<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
NMATR8090699
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 1999
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
TED GIULIANO & JOSEPHINE MAHANEY, PORTFOLIO CO-MANAGERS
The portfolio produced a 1.99% return* during the first six months of 1999,
while its benchmark, the IBC/Taxable First Tier Average, provided a 1.05%
return. The portfolio co-managers, Ted Giuliano and Josephine Mahaney, attribute
the portfolio's performance to their conservative investment approach, which
helped position the portfolio to maximize investment opportunities resulting
from rising interest rates during the first half of 1999.
Longer-term interest rates rose throughout the first six months of the year
amid stronger-than-expected economic growth in both the United States and
overseas. Money market rates also rose in anticipation of a change in monetary
policy. The Federal Reserve Board raised key short-term interest rates modestly
at the end of June in an attempt to forestall a reacceleration of inflation. In
effect, the Federal Reserve offset part of the interest-rate reductions that
they had implemented last fall to add liquidity and calm the international
market crisis of the period.
In this environment, the portfolio co-managers kept a conservative posture in
order to be ready for higher interest rates. Accordingly, Giuliano and Mahaney
maintained the portfolio's shorter-than-average maturity throughout most of the
six-month period in order to take advantage of rising reinvestment rates. In
addition, in the second half of the reporting period, the portfolio co-managers
shifted a small amount of assets from commercial paper to short-term U.S.
Government Agency securities to capture incrementally higher yields on these
very liquid instruments. By the end of June, 74.1% of the portfolio was invested
in commercial paper, 6.6% was invested in Certificates of Deposit and 14.7% was
invested in U.S. Government Agency securities. The balance of the portfolio was
invested in other short-term money market securities.
Looking forward, Giuliano and Mahaney currently expect economic growth to
remain positive and inflation to remain low. In addition, the portfolio
co-managers believe that Y2K issues are being successfully addressed. Serious
preparation has been underway for some time by the Federal Reserve, the Bond
Market Association, and the Investment Company Institute, including the addition
of $50 billion in currency and the broadening of repurchase agreement collateral
and maturities. This widespread commitment to maintain efficient, liquid
markets, contributes to the portfolio co-managers confidence in the U.S. capital
markets and their ability to produce competitive returns consistent with
appreciation of capital.
*4.33%, 4.59%, and 4.72% were the average annual total returns for the 1-, 5-,
and 10-year periods ended June 30, 1999. Results are shown on a "total return"
basis and include reinvestment of all dividends and capital gain distributions.
Performance data quoted represents past performance, which is no guarantee of
future results.
Although the Portfolio is managed to maintain a stable net asset value per
share of $1.00, the investment return and principle value of an investment may
fluctuate so that the shares, when redeemed, may be worth more or less than
their original cost. The value of the Portfolio's shares, like the share values
of all other mutual funds, is neither insured nor guaranteed by the U.S.
Government. Neuberger Berman Management Inc. currently absorbs certain
operating expenses of the Portfolio. Absent such arrangement, which is subject
to change, the total returns would have been less. The performance information
does not reflect separate account and insurance policy fees and expenses.
Portfolio Current and Effective Yields ending 6/30/99 were 4.04% and 4.12%
respectively.
The IBC/Taxable-First Tier Average is an unweighted average of 298 money market
mutual funds. Please note that indices do not take into account any fees and
expenses of investing in the individual securities that they track, and that
individuals cannot invest directly in any index. Data about the performance of
this index are prepared or obtained by Neuberger Berman Management Inc. and
include reinvestment of all dividends and capital gains distributions. The
Portfolio invests in many securities not included in the above-described index.
The composition, industries and holdings of the Portfolio are subject to
change.
