<PAGE>
GROWTH PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
A0079 08/00
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Growth Portfolio
JENNIFER SILVER & BROOKE COBB, PORTFOLIO CO-MANAGERS
With a 14.26% return, the Neuberger Berman AMT Growth Portfolio modestly
outperformed its Russell Midcap Growth Index benchmark (12.15% return) in the
first half of 2000.(1) In general, our technology, healthcare, energy and
utilities investments posted strong gains. On average, our consumer oriented
holdings disappointed.
Technology stock volatility was the big story in the first half of 2000. For
the first two months of the year, investors seemingly couldn't get enough of
technology. Beginning in the middle of March, they couldn't get rid of it fast
enough. The sharp correction was largely indiscriminate. Almost everything with
a technology label sold off, regardless of earnings dynamics. Tech stocks began
rebounding in late May and rallied through June, but the advance was much more
selective. Technology stocks that delivered on their earnings promise excelled
and those that didn't were left stranded.
With more than half of its assets devoted to technology stocks (54.7% of
total equity market value), the portfolio followed this performance pattern.
Prior to the tech stock correction, the portfolio was up approximately 40%. Near
the tech sector's bottom, it was down about 10%. The earnings-driven tech stock
rally helped the portfolio close the reporting period with a solid gain. It is
worth noting that the Nasdaq Composite Index, the most widely followed tech
stock benchmark, finished the first half of 2000 with a -2.54% loss.
Our focus has been on what we call "new technology" companies, most notably
those providing the materials and tools to build high speed communications
systems and the Internet infrastructure. These companies are earning good money
and we believe they can continue to grow earnings at consistently attractive
rates that meet or beat consensus earnings projections. We avoided the
profitless "dot-coms," and more cyclical "old technology" companies, which we
believed were vulnerable to earnings disappointments. While this strategy wasn't
as helpful as we had hoped during the indiscriminate technology stock
correction, it certainly benefited the portfolio in the earnings-driven rally at
the end of this reporting period.
Our health care investments (12.6% of total equity market value) also
prospered. Similar to our approach to the technology sector, we focused on
companies providing new products and services, particularly biotechnology and
genomic companies. This group was also volatile, but once again companies that
delivered superior earnings performed exceptionally well, while those that
proved more sizzle than substance faded. Although the portfolio had modest
weightings in energy (4.3% of total equity market value) and utilities (3.7% of
total equity market value), our investments in these sectors delivered excellent
returns.
Our consumer cyclicals and consumer staples holdings (4.0% and 8.2% of total
equity market value, respectively) disappointed. Several portfolio companies
reported earnings shortfalls and, true to our discipline, we eliminated them
from the portfolio. The vast majority of our selections met or surpassed
earnings projections, but still declined as investors abandoned the group in
fear that higher interest rates would restrain profitability. With the
background of rising interest rates, we have been particularly diligent in
researching our consumer sector investments. We believe they will continue to
pass earnings muster, and in some cases, post pleasant earnings surprises. We
put these stocks in our "stored value" category--stocks that have not yet been
rewarded for good earnings gains.
A-1
<PAGE>
Looking ahead, we believe interest rates will stabilize and that the economy
will continue to expand, albeit at a slower, more sustainable rate. Leading
economic indicators including housing starts and new home sales are
decelerating. The most recent employment numbers were more benign and the latest
data from the National Association of Purchasing Managers also helped ease
inflationary concerns. The Federal Reserve spared us another interest rate hike
at its June meetings. We believe technology will remain the economy's strongest
growth engine. In 1998-99, a lot of tech spending went to making systems ready
for the year transition to the year 2000. Over the next several years, we
believe tech spending will turn to building high-speed communications systems
and further developing Internet capabilities. We believe the portfolio is well
positioned to catch this wave of spending.
In closing, the portfolio has all the fundamental characteristics we favor.
Company earnings of the stocks in the Portfolio are projected by analysts to
grow 35% over the next 5 years. If we can maintain our high "meet or beat"
consensus earnings forecast batting average, we believe the portfolio will
continue to excel.
