<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
ANNUAL REPORT
DECEMBER 31, 1999
NMAAR0740200
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
TED GIULIANO & JOSEPHINE MAHANEY, PORTFOLIO CO-MANAGERS
The Portfolio's current and effective (compounded) yields as of December 31,
1999 were 4.77% and 4.88%, respectively.(1)
Overall, 1999 was a good one for money market securities. Longer-term
interest rates rose throughout the year amid stronger-than-expected economic
growth in both the United States and overseas. In response, the Federal Reserve
Board implemented three interest rate hikes between June and November in an
attempt to forestall a re-acceleration of inflation. These developments caused
money market yields to rise.
The money markets were also affected by Y2K-related concerns, especially
during the second half of the year. Because of the uncertainty of the effects of
the date change on the financial markets, many securities dealers became
reluctant to hold inventories in December. To help maintain the market's
liquidity, the Federal Reserve Board became a heavy buyer of several types of
securities, including commercial paper, U.S. Treasury bills and agency issues,
injecting reserves into the system to keep short-term yields stable until
January.
In this investment environment, the portfolio co-managers maintained a
relative defensive posture with an emphasis on maintaining a very high-quality
and liquid portfolio, right up until the last hour of trading on December 31,
1999. Accordingly, Giuliano and Mahaney generally maintained the portfolio's
shorter-than-average maturity in order to keep funds available for
higher-yielding securities as opportunities arose. The portfolio co-managers
generally maintained their emphasis on corporate commercial paper (49.5% of net
assets as of December 31, 1999) and U.S. government agency securities (33.2% of
net assets). Other instruments in the portfolio included certificates of deposit
(3.8% of net assets), and variable-rate securities (10.4% of net assets). In
contrast, the portfolio did not hold any U.S. Treasury bills due to their low
yields relative to other types of money market instruments.
Looking forward, the portfolio co-managers remain optimistic about the
short-term fixed-income markets. U.S. economic growth appears to have gained
momentum, suggesting that the Federal Reserve Board may implement additional
interest rate hikes in 2000. These developments have the potential to benefit
the fund. Accordingly, the managers expect to maintain a relatively short
average maturity as the next Fed meeting approaches. In the meantime, they
believe that money market securities remain a very attractive alternative for
investors with idle cash that is earmarked for capital preservation or is
awaiting reinvestment in longer-term markets.
(1)4.27%, 4.64%, and 4.54% were the average annual total returns for the 1-,
5-year and since inception periods ended December 31, 1999. Neuberger Berman
Management Inc. ("NBMI") has agreed to absorb certain operating expenses of
the AMT Portfolio. Absent this arrangement, which is subject to change, the
total return would have been less. Total return includes reinvestment of all
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.
An investment in a money market fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
Although the Portfolio seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Fund.
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-1
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
December 31,
1999
<S> <C>
-------------
ASSETS
Investment in Series, at value (Note A) $ 25,957,183
Receivable for Trust shares sold 3,923
-------------
25,961,106
-------------
LIABILITIES
Payable for Trust shares redeemed 85,404
Dividends payable 67,877
Accrued expenses 13,731
Payable to administrator -- net (Note B) 5,347
-------------
172,359
-------------
NET ASSETS at value $ 25,788,747
-------------
NET ASSETS consist of:
Par value $ 25,790
Paid-in capital in excess of par value 25,764,527
Accumulated net realized losses on
investment (1,570)
-------------
NET ASSETS at value $ 25,788,747
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 25,790,317
-------------
NET ASSET VALUE, offering and redemption price per
share $1.00
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-1
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
For the
Year
Ended
December 31,
1999
<S> <C>
------------
INVESTMENT INCOME
Investment income from Series (Note A) $ 807,410
------------
Expenses:
Administration fee (Note B) 61,921
Shareholder reports 14,161
Custodian fees 10,000
Legal fees 1,008
Trustees' fees and expenses 776
Auditing fees 398
Registration and filing fees 175
Miscellaneous 784
Expenses from Series (Notes A & B) 79,779
------------
Total expenses 169,002
Expenses reimbursed by administrator and
reduced by custodian fee expense offset
arrangement (Note B) (13,519)
------------
Total net expenses 155,483
------------
Net investment income 651,927
------------
REALIZED LOSS ON INVESTMENTS FROM SERIES (NOTE A)
Net realized loss on investment securities (46)
------------
Net increase in net assets resulting from
operations $ 651,881
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-2
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
Year Ended
December 31,
1999 1998
<S> <C> <C>
--------------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 651,927 $ 678,204
Net realized loss on investments
from Series (Note A) (46) (9)
--------------------------
Net increase in net assets resulting
from operations 651,881 678,195
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (651,927) (678,204)
--------------------------
FROM TRUST SHARE TRANSACTIONS:
Proceeds from shares sold 18,043,401 8,196,907
Proceeds from reinvestment of
dividends 639,312 678,234
Payments for shares redeemed (7,723,441) (7,486,052)
--------------------------
Net increase from Trust share
transactions 10,959,272 1,389,089
--------------------------
NET INCREASE IN NET ASSETS 10,959,226 1,389,080
NET ASSETS:
Beginning of year 14,829,521 13,440,441
--------------------------
End of year $25,788,747 $14,829,521
--------------------------
NUMBER OF TRUST SHARES:
Sold 18,043,401 8,196,907
Issued on reinvestment of dividends 639,312 678,234
Redeemed (7,723,441) (7,486,052)
--------------------------
Net increase in shares outstanding 10,959,272 1,389,089
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Liquid Asset 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 Liquid Asset 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.
