<PAGE>
PARTNERS PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
NBAMTSA20697
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
Financial stocks performed exceedingly well in the second quarter as interest
rates declined significantly. Specifically, those companies who generate excess
cash flow and repurchase shares have fared the best. Stocks in the Portfolio
include CITICORP, Travelers, and Allstate.
Media and communications companies finally began to perform better after
several years of underperformance. Comcast Corp., Time Warner, and Airtouch
moved up smartly after strong operating results were announced.
During this period, the Portfolio's investments in cyclical stocks did not
perform well as investors anticipated a slowing economy. Autos, airlines, and
metals underperformed much of the Portfolio.
Finally, energy stocks were somewhat weak in the quarter. Crude oil price
declines plus concerns about additional OPEC supply coming on stream were the
contributing factors.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $1,130,901,228
Receivable for Trust shares sold 2,382,542
Deferred organization costs (Note A) 4,851
--------------
1,133,288,621
--------------
LIABILITIES
Payable to administrator (Note B) 269,984
Accrued expenses 133,549
Payable for Trust shares redeemed 29,945
--------------
433,478
--------------
NET ASSETS at value $1,132,855,143
--------------
NET ASSETS consist of:
Par value $ 62,347
Paid-in capital in excess of par value 929,542,284
Accumulated undistributed net investment
income 2,197,490
Accumulated net realized gains on investment 66,578,374
Net unrealized appreciation in value of
investment 134,474,648
--------------
NET ASSETS at value $1,132,855,143
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 62,347,205
--------------
NET ASSET VALUE, offering and redemption price per
share $18.17
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 6,378,610
------------
Expenses:
Administration fee (Note B) 1,336,155
Shareholder reports 62,297
Legal fees 34,590
Trustees' fees and expenses 23,626
Custodian fees 5,000
Auditing fees 3,972
Amortization of deferred organization and
initial offering expenses (Note A) 1,394
Registration and filing fees 443
Miscellaneous 688
Expenses from Series (Notes A & B) 2,478,111
------------
Total expenses 3,946,276
------------
Net investment income 2,432,334
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 67,235,328
Change in net unrealized appreciation of
investment securities 63,315,600
------------
Net gain on investments from Series (Note
A) 130,550,928
------------
Net increase in net assets resulting from
operations $132,983,262
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Partners 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 $ 2,432,334 $ 2,352,194
Net realized gain on investments
from Series (Note A) 67,235,328 37,773,397
Change in net unrealized
appreciation of investments from
Series (Note A) 63,315,600 65,242,529
-----------------------------
Net increase in net assets resulting
from operations 132,983,262 105,368,120
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (2,479,825) (753,971)
Net realized gain on investments (38,189,299) (9,424,638)
-----------------------------
Total distributions to shareholders (40,669,124) (10,178,609)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 537,201,158 579,349,003
Proceeds from reinvestment of
dividends and distributions 40,669,124 10,178,609
Payments for shares redeemed (242,764,056) (186,824,176)
-----------------------------
Net increase from Trust share
transactions 335,106,226 402,703,436
-----------------------------
NET INCREASE IN NET ASSETS 427,420,364 497,892,947
NET ASSETS:
Beginning of period 705,434,779 207,541,832
-----------------------------
End of period $1,132,855,143 $ 705,434,779
-----------------------------
Accumulated undistributed net
investment income at end of period $ 2,197,490 $ 2,244,981
-----------------------------
NUMBER OF TRUST SHARES:
Sold 31,621,880 38,994,756
Issued on reinvestment of dividends
and distributions 2,479,824 757,337
Redeemed (14,555,681) (12,638,219)
-----------------------------
Net increase in shares outstanding 19,546,023 27,113,874
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (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-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 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, 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.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1997 (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, 1997, the unamortized balance of such expenses
amounted to $4,851.
