<PAGE>
LIMITED MATURITY BOND PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
NBAMTSA60696
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust August 9, 1996
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
The bond market suffered through a rather dismal six-month period through
June 30, 1996 as the "bears" took over. Interest rates rose dramatically across
the yield curve as U.S. economic growth rebounded, rekindling fears of future
inflationary pressures. Rates on Treasury securities with maturities of 2
through 30 years rose approximately 1.0%, resulting in negative total returns
for any bonds longer than 3 years. The bulk of the rise in rates occurred during
a two-and-a-half week period beginning in mid-February. The sell-off was
initially triggered by Federal Reserve Board Chairman Alan Greenspan's comments
that economic growth was probably stronger than the market was anticipating. The
subsequent Labor Department report that over 700,000 new jobs were created in
February confirmed the market's fears and drove yields higher. The Portfolio's
return was impacted most heavily by the sharp rise in rates, despite the fact
that we shortened the portfolio's duration (duration is a measure of the
portfolio's exposure to interest rate risk) during the first quarter. The
positions in corporate bonds, asset-backed securities and mortgage securities
outperformed Treasuries and offset some of the poor results from Treasury
securities.
We lowered the average portfolio duration from 2.9 years to 2.6 years during
February, and shortened it again to 2.3 years before the end of the first
quarter. These moves were made in response to our view that the positive bond
market environment that prevailed in 1995 had come to an end with the dramatic
turnaround from the economy's weak fourth quarter 1995 performance. Our view
this summer is that while it is yet to be seen if inflation will re-ignite, the
market may continue to push rates higher until growth slows and some slack in
both labor and industrial capacity is created. With that view in mind, we ended
the first half of 1996 with a cautious duration position of 2.3 years.
We added significantly to our corporate position, increasing our allocation
to 54% from 31%. While the corporate bond market as a whole remained relatively
expensive, we were still able to find individual bonds that offered good
relative value. These attractive names tended to be lower investment grade or
just below investment grade credit quality. Our more optimistic view of the
economy was also a key factor in our decision to increase the corporate
allocation in the portfolio, since we felt many corporations would experience
higher earnings which in turn would ensure bond payments to investors (and
perhaps credit-quality upgrades), reducing the probability of defaults. We
maintained a relatively heavy 23% weighting in asset-backed securities
throughout most of the Semi-Annual Report period, which provided incremental
yield and AAA-rated credit quality. We closely followed the rise in consumer
delinquencies on the collateral backing for these bonds and were convinced that
the credit risk on these issues was extremely low.
Our mortgage position was increased to 6% of the portfolio by the end of
June in response to our changed view of interest rates in February. Mortgage
bonds tend to hold up better in rising rate environments because homeowners are
less tempted to refinance their mortgages, a consumer action that often causes
mortgage bonds to prepay and lose value.
The use of futures to manage interest rate risk was our main use of
derivatives within the portfolio over the Semi-Annual Report period. We wanted
to offset some of the interest rate risk in our heavy corporate bond weighting.
We accomplished this hedging strategy by holding a short position(1) in the
futures contracts(2) of 5- and 10-year Treasuries.
2
<PAGE>
We believe the U.S. economy is still in excellent shape, and corporate credit
quality may remain at a relatively high level, supporting corporate bond values.
We also believe that interest rates could continue to rise over the near term in
response to what might be a cyclical upturn in inflation. However, we believe
the long-term secular disinflationary trend that we've seen in recent years
remains intact, and eventually bonds should once again provide income and total
return solidly above the levels of inflation.
Thomas Wolfe
PORTFOLIO CO-MANAGER
AMT Limited Maturity Bond Investments
(1)A technique used to take advantage of an anticipated decline in bond prices.
(2)Agreements to buy or sell a specific amount of a bond on a stipulated future
date.
