<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1998
NBAMTSA40698
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
AMT LIQUID ASSET PORTFOLIO IS AN SEC REGISTERED MONEY MARKET FUND INVESTING
EXCLUSIVELY IN THE HIGHEST CREDIT QUALITY SHORT-TERM DEBT SECURITIES.
Short-term interest rates were relatively stable throughout the first half of
1998. Consequently, the portfolio's weighted average maturity remained in a
tight range around our 55-day target. With the strong U.S. economy, corporations
continued to issue a healthy supply of commercial paper to finance short-term
operations. To move the inventory, this paper has been priced very attractively
relative to Treasuries. Namely, yields on the highest credit quality 90-day
commercial paper have consistently been higher than the yield on two-year
Treasuries. This has allowed us to generate attractive returns with minimal
interest rate risk (the shorter a portfolio's weighted average maturity or
duration, the lower the interest rate risk). With today's extremely flat yield
curve, cash reserve type investments, such as AMT Liquid Asset Portfolio, offer
historically high yields relative to fixed-income portfolios with longer
durations.
Sincerely,
[SIG]
[SIG]
Theodore Giuliano and Josephine Mahaney
PORTFOLIO CO-MANAGERS
An investment in a money market fund is neither insured nor guaranteed by the
U.S. Government and there can be no assurance that the fund will be able to
maintain a stable net asset value of $1.00 per share.
Past performance is no guarantee of future results.
The investments for the Portfolio are managed by the same portfolio manager(s)
who manage one or more other mutual funds that have similar names, investment
objectives and investment styles as the Portfolio. You should be aware that the
Portfolio is likely to differ from the other mutual funds in size, cash flow
pattern and tax matters. Accordingly, the holdings and performance of the
Portfolio can be expected to vary from those of the other mutual funds.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
June 30,
1998
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 14,739,957
Receivable for Trust shares sold 15,237
Receivable from administrator -- net (Note
B) 3,011
--------------
14,758,205
--------------
LIABILITIES
Dividends payable 54,957
Accrued expenses 19,209
Payable for Trust shares redeemed 3,146
--------------
77,312
--------------
NET ASSETS at value $ 14,680,893
--------------
NET ASSETS consist of:
Par value $ 14,682
Paid-in capital in excess of par value 14,667,744
Accumulated net realized losses on
investment (1,533)
--------------
NET ASSETS at value $ 14,680,893
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 14,682,426
--------------
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,
1998
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 392,960
------------
Expenses:
Administration fee (Note B) 27,943
Shareholder reports 12,175
Custodian fees 5,000
Legal fees 395
Trustees' fees and expenses 260
Auditing fees 58
Miscellaneous 680
Expenses from Series (Notes A & B) 39,678
------------
Total expenses 86,189
Expenses reimbursed by administrator and
reduced by custodian fee expense offset
arrangement (Note B) (15,651)
------------
Total net expenses 70,538
------------
Net investment income 322,422
------------
REALIZED LOSS ON INVESTMENTS FROM SERIES (NOTE A)
Net realized loss on investment securities (18)
------------
Net increase in net assets resulting from
operations $ 322,404
------------
</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
1998 December 31,
(UNAUDITED) 1997
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 322,422 $ 650,441
Net realized loss on investments
from Series (Note A) (18) (503)
-----------------------------
Net increase in net assets resulting
from operations 322,404 649,938
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (322,422) (650,441)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 4,186,316 14,043,637
Proceeds from reinvestment of
dividends 322,793 646,379
Payments for shares redeemed (3,268,639) (14,713,286)
-----------------------------
Net increase (decrease) from Trust
share transactions 1,240,470 (23,270)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 1,240,452 (23,773)
NET ASSETS:
Beginning of period 13,440,441 13,464,214
-----------------------------
End of period $ 14,680,893 $ 13,440,441
-----------------------------
NUMBER OF TRUST SHARES:
Sold 4,186,316 14,043,637
Issued on reinvestment of dividends 322,793 646,379
Redeemed (3,268,639) (14,713,286)
-----------------------------
Net increase (decrease) in shares
outstanding 1,240,470 (23,270)
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1998 (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 eight 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 (the "Series"), a
series of Advisers Managers Trust 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, 1998). 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 Funds 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 and $496, expiring in 2002 and 2005,
respectively, determined as of December 31, 1997), 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, 1998 (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.
