<PAGE>
PARTNERS PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
NBAMTSA20696
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust August 9, 1996
- --------------------------------------------------------------------------------
Partners Portfolio
Two sectors contributed greatly to our strong performance in the six months
from January 1, 1996 to June 30, 1996: finance-related (Insurance, Banking, and
Financial Services issues) and Consumer Non-Durables. Among the finance
categories, insurance stocks such as EXEL Ltd. and CIGNA had some of the best
gains. Many of the food and drug stocks that make up our Consumer Non-Durables
sector, such as IBP, Inc. and Warner-Lambert, appreciated in value as investors
purchased stocks of companies that have historically offered resistance to
market declines. Investors tend to gravitate toward food and drug companies
because product demand for food and drug staples stays relatively constant,
regardless of market condition or economic cycle. On the other hand, some of our
technology issues suffered from investors' reaction to falling computer memory
and semiconductor prices, and the possibility of a surplus in the computer
marketplace. We believed some of these issues held long-term potential based on
consumer demand -- regardless of the day-to-day headlines -- and added companies
to the portfolio that we felt suffered from investor overreaction during the
broad sell-off. Our Health Care issues, especially HMOs, which were some of our
strongest positions in 1995, also performed weakly during the Semi-Annual Report
period because the entire HMO group was plagued by rising medical costs and
earnings disappointments.
Among Consumer Non-Durables, we bought and sold Pharmacia & Upjohn -- a
worldwide pharmaceuticals manufacturer -- over the course of the Semi-Annual
Report period. We purchased the stock subsequent to the announcement of a merger
proposal. The merger made excellent business sense and increased the
opportunities for both companies. As the stock quickly achieved its target
price, it was profitably sold.
We also sold Monsanto -- a leading chemical company -- as it achieved a price
level we thought reflected its fair value. Our intent is to purchase stocks when
they are undervalued and sell them when they appear fairly valued.
We also sold Bowater, but in this case it was on the belief that we made a
mistake. Bowater is a premier producer of paper products, particularly
newsprint. We believed that in light of previously wild swings in demand for
paper -- a cyclical commodity -- companies would act more rationally in their
supply decisions. Instead, several paper producers announced capacity additions
in a WEAKENING economic environment (when demand usually falls off). This had
the effect of driving down pricing at the same time demand appeared to be
weakening.
We bought two stocks on the basis of announced restructuring plans: consumer
goods concern Premark International and Witco, a company which produces a wide
range of specialty chemical and petroleum products. Premark split into two
companies, one for its Tupperware business, the other for its food equipment
businesses. We believed the two businesses had very different capital needs and
that the Tupperware business had impressive growth potential. As part of
Premark, however, it had been used as a source of funds to feed the remaining
businesses. If funded properly, we feel Tupperware has the potential to become
an impressive international consumer products company that will sell at a higher
share price. At Witco, a new chief operating officer was hired from outside the
company specifically to remake Witco into a focused specialty chemicals
operation. This would require extensive expense cuts and a sale of one or more
businesses. If successful, Witco may generate significant free cash flow and
earn a higher share price.
2
<PAGE>
Since our approach involves valuing companies as a businessman
would -- asking ourselves if we'd be willing to buy the entire company at its
stock price today -- we feel vindicated when our companies are actually
purchased BY other companies. During the Semi-Annual Report period, we were
fortunate enough to have several such stocks, including Stop & Shop (which was
in our Retail position) and Loral Space & Communications (a leading Aerospace
company).