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 247,653,060
Receivable for Trust shares sold 329,489
--------------
247,982,549
--------------
LIABILITIES
Payable for Trust shares redeemed 751,879
Payable to administrator (Note B) 80,590
Accrued expenses 32,959
--------------
865,428
--------------
NET ASSETS at value $ 247,117,121
--------------
NET ASSETS consist of:
Par value $ 18,287
Paid-in capital in excess of par value 250,715,831
Accumulated undistributed net investment
income 7,081,480
Accumulated net realized losses on
investment (6,474,506)
Net unrealized depreciation in value of
investment (4,223,971)
--------------
NET ASSETS at value $ 247,117,121
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 18,286,839
--------------
NET ASSET VALUE, offering and redemption price per
share $13.51
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 8,143,146
--------------
Expenses:
Administration fee (Note B) 487,399
Shareholder reports 27,451
Legal fees 15,195
Custodian fees 5,000
Trustees' fees and expenses 2,161
Auditing fees 1,243
Registration and filing fees 50
Miscellaneous 4,258
Expenses from Series (Notes A & B) 405,467
--------------
Total expenses 948,224
--------------
Net investment income 7,194,922
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized gain on investment securities 23,941
Net realized gain on financial futures
contracts 457,527
Change in net unrealized appreciation
(depreciation) of investment securities (6,443,686)
Net unrealized depreciation of financial
futures contracts (383,531)
--------------
Net loss on investments from Series (Note
A) (6,345,749)
--------------
Net increase in net assets resulting from
operations $ 849,173
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1996 December 31,
(UNAUDITED) 1995
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 7,194,922 $ 20,717,280
Net realized gain on investments
from Series (Note A) 481,468 1,865,204
Change in net unrealized
appreciation (depreciation) of
investments from Series (Note A) (6,827,217) 13,118,728
-------------------------------
Net increase in net assets resulting
from operations 849,173 35,701,212
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (20,590,149) (19,650,042)
-------------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 40,530,685 134,637,958
Proceeds from reinvestment of
dividends 20,590,149 19,650,042
Payments for shares redeemed (33,161,182) (276,278,511)
-------------------------------
Net increase (decrease) from Trust
share transactions 27,959,652 (121,990,511)
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 8,218,676 (105,939,341)
NET ASSETS:
Beginning of period 238,898,445 344,837,786
-------------------------------
End of period $ 247,117,121 $ 238,898,445
-------------------------------
Accumulated undistributed net
investment income at end of period $ 7,081,480 $ 20,476,707
-------------------------------
NUMBER OF TRUST SHARES:
Sold 2,905,849 9,484,647
Issued on reinvestment of dividends 1,528,593 1,443,794
Redeemed (2,391,562) (19,275,210)
-------------------------------
Net increase (decrease) in shares
outstanding 2,042,880 (8,346,769)
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Limited Maturity Bond 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 six separate operating series
(the "Funds"). The Trust is registered as a diversified, open-end management
investment company under the Investment Company Act of 1940, as amended, and
its shares are registered under the Securities Act of 1933, as amended. The
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 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, 1996). The performance of the Fund is directly affected by
the performance of the Series. The financial statements of the Series,
including the Schedule of Investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements.
2) PORTFOLIO VALUATION: The Fund records its investment in the Series at value.
Investment securities held by the Series are valued by Advisers Managers
Trust as indicated in the notes following the Series' Schedule of
Investments.
3) FEDERAL INCOME TAXES: The Fund and the other series of the Trust are treated
as separate entities for Federal income tax purposes. It is the policy of the
Fund to continue to qualify as a regulated investment company by complying
with the provisions available to certain investment companies, as defined in
applicable sections of the Internal Revenue Code, and to make distributions
of investment company taxable income and net capital gains (after reduction
for any amounts available for Federal income tax purposes as capital loss
carryforwards) sufficient to relieve it from all, or substantially all,
Federal income taxes. Accordingly, the Fund paid no Federal income taxes and
no provision for Federal income taxes was required.
4) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of
Series expenses, daily on its investment in the Series. Dividends and
distributions from net realized capital gains, if any, are normally
distributed in February. Income dividends and capital gain distributions to
shareholders are recorded on the ex-dividend date. To the extent the Fund's
net realized capital gains, if any, can be offset by capital loss
carryforwards ($6,955,974 expiring in 2002, determined as of December 31,
1995), 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
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
in the recognition or classification of income between the financial
statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains.
5) EXPENSE ALLOCATION: Expenses directly attributable to a fund are charged to
that fund. Expenses not directly attributed to a fund are allocated, on the
basis of relative net assets, to each of the funds of the Trust.
