<PAGE>
SOCIALLY RESPONSIVE PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
A0083 08/00
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Socially Responsive Portfolio
JANET PRINDLE, PORTFOLIO MANAGER
As any child will tell you, bubbles look wonderful when they are floating
high in the air. But as any parent will tell you, they tend to make a mess when
they burst and fall to the ground.
That's essentially what happened in the U.S. stock market during the first
half of 2000. The "speculative bubble" -- Wall Street lingo for unreasonably
high stock prices created by investor enthusiasm--that had driven technology
stocks to virtually unprecedented prices finally burst in mid-March. As a
result, many previously high-flying growth stocks came crashing down to earth.
In this volatile environment, Neuberger Berman AMT Socially Responsive
provided modestly lower returns than its benchmark, the Russell
1000-Registered Trademark- Value Index. During the first six months of 2000, the
Russell 1000 Value Index fell 4.23% while your Portfolio fell 4.69%.(1) The S&P
500 Index, meanwhile, fell -0.43%.(2) I attribute our relative underperformance
to the effects of rising interest rates on some of the Portfolio's holdings,
especially communications services and consumer cyclical stocks (11.0% and 5.9%
of total equity market value, respectively, as of June 30, 2000).
When the new year began, value-oriented stocks were out of favor, as they had
been for most of 1999. Investors continued to prefer fast-growing technology
stocks, including some Internet-related businesses with no current earnings. In
contrast, many well-established companies with strong business fundamentals were
neglected as investors remained infatuated with younger, faster growing
companies in the so-called "new economy."
In mid-March, however, when it became apparent that the U.S. economy was
growing too fast, the technology bubble burst. Growth investors who had
previously disregarded rising interest rates suddenly became concerned that
unsustainable economic growth might reignite long-dormant inflationary
pressures. Some investors shifted their attention to long-neglected value
stocks, especially those with track records of consistent and predictable
earnings.
In this environment, the Portfolio enjoyed good performance from holdings
representing a number of different sectors, including utilities, energy and
capital goods (5.3%, 11.5% and 7.1%, of total equity market value,
respectively). In the utilities area, we emphasized natural gas distributors
such as Keyspan (2.8% of net assets), formerly a Long Island, New York electric
utility, which benefited from rising commodities prices. The same is true of
many of our energy-related businesses, which experienced higher revenues and
earnings as crude oil prices rose. We emphasized oil services companies within
the energy sector, including exploration and drilling firms that were among the
primary beneficiaries of higher oil prices.
In the technology sector, (16.9% of total equity market value), our focus on
well established, profitable, reasonably valued businesses helped cushion the
Portfolio from the brunt of the mid-Spring correction. Holdings such as Intel
(4.5% of net assets) benefited from rising demand for semiconductors at a time
when little new manufacturing capacity had been added.
On the other hand, consumer cyclical stocks (5.9% of total equity market
value) such as retailers generally declined during the reporting period because
of concerns that higher interest rates might curtail consumer spending. The
communications services sector (11.0% 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.
Once we first determined that they were attractive investments, we also
emphasized companies that, in our opinion, were among the most socially
responsive in the United States. For example, we added to our position in
A-1
<PAGE>
PORTFOLIO MANAGER'S COMMENTARY (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Socially Responsive Portfolio
Bristol-Myers Squibb (2.7% of net assets), a pharmaceutical company with one of
the best environmental management programs in its industry. Bristol-Myers Squibb
is dedicated to reducing emissions, minimizing waste, and preserving
bio-diversity. Similarly, we established a new position in Minnesota, Mining &
Manufacturing (2.6% of net assets), which is known for its innovative workplace
environment and its exceptional commitment to environmental performance and
improvement.
Looking forward, I am cautiously optimistic regarding the stock market and
the Portfolio. Over the near term, I am 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, I am quite optimistic that the stock market's
prospects remain bright. I believe that investors are now placing more
importance on valuation measures when making investment decisions. In fact, I
believe that now that most of the market's speculative bubbles have burst, I am
finding more good values among some of the market's most fundamentally sound and
socially responsive companies.
Finally, I would like to thank you for your confidence and support, and your
continued participation in Neuberger Berman AMT Socially Responsive Portfolio.
