributions in excess
of accumulated net realized gains.
5) ORGANIZATION EXPENSES: Expenses incurred by the Fund in connection with its
organization are being amortized by the Fund on a straight-line basis over a
five-year period. At June 30, 1995, the unamortized balance of such expenses
amounted to $10,480.
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 of the Trust.
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 AND DISTRIBUTION FEES AND OTHER TRANSACTIONS WITH
AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life insurance
policies issued through separate accounts of life insurance companies.
The Fund retains Neuberger&Berman Management Incorporated ("Management") as
its administrator under an Administration Agreement ("Agreement") dated as of
May 1, 1995. The Fund pays Management an administration fee, pursuant to this
Agreement, at the annual rate of .30% of the Fund's average daily net assets and
indirectly pays for investment management services through its investment in the
Series. (See Note B of Notes to Financial Statements of the Series.) Prior to
conversion, the predecessor of the Fund paid to Management for investment
advisory and administrative services a fee at the annual rate of .70% of the
first $250 million of its average daily net assets, .675% of the next $250
million, .65% of the next $250 million, .625% of the next $250 million, and .60%
of its average daily net assets in excess of $1 billion.
On April 16, 1993, the shareholders of the Trust adopted a distribution plan
("Plan") which provided that the predecessor to the Trust, on behalf of any of
its series, could reimburse Management after each calendar quarter for certain
distribution expenses in an amount not to exceed .25%, on an annual basis, of
that series' average daily net assets as of the close of such calendar quarter.
The Plan became effective on May 1, 1993, was implemented on November 1, 1993,
and was terminated on April 30, 1995. For the period ended April 30, 1995, the
Fund paid $2,408 for such expense. 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 and its pro rata share of its Series' operating expenses (excluding the
compensation of Management under the Administration Agreement and the Series'
Management Agreement, interest, taxes, brokerage commissions, extraordinary
expenses, transaction costs, and any payments to Management pursuant to the
Plan) which exceed, in the aggregate, 1% per annum of the Fund's average daily
net assets. This undertaking is subject to termination by Management upon at
least sixty (60) days' prior written notice to the Fund as it was for its
predecessor prior to the conversion. For the six months ended June 30, 1995, no
reimbursement to the Fund or its predecessor was required.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and the sub-adviser to the Series. Several individuals
who are officers and/or trustees of the Trust are also partners of Neuberger
and/or officers and/or directors of Management.
NOTE C -- INVESTMENT TRANSACTIONS:
During the period May 1, 1995 to June 30, 1995, additions and reductions to
the Fund's investment in its Series amounted to $29,927,081 and $4,979,990,
respectively.
NOTE D -- SECURITIES TRANSACTIONS:
Prior to conversion, there were purchase and sale transactions (excluding
short-term securities) of $26,792,177 and $10,934,980, respectively, during the
period from January 1, 1995 to April 30, 1995. Transactions occurring subsequent
to the conversion are accounted for by Advisers Managers Trust.
Prior to conversion, there were brokerage commissions on securities
transactions paid to Neuberger and other brokers of $64,356 and $2,796,
respectively, during the period from January 1, 1995 to April 30, 1995.
Brokerage commissions occurring subsequent to the conversion are accounted for
by Advisers Managers Trust.
NOTE E -- 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.
8
<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
SIX MONTHS MARCH 22,
ENDED 1994(3) TO
JUNE 30, 1995 DECEMBER 31,
(UNAUDITED)(2) 1994
--------------------------------
<S> <C> <C>
Net Asset Value, Beginning of Period $ 9.77 $10.00
--------------------------------
Income From Investment Operations
Net Investment Income .08 .03
Net Gains or Losses on Securities (both
realized and unrealized) 1.97 (.26)
--------------------------------
Total From Investment Operations 2.05 (.23)
--------------------------------
Less Distributions
Dividends (from net investment income) (.01) --
Distributions (from capital gains) (.07) --
--------------------------------
Total Distributions (.08) --
--------------------------------
Net Asset Value, End of Period $11.74 $ 9.77
--------------------------------
Total Return+ +21.10%(4) -2.30%(4)
--------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $ 60.8 $ 9.4
--------------------------------
Ratio of Expenses to Average Net Assets 1.25%(5) 1.75%(5)
--------------------------------
Ratio of Net Investment Income to Average Net
Assets 1.47%(5) .45%(5)
--------------------------------
Portfolio Turnover Rate(6) 76% 90%
--------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
9
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
1) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each 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) Not annualized.
