<PAGE>
LIMITED MATURITY BOND PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
A0075 08/00
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
TED GIULIANO & CATHERINE WATERWORTH, PORTFOLIO CO-MANAGERS
Neuberger Berman AMT Limited Maturity Bond Portfolio produced a 1.93% return
during the first six months of 2000,(1) while its benchmark, the Merrill Lynch
1-3 Year Treasury Index provided a 2.99% return. In the first half of 2000
extreme volatility in many short-duration sectors continued, due to three
short-term interest rate increases, totaling 100 basis points, by the Federal
Reserve Board. These were part of the Fed's continued attempt to forestall a
re-acceleration of inflation in a fast-growing economy. It has raised rates a
total of 175 basis points since June 1999. U.S. Treasury securities performed
best in this environment, while corporate securities and other higher
yield/higher risk market sectors generally lagged.
In addition to the Fed's tightening, a series of factors depressed valuations
of corporate bonds, agency bonds and other non-Treasury securities. The U.S.
Treasury Department announced plans for large debt buybacks, causing a rally in
long-term bonds and a yield curve inversion. Interest rates on three- and
six-month Treasury bills rose about 50 basis points while rates on 10-year
Treasury bonds fell over 40 basis points. This slammed the non-Treasury sectors
of the market in which our limited maturity portfolio invests. The inversion of
the yield curve spawned talk of a "hard landing" for the economy, a negative for
corporate securities in particular. Also, the correction in the equity markets,
from mid-March to late May added to concerns about corporate profitability,
event risk, and deteriorating credit fundamentals. Finally, Congress introduced
legislation proposing to remove the implied credit guarantee backing U.S.
government agency debt. The spread on three-year agency debt over comparable
Treasuries almost doubled to over 60 basis points.
Given that U.S. Treasury bonds were the best performing sector during the
period, diversified bond portfolio strategies were hurt. But, after five months
of increasing spreads between the interest rates of Non-Treasury and Treasury
sectors, the corporate sector finally began to perform well in June, as did
other non-Treasury sectors such as mortgage-backed and agency securities.
We are cautiously optimistic about the limited-term bond markets' future
prospects. Toward the end of the first half, we began to see signs of a
potential economic slow-down -- which may indicate that the Fed's tightening
policies are beginning to work. If interest-rate hikes ultimately slow the
economy without triggering a recession, the Fed may soon refrain from raising
interest rates further, and bond yields should begin to trend downward,
benefiting all fixed-income sectors. With the portfolio's current 30-day yield
at 6.94%, the potential for better returns could be on the horizon.
Sincerely,
/s/ Ted Giuliano /s/ Catherine Waterworth
Ted Giuliano Catherine Waterworth
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
A-1
<PAGE>
(1)3.09%, 4.63% and 5.72% were the average annual returns for the 1-, 5- and
10-year periods ended June 30, 2000. 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 6.94% for the period ended
June 30, 2000. Past performance does not guarantee future results and shares
when redeemed may be worth more or less than their original cost. The
performance does not reflect separate account and insurance policy and fees
and expenses charged under the variable insurance contracts.
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 in their separate
accounts that fund variable annuity and variable life insurance policies and
by qualified pension and retirement plans.
