<PAGE>
GROWTH PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
ANNUAL REPORT
DECEMBER 31, 1999
NMAAR0770200
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Growth Portfolio
JENNIFER SILVER & BROOKE COBB, PORTFOLIO CO-MANAGERS
The Portfolio produced a 50.40% total return for the one-year period ended
December 31, 1999. In comparison, the portfolio's benchmark, the Russell Midcap
Growth Index, provided a total return of 51.29%.(1) The portfolio co-managers,
Jennifer Silver and Brooke Cobb attribute the portfolio's competitive
performance to their stock selection strategy. During the period, the fund
benefited from the good performance of fast-growing mid-cap companies in the
technology (55.3% of total equity market value as of December 31, 1999),
consumer staples (7.6% of total equity market value) and communications services
(6.8% of total equity market value) sectors.
While 1999 was a good year for most segments of the U.S. stock market, it was
particularly rewarding for mid-cap growth stocks, as represented by the Russell
Midcap Growth Index, which was the top-performing market sector for the year.
The portfolio co-managers believe that the recent strength of mid-cap growth
stocks compared to large-cap growth stocks provides evidence that investors have
finally come to recognize mid-caps' fundamental advantages over their large-cap
counterparts. More specifically, mid-cap growth stocks have recently traded at
sharply lower valuations than large-cap stocks, but have had superior earnings
growth prospects.
The technology sector contributed the most to the portfolio's performance
during 1999. Positive contributors to performance from this sector included
Citrix Systems, a software manufacturer and the portfolio's top holding at 3.9%
of net assets as of December 31, 1999. Citrix Systems was added to the S&P 500
Index in November, increasing its visibility to investors. Another top-ten
position, Checkfree Holdings (2.1% of net assets), the electronic bill payment
service, also provided attractive returns. Checkfree Holdings' electronic bill
presentation and payment technology was adopted by Yahoo!'s E-Bills service,
providing increased consumer reach in this high growth sector.
Good stock selection in the consumer staples sector also contributed
positively to the portfolio's performance during the year. On the other hand,
the energy, health care and utilities sectors (0.7%, 8.1% and 2.0% of total
equity market value, respectively) detracted from the portfolio's returns.
Looking forward to 2000, the portfolio co-managers plan to build upon the
success achieved in 1999. They are optimistic that the mid-cap sector's
market-leading performance in 1999 will remind investors of the good long-term
performance of mid-cap investing, particularly among mid-cap companies that have
surpassed analysts' earnings and revenue growth expectations.
(1)50.40%, 26.37%, and 15.61% were the average annual total returns for the
1-,5-, and 10-year periods ended December 31, 1999. Neuberger Berman
Management Inc. ("NBMI") has agreed to absorb certain expenses of the AMT
Portfolios. Without this arrangement, which is subject to change, the total
returns of the Portfolios would be less. Total return includes reinvestment
of dividends and capital gains distributions. Performance data quoted
represents past performance and the investment return principal value of an
investment will fluctuate so that the shares, when redeemed, may be worth
more or less than their original cost. The performance information does not
reflect fees and expenses of the insurance companies.
The Russell Midcap Growth Index measures the performance of those Russell
Midcap-Trademark- Index companies with higher price-to-book ratios and higher
forecasted growth values. The Russell Midcap Index measures the performance
of the 800 smallest companies in the Russell 1000-Registered Trademark-
Index, which represents approximately 26% of the total market capitalization
of the Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S.
companies, based on market capitalization). 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 in any index.
Data about the performance of this index are prepared or obtained by NBMI and
include reinvestment of all dividends and capital gain distributions. The
Portfolio may invest in many securities not included in the above-described
index.
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.
The composition, industries and holdings of the Portfolio are subject to
change.
