<PAGE>
LIMITED MATURITY BOND PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
NMATR8080699
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 1999
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
TED GIULIANO & CATHERINE WATERWORTH, PORTFOLIO CO-MANAGERS
The portfolio provided a 0.33% return during the first six months of 1999,
while its benchmark, the Merrill Lynch 1-3 Year Treasury Index* provided a 1.17%
return. After the extreme volatility of the second half of 1998, the bond market
entered a period of relative (and, in the portfolio co-managers' opinion, well
deserved) peace and quiet. In this environment, the portfolio produced the
results the managers believe it should, protecting principal in a moderately
rising interest rate environment.
Giuliano and Waterworth made a number of changes to the portfolio during the
first quarter. Most notably, the portfolio's allocation to U.S. Government
Agency securities was reduced and those assets were redeployed into
mortgage-backed securities. This change enabled the portfolio to capitalize on
income opportunities and potential price appreciation as the differences in
yields between mortgage-backed securities and comparable U.S. Government Agency
securities narrowed.
During the second half of the reporting period however, the relative peace
and quiet in the bond market was shattered when fixed-income investors awoke to
the conclusion that faster-than-expected economic growth in domestic and
overseas markets might rekindle inflation pressures. Interest rates rose quickly
and dramatically across the yield curve, and fixed-income securities provided
investors with their highest yields of the past 18 months.
The portfolio co-managers believe that investment environments such as the
one that dominated the second quarter provide true tests of fixed-income
managers' skills. According to Giuliano, "higher interest rates are like a
receding tide. You don't know which portfolio manager is naked until the tide
goes out." When interest rates rise, bond prices fall. The challenge facing
managers of limited-maturity funds in this environment is to maintain as high a
level of income as is practical with preservation of capital.
When the second quarter began Giuliano and Waterworth had already positioned
the portfolio for higher interest rates. They accomplished this by maintaining
their diversification strategy, investing in securities from 74 different
issuers as of June 30, 1999. The managers also maintained modest positions
outside of the United States (5.7%), split evenly among Canadian, Italian and
Swedish issuers, for additional diversification.
Within their broadly diversified portfolio, they de-emphasized interest-rate
sensitive sectors of the bond market by reducing their exposure to asset-backed
securities.
These changes helped improve the portfolio's credit quality from an average
of A+ at the start of the six-month period to Aa- at the end. In addition,
Giuliano and Waterworth gradually reduced the portfolio's average duration, a
measure of sensitivity to changing interest rates, from about 2.6 years to 2.0
years. This shift was intended to quickly capture higher yields as they became
available in the market.
Looking forward, Giuliano and Waterworth currently believe that the portfolio
is well positioned for the second half of 1999. If interest rates rise further,
they believe that the portfolio's current posture should help it maintain
competitive yields. If economic growth begins to subside and interest rates
decline, the portfolio co-managers stand ready to make the changes required to
lock in high yields and take advantage of opportunities for potential capital
appreciation.
A-2
<PAGE>
*2.18%, 5.49%, and 6.19% were the average annual total returns for the 1-,5-,
and 10-year periods ended June 30, 1999. Results are shown on a "total return"
basis and include reinvestment of all dividends and capital gain distributions.
Neuberger Berman Management Inc. currently absorbs certain operating expenses
of the Portfolio. Absent such arrangement, which is subject to change, the
total returns would have been less.
The 30-day yield shown for the Portfolio was 5.60% ended June 30, 1999. Past
performance does not guarantee future results and shares when redeemed may be
worth more or less than their original cost. The performance information does
not reflect separate account and insurance policy fees and expenses.
The Merrill Lynch 1-3 Year Treasury Index is an unmanaged total return market
value index consisting of all coupon-bearing U.S. Treasury publicly placed debt
securities with maturities between 1 to 3 years.
Please note that indices do not take into account any fees and expenses of
investing in the individual securities that they track, and that individuals
cannot invest directly in any index. Data about the performance of this index
are prepared or obtained by Neuberger Berman Management Inc. and include
reinvestment of all dividends and capital gains distributions. The Portfolio
invests in many securities not included in the above-described index.
The composition, industries and holdings of the Portfolio are subject to
change.
