<PAGE>
BALANCED PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
NBAMTSA30697
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
EQUITY PORTION
During the first quarter of 1997, the market was very volatile and was led
mostly by large-cap stocks. Our best performer during the first quarter was the
technology sector, specifically Micron Technology. The top three holdings for
the first quarter were General Nutrition, CITICORP and GTECH. The health care
group had a good rebound from a poor 1996, specifically the HMO group. The
lagging portions of the Portfolio during the first quarter were the
communications area and the entertainment industry.
Stocks rebounded during the second quarter of 1997 and broke new highs after
weaknesses in the early part of 1997. As interest rates moved lower during the
quarter and corporate earnings came in stronger than analysts expected, Wall
Street appears to have renewed its belief that the U.S. economy is growing
steadily without overheating.
During the second quarter, the financial services and technology industries
accounted for the largest percentage of holdings in the Portfolio. The drugs and
health care industry also represented a large portion of holdings in the
Portfolio. The top three equity holdings were General Nutrition, CKE Restaurants
and CITICORP.
Because stocks are still expensive by historical standards, they remain
vulnerable to both earnings disappointments and fears of inflation. As the
Equity Portion Portfolio continues to emphasize its investments on firms with
sound management, strong balance sheets, consistent earnings growth and
reasonable valuations, we currently have an optimistic view for the third and
fourth quarter.
DEBT PORTION
The first quarter of 1997 started out as a very interesting one in the bond
arena. In the opinion of the Federal Reserve Board, the financial markets had
become irrationally exuberant and at the end of the quarter it raised interest
rates. This brought about our decision to stay defensive and careful through
most of the quarter in order to protect principal in what could be described as
a very difficult market.
The bullish fundamentals of fixed income markets became more apparent in the
second quarter of 1997. The budget deficit appears to have shrunk dramatically,
the Federal Reserve has remained friendly, and inflation statistics are the
lowest in a generation. With this backdrop, since mid-April, bond investors
drove rates down by an average of 40 basis points across the yield spectrum.
We indicated to you in past reports that the fundamentals for fixed income
securities were positive and that we participated in the rally by maintaining a
positive viewpoint on the market. We have maintained a position of assets in the
mortgage area, while selectively purchasing a variety of corporate bonds in
different sectors and industries.
We have remained heavily overweighted in corporate bonds during the second
quarter, using spread weakness early in April to repurchase positions that were
sold at tighter levels in the first quarter. However, some securities,
particularly in the media sector, were sold relatively quickly after purchase,
as spreads tightened. Later in the quarter, several industrial positions were
sold as spreads improved materially on positive rating actions, particularly in
the retail and automotive sectors. We continue to be underweighted in longer
corporates, which will suffer more than intermediates and short maturity issues,
if, as expected, the corporate curve steepens.
As we focus on the final six months of 1997, it is still our opinion that
fixed income securities, in light of powerful fundamental forces, present good
investment opportunities. As usual, we will be vigilant in our sector and
security selection, and we will attempt to find values that are not always
recognized by the general market.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 183,496,352
Receivable for Trust shares sold 65,088
--------------
183,561,440
--------------
LIABILITIES
Accrued expenses 85,200
Payable to administrator (Note B) 45,040
Payable for Trust shares redeemed 19,777
--------------
150,017
--------------
NET ASSETS at value $ 183,411,423
--------------
NET ASSETS consist of:
Par value $ 11,062
Paid-in capital in excess of par value 150,744,387
Accumulated undistributed net investment
income 1,829,596
Accumulated net realized gains on investment 5,180,338
Net unrealized appreciation in value of
investment 25,646,040
--------------
NET ASSETS at value $ 183,411,423
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 11,062,156
--------------
NET ASSET VALUE, offering and redemption price per
share $16.58
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 2,815,920
------------
Expenses:
Administration fee (Note B) 262,276
Shareholder reports 40,241
Registration and filing fees 18,372
Legal fees 6,968
Custodian fees 5,000
Shareholder servicing agent fees 4,530
Trustees' fees and expenses 4,413
Auditing fees 674
Miscellaneous 986
Expenses from Series (Notes A & B) 557,847
------------
Total expenses 901,307
------------
Net investment income 1,914,613
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized gain on investment securities 5,413,021
Net realized loss on financial futures
contracts (134,628)
Net realized gain on foreign currency
transactions 4,273
Change in net unrealized appreciation of
investment securities 11,773,586
Change in net unrealized appreciation
(depreciation) of financial futures contracts (52,656)
------------
Net gain on investments from Series (Note
A) 17,003,596
------------
Net increase in net assets resulting from
operations $18,918,209
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1997 December 31,