It is the policy of the Fund to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, valuation, and
dividend and distribution policies, which conform to general industry
practice, to enable it to do so. However, there is no assurance the Fund will
be able to maintain a stable net asset value per share.
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. It is the policy of
the Fund to declare dividends from net investment income on each business
day; such dividends are paid and reinvested monthly. Distributions from net
realized capital gains, if any, are normally distributed in February. To the
extent the Fund's net realized capital gains, if any, can be offset by
capital loss carryforwards ($1,012, $496, $16, and $46, expiring in 2002,
2005, 2006, and 2007, respectively, determined as of December 31, 1999), 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
B-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Liquid Asset Portfolio
in the recognition or classification of income between the financial
statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains.
5) EXPENSE ALLOCATION: Expenses directly attributable to a fund are charged to
that fund. Expenses not directly attributed to a fund are allocated, on the
basis of relative net assets, to each of the Funds.
6) OTHER: All net investment income and realized 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 (including the fees payable to
Management but excluding 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, such excess expenses amounted to
$13,038.
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. The impact of this arrangement, reflected in the Statement of
Operations under the caption Expenses from Series, was a reduction of $481.
NOTE C -- INVESTMENT TRANSACTIONS:
During the year ended December 31, 1999, additions and reductions in the
Fund's investment in its Series amounted to $17,354,580 and $7,146,645,
respectively.
B-5
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust
- --------------------------------------------------------------------------------
Liquid Asset 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.
<TABLE>
<CAPTION>
Year Ended December 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
------------------------------------------------
Net Asset Value, Beginning of Year $.9999 $.9999 $.9999 $1.0000 $ .9997
------------------------------------------------
Income From Investment Operations
Net Investment Income .0419 .0456 .0461 .0443 .0493
Net Gains or Losses on Securities -- -- -- (.0001)(2) .0003
------------------------------------------------
Total From Investment Operations .0419 .0456 .0461 .0442 .0496
------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.0419) (.0456) (.0461) (.0443) (.0493)
------------------------------------------------
Net Asset Value, End of Year $.9999 $.9999 $.9999 $ .9999 $1.0000
------------------------------------------------
Total Return(3) +4.27% +4.66% +4.71% +4.52% +5.04%
------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Year (in
millions) $ 25.8 $ 14.8 $ 13.4 $ 13.5 $ 31.9
------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(4) 1.01% 1.01% 1.01% 1.01% 1.02%
------------------------------------------------
Ratio of Net Expenses to Average Net
Assets(5) 1.00% 1.00% 1.00% 1.00% 1.01%
------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 4.21% 4.56% 4.61% 4.44% 4.90%
------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-6
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust December 31, 1999
- --------------------------------------------------------------------------------
Liquid Asset 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 amounts shown at this caption for a share outstanding may not accord with
the change in aggregate gains and losses in securities for the year because
of the timing of sales and repurchases of Fund shares.
