<PAGE>
GUARDIAN PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
A0082 08/00
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Guardian Portfolio
KEVIN RISEN & RICK WHITE, PORTFOLIO CO-MANAGERS
We are pleased to report that Neuberger Berman AMT Guardian Portfolio
provided higher returns than its benchmark, the Russell 1000
Value-Registered Trademark- Index, during the first six months of 2000. The
Russell 1000 Value Index fell 4.23% while the portfolio rose 3.73%.(1) The S&P
500 Index, meanwhile, fell 0.43%.(2)
The first half of 2000 was a difficult time for the stock market. Although
most market indexes ended the period relatively unchanged, stock prices rose and
fell sharply from day to day. In our view, these exaggerated fluctuations were
primarily the result of changing investor sentiment in an increasingly uncertain
economic environment.
As they had during most of 1999, investors continued to favor fast-growing
technology stocks during the first two-and-a-half months of 2000. In fact, some
popular tech stocks rose to virtually unprecedented prices relative to
traditional measures of value, such as price to earnings ratio and book value.
Even though some Internet-related companies had no current earnings, their share
prices were bid up by investors speculating on the likelihood that the companies
might benefit from the "new economy."
In mid-March, the speculative technology bubble burst amid concerns that the
U.S. economy was growing too fast, potentially reigniting long-dormant
inflationary pressures and making it more likely that the Federal Reserve Board
would continue to raise key short-term interest rates. These concerns
effectively eliminated some of the sources of capital that technology companies
needed to finance their rapid growth. In our opinion, this market decline
represented a return to more realistic expectations among most investors.
Subsequently, many investors appeared to rediscover reasonably priced "old
economy" stocks, including many of the fundamentally sound, value-oriented
companies in which we invest.
In this environment, your Portfolio enjoyed good performance from a number of
individual holdings representing a variety of industry groups. This relatively
broad list of good performers was a welcome relief from recent reporting
periods, in which performance was dominated by just one or two investment
sectors. More specifically, the Portfolio benefited most from its technology,
health care and energy holdings (22.3%, 10.9% and 12.5% of total equity market
value, respectively, as of June 30, 2000). In the technology sector, we
emphasized well-established, profitable, reasonably valued businesses, which
helped cushion the Portfolio from the brunt of the mid-Spring correction.
Holdings such as Micron Technologies (1.4% of net assets) benefited from rising
demand for semiconductors at a time when little new manufacturing capacity had
been added.
The health care sector was largely out of favor early in the year, but
attracted attention later as investors began to rediscover companies with strong
business fundamentals and relatively low stock prices that could potentially
provide a growth-oriented alternative to technology stocks. For example,
American Home Products (2.7% of net assets) began 2000 under pressure because of
litigation related to its diet drugs and an underperforming agricultural
business. It ended the six-month reporting period enjoying renewed investor
enthusiasm after selling its agricultural division and developing new
pharmaceutical products.
A-1
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Guardian Portfolio
On the other hand, consumer cyclical stocks (6.9% of total equity market
value) generally declined during the reporting period because of concerns that
higher interest rates might curtail consumer spending. The communication
services sector (8.7% of total equity market value) also declined amid profit
taking, concerns about high valuations and disappointing lackluster earnings
from traditional long-distance telephone service providers.
Looking forward, we are cautiously optimistic. Over the near term, we are
cautious because of continuing economic uncertainty. If higher interest rates
lead to a "soft landing" for the U.S. economy--in which growth slows without
triggering a recession--value-oriented stocks should benefit. But if a "hard
landing" leads to recession, stock prices may suffer.
Over the longer term, however, we are quite optimistic that the stock
markets' prospects remain bright. We believe that technological advances should
continue to fuel productivity improvements and drive corporate earnings higher
without triggering a re-acceleration of inflation. While there are no
guarantees, this scenario should lead to a beneficial investment environment for
long-term equity investors.
