<PAGE>
LIMITED MATURITY BOND PORTFOLIO
NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1998
NBAMTSA60698
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
AMT LIMITED MATURITY BOND PORTFOLIO IS CO-MANAGED BY THEODORE P. GIULIANO AND
THOMAS WOLFE. THEY EMPLOY THREE BASIC STRATEGIES TO ADD VALUE TO THE
FIXED-INCOME INVESTMENT PROCESS. THE FIRST IS ACTIVE TREND-FOLLOWING DURATION
MANAGEMENT -- LENGTHENING PORTFOLIO DURATION AS INTEREST RATES DECLINE TO
ENHANCE PORTFOLIO YIELD, AND SHORTENING DURATION AS INTEREST RATES RISE TO
ATTEMPT TO MINIMIZE PRICE EROSION. SECONDLY, THEY FOCUS ON THOSE SECTORS WITHIN
THE BROAD FIXED INCOME MARKET THAT THEY BELIEVE HAVE THE BEST RISK-ADJUSTED
RETURN POTENTIAL. FINALLY, THE PORTFOLIO MANAGEMENT TEAM ANALYZES ISSUERS'
MANAGEMENT QUALITY, PRODUCTS AND PRODUCT CYCLES, BALANCE SHEETS AND INCOME
STATEMENTS TO IDENTIFY BONDS WITH REALISTIC PROSPECTS FOR CREDIT UPGRADES AND TO
AVOID THOSE THAT MAY NOT DESERVE THEIR CURRENT CREDIT QUALITY RATINGS.
Fixed income has come back into fashion. For the second quarter and most of
the year, investors have been plowing money into bonds and money market
securities at a near-record pace. Favorable fundamentals -- low inflation and
historically high real rates of return -- helped spawn this year's bond rally.
Global financial turmoil and growing concern over high domestic equities
valuations provided a strong tailwind. In the first half of 1998, intermediate
and long bond returns rivaled that of U.S. small-cap stocks and vastly exceeded
returns from emerging market equities. At the close of this reporting period,
long bond yields were near historical lows.
What are investors getting from their fixed-income investments? Yields still
well above the prevailing rate of inflation and perhaps more importantly, some
portfolio cushioning that may help cover any potential losses from their equity
investments here and abroad. An added advantage is that with today's extremely
flat yield curve, investors can get attractive yields in short and intermediate
maturity bonds without the higher interest rate risk inherent in buying bonds
with long maturities. Namely, the AMT Limited Maturity Bond Portfolio's 30-day
SEC yield currently approximates the yield on a 30-year Treasury bond.
In the first half of 1998, corporate bonds underperformed U.S. Treasury
securities along the yield curve. Uncertainty over the impact of the Asian
crisis on corporate earnings restrained the corporate sector, while favorable
supply/demand dynamics and prospects for the first federal budget surplus in a
generation buoyed Treasuries. We were able to enhance returns in the corporate
sector through selectively buying "split-rated" bonds (securities rated
investment grade by one, but not all the major rating services) and "crossover"
bonds (securities with the potential to move from a below investment grade or a
split grade rating to full investment grade status). Examples include the
"split-rated" bonds of Owens Illinois, the world's largest and most cost
efficient manufacturer of glass containers and the "crossover" bonds of media
giant Time Warner, which got a full investment grade rating due to rising cash
flows and debt reduction through asset sales.
Our high-yield investments also contributed to returns. A large new-issue
calendar and lingering concerns about Asian-induced earnings problems forced
issuers to offer very attractive yields to move inventory. We took advantage of
this opportunity by adding several new holdings with 10-12% yields on what we
believe to be very solid credits.
Asset-backed securities, primarily high quality credit card receivables and
auto and capital equipment loans, also contributed to returns, as did our
positions in Treasuries and Government Agencies.
A-2
<PAGE>
In closing, we emphasize that we have been steadfast in our faith in fixed
income, praising the virtues of income and relative safety of principal. We are
delighted the bond faithful have been justly rewarded during the last 12 months.
Sincerely,
[SIGNATURE] [SIGNATURE]
Theodore P. Giuliano and Thomas Wolfe
PORTFOLIO CO-MANAGERS
The composition, industries and holdings of the Portfolio are subject to change.
The Portfolio is invested in a wide array of securities and no single holding
makes up more than a small fraction of its total assets.
Past performance is no guarantee of future results and shares when redeemed may
be worth more or less than their original cost.