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.
Shares of the separate Portfolios of Neuberger Berman Advisers Management Trust
are sold only through the currently effective prospectus and are not available
to the general public. Shares of the AMT Portfolios may be purchased only by
life insurance companies to be used with their separate accounts that fund
variable annuity and variable life insurance policies and by qualified pension
and retirement plans.
A-3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
June 30,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investment in Series, at value (Note A) $ 258,702,245
Receivable for Trust shares sold 805,832
--------------
259,508,077
--------------
LIABILITIES
Payable for Trust shares redeemed 129,011
Payable to administrator (Note B) 85,252
Accrued expenses 81,221
--------------
295,484
--------------
NET ASSETS at value $ 259,212,593
--------------
NET ASSETS consist of:
Par value $ 19,798
Paid-in capital in excess of par value 270,176,813
Accumulated undistributed net investment
income 7,569,439
Accumulated net realized losses on
investment (14,205,011)
Net unrealized depreciation in value of
investment (4,348,446)
--------------
NET ASSETS at value $ 259,212,593
--------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 19,797,519
--------------
NET ASSET VALUE, offering and redemption price per
share $13.09
--------------
</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,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Investment income from Series (Note A) $ 8,650,234
------------
Expenses:
Administration fee (Note B) 532,257
Shareholder reports 46,838
Legal fees 7,386
Trustees' fees and expenses 6,808
Custodian fees 5,000
Auditing fees 2,234
Registration and filing fees 211
Miscellaneous 1,404
Expenses from Series (Notes A & B) 419,212
------------
Total expenses 1,021,350
Expenses reduced by custodian fee expense
offset arrangement (Note B) (852)
------------
Total net expenses 1,020,498
------------
Net investment income 7,629,736
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
FROM SERIES (NOTE A)
Net realized loss on investment securities (2,387,193)
Net realized loss on financial futures
contracts (369,834)
Net realized gain on foreign currency
transactions 399,427
Change in net unrealized appreciation
(depreciation) of investment securities,
financial futures contracts, translation of
assets and liabilities in foreign currencies,
and foreign currency contracts (4,381,645)
------------
Net loss on investments from Series
(Note A) (6,739,245)
------------
Net increase in net assets resulting from
operations $ 890,491
------------
</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
1999 December 31,
(UNAUDITED) 1998
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 7,629,736 $ 15,492,534
Net realized loss on investments
from Series (Note A) (2,357,600) (3,319,286)
Change in net unrealized
appreciation (depreciation) of
investments from Series (Note A) (4,381,645) (833,356)
-----------------------------
Net increase in net assets resulting
from operations 890,491 11,339,892
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (15,115,273) (15,689,177)
-----------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 27,944,573 112,009,422
Proceeds from reinvestment of
dividends 15,115,273 15,689,177
Payments for shares redeemed (46,968,210) (97,115,316)
-----------------------------
Net increase (decrease) from Trust
share transactions (3,908,364) 30,583,283
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (18,133,146) 26,233,998
NET ASSETS:
Beginning of period 277,345,739 251,111,741
-----------------------------
End of period $ 259,212,593 $277,345,739
-----------------------------
Accumulated undistributed net
investment income at end of period $ 7,569,439 $ 15,054,976
-----------------------------
NUMBER OF TRUST SHARES:
Sold 2,097,543 8,173,628
Issued on reinvestment of dividends 1,162,713 1,173,461
Redeemed (3,526,905) (7,069,183)
-----------------------------
Net increase (decrease) in shares
outstanding (266,649) 2,277,906
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Limited Maturity Bond Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware business trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of 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, 1999). The performance of the Fund is directly
affected by the performance of the Series. The financial statements of the
Series, including the Schedule of Investments, are included elsewhere in this
report and should be read in conjunction with the Fund's financial
statements.
2) PORTFOLIO VALUATION: The Fund records its investment in the Series at value.
Investment securities held by the Series are valued as indicated in the notes
following the Series' Schedule of Investments.
3) TAXES: The Funds are treated as separate entities for U.S. Federal income tax
purposes. It is the policy of the Fund to continue to qualify as a regulated
investment company by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of investment company taxable income
and net capital gains (after reduction for any amounts available for U.S.