5) Annualized.
6) 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 after April 28, 1995 are included in AMT Partners
Investments' Financial Highlights, presented elsewhere in this report.
+ 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 period,
and assumes dividends and capital gain 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 expenses that apply to the separate
account or the related insurance policies, and the inclusion of these charges
would reduce the total return figures for all periods shown.
10
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------- -----------
<C> <S> <C>
COMMON STOCKS (96.0%)
AEROSPACE (1.6%)
15,000 Lockheed Martin $ 946,875
-----------
AUTO/TRUCK REPLACEMENT PARTS (1.5%)
22,000 Goodyear Tire & Rubber 907,500
-----------
AUTOMOBILE MANUFACTURING (1.0%)
13,000 Chrysler Corp. 622,375
-----------
BANKING & FINANCIAL SERVICES (5.7%)
20,000 CITICORP 1,157,500
30,000 Countrywide Credit Industries 630,000
35,000 CWM Mortgage Holdings 446,250
8,500 First USA 377,187
23,000 State Street Boston 848,125
-----------
3,459,062
-----------
BUILDING, CONSTRUCTION & REFURNISHING
(1.8%)
20,000 Lennar Corp. 375,000
29,100 USG Corp. 691,125
-----------
1,066,125
-----------
CHEMICALS (5.7%)
10,000 Kerr-McGee 536,250
10,000 Monsanto Co. 901,250
15,000 PPG Industries 645,000
22,500 W.R. Grace 1,380,938
-----------
3,463,438
-----------
DIVERSIFIED (2.5%)
17,000 duPont 1,168,750
1,200 Mannesmann AG ADR 366,000
-----------
1,534,750
-----------
ELECTRONICS (2.9%)
15,000 Loral Corp. 776,250
25,000 Raychem Corp. 959,375
-----------
1,735,625
-----------
ENTERTAINMENT (9.3%)
10,500 King World Productions 425,250
29,900 Mirage Resorts 915,688
<CAPTION>
Number Market
of Shares Value(1)
--------- -----------
<C> <S> <C>
20,000 Promus Cos. $ 780,000
30,000 Royal Caribbean Cruises 660,000
65,000 Station Casinos 1,121,250
26,000 Time Warner 1,069,250
45,000 Videotron Holdings ADR 630,000
-----------
5,601,438
-----------
FOOD & DRUG STORES (1.4%)
35,000 Revco D.S. 840,000
-----------
FOOD & TOBACCO (5.6%)
20,000 American Brands 795,000
50,000 Interstate Bakeries 825,000
10,000 Ralston-Purina Group 510,000
20,000 RJR Nabisco Holdings 557,500
30,000 Tyson Foods 693,750
-----------
3,381,250
-----------
HEALTH CARE (6.3%)
16,000 Alza Corp. 374,000
21,100 Biogen, Inc. 938,950
35,000 Columbia/HCA Healthcare 1,513,750
45,000 Humana Inc. 793,125
15,000 Laboratory Corp. of America 198,750
-----------
3,818,575
-----------
INDUSTRIAL GOODS & SERVICES (5.0%)
17,000 AK Steel Holding 463,250
65,000 LTV Corp. 950,625
60,000 Owens-Illinois 780,000
18,000 XTRA Corp. 832,500
-----------
3,026,375
-----------
INSURANCE (6.7%)
25,000 ACE Ltd. 725,000
30,000 Equitable Cos. 626,250
15,000 EXEL Ltd. 780,000
17,000 Orion Capital 663,000
33,000 Progressive Corp. 1,266,375
-----------
4,060,625
-----------
</TABLE>