The investments for the Portfolio are managed by the same portfolio manager(s)
who manage one or more other mutual funds that have similar names, investment
objectives and investment styles as the Portfolio. You should be aware that the
Portfolio is likely to differ from the other mutual funds in size, cash flow
pattern and tax matters. Accordingly, the holdings and performance of the
Portfolio can be expected to vary from those of the other mutual funds.
A-3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger&Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
June 30,
1998
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 261,991,110
Receivable for Trust shares sold 176,737
--------------
262,167,847
--------------
LIABILITIES
Payable for Trust shares redeemed 1,344,449
Payable to administrator (Note B) 85,443
Accrued expenses 66,677
--------------
1,496,569
--------------
NET ASSETS at value $ 260,671,278
--------------
NET ASSETS consist of:
Par value $ 19,202
Paid-in capital in excess of par value 262,344,688
Accumulated undistributed net investment
income 7,566,260
Accumulated net realized losses on
investment (9,929,834)
Net unrealized appreciation in value of
investment 670,962
--------------
NET ASSETS at value $ 260,671,278
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 19,202,420
--------------
NET ASSET VALUE, offering and redemption price per
share $13.57
--------------
</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,
1998
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 8,565,729
------------
Expenses:
Administration fee (Note B) 507,380
Shareholder reports 50,298
Legal fees 7,180
Custodian fees 5,000
Trustees' fees and expenses 4,733
Auditing fees 986
Registration and filing fees 194
Miscellaneous 680
Expenses from Series (Notes A & B) 399,729
------------
Total expenses 976,180
Expenses reduced by custodian fee expense
offset arrangement (Note B) (93)
------------
Total net expenses 976,087
------------
Net investment income 7,589,642
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized gain on investment securities 352,534
Net realized loss on financial futures
contracts (1,175,611)
Net realized loss on foreign currency
transactions (164,456)
Change in net unrealized appreciation of
investment securities, financial futures
contracts, translation of assets and
liabilities in foreign currencies, and
foreign currency contracts (195,593)
------------
Net loss on investments from Series (Note
A) (1,183,126)
------------
Net increase in net assets resulting from
operations $ 6,406,516
------------
</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
1998 December 31,
(UNAUDITED) 1997
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 7,589,642 $ 15,838,527
Net realized loss on investments
from Series (Note A) (987,533) (1,645,464)
Change in net unrealized
appreciation (depreciation) of
investments from Series (Note A) (195,593) 2,314,612
-----------------------------
Net increase in net assets resulting
from operations 6,406,516 16,507,675
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (15,689,177) (14,960,978)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 44,521,443 70,296,568
Proceeds from reinvestment of
dividends 15,689,177 14,960,978
Payments for shares redeemed (41,368,422) (92,593,520)
-----------------------------
Net increase (decrease) from Trust
share transactions 18,842,198 (7,335,974)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 9,559,537 (5,789,277)
NET ASSETS:
Beginning of period 251,111,741 256,901,018
-----------------------------
End of period $ 260,671,278 $251,111,741
-----------------------------
Accumulated undistributed net
investment income at end of period $ 7,566,260 $ 15,665,795
-----------------------------
NUMBER OF TRUST SHARES:
Sold 3,251,045 5,085,945
Issued on reinvestment of dividends 1,173,461 1,119,834
Redeemed (3,008,348) (6,709,733)
-----------------------------
Net increase (decrease) in shares
outstanding 1,416,158 (503,954)
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger&Berman Advisers Management Trust June 30, 1998 (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 eight separate operating series
(the "Funds"). The Trust is registered as a diversified, open-end management
investment company under the Investment Company Act of 1940, as amended, and
its shares are registered under the Securities Act of 1933, as amended. The
trustees of the Trust may establish additional series or classes of shares
without the approval of shareholders.
The assets of each fund belong only to that fund, and the liabilities of
each fund are borne solely by that fund and no other.
The Fund seeks to achieve its investment objective by investing all of its
net investable assets in AMT Limited Maturity Bond Investments (the
"Series"), a series of Advisers Managers Trust having the same investment
objective and policies as the Fund. The value of the Fund's investment in the
Series reflects the Fund's proportionate interest in the net assets of the
Series (100% at June 30, 1998). The performance of the Fund is directly
affected by the performance of the Series. The financial statements of the
Series, including the Schedule of Investments, are included elsewhere in this
report and should be read in conjunction with the Fund's financial
statements.
2) PORTFOLIO VALUATION: The Fund records its investment in the Series at value.
Investment securities held by the Series are valued by Advisers Managers
Trust as indicated in the notes following the Series' Schedule of
Investments.
