<PAGE>
BALANCED PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
ANNUAL REPORT
DECEMBER 31, 1995
NBAMT0211295
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
Our portfolio blend through 1995 consisted of two basic security types: value
and growth stocks averaging in the medium-capitalization range, and
short-to-intermediate-term bonds.
GROWTH PORTION
The Growth portion of the Portfolio benefited from a strong bull market in
1995, as many of its highest sector weightings fully participated in the
market's rise. Lower interest rates and strong earnings results provided the
major impetus for equity markets last year. Among the best performing sectors
were financial, technology, health care, and certain specialty retailers. The
most significant new purchase in 1995 was a major increase in the weighting of
the HMO industry, as Wall Street analysts abandoned the sector earlier in the
year due to worries about more competitive pricing and rising medical costs. As
the HMO valuations fell to historically low levels relative to its 20% industry
growth rate, we added significantly to our HMO holdings. In the fourth quarter
of the year, the HMO industry provided some of the best returns in the
Portfolio.
Within the financial sector, CITICORP, Wells Fargo, Finova Group, and Capital
One Financial provided strong returns. CITICORP and Wells Fargo exceeded
earnings expectations and both companies continued to aggressively repurchase
their own shares. Finova Group is a major commercial finance company, which has
made several acquisitions in recent years. Capital One Financial is a rapidly
growing credit card issuer.
Technology was the best performing sector in the Growth portion of the
Portfolio through September, due to stronger than expected earnings growth and
continued demand for memory for personal computers, communications, consumer
electronics, and automotive applications. Our major positions continued to be
Intel, Texas Instruments, and Micron Technology. This sector weakened during the
final quarter as pricing concerns surfaced due to rising capacity additions in
the Far East. With production costs falling 25-30% per year, industry margins
should remain stable for the foreseeable future. We have recently added to our
positions.
In spite of a weak retail sector, our specialty retail positions contributed
positively to performance. Staples and Viking Office Products in the business
sector, health products stores such as General Nutrition and Rite Aid, and
Circuit City, the leader in the consumer electronics sector, were all strong
performers.
Fourth quarter performance suffered from the aforementioned technology
fallout, as well as from some weakness in the financial sector (due to credit
quality concerns), gaming sector (due to market saturation worries), and
restaurants (due to recession worries).
During the second half of the year, we added to our cellular positions in
Airtouch Communications and Vodafone. We also increased our investments in two
credit card issuers, Capital One Financial and First USA. We liquidated our
positions in Circuit City, Mirage, and PriceCostco later in the year, as those
companies reached our valuation targets. Two new health care positions were
added -- R.P. Scherer, a developer and manufacturer of drug delivery systems and
a producer of soft gelatin capsules and i-STAT, a manufacturer of medical
diagnostic products for blood analysis.
We believe our growth-at-a-reasonable-price strategy will serve best to
enhance this portion of the Portfolio and provide a solid foundation for
long-term results. We will continue to tackle each stock individually on a
fundamental value ("bottom-up") basis.
2
<PAGE>
LIMITED MATURITY BOND PORTION
1995 produced outstanding returns in the overall bond market and the fixed
income portion of the Portfolio. This performance has resulted from a dramatic
lowering of yields as the market perceived a slowing economy and a lessening of
inflationary pressures. The Federal Reserve Board appeared to agree with the
market's view and lowered the Fed Funds rate by 25 basis points in early July
and again in December.
The duration (the measure of how bond prices respond to shifts in interest
rates, taking into account maturity, coupon, call protection and other factors)
of the portfolio was extended from 1.8 years (a weighted average maturity of 2.1
years) at the start of 1995 to 2.2 years (or 2.4 years weighted average
maturity) by the end of June. The rally subsided during the third quarter as
market participants became concerned about a pickup in economic activity.
However, by the end of the third quarter inflationary expectations began to
decline and rates resumed the downward trend. We again extended duration in
October to 2.4 years (2.9 years weighted average maturity) which greatly
benefited 4th quarter performance. The rationale for extending the portfolio is
based on our interest rate trend models, as well as our fundamental outlook on
the economy and inflation. Our trend models have remained positive throughout
the year, with occasional signs of an overbought market. This is the key reason
we have been extending duration during the year. Moreover, our fundamental view
remains bullish. The inflation outlook for the U.S. is the best it has been in
years. We believe that monetary policy remains somewhat restrictive and that the
budget that eventually comes out of Washington will be positive for fixed income
markets.