Sincerely,
/S/ JENNIFER SILVER /S/ BROOKE COBB
Jennifer Silver Brooke Cobb
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
(1)66.80%, 24.76%, and 16.99% were the average annual total returns for the 1-,
5-, and 10-year periods ended June 30, 2000. 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 charged under the variable insurance contracts.
The Russell Midcap-TM- Growth Index measures the performance of those Russell
Midcap-TM- 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-2
<PAGE>
SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
COMMON STOCKS (93.7%)
BUSINESS SERVICES (3.5%)
399,800 Concord EFS $ 10,394,800
139,100 CSG Systems International 7,798,294
178,900 Fiserv, Inc. 7,737,425
76,100 Tektronix, Inc. 5,631,400
------------
31,561,919
------------
CAPITAL GOODS (1.3%)
95,300 Waters Corp. 11,894,631
------------
COMMUNICATIONS (8.8%)
159,800 Comverse Technology 14,861,400
45,900 E-Tek Dynamics 12,108,994
132,100 Efficient Networks 9,717,606
87,700 JDS Uniphase 10,513,037
319,600 McLeodUSA Inc. 6,611,725
53,200 Next Level Communications 4,561,900
169,393 NTL Inc. 10,142,406
65,500 Redback Networks 11,659,000
------------
80,176,068
------------
CONSUMER CYCLICALS (7.9%)
297,700 Emmis Communications 12,317,337
159,800 Entercom Communications 7,790,250
228,900 Gemstar International Group 14,066,620
178,800 Harley-Davidson 6,883,800
132,200 Univision Communications 13,682,700
212,700 USA Networks 4,599,638
372,400 Westwood One 12,708,150
------------
72,048,495
------------
CONSUMER STAPLES (0.8%)
145,700 Estee Lauder 7,203,044
------------
ELECTRICAL EQUIPMENT (15.0%)
58,100 Altera Corp. 5,922,569
78,100 Analog Devices 5,935,600
150,400 Applied Micro Circuits 14,852,000
303,100 Atmel Corp. 11,176,813
38,300 Broadcom Corp. 8,385,306
30,400 Brocade Communications Systems 5,577,925
278,000 Conexant Systems 13,517,750
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
87,100 GlobeSpan, Inc. $ 10,633,005
112,900 Integrated Device Technology 6,759,887
169,500 Intersil Holding 9,163,594
138,600 Jabil Circuit 6,878,025
189,100 KLA-Tencor 11,074,169
112,200 Millipore Corp. 8,457,075
102,800 National Semiconductor 5,833,900
39,800 PMC-Sierra 7,071,962
27,300 Rambus Inc. 2,811,900
44,000 Vishay Intertechnology 1,669,250
------------
135,720,730
------------
ENERGY (7.5%)
306,400 Calpine Corporation 20,145,800
120,400 Coastal Corp. 7,329,350
151,500 Cooper Cameron 9,999,000
58,100 Dynegy Inc. 3,968,956
420,200 Rowan Companies 12,763,575
347,600 Union Pacific Resources Group 7,647,200
153,300 Weatherford International 6,103,256
------------
67,957,137
------------
FINANCE (0.4%)
85,300 eSPEED, Inc. 3,705,219
------------
FINANCIAL SERVICES (2.1%)
134,000 Capital One Financial 5,979,750
61,000 Lehman Brothers Holdings 5,768,312
83,300 Providian Financial 7,497,000
------------
19,245,062
------------
HARDWARE (4.6%)
152,800 Flextronics International 10,495,450
134,300 Network Appliance 10,811,150
37,100 QLogic Corp. 2,450,919
213,000 Sanmina Corp. 18,211,500
------------
41,969,019
------------
HEALTH CARE (11.8%)
42,500 ALZA Corp. 2,512,813
115,000 Forest Laboratories 11,615,000
407,800 Health Management Associates 5,326,888
46,100 Human Genome Sciences 6,148,588
</TABLE>
B-1
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
59,800 IDEC Pharmaceuticals $ 7,015,287
