<PAGE>
PARTNERS PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
A0078 08/00
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Partners Portfolio
BOB GENDELMAN & S. BASU MULLICK, PORTFOLIO MANAGERS
In our view, the first six months of 2000 represented more than a year of
transition to a new century. It may also have marked a significant and
long-awaited transition within the stock market toward the types of
fundamentally sound, reasonably priced stocks in which Neuberger Berman AMT
Partners Portfolio strives to invest.
During the six-month period ended June 30, 2000, your Portfolio outperformed
its benchmark, the Russell 1000-Registered Trademark- Value Index, by
approximately 3.7 percentage points.(1) The Russell 1000 Value Index fell 4.23%
while the Portfolio only fell 0.54%. The S&P 500 Index, meanwhile, fell
0.43%.(2) We attribute the Portfolio's relatively good performance primarily to
the success of our sector allocation and individual stock selection strategies.
Although we select investments for the Portfolio through extensive analysis
of individual companies -- not according to macroeconomic or market
trends -- the Portfolio's holdings benefited from a sudden change in investor
sentiment that began in mid-March. Stronger-than-expected economic growth caused
investors to become concerned that the Federal Reserve Board might 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, causing their stock prices to fall quickly and sharply. Many
equity investors reduced or sold their technology holdings, choosing instead to
deploy some of their assets to reasonably priced "old economy" stocks, including
many of the fundamentally sound, value-oriented companies in which the Portfolio
invests.
In this environment, the Portfolio enjoyed good performance from a variety of
sectors, including consumer staples (12.3% of total equity market value as of
June 30, 2000), energy (7.9% of total equity market value), financial services
and health care. Individual stocks that contributed most to performance included
News Corp. (2.7% of net assets), which was rewarded by investors for
value-enhancing strategies such as spin-offs of underperforming assets. Another
top performer, Transocean Sedco Forex (1.6% of net assets), benefited from the
recovery of oil prices.
Perhaps just as important, the Portfolio's emphasis on well-established,
reasonably valued businesses in the highly volatile technology sector (19.6% of
total equity market value) helped it avoid the brunt of the mid-Spring
correction. While the full value of some of the Portfolio's technology holdings
has not yet been widely recognized, others were rewarded for their strong
business fundamentals. For example, holdings such as semiconductor manufacturer
Micron Technologies (1.2% of net assets) benefited from rising demand at a time
when little new manufacturing capacity had been added.
The health care sector (10.3% of total equity market value) was largely out
of favor early in the year amid industry-wide regulatory concerns, but attracted
attention later as investors began to rediscover companies with good prospects
and relatively low stock prices that could potentially provide a growth-oriented
alternative to technology stocks. For example, American Home Products (1.0% 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.
Although the financial services sector (22.0% of total equity market value)
provided relatively lackluster returns for the Portfolio, we had less exposure
to this interest-rate-sensitive area than our benchmark index. Nonetheless,
A-1
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Partners Portfolio
previously out-of-favor insurance companies, such as Cigna Corp. and Williams
Companies (2.6% and 2.2% of net assets, respectively), showed signs of recovery
as investors began to recognize the value of fee-based businesses that are less
susceptible to interest-rate trends than transaction-based businesses.
Looking ahead, we remain cautious over the near term 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 -- we
believe value-oriented stocks should benefit. But if a "hard landing" leads to
recession, stock prices may suffer. Over the longer term, however, we are very
optimistic. We believe that short-term volatility often leads to longer-term
opportunities, and that broad diversification can help reduce risks.
Finally, we would like to thank you for your confidence and support, and your
continued participation in Neuberger Berman AMT Partners Portfolio.