(UNAUDITED) 1996
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 1,914,613 $ 3,081,884
Net realized gain on investments
from Series (Note A) 5,282,666 8,184,216
Change in net unrealized
appreciation (depreciation) of
investments from Series (Note A) 11,720,930 (201,548)
-----------------------------
Net increase in net assets resulting
from operations 18,918,209 11,064,552
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (3,158,780) (3,827,457)
Net realized gain on investments (8,107,536) (21,284,395)
-----------------------------
Total distributions to shareholders (11,266,316) (25,111,852)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 7,208,134 40,422,008
Proceeds from reinvestment of
dividends and distributions 11,266,316 25,111,853
Payments for shares redeemed (15,882,320) (22,740,252)
-----------------------------
Net increase from Trust share
transactions 2,592,130 42,793,609
-----------------------------
NET INCREASE IN NET ASSETS 10,244,023 28,746,309
NET ASSETS:
Beginning of period 173,167,400 144,421,091
-----------------------------
End of period $ 183,411,423 $173,167,400
-----------------------------
Accumulated undistributed net
investment income at end of period $ 1,829,596 $ 3,073,763
-----------------------------
NUMBER OF TRUST SHARES:
Sold 452,323 2,435,851
Issued on reinvestment of dividends
and distributions 719,892 1,645,600
Redeemed (985,461) (1,450,441)
-----------------------------
Net increase in shares outstanding 186,754 2,631,010
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Balanced Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Balanced Portfolio (the "Fund") is a separate operating series of
Neuberger&Berman Advisers Management Trust-SM- (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
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 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 June 30, 1997). 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.
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.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Balanced Portfolio
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 and are
also offered directly to qualified pension and retirement plans.
The Fund retains Neuberger&Berman Management
Incorporated-Registered Trademark- ("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. The Fund indirectly pays for
investment management services through its investment in the Series (see Note B
of Notes to Financial Statements of the Series).
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 fees payable to Management, 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. For the six months ended June 30,
1997, no reimbursement to the Fund was required.
All of the capital stock of Management is owned by individuals who are also
principals of Neuberger& Berman, LLC ("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 principals of Neuberger and/or
officers and/or directors of Management.
The Series has an expense offset arrangement in connection with its custodian
contract. The impact of this arrangement, reflected in the Statement of
Operations under the caption Expenses from Series, was a reduction of $318,
which is less than .01% of the Fund's average daily net assets.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1997, additions and reductions in the
Fund's investment in its Series amounted to $1,315,645 and $10,577,239,
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.
B-5
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Balanced 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>
Six Months Ended
June 30,
1997 Year Ended December 31,
(UNAUDITED)(2) 1996(2) 1995(2) 1994 1993 1992
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $15.92 $17.52 $14.51 $15.62 $14.90 $14.16
-------------------------------------------------------------
Income From Investment Operations
Net Investment Income .19 .34 .32 .30 .34 .40
Net Gains or Losses on Securities (both realized and
unrealized) 1.54 .75 3.06 (.80) .61 .72
-------------------------------------------------------------
Total From Investment Operations 1.73 1.09 3.38 (.50) .95 1.12
-------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.30) (.41) (.28) (.23) (.20) (.19)
Distributions (from capital gains) (.77) (2.28) (.09) (.38) (.03) (.19)
-------------------------------------------------------------
Total Distributions (1.07) (2.69) (.37) (.61) (.23) (.38)
-------------------------------------------------------------
Net Asset Value, End of Period $16.58 $15.92 $17.52 $14.51 $15.62 $14.90
-------------------------------------------------------------
Total Return(3) +11.27%(4) +6.89% +23.76% -3.36% +6.45% +8.06%
-------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $183.4 $173.2 $144.4 $179.3 $161.1 $ 87.1
-------------------------------------------------------------
Ratio of Expenses to Average Net Assets 1.03%(5) 1.09% .99% .91% .90% .95%
-------------------------------------------------------------
Ratio of Net Investment Income to Average Net Assets 2.19%(5) 1.84% 1.99% 1.91% 1.96% 2.33%
-------------------------------------------------------------
Portfolio Turnover Rate(6) -- -- 21% 55% 114% 82%
-------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Balanced Portfolio
1) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each fiscal 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) 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 fiscal
period and assumes dividends and other 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 fiscal periods shown. Qualified
Plans that are direct shareholders of the Fund are not affected by insurance
charges.