A-2
<PAGE>
SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
-------------- -------- -------- ------------
<C> <S> <C> <C> <C>
U.S. TREASURY SECURITIES
(9.6%)
$ 9,145,000 U.S. Treasury Notes, 5.75%,
due 6/30/01 TSY TSY $ 9,079,275
3,500,000 U.S. Treasury Notes, 6.375%,
due 9/30/01 TSY TSY 3,493,437
2,855,000 U.S. Treasury Notes, 5.875%,
due 10/31/01 TSY TSY 2,831,803
4,230,001 U.S. Treasury
Inflation-Indexed Notes,
3.375%, due 1/15/07 TSY TSY 4,059,481
------------
TOTAL U.S. TREASURY SECURITIES
(COST $19,568,487) 19,463,996
------------
U.S. GOVERNMENT AGENCY
SECURITIES (21.4%)
39,700,000 Fannie Mae, Notes, 4.625%,
due 10/15/01 AGY AGY 38,607,615
135,000 Freddie Mac, Notes, 5.75%,
due 7/15/03 AGY AGY 130,405
4,680,000 Fannie Mae, Notes, 5.625%,
due 5/14/04 AGY AGY 4,456,848
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES (COST $43,213,263) 43,194,868
------------
MORTGAGE-BACKED SECURITIES
(12.8%)
1,949,934 GE Capital Mortgage Services,
Inc., REMIC Pass-Through
Certificates, Ser. 1998-25,
Class B3, 6.25%, due 12/25/28 BB(2) 1,362,212(3)
760,327 BA Mortgage Securities, Inc.,
Mortgage Pass-Through
Certificates, Ser. 1998-6,
6.25%, due 12/26/28 BB(2) 507,993(3)
1,300,113 PNC Mortgage Securities Corp.,
Pass-Through Certificates,
Ser. 1999-1, Class 1B4,
6.25%, due 2/25/29 BB(2) 866,403(3)
1,139,081 GE Capital Mortgage Services,
Inc., REMIC Pass-Through
Certificates, Ser. 1999-2,
Class B3, 6.50%, due 4/25/29 BB(2) 774,279(3)
875,049 GE Capital Mortgage Services,
Inc., REMIC Pass-Through
Certificates, Ser. 1999-11,
Class B3, 6.50%, due 7/25/29 BB(2) 610,757(3)
755,745 Morgan Stanley Capital I Inc.,
Commercial Mortgage
Pass-Through Certificates,
Ser. 1998-HF2, 6.01%, due
11/15/30 BB(2) 517,095(3)
FANNIE MAE
3,259,803 Pass-Through Certificates,
7.00%, due 6/1/11 AGY AGY 3,236,427
3,391,567 Pass-Through Certificates,
6.50%, due 5/1/13 AGY AGY 3,289,562
FREDDIE MAC
32,375 Mortgage Participation
Certificates, 10.00%,
due 4/1/20 AGY AGY 34,337
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
3,214,537 Pass-Through Certificates,
7.00%, due 12/15/28 AGY AGY 3,131,990
9,969,274 Pass-Through Certificates,
6.50%, due 2/15/29-8/15/29 AGY AGY 9,474,280
2,038,782 Pass-Through Certificates,
8.00%, due 5/15/30 AGY AGY 2,060,442
------------
TOTAL MORTGAGE-BACKED
SECURITIES (COST $26,317,551) 25,865,777
------------
</TABLE>
B-1
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
-------------- -------- -------- ------------
<C> <S> <C> <C> <C>
ASSET-BACKED SECURITIES (8.7%)
$ 2,040,000 Honda Auto Lease Trust,
Ser. 1999-A, Class A4, 6.45%,
due 9/16/02 Aaa AAA $ 2,026,087
2,900,000 Premier Auto Trust,
Ser. 1998-1, Class A4, 5.70%,
due 10/6/02 Aaa AAA 2,865,113
392,608 Navistar Financial Owner
Trust, Ser. 1996-B,
Class A-3, 6.33%, due 4/21/03 Aaa AAA 392,541
567,974 Chevy Chase Auto Receivables
Trust, Ser. 1996-2, Class A,
5.90%, due 7/15/03 Aaa AAA 564,686
2,215,000 Capital Auto Receivables Asset
Trust, Ser. 2000-1, Class A3,
6.96%, due 11/17/03 Aaa AAA 2,209,152
570,000 DaimlerChrysler Auto Trust,
Auto Loan Certificates, Ser.