3) FEDERAL INCOME TAXES: The Funds are treated as separate entities for Federal
income tax purposes. It is the policy of the Fund to continue to qualify as a
regulated investment company by complying with the provisions available to
certain investment companies, as defined in applicable sections of the
Internal Revenue Code, and to make distributions of investment company
taxable income and net capital gains (after reduction for any amounts
available for Federal income tax purposes as capital loss carryforwards)
sufficient to relieve it from all, or substantially all, Federal income
taxes. Accordingly, the Fund paid no Federal income taxes and no provision
for Federal income taxes was required.
4) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of
Series expenses, daily on its investment in the Series. Income 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, $296,579, and $1,871,355 expiring in 2002, 2004,
and 2005, respectively, determined as of December 31, 1997), it is the policy
of the Fund not to distribute such gains.
The Fund distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences 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, 1998 (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.
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- ("N&B Management") as its administrator under
an Administration Agreement ("Agreement"). Pursuant to this Agreement the Fund
pays N&B Management an administration fee at the annual rate of 0.40% of the
Fund's average daily net assets. The Fund indirectly pays for investment
management services through its investment in the Series (see Note B of Notes to
Financial Statements of the Series).
Effective May 1, 1995, the trustees of the Trust adopted a non-fee
distribution plan for each series of the Trust.
N&B Management has voluntarily undertaken to limit the Fund's expenses by
reimbursing the Fund for its operating expenses and its pro rata share of its
Series' operating expenses (excluding the fees payable to N&B 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 N&B Management upon at
least 60 days' prior written notice to the Fund. For the six months ended June
30, 1998, no reimbursement to the Fund was required.
All of the capital stock of N&B Management is owned by individuals who are
also principals of Neuberger& Berman, LLC ("Neuberger"), a member firm of The
New York Stock Exchange and sub-adviser to the Series. Several individuals who
are officers and/or trustees of the Trust are also principals of Neuberger
and/or officers and/or directors of N&B Management.
The Series has an expense offset arrangement in connection with its custodian
contract. The impact of this arrangement, reflected in the Statement of
Operations under the caption Expenses from Series, was a reduction of $93.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1998, additions and reductions in the
Fund's investment in its Series amounted to $29,170,466 and $24,820,053,
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,
1998 Year Ended December 31,
(UNAUDITED)(2) 1997(2) 1996(2) 1995(2) 1994 1993
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period $14.12 $14.05 $14.71 $14.02 $ 14.66 $14.33
---------------------------------------------------------------------
Income From Investment
Operations
Net Investment Income .45 .88 .92 .82 .78 .84
Net Gains or Losses on
Securities (both realized and
unrealized) (.11) .02 (.34) .65 (.80) .08
---------------------------------------------------------------------
Total From Investment
Operations .34 .90 .58 1.47 (.02) .92
---------------------------------------------------------------------
Less Distributions
Dividends (from net
investment income) (.89) (.83) (1.24) (.78) (.55) (.52)
Distributions (from net
capital gains) -- -- -- -- (.07) (.07)
---------------------------------------------------------------------
Total Distributions (.89) (.83) (1.24) (.78) (.62) (.59)
---------------------------------------------------------------------
Net Asset Value, End of Period $13.57 $14.12 $14.05 $14.71 $ 14.02 $14.66
---------------------------------------------------------------------
Total Return(3) +2.50%(4) +6.74% +4.31% +10.94% -0.15% +6.63%
---------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period
(in millions) $260.7 $251.1 $256.9 $238.9 $344.8 $343.5
---------------------------------------------------------------------
Ratio of Gross Expenses to
Average Net Assets(5) .77%(6) .77% .78% .71% -- --
---------------------------------------------------------------------
Ratio of Net Expenses to
Average Net Assets .77%(6) .77% .78% .71% .66% .64%
---------------------------------------------------------------------
Ratio of Net Investment
Income to Average Net Assets 5.98%(6) 6.27% 6.01% 5.99% 5.42% 5.19%
---------------------------------------------------------------------
Portfolio Turnover Rate(7) -- -- -- 27% 90% 159%
---------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger&Berman Advisers Management Trust June 30, 1998 (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 charges and other expenses that apply to
the separate account or the related insurance policies, and the inclusion of
these charges and other expenses would reduce the total return for all fiscal
periods shown.
4) Not annualized.
5) For fiscal periods ending after September 1, 1995, the Fund is required to
calculate an expense ratio without taking into consideration any expense
reductions related to expense offset arrangements.
6) Annualized.
7) 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 ending after April 28, 1995, are included in the
Financial Highlights of AMT Limited Maturity Bond Investments, which appear
elsewhere in this report.