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 Balanced Investments' Financial Highlights.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ----------- -----------
<C> <S> <C>
COMMON STOCKS (59.1%)
CHEMICALS (1.3%)
25,000 SGL Carbon ADR $ 1,162,500
25,000 UCAR International 1,143,750
-----------
2,306,250
-----------
COMMUNICATIONS (4.5%)
70,000 Airtouch Communications 1,916,250
80,000 Comcast Corp. Class A Special 1,710,000
115,000 Comcast UK Cable Partners
Limited 1,380,000
50,000 ECI Telecommunications 1,487,500
75,000 NTL Inc. 1,865,625
-----------
8,359,375
-----------
CONSUMER GOODS & SERVICES (5.1%)
77,600 Authentic Fitness 979,700
112,100 CUC International 2,893,581
30,000 Luxottica Group ADR 2,034,375
80,000 Nu-Kote Holding 200,000
45,000 Philip Morris 1,996,875
53,000 Regis Corp. 1,252,125
-----------
9,356,656
-----------
DRUGS & HEALTH CARE (5.7%)
29,000 Columbia/HCA Healthcare 1,140,062
20,000 Novartis AG ADR 1,625,000
10,000 Pfizer, Inc. 1,195,000
40,000 United Healthcare 2,080,000
15,000 Warner-Lambert 1,863,750
35,000 Watson Pharmaceuticals 1,478,750
23,000 Wellpoint Health Networks 1,055,125
-----------
10,437,687
-----------
ENTERTAINMENT (5.5%)
55,000 Circus Circus Enterprises 1,354,375
85,000 GTECH Holdings 2,741,250
140,000 Harrah's Entertainment 2,555,000
<CAPTION>
Number Market
of Shares Value(1)
- ----------- -----------
<C> <S> <C>
125,000 Players International $ 375,000
35,000 Promus Hotel 1,356,250
95,000 Showboat, Inc. 1,656,563
-----------
10,038,438
-----------
FINANCIAL SERVICES (10.7%)
14,000 BankBoston Corp. 1,008,875
37,750 Bear Stearns 1,290,578
70,000 Capital One Financial 2,642,500
27,000 CITICORP 3,255,187
26,000 Finova Group 1,989,000
65,000 MBNA Corp. 2,380,625
35,000 Merrill Lynch 2,086,875
54,450 Morgan Stanley, Dean Witter,
Discover 2,344,753
10,000 Wells Fargo 2,695,000
-----------
19,693,393
-----------
INSURANCE (5.7%)
28,000 ACE Ltd. 2,068,500
15,000 Allstate Corp. 1,095,000
30,000 EXEL Ltd. 1,582,500
50,000 Highlands Insurance 1,006,250
14,000 Loews Corp. 1,401,750
24,000 PennCorp Financial Group 924,000
38,000 Travelers Group 2,396,375
-----------
10,474,375
-----------
OIL & GAS (1.6%)
55,000 Enron Oil & Gas 996,875
26,800 Noble Affiliates 1,036,825
20,000 Tidewater Inc. 880,000
-----------
2,913,700
-----------
RESTAURANTS (4.9%)
140,000 Buffets Inc. 1,181,250
70,000 Cheesecake Factory 1,470,000
125,000 CKE Restaurants 3,953,125
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ----------- -----------
<C> <S> <C>
47,000 Lone Star Steakhouse & Saloon $ 1,222,000
50,000 Sonic Corp. 1,100,000
-----------
8,926,375
-----------
SPECIALTY RETAIL (6.1%)
95,000 Corporate Express 1,371,563
170,000 General Nutrition 4,760,000