2000-A, Class A3, 7.09%,
due 12/6/03 Aaa AAA 570,097
5,070,000 Ford Credit Auto Owner Trust,
Ser. 2000-C, Class A4, 7.24%,
due 2/15/04 Aaa AAA 5,079,506
3,790,000 Nissan Auto Receivables Owner
Trust, Ser. 2000-B, Class A3,
7.25%, due 4/15/04 Aaa AAA 3,804,516
------------
TOTAL ASSET-BACKED SECURITIES
(COST $17,484,693) 17,511,698
------------
BANKS & FINANCIAL INSTITUTIONS
(12.3%)
1,975,000 Dime Bancorp, Inc., Senior
Notes, 6.375%, due 1/30/01 Ba1 BBB- 1,959,411
5,200,000 Capital One Bank, Bank Notes,
5.95%, due 2/15/01 Baa2 BBB- 5,162,160
3,760,000 Morgan Stanley, Dean Witter, &
Co., Global Medium-Term Notes,
Ser. C, 6.09%, due 3/9/01 Aa3 AA- 3,719,204
2,640,000 Household Finance Corp.,
Senior Medium-Term Notes,
6.06%, due 5/14/01 A2 A 2,611,467
1,200,000 Dime Bancorp, Inc., Senior
Notes, 7.00%, due 7/25/01 Ba1 BBB- 1,188,523
2,570,000 Lehman Brothers Holdings,
Inc., Medium-Term Notes,
Ser. E, 7.00%, due 5/15/03 A3 A 2,508,559
2,230,000 Household Finance Corp.,
Notes, 7.00%, due 8/1/03 A2 A 2,185,601
2,820,000 Paine Webber Group, Inc.,
Notes, 6.45%, due 12/1/03 Baa1 BBB+ 2,692,333
2,200,000 Caterpillar Financial Services
Corp., Notes, 6.875%,
due 8/1/04 A2 A+ 2,163,165
810,000 Bank United Corp., Medium-Term
Notes, Ser. A, 8.00%,
due 3/15/09 Ba2 BBB- 720,006
------------
TOTAL BANKS & FINANCIAL
INSTITUTIONS
(COST $25,148,351) 24,910,429
------------
CORPORATE DEBT SECURITIES
(29.4%)
1,970,000 Chesapeake Corp., Notes,
10.375%, due 10/1/00 Ba2 BB+ 1,978,845
2,027,000 Safeway Inc., Notes, 5.75%,
due 11/15/00 Baa2 BBB 2,016,968
2,550,000 AT&T Capital Corp., Notes,
6.875%, due 1/16/01 A1 A+ 2,546,805
1,060,000 Tyco International Group S.A.,
Notes, 6.125%, due 6/15/01 Baa1 A- 1,046,672
1,345,000 CMS Energy Corp., Senior
Notes, 8.00%, due 7/1/01 Ba3 BB 1,324,446
</TABLE>
B-2
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
Principal Rating Market
Amount Moody's S&P Value(1)
-------------- -------- -------- ------------
<C> <S> <C> <C> <C>
$ 2,700,000 Telecom Argentina Stet-France
SA, Medium-Term Notes, 9.75%,
due 7/12/01 B1 BBB- $ 2,700,000(3)
1,940,000 Colonial Realty Limited
Partnership, Senior Notes,
7.50%, due 7/15/01 Baa3 BBB- 1,921,966
910,000 USA Waste Services, Inc.,
Senior Notes, 6.125%,
due 7/15/01 Ba1 BBB 881,148
1,715,000 Cox Communications, Inc.,
Notes, 7.00%, due 8/15/01 Baa2 BBB+ 1,706,006
410,000 Times Mirror Co., Notes,
6.65%, due 10/15/01 A2 A 406,916
2,625,000 Texas Utilities Co., Notes,
5.94%, due 10/15/01 Baa3 BBB 2,575,440
2,000,000 Tyco International Ltd.,
Notes, 6.50%, due 11/1/01 A3 A- 1,988,544
1,499,000 Marlin Water Trust, Senior
Secured Notes, 7.09%,
due 12/15/01 Baa1 BBB 1,483,268(3)
2,800,000 ICI Wilmington, Inc.,
Guaranteed Notes, 7.50%,
due 1/15/02 Baa1 BBB+ 2,781,290
870,000 Century Communications Corp.,
Senior Notes, 9.75%,
due 2/15/02 B1 BB- 870,000
2,085,000 Sprint Capital Corp.,
Medium-Term Notes, 7.625%,
due 6/10/02 Baa1 BBB+ 2,092,746
3,000,000 General Motors Acceptance
Corp., Medium-Term Notes,
6.30%, due 7/8/02 A2 A 2,940,279
800,000 Comdisco, Senior Notes, 7.25%,
due 9/1/02 Baa1 BBB+ 774,790
1,950,000 Fort James Corp., Senior
Notes, 6.50%, due 9/15/02 Baa2 BBB 1,903,083
1,625,000 Commercial Credit Co., Notes,
6.375%, due 9/15/02 Aa3 AA- 1,593,992