Federal income tax purposes as capital loss carryforwards) sufficient to
relieve it from all, or substantially all, U.S. Federal income taxes.
Accordingly, the Fund paid no U.S. Federal income taxes and no provision for
U.S. Federal income taxes was required.
4) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of
Series expenses, daily on its investment in the Series. 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, $1,871,355, and $2,478,607 expiring in
2002, 2004, 2005, and 2006, respectively, determined as of December 31,
1998), it is the policy of the Fund not to distribute such gains.
The Fund distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences 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, 1999 (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 Inc. ("Management") as its
administrator under an Administration Agreement ("Agreement"). Pursuant to this
Agreement the Fund pays Management an administration fee at the annual rate of
0.40% of the Fund's average daily net assets. The Fund indirectly pays for
investment management services through its investment in the Series (see Note B
of Notes to Financial Statements of the Series).
Effective May 1, 1995, the trustees of the Trust adopted a non-fee
distribution plan for each series of the Trust.
Management has voluntarily undertaken to reimburse the Fund for its operating
expenses plus its pro rata share of its Series' operating expenses (excluding
the fees payable to Management, interest, taxes, brokerage commissions,
extraordinary expenses, and transaction costs) which exceed, in the aggregate,
1.00% per annum of the Fund's average daily net assets. This undertaking is
subject to termination by Management upon at least 60 days' prior written notice
to the Fund. For the six months ended June 30, 1999, 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 $852.
NOTE C -- INVESTMENT TRANSACTIONS:
During the six months ended June 30, 1999, additions and reductions in the
Fund's investment in its Series amounted to $6,951,732 and $26,440,535,
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,
1999 Year Ended December 31,
(UNAUDITED)(2) 1998(2) 1997(2) 1996(2) 1995(2) 1994
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $13.82 $14.12 $14.05 $14.71 $14.02 $ 14.66
-------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .38 .80 .88 .92 .82 .78
Net Gains or Losses on Securities
(both realized and unrealized) (.34) (.21) .02 (.34) .65 (.80)
-------------------------------------------------------------------
Total From Investment Operations .04 .59 .90 .58 1.47 (.02)
-------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.77) (.89) (.83) (1.24) (.78) (.55)
Distributions (from net capital
gains) -- -- -- -- -- (.07)
-------------------------------------------------------------------
Total Distributions (.77) (.89) (.83) (1.24) (.78) (.62)
-------------------------------------------------------------------
Net Asset Value, End of Period $13.09 $13.82 $14.12 $14.05 $14.71 $ 14.02
-------------------------------------------------------------------
Total Return(3) +0.33%(4) +4.39% +6.74% +4.31% +10.94% -0.15%
-------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $259.2 $277.3 $251.1 $256.9 $238.9 $ 344.8
-------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(5) .77%(6) .76% .77% .78% .71% --
-------------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets .77%(6) .76% .77% .78% .71% .66%