Michael Kassen Robert Gendelman
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
AMT Partners Investments AMT Partners Investments
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 379,925,167
Receivable for Trust shares sold 2,327,955
Deferred organization costs (Note A) 7,662
--------------
382,260,784
--------------
LIABILITIES
Payable for Trust shares redeemed 462,578
Payable to administrator (Note B) 94,429
Accrued expenses 60,441
--------------
617,448
--------------
NET ASSETS at value $ 381,643,336
--------------
NET ASSETS consist of:
Par value $ 26,710
Paid-in capital in excess of par value 345,468,460
Accumulated undistributed net investment
income 916,421
Accumulated net realized gains on investment 22,495,188
Net unrealized appreciation in value of
investment 12,736,557
--------------
NET ASSETS at value $ 381,643,336
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 26,709,538
--------------
NET ASSET VALUE, offering and redemption price per
share $14.29
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 2,513,385
--------------
Expenses:
Administration fee (Note B) 449,860
Shareholder reports 24,235
Legal fees 17,973
Registration and filing fees 16,864
Custodian fees 4,982
Trustees' fees and expenses 2,891
Auditing fees 2,056
Amortization of deferred organization and
initial offering expenses (Note A) 1,401
Miscellaneous 317
Expenses from Series (Notes A & B) 922,463
--------------
Total expenses 1,443,042
--------------
Net investment income 1,070,343
--------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 22,689,531
Change in net unrealized appreciation of
investment securities 6,820,038
--------------
Net gain on investments from Series (Note
A) 29,509,569
--------------
Net increase in net assets resulting from
operations $ 30,579,912
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1996 December 31,
(UNAUDITED) 1995
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 1,070,343 $ 601,383
Net realized gain on investments
from Series (Note A) 22,689,531 9,230,410
Change in net unrealized
appreciation of investments from
Series (Note A) 6,820,038 6,085,462
-------------------------------
Net increase in net assets resulting
from operations 30,579,912 15,917,255
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (753,971) (13,992)
Net realized gain on investments (9,424,638) (97,943)
-------------------------------
Total distributions to shareholders (10,178,609) (111,935)
-------------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 197,679,371 206,877,990
Proceeds from reinvestment of
dividends and distributions 10,178,609 111,935
Payments for shares redeemed (54,157,779) (24,631,916)
-------------------------------
Net increase from Trust share
transactions 153,700,201 182,358,009
-------------------------------
NET INCREASE IN NET ASSETS 174,101,504 198,163,329
NET ASSETS:
Beginning of period 207,541,832 9,378,503
-------------------------------
End of period $ 381,643,336 $ 207,541,832
-------------------------------
Accumulated undistributed net
investment income at end of period $ 916,421 $ 600,049
-------------------------------
NUMBER OF TRUST SHARES:
Sold 14,118,931 16,798,321
Issued on reinvestment of dividends
and distributions 757,337 10,910
Redeemed (3,854,038) (2,082,241)
-------------------------------
Net increase in shares outstanding 11,022,230 14,726,990
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Partners Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Partners Portfolio (the "Fund") is a separate operating series of
Neuberger&Berman Advisers Management Trust (the "Trust"), a Delaware business
trust organized pursuant to a Trust Instrument dated May 23, 1994. The Trust
is currently comprised of six separate operating series (the "Funds"). The
Trust is registered as a diversified, open-end management investment company
under the Investment Company Act of 1940, as amended, 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 AMT Partners Investments, a series of Advisers
Managers Trust (the "Series") having the same investment objective and
policies as the Fund. The value of the Fund's investment in the Series
reflects the Fund's proportionate interest in the net assets of the Series
(100% at June 30, 1996). The performance of the Fund is directly affected by
the performance of the Series. The financial statements of the Series,
including the Schedule of Investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements.
2) PORTFOLIO VALUATION: The Fund records its investment in the Series at value.
Investment securities held by the Series are valued 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 investment company taxable income and net capital gains (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 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.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Partners Portfolio
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, 1996, the unamortized balance of such expenses
amounted to $7,662.
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 FEES, DISTRIBUTION ARRANGEMENTS, AND OTHER TRANSACTIONS
WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life insurance
policies issued through separate accounts of life insurance companies.
The Fund retains Neuberger&Berman Management 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 the first $250 million of its average daily net assets, .675% of the next
$250 million, .65% of the next $250 million, .625% of the next $250 million, and
.60% of its average daily net assets in excess of $1 billion.
On April 16, 1993, the shareholders of the Trust adopted a distribution plan
("Plan") which provided that the predecessor to the Trust, on behalf of any of
its series, could reimburse Management after each calendar quarter for certain
distribution expenses in an amount not to exceed .25%, on an annual basis, of
that series' average daily net assets as of the close of such calendar quarter.
The Plan became effective on May 1, 1993, was implemented on November 1, 1993,
and was terminated on April 30, 1995. 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 limit the Fund's expenses by
reimbursing 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, and transaction costs) 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 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, 1996, no reimbursement to the Fund
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.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Partners Portfolio
The Series has an expense offset arrangement included in its custodian
contract. The impact of this arrangement reflected in the Statement of
Operations, under the caption Expenses from Series, is less than .01% of the
Fund's average daily net assets.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1996, additions and reductions in the
Fund's investment in its Series amounted to $238,201,875 and $31,780,268,
respectively.
NOTE D -- UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by independent auditors. Annual reports
contain audited financial statements.