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-1
<PAGE>
COMPARISON OF A $10,000 INVESTMENT
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Growth Portfolio
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
RUSSELL MIDCAP GROWTH S&P 500
GROWTH INDEX PORTFOLIO
<S> <C> <C> <C>
1989 $10,000 $10,000 $10,000
1990 $9,487 $9,181 $9,689
1991 $13,948 $11,911 $12,628
1992 $15,164 $13,047 $13,588
1993 $16,861 $13,933 $14,952
1994 $16,496 $13,238 $15,155
1995 $22,101 $17,439 $20,829
1996 $25,963 $19,033 $25,599
1997 $31,816 $24,553 $34,128
1998 $37,500 $28,365 $43,861
1999 $56,734 $42,660 $53,078
AVERAGE ANNUAL TOTAL RETURN(1)
GROWTH RUSSELL MIDCAP-TM-
PORTFOLIO GROWTH INDEX(2) S&P 500(2)
1 Year +50.40% +51.29% +21.01%
5 Year +26.37% +28.02% +28.49%
10 Year +15.61% +18.95% +18.17%
Life of Fund +16.14% N/A +18.76%
</TABLE>
Neuberger Berman Advisers Management Trust Growth Portfolio (the "Fund")
commenced operations on 9/10/84.
1. "Total Return" includes reinvestment of all dividends and distributions.
Results represent past performance and do not indicate future results. The value
of an investment in the Fund and the return on the investment both will
fluctuate, and redemption proceeds may be higher or lower than an investor's
original cost.
2. The Russell Midcap Growth Index measures the performance of those Russell
Midcap-Trademark- Index companies with higher price-to-book ratios and higher
forecasted growth values. The Russell Midcap Index measures the performance of
those 800 smallest companies in the Russell 1000-Registered Trademark- Index,
which represents approximately 26% of the total market capitalization of the
Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S.
companies, based on market capitalization). The S&P 500 Index is an unmanaged
index generally considered to be representative of overall stock market
activity. 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
these indices are prepared or obtained by Neuberger Berman Management Inc. and
include reinvestment of all dividends and distributions. The Series may invest
in many securities not included in the above-described indices.
Performance data are historical and include changes in share price and
reinvestment of dividends and distributions. Performance numbers are net of all
Fund operating expenses, but do not include any insurance charges or other
expenses imposed by your insurance company's variable annuity or variable life
insurance policy. If this performance information included the effect of the
insurance charges and other expenses, performance numbers would be lower.
B-1
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
December 31,
1999
<S> <C>
-------------
ASSETS
Investment in Series, at value (Note A) $730,658,735
Receivable for Trust shares sold 3,675,565
-------------
734,334,300
-------------
LIABILITIES
Payable for Trust shares redeemed 1,326,063
Payable to administrator (Note B) 170,894
Accrued expenses 54,706
-------------
1,551,663
-------------
NET ASSETS at value $732,782,637
-------------
NET ASSETS consist of:
Par value $ 19,659
Paid-in capital in excess of par value 359,041,270
Accumulated net realized gains on investment 64,386,389
Net unrealized appreciation in value of
investment 309,335,319
-------------
NET ASSETS at value $732,782,637
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 19,658,850
-------------
NET ASSET VALUE, offering and redemption price per
share $37.27
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
For the
Year
Ended
December 31,
1999
<S> <C>
------------
INVESTMENT INCOME
Investment income from Series (Note A) $ 2,467,888
------------
Expenses:
Administration fee (Note B) 1,609,392
Legal fees 42,219
Trustees' fees and expenses 27,110
Auditing fees 15,545
Custodian fees 10,000
Shareholder reports 8,734
Registration and filing fees 257
Miscellaneous 6,231
Expenses from Series (Notes A & B) 3,199,581
------------
Total expenses 4,919,069
Expenses reduced by custodian fee expense
offset arrangement (Note B) (3,741)
------------
Total net expenses 4,915,328
------------
Net investment loss (2,447,440)
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS FROM
SERIES (NOTE A)
Net realized gain on investment securities 68,152,221
Change in net unrealized appreciation of
investment securities 169,900,476
------------
Net gain on investments from Series
(Note A) 238,052,697
------------
Net increase in net assets resulting from
operations $235,605,257
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Year Ended
December 31,
1999 1998
<S> <C> <C>
--------------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (2,447,440) $ (2,367,759)
Net realized gain on investments
from Series (Note A) 68,152,221 30,290,239
Change in net unrealized
appreciation of investments from
Series (Note A) 169,900,476 55,577,359
--------------------------
Net increase in net assets resulting
from operations 235,605,257 83,499,839
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (30,380,350) (153,330,889)
--------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 317,682,211 232,626,396
Proceeds from reinvestment of
distributions 30,380,350 153,330,889
Payments for shares redeemed (436,876,389) (283,467,035)
--------------------------
Net increase (decrease) from Trust
share transactions (88,813,828) 102,490,250
--------------------------
NET INCREASE IN NET ASSETS 116,411,079 32,659,200
NET ASSETS:
Beginning of year 616,371,558 583,712,358
--------------------------
End of year $732,782,637 $616,371,558
--------------------------
NUMBER OF TRUST SHARES:
Sold 11,942,302 9,385,509
Issued on reinvestment of
distributions 1,311,759 6,341,228
Redeemed (17,039,728) (11,392,915)
--------------------------
Net increase (decrease) in shares
outstanding (3,785,667) 4,333,822
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Growth Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Growth 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 Growth 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
December 31, 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, 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.
