<PAGE>
LIMITED MATURITY BOND PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
NBAMTSA60697
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
The first quarter of 1997 started out as a very interesting one in the bond
arena. In the opinion of the Federal Reserve Board, the financial markets had
become irrationally exuberant and at the end of the quarter it raised interest
rates. This brought about our decision to stay defensive and careful through
most of the quarter in order to protect principal in what could be described as
a very difficult market.
The bullish fundamentals of fixed income markets became more apparent in the
second quarter of 1997. The budget deficit appears to have shrunk dramatically,
the Federal Reserve has remained friendly, and inflation statistics are the
lowest in a generation. With this backdrop, since mid-April, bond investors
drove rates down by an average of 40 basis points across the yield spectrum.
We indicated to you in past reports that the fundamentals for fixed income
securities were positive and that we participated in the rally by maintaining a
positive viewpoint on the market. We have maintained a position of assets in the
mortgage area, while selectively purchasing a variety of corporate bonds in
different sectors and industries.
We have remained heavily overweighted in corporate securities during the
second quarter, using spread weakness early in April to repurchase positions
that were sold at tighter levels in the first quarter. However, some securities,
particularly in the media sector, were sold relatively quickly after purchase,
as spreads tightened. Later in the quarter, several industrial positions were
sold as spreads improved materially on positive rating actions, particularly in
the retail and automotive sectors. We continue to be underweighted in longer
corporates, which will suffer more than intermediates and short maturity issues
if, as expected, the corporate curve steepens.
The top three holdings included General Motors Acceptance Corp. Medium-Term
Notes, First USA Bank Medium-Term Deposit Notes and NationsBank Credit Card
Master Trust Class A Serials. At the end of the period there were 177 holdings
in the portfolio with an average quality rating of A and average yield to
maturity of 6.98%.
As we focus on the final six months of 1997, it is still our opinion that
fixed income securities, in light of powerful fundamental forces, present good
investment opportunities. As usual, we will be vigilant in our sector and
security selection, and we will attempt to find values that are not always
recognized by the general market.
A-2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 252,349,885
Receivable for Trust shares sold 393,708
--------------
252,743,593
--------------
LIABILITIES
Payable for Trust shares redeemed 345,620
Payable to administrator (Note B) 82,741
Accrued expenses 31,165
--------------
459,526
--------------
NET ASSETS at value $ 252,284,067
--------------
NET ASSETS consist of:
Par value $ 18,518
Paid-in capital in excess of par value 253,640,682
Accumulated undistributed net investment
income 7,867,296
Accumulated net realized losses on
investment (7,854,593)
Net unrealized depreciation in value of
investment (1,387,836)
--------------
NET ASSETS at value $ 252,284,067
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 18,517,537
--------------
NET ASSET VALUE, offering and redemption price per
share $13.62
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 9,015,246
------------
Expenses:
Administration fee (Note B) 502,650
Shareholder reports 24,409
Legal fees 10,161
Trustees' fees and expenses 6,400
Custodian fees 5,000
Auditing fees 981
Miscellaneous 688
Expenses from Series (Notes A & B) 409,144
------------
Total expenses 959,433
------------
Net investment income 8,055,813
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized loss on investment securities (120,357)
Net realized loss on financial futures
contracts (468,969)
Net realized gain on foreign currency
transactions 15,785
Change in net unrealized depreciation of
investment securities and foreign currency
contracts 297,988
Change in net unrealized appreciation
(depreciation) of financial futures contracts (237,767)
------------
Net loss on investments from Series (Note
A) (513,320)
------------
Net increase in net assets resulting from
operations $ 7,542,493
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<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
1997 December 31,
(UNAUDITED) 1996
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 8,055,813 $ 14,885,903
Net realized loss on investments
from Series (Note A) (573,541) (325,078)
Change in net unrealized
appreciation (depreciation) of
investments from Series (Note A) 60,221 (4,051,303)
-----------------------------
Net increase in net assets resulting
from operations 7,542,493 10,509,522
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (14,960,978) (20,590,149)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 31,310,833 82,039,951
Proceeds from reinvestment of
dividends 14,960,978 20,590,149
Payments for shares redeemed (43,470,277) (74,546,900)
-----------------------------
Net increase from Trust share
transactions 2,801,534 28,083,200
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (4,616,951) 18,002,573
NET ASSETS:
Beginning of period 256,901,018 238,898,445
-----------------------------
End of period $ 252,284,067 $256,901,018
-----------------------------
Accumulated undistributed net
investment income at end of period $ 7,867,296 $ 14,772,461
-----------------------------
NUMBER OF TRUST SHARES:
Sold 2,289,221 5,921,768
Issued on reinvestment of dividends 1,119,834 1,528,593
Redeemed (3,181,734) (5,404,104)
-----------------------------
Net increase in shares outstanding 227,321 2,046,257
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (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-SM- (the "Trust"), a
Delaware business trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of six separate operating series
(the "Funds"). The Trust is registered as a diversified, open-end management
investment company under the Investment Company Act of 1940, as amended, and
its shares are registered under the Securities Act of 1933, as amended. The
trustees of the Trust may establish additional series or classes of shares
without the approval of shareholders.