9
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements. It should be read in conjunction with its Series' Financial
Statements and notes thereto.(1)
<TABLE>
<CAPTION>
Period from
Six Months Ended March 22,
June 30, Year Ended 1994(3) to
1996(2) December 31, December 31,
(UNAUDITED) 1995(2) 1994
--------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $ 13.23 $ 9.77 $ 10.00
--------------------------------------------------------
Income From Investment Operations
Net Investment Income .05 .11 .03
Net Gains or Losses on Securities (both
realized and unrealized) 1.55 3.43 (.26)
--------------------------------------------------------
Total From Investment Operations 1.60 3.54 (.23)
--------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.04) (.01) --
Distributions (from capital gains) (.50) (.07) --
--------------------------------------------------------
Total Distributions (.54) (.08) --
--------------------------------------------------------
Net Asset Value, End of Period $ 14.29 $ 13.23 $ 9.77
--------------------------------------------------------
Total Return+ +12.35%(4) +36.47% -2.30%(4)
--------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $ 381.6 $ 207.5 $ 9.4
--------------------------------------------------------
Ratio of Expenses to Average Net Assets .96%(5) 1.09% 1.75%(5)
--------------------------------------------------------
Ratio of Net Investment Income to Average Net
Assets .71%(5) .97% .45%(5)
--------------------------------------------------------
Portfolio Turnover Rate(6) -- 76% 90%
--------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
10
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Partners Portfolio
1)The per share amounts which are shown have been computed based on the average
number of shares outstanding during each period.
2)The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of the Series' income and expenses.
3)The date investment operations commenced.
4)Not annualized.
5)Annualized.
6)The Fund transferred all of its investment securities into its Series on April
28, 1995. After that date the Fund invested only in its Series and that
Series, rather than the Fund, engaged in securities transactions. Therefore,
after that date the Fund had no portfolio turnover rate. Portfolio turnover
rates for the periods ending after April 28, 1995 are included elsewhere in
AMT Partners 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 period
and assumes dividends and capital gain distributions, if any, were reinvested.
Results represent past performance and do not guarantee future results.
Investment returns and principal may fluctuate and shares when redeemed may be
worth more or less than original cost. The total return information shown does
not reflect expenses that apply to the separate account or the related
insurance policies, and the inclusion of these charges would reduce the total
return figures for all periods shown.
11
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
COMMON STOCKS (98.1%)
AEROSPACE (3.2%)
124,200 Litton Industries $ 5,402,700
44,400 Lockheed Martin 3,729,600
42,000 Northrop Grumman 2,861,250
------------
11,993,550
------------
BANKING & FINANCIAL SERVICES (7.9%)
109,300 American Express 4,877,512
119,900 Capital One Financial 3,417,150
64,000 CITICORP 5,288,000
175,100 Countrywide Credit Industries 4,333,725
206,600 CWM Mortgage Holdings 3,512,200
50,000 First USA 2,750,000
25,000 Wells Fargo 5,971,875
------------
30,150,462
------------
BUILDING MATERIALS, CONSTRUCTION & REFURNISHING (2.2%)
175,500 Del Webb 3,510,000
180,000 USG Corp. 5,017,500
------------
8,527,500
------------
BUSINESS SERVICES (0.8%)
50,000 Dun & Bradstreet 3,125,000
------------
CHEMICALS (7.3%)
89,400 Eastman Chemical 5,442,225
200,000 First Mississippi 4,450,000
128,900 IMC Global 4,849,862
110,000 W.R. Grace 7,796,250
150,000 Witco Corp. 5,156,250
------------
27,694,587
------------
COMMUNICATIONS (0.2%)
50,000 Tele-Communications
International 881,250
------------
CONSUMER GOODS & SERVICES (1.5%)
135,000 Tupperware Corp. 5,703,750
------------
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
ELECTRONICS (4.1%)
190,000 Applied Materials $ 5,795,000
190,000 KLA Instruments 4,417,500
100,000 Linear Technology 3,000,000
60,000 Sundstrand Corp. 2,197,500