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-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 $1,799,
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 $485,591,001 and $168,562,251,
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
- --------------------------------------------------------------------------------
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>
Six Months Ended Period from
June 30, Year Ended March 22, 1994(3) to
1997 December 31, December 31,
(UNAUDITED)(2) 1996(2) 1995(2) 1994
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 16.48 $13.23 $ 9.77 $10.00
-----------------------------------------------------------
Income From Investment Operations
Net Investment Income .05 .10 .11 .03
Net Gains or Losses on Securities (both
realized and unrealized) 2.46 3.69 3.43 (.26)
-----------------------------------------------------------
Total From Investment Operations 2.51 3.79 3.54 (.23)
-----------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.05) (.04) (.01) --
Distributions (from capital gains) (.77) (.50) (.07) --
-----------------------------------------------------------
Total Distributions (.82) (.54) (.08) --
-----------------------------------------------------------
Net Asset Value, End of Period $ 18.17 $16.48 $13.23 $ 9.77
-----------------------------------------------------------
Total Return(4) +15.77%(5) +29.57% +36.47% -2.30%(5)
-----------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $1,132.9 $705.4 $207.5 $ 9.4
-----------------------------------------------------------
Ratio of Expenses to Average Net Assets .89%(6) .95% 1.09% 1.75%(6)
-----------------------------------------------------------
Ratio of Net Investment Income to Average Net
Assets .55%(6) .60% .97% .45%(6)
-----------------------------------------------------------
Portfolio Turnover Rate(7) -- -- 76% 90%
-----------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Partners 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) The date investment operations commenced.
4) 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.
5) Not annualized.
6) Annualized.
7) 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.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ----------- --------------
<C> <S> <C>
COMMON STOCKS (97.0%)
AIRLINES (1.6%)
355,000 Continental Airlines Class B $ 12,402,813
232,800 Southwest Airlines 6,023,700
--------------
18,426,513
--------------
AUTO/TRUCK REPLACEMENT PARTS (1.9%)
200,000 Goodyear Tire & Rubber 12,662,500
210,000 Lear Corp. 9,318,750
--------------
21,981,250
--------------
AUTOMOBILE MANUFACTURING (1.8%)
582,400 Chrysler Corp. 19,110,000
29,400 LucasVarity PLC ADR 1,017,975
--------------
20,127,975
--------------
BANKING & FINANCIAL SERVICES (8.8%)
436,300 Capital One Financial 16,470,325
186,000 CITICORP 22,424,625
450,100 Countrywide Credit Industries 14,037,494
449,900 CWM Mortgage Holdings 10,769,481
485,000 Nationwide Financial Services 12,882,812
85,800 Wells Fargo 23,123,100
--------------
99,707,837
--------------
BUILDING MATERIALS, CONSTRUCTION & REFURNISHING (0.8%)
242,300 USG Corp. 8,843,950
--------------
BUSINESS SERVICES (0.9%)
531,366 ACNielsen Corp. 10,428,058
--------------
CHEMICALS (3.7%)
300,000 duPont 18,862,500
366,600 Morton International 11,066,737
213,400 W.R. Grace 11,763,675
--------------
41,692,912
--------------
<CAPTION>
Number Market
of Shares Value(1)
- ----------- --------------
<C> <S> <C>
COMMUNICATIONS (1.1%)
476,900 Airtouch Communications $ 13,055,138
--------------
CONSUMER GOODS & SERVICES (2.3%)
222,900 Nike, Inc. 13,011,788
365,500 Tupperware Corp. 13,340,750
--------------
26,352,538
--------------
DIVERSIFIED (2.2%)
230,500 Kansas City Southern Industries 14,867,250
230,300 Tenneco Inc. 10,406,681
--------------
25,273,931
--------------
ELECTRONICS (3.2%)
292,200 KLA-Tencor 14,244,750
379,400 Loral Space & Communications 5,691,000
