<PAGE>
GOVERNMENT INCOME PORTFOLIO ONLY
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1995
NBAMTSA50695
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust August 1, 1995
--------------------------------------------------------------------------------
Government Income Portfolio
Only 18 months ago, the Federal Reserve Board raised interest rates for the
first of what would become six separate moves. Thus began the roller coaster
ride that would see interest rates rise by over 300 basis points on the 2-year
Treasury note and 200 basis points on the 30-year Treasury bond, as of November,
1994. The result: 1994 was the worst bond market since 1926. November and
December, however, marked a very quiet but definite turning point. Despite
investors being on the defensive, expecting the Federal Reserve Board to raise
interest rates, the bond market began a gradual rise. As 1995 progressed and the
economic statistics increasingly showed a slower pace of growth, the gradual
rise gave way to a sharp increase, catching investors off guard once again.
Returns through the end of June were excellent, with intermediate-term (maturity
range of 3 to 5 years) Treasury securities returning over 6%.
Throughout this 6 month period, AMT Government Income Investments has
maintained positions in very conservative holdings, preferring to earn high
income and avoid potential price volatility. We have added a very small position
of U.S. Treasuries to complement the Ginnie Mae Securities paying a stated rate
of 8% and Fannie Mae Securities paying a stated rate of 7%. In addition, our two
"plain vanilla" CMO's (Collateralized Mortgage Obligations) continue to perform
exactly as expected.
Looking ahead, with the Federal Reserve moving to a more accommodating
stance, we will feel more comfortable extending maturities in order to capture
potential capital gains.
Stephen White
PORTFOLIO MANAGER
AMT Government Income Investments
2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Government Income Portfolio
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 1,402,419
Receivable from administrator--net (Note B) 21,334
Deferred organization costs (Note A) 10,758
-------------
1,434,511
-------------
LIABILITIES
Payable for Fund expenses (Note B) 7,420
Accrued organization costs (Note A) 14,426
Accrued expenses 25,048
-------------
46,894
-------------
NET ASSETS at value $ 1,387,617
-------------
NET ASSETS consist of:
Par value $ 134
Paid-in capital in excess of par value 1,345,237
Accumulated undistributed net investment
income 31,252
Accumulated net realized gains on investment 224
Net unrealized appreciation in value of
investment 10,770
-------------
NET ASSETS at value $ 1,387,617
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 133,505
-------------
NET ASSET VALUE, offering and redemption price per
share $10.39
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Government Income Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1995
(UNAUDITED)
-----------
<S> <C>
INVESTMENT INCOME
Income:
Interest $ 25,342
Investment income from Series (Note A) 13,570
-----------
Total investment income 38,912
-----------
Expenses:
Investment advisory fee (Note B) 2,085
Administration fee (Note B) 786
Shareholder reports 16,675
Custodian fees 3,822
Amortization of deferred organization and
initial offering expenses (Note A) 1,430
Registration and filing fees 340
Distribution fees (Note B) 152
Legal fees 96
Auditing fees 41
Trustees' fees and expenses 27
Insurance expense 16
Miscellaneous 565
Expenses from Series (Note A) 4,233
-----------
Total expenses 30,268
Deduct--expenses reimbursed by administrator
(Note B) (23,414)
-----------
Total net expenses 6,854
-----------
Net investment income 32,058
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 369
Net realized loss on investments from Series
(Note A) (98)
Change in net unrealized appreciation
(depreciation) of investments 19,801
Net unrealized appreciation of investments
from Series (Note A) 13,610
-----------
Net gain on investments 33,682
-----------
Net increase in net assets resulting from
operations $ 65,740
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Government Income 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 $ 32,058 $ 37,880
Net realized gain (loss) on
investments sold (Note A) 271 (47)
Change in net unrealized
appreciation (depreciation) of
investments (Note A) 33,411 (22,641)
---------------------------
Net increase in net assets resulting
from operations 65,740 15,192
---------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (38,686) --
---------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 291,357 1,018,223
Proceeds from reinvestment of
dividends 38,686 --
Payments for shares redeemed (2,819) (76)
---------------------------
Net increase from Trust share
transactions 327,224 1,018,147
---------------------------
NET INCREASE IN NET ASSETS 354,278 1,033,339
NET ASSETS:
Beginning of period 1,033,339 --
---------------------------
End of period $1,387,617 $1,033,339
---------------------------
Accumulated undistributed net
investment income at end of period $ 31,252 $ 37,880
---------------------------
NUMBER OF TRUST SHARES:
Sold 28,117 101,815
Issued on reinvestment of dividends 3,853 --
Redeemed (273) (7)
---------------------------
Net increase in shares outstanding 31,697 101,808
---------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Government Income Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Government Income 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 Government Income 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 ($47 expiring in 2002,
determined as of December 31, 1994), 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)
--------------------------------------------------------------------------------
Government Income 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 $10,758. The accrued organization costs are payable to
Neuberger&Berman Management Incorporated ("Management"), the administrator to
the Fund.