6) OTHER: All net investment income and realized and unrealized capital gains
and losses of the Series are allocated pro rata among the Fund and any other
investors in the Series.
NOTE B -- ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS, AND OTHER TRANSACTIONS
WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life insurance
policies issued through separate accounts of life insurance companies.
The Fund retains Neuberger&Berman Management Incorporated ("Management") as
its administrator under an Administration Agreement ("Agreement") dated as of
May 1, 1995. Pursuant to this Agreement the Fund pays Management an
administration fee at the annual rate of .40% of the Fund's average daily net
assets 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. Effective May 1, 1995, the trustees of the
Trust adopted a non-fee distribution plan for each series of the Trust.
Management has voluntarily undertaken to limit the Fund's expenses by
reimbursing the Fund for its operating expenses and its pro rata share of its
Series' operating expenses (excluding the compensation of Management under the
Administration Agreement and the Series' Management Agreement, interest, taxes,
brokerage commissions, extraordinary expenses, and transaction costs) which
exceed, in the aggregate, 1% per annum of the Fund's average daily net assets.
This undertaking is subject to termination by Management upon at least 60 days'
prior written notice to the Fund, as it was for its predecessor prior to the
conversion. For the six months ended June 30, 1996, no reimbursement to the Fund
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 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.
The Series has an expense offset arrangement included in its custodian
contract. The impact of this arrangement reflected in the Statement of
Operations, under the caption Expenses from Series, is less than .01% of the
Fund's average daily net assets.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1996, additions and reductions in the
Fund's investment in its Series amounted to $28,669,462 and $108,031,394,
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.
9
<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,
1996 Year Ended December 31,
(UNAUDITED)(2) 1995(2) 1994 1993 1992 1991
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $14.71 $ 14.02 $ 14.66 $ 14.33 $ 14.32 $ 13.62
------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .49 .82 .78 .84 1.03 1.04
Net Gains or Losses on Securities
(both realized and unrealized) (.45) .65 (.80) .08 (.33) .43
------------------------------------------------------------------------
Total From Investment Operations .04 1.47 (.02) .92 .70 1.47
------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (1.24) (.78) (.55) (.52) (.66) (.77)
Distributions (from capital gains) -- -- (.07) (.07) (.03) --
------------------------------------------------------------------------
Total Distributions (1.24) (.78) (.62) (.59) (.69) (.77)
------------------------------------------------------------------------
Net Asset Value, End of Period $13.51 $ 14.71 $ 14.02 $ 14.66 $ 14.33 $ 14.32
------------------------------------------------------------------------
Total Return+ +0.30%(3) +10.94% -0.15% +6.63% +5.18% +11.34%
------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $247.1 $ 238.9 $ 344.8 $ 343.5 $ 187.0 $ 83.0
------------------------------------------------------------------------
Ratio of Expenses to Average Net
Assets .78%(4) .71% .66% .64% .64% .68%
------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 5.89%(4) 5.99% 5.42% 5.19% 5.80% 6.61%
------------------------------------------------------------------------
Portfolio Turnover Rate(5) -- 27% 90% 159% 114% 77%
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
10
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1996 (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)Not annualized.
4)Annualized.
5)The Fund transferred all of its investment securities into its Series on April
28, 1995. After that date the Fund invested only in its Series and that
Series, rather than the Fund, engaged in securities transactions. Therefore,
after that date the Fund had no portfolio turnover rate. Portfolio turnover
rates for the periods ending after April 28, 1995 are included elsewhere in
AMT Limited Maturity Bond Investments' Financial Highlights.
+ 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.
11
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (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
(1.1%)
$ 10,000 U.S. Treasury Notes, 5.75%,
due 10/31/97 TSY TSY $ 9,979
735,000 U.S. Treasury Notes, 6.00%,
due 11/30/97 TSY TSY 735,441
2,000,000 U.S. Treasury Notes, 7.75%,
due 1/31/00 TSY TSY 2,085,080
------------
TOTAL U.S. TREASURY SECURITIES
(COST $2,790,610) 2,830,500
------------
U.S. GOVERNMENT AGENCY
SECURITIES (14.3%)
11,155,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.17%,
due 7/5/96 AGY AGY 11,143,622
13,010,000 Federal National Mortgage
Association, Discount Notes,
5.28%, due 8/14/96 AGY AGY 12,920,491
11,470,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.28%,
due 8/19/96 AGY AGY 11,382,713
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES (COST $35,462,203) 35,446,826
------------
MORTGAGE-BACKED SECURITIES
(5.9%)
FEDERAL HOME LOAN MORTGAGE CORP.