During the fourth quarter, we added investment-grade corporate bonds and
high-quality asset-backed securities to the Portfolio. This allowed us to take
advantage of slightly higher yield premiums, which were available at reasonable
prices. We believe the fundamentals of these two sectors remain solid and that
significant incremental returns will result from our relatively heavy
weightings. We remained underweighted in mortgages throughout the year as the
interest rate rally resulted in their underperformance versus other sectors.
<TABLE>
<S> <C> <C>
Mark R. Goldstein Theresa A. Havell Thomas Wolfe
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
AMT Balanced Investments AMT Balanced Investments AMT Balanced Investments
</TABLE>
Shares of the Balanced Portfolio are sold only through the currently effective
prospectus and are not available to the general public. Shares of the Balanced
Portfolio may be purchased by life insurance companies to be used with their
separate accounts that fund variable annuity and variable life insurance
policies and are also available as an underlying investment fund for certain
qualified retirement plans.
3
<PAGE>
COMPARISON OF A $10,000 INVESTMENT
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Balanced Portfolio
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN*
BALANCED PORTFOLIO MERRILL LYNCH INDEX S&P "500"
<S> <C> <C> <C>
1 Year +23.76% +11.00% +37.45%
5 Year +11.04% +6.91% +16.54%
Life of Fund +10.69% +7.94% +15.28%
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN*
BALANCED PORTFOLIO MERRILL LYNCH INDEX S&P "500"
<S> <C> <C> <C>
2/28/89 $10,000 $10,000 $10,000
12/31/89 11,640 11,000 12,697
'90 11,867 12,071.00 12,302
'91 14,558 13,481.00 16,034
'92 15,731 14,330.00 17,253
'93 16,746 15,105.00 18,985
'94 16,184 15,191.00 19,242
'95 20,029 16,862.00 26,448
</TABLE>
Life of Balanced Portfolio is from 2/28/89.
*"Total Return" is calculated including reinvestment of all income dividends and
capital gain distributions. Results represent past performance and do not
indicate future results. The value of an investment in the Fund and the return
on the investment both will fluctuate, and redemption proceeds may be higher or
lower than an investor's original cost.
The Merrill Lynch 1-3 Year Treasury Index is an unmanaged total return market
value index consisting of all coupon-bearing U.S. Treasury publicly placed debt
securities with maturities between 1 and 3 years. Please note that indices do
not take into account any fees and expenses of investing in the individual
securities that they track, and that individuals cannot invest directly in any
index. These data are derived by Neuberger& Berman Management Inc. and include
reinvestment of all dividends and capital gain distributions.
The S&P "500" Index is an unmanaged index generally considered to be
representative of stock market activity. Please note that indices do not take
into account any fees and expenses of investing in the individual securities
that they track, and that individuals cannot invest directly in any index. These
data are derived by Neuberger&Berman Management Inc. and include reinvestment of
all dividends and capital gain distributions.
Performance data are historical and include changes in share price and
reinvestment of dividends and capital gain distributions. Performance numbers
are net of all Fund operating expenses, but do not include any insurance charges
imposed by your insurance company's variable annuity or variable life insurance
policy. Qualified Plans that are direct shareholders of the Fund are not
affected by insurance charges. If this performance information included the
effect of the insurance charges, performance numbers would be lower.