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 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 .40% 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 .60% of its average daily net assets.
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 $152 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 (including the
compensation of Management under the Administration Agreement and the Series'
Management Agreement, but excluding 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, such excess expenses amounted to $23,414.
Since inception of the Fund, Management has voluntarily undertaken to pay
certain expenses as an advance. Those expenses will be repaid by the Fund to
Management in the future, and are included under the caption Payable for Fund
expenses in the Statement of Assets and Liabilities.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Government Income 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 $274,739 and $2,757,
respectively.
NOTE D -- SECURITIES TRANSACTIONS:
Prior to conversion, there were purchase and sale transactions (excluding
short-term securities) of $13,175 and $59,512, 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.
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
--------------------------------------------------------------------------------
Government Income 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 $ 10.15 $ 10.00
------------------------------
Income From Investment Operations
Net Investment Income .32 .37
Net Gains or Losses on Securities (both realized and unrealized) .30 (.22)
------------------------------
Total From Investment Operations .62 .15
------------------------------
Less Distributions
Dividends (from net investment income) (.38) --
------------------------------
Net Asset Value, End of Period $ 10.39 $ 10.15
------------------------------
Total Return+ +6.24%(4) +1.50%(4)
------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $ 1.4 $ 1.0
------------------------------
Ratio of Expenses to Average Net Assets(6) 1.13%(5) 1.09%(5)
------------------------------
Ratio of Net Investment Income to Average Net Assets(6) 6.02%(5) 4.78%(5)
------------------------------
Portfolio Turnover Rate(7) 2% 3%
------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
9
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Government Income 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) Since the commencement of operations, the Administrator voluntarily assumed
certain operating expenses of the Fund as described in Note B of Notes to
Financial Statements. Had such action not been undertaken, the ratios of
expenses and net investment income to average daily net assets on an
annualized basis would have been 5.56% and 1.59%, respectively, for the six
months ended June 30, 1995, and 2.57% and 3.30%, respectively, for the period
ended December 31, 1994.
7) The Fund transferred all of its investment securities into its Series on
April 28, 1995. After that date the Fund invested only in its Series and that
Series, rather than the Fund, engaged in securities transactions. Therefore,
after that date the Fund had no portfolio turnover rate. Portfolio turnover
rates for periods after April 28, 1995 are included in AMT Government Income
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. Total return figures would have been
lower if the Administrator had not reimbursed certain expenses. 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 Government Income Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING MARKET
AMOUNT MOODY'S S&P VALUE(1)
----------- ----------- --------- ----------
<C> <S> <C> <C> <C>
U.S. TREASURY SECURITIES (0.4%)
$ 5,000 U.S. Treasury Bonds, 7.50%, due 11/5/24 (COST $5,046) TSY TSY $ 5,535
----------
U.S. GOVERNMENT AGENCY SECURITIES (54.4%)
100,000 Federal Agriculture Mortgage Corp., Discount Notes, 5.83%, due 7/5/95 AGY AGY 99,918
125,000 Federal Agriculture Mortgage Corp., Discount Notes, 5.84%, due 7/5/95 AGY AGY 124,919(2)
50,000 Federal Home Loan Mortgage Corp., Discount Notes, 5.85%, due 7/5/95 AGY AGY 49,968(2)
150,000 Tennessee Valley Authority, Discount Notes, 5.88%, due 7/11/95 AGY AGY 149,730
75,000 Federal Home Loan Mortgage Corp., Discount Notes, 5.85%, due 7/12/95 AGY AGY 74,866(2)
175,000 Federal Agriculture Mortgage Corp., Discount Notes, 5.90%, due
7/17/95 AGY AGY 174,541(2)
40,000 Federal Farm Credit Bank, Discount Notes, 5.83%, due 8/3/95 AGY AGY 39,786(2)
50,000 Federal Farm Credit Bank, Discount Notes, 5.83%, due 8/7/95 AGY AGY 49,700(2)
----------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (COST $763,470) 763,428
----------
MORTGAGE-BACKED SECURITIES (43.6%)
FEDERAL HOME LOAN MORTGAGE CORP.
