<PAGE>
LIMITED MATURITY BOND PORTFOLIO ONLY
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1995
NBAMTSA60695
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust August 1, 1995
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
The last two years have seen extremely volatile interest rate swings in the
bond markets. The "bulls" ran away in the first three quarters of 1993 only to
have the "bears" take over in 1994. By the beginning of 1995, the "bears" were
in full control. Specifically, yields on 2-year Treasury notes were at 7.7%,
while 30-year Treasury bonds stood at 7.9%. With strong economic growth, and the
threat of rising interest rates, many people predicted 1995 would be a
continuation of the weak 1994 bond market.
Instead, the bond market rallied, with 2-year Treasury note yields falling by
2% from January 1995, through June 30, 1995, and 30-year Treasury bond yields
declining by 1.35% during this same time period. Towards the end of June, the
major question debated was not whether the Federal Reserve Board (Fed) would
lower interest rates, but when. By the end of June, the bond market had
anticipated the latest cut in interest rates by the Fed. In 1995 bonds have had
generous total returns, year-to-date.
During the last few months, we have also seen the widening of corporate bond
spreads (the difference between the yield of a corporate bond and a comparable
maturity Treasury security). By the end of 1994, with the economy at full steam,
corporate bond spreads had narrowed to historically tight levels. But with the
change of sentiment to a slower economy, we finally saw this alleviating and
corporate bond spreads actually widened. AMT Limited Maturity Bond Investments
took advantage of this buying opportunity (one wants to buy corporate bonds when
spreads are wide), and purchased corporate bonds. We added bonds of issuers such
as General Motors, Xerox, International Paper, News America Holdings, AT&T,
Salomon Brothers, Morgan Stanley, and Republic of Poland. We also purchased
mortgage-backed securities issued by agencies of the U.S. Government.
Coming off the bear market of 1994, we entered 1995 at a relatively short
maturity of 2.2 years. Given the uncertainty of the environment, we felt it
prudent to stay close to neutral and kept the weighted average maturity in the
1.9 to 2.4 year range. This conservative maturity generally detracted from
performance, while the actual sector and security selection added value. The net
result was to keep our returns generally in-line with the generous returns of
the Merrill Lynch 1-3 year Treasury Index.
Didi Weinblatt
PORTFOLIO MANAGER
AMT Limited Maturity Bond Investments
2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 357,478,182
Receivable for Trust shares sold 3,109,855
-------------
360,588,037
-------------
LIABILITIES
Payable for Trust shares redeemed 629,622
Payable to administrator (Note B) 118,569
Accrued expenses 113,170
-------------
861,361
-------------
NET ASSETS at value $ 359,726,676
-------------
NET ASSETS consist of:
Par value $ 25,511
Paid-in capital in excess of par value 357,649,705
Accumulated undistributed net investment
income 10,438,556
Accumulated net realized losses on
investment (10,046,258)
Net unrealized appreciation in value of
investment 1,659,162
-------------
NET ASSETS at value $ 359,726,676
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 25,511,158
-------------
NET ASSET VALUE, offering and redemption price per
share $14.10
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1995
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Interest $ 7,835,101
Investment income from Series (Note A) 4,058,536
------------
Total investment income 11,893,637
------------
Expenses:
Investment advisory fee (Note B) 577,021
Administration fee (Note B) 240,634
Shareholder reports 66,811
Custodian fees 50,177
Distribution fees (Note B) 32,389
Legal fees 26,759
Auditing fees 10,298
Trustees' fees and expenses 7,946
Insurance expense 6,112
Registration and filing fees 639
Miscellaneous 4,475
Expenses from Series (Note A) 191,247
------------
Total expenses 1,214,508
------------
Net investment income 10,679,129
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investments (1,225,120)
Net realized gain on investments from Series
(Note A) 39
Change in net unrealized depreciation of
investments 8,130,006
Net unrealized appreciation of investments
from Series (Note A) 4,044,638
------------
Net gain on investments 10,949,563
------------
Net increase in net assets resulting from
operations $21,628,692
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
Six Months
Ended
June 30 Year Ended
1995 December 31,
(UNAUDITED) 1994
------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 10,679,129 $ 19,596,399
Net realized loss on investments sold (Note A) (1,225,081) (8,821,143)
Change in net unrealized appreciation
(depreciation) of investments (Note A) 12,174,644 (11,234,402)
------------------------------
Net increase (decrease) in net assets
resulting from operations 21,628,692 (459,146)
------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (19,650,042) (13,651,429)
Net realized gain on investments -- (1,798,366)