1,094,428 REMIC Floating Rate CMO, Ser.
1270-F, 5.85%, due 5/15/97 AGY AGY 1,095,314
290,425 ARM Certificates, 6.629%, due
3/1/17 AGY AGY 291,878
199,034 ARM Certificates, 6.375%, due
4/1/17 AGY AGY 199,657
85,786 Mortgage Participation
Certificates, 10.00%, due
4/1/20 AGY AGY 91,955
FEDERAL NATIONAL MORTGAGE ASSOCIATION
811,887 Balloon Payment, Certificates,
9.00%, due 3/1/97-2/1/98 AGY AGY 830,154
443,641 Balloon Payment, Certificates,
8.50%, due 10/1/97-11/1/98 AGY AGY 452,651
4,870,000 Pass-Through Certificates,
7.50%, TBA, 15 Year Maturity AGY AGY 4,892,828
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
1,771,652 Pass-Through Certificates,
10.00%, due 8/15/15-4/15/20 AGY AGY 1,932,217
4,453,206 Pass-Through Certificates,
9.50%, due 9/15/09-5/15/22 AGY AGY 4,759,364
------------
TOTAL MORTGAGE-BACKED
SECURITIES (COST $14,472,416) 14,546,018
------------
ASSET-BACKED SECURITIES
(25.3%)
140,942 Volvo Auto Receivables Grantor
Trust, Automobile Loan
Pass-Through Certificates,
Ser. 1992-A, 4.65%, due
6/15/98 Aaa AAA 140,230
1,005,536 Daimler-Benz Auto Grantor
Trust, Ser. 1993-A, Class A,
3.90%, due 10/15/98 Aaa AAA 997,692
3,663,147 Nissan Auto Receivables
Grantor Trust, Automobile Loan
Pass-Through Certificates,
Ser. 1994-A, Class A, 6.45%,
due 9/15/99 Aaa AAA 3,675,235
2,019,156 USAA Auto Loan Grantor Trust,
Automobile Loan Pass-Through
Certificates, Ser. 1994-1,
5.00%, due 11/15/99 Aaa AAA 2,011,685
5,361,184 Premier Auto Trust, Ser.
1994-2, Class A-3, 6.35%, due
5/2/00 Aaa AAA 5,374,802
3,017,982 Caterpillar Financial Asset
Trust, Ser. 1994-A, Class A-2,
6.10%, due 6/25/00 Aaa AAA 3,022,359
</TABLE>
12
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING MARKET
AMOUNT MOODY'S S&P VALUE(1)
- ---------- ----------- ----------- ------------
<C> <S> <C> <C> <C>
$5,102,376 IBM Credit Receivables Lease
Asset Master Trust, Ser.