Shares of the separate Portfolios of Neuberger Berman Advisers Management Trust
are sold only through the currently effective prospectus and are not available
to the general public. Shares of the AMT Portfolios may be purchased only by
life insurance companies to be used with their separate accounts that fund
variable annuity and variable life insurance policies and by qualified pension
and retirement plans.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 15,269,996
Receivable for Trust shares sold 45
--------------
15,270,041
--------------
LIABILITIES
Dividends payable 49,235
Accrued expenses 19,450
Payable for Trust shares redeemed 2,426
Payable to administrator -- net (Note B) 212
--------------
71,323
--------------
NET ASSETS at value $ 15,198,718
--------------
NET ASSETS consist of:
Par value $ 15,200
Paid-in capital in excess of par value 15,185,068
Accumulated net realized losses on
investment (1,550)
--------------
NET ASSETS at value $ 15,198,718
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 15,200,268
--------------
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,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 370,672
------------
Expenses:
Administration fee (Note B) 29,688
Shareholder reports 12,508
Custodian fees 5,000
Legal fees 422
Trustees' fees and expenses 381
Registration and filing fees 176
Auditing fees 126
Miscellaneous 719
Expenses from Series (Notes A & B) 38,702
------------
Total expenses 87,722
Expenses reimbursed by administrator and
reduced by custodian fee expense offset
arrangement (Note B) (12,822)
------------
Total net expenses 74,900
------------
Net investment income 295,772
------------
REALIZED LOSS ON INVESTMENTS FROM SERIES (NOTE A)
Net realized loss on investment securities (26)
------------
Net increase in net assets resulting from
operations $ 295,746
------------
</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
June 30, Year Ended
1999 December 31,
(UNAUDITED) 1998
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 295,772 $ 678,204
Net realized loss on investments
from Series (Note A) (26) (9)
-----------------------------
Net increase in net assets resulting
from operations 295,746 678,195
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (295,772) (678,204)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 2,029,887 8,196,907
Proceeds from reinvestment of
dividends 301,835 678,234
Payments for shares redeemed (1,962,499) (7,486,052)
-----------------------------
Net increase from Trust share
transactions 369,223 1,389,089
-----------------------------
NET INCREASE IN NET ASSETS 369,197 1,389,080
NET ASSETS:
Beginning of period 14,829,521 13,440,441
-----------------------------
End of period $ 15,198,718 $ 14,829,521
-----------------------------
NUMBER OF TRUST SHARES:
Sold 2,029,887 8,196,907
Issued on reinvestment of dividends 301,835 678,234
Redeemed (1,962,499) (7,486,052)
-----------------------------
Net increase in shares outstanding 369,223 1,389,089
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Liquid Asset Portfolio (the "Fund") is a separate operating series
of Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
business trust organized pursuant to a Trust Instrument dated May 23, 1994.
The Trust is currently comprised of 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, 1999). 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 as indicated in the notes
following the Series' Schedule of Investments.
3) TAXES: The Funds are treated as separate entities for U.S. 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 U.S.
Federal income tax purposes as capital loss carryforwards) sufficient to
relieve it from all, or substantially all, U.S. Federal income taxes.
Accordingly, the Fund paid no U.S. Federal income taxes and no provision for
U.S. 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, $496, and $16, expiring in 2002, 2005,
and 2006, respectively, determined as of December 31, 1998), 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, 1999 (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 Inc. ("Management") as its
administrator under an Administration Agreement ("Agreement"). Pursuant to this
Agreement the Fund pays 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.
Management has voluntarily undertaken to reimburse the Fund for its operating
expenses plus 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, 1.00% 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, 1999, such excess
expenses amounted to $12,633.