-------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 5.73%(6) 5.83% 6.27% 6.01% 5.99% 5.42%
-------------------------------------------------------------------
Portfolio Turnover Rate(7) -- -- -- -- 27% 90%
-------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 1999 (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, 1999 (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
(6.2%)
$ 7,880,000 U.S. Treasury Notes, 5.75%,
due 11/15/00 TSY TSY $ 7,913,411
8,589,263 U.S. Treasury
Inflation-Indexed Notes,
3.375%, due 1/15/07 TSY TSY 8,232,207
------------
TOTAL U.S. TREASURY SECURITIES
(COST $16,358,755) 16,145,618
------------
U.S. GOVERNMENT AGENCY
SECURITIES (3.5%)
3,430,000 Federal Home Loan Bank,
Discount Notes, 4.50%, due
7/1/99 AGY AGY 3,430,000
5,680,000 Fannie Mae, Notes, 5.625%, due
5/14/04 AGY AGY 5,567,366
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES (COST $9,088,645) 8,997,366
------------
MORTGAGE-BACKED SECURITIES
(24.9%)
1,969,260 GE Capital Mortgage Services,
Inc., REMIC Pass-Through
Certificates, Ser. 1998-25,
Class B3, 6.25%, due 12/25/28 BB(2) 1,381,554(3)
768,620 BA Mortgage Securities, Inc.,
Mortgage Pass-Through
Certificates, Ser. 1998-6,
6.25%, due 12/26/28 BB 531,793(3)
1,314,431 PNC Mortgage Securities Corp.,
Pass-Through Certificates,
Ser. 1999-1, Class 1B4, 6.25%,
due 2/25/29 BB(2) 906,747(3)
1,151,211 GE Capital Mortgage Services,
Inc., REMIC Pass-Through
Certificates, Ser. 1999-2,
Class B3, 6.50%, due 4/25/29 BB(2) 821,320(3)
884,266 GE Capital Mortgage Services,
Inc., REMIC Pass-Through
Certificates, Ser. 1999-11,
Class B3, 6.50%, due 7/25/29 BB(2) 628,103(3)
755,745 Morgan Stanley Capital I Inc.,
Commercial Mortgage
Pass-Through Certificates,
Ser. 1998-HF2, 6.01%, due
11/15/30 BB(2) 514,730(3)
FANNIE MAE
4,025,352 Pass-Through Certificates,
7.00%, due 6/1/11 AGY AGY 4,067,296
3,900,082 Pass-Through Certificates,
6.50%, due 5/1/13 AGY AGY 3,847,820
FREDDIE MAC
53,926 Mortgage Participation
Certificates, 10.00%, due
4/1/20 AGY AGY 57,962
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
18,761,544 Pass-Through Certificates,
6.50%, due 12/15/28 AGY AGY 18,064,365
31,334,985 Pass-Through Certificates,
7.00%, due 3/15/28-1/15/29 AGY AGY 30,951,865
2,610,000 Pass-Through Certificates,
8.00%, TBA, 30 Year Maturity AGY AGY 2,676,607
------------
TOTAL MORTGAGE-BACKED
SECURITIES (COST $66,587,470) 64,450,162
------------
</TABLE>
B-8
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- -------------- ----------- --------- ------------
<C> <S> <C> <C> <C>
ASSET-BACKED SECURITIES (4.6%)
$ 638,662 Money Store Auto Grantor
Trust, Ser. 1997-2, Class A-1,
6.17%, due 3/20/01 Aaa AAA $ 642,060
5,070,000 Ford Credit Auto Loan Master
Trust, Auto Loan Certificates,
Ser. 1996-1, 5.50%, due
2/15/03 Aaa AAA 5,011,797
1,082,345 Navistar Financial Owner
Trust, Ser. 1996-B, Class A-3,
6.33%, due 4/21/03 Aaa AAA 1,087,919
3,790,000 Chemical Master Credit Card
Trust 1, Ser. 1995-2, Class A,
6.23%, due 6/15/03 Aaa AAA 3,818,311
1,361,447 Chevy Chase Auto Receivables
Trust, Ser. 1996-2, Class A,
5.90%, due 7/15/03 Aaa AAA 1,363,789
------------
TOTAL ASSET-BACKED SECURITIES
(COST $12,000,020) 11,923,876
------------
BANKS & FINANCIAL INSTITUTIONS
(14.7%)
4,420,000 Chase Manhattan Bank USA,
Senior Global Bank Notes,
5.875%, due 8/4/99 Aa2 AA- 4,421,282
6,050,000 Associates Pass-Through Asset
Trust, Ser. 1997-1, 6.45%, due