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- ("N&B Management") as its administrator under
an Administration Agreement ("Agreement"). Pursuant to this Agreement the Fund
pays N&B Management an administration fee at the annual rate of 0.40% 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.
N&B 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 N&B 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 N&B
Management upon at least 60 days' prior written notice to the Fund. For the six
months ended June 30, 1998, such excess expenses amounted to $15,610.
All of the capital stock of N&B 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 N&B 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 $41.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1998, additions and reductions in the
Fund's investment in its Series amounted to $3,553,468 and $3,039,561,
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,
1998 Year Ended December 31,
(UNAUDITED)(1) 1997(1) 1996(1) 1995(1) 1994 1993
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $.9999 $.9999 $ 1.0000 $ .9997 $ 1.0009 $ 1.0002
-----------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .0229 .0461 .0443 .0493 .0328 .0233
Net Gains or Losses on Securities -- -- (.0001)(2) .0003 -- .0014
-----------------------------------------------------------------------
Total From Investment Operations .0229 .0461 .0442 .0496 .0328 .0247
-----------------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.0229) (.0461) (.0443) (.0493) (.0328) (.0233)
Distributions (from net capital gains) -- -- -- -- (.0012) (.0007)
-----------------------------------------------------------------------
Total Distributions (.0229) (.0461) (.0443) (.0493) (.0340) (.0240)
-----------------------------------------------------------------------
Net Asset Value, End of Period $.9999 $.9999 $ .9999 $ 1.0000 $ .9997 $ 1.0009
-----------------------------------------------------------------------
Total Return(3) +2.31%(4) +4.71% +4.52% +5.04% +3.46% +2.43%
-----------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $ 14.7 $ 13.4 $ 13.5 $ 31.9 $ 5.3 $ 6.8
-----------------------------------------------------------------------
Ratio of Gross Expenses to Average Net
Assets(5) 1.01%(6) 1.01% 1.01% 1.02% -- --
-----------------------------------------------------------------------
Ratio of Net Expenses to Average Net Assets(7) 1.01%(6) 1.00% 1.00% 1.01% 1.02% .88%
-----------------------------------------------------------------------
Ratio of Net Investment Income to Average Net
Assets(7) 4.62%(6) 4.61% 4.44% 4.90% 3.28% 2.34%
-----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1998 (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 year
may not accord with the change in aggregate gains and losses in securities
for the year 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 would
have been lower if N&B Management had not reimbursed certain expenses. The
total return information shown does not reflect charges and other expenses
that apply to the separate account or the related insurance policies, and the
inclusion of these charges and other expenses would reduce the total return
for all fiscal periods shown.
4) Not annualized.
5) For fiscal periods ending after September 1, 1995, the Fund is required to
calculate an expense ratio without taking into consideration any expense
reductions related to expense offset arrangements.
6) Annualized.