The assets of each fund belong only to that fund, and the liabilities of
each fund are borne solely by that fund and no other.
The Fund seeks to achieve its investment objective by investing all of its
net investable assets in AMT 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, 1997). The performance of the Fund is directly affected by
the performance of the Series. The financial statements of the Series,
including the Schedule of Investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements.
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 and $296,579 expiring in 2002 and 2004,
respectively, determined as of December 31, 1996), it is the policy of the
Fund not to distribute such gains.
The Fund distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences 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.
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger&Berman Advisers Management Trust June 30, 1997 (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 FEES, DISTRIBUTION ARRANGEMENTS, AND OTHER TRANSACTIONS
WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life insurance
policies issued through separate accounts of life insurance companies.
The Fund retains Neuberger&Berman Management
Incorporated-Registered Trademark- ("Management") as its administrator under an
Administration Agreement ("Agreement") dated as of May 1, 1995. Pursuant to this
Agreement the Fund pays Management an administration fee at the annual rate of
.40% of the Fund's average daily net assets. The Fund indirectly pays for
investment management services through its investment in the Series (see Note B
of Notes to Financial Statements of the Series).
Effective May 1, 1995, the trustees of the Trust adopted a non-fee
distribution plan for each series of the Trust.
Management has voluntarily undertaken to limit the Fund's expenses by
reimbursing the Fund for its operating expenses and its pro rata share of its
Series' operating expenses (excluding the fees payable to Management, interest,
taxes, brokerage commissions, extraordinary expenses, and transaction costs)
which exceed, in the aggregate, 1% per annum of the Fund's average daily net
assets. This undertaking is subject to termination by Management upon at least
60 days' prior written notice to the Fund. For the six months ended June 30,
1997, no reimbursement to the Fund was required.
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 $284,
which is less than .01% of the Fund's average daily net assets.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1997, additions and reductions in the
Fund's investment in its Series amounted to $21,109,891 and $33,656,974,
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
- --------------------------------------------------------------------------------
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,
1997 Year Ended December 31,
(UNAUDITED)(2) 1996(2) 1995(2) 1994 1993 1992
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $14.05 $14.71 $14.02 $14.66 $14.33 $14.32
-------------------------------------------------------------
Income From Investment Operations
Net Investment Income .46 .92 .82 .78 .84 1.03
Net Gains or Losses on Securities (both
realized and unrealized) (.06) (.34) .65 (.80) .08 (.33)
-------------------------------------------------------------
Total From Investment Operations .40 .58 1.47 (.02) .92 .70
-------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.83) (1.24) (.78) (.55) (.52) (.66)
Distributions (from capital gains) -- -- -- (.07) (.07) (.03)
-------------------------------------------------------------
Total Distributions (.83) (1.24) (.78) (.62) (.59) (.69)
-------------------------------------------------------------
Net Asset Value, End of Period $13.62 $14.05 $14.71 $14.02 $14.66 $14.33
-------------------------------------------------------------
Total Return(3) +2.96%(4) +4.31% +10.94% -.15% +6.63% +5.18%
-------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $252.3 $256.9 $238.9 $344.8 $343.5 $187.0
-------------------------------------------------------------
Ratio of Expenses to Average Net Assets .76%(5) .78% .71% .66% .64% .64%
-------------------------------------------------------------
Ratio of Net Investment Income to Average Net
Assets 6.41%(5) 6.01% 5.99% 5.42% 5.19% 5.80%
-------------------------------------------------------------
Portfolio Turnover Rate(6) -- -- 27% 90% 159% 114%
-------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1997 (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 fiscal 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) 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. The total return
information shown does not reflect expenses that apply to the separate
account or the related insurance policies, and the inclusion of these charges
would reduce the total return figures for all fiscal periods shown.