30,000 Jumbosports, Inc. 114,375
30,000 Neiman-Marcus Group 787,500
105,000 Staples Inc. 2,441,250
90,000 Viking Office Products 1,710,000
-----------
11,184,688
-----------
TECHNOLOGY (7.7%)
50,000 Ascend Communications 1,968,750
13,000 Intel Corp. 1,843,562
<CAPTION>
Number Market
of Shares Value(1)
- ----------- -----------
<C> <S> <C>
48,000 KLA-Tencor $ 2,340,000
37,000 LSI Logic 1,184,000
55,000 Micron Technology 2,196,563
8,000 SAP AG (Ordinary Shares) 1,605,413
35,000 Seagate Technology 1,231,562
17,000 Texas Instruments 1,429,063
40,000 Xeikon N.V. ADR 405,000
-----------
14,203,913
-----------
TRANSPORTATION (0.3%)
28,000 RailTex Inc. 504,000
-----------
TOTAL COMMON STOCKS (COST
$82,585,386) 108,398,850
-----------
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- ---------- -------- --------- -------------
<C> <S> <C> <C> <C>
U.S. TREASURY SECURITIES (0.8%)
$ 657,215 U.S. Treasury Inflation-Indexed
Notes, 3.375%, due 1/15/07 TSY TSY $ 641,199
840,000 U.S. Treasury Notes, 6.625%, due
5/15/07 TSY TSY 846,333
-------------
TOTAL U.S. TREASURY SECURITIES
(COST $1,492,578) 1,487,532
-------------
U.S. GOVERNMENT AGENCY SECURITIES
(3.2%)
5,860,000 Federal Home Loan Bank, Discount
Notes, 5.20%, due 7/1/97
(COST $5,860,000) AGY AGY 5,859,121
-------------
MORTGAGE-BACKED SECURITIES (3.1%)
FANNIE MAE
77,069 Balloon Pass-Through Certificates,
9.00%, due 10/1/97 & 12/1/97 AGY AGY 79,236
19,441 Balloon Pass-Through Certificates,
8.50%, due 11/1/98 AGY AGY 19,982
1,818,356 Pass-Through Certificates, 7.00%,
due 6/1/11 AGY AGY 1,828,485
1,187,664 Pass-Through Certificates, 7.50%,
due 9/1/11 AGY AGY 1,204,612
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
116,492 Pass-Through Certificates, 10.00%,
due 12/15/17-5/15/19 AGY AGY 127,704
628,313 Pass-Through Certificates, 9.50%,
due 4/15/16-10/15/20 AGY AGY 677,598
1,717,557 Pass-Through Certificates, 7.00%,
due 1/15/27 AGY AGY 1,687,139
-------------
TOTAL MORTGAGE-BACKED SECURITIES
(COST $5,581,126) 5,624,756
-------------
ASSET-BACKED SECURITIES (9.4%)
1,500,000 Capita Equipment Receivables Trust,
Ser. 1996-1, Class A-3, 6.11%, due
7/15/99 Aaa AAA 1,501,515
147,654 USAA Auto Loan Grantor Trust,
Automobile Loan Pass-Through
Certificates, Ser. 1994-1, 5.00%,
due 11/15/99 Aaa AAA 147,605
1,450,000 PNC Student Loan Trust I, Ser.
1997-2, Class A-2, 6.138%, due
1/25/00 Aaa AAA 1,448,187
970,000 Chase Manhattan Auto Owner Trust,
Ser. 1996-C, Class A-3, 5.95%, due
11/15/00 Aaa AAA 967,982
2,160,000 Money Store Auto Grantor Trust,
Ser. 1997-2, Class A-1, 6.17%, due
3/20/01 Aaa AAA 2,153,909
978,097 Banc One Auto Grantor Trust, Ser.
1996-B, Class A, 6.55%, due 2/15/03 Aaa AAA 985,462
1,350,000 Ford Credit Auto Loan Master Trust,
Auto Loan Certificates, Ser.