1,300,000 Adelphia Communications Corp.,
Senior Notes, Ser. B, 9.25%,
due 10/1/02 B1 B+ 1,282,125
2,330,000 Conseco, Inc., Notes, 8.50%,
due 10/15/02 Ba3 BB- 1,677,600
1,300,000 Valero Energy, Notes, 6.75%,
due 12/15/02 Baa3 BBB- 1,256,186(3)
1,300,000 American Standard, Inc.,
Senior Notes, 7.125%,
due 2/15/03 Ba3 BB- 1,238,250
1,520,000 Cox Radio Inc., Notes, 6.25%,
due 5/15/03 Baa2 BBB+ 1,459,907
440,000 Core-Mark International, Inc.,
Senior Subordinated Notes,
11.375%, due 9/15/03 B3 B 409,200
2,000,000 Akzo Nobel Inc., Guaranteed
Notes, 6.00%, due 11/15/03 A2 A- 1,897,096(3)
505,000 Loomis Fargo & Co., Senior
Subordinated Notes, 10.00%,
due 1/15/04 B3 B 484,800
1,341,340 PDVSA Finance Ltd., Notes,
8.75%, due 2/15/04 Baa1 1,324,859(3)
570,000 EOP Operating Limited
Partnership, Notes, 6.625%,
due 2/15/05 Baa1 BBB+ 540,943
3,680,000 Heritage Media Corp., Senior
Subordinated Notes, 8.75%,
due 2/15/06 Ba3 BB+ 3,606,400
1,130,000 Gulf Canada Resources Ltd.,
Senior Notes, 8.35%,
due 8/1/06 Ba1 BBB- 1,118,700
325,000 Printpack, Inc., Senior
Subordinated Notes, Ser. B,
10.625%, due 8/15/06 Caa1 B 302,250
2,130,000 Time Warner Inc., Notes,
8.11%, due 8/15/06 Baa3 BBB 2,170,434
25,000 Newport News Shipbuilding
Inc., Senior Subordinated
Notes, 9.25%, due 12/1/06 Ba3 B+ 25,000
720,000 Jones Intercable, Inc., Senior
Notes, 8.875%, due 4/1/07 Baa3 BBB 731,700
</TABLE>
B-3
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<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- $ 447,525
1,720,000 Interpool, Inc., Notes, 7.20%,
due 8/1/07 Ba2(4) BB+(4) 1,389,244
640,000 Thiokol Corp., Senior Notes,
6.625%, due 3/1/08 A3 A+ 583,379
260,000 IMPAC Group, Inc., Senior
Subordinated Notes, 10.125%,
due 3/15/08 B3 B- 282,100
1,710,000 Fort James Corp., Notes,
6.234%, due 3/15/11 Baa2 BBB 1,693,071
------------
TOTAL CORPORATE DEBT
SECURITIES (COST $61,797,222) 59,453,973
------------
FOREIGN GOVERNMENT SECURITIES
(1.0%)
2,240,000 Republic of Argentina,
Floating Rate Notes, 7.375%,
due 3/31/05
(COST $2,032,120) B1 BB 2,041,312
------------
FOREIGN SECURITIES(5) (3.1%)
CAD 3,670,000 Canadian Treasury Bills,
Yielding 5.95%, due 3/29/01 Aa1 AAA 2,374,341
DKK 32,300,000 Kingdom of Denmark, 4.00%,
due 3/15/02 Aaa 4,010,793
------------
TOTAL FOREIGN SECURITIES (COST
$6,412,895) 6,385,134
------------
CORPORATE COMMERCIAL PAPER
(1.0%)
2,000,000 Motorola, Inc., 6.54%,
due 8/18/00
(COST $1,982,560) P-1 A1+ 1,982,560(6)
------------
REPURCHASE AGREEMENT (1.0%)
1,970,000 State Street Bank and Trust
Co. Repurchase Agreement,
6.65%, due 7/3/00, dated
6/30/00, Maturity Value
$1,971,092, Collateralized by
$2,010,000 Fannie Mae,
Medium-Term Notes, 6.40%, due
9/27/01 (Collateral Value
$2,032,613) (COST $1,970,000) 1,970,000(6)
------------
TOTAL INVESTMENTS (100.3%)
(COST $205,927,142) 202,779,747(7)
Liabilities, less cash,
receivables and other assets
[(0.3%)] (617,385)
------------
TOTAL NET ASSETS (100.0%) $202,162,362
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-4
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
1) Investment securities of the Fund 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
the 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, 2000, these
securities amounted to $13,300,148 or 6.6% of net assets.