4) Not annualized.
5) 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 the periods ending after April 28, 1995, are included
elsewhere in AMT Limited Maturity Bond Investments' Financial Highlights.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (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
(1.8%)
$ 10,000 U.S. Treasury Notes, 5.75%,
due 10/31/97 TSY TSY $ 10,009
2,477,195 U.S. Treasury
Inflation-Indexed Notes,
3.375%, due 1/15/07 TSY TSY 2,416,826
2,190,000 U.S. Treasury Notes, 6.625%,
due 5/15/07 TSY TSY 2,206,513
------------
TOTAL U.S. TREASURY SECURITIES
(COST $4,664,681) 4,633,348
------------
U.S. GOVERNMENT AGENCY
SECURITIES (1.1%)
2,690,000 Federal Home Loan Bank,
Discount Notes, 5.20%, due
7/1/97 (COST $2,690,000) AGY AGY 2,689,597
------------
MORTGAGE-BACKED SECURITIES
(9.8%)
FEDERAL HOME LOAN MORTGAGE CORP.
241,405 ARM Certificates, 7.124%, due
3/1/17 AGY AGY 244,272
167,901 ARM Certificates, 7.00%, due
4/1/17 AGY AGY 169,789
84,945 Mortgage Participation
Certificates, 10.00%, due
4/1/20 AGY AGY 91,510
FANNIE MAE
480,536 Balloon Pass-Through
Certificates, 9.00%, due
7/1/97-2/1/98 AGY AGY 494,054
394,583 Balloon Pass-Through
Certificates, 8.50%, due
10/1/97-11/1/98 AGY AGY 405,557
6,818,836 Pass-Through Certificates,
7.00%, due 6/1/11 AGY AGY 6,856,817
4,483,663 Pass-Through Certificates,
7.50%, due 9/1/11 AGY AGY 4,547,645
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
1,394,199 Pass-Through Certificates,
10.00%, due 8/15/15-4/15/20 AGY AGY 1,528,390
3,750,195 Pass-Through Certificates,
9.50%, due 9/15/09-5/15/22 AGY AGY 4,044,360
6,474,641 Pass-Through Certificates,
7.00%, due 1/15/27 AGY AGY 6,359,975
------------
TOTAL MORTGAGE-BACKED
SECURITIES (COST $24,500,690) 24,742,369
------------
ASSET-BACKED SECURITIES
(21.1%)
253,102 Daimler-Benz Auto Grantor
Trust, Ser. 1993-A, Class A,
3.90%, due 10/15/98 Aaa AAA 252,323
5,825,000 Capita Equipment Receivables
Trust, Ser. 1996-1, Class A-3,
6.11%, due 7/15/99 Aaa AAA 5,830,883
5,100,000 PNC Student Loan Trust I, Ser.
1997-2, Class A-2, 6.138%, due
1/25/00 Aaa AAA 5,093,625
3,580,000 Chase Manhattan Auto Owner
Trust, Ser. 1996-C, Class A-3,
5.95%, due 11/15/00 Aaa AAA 3,572,554
7,150,000 Money Store Auto Grantor
Trust, Ser. 1997-2, Class A-1,
6.17%, due 3/20/01 Aaa AAA 7,129,837
5,070,000 Ford Credit Auto Loan Master
Trust, Auto Loan Certificates,
Ser. 1996-1, 5.50%, due
2/15/03 Aaa AAA 4,889,001
8,000,000 NationsBank Credit Card Master
Trust, Ser. 1995-1, Class A,
6.45%, due 4/15/03 Aaa AAA 8,009,280
2,510,000 Navistar Financial Owner
Trust, Ser. 1996-B, Class A-3,
6.33%, due 4/21/03 Aaa AAA 2,510,301
4,970,000 World Omni Automobile Lease
Securitization Trust, Ser.