Sincerely,
/s/ Robert Gendelman /s/ S. Basu Mullick
Bob Gendelman S. Basu Mullick
CO-PORTFOLIO MANAGER CO-PORTFOLIO MANAGER
(1)-5.73%, 16.35%, and 15.87% were the average annual total returns for the 1-,
5-year and since inception (3/22/94) for the 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. 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 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)
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
COMMON STOCKS (95.0%)
AEROSPACE (0.8%)
189,500 Honeywell International $ 6,383,781
------------
AUTO/TRUCK REPLACEMENT PARTS (0.7%)
304,700 Lear Corp. 6,094,000
------------
BANKING & FINANCIAL (8.9%)
475,800 Bank of New York 22,124,700
465,600 Chase Manhattan 21,446,700
166,200 Citigroup Inc. 10,013,550
204,400 Countrywide Credit Industries 6,195,875
369,600 Wells Fargo 14,322,000
------------
74,102,825
------------
CHEMICALS (2.3%)
380,400 Alcoa Inc. 11,031,600
182,400 duPont 7,980,000
------------
19,011,600
------------
COMMUNICATIONS (4.7%)
352,100 AT&T Corp. 11,135,163
144,200 NTL Inc. 8,633,975
422,600 WorldCom, Inc. 19,386,775
------------
39,155,913
------------
CONSUMER PRODUCTS & SERVICES (2.0%)
125,300 AMFM Inc. 8,645,700
192,400 Pitney Bowes 7,696,000
------------
16,341,700
------------
DIVERSIFIED (2.3%)
4,700 Berkshire Hathaway Class B 8,272,000
190,900 Procter & Gamble 10,929,025
------------
19,201,025
------------
ENTERTAINMENT (1.1%)
476,000 Carnival Corp. 9,282,000
------------
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
FINANCIAL SERVICES (5.1%)
445,400 Ceridian Corp. $ 10,717,437
153,000 Morgan Stanley Dean Witter 12,737,250
143,900 Providian Financial 12,951,000
153,000 SLM Holding 5,727,938
------------
42,133,625
------------
FOOD & TOBACCO (2.1%)
231,100 Anheuser-Busch 17,260,281
------------
FOOD PRODUCTS (3.3%)
1,260,400 Kroger Co. 27,807,575
------------
GAS (1.9%)
421,900 Praxair, Inc. 15,794,881
------------
HEALTH CARE (12.5%)
140,700 American Home Products 8,266,125
236,200 Bristol-Myers Squibb 13,758,650
231,300 CIGNA Corp. 21,626,550
218,800 Johnson & Johnson 22,290,250
299,400 Merck & Co. 22,941,525
139,600 Pharmacia Corp. 7,215,575
99,400 Wellpoint Health Networks 7,200,288
------------
103,298,963
------------
INDUSTRIAL GOODS & SERVICES (2.1%)
328,000 General Dynamics 17,138,000
------------
INSURANCE (5.2%)
113,100 American International Group 13,289,250
396,600 Aon Corp. 12,319,388
317,096 XL Capital 17,162,821
------------
42,771,459
------------
MEDIA & ENTERTAINMENT (1.8%)
381,700 Walt Disney 14,814,731
------------
</TABLE>
B-1
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
OIL & GAS (7.7%)
212,600 Anadarko Petroleum $ 10,483,837
137,900 Chevron Corp. 11,695,644
205,200 Exxon Mobil 16,108,200
268,900 Halliburton Co. 12,688,719
243,300 Transocean Sedco Forex 13,001,344
------------
63,977,744
------------
PAPER & FOREST PRODUCTS (0.8%)
161,600 Weyerhaeuser Co. 6,948,800
------------
RESTAURANTS (0.9%)
238,300 McDonald's Corp. 7,849,006
------------
RETAILING (1.4%)
177,800 Consolidated Stores 2,133,600
161,300 Costco Wholesale 5,322,900
73,700 Target Corp. 4,274,600
------------
11,731,100
------------
RETAILING & APPAREL (0.6%)
163,400 Gap Inc. 5,106,250
------------
TECHNOLOGY (17.9%)
115,000 Apple Computer 6,023,125
584,500 Cadence Design Systems 11,909,187
334,400 Computer Associates 17,117,100
248,700 Computer Sciences 18,574,781
204,200 Compuware Corp. 2,118,575
178,200 Gateway Inc. 10,112,850
112,100 General Motors Class H 9,836,775
152,200 IBM 16,675,412
147,700 Lexmark International Group 9,932,825
112,600 Micron Technology 9,915,838
344,200 Motorola, Inc. 10,003,313
546,400 Parametric Technology 6,010,400
</TABLE>
<TABLE>
<CAPTION>
Number Market
of Shares Value(1)
--------------------- ------------
<C> <S> <C>
43,200 Samsung Electronics GDR $ 8,467,200(2)
561,600 Xerox Corp. 11,653,200
------------
148,350,581
------------
TELECOMMUNICATIONS (6.7%)
514,400 AT&T Corp.-Liberty Media Group
Class A 12,474,200
167,900 AT&T Wireless Group 4,680,213
367,000 GTE Corp. 22,845,750
249,000 Nextel Communications 15,235,687
------------
55,235,850
------------
UTILITIES (2.2%)
435,600 The Williams Cos. 18,159,075
------------
TOTAL COMMON STOCKS
(COST $743,105,819) 787,950,765
------------
PREFERRED STOCKS (2.7%)
471,900 News Corp. ADR
(COST $12,231,286) 22,415,250
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
---------------------
<C> <S> <C>
REPURCHASE AGREEMENT (2.4%)
$$19,484,000 State Street Bank and Trust
Co. Repurchase Agreement,
6.65%, due 7/3/00, dated