9/15/00 Aa3 AA- 6,112,738(3)
4,180,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E,
6.89%, due 10/10/00 Baa1 A 4,217,453
2,900,000 Countrywide Home Loans, Inc.,
Notes, 5.62%, due 10/16/00 A3 A 2,882,832
2,570,000 Lehman Brothers Holdings Inc.,
Medium-Term Notes, Ser. E,
6.65%, due 11/8/00 Baa1 A 2,586,654
5,200,000 Capital One Bank, Bank Notes,
5.95%, due 2/15/01 Baa2 BBB- 5,139,472
3,760,000 Morgan Stanley, Dean Witter, &
Co., Global Medium-Term Notes,
Ser. C, 6.09%, due 3/9/01 Aa3 A+ 3,756,616
4,870,000 Household Finance Corp.,
Senior Medium-Term Notes,
6.06%, due 5/14/01 A2 A 4,853,588
3,040,000 Riggs National Corp.,
Subordinated Notes, 8.50%, due
2/1/06 Ba1 BB+ 3,150,200
810,000 Bank United, Subordinated
Medium-Term Notes, 8.00%, due
3/15/09 Ba2 BBB- 782,986
------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS (COST
$37,915,249) 37,903,821
------------
CORPORATE DEBT SECURITIES
(29.7%)
2,520,000 Arkla, Inc., Notes, 8.875%,
due 7/15/99 Baa1 BBB 2,521,814
1,000,000 International Paper Co.,
Medium-Term Notes, Ser. E,
6.74%, due 7/26/99 A3 BBB+ 1,000,530
4,080,000 Time Warner Pass-Through Asset
Trust, Ser. 1997-2, 4.90%, due
7/29/99 Baa3 BBB 4,078,450(3)
2,890,000 Commonwealth Edison Co., First
Mortgage Bonds, Ser. 90,
6.50%, due 4/15/00 Baa2 BBB+ 2,902,832
4,450,000 Norfolk Southern Corp., Notes,
6.70%, due 5/1/00 Baa1 BBB+ 4,479,682
4,000,000 Ford Motor Credit Co.,
Medium-Term Notes, 6.84%, due
8/16/00 A1 A 4,034,400
1,970,000 Chesapeake Corp., Notes,
10.375%, due 10/1/00 Baa3 BBB 2,064,855
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- -------------- ----------- --------- ------------
<C> <S> <C> <C> <C>
$ 1,610,000 BHP Finance (USA) Ltd.,
Guaranteed Notes, 5.625%, due
11/1/00 A3 A- $ 1,592,097
2,027,000 Safeway Inc., Notes, 5.75%,
due 11/15/00 Baa2 BBB 2,017,189
2,550,000 AT&T Capital Corp., Notes,
6.875%, due 1/16/01 Baa3 BBB 2,558,491
1,710,000 Fort James Corp., Notes,
6.234%, due 3/15/01 Baa2 BBB- 1,707,760
1,345,000 CMS Energy Corp., Senior
Notes, 8.00%, due 7/1/01 Ba3 BB 1,345,538
2,700,000 Telecom Argentina Stet-France
SA, Medium-Term Notes, 9.75%,
due 7/12/01 Ba3 BBB- 2,700,000(3)
1,940,000 Colonial Realty Limited
Partnership, Senior Notes,
7.50%, due 7/15/01 Baa3 BBB- 1,911,889
910,000 USA Waste Services, Inc.,
Senior Notes, 6.125%, due
7/15/01 Baa2 BBB+ 904,959
2,625,000 Texas Utilities Co., Notes,
5.94%, due 10/15/01 Baa3 BBB 2,603,869
4,000,000 Tyco International Ltd.,
Notes, 6.50%, due 11/1/01 A3 A- 4,001,240
1,855,000 Marlin Water Trust, Senior
Secured Notes, 7.09%, due
12/15/01 Baa2 BBB 1,835,356(3)
2,800,000 ICI Wilmington Inc.,
Guaranteed Notes, 7.50%, due
1/15/02 Baa1 A- 2,848,580
1,950,000 Fort James Corp., Senior
Notes, 6.50%, due 9/15/02 Baa2 BBB- 1,949,201
3,315,000 Stewart Enterprises, Inc.,
Notes, 6.40%, due 5/1/03 Baa3 BBB 3,276,082
440,000 Core-Mark International, Inc.,
Senior Subordinated Notes,
11.375%, due 9/15/03 B3 B 430,100
2,000,000 Akzo Nobel Inc., Guaranteed
Notes, 6.00%, due 11/15/03 A2 A 1,938,960(3)
505,000 Loomis Fargo & Co., Senior
Subordinated Notes, 10.00%,
due 1/15/04 B3 B 502,475
1,430,000 PDVSA Finance Ltd., Notes,
8.75%, due 2/15/04 A3 BBB+ 1,424,595(3)
570,000 EOP Operating Limited
Partnership, Notes, 6.625%,
due 2/15/05 Baa1 BBB 548,283
800,000 WestPoint Stevens Inc., Senior
Notes, 7.875%, due 6/15/05 Ba3 BB 782,000
1,360,000 Protection One, Inc., Senior
Notes, 7.375%, due 8/15/05 Ba1 BBB- 1,242,768
