<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
ANNUAL REPORT
DECEMBER 31, 1995
NBAMT0181295
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
We were very pleased with the yield of your AMT Liquid Asset Portfolio
investments throughout 1995. Despite the two quarter-point rate cuts by the
Federal Reserve Board, money market interest rates did not decline as rapidly as
rates on longer maturities.
We lengthened AMT Liquid Assets' dollar-weighted average portfolio maturity
from 40 days at the beginning of 1995 to 62 days in February as convincing signs
of the bond rally set in. The rally witnessed moderate fits and starts through
the summer, and the maturity stayed within a range of 40 to 63 days for the
third quarter in response to the fluctuations.
During the last quarter of 1995, the money market yield curve inverted,
providing higher interest rates in shorter maturities. Therefore, we ended the
year with a weighted average maturity of approximately 24 days.
The securities selected for the portfolio continued to be of the highest
credit quality. Therefore, we chose the conservative path and did not take
advantage of the significant yield premium offered by Japanese banks on
short-term investments. These banks were facing a potential liquidity problem
going into the new year, as well as potential downgrades by the nationally
recognized rating services.
We will continue to avoid any risks we deem unnecessary to stretch for an
extra fraction of a percentage point of interest income, despite the possibility
of potentially higher returns.
Theresa A. Havell Josephine Mahaney
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
AMT Liquid Asset Investments AMT Liquid Asset Investments
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 Liquid Asset Portfolio may be purchased
only by life insurance companies to be used with their separate accounts that
fund variable annuity and variable life insurance policies.
2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
December 31,
1995
---------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 32,216,384
Receivable for Trust shares sold 1,032
---------------
32,217,416
---------------
LIABILITIES
Payable for Trust shares redeemed 187,033
Dividends payable 130,276
Payable to administrator -- net (Note B) 12,187
Accrued expenses 8,466
---------------
337,962
---------------
NET ASSETS at value $ 31,879,454
---------------
NET ASSETS consist of:
Par value $ 31,881
Paid-in capital in excess of par value 31,848,785
Accumulated net realized losses on
investment (1,212)
---------------
NET ASSETS at value $ 31,879,454
---------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 31,880,666
---------------
NET ASSET VALUE, offering and redemption price per
share $1.00
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
For the
Year Ended
December 31,
1995
---------------
<S> <C>
INVESTMENT INCOME
Income:
Interest $ 103,061
Investment income from Series (Note A) 591,646
---------------
Total investment income 694,707
---------------
Expenses:
Investment advisory fee (Note B) 8,472
Administration fee (Note B) 40,238
Shareholder reports 25,676
Custodian fees 12,885
Legal fees 1,387
Distribution fees (Note B) 728
Trustees' fees and expenses 303
Auditing fees 264
Insurance expense 92
Registration and filing fees 1
Miscellaneous 805
Expenses from Series (Note A) 55,829
---------------
Total expenses 146,680
Deduct -- expenses reimbursed by
administrator (Note B) (27,683)
---------------
Total net expenses 118,997
---------------
Net investment income 575,710
---------------
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 134
Net realized loss on investments from Series
(Note A) (1)
---------------
Net gain on investments 133
---------------
Net increase in net assets resulting from
operations $ 575,843
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
Year Ended
December 31,
1995 1994
--------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 575,710 $ 188,088
Net realized gain (loss) on
investments sold (Note A) 133 (1,345)
--------------------------
Net increase in net assets resulting
from operations 575,843 186,743
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (575,710) (188,088)
Net realized gain on investments -- (6,425)
--------------------------
Total distributions to shareholders (575,710) (194,513)
--------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 32,993,481 4,548,760
Proceeds from reinvestment of
dividends and distributions 468,404 185,557
Payments for shares redeemed (6,866,682) (6,284,040)
--------------------------
Net increase (decrease) from Trust
share transactions 26,595,203 (1,549,723)
--------------------------
NET INCREASE (DECREASE) IN NET ASSETS 26,595,336 (1,557,493)
NET ASSETS:
Beginning of year 5,284,118 6,841,611
--------------------------
End of year $ 31,879,454 $ 5,284,118
--------------------------
NUMBER OF TRUST SHARES:
Sold 32,993,481 4,548,760
Issued on reinvestment of dividends
and distributions 468,404 185,557
Redeemed (6,866,682) (6,284,040)
--------------------------
Net increase (decrease) in shares
outstanding 26,595,203 (1,549,723)
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Liquid Asset 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 series (the "Funds"). The Trust is
registered as a diversified, open-end management investment company under the
Investment Company Act of 1940, as amended, and its shares are registered
under the Securities Act of 1933, as amended. The 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 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 Liquid Asset 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 December 31, 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.