225,300 Raychem Corp. 16,756,687
--------------
36,692,437
--------------
ENTERTAINMENT (5.5%)
551,100 Circus Circus Enterprises 13,570,838
250,000 Evergreen Media 11,156,250
795,300 Mirage Resorts 20,081,325
18,700 Royal Caribbean Cruises 653,331
347,500 Time Warner 16,766,875
--------------
62,228,619
--------------
FOOD & TOBACCO (3.1%)
75,700 Anheuser Busch 3,174,669
326,400 Philip Morris 14,484,000
200,000 RJR Nabisco Holdings 6,600,000
373,700 UST Inc. 10,370,175
--------------
34,628,844
--------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ----------- --------------
<C> <S> <C>
FOOD PRODUCTS (2.3%)
351,000 IBP, Inc. $ 8,160,750
375,300 McDonald's Corp. 18,131,681
--------------
26,292,431
--------------
HEALTH CARE (4.1%)
83,100 Biogen, Inc. 2,815,013
550,000 Columbia/HCA Healthcare 21,621,875
231,718 Novartis AG ADR 18,827,087
116,700 Pall Corp. 2,713,275
--------------
45,977,250
--------------
INDUSTRIAL GOODS & SERVICES (1.7%)
252,800 AK Steel Holding 11,154,800
270,000 Owens-Illinois 8,370,000
--------------
19,524,800
--------------
INSURANCE (6.4%)
200,000 Allstate Corp. 14,600,000
135,200 Equitable Cos. 4,495,400
335,500 EXEL Ltd. 17,697,625
195,900 Progressive Corp. 17,043,300
290,800 Travelers Group 18,338,575
--------------
72,174,900
--------------
MEDIA (2.7%)
177,600 A.H. Belo 7,392,600
1,064,552 Comcast Corp. Class A Special 22,754,799
--------------
30,147,399
--------------
OIL & GAS (11.0%)
380,400 Cabot Corp. 10,793,850
150,000 Ente Nazionale Idrocaburi ADR 8,531,250
1,184,100 Gulf Canada Resources 9,842,831
282,000 Noble Affiliates 10,909,875
388,200 Santa Fe International 13,198,800
285,500 Tejas Gas 11,205,875
<CAPTION>
Number Market
of Shares Value(1)
- ----------- --------------
<C> <S> <C>
322,000 Tidewater Inc. $ 14,168,000
368,500 Triton Energy 16,881,906
723,404 Union Pacific Resources Group 17,994,675
352,900 United Meridian 10,587,000
--------------
124,114,062
--------------
PAPER & FOREST PRODUCTS (2.6%)
167,700 Mead Corp. 10,439,325
164,900 Temple-Inland 8,904,600
190,800 Weyerhaeuser Corp. 9,921,600
--------------
29,265,525
--------------
PUBLISHING & BROADCASTING (3.6%)
225,600 E.W. Scripps 9,390,600
394,000 Hollinger International 4,407,875
225,000 Knight-Ridder 11,039,062
491,700 Young Broadcasting 15,980,250
--------------
40,817,787
--------------
RAILROADS (1.4%)
171,300 Burlington Northern Santa Fe 15,395,588
--------------
REAL ESTATE (2.4%)
958,600 Host Marriott 17,075,062
643,100 Security Capital U.S. Realty 9,582,190(2)
--------------
26,657,252
--------------
RETAILING (1.9%)
314,900 Harcourt General 14,997,113
200,000 Wal-Mart Stores 6,762,500
--------------
21,759,613
--------------
RETAILING & APPAREL (3.2%)
500,000 Costco Cos. 16,437,500
500,000 Gap Inc. 19,437,500
--------------
35,875,000
--------------
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- ----------- --------------
<C> <S> <C>
SPECIALTY CHEMICAL (1.1%)
283,300 Millipore Corp. $ 12,465,200
--------------
STEEL (0.7%)
322,300 Steel Dynamics 8,057,500
--------------
TECHNOLOGY (15.0%)
50,000 3Com Corp. 2,250,000
350,000 Adobe Systems 12,271,875
722,500 Analog Devices 19,191,406
247,200 Autodesk, Inc. 9,470,850
401,000 Cabletron Systems 11,353,313
104,300 Compaq Computer 10,351,775
325,000 Etec Systems 13,934,375
475,800 Komag, Inc. 7,791,225
298,800 Micron Technology 11,933,325
192,300 NCR Corp. 5,720,925
408,200 Seagate Technology 14,363,537
215,100 Texas Instruments 18,081,844
175,000 Varian Associates 9,493,750
542,600 Western Digital 17,159,725
73,800 Xerox Corp. 5,820,975
--------------
169,188,900
--------------
TOTAL COMMON STOCKS (COST $962,656,421) 1,097,153,209
--------------
<CAPTION>
Number Market
of Shares Value(1)
- ----------- --------------
<C> <S> <C>
PREFERRED STOCKS (0.3%)
121,100 Fresenius Medical Care, Class D $ 6,963
70,000 Loral Space & Communications Cv., Series C, 6% 3,495,625
--------------
TOTAL PREFERRED STOCKS (COST $3,524,711) 3,502,588