------------------------------
Total distributions to shareholders (19,650,042) (15,449,795)
------------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 77,312,679 180,356,650
Proceeds from reinvestment of dividends and
distributions 19,650,042 15,449,795
Payments for shares redeemed (84,052,481) (178,588,207)
------------------------------
Net increase from Trust share transactions 12,910,240 17,218,238
------------------------------
NET INCREASE IN NET ASSETS 14,888,890 1,309,297
NET ASSETS:
Beginning of period 344,837,786 343,528,489
------------------------------
End of period $ 359,726,676 $ 344,837,786
------------------------------
Accumulated undistributed net investment
income at end of period $ 10,438,556 $ 19,409,469
------------------------------
NUMBER OF TRUST SHARES:
Sold 5,504,355 12,801,076
Issued on reinvestment of dividends and
distributions 1,443,794 1,097,286
Redeemed (6,027,719) (12,746,474)
------------------------------
Net increase in shares outstanding 920,430 1,151,888
------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Limited Maturity Bond Portfolio (the "Fund") is a separate 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 six separate funds (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 predecessors of the Funds
were converted into the Funds after the close of business on April 28, 1995
(the "conversion"); these conversions were approved by the shareholders of
the predecessors of the Funds in August, 1994. 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 the AMT Limited Maturity Bond 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, 1995). 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: Investments in the Series of Advisers Managers Trust 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 taxable income (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 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 that the Fund's net realized capital gains,
if any, can be offset by capital loss carryforwards ($7,436,743 expiring in
2002, determined as of December 31, 1994), 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 distributions in excess
of accumulated net realized gains.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
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 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 AND DISTRIBUTION FEES 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 ("Management") as
its administrator under an Administration Agreement ("Agreement") dated as of
May 1, 1995. The Fund pays Management an administration fee pursuant to this
Agreement, at the annual rate of .40% of the Fund's average daily net assets and
indirectly pays for investment management services through its investment in the
Series. (See Note B of Notes to Financial Statements of the Series.) Prior to
conversion, the predecessor of the Fund paid to Management for investment
advisory and administrative services a fee at the annual rate of .50% of its
average daily net assets.
On April 16, 1993, the shareholders of the Trust adopted a distribution plan
("Plan") which provided that the predecessor to the Trust, on behalf of any of
its series, could reimburse Management after each calendar quarter for certain
distribution expenses in an amount not to exceed .25%, on an annual basis, of
that series' average daily net assets as of the close of such calendar quarter.
The Plan became effective on May 1, 1993, was implemented on November 1, 1993,
and was terminated on April 30, 1995. For the period ended April 30, 1995, the
Fund paid $32,389 for such expense. 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 and its pro rata share of its Series' operating expenses (excluding the
compensation of Management under the Administration Agreement and the Series'
Management Agreement, interest, taxes, brokerage commissions, extraordinary
expenses, transaction costs, and any payments to Management pursuant to the
Plan) 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 sixty (60) days' prior written notice to the Fund as it was for its
predecessor prior to the conversion. For the six months ended June 30, 1995, no
reimbursement to the Fund or its predecessor was required.
All of the capital stock of Management is owned by individuals who are also
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and the sub-adviser to the Series. Several individuals
who are officers and/or trustees of the Trust are also partners of Neuberger
and/or officers and/or directors of Management.
NOTE C -- INVESTMENT TRANSACTIONS:
During the period May 1, 1995 to June 30, 1995, additions and reductions to
the Fund's investment in its Series amounted to $10,552,939 and $19,801,064,
respectively.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
NOTE D -- SECURITIES TRANSACTIONS:
Prior to conversion, there were purchase and sale transactions (excluding
short-term securities) of $84,433,166 and $91,717,854, respectively, during the
period from January 1, 1995 to April 30, 1995. Transactions occurring subsequent
to the conversion are accounted for by Advisers Managers Trust.
NOTE E -- 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.