B-7
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1998 (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
(4.3%)
$8,880,000 U.S. Treasury Notes, 5.75%,
due 11/15/00 TSY TSY $ 8,920,226
2,512,696 U.S. Treasury
Inflation-Indexed Notes,
3.375%, due 1/15/07 TSY TSY 2,432,616
------------
TOTAL U.S. TREASURY SECURITIES
(COST $11,455,369) 11,352,842
------------
U.S. GOVERNMENT AGENCY
SECURITIES (2.6%)
905,000 Federal Home Loan Bank,
Discount Notes, 5.40%, due
7/1/98 AGY AGY 904,864
6,000,000 Freddie Mac, Discount Notes,
5.44%, due 7/14/98 AGY AGY 5,988,240
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES (COST $6,893,213) 6,893,104
------------
MORTGAGE-BACKED SECURITIES
(4.0%)
FANNIE MAE
155,859 Balloon Pass-Through
Certificates, 8.50%, due
8/1/98-11/1/98 AGY AGY 161,022
5,651,569 Pass-Through Certificates,
7.00%, due 6/1/11 AGY AGY 5,794,441
4,446,288 Pass-Through Certificates,
6.50%, due 4/1/13 AGY AGY 4,472,655
FREDDIE MAC
84,008 Mortgage Participation
Certificates, 10.00%, due
4/1/20 AGY AGY 90,691
------------
TOTAL MORTGAGE-BACKED
SECURITIES (COST $10,310,114) 10,518,809
------------
ASSET-BACKED SECURITIES
(15.8%)
5,100,000 PNC Student Loan Trust I, Ser.
1997-2, Class A-2, 6.138%, due
1/25/00 Aaa AAA 5,133,660
3,580,000 Chase Manhattan Auto Owner
Trust, Ser. 1996-C, Class A-3,
5.95%, due 11/15/00 Aaa AAA 3,584,833
3,850,905 Money Store Auto Grantor
Trust, Ser. 1997-2, Class A-1,
6.17%, due 3/20/01 Aaa AAA 3,861,303
5,070,000 Ford Credit Auto Loan Master
Trust, Auto Loan Certificates,
Ser. 1996-1, 5.50%, due
2/15/03 Aaa AAA 5,039,276
2,169,868 Navistar Financial Owner
Trust, Ser. 1996-B, Class A-3,
6.33%, due 4/21/03 Aaa AAA 2,185,903
4,967,429 World Omni Automobile Lease
Securitization Trust, Ser.
1997-A, Class A-3, 6.85%, due
6/25/03 Aaa AAA 5,041,692
2,577,909 Chevy Chase Auto Receivables
Trust, Ser. 1996-2, Class A,
5.90%, due 7/15/03 Aaa AAA 2,576,698
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 6,947,525
3,366,596 ContiMortgage Net Interest
Margin Notes, Ser. 1998-A,
Class A, 7.92%, due 3/16/28 BBB(2) 3,388,142(3)
3,529,987 IMC Excess Cashflow Trust,
Ser. 1997-A, 7.41%, due
11/26/28 BBB(2) 3,526,280(3)
------------
TOTAL ASSET-BACKED SECURITIES
(COST $41,325,410) 41,285,312
------------
BANKS & FINANCIAL INSTITUTIONS
(24.5%)
4,760,000 Merrill Lynch & Co., Inc.,
Medium-Term Notes, Ser. B,
6.28%, due 6/25/99 Aa3 AA- 4,779,754
4,420,000 Chase Manhattan Bank USA,
Senior Global Bank Notes,
5.875%, due 8/4/99 Aa2 AA- 4,419,514
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- --------- ------- ------- ------------
<C> <S> <C> <C> <C>
$5,020,000 CIT Group Holdings, Inc.,
Medium-Term Notes, 6.25%, due
10/25/99 Aa3 A+ $ 5,049,266
3,690,000 First National Bank of
Commerce, Senior Bank Notes,
6.50%, due 1/14/00 A2 A- 3,717,343
3,700,000 HomeSide Lending, Inc., Notes,
6.875%, due 5/15/00 A1 A+ 3,747,323
4,730,000 Salomon Smith Barney Holdings
Inc., Notes, 7.00%, due
5/15/00 A2 A 4,822,330
5,120,000 Comdisco, Inc., Notes, 6.50%,
due 6/15/00 Baa1 BBB+ 5,162,291
6,050,000 Associates Pass-Through Asset
Trust, Ser. 1997-1, 6.45%, due
9/15/00 Aa3 AA- 6,108,140(3)
4,180,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E,
6.89%, due 10/10/00 Baa1 A 4,250,851
2,570,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E,
6.65%, due 11/8/00 Baa1 A 2,601,200
5,200,000 Capital One Bank, Bank Notes,
5.95%, due 2/15/01 Baa3 BBB- 5,161,312
3,760,000 Morgan Stanley, Dean Witter,
Discover & Co., Global
Medium-Term Notes, Ser. C,
6.09%, due 3/9/01 A1 A+ 3,760,489
4,870,000 Household Finance Corp.,
Senior Medium-Term Notes,
6.06%, due 5/14/01 A2 A 4,874,578
3,040,000 Riggs National Corp.,
Subordinated Notes, 8.50%, due
2/1/06 Ba1(4) BB-(4) 3,203,400
2,075,000 Riggs National Corp.,
Subordinated Debentures,
9.65%, due 6/15/09 Ba1(4) BB-(4) 2,466,656
------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS (COST
$63,761,228) 64,124,447
------------
CORPORATE DEBT SECURITIES
(38.0%)
4,700,000 Williams Holdings of Delaware,
Inc., Medium-Term Notes, Ser.