1997-A, Class A-3, 6.85%, due
6/25/03 Aaa AAA 5,012,493
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- --------- ----------- --------- ------------
<C> <S> <C> <C> <C>
$4,196,130 Chevy Chase Auto Receivables
Trust, Ser. 1996-2, Class A,
5.90%, due 7/15/03 Aaa AAA $ 4,163,988
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 6,893,380
------------
TOTAL ASSET-BACKED SECURITIES
(COST $53,740,630) 53,357,665
------------
BANKS & FINANCIAL INSTITUTIONS
(23.9%)
4,050,000 Kansallis-Osake-Pankki, Yankee
Notes, 9.75%, due 12/15/98 A3 BBB 4,244,359
3,800,000 Household Finance Corp.,
Medium-Term Notes, 6.62%, due
5/28/99 Aa2 A 3,809,728
4,760,000 Merrill Lynch & Co., Inc.,
Medium-Term Notes, Ser. B,
6.28%, due 6/25/99 Aa3 AA- 4,752,051
5,020,000 CIT Group Holdings, Inc.,
Medium-Term Notes, 6.25%, due
10/25/99 Aa3 A+ 4,999,217
3,690,000 First National Bank of
Commerce, Senior Bank Notes,
6.50%, due 1/14/00 A2 A- 3,683,985
1,090,000 Household Finance Corp.,
Senior Subordinated Notes,
9.55%, due 4/1/00 A3 A- 1,168,186
3,700,000 HomeSide Lending, Inc., Notes,
6.875%, due 5/15/00 Baa2 BBB 3,706,697
4,730,000 Smith Barney Holdings Inc.,
Notes, 7.00%, due 5/15/00 A2 A 4,775,692
5,120,000 Comdisco, Inc., Notes, 6.50%,
due 6/15/00 Baa1 BBB+ 5,084,672
4,180,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E,
6.89%, due 10/10/00 Baa1 A 4,189,029
8,450,000 First USA Bank, Medium-Term
Deposit Notes, 6.375%, due
10/23/00 Baa2 BBB- 8,373,612
2,570,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E,
6.65%, due 11/8/00 Baa1 A 2,554,528
5,200,000 Capital One Bank, Bank Notes,
5.95%, due 2/15/01 Baa3 BBB- 5,002,088
3,925,000 Goldman Sachs Group, L.P.,
Global Notes, 6.75%, due
2/15/06 A1 A+ 3,837,198(2)
------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS (COST
$61,042,501) 60,181,042
------------
CORPORATE DEBT SECURITIES
(41.7%)
2,630,000 Colonial Gas Co., Medium-Term
Notes, Ser. A, 6.20%, due
3/18/98 Baa1 A- 2,632,577
5,000,000 Alco Capital Resource, Inc.,
Medium-Term Notes, Ser. B,
5.46%, due 2/22/99 A3 A- 4,928,400
5,400,000 Lockheed Martin Corp., Notes,
6.55%, due 5/15/99 A3 BBB+ 5,420,034
4,465,000 NWCG Holdings Corp.,
Zero-Coupon, Yielding 7.05%,
due 6/15/99 Ba2 BBB- 3,851,063
4,700,000 Williams Holdings of Delaware,
Inc., Medium-Term Notes, Ser.