8
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
The following table includes selected data for a share outstanding
throughout each period and other performance information derived from the
Financial Statements. It should be read in conjunction with its Series'
Financial Statements and notes thereto.(1)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1995 YEAR ENDED DECEMBER 31,
(UNAUDITED)(2) 1994 1993 1992 1991 1990
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $14.02 $14.66 $14.33 $14.32 $13.62 $13.48
---------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .43 .78 .84 1.03 1.04 1.15
Net Gains or Losses on Securities
(both realized and unrealized) .43 (.80) .08 (.33) .43 (.10)(3)
---------------------------------------------------------------------
Total From Investment Operations .86 (.02) .92 .70 1.47 1.05
---------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.78) (.55) (.52) (.66) (.77) (.91)
Distributions (from capital gains) -- (.07) (.07) (.03) -- --
---------------------------------------------------------------------
Total Distributions (.78) (.62) (.59) (.69) (.77) (.91)
---------------------------------------------------------------------
Net Asset Value, End of Period $14.10 $14.02 $14.66 $14.33 $14.32 $13.62
---------------------------------------------------------------------
Total Return+ +6.34%(4) -.15% +6.63% +5.18% +11.34% +8.32%
---------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $359.7 $344.8 $343.5 $187.0 $ 83.0 $ 46.0
---------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets .69%(5) .66% .64% .64% .68% .76%
---------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 6.08%(5) 5.42% 5.19% 5.80% 6.61% 7.66%
---------------------------------------------------------------------
Portfolio Turnover Rate(6) 26% 90% 159% 114% 77% 124%
---------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
9
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
1) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each 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 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 in relation to fluctuating market values for the Fund.
4) Not annualized.
5) Annualized.
6) The Fund transferred all of its investment securities into its Series on
April 28, 1995. After that date the Fund invested only in its Series and that
Series, rather than the Fund, engaged in securities transactions. Therefore,
after that date the Fund had no portfolio turnover rate. Portfolio turnover
rates for periods after April 28, 1995 are included in AMT Limited Maturity
Bond Investments' Financial Highlights, presented elsewhere in this report.
+ 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 period,
and assumes dividends and capital gain 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 periods shown.
10
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING MARKET
AMOUNT MOODY'S S&P VALUE(1)
------------ ------- ------- ---------------
<C> <S> <C> <C> <C>
U.S. TREASURY SECURITIES (30.0%)
$ 30,690,000 U.S. Treasury Notes, 6.50%, due 8/15/97 TSY TSY $ 31,066,873
15,000,000 U.S. Treasury Notes, 5.75%, due 10/31/97 TSY TSY 14,959,950
4,210,000 U.S. Treasury Notes, 6.00%, due 11/30/97 TSY TSY 4,220,904
10,320,000 U.S. Treasury Notes, 7.25%, due 2/15/98 TSY TSY 10,654,781
6,460,000 U.S. Treasury Notes, 5.125%, due 6/30/98 TSY TSY 6,320,981
6,000,000 U.S. Treasury Notes, 7.75%, due 11/30/99 TSY TSY 6,397,140
28,375,000 U.S. Treasury Notes, 7.75%, due 1/31/00 TSY TSY 30,305,635
3,300,000 U.S. Treasury Notes, 6.75%, due 4/30/00 TSY TSY 3,398,505
---------------
TOTAL U.S. TREASURY SECURITIES (COST $104,740,335) 107,324,769
---------------
U.S. GOVERNMENT AGENCY SECURITIES (0.0%)
75,000 Federal Home Loan Mortgage Corp., Discount Notes, 5.85%,
due 7/20/95 (COST $74,768) AGY AGY 74,768(2)
---------------
MORTGAGE-BACKED SECURITIES (10.4%)
FEDERAL HOME LOAN MORTGAGE CORP.