112,400 Immunex Corp. 5,556,775
103,950 King Pharmaceuticals 4,560,806
206,400 MedImmune, Inc. 15,273,600
76,200 Millennium Pharmaceuticals 8,524,875
94,000 MiniMed Inc. 11,092,000
162,900 PE Corp.-PE Biosystems Group 10,731,037
100,200 QLT PhotoTherapeutics 7,746,712
93,800 Sepracor Inc. 11,314,625
------------
107,419,006
------------
INTERNET (11.4%)
104,800 Art Technology Group 10,578,250
108,900 BroadVision, Inc. 5,533,481
67,800 Clarent Corp. 4,847,700
93,300 Digex, Inc. 6,338,569
283,500 Intuit Inc. 11,729,812
121,300 Phone.com 7,899,663
351,800 Portal Software 22,471,225
82,800 PurchasePro.com 3,394,800
198,200 Safeguard Scientifics 6,354,788
61,500 VeriSign, Inc. 10,854,750
252,700 Vignette Corp. 13,144,348
------------
103,147,386
------------
RETAIL (4.2%)
176,200 Best Buy 11,144,650
329,000 Limited, Inc. 7,114,625
35,400 Quaker Oats 2,659,425
218,800 Starbucks Corp. 8,355,425
132,100 Tiffany & Co. 8,916,750
------------
38,190,875
------------
SOFTWARE (9.1%)
66,200 Adobe Systems 8,606,000
281,000 Bea Systems 13,891,938
62,500 Mercury Interactive 6,046,875
59,300 Micromuse Inc. 9,813,223
362,800 Peregrine Systems 12,584,625
150,800 Rational Software 14,014,975
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
99,800 RealNetworks, Inc. $ 5,046,138
109,975 VERITAS Software 12,428,893
------------
82,432,667
------------
TELECOMMUNICATIONS (5.3%)
149,000 Amdocs Limited 11,435,750
191,400 Intermedia Communications 5,694,150
239,000 Metromedia Fiber Network 9,485,312
21,200 SDL, Inc. 6,045,975
58,900 VoiceStream Wireless 6,849,886
247,100 WinStar Communications 8,370,513
------------
47,881,586
------------
TOTAL COMMON STOCKS
(COST $623,195,888) 850,552,844
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
---------------------
<C> <S> <C>
CORPORATE COMMERCIAL PAPER
(4.5%)
$ 8,000,000 American Express Credit,
6.78%, due 7/5/00 7,993,973
15,000,000 Goldman Sachs Group, 6.65%,
due 7/6/00 14,986,146
10,000,000 Ford Motor Credit Co., 6.60%,
due 7/11/00 9,981,667
7,500,000 General Electric Capital
Corp., 6.68%, due 7/12/00 7,484,692
------------
TOTAL CORPORATE COMMERCIAL
PAPER (COST $40,446,478) 40,446,478(2)
------------
REPURCHASE AGREEMENT (1.6%)
14,885,000 State Street Bank and Trust
Co. Repurchase Agreement,
6.65%, due 7/3/00, dated
6/30/00, Maturity Value
$14,893,249, Collateralized by
$15,165,000 Fannie Mae,
Medium-Term Notes, 6.40%,
due 9/27/01 (Collateral Value
$15,335,606) (COST
$14,885,000) 14,885,000(2)
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
--------------------- ------------
<C> <S> <C>
</TABLE>
B-2
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
--------------------- ------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (8.7%)
$ 78,914,655 N&B Securities Lending Quality
Fund, LLC
(COST $78,914,655) $ 78,914,655(2)
------------
TOTAL INVESTMENTS (108.5%)
(COST $757,442,021) 984,798,977(3)
Liabilities, less cash,
receivables and other assets
[(8.5%)] (77,403,661)
------------
TOTAL NET ASSETS (100.0%) $907,395,316
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-3
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
1) Investment securities of the Fund 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 Fund values
all other securities 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) At cost, which approximates market value.