Finally, we would like to thank you for your confidence and support, and your
continued participation in Neuberger Berman AMT Guardian Portfolio.
Sincerely,
/s/ Kevin Risen /s/ Rick White
Kevin Risen Rick White
CO-PORTFOLIO MANAGER CO-PORTFOLIO MANAGER
(1)1.68% and 20.75% were the average annual total returns for the 1-year and
since inception (11/3/97) 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. Results are shown on a total return
basis and include reinvestment of all dividends and capital gains
distributions. Performance data quoted represents past performance, which is
no guarantee of future results. The investment return and 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.
(2)The S&P 500 Index is widely regarded as the standard for measuring large-cap
U.S. stock market performance and includes a representative sample of leading
companies in leading industries. The Russell 1000-Registered Trademark- Index
measures the performance of the 1,000 largest companies in the Russell
3000-Registered Trademark- Index (which measures the performance of the 3,000
largest U.S. companies based on total market capitalization). The Russell
1000 Index represents approximately 92% of the total market capitalization of
the Russell 3000 Index. The Russell 1000 Value Index measures the performance
of those Russell 1000 companies with lower price-to-book ratios and lower
forecasted growth values. The Russell 2000 Index is an unmanaged index
consisting of the securities of the 2,000 issuers having the smallest
capitalization in the Russell 3000 Index, representing approximately 8% of
the Russell 3000 total market capitalization. The smallest company's market
capitalization is roughly $178 million. Please note that indices do not take
into account any fees and expenses of investing in the individual securities
that they track, and that individuals cannot invest directly in any index.
Data about the performance of these indices are prepared or obtained by NBMI
and include reinvestment of all dividends and capital gain distributions. The
Portfolio may invest in many securities not included in the above-described
indices.
The composition, industries and holdings of the Portfolio are subject to
change.
A-2
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Guardian Portfolio
The investments for the Portfolio are managed by the same portfolio
manager(s) who manage one or more other mutual funds that have similar names,
investment objectives and investment styles as the Portfolio. You should be
aware that the Portfolio is likely to differ from the other mutual funds in
size, cash flow pattern and tax matters. Accordingly, the holdings and
performance of the Portfolio can be expected to vary from those of the other
mutual funds.
Shares of the separate Portfolios of Neuberger Berman Advisers Management
Trust are sold only through the currently effective prospectus and are not
available to the general public. Shares of the AMT Portfolios may be
purchased only by life insurance companies to be used with their separate
accounts that fund variable annuity and variable life insurance policies and
by qualified pension and retirement plans.
A-3
<PAGE>
SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
COMMON STOCKS (89.4%)
BANKING & FINANCIAL (4.8%)
66,550 Chase Manhattan $ 3,065,459
68,100 Wells Fargo 2,638,875
------------
5,704,334
------------
BASIC MATERIALS (2.5%)
25,500 Dow Chemical 769,781
34,000 duPont 1,487,500
43,100 Millennium Chemicals 732,700
------------
2,989,981
------------
CAPITAL GOODS (5.2%)
16,600 Deere & Co. 614,200
6,100 Emerson Electric 368,288
13,600 General Dynamics 710,600
8,500 Honeywell International 286,344
11,700 Illinois Tool Works 666,900
73,800 Republic Services 1,180,800
42,400 SCI Systems 1,661,550
10,100 United Technologies 594,637
------------
6,083,319
------------
COMMUNICATION SERVICES (7.7%)
38,100 AT&T Corp. 1,204,913
54,000 Bell Atlantic 2,743,875
20,100 NTL Inc. 1,203,488
44,500 SBC Communications 1,924,625
44,700 WorldCom, Inc. 2,050,612
------------
9,127,513
------------
CONSUMER CYCLICALS (4.6%)