1996-1, 5.50%, due 2/15/03 Aaa AAA 1,301,805
4,000,000 NationsBank Credit Card Master
Trust, Ser. 1995-1, Class A, 6.45%,
due 4/15/03 Aaa AAA 4,004,640
650,000 Navistar Financial Owner Trust,
Ser. 1996-B, Class A-3, 6.33%, due
4/21/03 Aaa AAA 650,078
1,350,000 World Omni Automobile Lease
Securitization Trust, Ser. 1997-A,
Class A-3, 6.85%, due 6/25/03 Aaa AAA 1,361,543
</TABLE>
B-10
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- ---------- -------- --------- -------------
<C> <S> <C> <C> <C>
$1,141,347 Chevy Chase Auto Receivables Trust,
Ser. 1996-2, Class A, 5.90%, due
7/15/03 Aaa AAA $ 1,132,605
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 1,707,437
-------------
TOTAL ASSET-BACKED SECURITIES (COST
$17,447,138) 17,362,768
-------------
BANKS & FINANCIAL INSTITUTIONS
(7.8%)
1,200,000 Household Finance Corp.,
Medium-Term Notes, 6.62%, due
5/28/99 Aa2 A 1,203,072
1,400,000 Merrill Lynch & Co., Inc.,
Medium-Term Notes, Ser. B, 6.28%,
due 6/25/99 Aa3 AA- 1,397,662
1,300,000 CIT Group Holdings, Inc.,
Medium-Term Notes, 6.25%, due
10/25/99 Aa3 A+ 1,294,618
970,000 First National Bank of Commerce,
Senior Bank Notes, 6.50%, due
1/14/00 A2 A- 968,419
1,020,000 HomeSide Lending, Inc., Notes,
6.875%, due 5/15/00 Baa2 BBB 1,021,846
1,280,000 Smith Barney Holdings Inc., Notes,
7.00%, due 5/15/00 A2 A 1,292,365
1,360,000 Comdisco, Inc., Notes, 6.50%, due
6/15/00 Baa1 BBB+ 1,350,616
820,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E, 6.89%,
due 10/10/00 Baa1 A 821,771
2,000,000 First USA Bank, Medium-Term Deposit
Notes, 6.375%, due 10/23/00 Baa2 BBB- 1,981,920
680,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E, 6.65%,
due 11/8/00 Baa1 A 675,906
1,420,000 Capital One Bank, Bank Notes,
5.95%, due 2/15/01 Baa3 BBB- 1,365,955
925,000 Goldman Sachs Group, L.P., Global
Notes, 6.75%, due 2/15/06 A1 A+ 904,308(2)
-------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS (COST $14,380,008) 14,278,458
-------------
CORPORATE DEBT SECURITIES (15.9%)
680,000 Colonial Gas Co., Medium-Term
Notes, Ser. A, 6.20%, due 3/18/98 Baa1 A- 680,666
1,500,000 Occidental Petroleum Corp.,
Medium-Term Notes, 5.85%, due
11/9/98 Baa3 BBB 1,487,055
1,325,000 Alco Capital Resource, Inc.,
Medium-Term Notes, Ser. B, 5.46%,
due 2/22/99 A3 A- 1,306,026
1,500,000 Lockheed Martin Corp., Notes,
6.55%, due 5/15/99 A3 BBB+ 1,505,565
1,200,000 NWCG Holdings Corp., Zero-Coupon,
Yielding 7.05%, due 6/15/99 Ba2 BBB- 1,035,000
1,200,000 Williams Holdings of Delaware,
Inc., Medium-Term Notes, Ser. A,
6.40%, due 6/17/99 Baa2 BBB- 1,199,508
1,100,000 Chrysler Financial Corp.,
Medium-Term Notes, Ser. Q, 6.37%,
due 6/21/99 A3 A 1,100,363
660,000 Arkla, Inc., Notes, 8.875%, due
7/15/99 Baa3 BBB 688,103
170,000 Caterpillar Finance, Medium-Term
Notes, Ser. E, 6.11%, due 7/15/99 A2 A 169,196
235,000 Hoechst Celanese Corp., Notes,
9.625%, due 9/1/99 A2 A+ 236,285
1,000,000 Six Flags Entertainment, Notes,
Zero-Coupon, Yielding 6.96%, due
12/15/99 Baa3 BBB- 850,290
1,220,000 Norfolk Southern Corp., Notes,
6.70%, due 5/1/00 Baa1 BBB+ 1,222,940
900,000 Cleveland Electric Illuminating
Co., Secured Notes, Ser. A, 7.19%,
due 7/1/00 Ba2 BB 900,468(2)
110,000 ADT Operations, Inc., Senior Notes,
8.25%, due 8/1/00 Ba1 BBB- 115,087
</TABLE>
B-11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- ---------- -------- --------- -------------
<C> <S> <C> <C> <C>
$1,160,000 Arvin Industries, Inc., Notes,
10.00%, due 8/1/00 Ba1 BBB- $ 1,234,379
1,000,000 Ford Motor Credit Co., Medium-Term
Notes, 6.84%, due 8/16/00 A1 A+ 1,006,560
520,000 Chesapeake Corp., Notes, 10.375%,
due 10/1/00 Baa3 BBB 572,567
415,000 BHP Finance (USA) Limited,
Guaranteed Notes, 5.625%, due
11/1/00 A2 A 402,683
130,000 Congoleum Corp., Senior Notes,
9.00%, due 2/1/01 B1 BB- 128,538
2,000,000 General Motors Acceptance Corp.,
Medium-Term Notes, 8.125%, due
3/1/01 A3 A- 2,084,320
1,010,000 Fort Howard Corp., Senior Notes,
9.25%, due 3/15/01 Baa3 B+ 1,080,700
870,000 Revlon Worldwide Corp., Notes,