3) At June 30, 2000, the cost of investments for U.S. Federal income tax
purposes was $757,818,795. Gross unrealized appreciation of investments was
$246,417,629 and gross unrealized depreciation of investments was
$19,437,447, resulting in net unrealized appreciation of $226,980,182, based
on cost for U.S. Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
June 30,
2000
(UNAUDITED)
<S> <C>
-------------
ASSETS
Investments in securities, at market value
(Cost $757,442,021)
(Note A)--see Schedule of Investments $984,798,977
Cash 97
Receivable for securities sold 3,765,487
Dividends and interest receivable 2,144,954
Receivable for Fund shares sold 91,937
Prepaid expenses and other assets 45,748
-------------
990,847,200
-------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 78,914,655
Payable for securities purchased 911,721
Payable for Fund shares redeemed 888,459
Payable to investment manager (Note B) 357,402
Payable to administrator (Note B) 206,158
Accrued expenses and other payables 2,173,489
-------------
83,451,884
-------------
NET ASSETS at value $907,395,316
-------------
NET ASSETS consist of:
Par value $ 22,888
Paid-in capital in excess of par value 512,220,783
Accumulated undistributed net investment
loss (1,596,793)
Accumulated net realized gains on
investments 169,391,482
Net unrealized appreciation in value of
investment securities 227,356,956
-------------
NET ASSETS at value $907,395,316
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 22,888,180
-------------
NET ASSET VALUE, offering and redemption price per
share $39.64
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-5
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
2000
(UNAUDITED)
<S> <C>
-----------------
INVESTMENT INCOME
Income:
Interest income $ 1,775,747
Dividend income 196,704
-----------------
Total income 1,972,451
-----------------
Expenses:
Investment management fee (Note B) 2,115,732
Administration fee (Note B) 1,217,791
Custodian fees (Note B) 92,754
Trustees' fees and expenses 40,192
Interest expense (Note D) 29,293
Auditing fees 27,935
Legal fees 20,974
Shareholder reports 10,839
Miscellaneous 15,711
-----------------
Total expenses 3,571,221
Expenses reduced by custodian fee expense
offset arrangement (Note B) (1,977)
-----------------
Total net expenses 3,569,244
-----------------
Net investment loss (1,596,793)
-----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 170,276,205
Change in net unrealized appreciation of
investment securities (81,978,363)
-----------------
Net gain on investments 88,297,842
-----------------
Net increase in net assets resulting from
operations $ 86,701,049
-----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth 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 loss $ (1,596,793) $ (2,447,440)
Net realized gain on investments 170,276,205 68,152,221
Change in net unrealized
appreciation (depreciation) of
investments (81,978,363) 169,900,476
--------------------------
Net increase in net assets resulting
from operations 86,701,049 235,605,257
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (65,271,112) (30,380,350)
--------------------------
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 411,020,051 317,682,211
Proceeds from reinvestment of
distributions 65,271,112 30,380,350
Payments for shares redeemed (323,108,421) (436,876,389)
--------------------------
Net increase (decrease) from Fund
share transactions 153,182,742 (88,813,828)
--------------------------
NET INCREASE IN NET ASSETS 174,612,679 116,411,079
NET ASSETS:
Beginning of period 732,782,637 616,371,558
--------------------------
End of period $907,395,316 $732,782,637
--------------------------
Accumulated undistributed net
investment loss at end of period $ (1,596,793) $ --
--------------------------
NUMBER OF FUND SHARES:
Sold 10,306,164 11,942,302
Issued on reinvestment of
distributions 1,473,056 1,311,759
Redeemed (8,549,890) (17,039,728)
--------------------------
Net increase (decrease) in shares
outstanding 3,229,330 (3,785,667)
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
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.