3,680,000 Heritage Media Corp., Senior
Subordinated Notes, 8.75%, due
2/15/06 B1 BB+ 3,937,600
600,000 Calpine Corp., Senior Notes,
7.625%, due 4/15/06 Ba2 BB 595,500
610,000 Printpack, Inc., Senior
Subordinated Notes, Ser. B,
10.625%, due 8/15/06 Caa1 B 580,262
2,130,000 Time Warner Inc., Notes,
8.11%, due 8/15/06 Baa3 BBB 2,235,627
25,000 Newport News Shipbuilding
Inc., Senior Subordinated
Notes, 9.25%, due 12/1/06 B1 B+ 26,719
645,000 GFSI Inc., Senior Subordinated
Notes, 9.625%, due 3/1/07 B3 B- 565,987
90,000 French Fragrances, Inc.,
Senior Notes, Ser. B, 10.375%,
due 5/15/07 B2 B+ 91,237
1,195,000 Owens-Illinois, Inc., Senior
Debentures, 8.10%, due 5/15/07 Ba1(4) BB+(4) 1,189,766
100,000 Safety Components
International, Inc., Senior
Subordinated Notes, 10.125%,
due 7/15/07 B3 B- 89,750
</TABLE>
B-10
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
- -------------- ----------- --------- ------------
<C> <S> <C> <C> <C>
$ 585,000 HydroChem Industrial Services,
Inc., Senior Subordinated
Notes, Ser. B, 10.375%, due
8/1/07 Caa1 B- $ 512,606
1,720,000 Interpool, Inc., Notes, 7.20%,
due 8/1/07 Ba1(5) BB+(5) 1,450,528
1,185,000 Mirage Resorts, Inc., Notes,
6.75%, due 8/1/07 Baa2 BBB 1,111,151
400,000 NBTY, Inc., Senior
Subordinated Notes, Ser. B,
8.625%, due 9/15/07 B1 B+ 353,500
640,000 Thiokol Corp., Senior Notes,
6.625%, due 3/1/08 Baa3 BBB 598,118
430,000 IMPAC Group, Inc., Senior
Subordinated Notes, 10.125%,
due 3/15/08 B3 B- 422,475
335,000 Trans-Resources, Inc., Senior
Notes, Ser. B, 10.75%, due
3/15/08 B3 B- 327,881
800,000 Global Crossing Holdings Ltd.,
Senior Notes, 9.625%, due
5/15/08 Ba2 BB 850,000
540,000 Aqua-Chem, Inc., Senior
Subordinated Notes, 11.25%,
due 7/1/08 B3 B- 398,250
790,000 Tenet Healthcare Corp., Senior
Subordinated Notes, 8.125%,
due 12/1/08 Ba3 BB- 760,130
60,000 KinderCare Learning Centers,
Inc., Senior Subordinated
Notes, Ser. B, 9.50%, due
2/15/09 B3 B- 57,450
1,400,000 Liberty Media Group, Notes,
7.875%, due 7/15/09 Baa3 BBB- 1,391,656(3)
------------
TOTAL CORPORATE DEBT
SECURITIES (COST $78,096,420) 76,750,188
------------
FOREIGN GOVERNMENT
SECURITIES(6) (5.7%)
CAD 8,200,000 Canadian Government, 5.00%,
due 12/1/00 Aa1 AAA 5,555,395
EUR 4,570,000 Italian Government, 4.50%, due
4/15/01 Aa3 AA 4,811,801
SEK 31,900,000 Kingdom of Sweden, 13.00%, due
6/15/01 Aa1 AAA 4,382,727
------------
TOTAL FOREIGN GOVERNMENT
SECURITIES (COST $15,221,130) 14,749,923
------------
CORPORATE COMMERCIAL PAPER
(12.7%)
3,000,000 Fluor Corp., 4.94%, due 7/7/99 P-1 A-1 2,997,530
10,000,000 BMW U.S. Capital Corp., 4.95%,
due 7/12/99 P-1 A-1+ 9,984,875
10,000,000 Bell Atlantic Financial
Services, Inc., 5.21%, due
7/14/99 P-1 A-1 9,981,186
10,000,000 GTE Corp., 5.12%, due 7/20/99 P-1 A-1 9,972,978
------------
TOTAL CORPORATE COMMERCIAL
PAPER (COST $32,936,569) 32,936,569(7)
------------
TOTAL INVESTMENTS (102.0%)
(COST $268,204,258) 263,857,523(8)
Liabilities, less cash,
receivables and other assets
[(2.0%)] (5,155,277)
------------
TOTAL NET ASSETS (100.0%) $258,702,246
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-11
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust June 30, 1999 (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. 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 debt
securities 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, 1999, these
securities amounted to $24,266,002 or 9.4% of net assets.
