<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
NBAMTSA40697
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Assets
Bullish fundamentals for the 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, 91-Day Treasury Bill rates dropped
from their April high of 5.34% to 5.17% at the end of the second quarter. During
the second quarter we saw remarkable reductions in U.S. Treasury debt issuance,
a welcome circumstance for U.S. taxpayers, which aided the reduction in rates.
During the same period, major corporations continued to finance their activities
by borrowing in the short term commercial paper market at a substantial discount
to long term borrowing rates. This continued supply of commercial debt kept
rates in this sector significantly higher than comparable maturity Treasury
Bills, a beneficial circumstance for our money market investors. In this
environment, we have extended our target maturity to the 65-70 day range adding
incremental yields by selecting assets in the six months maturity factor.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 14,300,091
Receivable for Trust shares sold 262
--------------
14,300,353
--------------
LIABILITIES
Payable for Trust shares redeemed 282,525
Dividends payable 53,567
Accrued expenses 18,572
Payable to administrator -- net (Note B) 5,861
--------------
360,525
--------------
NET ASSETS at value $ 13,939,828
--------------
NET ASSETS consist of:
Par value $ 13,941
Paid-in capital in excess of par value 13,926,888
Accumulated net realized losses on
investment (1,001)
--------------
NET ASSETS at value $ 13,939,828
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 13,940,829
--------------
NET ASSET VALUE, offering and redemption price per
share $1.00
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 380,404
------------
Expenses:
Administration fee (Note B) 27,510
Shareholder reports 9,724
Custodian fees 5,000
Legal fees 556
Trustees' fees and expenses 350
Auditing fees 47
Miscellaneous 688
Expenses from Series (Notes A & B) 37,671
------------
Total expenses 81,546
Deduct -- expenses reimbursed by
administrator (Note B) (12,083)
------------
Total net expenses 69,463
------------
Net investment income 310,941
------------
REALIZED GAIN ON INVESTMENTS FROM SERIES (NOTE A)
Net realized gain on investment securities 11
------------
Net increase in net assets resulting from
operations $ 310,952
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset 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 $ 310,941 $ 673,957
Net realized gain on investments
from Series (Note A) 11 200
-----------------------------
Net increase in net assets resulting
from operations 310,952 674,157
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (310,941) (673,957)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 4,470,794 2,327,316
Proceeds from reinvestment of
dividends 308,640 752,967
Payments for shares redeemed (4,303,831) (21,495,723)
-----------------------------
Net increase (decrease) from Trust
share transactions 475,603 (18,415,440)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 475,614 (18,415,240)
NET ASSETS:
Beginning of period 13,464,214 31,879,454
-----------------------------
End of period $ 13,939,828 $ 13,464,214
-----------------------------
NUMBER OF TRUST SHARES:
Sold 4,470,794 2,327,316
Issued on reinvestment of dividends 308,640 752,967
Redeemed (4,303,831) (21,495,723)
-----------------------------
Net increase (decrease) in shares
outstanding 475,603 (18,415,440)
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (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-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 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, 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.
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. It is the policy of
the Fund to declare dividends from net investment income on each business
day; such dividends are 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 ($1,012 expiring in 2002, determined as of
December 31, 1996), 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
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
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 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
.40% 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 (including the fees payable to Management, 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. For the six
months ended June 30, 1997, such excess expenses amounted to $12,083.