6/30/00, Maturity Value
$19,494,797, Collateralized by
$19,850,000 Fannie Mae,
Medium-Term Notes, 6.40%,
due 9/27/01 (Collateral Value
$20,073,313)
(COST $19,484,000) 19,484,000(3)
------------
</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>
SHORT-TERM INVESTMENTS (1.9%)
$15,522,497 N&B Securities Lending Quality
Fund, LLC
(COST $15,522,497) $ 15,522,497(3)
------------
TOTAL INVESTMENTS (102.0%)
(COST $790,343,602) 845,372,512(4)
Liabilities, less cash,
receivables and other assets
[(2.0%)] (16,367,379)
------------
TOTAL NET ASSETS (100.0%) $829,005,133
------------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-3
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Partners 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) Security exempt from registration under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers under Rule 144A. At June 30, 2000, these
securities amounted to $8,467,200 or 1.0% of net assets.
3) At cost, which approximates market value.
4) At June 30, 2000, the cost of investments for U.S. Federal income tax
purposes was $790,343,602. Gross unrealized appreciation of investments was
$103,014,730 and gross unrealized depreciation of investments was
$47,985,820, resulting in net unrealized appreciation of $55,028,910, 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
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
June 30,
2000
(UNAUDITED)
<S> <C>
-------------
ASSETS
Investments in securities, at market value
(Cost $790,343,602) (Note A) -- see
Schedule of Investments $845,372,512
Cash 455
Receivable for securities sold 15,177,530
Dividends and interest receivable 1,163,470
Receivable for Fund shares sold 80,763
Prepaid expenses and other assets 30,594
-------------
861,825,324
-------------
LIABILITIES
Payable for collateral on securities loaned
(Note A) 15,522,497
Payable for securities purchased 15,030,669
Payable for Fund shares redeemed 1,217,607
Accrued expenses and other payables 479,308
Payable to investment manager (Note B) 361,321
Payable to administrator (Note B) 208,789
-------------
32,820,191
-------------
NET ASSETS at value $829,005,133
-------------
NET ASSETS consist of:
Par value $ 51,926
Paid-in capital in excess of par value 735,954,493
Accumulated undistributed net investment
income 2,117,969
Accumulated net realized gains on
investments 35,851,835
Net unrealized appreciation in value of
investment securities 55,028,910
-------------
NET ASSETS at value $829,005,133
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 51,926,409
-------------
NET ASSET VALUE, offering and redemption price per
share $15.97
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-5
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Partners Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
2000
(UNAUDITED)
<S> <C>
------------
INVESTMENT INCOME
Income:
Interest income $ 885,505
Dividend income 5,471,141
Foreign taxes withheld (Note A) (17,295)
------------
Total income 6,339,351
------------
Expenses:
Investment management fee (Note B) 2,278,780
Administration fee (Note B) 1,319,925
Shareholder reports 101,144
Custodian fees (Note B) 93,825
Trustees' fees and expenses 26,674
Legal fees 13,981
Auditing fees 10,097
Amortization of deferred organization and
initial offering expenses (Note A) 1,745
Miscellaneous 9,346
------------
Total expenses 3,855,517
Expenses reduced by custodian fee expense
offset arrangement (Note B) (4,440)
------------
Total net expenses 3,851,077
------------
Net investment income 2,488,274
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment securities
sold 42,013,823
Change in net unrealized appreciation of
investment securities (53,707,279)
------------
Net loss on investments (11,693,456)
------------
Net decrease in net assets resulting from
operations $ (9,205,182)
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Partners 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 $ 2,488,274 $ 6,822,432
Net realized gain on investments 42,013,823 151,488,358
Change in net unrealized
appreciation (depreciation) of
investments (53,707,279) (42,257,825)
-----------------------------
Net increase (decrease) in net
assets resulting from operations (9,205,182) 116,052,965
-----------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (7,098,877) (18,318,731)
Net realized gain on investments (150,969,442) (31,858,662)
-----------------------------
Total distributions to shareholders (158,068,319) (50,177,393)
-----------------------------
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 122,225,302 198,209,637