1994-1, Class A-2, 6.55%, due
7/15/01 Aaa AAA $ 5,127,122
4,605,417 Chase Manhattan Grantor Trust,
Automobile Loan Pass-Through
Certificates, Ser. 1995-B,
5.90%, due 11/15/01 Aaa AAA 4,590,910
4,438,086 Case Equipment Loan Trust,
Ser. 1995-A, 7.30%, due
3/15/02 Aaa AAA 4,503,770
2,670,000 Navistar Financial Owner
Trust, Ser. 1996-A, Class A-2,
6.35%, due 11/15/02 Aaa AAA 2,665,728
4,880,000 Banc One Auto Grantor Trust,
Ser. 1996-B, Class A, 6.55%,
due 2/15/03 Aaa AAA 4,893,713
5,070,000 Ford Credit Auto Loan Master
Trust, Auto Loan Certificates,
Ser. 1996-1, 5.50%, due
2/15/03 Aaa AAA 4,822,533
8,000,000 NationsBank Credit Card Master
Trust, Ser. 1995-1, Class A,
6.45%, due 4/15/03 Aaa AAA 7,961,920
6,000,000 ADVANTA Credit Card Master
Trust II, Ser. 1995-F, Class
A-1, 6.05%, due 8/1/03 Aaa AAA 5,867,280
6,500,000 Standard Credit Card Master
Trust I, Credit Card
Participation Certificates,
Ser. 1994-4, Class A, 8.25%,
due 11/7/03 Aaa AAA 6,895,850
------------
TOTAL ASSET-BACKED SECURITIES
(COST $63,152,700) 62,550,829
------------
BANKS & FINANCIAL INSTITUTIONS
(20.1%)
7,000,000 Society National Bank, Bank
Notes, 6.875%, due 10/15/96 Aa3 A 7,010,360
8,000,000 BankAmerica Corp., Corporate
Notes, 7.50%, due 3/15/97 A1 A+ 8,061,920
4,050,000 Kansallis-Osake-Pankki, Yankee
Notes, 9.75%, due 12/15/98 A3 BBB- 4,327,385
5,000,000 Alco Capital Resource, Inc.,
Medium-Term Notes, Ser. B,
5.46%, due 2/22/99 Baa1 A 4,849,600
1,090,000 Household Finance Corp.,
Senior Subordinated Notes,
9.55%, due 4/1/00 A3 A- 1,183,304
8,450,000 First USA Bank, Medium-Term
Deposit Notes, 6.375%, due
10/23/00 Baa2 BBB- 8,234,271
4,790,000 NationsBank, Senior
Medium-Term Notes, Ser. D,
5.85%, due 1/17/01 A2 A 4,586,473
3,100,000 Bear Stearns Cos. Inc., Senior
Notes, 5.75%, due 2/15/01 A2 A 2,944,814
5,200,000 Capital One Bank, Bank Notes,
5.95%, due 2/15/01 Baa3 BBB- 4,948,684
3,925,000 Goldman Sachs Group, L.P.,
Global Notes, 6.75%, due
2/15/06 A1 A+ 3,721,292(2)
------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS (COST
$51,808,228) 49,868,103
------------
CORPORATE DEBT SECURITIES
(34.1%)
5,500,000 AT&T Capital Corp.,
Medium-Term Notes, 6.99%, due
10/12/96 Baa3 A 5,517,875
1,000,000 du Pont (E.I.), de Nemours &
Co., Medium-Term Notes, 8.45%,
due 10/15/96 Aa3 AA- 1,006,890
5,400,000 Lockheed Martin Corp., Notes,
6.55%, due 5/15/99 A3 BBB+ 5,384,124
10,000,000 Xerox Credit Corp.,
Medium-Term Notes, 6.84%, due
6/1/00 A2 A 9,868,200
4,000,000 Ford Motor Credit Co.,
Medium-Term Notes, 6.84%, due
8/16/00 A1 A+ 3,996,640
</TABLE>
13
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
PRINCIPAL RATING MARKET
AMOUNT MOODY'S S&P VALUE(1)
- ---------- ----------- ----------- ------------
<C> <S> <C> <C> <C>
$1,350,000 Premark International, Inc.,
Notes, 10.50%, due 9/15/00 Baa2 BBB $ 1,511,568
1,970,000 Chesapeake Corp., Notes,
10.375%, due 10/1/00 Baa3 BBB 2,208,232
6,750,000 Sears Roebuck Acceptance
Corp., Medium-Term Notes, Ser.