1,192,811 REMIC Floating Rate Note CMO, Ser. 1270-F, 6.475%, due
5/15/97 AGY AGY 1,189,650
137,215 REMIC PAC CMO, Ser. 1299-B, 6.472%, due 6/15/97 AGY AGY 136,901
14,770,418 Giant Mortgage Participation Certificates, 7.50%, due 5/1/00 AGY AGY 15,042,636
346,860 ARM Certificates, 7.125%, due 3/1/17 AGY AGY 347,944
236,095 ARM Certificates, 7.375%, due 4/1/17 AGY AGY 237,276
112,846 Mortgage Participation Certificates, 10.00%, due 4/1/20 AGY AGY 121,344
FEDERAL NATIONAL MORTGAGE ASSOCIATION
1,119,065 Balloon Payment, Certificates, 9.00%, due 3/1/97-2/1/98 AGY AGY 1,152,637
512,388 Balloon Payment, Certificates, 8.50%, due 10/1/97-11/1/98 AGY AGY 526,802
9,665,133 Balloon Payment, Certificates, 8.00%, due 9/1/01 AGY AGY 9,906,761
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
2,315,461 Pass-Through Certificates, 10.00%, due 8/15/15-4/15/20 AGY AGY 2,523,852
5,747,900 Pass-Through Certificates, 9.50%, due 9/15/09-5/15/22 AGY AGY 6,098,177
---------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $36,834,940) 37,283,980
---------------
ASSET-BACKED SECURITIES (20.3%)
488,994 General Motors Acceptance Corp. Grantor Trust, Automobile
Loan Pass-Through Certificates, Ser. 1992-D, 5.55%, due
5/15/97 Aaa AAA 488,066
306,300 Nissan Auto Receivables Grantor Trust, Automobile Loan
Pass-Through Certificates, Ser. 1992-A, 5.30%, due 5/15/97 Aaa AAA 305,534
</TABLE>
11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING MARKET
AMOUNT MOODY'S S&P VALUE(1)
------------ ------- ------- ---------------
<C> <S> <C> <C> <C>
$ 3,000,000 Capital Auto Receivables Asset Trust, Ser. 1993-1, Class
A-7, 5.35%, due 2/17/98 Aaa AAA $ 2,981,700
795,784 Case Equipment Loan Trust, Ser. 1992, Class A-2, 5.40%, due
6/15/98 Aaa AAA 798,625
587,231 Volvo Grantor Trust, Automobile Loan Pass-Through
Certificates, Ser. 1992-A, 4.65%, due 6/15/98 Aaa AAA 582,240
10,000,000 MBNA Master Credit Card Trust, Ser. 1993-2A, Floating Rate
Certificates, 6.2125%, due 7/15/98 Aaa AAA 10,006,000
2,664,663 Daimler-Benz Auto Grantor Trust, Ser. 1993-A, 3.90%, due
10/15/98 Aaa AAA 2,624,693
5,000,000 Ford Credit Auto Loan Master Trust, Automobile Loan
Certificates, Ser. 1992-2, 7.375%, due 4/15/99 Aaa AAA 5,101,000
6,968,603 Nissan Auto Receivables Grantor Trust, Automobile Loan
Pass-Through Certificates, Ser. 1994-A, Class A, 6.45%, due
9/15/99 Aaa AAA 6,999,753
4,531,953 USAA Auto Loan Grantor Trust, Automobile Loan Pass-Through
Certificates, Ser. 1994-1, 5.00%, due 11/15/99 Aaa AAA 4,488,899
10,000,000 Premier Auto Trust, Ser. 1994-2, Class A-3, 6.35%, due
5/2/00 Aaa AAA 10,025,900
7,332,860 Caterpillar Financial Asset Trust, Ser. 1994-A, Class A-2,
6.10%, due 6/25/00 Aaa AAA 7,347,306
2,746,423 John Deere Owner Trust, Ser. 1993-B, Class A-2, 4.10%, due
10/15/00 Aaa AAA 2,715,855
10,000,000 IBM Credit Receivables Lease Asset Master Trust, Ser.