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.
B-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Growth Portfolio
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
0.30% 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 year ended December 31, 1999, no reimbursement to the Fund
was required.
Management and Neuberger Berman, LLC ("Neuberger"), a member firm of The New
York Stock Exchange and sub-adviser to the Series, are wholly owned subsidiaries
of Neuberger Berman Inc., a publicly held company. Several individuals who are
officers and/or trustees of the Trust are also employees of Neuberger and/or
Management.
The Series has an expense offset arrangement in connection with its custodian
contract. In addition, in connection with the Securities Lending Agreement
between the Series and Morgan Stanley & Co. Incorporated ("Morgan"), Morgan had
agreed to reimburse the Series for transaction costs incurred on security
lending transactions charged by the custodian through May 31, 1999. The impact
of these arrangements, respectively, reflected in the Statement of Operations
under the caption Expenses from Series, was a reduction of $1,357 and $2,384.
NOTE C -- INVESTMENT TRANSACTIONS:
During the year ended December 31, 1999, additions and reductions in the
Fund's investment in its Series amounted to $283,009,467 and $400,466,499,
respectively.
B-6
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Growth Portfolio(1)
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements. It should be read in conjunction with its Series' Financial
Statements and notes thereto.(2)
<TABLE>
<CAPTION>
Year Ended December 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
---------------------------------------------------
Net Asset Value, Beginning of Year $26.29 $30.54 $25.78 $25.86 $20.31
---------------------------------------------------
Income From Investment Operations
Net Investment Income (Loss) (.12) (.10) (.03) (.07) .01
Net Gains or Losses on Securities
(both realized and unrealized) 12.51 4.12 7.06 2.34 6.26
---------------------------------------------------
Total From Investment Operations 12.39 4.02 7.03 2.27 6.27
---------------------------------------------------
Less Distributions
Dividends (from net investment
income) -- -- -- (.01) (.05)
Distributions (from net capital
gains) (1.41) (8.27) (2.27) (2.34) (.67)
---------------------------------------------------
Total Distributions (1.41) (8.27) (2.27) (2.35) (.72)
---------------------------------------------------
Net Asset Value, End of Year $37.27 $26.29 $30.54 $25.78 $25.86
---------------------------------------------------
Total Return(3) +50.40% +15.53% +29.01% +9.14% +31.73%
---------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Year (in
millions) $732.8 $616.4 $583.7 $566.4 $537.8
---------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(4) .92% .92% .90% .92% .90%
---------------------------------------------------
Ratio of Net Expenses to Average Net
Assets .92% .92% .90% .92% .90%
---------------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets (.46%) (.41%) (.11%) (.30%) .04%
---------------------------------------------------
Portfolio Turnover Rate(5) -- -- -- -- 9%
---------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-7
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Growth Portfolio
1) 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.
2) The per share amounts which are shown have been computed based on the average
number of shares outstanding during each fiscal period.
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) The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
5) The Fund transferred all of its investment securities into its Series on
April 28, 1995. After that date the Fund invested only in its Series, and
that Series, rather than the Fund, engaged in securities transactions.
Therefore, after that date the Fund had no portfolio turnover rate. Portfolio
turnover rates for periods ending after April 28, 1995, are included in the
Financial Highlights of AMT Growth Investments, which appear elsewhere in
this report.