34,000 Carnival Corp. 663,000
13,100 Costco Wholesale 432,300
38,100 Federated Department Stores 1,285,875
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
41,900 Lowe's Cos. $ 1,720,519
29,100 Safeway Inc. 1,313,137
------------
5,414,831
------------
CONSUMER GOODS & SERVICES (1.0%)
25,900 PepsiCo, Inc. 1,150,931
------------
CONSUMER STAPLES (5.8%)
24,200 AMFM Inc. 1,669,800
42,700 Kimberly-Clark 2,449,913
36,900 McDonald's Corp. 1,215,394
10,000 Nabisco Holdings 525,000
36,500 Philip Morris 969,531
------------
6,829,638
------------
ENERGY (13.7%)
32,900 Amerada Hess 2,031,575
19,000 American Power Conversion 775,437
22,700 Chevron Corp. 1,925,244
25,500 Diamond Offshore Drilling 895,687
8,600 Dynegy Inc. 587,488
9,600 Enron Corp. 619,200
37,663 Exxon Mobil 2,956,545
32,100 Halliburton Co. 1,514,719
16,000 Royal Dutch Petroleum-NY
Shares 985,000
10,200 Texaco Inc. 543,150
9,900 The Williams Cos. 412,706
23,094 Transocean Sedco Forex 1,234,086
75,000 Union Pacific Resources Group 1,650,000
------------
16,130,837
------------
FINANCIAL SERVICES (10.2%)
65,700 Associates First Capital 1,465,931
56,900 Capital One Financial 2,539,163
46,350 Citigroup Inc. 2,792,588
33,700 Household International 1,400,656
21,700 MetLife, Inc. 457,056
</TABLE>
B-1
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
21,800 Morgan Stanley Dean Witter $ 1,814,850
10,400 Providian Financial 936,000
16,400 SLM Holding 613,975
------------
12,020,219
------------
FOREST PRODUCTS & PAPER (0.4%)
8,300 Georgia-Pacific 217,875
9,400 Mead Corp. 237,350
------------
455,225
------------
HEALTH CARE (10.2%)
53,700 American Home Products 3,154,875
40,100 Bristol-Myers Squibb 2,335,825
26,125 Pfizer Inc. 1,254,000
20,400 Schering-Plough 1,030,200
58,200 Wellpoint Health Networks 4,215,862
------------
11,990,762
------------
OIL & GAS (0.5%)
8,800 Coastal Corp. 535,700
------------
TECHNOLOGY (20.1%)
50,200 Apple Computer 2,629,225
2,400 Cabot Microelectronics 109,800
45,300 Compaq Computer 1,157,981
41,000 Computer Associates 2,098,687
15,700 Computer Sciences 1,172,594
65,000 Gateway Inc. 3,688,750
17,300 General Motors Class H 1,518,075
10,100 Hewlett-Packard 1,261,238
16,100 IBM 1,763,956
14,700 Lexmark International Group 988,575
19,100 Micron Technology 1,681,994
15,500 National Semiconductor 879,625
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
13,500 Plantronics, Inc. $ 1,559,250
14,800 Rational Software 1,375,475
23,400 Seagate Technology 1,287,000
7,800 Teradyne, Inc. 573,300
------------
23,745,525
------------
TELECOMMUNICATIONS (0.4%)
16,100 AT&T Wireless Group 448,788
------------
TRANSPORTATION (2.3%)
19,900 AMR Corp. 526,106
39,400 Burlington Northern Santa Fe 903,738
27,800 Continental Airlines Class B 1,306,600
------------
2,736,444
------------
TOTAL COMMON STOCKS
(COST $98,730,898) 105,364,047
------------
PREFERRED STOCKS (2.9%)
73,600 News Corp. ADR
(COST $2,292,513) 3,496,000
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
---------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
SECURITIES (0.6%)
$ 700,000 Freddie Mac Discount Notes,
6.45%, due 9/14/00
(COST $690,594) 690,594
------------
CORPORATE COMMERCIAL PAPER
(3.0%)
3,500,000 Ford Motor Credit Co., 6.72%,
due 7/3/00
(COST $3,498,693) 3,498,693(2)
------------
</TABLE>
B-2
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Market
Amount Value(1)
--------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENT (2.5%)
$2,917,000 State Street Bank and Trust
Co. Repurchase Agreement,
6.65%, due 7/3/00, dated
6/30/00, Maturity Value
$2,918,617, Collateralized by
$2,975,000 Fannie Mae,
Medium-Term Notes, 6.40%,
due 9/27/01 (Collateral Value
$3,008,469)
(COST $2,917,000) $ 2,917,000(2)
------------
SHORT-TERM INVESTMENTS (0.7%)
860,754 N&B Securities Lending Quality
Fund, LLC
(COST $860,754) 860,754(2)
------------
TOTAL INVESTMENTS (99.1%)
(COST $108,990,452) 116,827,088(3)
Cash, receivables and other
assets, less liabilities
(0.9%) 1,028,162
------------
TOTAL NET ASSETS (100.0%) $117,855,250
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-3
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