Sincerely,
/s/ Janet Prindle
Janet Prindle
PORTFOLIO MANAGER
(1)-4.36% and 7.21% were the total returns for the 1-year and since inception
(2/18/99) periods ended June 30, 2000. It may be easier to achieve higher
returns in a small fund than in a larger fund. 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 distributions. Performance data quoted represents past performance and
the investment return and principal value of an investment will fluctuate so
that the shares, when redeemed may be worth more or less than 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 2000-Registered Trademark- Index
is an unmanaged index consisting of the securities of the 2,000 issuers
having the smallest capitalization the Russell 3000-Registered Trademark-
Index, representing approximately 8% of the Russell 3000 total 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 directly 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)
--------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ----------
<C> <S> <C>
COMMON STOCKS (97.7%)
BASIC MATERIALS (1.6%)
890 Alcoa Inc. $ 25,810
----------
CONSUMER GOODS & SERVICES (5.3%)
790 Kimberly-Clark 45,326
1,095 Marriott International 39,489
----------
84,815
----------
DIVERSIFIED (7.0%)
485 Danaher Corp. 23,977
500 Minnesota Mining &
Manufacturing 41,250
970 Tyco International 45,954
----------
111,181
----------
ENERGY (6.8%)
600 BP Amoco ADR 33,937
1,460 KeySpan Corp. 44,895
400 Schlumberger Ltd. 29,850
----------
108,682
----------
ENTERTAINMENT (2.7%)
1,425 Fox Entertainment Group 43,284
----------
FINANCIAL SERVICES (13.9%)
750 AXA Financial 25,500
690 Chase Manhattan 31,783
1,092 Citigroup Inc. 65,793
570 Fannie Mae 29,747
970 Hartford Financial Services
Group 54,259
175 Morgan Stanley Dean Witter 14,569
----------
221,651
----------
HEALTH CARE (9.8%)
735 Bristol-Myers Squibb 42,814
235 Johnson & Johnson 23,941
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ----------
<C> <S> <C>
1,070 Pfizer Inc. $ 51,360
520 Wellpoint Health Networks 37,667
----------
155,782
----------
INSURANCE (2.4%)
325 American International Group 38,188
----------
OIL & GAS (9.6%)
1,095 Anadarko Petroleum 53,997
550 Cooper Cameron 36,300
575 Enron Corp. 37,088
610 Nabors Industries 25,353
----------
152,738
----------
PUBLISHING & BROADCASTING (4.0%)
700 Comcast Corp. Class A Special 28,350
950 Valassis Communications 36,219
----------
64,569
----------
RETAIL (5.7%)
910 International Flavors &
Fragrances 27,471
865 Safeway Inc. 39,033
410 Target Corp. 23,780
----------
90,284
----------
RETAILING (1.7%)
485 Wal-Mart Stores 27,948
----------
TECHNOLOGY (16.5%)
377 Agilent Technologies 27,804
1,885 Compaq Computer 48,185
595 Electronic Data Systems 24,544
465 Hewlett-Packard 58,067
305 IBM 33,416
540 Intel Corp. 72,191
----------
264,207
----------
</TABLE>
B-1
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ----------
<C> <S> <C>
TELECOMMUNICATIONS (10.7%)
550 Bell Atlantic $ 27,947
1,000 NTL Inc. 59,875
880 SBC Communications 38,060
995 WorldCom Inc. 45,645
----------
171,527
----------
TOTAL COMMON STOCKS
(COST $1,404,012) 1,560,666
----------
TOTAL INVESTMENTS (97.7%)
(COST $1,404,012) 1,560,666(2)
Cash, receivables and other
assets, less liabilities
(2.3%) 36,550
----------
TOTAL NET ASSETS (100.0%) $1,597,216
----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-2
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Socially Responsive 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 June 30, 2000, the cost of investments for U.S. Federal income tax
purposes was $1,404,012. Gross unrealized appreciation of investments was
$219,927 and gross unrealized depreciation of investments was $63,273,
resulting in net unrealized appreciation of $156,654, based on cost for U.S.
Federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
June 30,
2000
(UNAUDITED)
<S> <C>
-------------
ASSETS
Investments in securities, at market value
(Cost $1,404,012) (Note A) -- see Schedule
of Investments $ 1,560,666
Cash 59,362
Receivable for Fund shares sold 3,926
Dividends receivable 1,145
Prepaid expenses and other assets 77
Receivable from administrator -- net
(Note B) 27
-------------
1,625,203
-------------
LIABILITIES
Accrued expenses 27,273
Payable to investment manager (Note B) 711
Payable for Fund shares redeemed 3
-------------
27,987
-------------
NET ASSETS at value $ 1,597,216
-------------
NET ASSETS consist of:
Par value $ 148
Paid-in capital in excess of par value 1,560,136
Accumulated undistributed net investment
loss (3,961)
Accumulated net realized losses on
investments (115,761)
Net unrealized appreciation in value of
investment securities 156,654
-------------
NET ASSETS at value $ 1,597,216
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 147,528
-------------
NET ASSET VALUE, offering and redemption price per
share $10.83
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-4
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
2000
(UNAUDITED)
<S> <C>
-----------
INVESTMENT INCOME
Income:
Interest income $ 1,719
Dividend income 6,080
Foreign taxes withheld (Note A) (33)
-----------
Total income 7,766
-----------
Expenses:
Custodian fees (Note B) 8,914
Investment management fee (Note B) 3,933
Shareholder reports 3,654
Administration fee (Note B) 2,148
Legal fees 216
Trustees' fees and expenses 55
Auditing fees 28
Miscellaneous 2,869
-----------
Total expenses 21,817
Expenses reimbursed by administrator and
reduced by custodian fee expense offset
arrangement (Note B) (10,774)
-----------
Total net expenses 11,043
-----------
Net investment loss (3,277)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment securities
sold (115,578)
Change in net unrealized appreciation of
investment securities 55,163
-----------
Net loss on investments (60,415)
-----------
Net decrease in net assets resulting from
operations $ (63,692)
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Socially Responsive Portfolio
<TABLE>
<CAPTION>
Period from
Six Months February 18, 1999
Ended (Commencement
June 30, of Operations) to
2000 December 31,
(UNAUDITED) 1999
<S> <C> <C>
-------------------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (3,277) $ 2,995
Net realized gain (loss) on
investments (115,578) 15,761
Change in net unrealized
appreciation of investments 55,163 101,491
-------------------------------
Net increase (decrease) in net
assets resulting from operations (63,692) 120,247
-------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (3,679) --
Net realized gain on investments (15,944) --
-------------------------------
Total distributions to shareholders (19,623) --
-------------------------------
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 384,404 1,846,611
Proceeds from reinvestment of
dividends and distributions 19,623 --
Payments for shares redeemed (71,028) (619,326)
-------------------------------
Net increase from Fund share
transactions 332,999 1,227,285
-------------------------------
NET INCREASE IN NET ASSETS 249,684 1,347,532
NET ASSETS:
Beginning of period 1,347,532 --
-------------------------------
End of period $ 1,597,216 $ 1,347,532
-------------------------------
Accumulated undistributed net
investment income (loss) at end of
period $ (3,961) $ 2,995
-------------------------------
NUMBER OF FUND SHARES:
Sold 35,392 171,393
Issued on reinvestment of dividends
and distributions 1,914 --
Redeemed (6,509) (54,662)
-------------------------------
Net increase in shares outstanding 30,797 116,731
-------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Socially Responsive Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Socially Responsive 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 Socially Responsive
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 Socially Responsive Investments in return for delivery of
the portfolio securities, at current net asset value, subject to the
liabilities of AMT Socially Responsive 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-7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Socially Responsive 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 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 Fund had no
securities on loan to Morgan.
8) FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
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.
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,
1.50% per annum of the Fund's average daily net assets (the "Expense
Limitation"). For the six months ended June 30, 2000, such excess expenses
amounted to $9,673. The Fund has agreed to repay Management through
December 31, 2004 for its excess
B-8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Socially Responsive Portfolio
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. During the six months ended June 30, 2000, the Fund
has not reimbursed Management.
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 $1,101.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 2000, there were purchase and sale
transactions (excluding short-term securities) of $899,595 and $610,637,
respectively.
During the six months ended June 30, 2000, brokerage commissions on
securities transactions amounted to $1,493, of which Neuberger received $1,412,
and other brokers received $81.
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-9
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Socially Responsive 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, February 18, 1999(3) to
2000 December 31,
(UNAUDITED) 1999
<S> <C> <C>
-------------------------------------------
Net Asset Value, Beginning of Period $11.54 $10.00
-------------------------------------------
Income From Investment Operations
Net Investment Income (Loss) (.02) .03
Net Gains or Losses on Securities
(both realized and unrealized) (.53) 1.51
-------------------------------------------
Total From Investment Operations (.55) 1.54
-------------------------------------------
Less Distributions
Dividends (from net investment
income) (.03) --
Distributions (from net capital
gains) (.13) --
-------------------------------------------
Total Distributions (.16) --
-------------------------------------------
Net Asset Value, End of Period $10.83 $11.54
-------------------------------------------
Total Return(4)(5) -4.69% +15.40%
-------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 1.6 $ 1.3
-------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(6)(7) 1.70% 1.68%
-------------------------------------------
Ratio of Net Expenses to Average Net
Assets(7)(8) 1.55% 1.53%
-------------------------------------------
Ratio of Net Investment Income
(Loss) to Average Net Assets(7) (.46)% .35%
-------------------------------------------
Portfolio Turnover Rate 44% 72%
-------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-10
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Socially Responsive Portfolio
1) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of AMT Socially Responsive
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) 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.
5) Not annualized.
6) The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
7) Annualized.
8) 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>
Six Months Period from
Ended February 18, 1999
June 30, to December 31,
2000 1999
---------------------------------------------------------------------------------------------
<S> <C> <C>
Net Expenses 2.91% 9.04%
</TABLE>
B-11