It is the policy of the Fund to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, valuation, and
dividend and distribution policies, which conform to general industry
practice, to enable it to do so. However, there is no assurance the Fund will
be able to maintain a stable net asset value per share.
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. Income dividends are
declared daily and paid and reinvested monthly. Distributions from net
realized capital gains, if any, are normally distributed in February. To the
extent that the Fund's net realized capital gains, if any, can be offset by
capital loss carryforwards ($1,177 expiring in 2002, determined as of
December 31, 1995), 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 December 31, 1995
- --------------------------------------------------------------------------------
Liquid Asset 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 accumulated net realized
gains.
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 of the Trust.
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 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. Pursuant to this Agreement the Fund pays Management an
administration fee 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 .50%
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 $728 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 year ended December
31, 1995, such excess expenses amounted to $27,683.
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 from May 1, 1995 to December 31, 1995, additions and
reductions to the Fund's investment in its Series amounted to $30,158,895 and
$4,521,069, respectively.
7
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
The following table includes selected data for a share outstanding
throughout each year and other performance information derived from the
Financial Statements. It should be read in conjunction with its Series'
Financial Statements and notes thereto.
<TABLE>
<CAPTION>
Year Ended December 31,
1995(1) 1994 1993 1992 1991 1990 1989 1988 1987 1986
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ .9997 $1.0009 $1.0002 $1.0001 $ .9999 $.9998 $.9998 $1.0000 $1.0002 $1.0004
--------------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .0493 .0328 .0233 .0320 .0547 .0730 .0826 .0648 .0550 .0557
Net Gains or Losses on Securities .0003 -- .0014 .0002 .0002 .0001 -- (.0002) .0001 .0002
--------------------------------------------------------------------------------------
Total From Investment Operations .0496 .0328 .0247 .0322 .0549 .0731 .0826 .0646 .0551 .0559
--------------------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.0493) (.0328) (.0233) (.0320) (.0547) (.0730) (.0826) (.0648) (.0550) (.0557)
Distributions (from capital gains) -- (.0012) (.0007) (.0001) -- -- -- -- (.0003) (.0004)
--------------------------------------------------------------------------------------
Total Distributions (.0493) (.0340) (.0240) (.0321) (.0547) (.0730) (.0826) (.0648) (.0553) (.0561)
--------------------------------------------------------------------------------------
Net Asset Value, End of Year $1.0000 $ .9997 $1.0009 $1.0002 $1.0001 $.9999 $.9998 $ .9998 $1.0000 $1.0002
--------------------------------------------------------------------------------------
Total Return+ +5.04% +3.46% +2.43% +3.25% +5.61% +7.55% +8.58% +6.68% +5.67% +5.76%
--------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Year (in
millions) $ 31.9 $ 5.3 $ 6.8 $ 25.4 $ 21.5 $ 21.5 $ 11.5 $ 9.3 $ 8.1 $ 2.4
--------------------------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets(2) 1.01% 1.02% .88% .72% .74% .88% 1.00% 1.00% 1.00% 1.00%
--------------------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets(2) 4.90% 3.28% 2.34% 3.19% 5.47% 7.30% 8.28% 6.52% 5.69% 5.33%
--------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
8
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Liquid Asset 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)Since the commencement of operations, the Administrator or principal
underwriter 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 annualized ratios of expenses and net investment income to
average daily net assets would have been 1.25% and 4.66%, respectively, for
the year ended December 31, 1995, 1.03% and 3.27% in 1994, 1.03% and 8.25% in
1989, 1.25% and 6.27% in 1988, 1.52% and 5.17% in 1987, and 2.74% and 3.59% in
1986, respectively. There was no reduction of expenses for the years ended
December 31, 1990 through and including 1993.