1) Investments in 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 $109,161,414. Gross unrealized appreciation of investments was
$15,408,855 and gross unrealized depreciation of investments was $7,743,181,
resulting in net unrealized appreciation of $7,665,674, 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
--------------------------------------------------------------------------------
Guardian Portfolio
<TABLE>
<CAPTION>
June 30,
2000
(UNAUDITED)
<S> <C>
-------------
ASSETS
Investments in securities, at market value
(Cost $108,990,452) (Note A) -- see
Schedule of Investments $116,827,088
Cash 909
Receivable for securities sold 2,512,745
Dividends and interest receivable 104,443
Receivable for Fund shares sold 69,689
Receivable for variation margin (Note A) 35,350
Deferred organization costs (Note A) 12,802
Prepaid expenses and other assets 642
-------------
119,563,668
-------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 860,754
Payable for securities purchased 685,519
Payable to investment manager (Note B) 54,528
Accrued expenses and other payables 46,113
Payable to administrator -- net (Note B) 34,438
Payable for Fund shares redeemed 27,066
-------------
1,708,418
-------------
NET ASSETS at value $117,855,250
-------------
NET ASSETS consist of:
Par value $ 7,211
Paid-in capital in excess of par value 104,666,608
Accumulated undistributed net investment
income 264,429
Accumulated net realized gains on
investments 5,148,091
Net unrealized appreciation in value of
investment securities and financial futures
contracts (Note A) 7,768,911
-------------
NET ASSETS at value $117,855,250
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 7,210,887
-------------
NET ASSET VALUE, offering and redemption price per
share $16.34
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-5
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Guardian Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
2000
(UNAUDITED)
<S> <C>
-----------
INVESTMENT INCOME
Income:
Interest income $ 227,787
Dividend income 618,933
Foreign taxes withheld (Note A) (5,090)
-----------
Total income 841,630
-----------
Expenses:
Investment management fee (Note B) 315,864
Administration fee (Note B) 172,257
Custodian fees (Note B) 41,654
Reimbursement of expenses previously assumed
by administrator (Note B) 18,623
Shareholder reports 8,868
Trustees' fees and expenses 4,299
Amortization of deferred organization and
initial offering expenses (Note A) 2,724
Legal fees 2,609
Auditing fees 2,374
Miscellaneous 4,772
-----------
Total expenses 574,044
Expenses reduced by custodian fee expense
offset arrangement (Note B) (72)
-----------
Total net expenses 573,972
-----------
Net investment income 267,658
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 9,164,507
Net realized loss on financial futures
contracts (Note A) (649,255)
Net realized loss on option contracts
(Note A) (2,333,939)
Change in net unrealized appreciation of
investment securities, financial futures
contracts, and option contracts (Note A) (3,354,347)
-----------
Net gain on investments 2,826,966
-----------
Net increase in net assets resulting from
operations $ 3,094,624
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Guardian 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 $ 267,658 $ 667,166
Net realized gain on investments 6,181,313 4,804,098
Change in net unrealized
appreciation (depreciation) of
investments (3,354,347) 6,942,689
--------------------------
Net increase in net assets resulting
from operations 3,094,624 12,413,953
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (639,155) (320,622)
--------------------------
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 44,433,166 100,058,922
Proceeds from reinvestment of
dividends 639,155 320,622
Payments for shares redeemed (50,723,607) (65,533,795)
--------------------------
Net increase (decrease) from Fund
share transactions (5,651,286) 34,845,749
--------------------------
NET INCREASE (DECREASE) IN NET ASSETS (3,195,817) 46,939,080
NET ASSETS:
Beginning of period 121,051,067 74,111,987