A, 6.40%, due 6/17/99 Baa2 BBB- 4,698,073
3,650,000 Chrysler Financial Corp.,
Medium-Term Notes, Ser. Q,
6.37%, due 6/21/99 A3 A 3,651,204
2,520,000 Arkla, Inc., Notes, 8.875%,
due 7/15/99 Baa3 BBB 2,627,302
650,000 Caterpillar Finance,
Medium-Term Notes, Ser. E,
6.11%, due 7/15/99 A2 A 646,925
925,000 Hoechst Celanese Corp., Notes,
9.625%, due 9/1/99 A2 A+ 930,060
3,250,000 Six Flags Entertainment,
Notes, Zero-Coupon, Yielding
6.96%, due 12/15/99 Baa3 BBB- 2,763,443
4,450,000 Norfolk Southern Corp., Notes,
6.70%, due 5/1/00 Baa1 BBB+ 4,460,725
3,250,000 Cleveland Electric
Illuminating Co., Secured
Notes, Ser. A, 7.19%, due
7/1/00 Ba2 BB 3,251,690(2)
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- --------- ----------- --------- ------------
<C> <S> <C> <C> <C>
$ 435,000 ADT Operations, Inc., Senior
Notes, 8.25%, due 8/1/00 Ba1 BBB- $ 455,119
4,290,000 Arvin Industries, Inc., Notes,
10.00%, due 8/1/00 Ba1 BBB- 4,565,075
4,000,000 Ford Motor Credit Co.,
Medium-Term Notes, 6.84%, due
8/16/00 A1 A+ 4,026,240
1,970,000 Chesapeake Corp., Notes,
10.375%, due 10/1/00 Baa3 BBB 2,169,147
1,610,000 BHP Finance (USA) Limited,
Guaranteed Notes, 5.625%, due
11/1/00 A2 A 1,562,215
1,770,000 Congoleum Corp., Senior Notes,
9.00%, due 2/1/01 B1 BB- 1,750,087
9,000,000 General Motors Acceptance
Corp., Medium-Term Notes,
8.25%, due 2/8/01 A3 A- 9,409,320
3,670,000 Fort Howard Corp., Senior
Notes, 9.25%, due 3/15/01 Baa3 B+ 3,926,900
3,200,000 Revlon Worldwide Corp., Notes,
Zero-Coupon, Yielding 10.75% &
10.959%, due 3/15/01 B3 B- 2,168,000(2)
1,940,000 Colonial Realty Limited
Partnership, Senior Notes,
7.50%, due 7/15/01 Baa3 BBB- 1,951,097
4,000,000 Tyco International Ltd.,
Notes, 6.50%, due 11/1/01 Baa2 BBB+ 3,940,760
2,800,000 ICI Wilmington Inc.,
Guaranteed Notes, 7.50%, due
1/15/02 A2 A+ 2,875,936
2,430,000 ADT Operations, Inc., Senior
Subordinated Notes, 9.25%, due
8/1/03 Ba3 BB+ 2,600,100
500,000 Core-Mark International Inc.,
Senior Subordinated Notes,
11.375%, due 9/15/03 B3 B 523,125
4,060,000 Stewart Enterprises, Inc.,
Notes, 6.70%, due 12/1/03 Baa3 BBB 3,962,925
3,810,000 Duty Free International, Inc.,
Notes, 7.00%, due 1/15/04 Ba1 BBB- 3,624,262
150,000 Loomis Fargo & Co., Senior
Subordinated Notes, 10.00%,
due 1/15/04 B3 B 152,625(2)
150,000 TLC Beatrice International
Holdings, Senior Notes,
11.50%, due 10/1/05 B1 BB- 168,563
795,000 Printpack, Inc., Senior
Subordinated Notes, Ser. B,
10.625%, due 8/15/06 B3 B+ 841,706
2,130,000 Time Warner Inc., Notes,
8.11%, due 8/15/06 Ba1 BBB- 2,213,368
395,000 Commonwealth Aluminum Corp.,
Senior Subordinated Notes,
10.75%, due 10/1/06 B2 B- 416,725
455,000 Iron Mountain Inc., Senior
Subordinated Notes, 10.125%,
due 10/1/06 B3 B- 485,713
1,035,000 International Home Foods,
Inc., Senior Subordinated
Notes, 10.375%, due 11/1/06 B2 B- 1,071,225
915,000 Motors and Gears, Inc., Senior
Notes, Ser. A, 10.75%, due
11/15/06 B3 BB- 945,881
955,000 Allied Waste North America,
Inc., Senior Subordinated
Notes, 10.25%, due 12/1/06 B3 B+ 1,029,012(2)
610,000 Fresenius Medical Care Capital
Trust, Preferred Securities,
9.00%, due 12/1/06 Ba3 B+ 625,250
175,000 Newport News Shipbuilding
Inc., Senior Subordinated
Notes, 9.25%, due 12/1/06 B1 B+ 182,000
300,000 Safelite Glass Corp., Senior
Subordinated Notes, 9.875%,
due 12/15/06 B3 B 316,500(2)
823,000 AMTROL Inc., Senior
Subordinated Notes, 10.625%,
due 12/31/06 B3 B- 857,978
775,000 Pen-Tab Industries, Inc.,
Senior Subordinated Notes,
10.875%, due 2/1/07 B3 B- 792,437(2)
875,000 Fonda Group, Inc., Senior
Subordinated Notes, 9.50%, due
3/1/07 B3 B- 840,000(2)
175,000 GFSI Inc., Senior Subordinated
Notes, 9.625%, due 3/1/07 B3 B- 177,188(2)
</TABLE>
B-10
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- --------- ----------- --------- ------------
<C> <S> <C> <C> <C>
$ 170,000 Amphenol Corp., Senior
Subordinated Notes, 9.875%,
due 5/15/07 Baa2 B- $ 176,375
275,000 French Fragrances Inc., Notes,
10.375%, due 5/15/07 B2 B+ 283,250(2)
2,240,000 Owens-Illinois, Inc., Senior
Debentures, 8.10%, due 5/15/07 Ba1(3) BB+(3) 2,279,715