------------
15,410,000
------------
ENTERTAINMENT (2.8%)
60,000 Harrah's Entertainment 1,695,000
117,000 Royal Caribbean Cruises 3,334,500
140,000 Time Warner 5,495,000
------------
10,524,500
------------
FOOD & DRUG STORES (3.1%)
80,000 Eckerd Corp. 1,810,000
248,200 Revco D.S. 5,925,775
50,000 Smith's Food & Drug Centers 1,193,750
75,000 Vons Cos. 2,803,125
------------
11,732,650
------------
FOOD & TOBACCO (1.7%)
30,000 Anheuser Busch 2,250,000
140,000 RJR Nabisco Holdings 4,340,000
------------
6,590,000
------------
FOOD PRODUCTS (1.5%)
201,100 IBP, Inc. 5,555,387
------------
HEALTH CARE (5.6%)
70,000 Ciba-Geigy ADR 4,248,125
150,100 Columbia/HCA Healthcare 8,011,587
135,000 Humana Inc. 2,413,125
90,000 Mallinckrodt Group 3,498,750
130,000 Value Health 3,071,250
------------
21,242,837
------------
</TABLE>
12
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
INDUSTRIAL GOODS & SERVICES (6.1%)
130,000 AGCO Corp. $ 3,607,500
88,000 AK Steel Holding 3,443,000
205,900 Allegheny Ludlum 3,886,362
119,500 Crown Cork & Seal 5,377,500
200,000 Owens-Illinois 3,200,000
81,800 XTRA Corp. 3,619,650
------------
23,134,012
------------
INSURANCE (13.6%)
100,000 Aetna Life & Casualty 7,150,000
95,000 Allstate Corp. 4,334,375
50,000 American Re 2,243,750
45,000 CIGNA Corp. 5,304,375
161,500 Equitable Cos. 4,017,313
65,000 EXEL Ltd. 4,582,500
60,000 MBIA, Inc. 4,672,500
50,000 Orion Capital 2,550,000
130,000 PennCorp Financial Group 4,127,500
100,000 Progressive Corp. 4,625,000
179,000 Travelers Group 8,166,875
------------
51,774,188
------------
MEDIA (4.0%)
410,100 Comcast Corp. Class A Special 7,586,850
199,200 Viacom Inc. Class B 7,743,900
------------
15,330,750
------------
OIL & GAS (7.3%)
100,700 Amerada Hess 5,400,038
174,500 Cabot Corp. 4,275,250
122,700 Cooper Cameron 5,368,125
382,300 Gulf Canada Resources 1,959,288
70,200 Halliburton Co. 3,896,100
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
110,000 Noble Affiliates $ 4,152,500
75,000 Tejas Gas 2,606,250
------------
27,657,551
------------
PAPER & FOREST PRODUCTS (2.1%)
40,000 Consolidated Papers 2,080,000
287,000 Fort Howard 5,704,125
------------
7,784,125
------------
PHARMACEUTICAL (3.1%)
110,000 Bausch & Lomb 4,675,000
130,000 Warner-Lambert 7,150,000
------------
11,825,000
------------
PUBLISHING & BROADCASTING (1.5%)
80,000 Knight-Ridder 5,800,000
------------
RAILROADS (3.4%)
215,000 Canadian National Railway 3,950,625
120,000 Illinois Central 3,405,000
80,000 Union Pacific 5,590,000
------------
12,945,625
------------
REAL ESTATE/REIT (2.3%)
448,700 Host Marriott 5,889,188
140,000 Risk Capital Holdings 2,747,500
------------
8,636,688
------------
RETAILING (1.8%)
150,000 Best Buy 3,431,250
70,000 Harcourt General 3,500,000
------------
6,931,250
------------
RETAILING & APPAREL (1.9%)
325,000 Price/Costco 7,028,125
------------
TECHNOLOGY (9.1%)
140,200 Autodesk, Inc. 4,188,475
100,000 Komag, Inc. 2,637,500
</TABLE>
13
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------- ------------
<C> <S> <C>
159,600 Seagate Technology $ 7,182,000
160,000 Texas Instruments 7,980,000
100,000 Vodafone Group ADR 3,687,500
100,000 Western Digital 2,612,500
120,000 Xerox Corp. 6,420,000
------------
34,707,975
------------
TOTAL COMMON STOCKS
(COST $359,949,639) 372,686,762
------------
<CAPTION>
Principal Market
Amount Value(1)
- --------- ------------
<C> <S> <C>
U.S. TREASURY SECURITIES
(0.3%)
$1,300,000 U.S. Treasury Bills, 5.105%,
due 11/14/96 (COST
$1,274,929) $ 1,274,363
------------
TOTAL INVESTMENTS (98.4%)
(COST $361,224,568) 373,961,125(2)
Cash, receivables and other
assets, less liabilities
(1.6%) 5,964,043
------------
TOTAL NET ASSETS (100.0%) $379,925,168
------------
</TABLE>
14
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
1)Investment securities of the Series are valued at the last sales price;
securities for which no sales were reported, unless otherwise noted, are
valued at the mean between the closing bid and asked prices. The Series values
all other securities by a method that the trustees of Advisers Managers Trust
believe accurately reflects fair value. Short-term debt securities with less
than 60 days until maturity at the time of purchase may be valued at cost
which, when combined with interest earned, approximates market value.