Zero-Coupon, Yielding 10.75% &
10.959%, due 3/15/01 B3 B- 589,425(2)
520,000 Colonial Realty Limited
Partnership, Senior Notes, 7.50%,
due 7/15/01 Baa3 BBB- 522,974
1,000,000 Tyco International Ltd., Notes,
6.50%, due 11/1/01 Baa2 BBB+ 985,190
755,000 ICI Wilmington Inc., Guaranteed
Notes, 7.50%, due 1/15/02 A2 A+ 775,476
620,000 ADT Operations, Inc., Senior
Subordinated Notes, 9.25%, due
8/1/03 Ba3 BB+ 663,400
400,000 Core-Mark International Inc.,
Senior Subordinated Notes, 11.375%,
due 9/15/03 B3 B 418,500
1,040,000 Stewart Enterprises, Inc., Notes,
6.70%, due 12/1/03 Baa3 BBB 1,015,134
1,015,000 Duty Free International, Inc.,
Notes, 7.00%, due 1/15/04 Ba1 BBB- 965,519
90,000 TLC Beatrice International
Holdings, Senior Notes, 11.50%, due
10/1/05 B1 BB- 101,138
205,000 Printpack, Inc., Senior
Subordinated Notes, Ser. B,
10.625%, due 8/15/06 B3 B+ 217,044
500,000 Time Warner Inc., Notes, 8.11%, due
8/15/06 Ba1 BBB- 519,570
105,000 Commonwealth Aluminum Corp., Senior
Subordinated Notes, 10.75%, due
10/1/06 B2 B- 110,775
120,000 Iron Mountain Inc., Senior
Subordinated Notes, 10.125%, due
10/1/06 B3 B- 128,100
270,000 International Home Foods, Inc.,
Senior Subordinated Notes, 10.375%,
due 11/1/06 B2 B- 279,450
235,000 Motors and Gears, Inc., Senior
Notes, Ser. A, 10.75%, due 11/15/06 B3 BB- 242,931
185,000 Allied Waste North America, Inc.,
Senior Subordinated Notes, 10.25%,
due 12/1/06 B3 B+ 199,337(2)
155,000 Fresenius Medical Care Capital
Trust, Preferred Securities, 9.00%,
due 12/1/06 Ba3 B+ 158,875
45,000 Newport News Shipbuilding Inc.,
Senior Subordinated Notes, 9.25%,
due 12/1/06 B1 B+ 46,800
100,000 Safelite Glass Corp., Senior
Subordinated Notes, 9.875%, due
12/15/06 B3 B 105,500(2)
220,000 AMTROL Inc., Senior Subordinated
Notes, 10.625%, due 12/31/06 B3 B- 229,350
205,000 Pen-Tab Industries, Inc., Senior
Subordinated Notes, 10.875%, due
2/1/07 B3 B- 209,612(2)
235,000 Fonda Group, Inc., Senior
Subordinated Notes, 9.50%, due
3/1/07 B3 B- 225,600(2)
45,000 GFSI Inc., Senior Subordinated
Notes, 9.625%, due 3/1/07 B3 B- 45,563(2)
30,000 Tekni-Plex, Inc., Senior
Subordinated Notes, 11.25%, due
4/1/07 B3 B- 32,475(2)
50,000 Amphenol Corp., Senior Subordinated
Notes, 9.875%, due 5/15/07 Baa2 B- 51,875
</TABLE>
B-12
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- ---------- -------- --------- -------------
<C> <S> <C> <C> <C>
$ 75,000 French Fragrances Inc., Notes,
10.375%, due 5/15/07 B2 B+ $ 77,250(2)
610,000 Owens-Illinois, Inc., Senior
Debentures, 8.10%, due 5/15/07 Ba1(3) BB+(3) 620,815
490,000 Sinclair Broadcast Group, Senior
Subordinated Notes, 9.00%, due
7/15/07 B2 B 476,525(2)
95,000 KinderCare Learning Centers, Inc.,
Senior Subordinated Notes, 9.50%,
due 2/15/09 B3 B- 93,338
-------------
TOTAL CORPORATE DEBT SECURITIES
(COST $29,091,705) 29,113,840
-------------
TOTAL INVESTMENTS (99.3%) (COST
$156,437,941) 182,125,325(4)
Cash, receivables and other assets,
less liabilities (0.7%) 1,371,028
-------------
TOTAL NET ASSETS (100.0%) $ 183,496,353
-------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-13
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
1) Investments in equity securities of the Series are valued at the latest sales
price; securities for which no sales were reported, unless otherwise noted,
are valued at the mean between the closing bid and asked prices. Investments
in limited maturity debt securities of the Series are valued daily by
obtaining bid price quotations from independent pricing services on selected
securities available in each service's data base. For all other securities
requiring daily quotations, bid prices are obtained from principal market
makers in those securities or, if quotations are not available, by a method
the trustees of Advisers Managers Trust believe accurately reflects fair
value. Short-term debt securities with less than 60 days until maturity may
be valued at cost which, when combined with interest earned, approximates
market value.