7) After reimbursement of expenses by N&B Management as described in Note B of
Notes to Financial Statements. Had N&B Management not undertaken such action
the annualized ratios of net expenses and net investment income to average
daily net assets would have been:
<TABLE>
<CAPTION>
Six
Months
Ended
June
30, Year Ended December 31,
1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Expenses 1.23% 1.12% 1.21% 1.25% 1.03%
--------------------------------------------------
Net Investment Income 4.40% 4.49% 4.23% 4.66% 3.27%
--------------------------------------------------
</TABLE>
There was no reduction of expenses for the year ended December 31, 1993.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1998 (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 (8.1%)
$ 305,000 Freddie Mac, Discount Notes,
5.33%, due 12/2/98 AGY AGY $ 298,046
921,000 Fannie Mae, Discount Notes,
5.36% & 5.41%, due 10/9/98 &
12/22/98 AGY AGY 902,579
-----------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 1,200,625
-----------
ASSET-BACKED COMMERCIAL PAPER
(3.4%)
250,000 Ciesco, L.P., 5.52%, due
7/17/98 P-1 A-1+ 249,387
250,000 Enterprise Funding Corp.,
5.52%, due 9/4/98 P-1 A-1+ 247,508
-----------
TOTAL ASSET-BACKED COMMERCIAL
PAPER 496,895
-----------
CORPORATE COMMERCIAL PAPER
(81.5%)
250,000 Colgate-Palmolive Co., 5.49%,
due 7/1/98 P-1 A-1 250,000
270,000 Unilever Capital Corp., 6.12%,
due 7/1/98 P-1 A-1+ 270,000
700,000 Illinois Tool Works, Inc.,
5.57%, due 7/7/98 P-1 A-1+ 699,350
200,000 American Express Credit Corp.,
5.45%, due 7/8/98 P-1 A-1 199,788
700,000 Campbell Soup Co., 5.47%, due
7/8/98 P-1 A-1+ 699,256
200,000 Canadian Wheat Board, 5.46%,
due 7/8/98 P-1 A-1+ 199,788
300,000 MetLife Funding, Inc., 5.50%,
due 7/8/98 P-1 A-1+ 299,679
500,000 Novartis Finance Corp., 5.48%,
due 7/8/98 P-1 A-1+ 499,467
540,000 Times Mirror Co., 5.55%, due
7/9/98 P-1 A-1 539,334
300,000 Kellogg Co., 5.51%, due
7/13/98 P-1 A-1+ 299,449
385,000 Province of British Columbia,
Canada, 5.33% & 5.35%, due
7/13/98 P-1 A-1+ 384,314
500,000 Swedish Export Credit Corp.,
5.46%, due 7/13/98 P-1 A-1+ 499,090
235,000 USAA Capital Corp., 5.40% &
5.90%, due 7/2/98 & 7/14/98 P-1 A-1+ 234,783
400,000 Pitney Bowes Credit Corp.,
5.46%, due 7/15/98 P-1 A-1+ 399,151
440,000 Ford Motor Credit Co., 5.36%,
due 7/20/98 P-1 A-1 438,755
700,000 Daimler-Benz North America
Corp., 5.47%, due 7/21/98 P-1 A-1 697,873
630,000 Eksportfinans ASA, 5.45% &
5.47%, due 7/6/98 & 7/22/98 P-1 A-1+ 628,965
500,000 Ameritech Corp., 5.47%, due
7/24/98 P-1 A-1+ 498,253
300,000 Lubrizol Corp., 5.52%, due
7/24/98 P-1 A-1+ 298,942
200,000 National Australia Funding
Delaware Inc., 5.50%, due
8/10/98 P-1 A-1+ 198,778
500,000 Procter & Gamble Co., 5.48%,
due 8/14/98 P-1 A-1+ 496,651
200,000 General Re Corp., 5.50%, due
8/27/98 P-1 A-1+ 198,258
331,000 Den Danske Corp., 5.48%, due
9/28/98 P-1 A-1 326,516
300,000 Walt Disney Co., 5.40%, due
10/5/98 P-1 A-1 295,680
400,000 Merrill Lynch & Co., Inc.,
5.46% & 5.50%, due 7/31/98 &
10/13/98 P-1 A-1+ 395,929
700,000 Goldman Sachs Group, L.P.,
5.45%-5.56%, due
7/10/98-11/10/98 P-1 A-1+ 695,113
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Principal Rating
Amount Moody's S&P Value(1)
- --------- ----------- --------- -----------
<C> <S> <C> <C> <C>
$ 700,000 IBM Credit Corp., 5.40%, due
11/23/98 P-1 A-1 $ 684,775
300,000 Prudential Funding Corp.,
5.49%, due 11/23/98 P-1 A-1 293,366
400,000 Kingdom of Sweden, 5.43%, due
12/9/98 P-1 A-1+ 390,286
-----------
TOTAL CORPORATE COMMERCIAL
PAPER 12,011,589
-----------
CERTIFICATES OF DEPOSIT (3.4%)
500,000 Chase Manhattan Bank, Domestic
C.D., 5.745%, due 5/10/99 P-1 A-1 499,774
-----------
CORPORATE DEBT SECURITIES
(3.4%)
500,000 Morgan Guaranty Trust Co.,
Bank Notes, 5.93%, due 8/31/98 P-1 A-1+ 500,078
-----------
TOTAL INVESTMENTS (99.8%) 14,708,961
Cash, receivables and other
assets, less liabilities
(0.2%) 30,997
-----------
TOTAL NET ASSETS (100.0%) $14,739,958
-----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-9