2)At June 30, 1996, the cost of investments for Federal income tax purposes was
$361,224,568. Gross unrealized appreciation of investments was $22,238,116 and
gross unrealized depreciation of investments was $9,501,559, resulting in net
unrealized appreciation of $12,736,557, based on cost for Federal income tax
purposes.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 373,961,125
Cash 17,268
Receivable for securities sold 7,493,658
Dividends receivable 428,319
Deferred organization costs (Note A) 20,193
Prepaid expenses 300
--------------
381,920,863
--------------
LIABILITIES
Payable for securities purchased 1,785,629
Payable to investment manager (Note B) 170,415
Accrued expenses 39,651
--------------
1,995,695
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 379,925,168
--------------
NET ASSETS consist of:
Paid-in capital $ 367,188,611
Net unrealized appreciation in value of
investment securities 12,736,557
--------------
NET ASSETS $ 379,925,168
--------------
*Cost of investments $ 361,224,568
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 2,046,058
Interest income 487,209
Foreign taxes withheld (Note A) (19,882)
--------------
Total income 2,513,385
--------------
Expenses:
Investment management fee (Note B) 818,523
Custodian fees (Note B) 64,410
Legal fees 16,968
Auditing fees 11,071
Accounting fees 4,982
Trustees' fees and expenses 2,992
Amortization of deferred organization and
initial offering expenses (Note A) 2,624
Insurance expense 875
Miscellaneous 18
--------------
Total expenses 922,463
--------------
Net investment income 1,590,922
--------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 22,689,531
Change in net unrealized appreciation of
investment securities 6,820,038
--------------
Net gain on investments 29,509,569
--------------
Net increase in net assets resulting from
operations $ 31,100,491
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
Six Months (Commencement
Ended of Operations)
June 30, to
1996 December 31,
(UNAUDITED) 1995
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 1,590,922 $ 759,627
Net realized gain on investments
sold 22,689,531 8,299,593
Change in net unrealized
appreciation of investments 6,820,038 5,075,724
-------------------------------
Net increase in net assets resulting
from operations 31,100,491 14,134,944
-------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 238,201,875 110,846,764
Reductions (31,780,268) (14,612,936)
-------------------------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 206,421,607 96,233,828
-------------------------------
NET INCREASE IN NET ASSETS 237,522,098 110,368,772
NET ASSETS:
Beginning of period 142,403,070 32,034,298
-------------------------------
End of period $ 379,925,168 $ 142,403,070
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Partners Investments (the "Series") is a separate operating
series of Advisers Managers Trust ("Managers Trust"), a New York common law
trust organized as of May 24, 1994. Managers Trust is currently comprised of
six separate operating 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 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: Investment securities are valued as indicated in the
notes following the Series' Schedule of Investments.
3) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Dividend income is recorded on the
ex-dividend date and interest income, including original issue discount,
where applicable, and accretion of discount on short-term investments, is
recorded on the accrual basis. Realized gains and losses from securities
transactions are recorded on the basis of identified cost.
4) 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 each of its investors will be
able to qualify as a regulated investment company. Each series will be
treated as a partnership for Federal income tax purposes and is therefore not
subject to Federal income tax.
5) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
6) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized by the Series on a straight-line basis over
a five-year period. At June 30, 1996, the unamortized balance of such
expenses amounted to $20,193.
7) EXPENSE ALLOCATION: Expenses directly attributable to a series are charged to
that series. Expenses not directly attributed to a series are allocated, on
the basis of relative net assets, to each of the series of Managers Trust.
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Neuberger&Berman Management Incorporated ("Management") as
its investment manager under a Management Agreement dated as of May 1, 1995. For
such investment management services, the Series pays Management a fee at the
annual rate of .55% of the first $250 million of the Series' average daily net
assets, .525% of the next $250 million, .50% of the next $250 million, .475% of
the next $250 million, .45% of the next $500 million, and .425% of average daily
net assets in excess of $1.5 billion.
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and sub-adviser to the Series.
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
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 six months ended June 30, 1996, there were purchase and sale
transactions (excluding short-term securities) of $428,955,484 and $221,376,905,
respectively.
During the six months ended June 30, 1996, brokerage commissions on
securities transactions amounted to $886,915, of which Neuberger received
$549,672, and other brokers received $337,243.
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.
20
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, of Operations)
1996 to December 31,
(UNAUDITED) 1995
-----------------------------
<S> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses(1) .61% .67%
-----------------------------
Net Investment Income(1) 1.06% 1.34%
-----------------------------
Portfolio Turnover Rate 79% 98%
-----------------------------
Average Commission Rate Paid $0.0587 $0.0594
-----------------------------
Net Assets, End of Period (in millions) $379.9 $142.4
-----------------------------
</TABLE>
1) Annualized.
21