--------------
<CAPTION>
Principal
Amount
- -----------
<C> <S> <C>
U.S. TREASURY SECURITIES (0.1%)
$ 850,000 U.S. Treasury Bills, 4.43%-4.80%, due 7/10/97
(COST $848,983) 848,966
--------------
SHORT-TERM CORPORATE NOTES (3.4%)
38,140,000 General Electric Capital Corp., 5.90%, due 7/1/97
(COST $38,140,000) 38,140,000(3)
--------------
TOTAL INVESTMENTS (100.8%) (COST $1,005,170,115) 1,139,644,763(4)
Liabilities, less cash, receivables and other
assets[(0.8%)] (8,743,534)
--------------
TOTAL NET ASSETS (100.0%) $1,130,901,229
--------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-10
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
1) Investment 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. The Series
values all other securities 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, this
security amounted to $9,582,190 or 0.8% of net assets.
3) At cost, which approximates market value.
4) At June 30, 1997, the cost of investments for Federal income tax purposes was
$1,005,635,642. Gross unrealized appreciation of investments was $154,813,679
and gross unrealized depreciation of investments was $20,804,558, resulting
in net unrealized appreciation of $134,009,121, based on cost for Federal
income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-11
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $1,139,644,763
Cash 72,531
Receivable for securities sold 7,324,976
Dividends and interest receivable 999,796
Deferred organization costs (Note A) 14,925
Prepaid expenses 1,334
--------------
1,148,058,325
--------------
LIABILITIES
Payable for securities purchased 15,528,145
Payable for collateral on securities loaned
(Note A) 1,066,900
Payable to investment manager (Note B) 458,399
Accrued expenses 103,652
--------------
17,157,096
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $1,130,901,229
--------------
NET ASSETS consist of:
Paid-in capital $ 996,426,581
Net unrealized appreciation in value of
investment securities 134,474,648
--------------
NET ASSETS $1,130,901,229
--------------
*Cost of investments $1,005,170,115
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Dividend income $ 5,366,439
Interest income 1,053,924
Foreign taxes withheld (Note A) (41,753)
------------
Total income 6,378,610
------------
Expenses:
Investment management fee (Note B) 2,302,001
Custodian fees (Note B) 104,223
Trustees' fees and expenses 24,058
Auditing fees 21,953
Legal fees 13,984
Accounting fees 5,000
Insurance expense 3,895
Amortization of deferred organization and
initial offering expenses (Note A) 2,610
Miscellaneous 387
------------
Total expenses 2,478,111
------------
Net investment income 3,900,499
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 67,235,328
Change in net unrealized appreciation of
investment securities 63,315,600
------------
Net gain on investments 130,550,928
------------
Net increase in net assets resulting from
operations $134,451,427
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners 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 $ 3,900,499 $ 3,735,543
Net realized gain on investments 67,235,328 37,773,397
Change in net unrealized appreciation of
investments 63,315,600 65,242,529
-----------------------------
Net increase in net assets resulting from
operations 134,451,427 106,751,469
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Additions 485,591,001 559,229,295
Reductions (168,562,251) (128,962,782)
-----------------------------
Net increase in net assets resulting from
transactions in investors' beneficial
interests 317,028,750 430,266,513
-----------------------------
NET INCREASE IN NET ASSETS 451,480,177 537,017,982
NET ASSETS:
Beginning of period 679,421,052 142,403,070
-----------------------------
End of period $1,130,901,229 $ 679,421,052
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1997 (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 (the "1940 Act").