1,610,000 Sinclair Broadcast Group,
Senior Subordinated Notes,
9.00%, due 7/15/07 B2 B 1,565,725(2)
345,000 KinderCare Learning Centers,
Inc., Senior Subordinated
Notes, 9.50%, due 2/15/09 B3 B- 338,963
------------
TOTAL CORPORATE DEBT
SECURITIES (COST $105,276,090) 105,132,003
------------
TOTAL INVESTMENTS (99.4%)
(COST $251,914,592) 250,736,024(4)
Cash, receivables and other
assets, less liabilities
(0.6%) 1,613,862
------------
TOTAL NET ASSETS (100.0%) $252,349,886
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-11
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1997 (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 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, 1997, these
securities amounted to $14,413,625 or 5.7% of net assets.
3) Rated BBB- by Duff & Phelps Credit Rating Co.
4) At June 30, 1997, the cost of investments for Federal income tax purposes was
$251,914,592. Gross unrealized appreciation of investments was $1,049,989 and
gross unrealized depreciation of investments was $2,228,557, resulting in net
unrealized depreciation of $1,178,568, based on cost for Federal income tax
purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
June 30,
1997
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 250,736,024
Cash 409
Interest receivable 3,075,595
Receivable for variation margin (Note A) 128,819
Deferred organization costs (Note A) 45,708
Prepaid expenses and other assets 11,299
Receivable for securities sold 3,700
--------------
254,001,554
--------------
LIABILITIES
Payable for securities purchased 1,568,623
Payable to investment manager (Note B) 51,729
Accrued expenses 31,316
--------------
1,651,668
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 252,349,886
--------------
NET ASSETS consist of:
Paid-in capital $ 253,737,722
Net unrealized depreciation in value of
investment securities and financial futures
contracts (1,387,836)
--------------
NET ASSETS $ 252,349,886
--------------
*Cost of investments $ 251,914,592
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
1997
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Interest income $ 9,015,246
------------
Expenses:
Investment management fee (Note B) 314,240
Custodian fees (Note B) 64,631
Amortization of deferred organization and
initial offering expenses (Note A) 7,993
Trustees' fees and expenses 6,611
Accounting fees 5,000
Auditing fees 4,257
Legal fees 3,651
Insurance expense 2,577
Miscellaneous 184
------------
Total expenses 409,144
------------
Net investment income 8,606,102
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment securities
sold (120,357)
Net realized loss on financial futures
contracts (Note A) (468,969)
Net realized gain on foreign currency
transactions (Note A) 15,785
Change in net unrealized depreciation of
investment securities and foreign currency
contracts 297,988
Change in net unrealized appreciation
(depreciation) of financial futures contracts
(Note A) (237,767)
------------
Net loss on investments (513,320)
------------
Net increase in net assets resulting from
operations $ 8,092,782
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Six Months
Ended Year
June 30, Ended
1997 December 31,
(UNAUDITED) 1996
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 8,606,102 $ 16,012,909
Net realized loss on investments (573,541) (325,078)
Change in net unrealized
appreciation (depreciation) of
investments 60,221 (4,051,303)
-----------------------------
Net increase in net assets resulting
from operations 8,092,782 11,636,528
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 21,109,891 60,190,555
Reductions (33,656,974) (140,645,959)
-----------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (12,547,083) (80,455,404)
-----------------------------
NET DECREASE IN NET ASSETS (4,454,301) (68,818,876)
NET ASSETS:
Beginning of period 256,804,187 325,623,063
-----------------------------
End of period $ 252,349,886 $256,804,187
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1997 (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.