4) Rated BBB- by Duff & Phelps Credit Rating Co.
5) Rated BBB by Fitch Investors Services, Inc.
6) Principal amount is stated in the currency in which the security is
denominated.
CAD -- Canadian Dollar
EUR -- Euro
SEK -- Swedish Krona
7) At cost, which approximates market value.
8) At June 30, 1999, the cost of investments for U.S. Federal income tax
purposes was $268,204,258. Gross unrealized appreciation of investments was
$564,515 and gross unrealized depreciation of investments was $4,911,250,
resulting in net unrealized depreciation of $4,346,735, based on cost for
U.S. 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,
1999
(UNAUDITED)
--------------
<S> <C>
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $ 263,857,523
Cash 3,167
Interest receivable 3,129,890
Receivable for securities sold 1,290,825
Net receivable for forward foreign currency
exchange contracts sold (Note C) 39,547
Deferred organization costs (Note A) 13,469
Prepaid expenses and other assets 2,368
--------------
268,336,789
--------------
LIABILITIES
Payable for securities purchased 9,500,435
Payable to investment manager (Note B) 53,306
Payable for variation margin (Note A) 51,125
Accrued expenses 29,677
--------------
9,634,543
--------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 258,702,246
--------------
NET ASSETS consist of:
Paid-in capital $ 263,050,692
Net unrealized depreciation in value of
investment securities, financial futures
contracts, translation of assets and
liabilities in foreign currencies, and
foreign currency contracts (4,348,446)
--------------
NET ASSETS $ 258,702,246
--------------
*Cost of investments $ 268,204,258
--------------
</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,
1999
(UNAUDITED)
------------
<S> <C>
INVESTMENT INCOME
Income:
Interest income $ 8,653,980
Foreign taxes withheld (Note A) (3,746)
------------
Total income 8,650,234
------------
Expenses:
Investment management fee (Note B) 332,794
Custodian fees (Note B) 56,219
Amortization of deferred organization and
initial offering expenses (Note A) 7,994
Trustees' fees and expenses 6,673
Auditing fees 5,784
Accounting fees 5,000
Legal fees 3,287
Insurance expense 1,373
Miscellaneous 88
------------
Total expenses 419,212
Expenses reduced by custodian fee expense
offset arrangement (Note B) (852)
------------
Total net expenses 418,360
------------
Net investment income 8,231,874
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment securities
sold (2,387,193)
Net realized loss on financial futures
contracts (Note A) (369,834)
Net realized gain on foreign currency
transactions (Note A) 399,427
Change in net unrealized appreciation
(depreciation) of investment securities,
financial futures contracts,
translation of assets and liabilities in
foreign currencies, and foreign currency
contracts (Note A) (4,381,645)
------------
Net loss on investments (6,739,245)
------------
Net increase in net assets resulting from
operations $ 1,492,629
------------
</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
1999 December 31,
(UNAUDITED) 1998
-----------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 8,231,874 $ 16,666,308
Net realized loss on investments (2,357,600) (3,319,286)
Change in net unrealized
appreciation (depreciation) of
investments (4,381,645) (833,356)
-----------------------------
Net increase in net assets resulting
from operations 1,492,629 12,513,666
-----------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 6,951,732 72,773,079
Reductions (26,440,535) (59,246,056)
-----------------------------
Net increase (decrease) in net
assets resulting from transactions
in investors' beneficial interests (19,488,803) 13,527,023
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS (17,996,174) 26,040,689
NET ASSETS:
Beginning of period 276,698,420 250,657,731
-----------------------------
End of period $ 258,702,246 $276,698,420
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust June 30, 1999 (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) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Interest income, including accretion of
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.