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. Total return would
have been lower if Management had not reimbursed certain expenses. 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) After reimbursement of expenses by Management as described in Note B of Notes
to Financial Statements. Had Management not undertaken such action the
annualized ratios of net expenses to average daily net assets would have
been:
<TABLE>
<CAPTION>
Year Ended December 31,
1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Expenses 1.09% 1.14% 1.12% 1.21% 1.25%
</TABLE>
B-7
<PAGE>
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Liquid Asset Portfolio
We have audited the accompanying statement of assets and liabilities of
Liquid Asset 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 Liquid
Asset 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-8
<PAGE>
SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Principal Rating(1)
Amount Moody's S&P Value(2)
- --------------------- ------------ --------- -----------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AGENCY
SECURITIES (33.2%)
$ 850,000 Federal Home Loan Bank,
Discount Notes, 5.00%,
due 1/19/00 AGY AGY $ 847,875
3,000,000 Fannie Mae, Discount Notes,
4.75% & 5.18%, due 1/20/00 &
1/21/00 AGY AGY 2,992,294
4,285,000 Freddie Mac, Discount Notes,
4.60%-5.21%,
due 1/11/00-1/27/00 AGY AGY 4,277,195
500,000 Federal Home Loan Bank, Bonds,
4.97%, due 2/16/00 AGY AGY 500,000
-----------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES 8,617,364
-----------
ASSET-BACKED COMMERCIAL PAPER
(1.9%)
500,000 Asset Securitization
Cooperative Corp., Floating
Rate Notes,
6.09875%, due 3/28/00 P-1 A-1+ 500,000
-----------
CORPORATE COMMERCIAL PAPER
(49.5%)
1,000,000 Snap-On Inc., 4.00%,
due 1/4/00 P-1 A-1 999,667
1,200,000 John Hancock Capital Corp.,
4.50%, due 1/6/00 P-1 A-1+ 1,199,250
600,000 Pitney Bowes Credit Corp.,
6.40%, due 1/6/00 P-1 A-1+ 599,467
600,000 Goldman Sachs Group, L.P.,
6.46%, due 1/10/00 P-1 A-1+ 599,031
500,000 Fluor Corp., 6.58%,
due 1/11/00 P-1 A-1 499,086
700,000 Northern Illinois Gas Co.,
5.80%, due 1/18/00 P-1 A-1+ 698,083
625,000 Campbell Soup Co., 6.25%,
due 1/24/00 P-1 A-1+ 622,504
500,000 BellSouth Capital Funding
Corp., 6.20%, due 1/25/00 P-1 A-1+ 497,933
635,000 R. R. Donnelley & Sons Co.,
5.82%, due 1/31/00 P-1 A-1 631,920
375,000 Merrill Lynch & Co., Inc.,
5.84%, due 2/1/00 P-1 A-1+ 373,114
690,000 Prudential Funding Corp.,
5.78%, due 2/1/00 P-1 A-1 686,566
750,000 General Motors Acceptance
Corp., 5.85%, due 2/9/00 P-1 A-1 745,247
400,000 General Electric Capital
Corp., 5.84%, due 2/14/00 P-1 A-1+ 397,145
400,000 Grainger (W.W.) Inc., 5.85%,
due 2/14/00 P-1 A-1+ 397,140
425,000 British Telecommunications
PLC, 5.81%, due 2/18/00 P-1 A-1+ 421,708
845,000 Morgan Stanley Dean Witter,
5.98%, due 2/25/00 P-1 A-1 837,280
500,000 Vulcan Materials Co., 5.85%,
due 2/29/00 P-1 A-1 495,206
679,000 Motorola, Inc., 5.77%,
due 3/10/00 P-1 A-1 671,491
500,000 DaimlerChrysler Holding Corp.,
5.90%, due 4/5/00 P-1 A-1 492,215
700,000 Province of British Colombia,
Canada, 5.80%, due 4/26/00 P-1 A-1+ 686,918
300,000 Abbey National North America
Corp., 5.63%, due 5/12/00 P-1 A-1+ 293,807
-----------
TOTAL CORPORATE COMMERCIAL
PAPER 12,844,778
-----------
</TABLE>
B-9
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Principal Rating(1)
Amount Moody's S&P Value(2)
- --------------------- ------------ --------- -----------
<C> <S> <C> <C> <C>
TAXABLE REVENUE BONDS (1.2%)
$ 300,000 Florida Housing Finance Corp.,
Revenue Bonds, Ser. 1999 A,
6.00%, due 3/2/00 MIG 1 A-1+ $ 300,000
-----------
CERTIFICATES OF DEPOSIT (3.8%)
500,000 Bank of Montreal, Yankee C.D.,
5.12%, due 4/10/00 P-1 A-1+ 499,960
500,000 Bayerische Hypo-und
Vereinsbank AG, Yankee C.D.,
5.345%, due 5/24/00 P-1 A-1+ 499,915
-----------
TOTAL CERTIFICATES OF DEPOSIT 999,875
-----------
CORPORATE DEBT SECURITIES
(2.7%)
190,000 Citicorp, Floating Rate Note,
5.4925%, due 2/15/00 P-1 A-1+ 189,970
500,000 American Express Centurion
Bank, Variable Rate Notes,
5.07%, due 5/8/00 P-1 A-1 500,000
-----------
TOTAL CORPORATE DEBT
SECURITIES 689,970
-----------
REPURCHASE AGREEMENTS (2.9%)
749,000 State Street Bank and Trust
Co. Repurchase Agreement,
3.50%, due 1/3/00, dated
12/31/99, Maturity Value
$749,218, Collateralized by
$775,000 Fannie Mae, Discount
Notes, 5.00%, due 1/15/04
(Collateral Value $773,063) 749,000
-----------
TAX-EXEMPT CASH EQUIVALENT
SECURITIES (4.6%)
1,200,000 Madison Co. (IL) Env. Imp.