A, 6.40%, due 6/17/99 Baa2 BBB- 4,716,027
2,520,000 Arkla, Inc., Notes, 8.875%,
due 7/15/99 Baa1 BBB 2,587,133
4,080,000 Time Warner Pass-Through Asset
Trust, Ser. 1997-2, 4.90%, due
7/29/99 Baa3 BBB- 4,028,878(3)
4,450,000 Norfolk Southern Corp., Notes,
6.70%, due 5/1/00 Baa1 BBB+ 4,502,421
4,760,000 Sears Roebuck Acceptance
Corp., Medium-Term Notes, Ser.
IV, 6.23%, due 7/12/00 A2 A- 4,778,612
4,000,000 Ford Motor Credit Co.,
Medium-Term Notes, 6.84%, due
8/16/00 A1 A 4,070,880
2,780,000 MedPartners, Inc., Senior
Subordinated Notes, 6.875%,
due 9/1/00 B3 B 2,636,608
1,970,000 Chesapeake Corp., Notes,
10.375%, due 10/1/00 Baa3 BBB 2,140,228
1,610,000 BHP Finance (USA) Ltd.,
Guaranteed Notes, 5.625%, due
11/1/00 A3 A 1,591,823
4,760,000 IKON Capital, Inc.,
Medium-Term Notes, Ser. C,
6.33%, due 12/8/00 A3 A- 4,779,754
1,670,000 Fort James Corp., Notes,
6.234%, due 3/15/01 Baa2 BBB- 1,669,148
3,120,000 Revlon Worldwide Corp., Senior
Secured Notes, Ser. B,
Zero-Coupon, Yielding 10.75% &
10.959%, due 3/15/01 B3 B- 2,421,900
1,940,000 Colonial Realty Limited
Partnership, Senior Notes,
7.50%, due 7/15/01 Baa3 BBB- 2,005,300
4,000,000 Tyco International Ltd.,
Notes, 6.50%, due 11/1/01 A3 A- 4,035,040
2,800,000 ICI Wilmington Inc.,
Guaranteed Notes, 7.50%, due
1/15/02 Baa1 A- 2,930,676
1,950,000 Fort James Corp., Senior
Notes, 6.50%, due 9/15/02 Baa2 BBB- 1,956,922
3,250,000 Stewart Enterprises, Inc.,
Notes, 6.40%, due 5/1/03 Baa3 BBB 3,252,145
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- --------- ------- ------- ------------
<C> <S> <C> <C> <C>
$ 440,000 Core-Mark International, Inc.,
Senior Subordinated Notes,
11.375%, due 9/15/03 B3 B $ 468,050
505,000 Loomis Fargo & Co., Senior
Subordinated Notes, 10.00%,
due 1/15/04 B3 B 505,000
570,000 EOP Operating Limited
Partnership, Notes, 6.625%,
due 2/15/05 Baa1 BBB 571,995(3)
355,000 Earle M. Jorgensen Co., Senior
Notes, 9.50%, due 4/1/05 B3 B- 347,012(3)
1,300,000 Burlington Industries, Inc.,
Notes, 7.25%, due 9/15/05 Baa3 BBB- 1,327,924
3,680,000 Heritage Media Corp., Senior
Subordinated Notes, 8.75%, due
2/15/06 B1 BB+ 3,928,400
3,630,000 Mark IV Industries, Inc.,
Senior Subordinated Notes,
7.75%, due 4/1/06 Ba2(5) BB+(5) 3,666,300
1,095,000 Federal-Mogul Corp., Notes,
7.75%, due 7/1/06 Ba2(5) BB+(5) 1,107,176
610,000 Printpack, Inc., Senior
Subordinated Notes, Ser. B,
10.625%, due 8/15/06 B3 B+ 653,462
2,130,000 Time Warner Inc., Notes,
8.11%, due 8/15/06 Baa3 BBB- 2,338,080
325,000 Commonwealth Aluminum Corp.,
Senior Subordinated Notes,
10.75%, due 10/1/06 B2 B- 345,312
25,000 Newport News Shipbuilding
Inc., Senior Subordinated
Notes, 9.25%, due 12/1/06 B1 B+ 26,594
300,000 Safelite Glass Corp., Senior
Subordinated Notes, 9.875%,
due 12/15/06 B3 B 317,250(3)
698,000 AMTROL Inc., Senior
Subordinated Notes, 10.625%,
due 12/31/06 B3 B- 682,295
990,000 Pen-Tab Industries, Inc.,
Senior Subordinated Notes,
Ser. B, 10.875%, due 2/1/07 B3 B- 982,575
690,000 Fonda Group, Inc., Senior
Subordinated Notes, Ser. B,
9.50%, due 3/1/07 B3 B- 667,575
885,000 GFSI Inc., Senior Subordinated
Notes, 9.625%, due 3/1/07 B3 B- 933,675
90,000 French Fragrances, Inc.,
Senior Notes, Ser. B, 10.375%,
due 5/15/07 B2 B+ 96,075
2,240,000 Owens-Illinois, Inc., Senior
Debentures, 8.10%, due 5/15/07 Ba1(6) BB+(6) 2,372,070
3,650,000 Teleport Communications Group
Inc., Senior Step Up Notes,
Yielding 8.461%, due 7/1/07 Baa3 B+ 3,134,437
300,000 AmeriServe Food Distribution,
Inc., Senior Subordinated
Notes, 10.125%, due 7/15/07 B3 B- 312,750
100,000 Safety Components
International, Inc., Senior