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
<TABLE>
<CAPTION>
December 31,
1995
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 203,320,876
Receivable for Trust shares sold 103,721
--------------
203,424,597
--------------
LIABILITIES
Payable for Trust shares redeemed 58,918,812
Payable to administrator (Note B) 52,823
Accrued expenses 31,871
--------------
59,003,506
--------------
NET ASSETS at value $ 144,421,091
--------------
NET ASSETS consist of:
Par value $ 8,244
Paid-in capital in excess of par value 105,361,466
Accumulated undistributed net investment income 3,819,336
Accumulated net realized gains on investment 21,105,387
Net unrealized appreciation in value of investment 14,126,658
--------------
NET ASSETS at value $ 144,421,091
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares authorized) 8,244,392
--------------
NET ASSET VALUE, offering and redemption price per share $17.52
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
<TABLE>
<CAPTION>
For the
Year
Ended
December 31,
1995
--------------
<S> <C>
INVESTMENT INCOME
Income:
Interest $ 1,436,073
Dividend 318,123
Investment income from Series (Note A) 4,114,291
--------------
Total investment income 5,868,487
--------------
Expenses:
Investment advisory fee (Note B) 419,426
Administration fee (Note B) 411,008
Shareholder reports 65,678
Custodian fees 53,879
Legal fees 41,928
Registration and filing fees 28,120
Distribution fees (Note B) 17,780
Shareholder servicing agent fees 15,662
Trustees' fees and expenses 5,848
Insurance expense 2,718
Auditing fees 2,401
Miscellaneous 3,410
Expenses from Series (Note A) 873,780
--------------
Total expenses 1,941,638
--------------
Net investment income 3,926,849
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investments 3,235,388
Net realized gain on investments from Series (Note A) 17,911,527
Net realized loss on foreign currency transactions from
Series (Note A) (858)
Change in net unrealized appreciation (depreciation) of
investments 10,429,915
Net unrealized appreciation of investments from Series
(Note A) 5,494,612
--------------
Net gain on investments and foreign currency
transactions 37,070,584
--------------
Net increase in net assets resulting from operations $ 40,997,433
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
<TABLE>
<CAPTION>
Year Ended
December 31,
1995 1994
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 3,926,849 $ 3,315,838
Net realized gain on investments sold and
foreign currency transactions (Note A) 21,146,057 1,254,973
Change in net unrealized appreciation
(depreciation) of investments (Note A) 15,924,527 (10,390,166)
-------------------------------
Net increase (decrease) in net assets
resulting from operations 40,997,433 (5,819,355)
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (3,410,734) (2,464,542)
Net realized gain on investments (1,096,307) (4,071,853)
-------------------------------
Total distributions to shareholders (4,507,041) (6,536,395)
-------------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 23,185,195 44,610,203
Proceeds from reinvestment of dividends and
distributions 4,507,041 6,536,395
Payments for shares redeemed (99,036,376) (20,631,947)
-------------------------------
Net increase (decrease) from Trust share
transactions (71,344,140) 30,514,651
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (34,853,748) 18,158,901
NET ASSETS:
Beginning of year 179,274,839 161,115,938
-------------------------------
End of year $ 144,421,091 $ 179,274,839
-------------------------------
Accumulated undistributed net investment
income at end of year $ 3,819,336 $ 3,294,825
-------------------------------
NUMBER OF TRUST SHARES:
Sold 1,410,375 3,003,833
Issued on reinvestment of dividends and
distributions 304,120 432,301
Redeemed (5,822,286) (1,401,799)
-------------------------------
Net increase (decrease) in shares outstanding (4,107,791) 2,034,335
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Balanced Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Balanced 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 Balanced 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.
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
distributions from net realized capital gains, if any, are normally
distributed in February. Income dividends and capital gain distributions to
shareholders are recorded on the ex-dividend date. To the extent 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 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.
For the year ended December 31, 1995, the Fund hereby designates $878,152
as a capital gain distribution for the purposes of the dividend paid
deduction.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Balanced Portfolio
5) EXPENSE ALLOCATION: Expenses directly attributable to a fund are charged to
that fund. Expenses not directly attributed to a fund are allocated, on the
basis of relative net assets, to each of the funds 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 and are
also offered directly to qualified pension and retirement plans.
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 .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 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 $17,780 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 year ended December 31, 1995, no
reimbursement to the Fund or its predecessor was required.
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 $4,703,934 and
$14,136,898, respectively.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Balanced Portfolio
NOTE D -- SECURITIES TRANSACTIONS:
Prior to conversion, there were purchase and sale transactions (excluding
short-term securities) of $37,126,982 and $43,108,764, 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 $53,184 and $3,980,
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.