B-8
<PAGE>
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Growth Portfolio
We have audited the accompanying statement of assets and liabilities of
Growth Portfolio, one of the series constituting the Neuberger Berman Advisers
Management Trust (the "Trust"), as of December 31, 1999, and the related
statement of operations for the year then ended, the statement of changes in net
assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Growth
Portfolio of Neuberger Berman Advisers Management Trust at December 31, 1999,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in conformity
with accounting principles generally accepted in the United States.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 28, 2000
B-9
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------------------- ------------
<C> <S> <C>
COMMON STOCKS (98.1%)
BUSINESS SERVICES (2.6%)
40,300 Lamar Advertising $ 2,440,669(2)
215,400 USWeb Corp. 9,571,837(2)
163,000 Valassis Communications 6,886,750
------------
18,899,256
------------
CAPITAL GOODS (0.8%)
106,200 Waters Corp. 5,628,600(2)
------------
COMMUNICATIONS (8.1%)
94,300 Comverse Technology 13,649,925(2)
70,800 Copper Mountain Networks 3,451,500
51,100 E-Tek Dynamics 6,879,338
104,600 Efficient Networks 7,112,800
151,900 JDS Uniphase 24,503,369(2)
22,900 Next Level Communications 1,714,637(2)
15,800 Phone.com 1,831,812(2)
------------
59,143,381
------------
CONSUMER CYCLICALS (12.6%)
84,400 Adelphia Communications 5,538,750(2)
130,243 AMFM Inc. 10,191,515(2)
72,300 EchoStar Communications 7,049,250(2)
85,500 Emmis Communications 10,656,774(2)
108,000 Entercom Communications 7,128,000
202,100 Gemstar International Group 14,399,625(2)
108,500 Harley-Davidson 6,950,781
129,275 NTL Inc. 16,127,056
470,700 Park Place Entertainment 5,883,750(2)
52,900 Royal Caribbean Cruises 2,608,631
73,800 Westwood One 5,608,800(2)
------------
92,142,932
------------
ELECTRICAL EQUIPMENT (10.1%)
155,200 Altera Corp. 7,692,100(2)
98,700 Analog Devices 9,179,100(2)
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------------------- ------------
<C> <S> <C>
28,000 Broadcom Corp. $ 7,626,500
150,600 Conexant Systems 9,996,075(2)
18,700 KLA-Tencor 2,082,713(2)
140,500 Maxim Integrated Products 6,629,844
89,000 PMC-Sierra 14,267,812(2)
108,700 Vitesse Semiconductor 5,699,956(2)
231,100 Xilinx Inc. 10,507,828(2)
------------
73,681,928
------------
ENERGY (2.6%)
127,500 Calpine Corporation 8,160,000(2)
171,000 Coastal Corp. 6,059,812
387,100 Union Pacific Resources Group 4,935,525
------------
19,155,337
------------
FINANCIAL SERVICES (4.3%)
149,200 Capital One Financial 7,189,575
96,500 Donaldson, Lufkin & Jenrette 4,668,188
177,700 E*TRADE Group 4,642,412
77,500 Lehman Brothers Holdings 6,563,281
92,800 Providian Financial 8,450,600
------------
31,514,056
------------
HARDWARE (5.5%)
177,200 Adaptec, Inc. 8,837,850
143,600 Flextronics International 6,605,600
144,000 Network Appliance 11,961,000(2)
126,100 Sanmina Corp. 12,594,238(2)
------------
39,998,688
------------
HEALTH CARE (10.1%)
155,400 Biogen, Inc. 13,131,300(2)
108,700 Gilead Sciences 5,883,387(2)
80,400 Immunex Corp. 8,803,800
63,100 MedImmune, Inc. 10,466,713(2)
110,400 MiniMed Inc. 8,086,800(2)
123,300 PE Corp.-PE Biosystems Group 14,834,531
</TABLE>
B-10
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------------------- ------------
<C> <S> <C>
116,400 QLT PhotoTherapeutics $ 6,838,500(2)
59,600 Sepracor Inc. 5,911,575