Subordinated Notes, 10.125%,
due 7/15/07 B3 B- 103,750
585,000 HydroChem Industrial Services,
Inc., Senior Subordinated
Notes, Ser. B, 10.375%, due
8/1/07 B3 B- 596,700
4,320,000 Interpool, Inc., Notes, 7.20%,
due 8/1/07 Ba1 BBB- 4,300,301
220,000 Insilco Corp., Senior
Subordinated Notes, 10.25%,
due 8/15/07 B3 B+ 230,175
400,000 NBTY, Inc., Senior
Subordinated Notes, Ser. B,
8.625%, due 9/15/07 B1 B+ 410,000
2,030,000 UPM-Kymmene Corp., Notes,
6.875%, due 11/26/07 Baa1 BBB+ 2,063,333(3)
2,060,000 IDEX Corp., Senior Notes,
6.875%, due 2/15/08 Ba1 BBB- 2,049,618
1,370,000 Central Maine Power & Co.,
General and Refunding Mortgage
Bonds, Ser. Q, 7.05%, due
3/1/08 Baa3 BBB+ 1,371,329
640,000 Thiokol Corp., Senior Notes,
6.625%, due 3/1/08 Baa3 BBB 641,722
4,040,000 Beckman Coulter, Inc., Senior
Notes, 7.45%, due 3/4/08 Ba1(6) BB+(6) 4,093,166(3)
</TABLE>
B-10
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- --------- ------- ------- ------------
<C> <S> <C> <C> <C>
$ 430,000 IMPAC Group, Inc., Senior
Subordinated Notes, 10.125%,
due 3/15/08 B3 B- $ 435,375(3)
335,000 Trans-Resources, Inc., Senior
Notes, 10.75%, due 3/15/08 B3 B- 340,025(3)
1,145,000 Owens-Illinois, Inc., Senior
Notes, 7.35%, due 5/15/08 Ba1(6) BB+(6) 1,151,561
200,000 U.S. Office Products Co.,
Senior Subordinated Notes,
9.75%, due 6/15/08 B3 B- 200,000(3)
1,125,000 WestPoint Stevens Inc., Senior
Notes, 7.875%, due 6/15/08 Ba3 BB 1,122,188(3)
540,000 Aqua-Chem, Inc., Senior
Subordinated Notes, 11.25%,
due 7/1/08 B3 B- 546,750(3)
790,000 Tenet Healthcare Corp., Senior
Subordinated Notes, 8.125%,
due 12/1/08 Ba3 BB- 794,266(3)
160,000 KinderCare Learning Centers,
Inc., Senior Subordinated
Notes, Ser. B, 9.50%, due
2/15/09 B3 B- 163,600
------------
TOTAL CORPORATE DEBT
SECURITIES (COST $98,833,122) 99,501,361
------------
FOREIGN GOVERNMENT
SECURITIES(7) (1.9%)
SEK Kingdom of Sweden, 5.50%, due
38,500,000 4/12/02 (COST $5,080,488) Aa1 4,993,995
------------
CORPORATE COMMERCIAL PAPER
(7.6%)
5,000,000 Procter & Gamble Co., 5.50%,
due 7/7/98 P-1 A-1 4,995,417(8)
5,000,000 du Pont (E.I.) de Nemours &
Co., 5.53%, due 7/14/98 P-1 A-1 4,990,015(8)
5,000,000 Abbott Laboratories, 5.52%,
due 7/22/98 P-1 A-1+ 4,983,900(8)
5,000,000 Campbell Soup Co., 5.53%, due
7/29/98 P-1 A-1+ 4,978,495(8)
------------
TOTAL CORPORATE COMMERCIAL
PAPER (COST $19,947,827) 19,947,827
------------
TOTAL INVESTMENTS (98.7%)
(COST $257,606,771) 258,617,697(9)
Cash, receivables and other
assets, less liabilities
(1.3%) 3,373,414
------------
TOTAL NET ASSETS (100.0%) $261,991,111
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-11
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1998 (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 that the trustees
of Advisers Managers Trust believe accurately reflects fair value. Foreign
security prices are furnished by independent quotation services expressed in
local currency values. Foreign security prices are translated from the local
currency into U.S. dollars using current exchange rates. 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) Not rated by Moody's; the rating shown is from Fitch Investors Services, Inc.
3) 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, 1998, these
securities amounted to $27,882,800 or 10.6% of net assets.
4) Rated BBB by Thomson Bank Watch, Inc.
5) Rated BBB- by Fitch Investors Services, Inc.
6) Rated BBB- by Duff & Phelps Credit Rating Co.
7) Principal amount is stated in the currency in which the security is
denominated.
SEK -- Swedish Krona
8) At cost, which approximates market value.