Prior to May 1, 2000, the Fund was part of a master/feeder structure,
investing all of its net investable assets in AMT Growth 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
Growth Investments in return for delivery of the portfolio securities, at
current net asset value, subject to the liabilities of AMT Growth
Investments.
2) PORTFOLIO VALUATION: Investment securities are valued as indicated in the
notes following the 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 Fund
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: 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.
5) 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, 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-8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth 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.
6) 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.
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 the Trust's Board of Trustees,
monitors the creditworthiness of the parties to whom the Fund makes security
loans. The Fund 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 Fund entered into a
Securities Lending Agreement with Morgan Stanley & Co. Incorporated
("Morgan"). The Fund receives cash collateral equal to at least 100% of the
current market value of the loaned securities. The Fund 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 the Trust's investment manager.
Income earned on the investment vehicle is paid to Morgan monthly. The Fund
receives a fee, payable monthly, negotiated by the Fund and Morgan, based on
the number and duration of the lending transactions. At June 30, 2000, the
value of the securities loaned and the value of the collateral were
$77,367,330 and $78,914,655, respectively.
8) 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 0.55% of the
first $250 million of the Fund's 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.
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 0.30% 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.
B-9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
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 $1,977.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 2000, there were purchase and sale
transactions (excluding short-term securities) of $526,650,289 and $480,743,827,
respectively.
During the six months ended June 30, 2000, brokerage commissions on
securities transactions amounted to $304,976, of which Neuberger received
$77,207, and other brokers received $227,769.
NOTE D -- LINE OF CREDIT:
At June 30, 2000, the Fund 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 Fund 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 companies participate, there is no assurance that the Fund
will have access to the entire $100,000,000 at any particular time. During the
period ended June 30, 2000, the Fund utilized this line of credit. The average
loan amount outstanding (total of daily outstanding principal balances divided
by the number of days with debt outstanding) during the period was $54,427,634,
the average interest rate was 6.46%, and the total interest expense on such
borrowings was $29,293. The Fund had no loans outstanding pursuant to this line
of credit at June 30, 2000.
NOTE E -- 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-10
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Growth 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 $37.27 $26.29 $30.54 $25.78 $25.86 $20.31
-------------------------------------------------------------------------------------------------------
Income From Investment
Operations
Net Investment
Income (Loss) (.08) (.12) (.10) (.03) (.07) .01
Net Gains or Losses
on Securities (both
realized and
unrealized) 5.74 12.51 4.12 7.06 2.34 6.26
-------------------------------------------------------------------------------------------------------
Total From
Investment
Operations 5.66 12.39 4.02 7.03 2.27 6.27
-------------------------------------------------------------------------------------------------------
Less Distributions
Dividends (from net
investment income) -- -- -- -- (.01) (.05)
Distributions (from
net capital gains) (3.29) (1.41) (8.27) (2.27) (2.34) (.67)
-------------------------------------------------------------------------------------------------------
Total
Distributions (3.29) (1.41) (8.27) (2.27) (2.35) (.72)
-------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period $39.64 $37.27 $26.29 $30.54 $25.78 $25.86
-------------------------------------------------------------------------------------------------------
Total Return(3) +14.26%(4) +50.40% +15.53% +29.01% +9.14% +31.73%
-------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of
Period (in
millions) $907.4 $732.8 $616.4 $583.7 $566.4 $537.8
-------------------------------------------------------------------------------------------------------
Ratio of Gross
Expenses to Average
Net Assets(5) .88%(6) .92% .92% .90% .92% .90%
-------------------------------------------------------------------------------------------------------
Ratio of Net
Expenses to Average
Net Assets .88%(6) .92% .92% .90% .92% .90%
-------------------------------------------------------------------------------------------------------
Ratio of Net
Investment Income
(Loss) to Average
Net Assets (.39)%(6) (.46)% (.41)% (.11)% (.30)% .04%
-------------------------------------------------------------------------------------------------------
Portfolio Turnover
Rate 62% 119% 83% 113% 57% 48%
-------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-11
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Growth Portfolio
1) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of AMT Growth 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-12