2) Security exempt from registration under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers under Rule 144A. At June 30, 1997, these
securities amounted to $3,766,063 or 2.1% of net assets.
3) Rated BBB- by Duff & Phelps Credit Rating Co.
4) At June 30, 1997, the cost of investments for Federal income tax purposes was
$156,510,853. Gross unrealized appreciation of investments was $31,362,959
and gross unrealized depreciation of investments was $5,748,487, resulting in
net unrealized appreciation of $25,614,472, based on cost for Federal income
tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 182,125,325
Receivable for securities sold 1,438,577
Dividends and interest receivable 453,687
Deferred organization costs (Note A) 29,406
Receivable for variation margin (Note A) 27,099
Prepaid expenses and other assets 5,705
--------------
184,079,799
--------------
LIABILITIES
Payable for securities purchased 477,407
Payable to investment manager (Note B) 82,621
Accrued expenses 23,418
--------------
583,446
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 183,496,353
--------------
NET ASSETS consist of:
Paid-in capital $ 157,850,313
Net unrealized appreciation in value of
investment securities and financial futures
contracts 25,646,040
--------------
NET ASSETS $ 183,496,353
--------------
*Cost of investments $ 156,437,941
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-15
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Interest income $ 2,409,771
Dividend income 413,664
Foreign taxes withheld (Note A) (7,515)
------------
Total income 2,815,920
------------
Expenses:
Investment management fee (Note B) 481,116
Custodian fees (Note B) 54,959
Amortization of deferred organization and
initial offering expenses (Note A) 5,142
Accounting fees 5,000
Trustees' fees and expenses 4,121
Auditing fees 3,158
Legal fees 2,555
Insurance expense 1,768
Miscellaneous 28
------------
Total expenses 557,847
------------
Net investment income 2,258,073
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 5,413,021
Net realized loss on financial futures
contracts (Note A) (134,628)
Net realized gain on foreign currency
transactions (Note A) 4,273
Change in net unrealized appreciation of
investment securities and foreign currency
contracts 11,773,586
Change in net unrealized appreciation
(depreciation) of financial futures contracts
(Note A) (52,656)
------------
Net gain on investments 17,003,596
------------
Net increase in net assets resulting from
operations $19,261,669
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-16
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1997 December 31,
(UNAUDITED) 1996
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 2,258,073 $ 3,818,166
Net realized gain on investments 5,282,666 8,184,216
Change in net unrealized
appreciation (depreciation) of
investments 11,720,930 (201,548)
-----------------------------
Net increase in net assets resulting
from operations 19,261,669 11,800,834
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 1,315,645 27,061,978
Reductions (10,577,239) (68,687,411)
-----------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (9,261,594) (41,625,433)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 10,000,075 (29,824,599)
NET ASSETS:
Beginning of period 173,496,278 203,320,877
-----------------------------
End of period $ 183,496,353 $173,496,278
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-17
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Balanced 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.
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) 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.
4) FORWARD FOREIGN CURRENCY CONTRACTS: The Series may enter into forward foreign
currency contracts ("contracts") in connection with planned purchases or
sales of securities, to hedge the U.S. dollar value of portfolio securities
denominated in a foreign currency, or to increase or decrease its exposure to
a currency other than U.S. dollars. The gain or loss arising from the
difference between the original contract price and the closing price of such
contract is included in net realized gains or losses on foreign currency
transactions. Fluctuations in the value of forward foreign currency contracts
are recorded for financial reporting purposes as unrealized gains or losses
by the Series. The Series has no specific limitation on the percentage of
assets which may be committed to these types of contracts. The Series could
be exposed to risks if a counterparty to a contract were unable to meet the
terms of its contract or if the value of the foreign currency changes
unfavorably. The U.S. dollar value of foreign currency underlying all
contractual commitments held by the Series is determined using forward
foreign currency exchange rates supplied by an independent pricing service.