5) 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.
6) TAXES: Managers Trust intends to comply with the requirements of the Internal
Revenue Code. Each series of Managers Trust also intends to conduct its
operations so that each of its investors will be able to qualify as a
regulated investment company. Each series will be treated as a partnership
for U.S. Federal income tax purposes and is therefore not subject to U.S.
Federal income tax.
7) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
8) ORGANIZATION EXPENSES: Expenses incurred by the Series in connection with its
organization are being amortized on a straight-line basis over a five-year
period. At June 30, 1999, the unamortized balance of such expenses amounted
to $13,469.
B-16
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
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.
10) 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.
For U.S. 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, 1999, open positions in financial futures contracts were as
follows:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
------------------------------------------------------------------------------------
<S> <C> <C> <C>
September 1999 15 U.S. Treasury Notes, 5 Year Short $ 16,887
September 1999 44 U.S. Treasury Notes, 10 Year Short 23,094
</TABLE>
At June 30, 1999, the Series had deposited $800,000 WestPoint Stevens
Inc., Senior Notes, 7.875%, due 6/15/05, in a segregated account to cover
margin requirements on open financial futures contracts.
NOTE B -- MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES:
The Series retains Neuberger Berman Management Inc. ("Management") as its
investment manager under a Management Agreement. For such investment management
services, the Series pays Management a fee at the annual rate of 0.25% of the
first $500 million of the Series' average daily net assets, 0.225% of the next
$500 million, 0.20% of the next $500 million, 0.175% of the next $500 million,
and 0.15% of average daily net assets in excess of $2 billion.
All of the capital stock of Management is owned by individuals who are also
principals of Neuberger Berman, LLC ("Neuberger"), a member firm of The New York
Stock Exchange and sub-adviser to the Series. Neuberger is
B-17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
AMT Limited Maturity Bond Investments
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 $852.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 1999, there were purchase and sale
transactions (excluding short-term securities, financial futures contracts, and
forward foreign currency contracts) of $127,250,642 and $133,020,620,
respectively.
During the six months ended June 30, 1999, the Series had entered into
various contracts to deliver or receive currencies at specified future dates. At
June 30, 1999, open contracts were as follows:
<TABLE>
<CAPTION>
CONTRACTS SETTLEMENT NET UNREALIZED
PURCHASES TO RECEIVE IN EXCHANGE FOR DATE VALUE DEPRECIATION
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Canadian Dollar 4,185,000 $ 2,863,908 8/6/99 $ 2,843,581 $ 20,327
</TABLE>
<TABLE>
<CAPTION>
NET UNREALIZED
CONTRACTS SETTLEMENT APPRECIATION
SALES TO DELIVER IN EXCHANGE FOR DATE VALUE (DEPRECIATION)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Canadian Dollar 4,185,000 $ 2,826,748 8/6/99 $ 2,843,581 $ (16,833)
Euro 3,475,000 3,652,746 7/14/99 3,585,834 66,912
Swedish Krona 37,850,000 4,473,599 7/19/99 4,463,804 9,795
</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>
Period
Six from
Months May 1,
Ended 1995(1)
June to
30, December
1999 Year Ended December 31, 31,
(UNAUDITED) 1998 1997 1996 1995
-------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .31%(3) .31% .32% .33% .32%(3)
-------------------------------------------------------
Net Expenses .31%(3) .31% .32% .33% .32%(3)
-------------------------------------------------------
Net Investment Income 6.18%(3) 6.27% 6.71% 6.46% 6.34%(3)
-------------------------------------------------------
Portfolio Turnover Rate 52% 44% 86% 132% 78%
-------------------------------------------------------
Net Assets, End of Period (in millions) $258.7 $276.7 $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