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1998 (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,
1998
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at value* (Note
A) -- see Schedule of Investments $ 14,708,961
Cash 1,969
Interest receivable 29,511
Deferred organization costs (Note A) 8,195
Prepaid expenses and other assets 170
--------------
14,748,806
--------------
LIABILITIES
Accrued expenses 5,854
Payable to investment manager (Note B) 2,994
--------------
8,848
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 14,739,958
--------------
NET ASSETS consist of:
Paid-in capital $ 14,739,958
--------------
NET ASSETS $ 14,739,958
--------------
*Cost of investments $ 14,708,961
--------------
</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,
1998
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Interest income $ 392,960
------------
Expenses:
Investment management fee (Note B) 17,515
Custodian fees (Note B) 12,988
Accounting fees 5,000
Amortization of deferred organization and
initial offering expenses (Note A) 2,213
Trustees' fees and expenses 282
Legal fees 269
Auditing fees 210
Insurance expense 109
Miscellaneous 1,092
------------
Total expenses 39,678
Expenses reduced by custodian fee expense
offset arrangement (Note B) (41)
------------
Total net expenses 39,637
------------
Net investment income 353,323
------------
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment securities
sold (18)
------------
Net increase in net assets resulting from
operations $ 353,305
------------
</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
1998 December 31,
(UNAUDITED) 1997
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 353,323 $ 714,287
Net realized loss on investments (18) (503)
-----------------------------
Net increase in net assets resulting
from operations 353,305 713,784
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 3,553,468 13,060,386
Reductions (3,039,561) (13,453,486)
-----------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests 513,907 (393,100)
-----------------------------
NET INCREASE IN NET ASSETS 867,212 320,684
NET ASSETS:
Beginning of period 13,872,746 13,552,062
-----------------------------
End of period $ 14,739,958 $ 13,872,746
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1998 (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
eight 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. 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, 1998, the unamortized balance of such
expenses amounted to $8,195.
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 ("N&B
Management") as its investment manager under a Management Agreement. For such
investment management services, the Series pays N&B Management a fee at the
annual rate of 0.25% of the first $500 million of the Series' average daily net
assets, 0.225% of the next $500 million, 0.20% of the next $500 million, 0.175%
of the next $500 million, and 0.15% of average daily net assets in excess of $2
billion.
All of the capital stock of N&B 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
N&B 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 N&B 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 $41.
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
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-15
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Period
Six from
Months May 1,
Ended 1995(1)
June to
30, Year Ended December
1998 December 31, 31,
(UNAUDITED) 1997 1996 1995
---------------------------------------
<S> <C> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .57%(3) .55% .54% .56%(3)
---------------------------------------
Net Expenses .57%(3) .55% .54% .55%(3)
---------------------------------------
Net Investment Income 5.04%(3) 5.05% 4.88% 5.31%(3)
---------------------------------------
Net Assets, End of Period (in millions) $14.7 $13.9 $13.6 $32.2
---------------------------------------
</TABLE>
1) The date investment operations commenced.
2) The Series is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
3) Annualized.
B-16