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) FOREIGN CURRENCY TRANSLATION: The accounting records of the Series are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the current rate of exchange of such currency against the U.S.
dollar to determine the value of investments, other assets and liabilities.
Purchase and sale prices of securities, and income and expenses are
translated into U.S. dollars at the prevailing rate of exchange on the
respective dates of such transactions.
4) FORWARD FOREIGN CURRENCY CONTRACTS: The Series may enter into forward foreign
currency contracts ("contracts") in connection with planned purchases or
sales of securities, to hedge the U.S. dollar value of portfolio securities
denominated in a foreign currency, or to increase or decrease its exposure to
a currency other than U.S. dollars. The gain or loss arising from the
difference between the original contract price and the closing price of such
contract is included in net realized gains or losses on foreign currency
transactions. Fluctuations in the value of forward foreign currency contracts
are recorded for financial reporting purposes as unrealized gains or losses
by the Series. The Series has no specific limitation on the percentage of
assets which may be committed to these types of contracts. The Series could
be exposed to risks if a counterparty to a contract were unable to meet the
terms of its contract or if the value of the foreign currency changes
unfavorably. The U.S. dollar value of foreign currency underlying all
contractual commitments held by the Series is determined using forward
foreign currency exchange rates supplied by an independent pricing service.
5) 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 liquid debt
obligations, 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
B-16
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
financial futures contracts. When the contracts are closed, the Series
recognizes a gain or loss. Risks of entering into futures contracts include
the possibility there may be an illiquid market and/or a change in the value
of the contract may not correlate with changes in the value of the underlying
securities.
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 closed 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, 1997, open positions in financial futures contracts were as
follows:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
September 1997 207 U.S. Treasury Notes, 5 Year Short $ 75,672
September 1997 359 U.S. Treasury Notes, 10 Year Short 133,596
</TABLE>
At June 30, 1997, the Series had deposited $540,000 principal of
Kansallis-Osake-Pankki, Yankee Notes, 9.75%, due 12/15/98 in a segregated
account to cover margin requirements on open financial futures contracts.
6) 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 and foreign currency transactions are recorded on the
basis of identified cost.
7) 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.
8) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized by the Series on a straight-line basis over
a five-year period. At June 30, 1997, the unamortized balance of such
expenses amounted to $45,708.
9) EXPENSE ALLOCATION: Expenses directly attributable to a series are charged to
that series. Expenses not directly attributed to a series are allocated, on
the basis of relative net assets, to each of the series of Managers Trust.
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Neuberger&Berman Management Incorporated ("Management") as
its investment manager under a Management Agreement. For such investment
management services, the Series pays Management a fee at the annual rate of .25%
of the first $500 million of the Series' average daily net assets, .225% of the
next $500 million, .20% of the next $500 million, .175% of the next $500
million, and .15% of average daily net assets in excess of $2 billion.
All of the capital stock of Management is owned by individuals who are also
principals of Neuberger& Berman, LLC ("Neuberger"), a member firm of The New
York Stock Exchange and sub-adviser to the Series.
B-17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
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 $284, which is
less than .01% of the Series' average daily net assets.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1997, there were purchase and sale
transactions (excluding short-term securities, financial futures contracts, and
forward foreign currency contracts) of $132,531,915 and $131,241,340,
respectively.
During the six months ended June 30, 1997, the Series entered into various
contracts to deliver currencies at specified future dates. There were no open
positions in these contracts at June 30, 1997.
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.
B-18
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Period from
Six Months May 1, 1995
Ended (Commencement
June 30, Year Ended of Operations) to
1997 December 31, December 31,
(UNAUDITED) 1996 1995
-----------------------------------------------
<S> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Expenses .33%(1) .33% .32%(1)
-----------------------------------------------
Net Investment Income 6.85%(1) 6.46% 6.34%(1)
-----------------------------------------------
Portfolio Turnover Rate 54% 132% 78%
-----------------------------------------------
Net Assets, End of Period (in millions) $252.3 $256.8 $325.6
-----------------------------------------------
</TABLE>
1) Annualized.
B-19