10
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced 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.(1)
<TABLE>
<CAPTION>
PERIOD FROM
FEBRUARY 28,
1989(3) TO
Year Ended December 31, DECEMBER 31,
1995(2) 1994 1993 1992 1991 1990 1989
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 14.51 $ 15.62 $ 14.90 $ 14.16 $ 11.72 $ 11.64 $10.00
---------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .32 .30 .34 .40 .47 .49 .30
Net Gains or Losses on Securities (both
realized and unrealized) 3.06 (.80) .61 .72 2.16 (.27)(4) 1.34
---------------------------------------------------------------------------------
Total From Investment Operations 3.38 (.50) .95 1.12 2.63 .22 1.64
---------------------------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.28) (.23) (.20) (.19) (.19) (.07) --
Distributions (from capital gains) (.09) (.38) (.03) (.19) -- (.07) --
---------------------------------------------------------------------------------
Total Distributions (.37) (.61) (.23) (.38) (.19) (.14) --
---------------------------------------------------------------------------------
Net Asset Value, End of Year $ 17.52 $ 14.51 $ 15.62 $ 14.90 $ 14.16 $ 11.72 $11.64
---------------------------------------------------------------------------------
Total Return+ +23.76% -3.36% +6.45% +8.06% +22.68% +1.95% +16.40%(5)
---------------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Year (in millions) $ 144.4 $ 179.3 $ 161.1 $ 87.1 $ 28.3 $ 6.9 $ 0.6
---------------------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets(7) .99% .91% .90% .95% 1.10% 1.35% 1.70%(6)
---------------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets(7) 1.99% 1.91% 1.96% 2.33% 3.00% 4.00% 3.28%(6)
---------------------------------------------------------------------------------
Portfolio Turnover Rate(8) 21% 55% 114% 82% 69% % 77 58%
---------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
11
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust December 31, 1995
- --------------------------------------------------------------------------------
Balanced Portfolio
1)The per share amounts which are shown have been computed based on the average
number of shares outstanding during each year.
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)February 28, 1989 is the date shares of the Balanced Portfolio were first sold
to the separate accounts pursuant to the public offering of Trust shares.
4)The amounts shown at this caption for a share outstanding throughout the year
may not accord with the change in aggregate gains and losses in securities for
the year because of the timing of sales and repurchases of Fund shares in
relation to fluctuating market values for the Fund.
5)Not annualized.
6)Annualized.
7)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 the Administrator not undertaken such action the
annualized ratios of expenses and net investment income to average daily net
assets would have been 2.78% and 2.20% for the period from February 28, 1989
to December 31, 1989. There was no reduction of expenses for the years ended
December 31, 1990 through and including 1995.
8)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 the periods ending after April 28, 1995 are included elsewhere in
AMT Balanced Investments' Financial Highlights.
+ 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. 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. Qualified Plans that are direct
shareholders of the Fund are not affected by insurance charges.
12
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Neuberger&Berman Advisers Management Trust and
Shareholders of Balanced Portfolio
We have audited the accompanying statement of assets and liabilities of the
Balanced 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 six years in the period then ended and for the period from February
28, 1989 (Commencement of Operations) to December 31, 1989. 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
Balanced 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 six years in the period then ended and for the period
from February 28, 1989 (Commencement of Operations) to December 31, 1989, in
conformity with generally accepted accounting principles.
[SIGNATURE]
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 19, 1996
13
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
COMMON STOCKS (43.9%)
BUSINESS SERVICES (0.9%)
37,000 Staples Inc. $ 901,875(2)
22,000 Viking Office Products 1,023,000(2)
------------
1,924,875
------------
CHEMICALS (0.4%)
15,000 Hercules Inc. 845,625
------------
COMMUNICATIONS (4.6%)
63,000 Airtouch Communications 1,779,750(2)
1,162,800 Australis Media 993,920(2)
60,000 Comcast Corp. Class A Special 1,091,250
5,000 Mannesmann AG ADR 1,595,428
50,000 Tele-Communications, Inc.