I, 6.42%, due 10/10/00 A2 A- 6,616,553
9,000,000 General Motors Acceptance
Corp., Medium-Term Notes,
8.25%, due 2/8/01 A3 A- 9,451,800
3,550,000 Loewen Group International,
Inc., Senior Guaranteed Notes,
Ser. 1, 7.50%, due 4/15/01 Ba1 (3) BB+ (3) 3,492,312(2)
3,620,000 Tele-Communications, Inc.,
Senior Notes, 9.25%, due
4/15/02 Ba1 BBB- 3,835,281
2,370,000 Tenet Healthcare Corp., Senior
Notes, 9.625%, due 9/1/02 Ba1 BB 2,497,388
2,990,000 Federated Department Stores,
Inc., Senior Notes, 8.125%,
due 10/15/02 Ba1 BB- 2,946,675
4,700,000 Viacom, Senior Notes, 6.75%,
due 1/15/03 Ba2 (4) BB+ (4) 4,459,830
4,010,000 Owens-Illinois, Inc., Senior
Debentures, 11.00%, due
12/1/03 Ba3 (3) BB (3) 4,300,725
3,810,000 Duty Free International, Inc.,
Notes, 7.00%, due 1/15/04 Ba2 BBB- 3,519,487
350,000 Container Corp. of America,
Senior Notes, Ser. A, 11.25%,
due 5/1/04 B1 B+ 360,500
1,965,000 Burlington Industries, Inc.,
Notes, 7.25%, due 9/15/05 Baa3 BBB- 1,857,711
350,000 Cablevision Systems Corp.,
Senior Subordinated Notes,
9.875%, due 5/15/06 B2 B 336,875
340,000 JCAC, Inc., Senior
Subordinated Notes, 10.125%,
due 6/15/06 B2 B 337,875
4,180,000 Time Warner Inc., Notes,
8.11%, due 8/15/06 Ba1 BBB- 4,166,081
5,705,000 Tenneco Inc., Debentures,
10.00%, due 3/15/08 Baa2 BBB- 6,802,471
------------
TOTAL CORPORATE DEBT
SECURITIES (COST $85,871,652) 84,475,093
------------
TOTAL INVESTMENTS (100.8%)
(COST $253,557,809) 249,717,369(5)
Liabilities, less cash,
receivables and other assets
[(0.8%)] (2,064,308)
------------
TOTAL NET ASSETS (100.0%) $247,653,061
------------
</TABLE>
14
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1996 (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 or, if quotations are not available, by a method the trustees of
Advisers Managers Trust believe accurately reflects fair value. Short-term
investments with less than 60 days until maturity at the time of purchase may
be valued at cost which, when combined with interest earned, approximates
market value.
2)Security exempt from registration under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally to
qualified institutional buyers under Rule 144A. At June 30, 1996, these
securities amounted to $7,213,604 or 2.9% of net assets.
3)Rated BBB- by Duff & Phelps Credit Rating Co.
4)Rated BBB- by Fitch Investors Services, Inc.
5)At June 30, 1996, the cost of investments for Federal income tax purposes was
$253,557,809. Gross unrealized appreciation of investments was $488,178 and
gross unrealized depreciation of investments was $4,328,618, resulting in net
unrealized depreciation of $3,840,440, based on cost for Federal income tax
purposes.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 249,717,369
Interest receivable 2,943,373
Deferred organization costs (Note A) 61,827
Prepaid expenses and other assets 12,109
Receivable for securities sold 39
--------------
252,734,717
--------------
LIABILITIES
Payable for securities purchased 4,855,011
Payable for variation margin (Note A) 148,313
Payable to investment manager (Note B) 50,385
Accrued expenses 27,947
--------------
5,081,656
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 247,653,061
--------------
NET ASSETS consist of:
Paid-in capital $ 251,877,032
Net unrealized depreciation in value of
investment securities and financial futures
contracts (4,223,971)
--------------
NET ASSETS $ 247,653,061
--------------
*Cost of investments $ 253,557,809
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1996
(UNAUDITED)
--------------
<S> <C>
INVESTMENT INCOME
Interest income $ 8,143,146
--------------
Expenses:
Investment management fee (Note B) 304,701
Custodian fees (Note B) 60,724
Legal fees 13,010
Amortization of deferred organization and
initial offering expenses (Note A) 8,048
Auditing fees 6,632
Accounting fees 5,000
Insurance expense 4,967
Trustees' fees and expenses 2,350
Miscellaneous 35
--------------
Total expenses 405,467
--------------
Net investment income 7,737,679
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 23,941
Net realized gain on financial futures
contracts (Note A) 457,527
Change in net unrealized appreciation
(depreciation) of investment securities (6,443,686)
Net unrealized depreciation of financial
futures contracts (Note A) (383,531)
--------------
Net loss on investments (6,345,749)
--------------
Net increase in net assets resulting from
operations $ 1,391,930
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995
Six Months (Commencement
Ended of Operations)
June 30, to
1996 December 31,
(UNAUDITED) 1995
-------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 7,737,679 $ 14,618,430
Net realized gain on investments
sold 481,468 3,090,324
Change in net unrealized
appreciation (depreciation) of
investments (6,827,217) 4,988,722
-------------------------------
Net increase in net assets resulting
from operations 1,391,930 22,697,476
-------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 28,669,462 33,220,562
Reductions (108,031,394) (89,109,317)
-------------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (79,361,932) (55,888,755)
-------------------------------
NET DECREASE IN NET ASSETS (77,970,002) (33,191,279)
NET ASSETS:
Beginning of period 325,623,063 358,814,342
-------------------------------
End of period $ 247,653,061 $ 325,623,063
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1996 (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
operating series of Advisers Managers Trust ("Managers Trust"), a New York
common law trust organized as of May 24, 1994. Managers Trust is currently
comprised of six separate operating series. Managers Trust is registered as a
diversified, open-end management investment company under the Investment
Company Act of 1940, as amended. After the close of business on April 28,
1995, each series of Neuberger&Berman Advisers Management 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: 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 original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses from
securities transactions are recorded on the basis of identified cost.