--------------------------
End of period $117,855,250 $121,051,067
--------------------------
Accumulated undistributed net investment
income at end of period $ 264,429 $ 635,926
--------------------------
NUMBER OF FUND SHARES:
Sold 2,766,764 6,637,292
Issued on reinvestment of dividends 44,202 22,951
Redeemed (3,238,847) (4,375,568)
--------------------------
Net increase (decrease) in shares
outstanding (427,881) 2,284,675
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Guardian 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 Guardian 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
Guardian Investments in return for delivery of the portfolio securities, at
current net asset value, subject to the liabilities of AMT Guardian
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 ($449,669, expiring in 2006, 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-8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian 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) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
7) ORGANIZATION EXPENSES: Organization expenses incurred by the Fund are being
amortized on a straight-line basis over a five-year period. At June 30,
2000, the unamortized balance of such expenses amounted to $12,802.
8) 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.
9) CALL OPTIONS: Premiums received by the Fund upon writing a covered call
option are recorded in the liability section of the Fund's Statement of
Assets and Liabilities and are subsequently adjusted to the current market
value. When an option is exercised, closed, or expired, the Fund realizes a
gain or loss and the liability is eliminated. The Fund bears the risk of a
decline in the price of the security during the period, although any
potential loss during the period would be reduced by the amount of the
option premium received. In general, written covered call options may serve
as a partial hedge against decreases in value in the underlying securities
to the extent of the premium received. All securities covering outstanding
options are held in escrow by the custodian bank.
Summary of option transactions for the six months ended June 30, 2000:
<TABLE>
<CAPTION>
VALUE
WHEN
NUMBER WRITTEN
-------------------------------------------------------------------------------------
<S> <C> <C>
CONTRACTS OUTSTANDING 12/31/99 850 $ 461,958
CONTRACTS WRITTEN 380 978,837
CONTRACTS EXPIRED 0 0
CONTRACTS EXERCISED (70) (33,708)
CONTRACTS CLOSED (1,160) (1,407,087)
-----------------------
CONTRACTS OUTSTANDING 6/30/00 0 $ 0
-----------------------
</TABLE>
10) FINANCIAL FUTURES CONTRACTS: The Fund may buy and sell financial futures
contracts to hedge against a possible decline in the value of the Fund's
securities and/or for purposes of managing cash flow. At the time the Fund
enters into a financial futures contract, it is required to deposit with its
custodian a specified amount of cash or liquid securities, known as "initial
margin," ranging upward from 1.1% of the value of the financial futures
contract being traded. Each day, the futures contract is valued at the
official settlement price of the board of trade or U.S. commodity exchange
on which such futures contract is traded. Subsequent payments, known as
"variation margin," to and from the broker are made on a daily basis as the
market price of the financial futures contract fluctuates. Daily variation
margin adjustments, arising from this "mark to market," are recorded by the
Fund as unrealized gains or losses.
Although some financial futures contracts by their terms call for actual
delivery or acceptance of financial instruments, in most cases the contracts
are closed out prior to delivery by offsetting purchases or sales of
matching
B-9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
financial futures contracts. When the contracts are closed, the Fund
recognizes a gain or loss. Risks of entering into futures contracts include
the possibility there may be an illiquid market and/or a change in the value
of the contract may not correlate with changes in the value of the
underlying securities.