Class A 993,750(2)
16,250 Tele-Communications, Inc.
Class A Liberty Media Group 436,719(2)
20,000 Time Warner 757,500
48,000 Vodafone Group ADR 1,692,000
------------
9,340,317
------------
CONSUMER GOODS & SERVICES (4.4%)
76,000 Authentic Fitness 1,577,000
30,000 CUC International 1,023,750(2)
35,000 Franklin Quest 682,500(2)
30,000 Industrie Natuzzi ADR 1,361,250
23,000 Luxottica S.p.A. ADR 1,345,500
45,000 Nine West 1,687,500(2)
100,000 Supercuts Inc. 800,000(2)
18,800 Timberland Co. 373,650(2)
------------
8,851,150
------------
DRUGS & HEALTH CARE (5.5%)
70,000 Coventry Corp. 1,443,750(2)
60,000 Humana Inc. 1,642,500(2)
20,000 i-STAT Corp. 650,000(2)
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
15,000 PacifiCare Health Systems
Class B $ 1,305,000(2)
22,000 R.P. Scherer 1,080,750(2)
27,000 Teva Pharmaceutical ADR 1,252,125
31,000 U.S. Healthcare 1,441,500
35,000 United Healthcare 2,292,500
------------
11,108,125
------------
ENTERTAINMENT (5.1%)
55,000 Argosy Gaming 419,375(2)
35,000 Circus Circus Enterprises 975,625(2)
80,000 GTECH Holdings 2,080,000(2)
97,000 Harrah's Entertainment 2,352,250(2)
120,000 Players International 1,282,500(2)
55,000 Promus Hotel 1,223,750(2)
75,000 Showboat, Inc. 1,978,125(2)
------------
10,311,625
------------
FINANCIAL SERVICES (6.0%)
40,000 Bear Stearns 795,000
65,000 Capital One Financial 1,551,875
37,000 CITICORP 2,488,250
30,000 Finova Group 1,447,500
35,000 First USA 1,553,125
30,000 MBNA Corp. 1,106,250
17,000 Morgan Stanley Group 1,370,625
9,000 Wells Fargo 1,944,000
------------
12,256,625
------------
HOME BUILDERS (0.2%)
50,000 Schuler Homes 390,625(2)
------------
INSURANCE (2.8%)
15,000 ACE Ltd. 596,250
14,000 EXEL Ltd. 854,000
65,000 Life Partners Group 885,625
75,000 Penncorp Financial Group 2,203,125
</TABLE>
14
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
35,000 Sphere Drake Holdings $ 490,000
10,000 Transatlantic Holdings 733,750
------------
5,762,750
------------
PAPER (0.7%)
95,000 Abitibi-Price 1,377,500
------------
RESTAURANTS (4.1%)
50,000 Au Bon Pain 412,500(2)
79,500 Cheesecake Factory 1,709,250(2)
90,000 CKE Restaurants 1,440,000
24,100 Dave & Buster's 292,212(2)
80,000 HomeTown Buffet 885,000(2)
70,000 IHOP Corp. 1,820,000(2)
79,400 Sonic Corp. 1,508,600(2)
70,000 Spaghetti Warehouse 350,000(2)
------------
8,417,562
------------
RETAILING (3.0%)
70,000 General Nutrition 1,610,000(2)
85,000 Lechters Inc. 547,188(2)
34,300 MSC Industrial Direct 943,250(2)
25,000 Revco D.S. 706,250(2)
45,000 Rite Aid 1,541,250
<CAPTION>
Number Market
of Shares Value(1)
- ---------- ------------
<C> <S> <C>
75,000 Sports & Recreation $ 534,375(2)
60,000 Tops Appliance City 150,000(2)
------------
6,032,313
------------
TECHNOLOGY (5.7%)
35,000 Intel Corp. 1,986,250
42,000 KLA Instruments 1,094,625(2)
50,000 Micron Technology 1,981,250
30,000 Motorola, Inc. 1,710,000
10,000 Nokia Corp. ADR 388,750
13,000 SAP AG 2,016,382
23,100 Sensormatic Electronics 401,362
40,000 Texas Instruments 2,070,000
------------
11,648,619
------------
TRANSPORTATION (0.5%)
48,000 RailTex Inc. 1,008,000(2)
------------
TOTAL COMMON STOCKS (COST
$75,657,041) 89,275,711
------------
<CAPTION>
Principal
Amount
- ----------
<C> <S> <C>
CONVERTIBLE BONDS (0.1%)
$ 165,000 Australis Media, Cv. Deb.