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 $13, 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 $4,172,992 and $3,767,706,
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
- --------------------------------------------------------------------------------
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,
1997 Year Ended December 31,
(UNAUDITED)(1) 1996(1) 1995(1) 1994 1993 1992
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $.9999 $ 1.0000 $ .9997 $ 1.0009 $ 1.0002 $ 1.0001
------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .0224 .0443 .0493 .0328 .0233 .0320
Net Gains or Losses on Securities -- (.0001)(2) .0003 -- .0014 .0002
------------------------------------------------------------------------
Total From Investment Operations .0224 .0442 .0496 .0328 .0247 .0322
------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.0224) (.0443) (.0493) (.0328) (.0233) (.0320)
Distributions (from capital gains) -- -- -- (.0012) (.0007) (.0001)
------------------------------------------------------------------------
Total Distributions (.0224) (.0443) (.0493) (.0340) (.0240) (.0321)
------------------------------------------------------------------------
Net Asset Value, End of Period $.9999 $ .9999 $ 1.0000 $ .9997 $ 1.0009 $ 1.0002
------------------------------------------------------------------------
Total Return(3) +2.26%(4) +4.52% +5.04% +3.46% +2.43% +3.25%
------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 13.9 $ 13.5 $ 31.9 $ 5.3 $ 6.8 $ 25.4
------------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets(5) 1.01%(6) 1.00% 1.01% 1.02% .88% .72%
------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets(5) 4.52%(6) 4.44% 4.90% 3.28% 2.34% 3.19%
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (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) 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. 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 fiscal periods
shown.
4) Not annualized.
5) After reimbursement of expenses by Management as described in Note B of Notes
to Financial Statements. Had Management not undertaken such action the
annualized ratios to average daily net assets would have been:
<TABLE>
<CAPTION>
Six
Months
Ended
June
30, Year Ended December 31,
1997 1996 1995 1994
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Expenses 1.19% 1.21% 1.25% 1.03%
---------------------------------------
Net Investment Income 4.34% 4.23% 4.66% 3.27%
---------------------------------------
</TABLE>
There was no reduction of expenses for the years ended December 31, 1992 and
1993.
6)Annualized.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (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 (8.9%)
$ 600,000 Fannie Mae, Variable Rate
Medium-Term Notes, Ser. B,
5.5175%, due 9/12/97 AGY AGY $ 599,924
680,000 Fannie Mae, Discount Notes,
5.22% & 5.54%, due 7/28/97 &
9/18/97 AGY AGY 673,217
-----------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 1,273,141
-----------
ASSET-BACKED COMMERCIAL PAPER
(4.1%)
600,000 Ciesco, L.P., 5.55%, due
9/9/97 P-1 A-1+ 593,525
-----------
CORPORATE COMMERCIAL PAPER
(79.9%)
255,000 Lubrizol Corp., 6.20%, due
7/1/97 P-1 A-1+ 255,000
192,000 Kentucky Utilities Co., 5.55%,
due 7/2/97 P-1 A-1+ 191,970
400,000 Southwestern Bell Telephone
Co., 5.53%, due 7/2/97 P-1 A-1+ 399,939
500,000 Hitachi America, Ltd., 5.60%,
due 7/8/97 P-1 A-1+ 499,455
480,000 R.R. Donnelley & Sons Co.,
5.53%, due 7/8/97 P-1 A-1 479,484
353,000 Snap-on Inc., 5.54%, due
7/11/97 P-1 A-1+ 352,457
600,000 Export Development Corp.,
5.50%, due 7/15/97 P-1 A-1+ 598,717
500,000 Guinness PLC, 5.62%, due
7/21/97 P-1 A-1 498,439
400,000 Hershey Foods Corp., 5.55%,
due 7/22/97 P-1 A-1+ 398,705
500,000 Kingdom of Sweden, 5.57%, due
7/24/97 P-1 A-1+ 498,221
500,000 Illinois Tool Works, Inc.,
5.55%, due 7/28/97 P-1 A-1+ 497,919
288,000 Toys "R" Us, Inc., 5.51%, due
8/1/97 P-1 A-1 286,633
600,000 USAA Capital Corp., 5.54%, due
8/28/97 P-1 A-1+ 594,645
100,000 Province of British Columbia,
Canada, 5.59%, due 9/10/97 P-1 A-1+ 98,897
260,000 Colonial Pipeline Co., 5.64%,
due 9/11/97 P-1 A-1+ 257,067
500,000 Pitney Bowes Credit Corp.,
5.65%, due 10/1/97 P-1 A-1+ 492,781
600,000 Daimler-Benz North America
Corp., 5.60%, due 10/10/97 P-1 A-1 590,573
600,000 Walt Disney Co., 5.50%, due
10/20/97 P-1 A-1 589,825
250,000 Elf Aquitaine Finance S.A.,
5.75%, due 10/27/97 P-1 A-1+ 245,288
600,000 du Pont (E.I.) de Nemours &