4) Rated BBB by Fitch Investors Services, Inc.
5) Principal amount is stated in the currency in which the security is
denominated.
CAD-Canadian Dollar
DKK-Danish Kroner
6) At cost, which approximates market value.
7) At June 30, 2000, the cost of investments for U.S. Federal income tax
purposes was $205,927,142. Gross unrealized appreciation of investments was
$459,695 and gross unrealized depreciation of investments was $3,607,090,
resulting in net unrealized depreciation of $3,147,395, based on cost for
U.S. Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-5
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
June 30,
2000
(UNAUDITED)
<S> <C>
------------
ASSETS
Investments in securities, at market value (Cost
$205,927,142)
(Note A)--see Schedule of Investments $202,779,747
Cash 3,902
Receivable for securities sold 2,863,074
Interest receivable 2,777,537
Receivable for Fund shares sold 130,391
Prepaid expenses and other assets 2,396
------------
208,557,047
------------
LIABILITIES
Payable for securities purchased 5,884,857
Payable for Fund shares redeemed 296,048
Accrued expenses 105,013
Payable to administrator (Note B) 66,934
Payable to investment manager (Note B) 41,833
------------
6,394,685
------------
NET ASSETS at value $202,162,362
------------
NET ASSETS consist of:
Par value $ 16,059
Paid-in capital in excess of par value 221,541,112
Accumulated undistributed net investment income 6,529,808
Accumulated net realized loss on investments (22,777,394)
Net unrealized depreciation in value of investment
securities and translation of assets and liabilities
in foreign currencies (3,147,223)
------------
NET ASSETS at value $202,162,362
------------
SHARES OUTSTANDING
($.001 par value; unlimited shares authorized) 16,059,099
------------
NET ASSET VALUE, offering and redemption price per share $12.59
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-6
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
2000
(UNAUDITED)
<S> <C>
-----------
INVESTMENT INCOME
Interest income $ 7,278,501
-----------
Expenses:
Administration fee (Note B) 439,562
Investment management fee (Note B) 274,818
Custodian fees (Note B) 63,439
Shareholder reports 25,935
Trustees' fees and expenses 10,120
Legal fees 6,821
Amortization of deferred organization and initial
offering expenses (Note A) 5,344
Auditing fees 4,286
Miscellaneous 6,512
-----------
Total expenses 836,837
Expenses reduced by custodian fee expense offset
arrangement (Note B) (2,703)
-----------
Total net expenses 834,134
-----------
Net investment income 6,444,367
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment securities sold (5,809,300)
Net realized loss on foreign currency transactions
(Note A) (394,016)
Change in net unrealized depreciation of investment
securities, translation of assets and liabilities in
foreign currencies, and foreign currency contracts
(Note A) 3,745,895
-----------
Net loss on investments (2,457,421)
-----------
Net increase in net assets resulting from operations $ 3,986,946
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-7
<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
2000 December 31,
(UNAUDITED) 1999
<S> <C> <C>
------------------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 6,444,367 $ 15,209,991
Net realized loss on investments (6,203,316) (4,585,872)
Change in net unrealized appreciation (depreciation) of
investments 3,745,895 (6,926,317)
------------------------------
Net increase in net assets resulting from operations 3,986,946 3,697,802
------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (15,205,048) (15,115,273)
------------------------------
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 20,901,085 68,525,498
Proceeds from reinvestment of dividends 15,205,048 15,115,273
Payments for shares redeemed (71,081,764) (101,212,944)
------------------------------
Net decrease from Fund share transactions (34,975,631) (17,572,173)
------------------------------
NET DECREASE IN NET ASSETS (46,193,733) (28,989,644)
NET ASSETS:
Beginning of period 248,356,095 277,345,739
------------------------------
End of period $202,162,362 $248,356,095
------------------------------
Accumulated undistributed net investment income at end
of period $ 6,529,808 $ 15,290,489
------------------------------
NUMBER OF FUND SHARES:
Sold 1,650,947 5,175,651
Issued on reinvestment of dividends 1,228,194 1,162,713
Redeemed (5,578,671) (7,643,903)
------------------------------
Net decrease in shares outstanding (2,699,530) (1,305,539)
------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-8
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (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.