(COST $124,905) 145,942(2)
------------
</TABLE>
15
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Principal Rating(3) Market
Amount Moody's S&P Value(1)
- ---------- ----------- --------- ------------
<C> <S> <C> <C> <C>
U.S. TREASURY SECURITIES
(8.5%)
$4,400,000 U.S. Treasury Bills, 4.80%,
due 3/7/96 TSY TSY $ 4,358,948
150,000 U.S. Treasury Notes, 6.375%,
due 6/30/97 TSY TSY 152,523
800,000 U.S. Treasury Notes, 5.75%,
due 10/31/97 TSY TSY 807,520
2,910,000 U.S. Treasury Notes, 7.25%,
due 2/15/98 TSY TSY 3,026,837
7,590,000 U.S. Treasury Notes, 6.50%,
due 4/30/99 TSY TSY 7,868,477
1,000,000 U.S. Treasury Notes, 6.75%,
due 4/30/00 TSY TSY 1,052,330
------------
TOTAL U.S. TREASURY SECURITIES
(COST $17,069,851) 17,266,635
------------
MORTGAGE-BACKED SECURITIES
(0.7%)
FEDERAL HOME LOAN MORTGAGE CORP. (0.0%)
12,856 REMIC CMO, Ser. 186-C, 8.00%,
due 6/15/18 AGY AGY 12,856
FEDERAL NATIONAL MORTGAGE ASSOCIATION (0.1%)
227,626 Balloon Payment, Certificates,
9.00%, due 10/1/97-6/1/98 AGY AGY 235,007
19,752 Balloon Payment, Certificates,
8.50%, due 11/1/98 AGY AGY 20,393
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (0.6%)
181,067 Pass-Through Certificates,
10.00%, due 12/15/17-5/15/19 AGY AGY 198,551
923,802 Pass-Through Certificates,
9.50%, due 4/15/16-10/15/20 AGY AGY 991,646
------------
TOTAL MORTGAGE-BACKED
SECURITIES (COST $1,462,839) 1,458,453
------------
ASSET-BACKED SECURITIES (8.9%)
82,300 World Omni Financial Corp.
Grantor Trust, Automobile Loan
Pass-Through Certificates,
Ser. 1992-A, 4.75%, due
1/15/98 Aaa AAA 82,062
707,776 USAA Auto Loan Grantor Trust,
Automobile Loan Pass-Through
Certificates, Ser. 1994-1,
5.00%, due 11/15/99 Aaa AAA 704,761
2,000,000 Premier Auto Trust, Ser.