1994-1, Class A-2, 6.55%, due 7/15/01 Aaa AAA 10,115,000
7,741,655 Case Equipment Loan Trust, Ser. 1995-A, 7.30%, due 3/15/02 Aaa AAA 7,877,056
---------------
TOTAL ASSET-BACKED SECURITIES (COST $72,322,691) 72,457,627
---------------
BANKS & FINANCIAL INSTITUTIONS (23.3%)
4,000,000 Salomon Inc., Medium-Term Notes, 9.50%, due 9/15/95 Baa1 BBB+ 4,023,200
10,000,000 Chrysler Financial Corp., Corporate Notes, 6.00%, due
4/15/96 A3 A- 9,984,700
4,000,000 Bayerische Landesbank Girozentrale, Yankee C.D., 6.30%, due
5/22/96 P-1 A-1+ 4,000,000
5,500,000 AT&T Capital Corp., Medium-Term Notes, 6.99%, due 10/12/96 A3 A 5,559,400
7,000,000 Society National Bank, Bank Notes, 6.875%, due 10/15/96 Aa3 A 7,058,660
2,000,000 Chase Manhattan Corp., Medium-Term Notes, 8.15%, due 2/3/97 A2 A 2,053,580
5,000,000 Salomon Inc., Medium-Term Notes, Ser. D, 8.62%, due 2/17/97 Baa1 BBB+ 5,155,450
8,000,000 BankAmerica Corp., Corporate Notes, 7.50%, due 3/15/97 A2 A 8,164,160
2,080,000 Chase Manhattan Corp., Medium-Term Notes, 8.31%, due 3/17/97 A2 A 2,145,645
5,000,000 International Lease Finance Corp., Medium-Term Notes, 5.54%,
due 5/27/97 A2 A+ 4,944,200
5,000,000 Morgan Stanley Group Inc., Floating Rate, Global Medium-Term
Notes, Ser. C, 6.3325%, due 5/18/98 A1 A+ 4,993,550
4,050,000 Kansallis-Osake-Pankki, Yankee Notes, 9.75%, due 12/15/98 A3 BBB- 4,399,231
</TABLE>
12
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING MARKET
AMOUNT MOODY'S S&P VALUE(1)
------------ ------- ------- ---------------
<C> <S> <C> <C> <C>
$ 1,090,000 Household Finance Corp., Senior Subordinated Notes, 9.55%,
due 4/1/00 A3 A- $ 1,209,497
10,000,000 Xerox Credit Corp., Medium-Term Notes, 6.84%, due 6/1/00 A2 A 10,002,900
9,000,000 General Motors Acceptance Corp., Medium-Term Notes, 8.25%,
due 2/8/01 A3 BBB+ 9,557,820
---------------
TOTAL BANKS & FINANCIAL INSTITUTIONS (COST $84,021,786) 83,251,993
---------------
CORPORATE DEBT SECURITIES (15.7%)
3,000,000 Mobil Corp., Corporate Notes, 6.75%, due 10/1/95 Aa2 AA 3,003,450
5,000,000 International Paper Co., Notes, 9.625%, due 10/15/95 A3 A- 5,048,050
2,000,000 du Pont (E.I.), de Nemours & Co., Medium-Term Notes, 8.50%,
due 12/15/95 Aa3 AA- 2,022,260
5,000,000 Hanson Overseas B.V., Yankee Guaranteed Senior Notes, 5.50%,
due 1/15/96 A1 A+ 4,989,450
10,000,000 Lockheed Corp., Medium-Term Notes, 4.875%, due 2/15/96 A2 A+ 9,930,400
5,000,000 McDonnell-Douglas Corp., Floating Rate, Medium-Term Notes,
6.3225%, due 5/28/96 Baa3 BBB 4,984,600
1,000,000 du Pont (E.I.), de Nemours & Co., Medium-Term Notes, 8.45%,
due 10/15/96 Aa3 AA- 1,025,590
8,955,000 Boise Cascade Corp., Corporate Notes, 9.625%, due 7/15/98 Baa3 BB+ 8,963,238
5,000,000 Tenneco Inc., Medium-Term Notes, 10.00%, due 8/1/98 Baa2 BBB- 5,462,400
6,000,000 News America Holdings Inc., Senior Notes, 9.125%, due
10/15/99 Ba1 BBB- 6,480,000
4,000,000 The Republic of Poland, Eurodollar Notes, 7.75%, due 7/13/00 Baa3 BB 3,986,960(3)
---------------
TOTAL CORPORATE DEBT SECURITIES (COST $56,635,853) 55,896,398
---------------
TOTAL INVESTMENTS (99.7%) (COST $354,630,373) 356,289,535(4)
Cash, receivables and other assets, less liabilities (0.3%) 1,188,648
---------------
TOTAL NET ASSETS (100.0%) $ 357,478,183
---------------
</TABLE>
13
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
1) Investment securities of the Series are valued daily by obtaining bid price
quotations from independent pricing services on selected securities available
in each service's data base. For all other securities requiring daily
quotations, bid prices are obtained from principal market makers in those
securities. Short-term investments with less than sixty days until maturity
at the time of purchase are valued at cost which, when combined with interest
earned, approximates market value.