5) FINANCIAL FUTURES CONTRACTS: The Series may buy and sell financial futures
contracts to hedge against the effects of fluctuations in interest rates. At
the time the Series enters into a financial futures contract, it is required
to deposit with its custodian a specified amount of cash or liquid debt
obligations, known as "initial margin," ranging upward from 1.1% of the value
of the financial futures contract being traded. Each day, the futures
contract is valued at the official settlement price of the board of trade or
U.S. commodity exchange on which such futures contract is traded. Subsequent
payments, known as "variation margin," to and from the broker are made on a
daily basis as the market price of the financial futures contract fluctuates.
Daily variation margin adjustments, arising from this "mark to market," are
recorded by the Series as unrealized gains or losses.
Although some financial futures contracts by their terms call for actual
delivery or acceptance of financial instruments, in most cases the contracts
are closed out prior to delivery by offsetting purchases or sales of matching
B-18
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
financial futures contracts. When the contracts are closed, the Series
recognizes a gain or loss. Risks of entering into futures contracts include
the possibility there may be an illiquid market and/or a change in the value
of the contract may not correlate with changes in the value of the underlying
securities.
For Federal income tax purposes, the futures transactions undertaken by
the Series may cause the Series to recognize gains or losses from marking to
market even though its positions have not been closed or terminated, may
affect the character of the gains or losses recognized as long-term or
short-term, and may affect the timing of some capital gains and losses
realized by the Series. Also, the Series' losses on its transactions
involving futures contracts may be deferred rather than being taken into
account currently in calculating the Series' taxable income.
At June 30, 1997, open positions in financial futures contracts were as
follows:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
- ----------------------------------------------------------------------------------------------
<C> <S> <C> <C>
September 1997 39 U.S. Treasury Notes, 5 Year Short $13,141
September 1997 83 U.S. Treasury Notes, 10 Year Short 28,203
</TABLE>
At June 30, 1997, the Series had the following securities deposited in a
segregated account to cover margin requirements on open financial futures
contracts:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY
- ------------------------------------------------------------------------------------------
<C> <S>
$115,250 U.S. Treasury Notes, 6.625%, due 5/15/07
4,750 Caterpillar Finance, Medium-Term Notes, Ser. E, 6.11%, due 7/15/99
</TABLE>
6) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Dividend income is recorded on the
ex-dividend date or, for certain foreign dividends, as soon as the Series
becomes aware of the dividends. 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 and foreign currency transactions are recorded on the
basis of identified cost.
7) 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.
8) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
9) 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, 1997, the unamortized balance of such
expenses amounted to $29,406.
10) 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.
B-19
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Balanced Investments
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. 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
principals of Neuberger& Berman, LLC ("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 added cost to the Series. Several individuals who are
officers and/or trustees of Managers Trust are also principals of Neuberger
and/or officers and/or directors of Management.
The Series has an expense offset arrangement in connection with its custodian
contract. The impact of this arrangement, reflected in the Statement of
Operations under the caption Custodian fees, was a reduction of $318, which is
less than .01% of the Series' average daily net assets.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1997, there were purchase and sale
transactions (excluding short-term securities, financial futures contracts, and
forward foreign currency contracts) of $61,289,163 and $70,110,227,
respectively.
During the six months ended June 30, 1997, the Series entered into various
contracts to deliver currencies at specified future dates. There were no open
positions in these contracts at June 30, 1997.
During the six months ended June 30, 1997, brokerage commissions on
securities transactions amounted to $70,140, of which Neuberger received
$53,672, and other brokers received $16,468.
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.
B-20
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Balanced Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, Year Ended of Operations)
1997 December 31, to December 31,
(UNAUDITED) 1996 1995
----------------------------------------------
<S> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .64%(1) .65% .64%(1)
----------------------------------------------
Net Investment Income 2.58%(1) 2.28% 2.36%(1)
----------------------------------------------
Portfolio Turnover Rate 36% 87% 55%
----------------------------------------------
Average Commission Rate Paid $0.0284 $0.0572 $0.0451
----------------------------------------------
Net Assets, End of Period (in millions) $183.5 $173.5 $203.3
----------------------------------------------
</TABLE>
1) Annualized.
B-21