1994-2, Class A-3, 6.35%, due
5/2/00 Aaa AAA 2,025,900
923,375 Caterpillar Financial Asset
Trust, Ser. 1994-A, Class A-2,
6.10%, due 6/25/00 Aaa AAA 923,375
1,566,042 Ford Credit Grantor Trust,
Ser. 1995-B, Class A, 5.90%,
due 10/15/00 Aaa AAA 1,573,684
881,291 Daimler-Benz Vehicle Trust,
Ser. 1994-A, Class A, 5.95%,
due 12/15/00 Aaa AAA 884,869
2,691,905 Chase Manhattan Grantor Trust,
Automobile Loan Pass-Through
Certificates, Ser. 1995-A,
6.00%, due 9/17/01 Aaa AAA 2,717,693
1,550,759 Case Equipment Loan Trust,
Ser. 1995-A, 7.30%, due
3/15/02 Aaa AAA 1,585,884
4,000,000 NationsBank Credit Card Master
Trust, Ser. 1995-1, Class A,
6.45%, due 4/15/03 Aaa AAA 4,117,200
</TABLE>
16
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Principal Rating(3) Market
Amount Moody's S&P Value(1)
- ---------- ----------- --------- ------------
<C> <S> <C> <C> <C>
$1,610,000 ADVANTA Credit Card Master
Trust II, Ser. 1995-F, Class
A-1, 6.05%, due 8/1/03 Aaa AAA $ 1,632,250
1,610,000 Standard Credit Card Master
Trust I, Credit Card
Participation Certificates,
Ser. 1994-4, Class A, 8.25%,
due 11/7/03 Aaa AAA 1,786,182
------------
TOTAL ASSET-BACKED SECURITIES
(COST $17,788,138) 18,033,860
------------
BANKS & FINANCIAL INSTITUTIONS
(3.6%)
1,000,000 Deutsche Bank, Yankee C.D.,
7.498%, due 1/21/97 Aaa AAA 1,021,500
1,000,000 BankAmerica Corp., Corporate
Notes, 7.50%, due 3/15/97 A2 A+ 1,023,090
1,700,000 Chemical Banking Corp.,
Corporate Notes, 6.625%, due
1/15/98 A1 A 1,730,838
2,000,000 First USA Bank, Medium-Term
Deposit Notes, 6.375%, due
10/23/00 Baa2 BBB- 2,022,340
1,600,000 Smith Barney Holdings Inc.,
Notes, 6.50%, due 10/15/02 A3 A- 1,628,240
------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS (COST $7,423,816) 7,426,008
------------
CORPORATE DEBT SECURITIES
(6.8%)
250,000 AT&T Capital Corp.,
Medium-Term Notes, 7.07%, due
11/18/96 Aa3 AA 253,125
2,000,000 Tenneco Inc., Medium-Term
Notes, 10.00%, due 8/1/98 Baa2 BBB- 2,190,080
1,500,000 Occidental Petroleum Corp.,
Medium-Term Notes, 5.85%, due
11/9/98 Baa3 BBB 1,499,865
3,000,000 Xerox Credit Corp.,
Medium-Term Notes, 6.84%, due
6/1/00 A2 A 3,061,860
1,000,000 Ford Motor Credit Co.,
Medium-Term Notes, 6.84%, due
8/16/00 A1 A+ 1,033,690
1,500,000 Sears Roebuck Acceptance
Corp., Medium-Term Notes, Ser.
I, 6.42%, due 10/10/00 A2 BBB 1,528,065
1,000,000 ITT Corp., Notes, 6.25%, due
11/15/00 Baa1 BBB 1,005,720
2,000,000 General Motors Acceptance
Corp., Medium-Term Notes,
8.125%, due 3/1/01 A3 A- 2,174,440
1,100,000 Viacom, Senior Notes, 6.75%,
due 1/15/03 Ba2(4) BB+(4) 1,107,667
------------
TOTAL CORPORATE DEBT
SECURITIES (COST $13,807,873) 13,854,512
------------
CORPORATE COMMERCIAL PAPER
(11.3%)
2,880,000 Chevron Oil Finance Co.,
5.60%, due 1/2/96 P-1 A-1+ 2,880,000
10,000,000 Exxon Asset Management Co.,
5.55%, due 1/2/96 P-1 A-1+ 10,000,000
10,000,000 General Electric Capital
Corp., 5.55%, due 1/2/96 P-1 A-1+ 10,000,000
------------
TOTAL CORPORATE COMMERCIAL
PAPER (COST $22,880,000) 22,880,000(5)
------------
TOTAL INVESTMENTS (83.8%)
(COST $156,214,463) 170,341,121(6)
Cash, receivables and other
assets, less liabilities
(16.2%) 32,979,756
------------
TOTAL NET ASSETS (100.0%) $203,320,877
------------
</TABLE>
17
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
1)Investments in equity securities are valued at the last reported sales price,
or, in the absence of a recorded sale, at the mean between the closing bid and
asked prices, unless otherwise noted. Investments in limited maturity debt
securities 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 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)Non-income producing security.
3)Credit ratings are unaudited.
4)Rated BBB- by Fitch Investors Services, Inc.
5)At cost, which approximates market value.