11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------- -----------
<C> <S> <C>
MEDIA (3.9%)
40,000 American Media $ 275,000
58,000 Comcast Corp. Class A Special 1,076,625
18,000 Gannett Co. 976,500
-----------
2,328,125
-----------
OIL & GAS (4.5%)
20,000 Apache Corp. 547,500
7,000 Cabot Corp. 369,250
11,300 Tejas Gas 560,762
22,000 Unocal Corp. 607,750
35,000 YPF Sociedad Anonima ADS 660,625
-----------
2,745,887
-----------
PAPER & FOREST PRODUCTS (7.1%)
35,000 Asia Pacific Resources
International 319,375
12,000 Champion International 625,500
50,000 Fort Howard 706,250
12,500 Georgia-Pacific 1,084,375
27,500 Louisiana Pacific 721,875
40,000 Stone Container 850,000
-----------
4,307,375
-----------
RAILROADS (3.2%)
10,000 Burlington Northern 633,750
13,000 Conrail Inc. 723,125
10,000 Union Pacific 553,750
-----------
1,910,625
-----------
REAL ESTATE/REIT (7.1%)
28,000 Beacon Properties 556,500
25,500 Crescent Real Estate Equities 812,813
20,000 Glimcher Realty Trust 415,000
75,000 Host Marriott 796,875
23,000 Simon Property Group 577,875
25,000 Starwood Lodging Trust 587,500
15,000 Vornado Realty Trust 523,125
-----------
4,269,688
-----------
<CAPTION>
Number Market
of Shares Value(1)
--------- -----------
<C> <S> <C>
RETAILING & APPAREL (7.8%)
20,000 Ann Taylor Stores $ 465,000
70,000 Global DirectMail 1,382,500
38,500 Neiman-Marcus Group 548,625
57,100 Price/Costco 927,875
25,000 Stop & Shop 640,625
25,000 Toys "R" Us 731,250
-----------
4,695,875
-----------
TECHNOLOGY (3.8%)
13,000 Advanced Micro Devices 472,875
6,000 Compaq Computer 272,250
20,000 National Semiconductor 555,000
4,500 Texas Instruments 602,437
22,000 Western Digital 382,250
-----------
2,284,812
-----------
TRANSPORTATION (1.6%)
40,000 Harley-Davidson 975,000
-----------
TOTAL COMMON STOCKS (COST
$54,908,292) 57,981,400
-----------
PREFERRED STOCKS (0.3%)
25,000 RJR Nabisco, Series C, Dep.
Shares (COST $161,500) 153,125
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
---------
<C> <S> <C>
U.S. TREASURY SECURITIES (5.2%)
$ 583,000 U.S. Treasury Bills, 5.44%, due
9/21/95 575,578
2,600,000 U.S. Treasury Bills, 5.36%, due
9/21/95 2,566,902
-----------
TOTAL U.S. TREASURY SECURITIES
(COST $3,144,033) 3,142,480
-----------
TOTAL INVESTMENTS (101.5%)
(COST $58,213,825) 61,277,005(2)
Liabilities, less cash,
receivables and other assets
[(1.5%)] (905,148)
-----------
TOTAL NET ASSETS (100.0%) $60,371,857
-----------
</TABLE>
12
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Partners Investments
1) Investment securities of the Series are valued at the last sales price;
securities for which no sales were reported, unless otherwise noted, are
valued at the mean between the closing bid and asked prices. Short-term debt
securities with less than sixty days until maturity at the time of purchase
are valued at cost which, when combined with interest earned, approximates
market value.