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 $189.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1999, additions and reductions in the
Fund's investment in its Series amounted to $1,791,448 and $1,874,767,
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,
1999 Year Ended December 31,
(UNAUDITED)(1) 1998(1) 1997(1) 1996(1) 1995(1) 1994
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $.9999 $.9999 $.9999 $1.0000 $ .9997 $1.0009
--------------------------------------------------------------
Income From Investment Operations
Net Investment Income .0198 .0456 .0461 .0443 .0493 .0328
Net Gains or Losses on Securities -- -- -- (.0001 (2) .0003 --
--------------------------------------------------------------
Total From Investment Operations .0198 .0456 .0461 .0442 .0496 .0328
--------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.0198) (.0456) (.0461) (.0443) (.0493) (.0328)
Distributions (from net capital
gains) -- -- -- -- -- (.0012)
--------------------------------------------------------------
Total Distributions (.0198) (.0456) (.0461) (.0443) (.0493) (.0340)
--------------------------------------------------------------
Net Asset Value, End of Period $.9999 $.9999 $.9999 $ .9999 $1.0000 $ .9997
--------------------------------------------------------------
Total Return(3) +1.99%(4) +4.66% +4.71% +4.52% +5.04% +3.46%
--------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 15.2 $ 14.8 $ 13.4 $ 13.5 $ 31.9 $ 5.3
--------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(5) 1.01%(6) 1.01% 1.01% 1.01% 1.02% --
--------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets(7) 1.01%(6) 1.00% 1.00% 1.00% 1.01% 1.02%
--------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 3.99%(6) 4.56% 4.61% 4.44% 4.90% 3.28%
--------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 1999 (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 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 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 Management as described in Note B of Notes
to Financial Statements. Had Management not undertaken such action the
annualized ratios of net expenses to average daily net assets would have
been:
<TABLE>
<CAPTION>
Six Months
Ended
June 30, Year Ended December 31,
1999 1998 1997 1996 1995 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Expenses 1.18% 1.14% 1.12% 1.21% 1.25% 1.03%
</TABLE>
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (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 (14.7%)
$1,765,000 Freddie Mac, Discount Notes,
4.70%-4.78%, due
7/14/99-11/2/99 AGY AGY $ 1,749,654
500,000 Federal Home Loan Bank, Notes,
4.97%, due 2/16/00 AGY AGY 500,000
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 2,249,654
------------
ASSET-BACKED COMMERCIAL PAPER
(7.9%)
700,000 Enterprise Funding Corp.,
5.03%, due 7/1/99 P-1 A-1+ 700,000
500,000 Asset Securitization
Cooperative Corp., Variable
Rate Notes, 5.37%, due 3/28/00 P-1 A-1+ 500,000
------------
TOTAL ASSET-BACKED COMMERCIAL
PAPER 1,200,000
------------
CORPORATE COMMERCIAL PAPER
(66.2%)
720,000 Lucent Technologies, Inc.,
4.95%, due 7/2/99 P-1 A-1 719,901
700,000 Warner-Lambert Co., 5.35%, due
7/2/99 P-1 A-1+ 699,896
710,000 AT&T Corp., 4.93%, due 7/6/99 P-1 A-1+ 709,514
400,000 General Electric Capital
Corp., 5.27%, due 7/6/99 P-1 A-1+ 399,707
670,000 Northern States Power Co.,
5.00%, due 7/7/99 P-1 A-1+ 669,442
725,000 Gannett Co., Inc., 5.00%, due
7/8/99 P-1 A-1+ 724,295
450,000 Ameritech Corp., 5.20%, due
7/9/99 P-1 A-1+ 449,480
640,000 Procter & Gamble Co., 4.95%,
due 7/12/99 P-1 A-1+ 639,032
200,000 Illinois Tool Works, Inc.,
4.79%, due 7/13/99 P-1 A-1+ 199,681
500,000 Florida Power Corp., 4.97%,
due 7/16/99 P-1 A-1+ 498,965
380,000 Kellogg Co., 4.94%, due
7/16/99 P-1 A-1+ 379,218
725,000 BellSouth Telecommunications,
Inc., 4.95%, due 7/21/99 P-1 A-1+ 723,006
630,000 Campbell Soup Co., 5.12%, due
7/22/99 P-1 A-1+ 628,118
500,000 Kredietbank North America
Finance Corp., 4.79%, due
7/26/99 P-1 A-1+ 498,337
550,000 Coca-Cola Co., 5.13%, due
9/7/99 P-1 A-1+ 544,670
700,000 Abbey National North America
Corp., 5.02%, due 9/15/99 P-1 A-1+ 692,581
445,000 Ford Motor Credit Co., 5.04%,
due 9/15/99 P-1 A-1 440,265
500,000 ANZ (Delaware) Inc., 4.80%,
due 9/16/99 P-1 A-1+ 494,867
------------
TOTAL CORPORATE COMMERCIAL
PAPER 10,110,975
------------
CERTIFICATES OF DEPOSIT (6.6%)
500,000 Bank of Montreal, Yankee C.D.,
5.12%, due 4/10/00 P-1 A-1+ 499,887
500,000 Bayerische Hypo-und
Vereinsbank AG, Yankee C.D.,
5.345%, due 5/24/00 P-1 A-1+ 499,806
------------
TOTAL CERTIFICATES OF DEPOSIT 999,693
------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Principal Rating
Amount Moody's S&P Value(1)
- --------- ----------- --------- ------------
<C> <S> <C> <C> <C>
CORPORATE DEBT SECURITIES
(5.2%)
$ 300,000 Merrill Lynch & Co., Variable
Rate Medium-Term Notes, Ser.