6)At December 31, 1995, the cost of investments for Federal income tax purposes
was $156,298,483. Gross unrealized appreciation of investments was $21,366,299
and gross unrealized depreciation of investments was $7,323,661, resulting in
net unrealized appreciation of $14,042,638, based on cost for Federal income
tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
December 31,
1995
----------------
<S> <C>
ASSETS
Investments in securities, at market value* (Note A)
-- see Schedule of Investments $ 170,341,121
Cash 4,432
Receivable for securities sold 32,354,355
Dividends and interest receivable 754,394
Deferred organization costs (Note A) 44,943
Prepaid expenses and other assets 8,832
----------------
203,508,077
----------------
LIABILITIES
Payable to investment manager (Note B) 95,764
Accrued expenses 35,609
Payable for securities purchased 32,929
Accrued organization costs (Note A) 22,898
----------------
187,200
----------------
NET ASSETS Applicable to Investors' Beneficial Interests $ 203,320,877
----------------
NET ASSETS consist of:
Paid-in capital $ 189,194,219
Net unrealized appreciation in value of investments 14,126,658
----------------
NET ASSETS $ 203,320,877
----------------
*Cost of investments $ 156,214,463
----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
----------------
<S> <C>
INVESTMENT INCOME
Income:
Interest income $ 3,417,319
Dividend income 720,142
Foreign taxes withheld (Note A) (23,170)
----------------
Total income 4,114,291
----------------
Expenses:
Investment management fee (Note B) 753,916
Custodian fees 81,345
Auditing fees 12,933
Amortization of deferred organization and initial
offering expenses (Note A) 6,952
Accounting fees 6,667
Insurance expense 4,652
Trustees' fees and expenses 3,694
Legal fees 3,329
Miscellaneous 292
----------------
Total expenses 873,780
----------------
Net investment income 3,240,511
----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investments sold 17,911,527
Net realized loss on foreign currency transactions (Note
A) (858)
Net unrealized appreciation of investments 5,494,612
----------------
Net gain on investments and foreign currency
transactions 23,405,281
----------------
Net increase in net assets resulting from operations $ 26,645,792
----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced 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 $ 3,240,511
Net realized gain on investments sold and foreign
currency transactions 17,910,669
Net unrealized appreciation of investments 5,494,612
----------------
Net increase in net assets resulting from operations 26,645,792
----------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Additions 4,703,935
Reductions (14,136,898)
----------------
Net decrease in net assets resulting from transactions
in investors' beneficial interests (9,432,963)
----------------
NET INCREASE IN NET ASSETS 17,212,829
NET ASSETS:
Initial contribution 186,108,048
----------------
End of period $ 203,320,877
----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Balanced 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 December 31, 1995, the unamortized balance of such
expenses amounted to $44,943. 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.
8) FOREIGN CURRENCY TRANSLATION: The accounting records of the Series are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the current rate of exchange of such currency against the U.S.
dollar to determine the value of investments, other assets and liabilities.
Purchase and sale prices of securities, and income and expenses are
translated into U.S. dollars at the prevailing rate of exchange on the
respective dates of such transactions.
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
22
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust December 31, 1995
- --------------------------------------------------------------------------------
AMT Balanced Investments
.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. 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.
NOTE C -- SECURITIES TRANSACTIONS:
During the period from May 1, 1995 (commencement of operations) to December
31, 1995, there were purchase and sale transactions (excluding short-term
securities) of $104,864,325 and $165,029,073, respectively.
During the period from May 1, 1995 (commencement of operations) to December
31, 1995, brokerage commissions on securities transactions amounted to $161,570,
of which Neuberger received $101,589, and other brokers received $59,981.
23
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to December 31,
1995
----------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .64%(1)
----------------
Net Investment Income 2.36%(1)
----------------
Portfolio Turnover Rate 55%
----------------
Average Commission Rate Paid $0.0451
----------------
Net Assets, End of Period (in millions) $203.3
----------------
</TABLE>
1) Annualized.
24
<PAGE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Advisers Managers Trust and
Owners of Beneficial Interest of AMT Balanced Investments
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of the AMT Balanced 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 and brokers, or other
appropriate auditing procedures where replies from brokers were not received. 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 Balanced 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
25