------------
73,956,606
------------
INTERNET (15.5%)
55,000 BroadVision, Inc. 9,353,437(2)
143,600 CheckFree Holdings 15,006,200
42,000 Clarent Corp. 3,265,500(2)
39,300 CMG Information Services 10,881,188(2)
84,100 Digex, Inc. 5,781,875(2)
33,100 DoubleClick Inc. 8,376,369
6,900 FreeMarkets, Inc. 2,355,056(2)
266,000 Intuit Inc. 15,943,375
74,700 Lycos, Inc. 5,943,319(2)
39,400 Portal Software 4,053,275
154,100 PSINet Inc. 9,515,675(2)
26,900 PurchasePro.com 3,698,750(2)
66,700 S1 Corp. 5,210,938(2)
64,900 Safeguard Scientifics 10,517,856
88,100 StarMedia Network 3,529,506
------------
113,432,319
------------
RETAIL (7.0%)
118,200 Ann Taylor Stores 4,070,512(2)
163,400 Best Buy 8,200,638(2)
149,200 Circuit City Stores 6,723,325
167,100 Limited, Inc. 7,237,519
77,800 Starbucks Corp. 1,886,650(2)
159,600 Tandy Corp. 7,850,325
56,600 Tiffany & Co. 5,051,550
212,900 Williams-Sonoma 9,793,400(2)
------------
50,813,919
------------
SOFTWARE (12.6%)
53,900 Bea Systems 3,769,631
229,400 Citrix Systems 28,216,200(2)
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
- --------------------- ------------
<C> <S> <C>
37,200 Micromuse Inc. $ 6,324,000(2)
156,900 Peregrine Systems 13,209,019(2)
131,900 Rational Software 6,479,587(2)
133,500 Siebel Systems 11,214,000
161,550 VERITAS Software 23,121,844(2)
------------
92,334,281
------------
TELECOMMUNICATIONS (6.3%)
91,400 Covad Communications Group 5,112,687
217,800 Intermedia Communications 8,453,363(2)
277,600 Metromedia Fiber Network 13,307,450(2)
70,800 VoiceStream Wireless 10,075,725(2)
117,900 WinStar Communications 8,871,975(2)
------------
45,821,200
------------
TOTAL COMMON STOCKS
(COST $407,187,184) 716,522,503
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- ---------------------
<C> <S> <C>
U.S. TREASURY SECURITIES
(1.9%)
$ 14,000,000 U.S. Treasury Bills, 3.00%,
due 1/6/00
(COST $13,994,167) 13,994,167(3)
------------
U.S. GOVERNMENT AGENCY
SECURITIES (2.7%)
10,000,000 Federal Home Loan Bank,
Discount Notes, 5.60%,
due 1/12/00 9,982,889
10,000,000 Freddie Mac, Discount Notes,
5.40% & 5.72%, due 1/11/00 &
1/13/00 9,983,056
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES
(COST $19,965,945) 19,965,945(3)
------------
</TABLE>
B-11
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
- --------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (1.0%)
$ 6,900,000 State Street Bank and Trust
Co. Repurchase Agreement,
3.50%, due 1/3/00, dated
12/31/99, Maturity Value
$6,902,013, Collateralized by
$7,110,000 Fannie Mae,
Medium-Term Notes, 6.35%,
due 6/22/01 (Collateral Value
$7,110,000)
(COST $6,900,000) $ 6,900,000(3)
------------
SHORT-TERM INVESTMENTS (15.9%)
116,183,783 N&B Securities Lending Quality
Fund, LLC
(COST $116,183,783) 116,183,783(3)
------------
TOTAL INVESTMENTS (119.6%)
(COST $564,231,079) 873,566,398(4)
Liabilities, less cash,
receivables and other assets
[(19.6%)] (142,907,662)
------------
TOTAL NET ASSETS (100.0%) $730,658,736
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-12
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
1) Investment securities of the Series are valued at the latest sales price;
securities for which no sales were reported, unless otherwise noted, are
valued at the mean between the closing bid and asked prices. The Series
values all other securities 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) Non-income producing security.
3) At cost, which approximates market value.
