<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
NBAMTSA40696
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger&Berman Advisers Management Trust August 9, 1996
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
The six months ended June 30, 1996 witnessed a sharp increase in interest
rates, which changed the yield curve dramatically. In January, short-term
interest rates were higher than those on long-term maturities; for example, one-
month commercial paper yielded 5.52% when one-year Treasury Bills were offering
5.17%. By the end of June, the same issues yielded 5.37% versus 5.67%,
respectively. Most of the sell-off in the bond market was caused by investors
who perceived higher inflation and improving economic progress, and feared that
the Federal Reserve Board would elect to increase short-term rates. Their
reaction created widespread devaluation in the bond market and at times produced
some of the biggest one-day bond price declines in years.
As the bond market adjusted through the first half of 1996, 3-month
commercial paper in the money market sector -- a popular investment -- actually
DROPPED in yield by 2 basis points as investors sought low risk alternatives to
deteriorating bond prices (this at a time when bond yields were increasing
dramatically). The AMT Liquid Asset Portfolio's performance was competitive with
its peer group of retail money market funds over the Semi-Annual Report period.
The ability to take advantage of additional yield premiums offered by
investments in a diversified, high-quality asset mix added to the performance.
Throughout the first half of 1996, we carefully took advantage of the
interest-rate yield curve and extended the weighted average portfolio maturity
target range from 24 days to 44 days as the longer maturities became attractive.
Although yields on money market funds dropped in the first half of 1996, the
returns were greater than those of the broad bond market, where asset price
deterioration was not offset by interest income.
Josephine Mahaney
PORTFOLIO CO-MANAGER
AMT Liquid Asset Investments
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 13,592,098
Receivable for Trust shares sold 40
--------------
13,592,138
--------------
LIABILITIES
Payable for Trust shares redeemed 142,639
Dividends payable 49,106
Accrued expenses 20,387
Payable to administrator -- net (Note B) 6,475
--------------
218,607
--------------
NET ASSETS at value $ 13,373,531
--------------
NET ASSETS consist of:
Par value $ 13,375
Paid-in capital in excess of par value 13,361,162
Accumulated net realized losses on
investment (1,006)
--------------
NET ASSETS at value $ 13,373,531
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 13,374,537
--------------
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
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 454,066
--------------
Expenses:
Administration fee (Note B) 33,543
Shareholder reports 13,877
Custodian fees 5,000
Registration and filing fees 2,464
Legal fees 1,057
Trustees' fees and expenses 230
Auditing fees 65
Miscellaneous 786
Expenses from Series (Notes A & B) 44,550
--------------
Total expenses 101,572
Deduct -- expenses reimbursed by
administrator (Note B) (17,010)
--------------
Total net expenses 84,562
--------------
Net investment income 369,504
--------------
REALIZED GAIN ON INVESTMENTS FROM SERIES (NOTE A)
Net realized gain on investment securities 206
--------------
Net increase in net assets resulting from
operations $ 369,710
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset 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 $ 369,504 $ 575,710
Net realized gain on investments
from Series (Note A) 206 133
-----------------------------
Net increase in net assets resulting
from operations 369,710 575,843
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (369,504) (575,710)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 1,262,357 32,993,481
Proceeds from reinvestment of
dividends 450,674 468,404
Payments for shares redeemed (20,219,160) (6,866,682)
-----------------------------
Net increase (decrease) from Trust
share transactions (18,506,129) 26,595,203
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (18,505,923) 26,595,336
NET ASSETS:
Beginning of period 31,879,454 5,284,118
-----------------------------
End of period $ 13,373,531 $ 31,879,454
-----------------------------
NUMBER OF TRUST SHARES:
Sold 1,262,357 32,993,481
Issued on reinvestment of dividends 450,674 468,404
Redeemed (20,219,160) (6,866,682)
-----------------------------
Net increase (decrease) in shares
outstanding (18,506,129) 26,595,203
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Liquid Asset 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 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 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.
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: 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. 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 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.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
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.
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 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 .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. 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 (including the compensation of Management under the
Administration Agreement and the Series' Management Agreement, but excluding
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, such excess
expenses amounted to $17,010.
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. Several individuals who
are officers and/or trustees of the Trust are also partners of Neuberger and/or
officers and/or directors of Management.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Liquid Asset 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 $1,058,204 and $20,092,212,
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.
8
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset 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.