Rev. (Shell Wood River
Refining Co. Proj.),
Ser. 1997 A, 5.35%, VRDN
due 3/1/33 VMIG 1 A-1+ 1,200,000
-----------
TOTAL INVESTMENTS (99.8%) 25,900,987
Cash, receivables and other
assets, less liabilities
(0.2%) 56,197
-----------
TOTAL NET ASSETS (100.0%) $25,957,184
-----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-10
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
1) Credit ratings are unaudited.
2) Investment securities of the Series are valued at amortized cost, which
approximates U.S. Federal income tax cost.
SEE NOTES TO FINANCIAL STATEMENTS
B-11
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
December 31,
1999
<S> <C>
-------------
ASSETS
Investments in securities, at value*
(Note A) -- see Schedule of Investments $ 25,900,987
Cash 460
Interest receivable 63,619
Deferred organization costs (Note A) 1,480
Prepaid expenses and other assets 222
-------------
25,966,768
-------------
LIABILITIES
Accrued expenses 6,061
Payable to investment manager (Note B) 3,523
-------------
9,584
-------------
NET ASSETS Applicable to Investors' Beneficial
Interests $ 25,957,184
-------------
NET ASSETS consist of:
Paid-in capital $ 25,957,184
-------------
NET ASSETS $ 25,957,184
-------------
*Cost of investments $ 25,900,987
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-12
<PAGE>
STATEMENT OF OPERATIONS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
For the
Year
Ended
December 31,
1999
<S> <C>
------------
INVESTMENT INCOME
Interest income $ 807,410
------------
Expenses:
Investment management fee (Note B) 38,810
Custodian fees (Note B) 23,361
Accounting fees 10,000
Amortization of deferred organization and
initial offering expenses (Note A) 4,464
Auditing fees 1,376
Trustees' fees and expenses 800
Legal fees 662
Insurance expense 162
Miscellaneous 144
------------
Total expenses 79,779
Expenses reduced by custodian fee expense
offset arrangement (Note B) (481)
------------
Total net expenses 79,298
------------
Net investment income 728,112
------------
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment securities
sold (46)
------------
Net increase in net assets resulting from
operations $ 728,066
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-13
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
<TABLE>
<CAPTION>
Year Ended December 31,
1999 1998
<S> <C> <C>
--------------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 728,112 $ 745,584
Net realized loss on investments (46) (9)
--------------------------
Net increase in net assets resulting
from operations 728,066 745,575
--------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS:
Additions 17,354,580 7,186,759
Reductions (7,146,645) (6,783,897)
--------------------------
Net increase in net assets resulting
from transactions in investors'
beneficial interests 10,207,935 402,862
--------------------------
NET INCREASE IN NET ASSETS 10,936,001 1,148,437
NET ASSETS:
Beginning of year 15,021,183 13,872,746
--------------------------
End of year $25,957,184 $15,021,183
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: AMT Liquid Asset 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. Interest income, including accretion of
discount (adjusted for original issue discount, where applicable) and
amortization of premium, where applicable, 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 are being
amortized on a straight-line basis over a five-year period. At December 31,
1999, the unamortized balance of such expenses amounted to $1,480.
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) 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 0.25% 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.
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.
B-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Advisers Managers Trust December 31, 1999
- --------------------------------------------------------------------------------
AMT Liquid Asset Investments
Neuberger is retained by Management to furnish it with investment
recommendations and research information without added cost to the Series.
Several individuals who are officers and/or trustees of Managers Trust are also
employees of Neuberger and/or 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 $481.
B-16
<PAGE>
FINANCIAL HIGHLIGHTS
Advisers Managers Trust
- --------------------------------------------------------------------------------
AMT Liquid Asset 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) .51% .55% .55% .54% .56%(3)
--------------------------------------------------------------
Net Expenses .51% .55% .55% .54% .55%(3)
--------------------------------------------------------------
Net Investment Income 4.69% 5.00% 5.05% 4.88% 5.31%(3)
--------------------------------------------------------------
Net Assets, End of Year (in millions) $26.0 $15.0 $13.9 $13.6 $32.2
--------------------------------------------------------------
</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-17
<PAGE>
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
To the Board of Trustees of
Advisers Managers Trust and
Owners of Beneficial Interest of AMT Liquid Asset Investments
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of AMT Liquid Asset 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. 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
Liquid Asset 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-18