4) At December 31, 1999, the cost of investments for U.S. Federal income tax
purposes was $564,972,026. Gross unrealized appreciation of investments was
$313,093,875 and gross unrealized depreciation of investments was $4,499,503,
resulting in net unrealized appreciation of $308,594,372, based on cost for
U.S. Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
December 31,
1999
<S> <C>
-------------
ASSETS
Investments in securities, at market value*
(Note A) -- see Schedule of Investments $873,566,398
Cash 9,391
Dividends and interest receivable 5,772,554
Receivable for securities sold 4,943,543
Other assets 45,748
-------------
884,337,634
-------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 116,183,783
Payable for securities purchased 31,392,264
Accrued expenses and other payables 5,802,046
Payable to investment manager (Note B) 300,805
-------------
153,678,898
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $730,658,736
-------------
NET ASSETS consist of:
Paid-in capital $421,323,417
Net unrealized appreciation in value of
investment securities 309,335,319
-------------
NET ASSETS $730,658,736
-------------
*Cost of investments $564,231,079
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
For the
Year
Ended
December 31,
1999
<S> <C>
------------
INVESTMENT INCOME
Income:
Dividend income $ 788,468
Interest income 1,679,420
------------
Total income 2,467,888
------------
Expenses:
Investment management fee (Note B) 2,871,116
Custodian fees (Note B) 170,435
Auditing fees 40,780
Legal fees 28,923
Trustees' fees and expenses 27,300
Amortization of deferred organization and
initial offering expenses (Note A) 25,635
Insurance expense 10,363
Accounting fees 10,000
Miscellaneous 15,029
------------
Total expenses 3,199,581
Expenses reduced by custodian fee expense
offset arrangement (Note B) (3,741)
------------
Total net expenses 3,195,840
------------
Net investment loss (727,952)
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment securities
sold 68,152,221
Change in net unrealized appreciation of
investment securities 169,900,476
------------
Net gain on investments 238,052,697
------------
Net increase in net assets resulting from
operations $237,324,745
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-15
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Year Ended
December 31,
1999 1998
<S> <C> <C>
--------------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (727,952) $ (453,556)
Net realized gain on investments 68,152,221 30,290,239
Change in net unrealized
appreciation of investments 169,900,476 55,577,359
--------------------------
Net increase in net assets resulting
from operations 237,324,745 85,414,042
--------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 283,009,467 197,047,525
Reductions (400,466,499) (258,097,221)
--------------------------
Net decrease in net assets resulting
from transactions in investors'
beneficial interests (117,457,032) (61,049,696)
--------------------------
NET INCREASE IN NET ASSETS 119,867,713 24,364,346
NET ASSETS:
Beginning of year 610,791,023 586,426,677
--------------------------
End of year $730,658,736 $610,791,023
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Growth 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) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Dividend income is recorded on the
ex-dividend date or, for certain foreign dividends, as soon as the Series
becomes aware of the dividends. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. 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 are recorded on the basis of identified cost.
4) 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.
5) ORGANIZATION EXPENSES: Organization expenses incurred by the Series were
fully amortized as of December 31, 1999.
6) EXPENSE ALLOCATION: Expenses directly attributable to a series are charged to
that series. Expenses not directly attributed to a series are allocated, on
the basis of relative net assets, to each of the series of Managers Trust.
7) SECURITY LENDING: Securities loans involve certain risks in the event a
borrower should fail financially, including delays or inability to recover
the lent securities or foreclose against the collateral. The investment
manager, under the general supervision of Managers Trust's Board of Trustees,
monitors the creditworthiness of the parties to whom the Series makes
security loans. The Series will not lend securities on which covered call
options have been written, or lend securities on terms which would prevent
investors from qualifying as a regulated investment company. The Series
entered into a Securities Lending Agreement with Morgan Stanley & Co.
Incorporated ("Morgan"). The Series receives cash collateral equal to at
least 100% of the current market value of the loaned securities. The Series
invests the cash collateral in the N&B Securities Lending Quality Fund, LLC
("investment vehicle"), which is managed by State Street Bank and Trust
Company ("State Street") pursuant to guidelines approved by Managers Trust's
investment manager. Income earned on the investment vehicle is paid to Morgan
monthly. The Series receives a fee, payable monthly, negotiated by the Series
and Morgan, based on the number and duration of the lending transactions. At
December 31, 1999, the value of the securities loaned and the value of the
collateral were $114,527,756 and $116,183,783, respectively.