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1996 Year Ended December 31,
(UNAUDITED)(1) 1995(1) 1994 1993 1992 1991
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period $1.0000 $ .9997 $ 1.0009 $ 1.0002 $ 1.0001 $ .9999
-------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .0219 .0493 .0328 .0233 .0320 .0547
Net Gains or Losses on
Securities (.0001)(2) .0003 -- .0014 .0002 .0002
-------------------------------------------------------------------------
Total From Investment
Operations .0218 .0496 .0328 .0247 .0322 .0549
-------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.0219) (.0493) (.0328) (.0233) (.0320) (.0547)
Distributions (from capital
gains) -- -- (.0012) (.0007) (.0001) --
-------------------------------------------------------------------------
Total Distributions (.0219) (.0493) (.0340) (.0240) (.0321) (.0547)
-------------------------------------------------------------------------
Net Asset Value, End of Period $ .9999 $ 1.0000 $ .9997 $ 1.0009 $ 1.0002 $ 1.0001
-------------------------------------------------------------------------
Total Return+ +2.21%(3) +5.04% +3.46% +2.43% +3.25% +5.61%
-------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 13.4 $ 31.9 $ 5.3 $ 6.8 $ 25.4 $ 21.5
-------------------------------------------------------------------------
Ratio of Expenses to Average
Net Assets(4) 1.01%(5) 1.01% 1.02% .88% .72% .74%
-------------------------------------------------------------------------
Ratio of Net Investment Income
to Average Net Assets(4) 4.39%(5) 4.90% 3.28% 2.34% 3.19% 5.47%
-------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
9
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
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)The amounts shown at this caption for a share outstanding throughout the
period may not accord with the change in aggregate gains and losses in
securities for the period because of the timing of sales and repurchases of
Fund shares.
3)Not annualized.
4)Since the commencement of operations, Management 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 to
average daily net assets would have been:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1996
(UNAUDITED) 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Expenses 1.21% 1.25% 1.03%
-----------------------------------------
Net Investment Income 4.19% 4.66% 3.27%
-----------------------------------------
</TABLE>
There was no reduction of expenses for the years ended December 31, 1991
through and including 1993.
5)Annualized.
+ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each period
and assumes dividends and capital gain distributions, if any, were reinvested.
Results represent past performance and do not guarantee future results.
Investment returns and principal may fluctuate and shares when redeemed may be
worth more or less than original cost. Total return figures would have been
lower if Management had not reimbursed certain expenses. The total return
information shown does not reflect expenses that apply to the separate account
or the related insurance policies, and the inclusion of these charges would
reduce the total return figures for all periods shown.
10
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING
AMOUNT MOODY'S S&P VALUE(1)
- ----------- ----------- --------- -----------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AGENCY
SECURITIES (10.4%)
$ 410,000 Federal National Mortgage
Association, Discount Notes,
5.28%, due 7/18/96 AGY AGY $ 408,978
1,000,000 Federal Home Loan Bank,
Variable Rate Global Bonds,
5.346%, due 11/21/96 AGY AGY 999,897
-----------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 1,408,875
-----------
CORPORATE COMMERCIAL PAPER
(85.0%)
500,000 Kellogg Co., 5.25%, due 7/2/96 P-1 A-1+ 499,927
500,000 Minnesota Mining &
Manufacturing Co., 5.28%, due
7/8/96 P-1 A-1+ 499,487
500,000 Goldman Sachs Group, L.P.,
5.32%, due 7/9/96 P-1 A-1+ 499,409
600,000 Canadian Wheat Board, 5.32%,
due 7/10/96 P-1 A-1+ 599,202
600,000 Knight-Ridder, Inc., 5.28%,
due 7/10/96 P-1 A-1+ 599,208
600,000 Export Development Corp.,
5.25%, due 7/15/96 P-1 A-1+ 598,775
500,000 Toys "R" Us, Inc., 5.30%, due
7/15/96 P-1 A-1 498,969
500,000 BellSouth Telecommunications
Inc., 5.29%, due 7/18/96 P-1 A-1+ 498,751
445,000 Indianapolis Power & Light
Co., 5.33%, due 7/22/96 P-1 A-1+ 443,616
500,000 Procter & Gamble Co., 5.27%,
due 7/25/96 P-1 A-1+ 498,243
300,000 Colonial Pipeline Co., 5.40%,
due 7/29/96 P-1 A-1+ 298,740
450,000 USAA Capital Corp., 5.26% &
5.35%, due 7/12/96 & 7/30/96 P-1 A-1+ 448,466
538,000 Sandoz Corp., 5.34%, due
8/6/96 P-1 A-1+ 535,127
500,000 MetLife Funding, Inc., 5.35%,
due 8/7/96 P-1 A-1+ 497,251
500,000 Eksportfinans A/S, 5.37%, due
8/12/96 P-1 A-1+ 496,868
300,000 Province of British Columbia,