2) At cost, which approximates market value.
3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 1995,
this security amounted to $3,986,960 or 1.1% of the Series' net assets.
4) At June 30, 1995, the cost of investments for Federal income tax purposes was
$354,772,506. Gross unrealized appreciation of investments was $4,409,250 and
gross unrealized depreciation of investments was $2,892,221, resulting in net
unrealized appreciation of $1,517,029, based on cost for Federal income tax
purposes.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
June 30,
1995
(UNAUDITED)
-------------
<S> <C>
ASSETS
Investments in securities, at market value
*(Note A) -- see Schedule of Investments $ 356,289,535
Cash 4,817
Interest receivable 5,225,254
Deferred organization costs (Note A) 72,031
Prepaid expenses and other assets 17,623
Receivable for securities sold 13,598
-------------
361,622,858
-------------
LIABILITIES
Payable for securities purchased 3,998,680
Payable to investment manager (Note B) 74,152
Accrued organization costs (Note A) 48,668
Accrued expenses 23,175
-------------
4,144,675
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 357,478,183
-------------
NET ASSETS consist of:
Paid-in capital $ 355,819,021
Net unrealized appreciation in value of
investments 1,659,162
-------------
NET ASSETS $ 357,478,183
-------------
*Cost of investments $ 354,630,373
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
For the
Period from
May 1, 1995
(Commencement
of
Operations)
to June 30,
1995
(UNAUDITED)
-------------
<S> <C>
INVESTMENT INCOME
Interest income $4,058,536
-------------
Expenses:
Investment management fee (Note B) 150,493
Custodian fees 24,184
Legal fees 4,630
Auditing fees 3,250
Insurance expense 3,107
Amortization of deferred organization and
initial offering expenses (Note A) 2,488
Accounting fees 1,667
Trustees' fees and expenses 1,428
-------------
Total expenses 191,247
-------------
Net investment income 3,867,289
-------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments sold 39
Net unrealized appreciation of investments 4,044,638
-------------
Net gain on investments 4,044,677
-------------
Net increase in net assets resulting from
operations $7,911,966
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
----------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 3,867,289
Net realized gain on investments
sold 39
Net unrealized appreciation of
investments 4,044,638
----------------
Net increase in net assets resulting
from operations 7,911,966
----------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 10,552,940
Reductions (19,801,064)
----------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (9,248,124)
----------------
NET DECREASE IN NET ASSETS (1,336,158)
NET ASSETS:
Initial contribution 358,814,341
----------------
End of period $357,478,183
----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Limited Maturity Bond Investments (the "Series") is a separate
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 series. Managers Trust is registered as a diversified, open-end
management investment company under the Investment Company Act of 1940, as
amended. After the close of business on April 28, 1995, each series of
Neuberger&Berman Advisers Management Trust (the "Trust") invested all of its
net investable assets (cash, securities, and receivables relating to
securities) in a corresponding series of Managers Trust, receiving a
beneficial interest in that series.
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: 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 on short-term investments (adjusted for original issue discount,
where applicable), 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) 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, 1995, the unamortized balance of such
expenses amounted to $72,031. The accrued organization costs are payable to
Neuberger&Berman Management Incorporated ("Management"), the investment
manager of the Series.
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 Management as its investment manager under a Management
Agreement ("Agreement") dated as of May 1, 1995. 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
general partners of Neuberger& Berman, L.P. ("Neuberger"), a member firm of The
New York Stock Exchange and the sub-adviser to the Series, retained by
Management to furnish it with investment recommendations and research
information without cost to the Series. Several individuals who are officers
and/or trustees of Managers Trust are also partners of Neuberger and/or officers
and/or directors of Management.
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
NOTE C -- SECURITIES TRANSACTIONS:
During the period from May 1, 1995 (commencement of operations) to June 30,
1995, there were purchase and sale transactions (excluding short-term
securities) of $50,264,198 and $19,516,307, respectively.
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.
19
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
--------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
(Commencement
of Operations)
to June 30,
1995
(UNAUDITED)
----------------
<S> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .32%(1)
----------------
Net Investment Income 6.42%(1)
----------------
Portfolio Turnover Rate 6%
----------------
Net Assets, End of Period (in millions) $357.5
----------------
</TABLE>
1) Annualized.
20