B-17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
8) REPURCHASE AGREEMENTS: The Series may enter into repurchase agreements with
institutions that the Series' investment manager has determined are
creditworthy. Each repurchase agreement is recorded at cost. The Series
requires that the securities purchased in a repurchase transaction be
transferred to the custodian in a manner sufficient to enable the Series to
obtain those securities in the event of a default under the repurchase
agreement. The Series monitors, on a daily basis, the value of the securities
transferred to ensure that their value, including accrued interest, is
greater than amounts owed to the Series under each such repurchase agreement.
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 0.55% of the
first $250 million of the Series' average daily net assets, 0.525% of the next
$250 million, 0.50% of the next $250 million, 0.475% of the next $250 million,
0.45% of the next $500 million, and 0.425% of average daily net assets in excess
of $1.5 billion.
Management and Neuberger Berman, LLC ("Neuberger"), a member firm of The New
York Stock Exchange and sub-adviser to the Series, are wholly owned subsidiaries
of Neuberger Berman Inc., a publicly held company. Neuberger is retained by
Management to furnish it with investment recommendations and research
information without added cost to the Series. Several individuals who are
officers and/or trustees of Managers Trust are also employees of Neuberger
and/or Management.
The Series has an expense offset arrangement in connection with its custodian
contract. In addition, in connection with the Securities Lending Agreement
between the Series and Morgan, Morgan had agreed to reimburse the Series for
transaction costs incurred on security lending transactions charged by the
custodian through May 31, 1999. The impact of these arrangements, respectively,
reflected in the Statement of Operations under the caption Custodian fees, was a
reduction of $1,357 and $2,384.
NOTE C -- SECURITIES TRANSACTIONS:
During the year ended December 31, 1999, there were purchase and sale
transactions (excluding short-term securities) of $622,828,351 and $723,708,859,
respectively.
During the year ended December 31, 1999, brokerage commissions on securities
transactions amounted to $1,017,394, of which Neuberger received $441,154, and
other brokers received $576,240.
NOTE D -- LINE OF CREDIT:
At December 31, 1999, the Series was a holder of a single committed,
unsecured $100,000,000 line of credit with State Street, to be used only for
temporary or emergency purposes. Interest is charged on borrowings under this
agreement at the overnight Federal Funds Rate plus 0.75% per annum. A facility
fee of 0.09% (0.07% prior to October 1, 1999) per annum of the available line of
credit is charged, of which the Series has agreed to pay its pro rata share,
based on the ratio of its individual net assets to the net assets of all the
participants at the time the fee is due and payable. The fee is paid quarterly
in arrears. No compensating balance is required. Other investment companies
managed by Management also participate in this line of credit on the same terms.
Because several investment
B-18
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Growth Investments
companies participate, there is no assurance that the Series will have access to
the entire $100,000,000 at any particular time. The Series had no loans
outstanding pursuant to this line of credit at December 31, 1999, nor had the
Series utilized this line of credit at any time prior to that date.
B-19
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Growth Investments
<TABLE>
<CAPTION>
Period from
May 1, 1995(1) to
Year Ended December 31, December 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS:
Gross Expenses(2) .60% .58% .58% .59% .59%(3)
-------------------------------------------------------------
Net Expenses .60% .58% .58% .59% .59%(3)
-------------------------------------------------------------
Net Investment Income (Loss) (.14%) (.08%) .21% .04% .31%(3)
-------------------------------------------------------------
Portfolio Turnover Rate 119% 83% 113% 57% 35%
-------------------------------------------------------------
Net Assets, End of Year (in millions) $730.7 $610.8 $586.4 $568.6 $600.8
-------------------------------------------------------------
</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-20
<PAGE>
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Trustees of
Advisers Managers Trust and
Owners of Beneficial Interest of AMT Growth Investments
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of AMT Growth Investments, one of the
series constituting the Advisers Managers Trust (the "Trust"), as of
December 31, 1999, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 1999, by correspondence with
the custodian and brokers or other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of AMT
Growth Investments of Advisers Managers Trust at December 31, 1999, the results
of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights for
each of the periods indicated therein, in conformity with accounting principles
generally accepted in the United States.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
January 28, 2000
B-21