9) At June 30, 1998, the cost of investments for Federal income tax purposes was
$257,606,771. Gross unrealized appreciation of investments was $1,980,914 and
gross unrealized depreciation of investments was $969,988, resulting in net
unrealized appreciation of $1,010,926, 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,
1998
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 258,617,697
Cash 1,702
Interest receivable 3,512,599
Deferred organization costs (Note A) 29,589
Prepaid expenses and other assets 3,006
Receivable for securities sold 77
--------------
262,164,670
--------------
LIABILITIES
Payable for variation margin (Note A) 56,564
Payable to investment manager (Note B) 53,422
Payable for forward foreign currency
exchange contracts sold (Note C) 35,777
Accrued expenses 27,796
--------------
173,559
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 261,991,111
--------------
NET ASSETS consist of:
Paid-in capital $ 261,320,149
Net unrealized appreciation in value of
investment securities, financial futures
contracts, translation of assets and
liabilities in foreign currencies, and
foreign currency contracts 670,962
--------------
NET ASSETS $ 261,991,111
--------------
*Cost of investments $ 257,606,771
--------------
</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,
1998
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Interest income $ 8,565,729
------------
Expenses:
Investment management fee (Note B) 317,228
Custodian fees (Note B) 52,803
Amortization of deferred organization and
initial offering expenses (Note A) 7,993
Trustees' fees and expenses 5,112
Accounting fees 5,000
Legal fees 4,867
Auditing fees 3,558
Insurance expense 1,926
Miscellaneous 1,242
------------
Total expenses 399,729
Expenses reduced by custodian fee expense
offset arrangement (Note B) (93)
------------
Total net expenses 399,636
------------
Net investment income 8,166,093
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 352,534
Net realized loss on financial futures
contracts (Note A) (1,175,611)
Net realized loss on foreign currency
transactions (Note A) (164,456)
Change in net unrealized appreciation of
investment securities, financial futures
contracts, translation of assets and
liabilities in foreign currencies, and
foreign currency contracts (Note A) (195,593)
------------
Net loss on investments (1,183,126)
------------
Net increase in net assets resulting from
operations $ 6,982,967
------------
</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
1998 December 31,
(UNAUDITED) 1997
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 8,166,093 $ 16,956,097
Net realized loss on investments (987,533) (1,645,464)
Change in net unrealized
appreciation (depreciation) of
investments (195,593) 2,314,612
-----------------------------
Net increase in net assets resulting
from operations 6,982,967 17,625,245
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 29,170,466 42,581,313
Reductions (24,820,053) (66,353,014)
-----------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests 4,350,413 (23,771,701)
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS 11,333,380 (6,146,456)
NET ASSETS:
Beginning of period 250,657,731 256,804,187
-----------------------------
End of period $ 261,991,111 $250,657,731
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1998 (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 eight separate operating series. Managers Trust is registered as
a diversified, open-end management investment company under the Investment
Company Act of 1940, as amended.