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 or, for certain foreign dividends, as soon as the Series
becomes aware of the dividends. Interest income, accretion of 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 that each of its investors
will be able to qualify as a regulated investment company. Each Series will
be treated as a partnership for Federal income tax purposes and is therefore
not subject to Federal income tax.
5) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
6) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized by the Series on a straight-line basis over
a five-year period. At June 30, 1997, the unamortized balance of such
expenses amounted to $14,925.
7) EXPENSE ALLOCATION: Expenses directly attributable to a series are charged to
that series. Expenses not directly attributed to a series are allocated, on
the basis of relative net assets, to each of the series of Managers Trust.
8) SECURITY LENDING: Security loans involve certain risks in the event a
borrower should fail financially, including delays or inability to recover
the lent securities or foreclose against the collateral. The investment
manager, under the general supervision of Managers Trust's Board of Trustees,
monitors the creditworthiness of the parties to whom the Series make security
loans. The Series will not lend securities on which covered call options have
been written, or lend securities on terms which would prevent each of their
investors from qualifying as a regulated investment company. Security loans
to Neuberger&Berman, LLC ("Neuberger"), the Series' principal broker and
sub-adviser, are made in accordance with an exemptive order issued by the
Securities and Exchange Commission under the 1940 Act. The Series receives
cash as collateral against the lent securities, which must be maintained at
not less than 100% of the market value of the lent securities during the
period of the loan. The Series receives income earned on the lent securities
and a portion of the income earned on the cash collateral. During the six
months ended June 30, 1997, the Series lent securities to Neuberger. At June
30, 1997, the value of the securities loaned and the value of the collateral
amounted to $1,021,500 and $1,066,900, respectively.
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Partners Investments
9) REPURCHASE AGREEMENTS: The Series may enter into repurchase agreements with
institutions that the Series' investment manager has determined are
creditworthy. Each repurchase agreement is recorded at cost. The Series
requires that the securities purchased in a repurchase transaction be
transferred to the custodian in a manner sufficient to enable the Series to
obtain those securities in the event of a default under the repurchase
agreement. The Series monitors, on a daily basis, the value of the securities
transferred to ensure that their value, including accrued interest, is
greater than amounts owed to the Series under each such repurchase agreement.
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, 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 $1,799, 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) of $765,437,472 and $422,654,792,
respectively.
During the six months ended June 30, 1997, brokerage commissions on
securities transactions amounted to $1,497,617, of which Neuberger received
$1,015,410, and other brokers received $482,207.
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-16
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Partners Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, Year Ended of Operations) to
1997 December 31, December 31,
(UNAUDITED) 1996 1995
---------------------------------------------------
<S> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .56%(1) .60% .67%(1)
---------------------------------------------------
Net Investment Income .88%(1) .95% 1.34%(1)
---------------------------------------------------
Portfolio Turnover Rate 49% 118% 98%
---------------------------------------------------
Average Commission Rate Paid $0.0573 $0.0583 $0.0594
---------------------------------------------------
Net Assets, End of Period (in millions) $1,130.9 $679.4 $142.4
---------------------------------------------------
</TABLE>
1) Annualized.
B-17