+ 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 year 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 years shown.
9
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Neuberger&Berman Advisers Management Trust and
Shareholders of Liquid Asset Portfolio
We have audited the accompanying statement of assets and liabilities of the
Liquid Asset Portfolio, one of the series comprising Neuberger&Berman Advisers
Management Trust, as of December 31, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended, and financial highlights for
each of the ten years in the period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Liquid Asset Portfolio of Neuberger&Berman Advisers Management Trust at December
31, 1995, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and financial
highlights for each of the ten years in the period then ended, in conformity
with generally accepted accounting principles.
[SIGNATURE]
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 19, 1996
10
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING(2)
AMOUNT MOODY'S S&P VALUE(1)
- ----------- ----------- --------- -----------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AGENCY
SECURITIES (34.4%)
$5,497,000 Federal Home Loan Mortgage
Corp., Discount Notes,
5.44%-5.58%, due
1/5/96-1/22/96 AGY AGY $ 5,485,681
5,200,000 Federal Home Loan Bank,
Discount Notes, 5.40%-5.61%,
due 1/2/96-2/14/96 AGY AGY 5,190,300
300,000 Student Loan Marketing
Association, Floating Rate
Notes, 5.25%, due 1/11/96 &
3/14/96 AGY AGY 300,000
115,000 Federal National Mortgage
Association, Discount Notes,
5.44% & 5.48%, due 3/20/96 &
4/5/96 AGY AGY 113,387
-----------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 11,089,368
-----------
CORPORATE COMMERCIAL PAPER
(65.6%)
200,000 Swedish Export Credit Corp.,
5.71%, due 1/3/96 P-1 A-1+ 199,936
1,500,000 Air Products & Chemicals,
Inc., 5.70%, due 1/4/96 P-1 A-1 1,499,287
1,000,000 Lubrizol Corp., 5.74%, due
1/5/96 P-1 A-1+ 999,362
1,500,000 Amoco Co., 5.72%, due 1/8/96 P-1 A-1+ 1,498,332
1,000,000 Anheuser-Busch Cos. Inc.,
5.55%, due 1/8/96 P-1 A-1+ 998,921
1,600,000 PACCAR Financial Corp., 5.71%,
due 1/9/96 P-1 A-1+ 1,597,970
1,000,000 Asset Securitization
Cooperative Corp., 5.75%, due
1/11/96 P-1 A-1+ 998,403
1,180,000 General Electric Capital
Corp., 5.76%, due 1/12/96 P-1 A-1+ 1,177,923
1,600,000 J.P. Morgan & Co. Inc., 5.73%,
due 1/12/96 P-1 A-1+ 1,597,199
109,000 Queensland Treasury Corp.,
5.70%, due 1/12/96 P-1 A-1+ 108,810
1,200,000 MetLife Funding, Inc., 5.67%,
due 1/18/96 P-1 A-1+ 1,196,787
1,600,000 Toyota Motor Credit Corp.,
5.70%, due 1/19/96 P-1 A-1+ 1,595,440
1,000,000 Wisconsin Power & Light Co.,
5.69%, due 1/19/96 P-1 A-1+ 997,155
930,000 Pacific Bell, 5.65%, due
1/22/96 P-1 A-1+ 926,935
290,000 SmithKline Beecham Corp.,
5.62%, due 1/30/96 P-1 A-1 288,687
1,000,000 Norfolk Southern Corp., 5.55%,
due 2/8/96 P-1 A-1+ 994,142
1,000,000 Northern States Power Co.,
5.67%, due 2/20/96 P-1 A-1+ 992,125
1,290,000 CIESCO, L.P., 5.65%, due
2/23/96 P-1 A-1+ 1,279,270
1,000,000 Colonial Pipeline Co., 5.55%,
due 2/26/96 P-1 A-1+ 991,367
300,000 Kingdom of Sweden, 5.58%, due
2/27/96 P-1 A-1+ 297,349
240,000 American Express Credit Corp.,
5.62%, due 3/7/96 P-1 A-1 237,527
200,000 Canadian Wheat Board, 5.60%,
due 3/8/96 P-1 A-1+ 197,916
250,000 Hitachi America, Ltd., 5.52%,
due 3/15/96 P-1 A-1+ 247,163
200,000 Lilly (Eli) & Co., 5.54%, due
3/19/96 P-1 A-1+ 197,599
-----------
TOTAL CORPORATE COMMERCIAL
PAPER 21,115,605
-----------
TOTAL INVESTMENTS (100.0%) 32,204,973
Cash, receivables and other
assets, less liabilities
(0.0%) 11,412
-----------
TOTAL NET ASSETS (100.0%) $32,216,385
-----------
</TABLE>
11
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
1)Investment securities of the Series are valued at amortized cost, which
approximates Federal income tax cost.