Proceeds from reinvestment of
dividends and distributions 158,068,319 50,177,393
Payments for shares redeemed (273,512,391) (955,234,165)
-----------------------------
Net increase (decrease) from Fund
share transactions 6,781,230 (706,847,135)
-----------------------------
NET DECREASE IN NET ASSETS (160,492,271) (640,971,563)
NET ASSETS:
Beginning of period 989,497,404 1,630,468,967
-----------------------------
End of period $ 829,005,133 $ 989,497,404
-----------------------------
Accumulated undistributed net
investment income at end of period $ 2,117,969 $ 6,728,572
-----------------------------
NUMBER OF FUND SHARES:
Sold 7,411,418 10,187,988
Issued on reinvestment of dividends
and distributions 10,559,006 2,778,371
Redeemed (16,426,589) (48,713,869)
-----------------------------
Net increase (decrease) in shares
outstanding 1,543,835 (35,747,510)
-----------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Partners 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 Partners 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
Partners Investments in return for delivery of the portfolio securities, at
current net asset value, subject to the liabilities of AMT Partners
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)
--------------------------------------------------------------------------------
Partners 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 were fully
amortized as of June 30, 2000.
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) 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 $15,218,125 and
$15,522,497, respectively.
10) 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.
B-9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
The Fund retains Management as its administrator under an Administration
Agreement ("Agreement"). Pursuant to this Agreement the Fund pays Management an
administration fee at the annual rate of 0.30% 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 (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 $4,440.
NOTE C -- SECURITIES TRANSACTIONS:
During the six months ended June 30, 2000, there were purchase and sale
transactions (excluding short-term securities) of $462,531,937 and $581,069,160,
respectively.
During the six months ended June 30, 2000, brokerage commissions on
securities transactions amounted to $943,206, of which Neuberger received
$579,461, and other brokers received $363,745.
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-10
<PAGE>
FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Partners 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 $ 19.64 $18.93 $ 20.60 $ 16.48 $13.23 $ 9.77
----------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .05 .11 .20 .12 .10 .11
Net Gains or Losses on Securities (both
realized and unrealized) (.38) 1.23 .73 4.82 3.69 3.43
----------------------------------------------------------------------
Total From Investment Operations (.33) 1.34 .93 4.94 3.79 3.54
----------------------------------------------------------------------
Less Distributions
Dividends (from net investment income) (.15) (.23) (.08) (.05) (.04) (.01)
Distributions (from net capital gains) (3.19) (.40) (2.52) (.77) (.50) (.07)
----------------------------------------------------------------------
Total Distributions (3.34) (.63) (2.60) (.82) (.54) (.08)
----------------------------------------------------------------------
Net Asset Value, End of Period $ 15.97 $19.64 $ 18.93 $ 20.60 $16.48 $13.23
----------------------------------------------------------------------
Total Return(3) -0.54%(4) +7.37% +4.21% +31.25% +29.57% +36.47%
----------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in millions) $829.0 $989.5 $1,630.5 $1,632.8 $705.4 $207.5
----------------------------------------------------------------------
Ratio of Gross Expenses to Average Net
Assets(5) .88%(6) .87% .84% .86% .95% 1.09%
----------------------------------------------------------------------
Ratio of Net Expenses to Average Net Assets .88%(6) .87% .84% .86% .95% 1.09%
----------------------------------------------------------------------
Ratio of Net Investment Income to Average Net
Assets .57%(6) .57% 1.04% .60% .60% .97%
----------------------------------------------------------------------
Portfolio Turnover Rate 54% 112% 148% 106% 118% 151%
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-11
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Partners Portfolio
1) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of AMT Partners 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