For U.S. Federal income tax purposes, the futures transactions undertaken
by the Fund may cause the Fund to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may
affect the character of the gains or losses recognized as long-term or
short-term, and may affect the timing of some capital gains and losses
realized by the Fund. Also, the Fund's losses on transactions involving
futures contracts may be deferred rather than being taken into account
currently in calculating the Fund's taxable income.
At June 30, 2000, open positions in financial futures contracts were as
follows:
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
---------------------------------------------------------------------------
<S> <C> <C> <C>
September 2000 14 S&P 500 Futures Long $67,725
</TABLE>
At June 30, 2000, the Fund had deposited $500,000 Freddie Mac, Discount
Notes, 6.45%, due 9/14/00, in a segregated account to cover margin
requirements on open financial futures contracts.
11) 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 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 $843,875 and
$860,754, respectively.
12) 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.
B-10
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
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.
Management has contractually undertaken through April 30, 2001 to reimburse
the Fund for its operating expenses (including the fees payable to Management,
but excluding interest, taxes, brokerage commissions, extraordinary expenses,
and transaction costs) ("Operating Expenses") which exceed, in the aggregate,
1.00% per annum of the Fund's average daily net assets (the "Expense
Limitation"). For the six months ended June 30, 2000, no reimbursement to the
Fund was required. The Fund has agreed to repay Management through December 31,
2004 for its excess Operating Expenses previously reimbursed by Management, so
long as its annual Operating Expenses during that period do not exceed its
Expense Limitation, and the repayment is made within three years after the year
in which Management issued the reimbursement. For the six months ended June 30,
2000, the Fund reimbursed Management $18,623 under this agreement. At June 30,
2000, the Fund has a remaining contingent liability to Management under the
agreement of $25,649, not repaid through June 30, 2000.
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 $72.
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
option contracts) of $53,250,616 and $59,963,772, respectively.
During the six months ended June 30, 2000, brokerage commissions on
securities transactions amounted to $105,643, of which Neuberger received
$50,490, and other brokers received $55,153.
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
--------------------------------------------------------------------------------
Guardian 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 Period from
June 30, November 3, 1997(3) to
2000 Year Ended December 31, December 31,
(UNAUDITED) 1999 1998 1997
<S> <C> <C> <C> <C>
----------------------------------------------------------------------
Net Asset Value, Beginning of Period $15.85 $13.84 $10.52 $10.00
----------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .04 .09 .11 .01
Net Gains or Losses on Securities
(both realized and unrealized) .54 1.97 3.22(4) .51
----------------------------------------------------------------------
Total From Investment Operations .58 2.06 3.33 .52
----------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.09) (.05) (.01) --
----------------------------------------------------------------------
Net Asset Value, End of Period $16.34 $15.85 $13.84 $10.52
----------------------------------------------------------------------
Total Return(5) +3.73%(6) +14.93% +31.67% +5.20%(6)
----------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $117.9 $121.1 $ 74.1 $ 0.6
----------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(7) 1.00%(8) 1.00% 1.00% 1.06%(8)
----------------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets(9) 1.00%(8) 1.00% 1.00% 1.00%(8)
----------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets .47%(8) .61% .80% .98%(8)
----------------------------------------------------------------------
Portfolio Turnover Rate 49% 107% 197% 12%
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-12
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Guardian Portfolio
1) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of AMT Guardian 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) The date investment operations commenced.
4) 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 fiscal period
because of the timing of sales and repurchases of Fund shares in relation to
fluctuating market values for the Fund.
5) 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.
6) Not annualized.
7) The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
8) Annualized.
9) 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>
Period from
Year Ended November 3, 1997 to
December 31, December 31,
1998 1997
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Net Expenses 1.14% 30.06%
</TABLE>
Had the Fund not reimbursed Management, the annualized ratio of net
expenses to average net assets would have been:
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
June 30, December 31,
2000 1999
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net Expenses .97% .98%
</TABLE>
B-13