2)Credit ratings are unaudited.
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
December 31,
1995
---------------
<S> <C>
ASSETS
Investments in securities, at value* (Note
A) -- see Schedule of Investments $ 32,204,973
Cash 3,695
Deferred organization costs (Note A) 19,350
Interest receivable 7,040
Prepaid expenses and other assets 346
---------------
32,235,404
---------------
LIABILITIES
Accrued expenses 11,276
Payable to investment manager (Note B) 6,832
Accrued organization costs (Note A) 911
---------------
19,019
---------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 32,216,385
---------------
NET ASSETS consist of:
Paid-in capital $ 32,216,385
---------------
NET ASSETS $ 32,216,385
---------------
*Cost of investments $ 32,204,973
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
---------------
<S> <C>
INVESTMENT INCOME
Interest income $ 591,646
---------------
Expenses:
Investment management fee (Note B) 25,225
Custodian fees 18,568
Accounting fees 6,667
Amortization of deferred organization and
initial offering expenses (Note A) 2,996
Auditing fees 1,835
Trustees' fees and expenses 249
Insurance expense 149
Legal fees 135
Miscellaneous 5
---------------
Total expenses 55,829
---------------
Net investment income 535,817
---------------
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments sold (1)
---------------
Net increase in net assets resulting from
operations $ 535,816
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
---------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 535,817
Net realized loss on investments
sold (1)
---------------
Net increase in net assets resulting
from operations 535,816
---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 30,158,896
Reductions (4,521,069)
---------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 25,637,827
---------------
NET INCREASE IN NET ASSETS 26,173,643
NET ASSETS:
Initial contribution 6,042,742
---------------
End of period $ 32,216,385
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Liquid Asset 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 and amortization of premium, where applicable, is recorded on a
constant basis to maturity. 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 December 31, 1995, the unamortized balance of such
expenses amounted to $19,350. 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 .25% of the
first $500 million of the Series' average daily net assets, .225% of the next
$500 million, .20% of the next $500 million, .175% of the next $500 million, and
.15% 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. Neuberger is 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.
The Series has an expense offset arrangement included in its custodian
contract. The impact of this arrangement on the Series' custodian expense,
reflected in the Statement of Operations, is less than .01% of the Series'
average daily net assets.
16
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
----------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .55%(1)
----------------
Net Investment Income 5.31%(1)
----------------
Net Assets, End of Period (in millions) $32.2
----------------
</TABLE>
1) Annualized.
17
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Advisers Managers Trust and
Owners of Beneficial Interest of AMT Liquid Asset Investments
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of the AMT Liquid Asset Investments, one
of the series comprising Advisers Managers Trust, as of December 31, 1995, and
the related statement of operations, the statement of changes in net assets, and
financial highlights for the period from May 1, 1995 (Commencement of
Operations) to December 31, 1995. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
AMT Liquid Asset Investments of Advisers Managers Trust at December 31, 1995,
the results of its operations, the changes in its net assets, and financial
highlights for the period from May 1, 1995 (Commencement of Operations) to
December 31, 1995, in conformity with generally accepted accounting principles.
[SIGNATURE]
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 19, 1996
18