2) At June 30, 1995, the cost of investments for Federal income tax purposes was
$58,213,825. Gross unrealized appreciation of investments was $3,623,417 and
gross unrealized depreciation of investments was $560,237, resulting in net
unrealized appreciation of $3,063,180, based on cost for Federal income tax
purposes.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investments in securities, at market value
*(Note A) -- see Schedule of Investments $ 61,277,005
Cash 7,524
Receivable for securities sold 2,533,762
Dividends receivable 53,116
Deferred organization costs (Note A) 24,658
Prepaid expenses 14
-------------
63,896,079
-------------
LIABILITIES
Payable for securities purchased 3,486,149
Payable to investment manager (Note B) 25,763
Accrued organization costs (Note A) 4,110
Accrued expenses 8,200
-------------
3,524,222
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 60,371,857
-------------
NET ASSETS consist of:
Paid-in capital $ 57,308,677
Net unrealized appreciation in value of
investments 3,063,180
-------------
NET ASSETS $ 60,371,857
-------------
*Cost of investments $ 58,213,825
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 118,466
Interest income 112,960
Foreign taxes withheld (Note A) (526)
--------------
Total income 230,900
--------------
Expenses:
Investment management fee (Note B) 44,486
Custodian fees 10,111
Accounting fees 1,667
Amortization of deferred organization and
initial offering expenses (Note A) 852
Legal fees 729
Auditing fees 548
Trustees' fees and expenses 233
Insurance expense 13
--------------
Total expenses 58,639
--------------
Net investment income 172,261
--------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments sold 995,821
Net unrealized appreciation of investments 2,222,385
--------------
Net gain on investments 3,218,206
--------------
Net increase in net assets resulting from
operations $3,390,467
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
--------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 172,261
Net realized gain on investments
sold 995,821
Net unrealized appreciation of
investments 2,222,385
--------------
Net increase in net assets resulting
from operations 3,390,467
--------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 29,927,082
Reductions (4,979,990)
--------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 24,947,092
--------------
NET INCREASE IN NET ASSETS 28,337,559
NET ASSETS:
Initial contribution 32,034,298
--------------
End of period $60,371,857
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Partners Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Partners Investments (the "Series") is a separate 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 six
separate series. Managers Trust is registered as a diversified, open-end
management investment company under the Investment Company Act of 1940, as
amended. After the close of business on April 28, 1995, each series of
Neuberger&Berman Advisers Management Trust (the "Trust") invested all of its
net investable assets (cash, securities, and receivables relating to
securities) in a corresponding series of Managers Trust, receiving a
beneficial interest in that series.
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: 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 and interest income, including accretion of discount on
short-term investments (adjusted for original issue discount, where
applicable), is recorded on the accrual basis. Realized gains and losses from
securities transactions are recorded on the basis of identified cost.
4) FEDERAL INCOME TAXES: Managers Trust intends to comply with the requirements
of the Internal Revenue Code of 1986, as amended. Each series of Managers
Trust also intends to conduct its operations so that each of its investors
will be able to qualify as a regulated investment company. Each series will
be treated as a partnership for Federal income tax purposes and is therefore
not subject to Federal income tax.
5) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
6) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized by the Series on a straight-line basis over
a five-year period. At June 30, 1995, the unamortized balance of such
expenses amounted to $24,658. The accrued organization costs are payable to
Neuberger&Berman Management Incorporated ("Management"), the investment
manager of the Series.
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.
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Management as its investment manager under a Management
Agreement ("Agreement") dated as of May 1, 1995. For such investment management
services, the Series pays Management a fee at the annual rate of .55% of the
first $250 million of the Series' average daily net assets, .525% of the next
$250 million, .50% of the next $250 million, .475% of the next $250 million,
.45% of the next $500 million, and .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
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and the sub-adviser to the Series,
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Partners Investments
retained by Management to furnish it with investment recommendations and
research information without cost to the Series. Several individuals who are
officers and/or trustees of Managers Trust are also partners of Neuberger and/or
officers and/or directors of Management.
NOTE C -- SECURITIES TRANSACTIONS:
During the period from May 1, 1995 (commencement of operations) to June 30,
1995, there were purchase and sale transactions (excluding short-term
securities) of $40,684,678 and $11,290,321, respectively.
During the period from May 1, 1995 (commencement of operations) to June 30,
1995, brokerage commissions on securities transactions amounted to $89,328, of
which Neuberger received $57,462, and other brokers received $31,866.
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.
18
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
--------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .72%(1)
--------------
Net Investment Income 2.13%(1)
--------------
Portfolio Turnover Rate 27%
--------------
Net Assets, End of Period (in millions) $60.4
--------------
</TABLE>
1) Annualized.
19