4) FEDERAL INCOME TAXES: Managers Trust intends to comply with the requirements
of the Internal Revenue Code of 1986, as amended. Each series of Managers
Trust also intends to conduct its operations so 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, 1996, the unamortized balance of such
expenses amounted to $61,827.
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.
7) FINANCIAL FUTURES CONTRACTS: The Series may buy and sell financial futures
contracts to hedge against the effects of fluctuations in interest rates. At
the time the Series enters into a financial futures contract, it is required
to deposit with its custodian a specified amount of cash or U.S. Government
securities, known as "initial margin," ranging upward from 1.1% of the value
of the financial futures contract being traded. Each day, the futures
contract is valued at the official settlement price of the board of trade or
U.S. commodity exchange on which such futures contract is traded. Subsequent
payments, known as "variation margin," to and from the broker are made on a
daily basis as the market price of the financial futures contract fluctuates.
Daily variation margin adjustments, arising from this "mark to market," are
recorded by the Series as unrealized gains or losses.
Although some financial futures contracts by their terms call for actual
delivery or acceptance of financial instruments, in most cases the contracts
are closed out prior to delivery by offsetting purchases or sales of matching
financial futures contracts. When the contracts are closed, the Series
recognizes a gain or loss. Risks of entering into futures contracts include
the possibility that there may be an illiquid market and/or that a change in
the value of the contract may not correlate with changes in the value of the
underlying securities.
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
For Federal income tax purposes, the futures transactions undertaken by
the Series may cause the Series to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may affect
the character of the gains or losses recognized as long-term or short-term,
and may affect the timing of some capital gains and losses realized by the
Series. Also, the Series' losses on its transactions involving futures
contracts may be deferred rather than being taken into account currently in
calculating the Series' taxable income. At June 30, 1996, open positions in
financial futures contracts were as follows:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
---------------------------------------------------------------------------------
<S> <C> <C> <C>
September 1996 66 U.S. Treasury Notes, 5 year Short $ 80,437
September 1996 159 U.S. Treasury Notes, 10 year Short 303,094
</TABLE>
At June 30, 1996, the following securities were deposited in a segregated
account to cover margin requirements on open financial futures contracts:
<TABLE>
<CAPTION>
PAR VALUE SECURITY
- --------------------------------------------------------------------------------
<S> <C>
$272,400 Federal Home Loan Mortgage Corp., Discount Notes, 5.17%, due 7/5/96
</TABLE>
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Neuberger&Berman Management Incorporated ("Management") as
its investment manager under a Management Agreement 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 sub-adviser to the Series. Neuberger is 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.
The Series has an expense offset arrangement included in its custodian
contract. The impact of this arrangement on the Series' custodian expense,
reflected in the Statement of Operations, is less than .01% of the Series'
average daily net assets.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1996, there were purchase and sale
transactions (excluding short-term securities and financial futures contracts)
of $154,805,291 and $164,741,015, 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.
20
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, of Operations)
1996 to December 31,
(UNAUDITED) 1995
---------------------------------------
<S> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .33%(1) .32%(1)
---------------------------------------
Net Investment Income 6.33%(1) 6.34%(1)
---------------------------------------
Portfolio Turnover Rate 71% 78%
---------------------------------------
Net Assets, End of Period (in millions) $247.7 $325.6
---------------------------------------
</TABLE>
1) Annualized.
21