91,055 REMIC, Ser. 1658, Class AG, 10.00%, due 4/15/21 AGY AGY 99,491
FEDERAL NATIONAL MORTGAGE ASSOCIATION
121,011 REMIC PAC CMO, Ser. 1991-30E, 8.50%, due 3/25/09 AGY AGY 120,954
193,754 Mortgage Participation Certificates, 7.00%, due 2/1/24 AGY AGY 190,666
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
194,781 Pass-Through Certificates, 8.00%, due 3/15/24 AGY AGY 199,590
----------
TOTAL MORTGAGE-BACKED SECURITIES (COST $600,378) 610,701
----------
TOTAL INVESTMENTS (98.4%) (COST $1,368,894) 1,379,664(3)
Cash, receivables and other assets, less liabilities (1.6%) 22,756
----------
TOTAL NET ASSETS (100.0%) $1,402,420
----------
</TABLE>
11
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Government Income Investments
1) Investment securities of the Series are valued daily by obtaining bid price
quotations from independent pricing services on selected securities available
in each service's data base. For all other securities requiring daily
quotations, bid prices are obtained from principal market makers in those
securities. Short-term investments 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 cost, which approximates market value.
3) At June 30, 1995, the cost of investments for Federal income tax purposes was
$1,368,894. Gross unrealized appreciation of investments was $10,812 and
gross unrealized depreciation of investments was $42, resulting in net
unrealized appreciation of $10,770, based on cost for Federal income tax
purposes.
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Government Income Investments
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investments in securities, at market value
*(Note A) -- see Schedule of Investments $ 1,379,664
Cash 22,871
Deferred organization costs (Note A) 20,647
Interest receivable 4,092
Prepaid expenses 8
-------------
1,427,282
-------------
LIABILITIES
Payable to investment manager (Note B) 697
Accrued organization costs (Note A) 21,351
Accrued expenses 2,814
-------------
24,862
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 1,402,420
-------------
NET ASSETS consist of:
Paid-in capital $ 1,391,650
Net unrealized appreciation in value of
investments 10,770
-------------
NET ASSETS $ 1,402,420
-------------
*Cost of investments $ 1,368,894
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Government Income Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of
Operations)
to June 30,
1995
(UNAUDITED)
-----------
<S> <C>
INVESTMENT INCOME
Interest income $13,570
-----------
Expenses:
Investment management fee (Note B) 697
Accounting fees 1,667
Custodian fees 1,115
Amortization of deferred organization and
initial offering expenses (Note A) 713
Legal fees 16
Auditing fees 12
Insurance expense 8
Trustees' fees and expenses 5
-----------
Total expenses 4,233
-----------
Net investment income 9,337
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investments sold (98)
Net unrealized appreciation of investments 13,610
-----------
Net gain on investments 13,512
-----------
Net increase in net assets resulting from
operations $22,849
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Government Income 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 $ 9,337
Net realized loss on investments
sold (98)
Net unrealized appreciation of
investments 13,610
------------
Net increase in net assets resulting
from operations 22,849
------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 274,740
Reductions (2,757)
------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 271,983
------------
NET INCREASE IN NET ASSETS 294,832
NET ASSETS:
Initial contribution 1,107,588
------------
End of period $1,402,420
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Government Income Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Government Income 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. 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) 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 $20,647. The accrued organization costs are payable to
Neuberger&Berman Management Incorporated ("Management"), the investment
manager of the Series.
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.
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 .35% of the
first $500 million of the Series' average daily net assets, .325% of the next
$500 million, .30% of the next $500 million, .275% of the next $500 million, and
.25% of average daily net assets in excess of $2 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, 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.
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Government Income Investments
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 $0 and $21,955, respectively.
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.
17
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Government Income Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
--------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses 2.13%(1)
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Net Investment Income 4.69%(1)
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Portfolio Turnover Rate 0%
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Net Assets, End of Period (in millions) $1.4
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</TABLE>
1) Annualized.
18