B, 4.97875%, due 11/5/99 P-1 A-1+ $ 299,966
500,000 American Express Centurion
Bank, Variable Rate Notes,
5.10%, due 5/8/00 P-1 A-1 500,000
------------
TOTAL CORPORATE DEBT
SECURITIES 799,966
------------
TOTAL INVESTMENTS (100.6%) 15,360,288
Liabilities, less cash,
receivables and other assets
[(0.6%)] (90,291)
------------
TOTAL NET ASSETS (100.0%) $ 15,269,997
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-9
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
1) Investment securities of the Series are valued at amortized cost, which
approximates U.S. 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,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at value* (Note
A) -- see Schedule of Investments $ 15,360,288
Cash 2,787
Receivable for securities sold 379,731
Interest receivable 31,943
Deferred organization costs (Note A) 3,730
Prepaid expenses and other assets 133
--------------
15,778,612
--------------
LIABILITIES
Payable for securities purchased 500,000
Accrued expenses 5,500
Payable to investment manager (Note B) 3,115
--------------
508,615
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 15,269,997
--------------
NET ASSETS consist of:
Paid-in capital $ 15,269,997
--------------
NET ASSETS $ 15,269,997
--------------
*Cost of investments $ 15,360,288
--------------
</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,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Interest income $ 370,672
------------
Expenses:
Investment management fee (Note B) 18,605
Custodian fees (Note B) 11,864
Accounting fees 5,000
Amortization of deferred organization and
initial offering expenses (Note A) 2,214
Trustees' fees and expenses 375
Auditing fees 333
Legal fees 195
Insurance expense 77
Miscellaneous 39
------------
Total expenses 38,702
Expenses reduced by custodian fee expense
offset arrangement (Note B) (189)
------------
Total net expenses 38,513
------------
Net investment income 332,159
------------
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment securities
sold (26)
------------
Net increase in net assets resulting from
operations $ 332,133
------------
</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
1999 December 31,
(UNAUDITED) 1998
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 332,159 $ 745,584
Net realized loss on investments (26) (9)
-----------------------------
Net increase in net assets resulting
from operations 332,133 745,575
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 1,791,448 7,186,759
Reductions (1,874,767) (6,783,897)
-----------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests (83,319) 402,862
-----------------------------
NET INCREASE IN NET ASSETS 248,814 1,148,437
NET ASSETS:
Beginning of period 15,021,183 13,872,746
-----------------------------
End of period $ 15,269,997 $ 15,021,183
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1999 (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 the accrual basis.
Realized gains and losses from securities transactions are recorded on the
basis of identified cost.
4) 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 U.S. Federal income tax purposes and is therefore not subject to U.S.
Federal income tax.
5) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized on a straight-line basis over a five-year
period. At June 30, 1999, the unamortized balance of such expenses amounted
to $3,730.
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 Inc. ("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 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 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 $189.
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>
Six Months
Ended Period from
June 30, May 1, 1995(1) to
1999 Year Ended December 31, December 31,
(UNAUDITED) 1998 1997 1996 1995
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .52%(3) .55% .55% .54% .56%(3)
-------------------------------------------------------------------
Net Expenses .52%(3) .55% .55% .54% .55%(3)
-------------------------------------------------------------------
Net Investment Income 4.46%(3) 5.00% 5.05% 4.88% 5.31%(3)
-------------------------------------------------------------------
Net Assets, End of Period (in millions) $15.3 $15.0 $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-15