The assets of each series belong only to that series, and the liabilities
of each series are borne solely by that series and no other.
2) PORTFOLIO VALUATION: Investment securities are valued as indicated in the
notes following the Series' Schedule of Investments.
3) 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. 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 changes in securities prices resulting from
changes in prevailing 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 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 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.
B-16
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (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 transactions involving futures contracts
may be deferred rather than being taken into account currently in calculating
the Series' taxable income.
At June 30, 1998, open positions in financial futures contracts were as
follows:
<TABLE>
<CAPTION>
UNREALIZED
APPRECIATION
EXPIRATION OPEN CONTRACTS POSITION (DEPRECIATION)
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
September
1998 310 U.S. Treasury Notes, 2 Year Long $ 94,609
September
1998 150 U.S. Treasury Notes, 5 Year Short (85,440)
September
1998 370 U.S. Treasury Notes, 10 Year Short (312,024)
</TABLE>
At June 30, 1998, the Series had the following securities deposited in a
segregated account to cover margin requirements on open financial futures
contracts:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SECURITY
- ------------------------------------------------------------------------------------------------------------
<C> <S>
$1,250,000 Standard Credit Card Master Trust I, Credit Card Participation Certificates, Ser. 1994-4, Class
A, 8.25%, due 11/7/03
245,000 Fonda Group, Inc., Senior Subordinated Notes, Ser. B, 9.50%, due 3/1/07
</TABLE>
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. 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, 1998, the unamortized balance of such
expenses amounted to $29,589.
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.
B-17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Neuberger&Berman Management Incorporated ("N&B
Management") as its investment manager under a Management Agreement. For such
investment management services, the Series pays N&B Management a fee at the
annual rate of 0.25% of the first $500 million of the Series' average daily net
assets, 0.225% of the next $500 million, 0.20% of the next $500 million, 0.175%
of the next $500 million, and 0.15% of average daily net assets in excess of $2
billion.
All of the capital stock of N&B Management is owned by individuals who are
also principals of Neuberger& Berman, LLC ("Neuberger"), a member firm of The
New York Stock Exchange and sub-adviser to the Series. Neuberger is retained by
N&B Management to furnish it with investment recommendations and research
information without added cost to the Series. Several individuals who are
officers and/or trustees of Managers Trust are also principals of Neuberger
and/or officers and/or directors of N&B Management.
The Series has an expense offset arrangement in connection with its custodian
contract. The impact of this arrangement, reflected in the Statement of
Operations under the caption Custodian fees, was a reduction of $93.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1998, there were purchase and sale
transactions (excluding short-term securities, financial futures contracts, and
forward foreign currency contracts) of $63,224,334 and $74,383,617,
respectively.
During the six months ended June 30, 1998, the Series had entered into
various contracts to deliver currencies at specified future dates. At June 30,
1998, open contracts were as follows:
<TABLE>
<CAPTION>
NET
CONTRACTS TO IN EXCHANGE SETTLEMENT UNREALIZED
SALES DELIVER FOR DATE VALUE DEPRECIATION
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Swedish Krona 39,600,000 $4,933,695 7/23/98 $4,897,918 $ 35,777
</TABLE>
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>
Six Months
Ended Period from
June 30, Year Ended May 1, 1995(1)
1998 December 31, to December 31,
(UNAUDITED) 1997 1996 1995
---------------------------------------------------------
<S> <C> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .32%(3) .32% .33% .32%(3)
---------------------------------------------------------
Net Expenses .31%(3) .32% .33% .32%(3)
---------------------------------------------------------
Net Investment Income 6.44%(3) 6.71% 6.46% 6.34%(3)
---------------------------------------------------------
Portfolio Turnover Rate 27% 86% 132% 78%
---------------------------------------------------------
Net Assets, End of Period (in millions) $262.0 $250.7 $256.8 $325.6
---------------------------------------------------------
</TABLE>
1) The date investment operations commenced.
2) The Series is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
3) Annualized.
B-19