Canada, 5.25%, due 8/12/96 P-1 A-1+ 298,163
600,000 Toyota Motor Credit Corp.,
5.33%, due 8/19/96 P-1 A-1+ 595,647
500,000 Swedish Export Credit Corp.,
5.27%, due 8/26/96 P-1 A-1+ 495,901
500,000 Enel Commercial Paper, Inc.,
5.28%, due 8/29/96 P-1 A-1+ 495,673
600,000 J.P. Morgan & Co. Inc., 5.35%,
due 9/12/96 P-1 A-1+ 593,491
500,000 Glaxo Wellcome PLC, 5.38%, due
9/19/96 P-1 A-1+ 494,022
400,000 Kingdom of Sweden, 5.33%, due
10/25/96 P-1 A-1+ 393,130
200,000 du Pont (E.I.) de Nemours &
Co., 5.26%, due 11/4/96 P-1 A-1+ 196,318
500,000 Caisse d'Amortissement de la
Dette Sociale, 5.45%, due
12/20/96 P-1 A-1+ 486,981
-----------
TOTAL CORPORATE COMMERCIAL
PAPER 11,561,365
-----------
</TABLE>
11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING
AMOUNT MOODY'S S&P VALUE(1)
- ----------- ----------- --------- -----------
<C> <S> <C> <C> <C>
CORPORATE DEBT SECURITIES
(4.4%)
$ 600,000 PNC Bank, National
Association, Variable Rate
Short-Term Bank Notes, 5.403%,
due 8/9/96 P-1 A-1 $ 599,971
-----------
TOTAL INVESTMENTS (99.8%) 13,570,211
Cash, receivables and other
assets, less liabilities
(0.2%) 21,888
-----------
TOTAL NET ASSETS (100.0%) $13,592,099
-----------
</TABLE>
12
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
1)Investment securities of the Series are valued at amortized cost, which
approximates Federal income tax cost.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
---------------
<S> <C>
ASSETS
Investments in securities, at value*
(Note A) -- see Schedule of
Investments $ 13,570,211
Cash 3,579
Deferred organization costs (Note A) 17,123
Interest receivable 7,980
Prepaid expenses and other assets 267
---------------
13,599,160
---------------
LIABILITIES
Accrued expenses 4,267
Payable to investment manager (Note B) 2,794
---------------
7,061
---------------
NET ASSETS Applicable to Investors'
Beneficial Interests $ 13,592,099
---------------
NET ASSETS consist of:
Paid-in capital $ 13,592,099
---------------
NET ASSETS $ 13,592,099
---------------
*Cost of investments $ 13,570,211
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Interest income $ 454,066
--------------
Expenses:
Investment management fee (Note B) 21,028
Custodian fees (Note B) 14,713
Accounting fees 5,000
Amortization of deferred organization and
initial offering expenses (Note A) 2,227
Legal fees 896
Auditing fees 350
Trustees' fees and expenses 253
Insurance expense 79
Miscellaneous 4
--------------
Total expenses 44,550
--------------
Net investment income 409,516
--------------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 206
--------------
Net increase in net assets resulting from
operations $ 409,722
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset 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 $ 409,516 $ 535,817
Net realized gain (loss) on
investments sold 206 (1)
-------------------------------
Net increase in net assets resulting
from operations 409,722 535,816
-------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 1,058,204 30,158,896
Reductions (20,092,212) (4,521,069)
-------------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests (19,034,008) 25,637,827
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (18,624,286) 26,173,643
NET ASSETS:
Beginning of period 32,216,385 6,042,742
-------------------------------
End of period $ 13,592,099 $ 32,216,385
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Liquid Asset 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. 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 each of its investors will be
able to qualify as a regulated investment company. Each series will be
treated as a partnership for Federal income tax purposes and is therefore not
subject to Federal income tax.
5) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized by the Series on a straight-line basis over
a five-year period. At June 30, 1996, the unamortized balance of such
expenses amounted to $17,123.
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 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 .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 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.
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
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 -- UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Series without audit by independent auditors. Annual reports
contain audited financial statements.
18
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset 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 .53%(1) .55%(1)
---------------------------------------
Net Investment Income 4.86%(1) 5.31%(1)
---------------------------------------
Net Assets, End of Period (in millions) $13.6 $32.2
---------------------------------------
</TABLE>
1) Annualized.
19