Prior to May 1, 2000, the Fund was part of a master/feeder structure,
investing all of its net investable assets in AMT Limited Maturity Bond
Investments, a series of Advisers Managers Trust. Effective May 1, 2000, the
Fund converted to a conventional fund structure. The Fund redeemed its
investment in AMT Limited Maturity Bond Investments in return for delivery of
the portfolio securities, at current net asset value, subject to the
liabilities of AMT Limited Maturity Bond Investments.
2) PORTFOLIO VALUATION: Investment securities are valued as indicated in the
notes following the Schedule of Investments.
3) FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund 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 Fund 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 Fund. The Fund has no specific limitation on the percentage of assets
which may be committed to these types of contracts. The Fund 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 Fund is determined using forward foreign currency exchange rates
supplied by an independent pricing service.
6) 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
B-9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
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.
7) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: 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, $2,478,607, and $3,975,890
expiring in 2002, 2004, 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 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.
8) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
9) ORGANIZATION EXPENSES: Organization expenses incurred by the Fund were fully
amortized as of June 30, 2000.
10) 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.
11) REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements with
institutions that the Fund's investment manager has determined are
creditworthy. Each repurchase agreement is recorded at cost. The Fund
requires that the securities purchased in a repurchase transaction be
transferred to the custodian in a manner sufficient to enable the Fund to
obtain those securities in the event of a default under the repurchase
agreement. The Fund 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 Fund under each such repurchase agreement.
NOTE B -- MANAGEMENT FEES, 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
investment manager under a Management Agreement. For such investment management
services, the Fund pays Management a fee at the annual rate of 0.25% of the
first $500 million of the Fund's 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.
B-10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
The Fund retains 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.
Effective May 1, 1995, the trustees of the Trust adopted a non-fee
distribution plan for each series of the Trust.
Management has contractually undertaken through April 30, 2001 to reimburse
the Fund for its 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. For the six months ended June 30, 2000, 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 Fund, 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 Fund. Several individuals who are officers
and/or trustees of the Trust are also employees of Neuberger and/or Management.
The Fund 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 $2,703.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 2000, there were purchase and sale
transactions (excluding short-term securities, financial futures contracts, and
forward foreign currency contracts) of $136,982,965 and $120,990,631,
respectively.
During the six months ended June 30, 2000, the Fund had entered into various
contracts to deliver currencies at specified future dates. At June 30, 2000,
there were no open contracts.
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-11
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio(1)
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.(2)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
2000 Year Ended December 31,
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $13.24 $13.82 $14.12 $14.05 $14.71 $14.02
-----------------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .37 .77 .80 .88 .92 .82
Net Gains or Losses on Securities
(both realized and unrealized) (.13) (.58) (.21) .02 (.34) .65
-----------------------------------------------------------------------------------------
Total From Investment Operations .24 .19 .59 .90 .58 1.47
-----------------------------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.89) (.77) (.89) (.83) (1.24) (.78)
-----------------------------------------------------------------------------------------
Net Asset Value, End of Period $12.59 $13.24 $13.82 $14.12 $14.05 $14.71
-----------------------------------------------------------------------------------------
Total Return(3) +1.93%(4) +1.48% +4.39% +6.74% +4.31% +10.94%
-----------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $202.2 $248.4 $277.3 $251.1 $256.9 $238.9
-----------------------------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(5) .76%(6) .76% .76% .77% .78% .71%
-----------------------------------------------------------------------------------------
Ratio of Net Expenses to Average
Net Assets .76%(6) .76% .76% .77% .78% .71%
-----------------------------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 5.86%(6) 5.81% 5.83% 6.27% 6.01% 5.99%
-----------------------------------------------------------------------------------------
Portfolio Turnover Rate 64% 139% 44% 86% 132% 104%
-----------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-12
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Limited Maturity Bond Portfolio
1) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of AMT Limited Maturity Bond
Investment's income and expenses under the prior master/feeder fund
structure.
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) Not annualized.
5) The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
6) Annualized.
B-13