Co., 5.64%, due 10/28/97 P-1 A-1+ 588,814
600,000 Goldman Sachs L.P., 5.33% &
5.68%, due 7/2/97 & 11/6/97 P-1 A-1+ 595,902
500,000 Merrill Lynch & Co., Inc.,
5.72%, due 11/6/97 P-1 A-1+ 489,831
400,000 Swedish Export Credit Corp.,
5.63%, due 11/10/97 P-1 A-1+ 391,743
700,000 Cargill, Inc., 5.60%, due
11/24/97 P-1 A-1+ 684,102
405,000 General Electric Capital
Corp., 5.63%, due 12/2/97 P-1 A-1+ 395,246
460,000 United Parcel Service of
America, Inc., 5.51%, due
12/12/97 P-1 A-1+ 448,453
-----------
TOTAL CORPORATE COMMERCIAL
PAPER 11,420,106
-----------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Principal Rating
Amount Moody's S&P Value(1)
- --------- ----------- --------- -----------
<C> <S> <C> <C> <C>
CORPORATE DEBT SECURITIES
(7.0%)
$ 500,000 First Union National Bank of
North Carolina, Floating Rate
Bank Notes, 5.64%, due
12/19/97 P-1 A-1 $ 500,000
500,000 Morgan Stanley Group Inc.,
Senior Variable Rate
Medium-Term Notes, Ser. C,
5.7625%, due 5/18/98 P-1 A-1+ 500,000
-----------
TOTAL CORPORATE DEBT
SECURITIES 1,000,000
-----------
TOTAL INVESTMENTS (99.9%) 14,286,772
Cash, receivables and other
assets, less liabilities
(0.1%) 13,320
-----------
TOTAL NET ASSETS (100.0%) $14,300,092
-----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-9
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (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
B-10
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at value* (Note
A) -- see Schedule of Investments $ 14,286,772
Cash 2,464
Deferred organization costs (Note A) 12,659
Interest receivable 6,364
Prepaid expenses and other assets 288
--------------
14,308,547
--------------
LIABILITIES
Accrued expenses 5,585
Payable to investment manager (Note B) 2,870
--------------
8,455
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 14,300,092
--------------
NET ASSETS consist of:
Paid-in capital $ 14,300,092
--------------
NET ASSETS $ 14,300,092
--------------
*Cost of investments $ 14,286,772
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-11
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Interest income $ 380,404
------------
Expenses:
Investment management fee (Note B) 17,251
Custodian fees (Note B) 12,231
Accounting fees 5,000
Amortization of deferred organization and
initial offering expenses (Note A) 2,214
Trustees' fees and expenses 364
Auditing fees 231
Legal fees 202
Insurance expense 138
Miscellaneous 40
------------
Total expenses 37,671
------------
Net investment income 342,733
------------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 11
------------
Net increase in net assets resulting from
operations $ 342,744
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset 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 $ 342,733 $ 743,771
Net realized gain on investments 11 200
-----------------------------
Net increase in net assets resulting
from operations 342,744 743,971
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 4,172,992 2,011,699
Reductions (3,767,706) (21,419,993)
-----------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests 405,286 (19,408,294)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 748,030 (18,664,323)
NET ASSETS:
Beginning of period 13,552,062 32,216,385
-----------------------------
End of period $ 14,300,092 $ 13,552,062
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1997 (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.
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 (adjusted for original issue discount, where applicable) 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 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) 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 $12,659.
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. 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
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 $13, which 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.
B-14
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Period
from
May
1,
1995
Six (Commencement
Months of
Ended Year Operations)
June Ended to
30, December December
1997 31, 31,
(UNAUDITED) 1996 1995
-------------------------
<S> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .55%(1) .54% .55%(1)
-------------------------
Net Investment Income 4.97%(1) 4.88% 5.31%(1)
-------------------------
Net Assets, End of Period (in millions) $14.3 $13.6 $32.2
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</TABLE>
1) Annualized.
B-15
